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SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

16. SUBSEQUENT EVENTS

 

On January 31, 2025, pursuant to terms of the Note (see Note 7. Notes Payable and Derivative Liability), the Holder elected to immediately convert $1.8 million of outstanding principal into 2,345,068 shares of the Company’s common stock.

 

On February 3, 2025, the Company entered into a Letter Agreement with the Holder related to the Note. As a result of the Letter Agreement, the Holder agreed to convert a total of $8.8 million of outstanding principal (“remaining Initial Outstanding Principal”) into shares of the Company’s common stock. First, on February 4, 2025, the Holder converted $2.8 million of outstanding principal into 3,685,106 shares of common stock pursuant to terms of the Note. Second, on February 20, 2025, the Holder converted $2.0 million of outstanding principal into 2,680,077 shares of common stock pursuant to terms of the Note. Last, on February 21, 2025, the Holder converted $4.0 million of outstanding principal into 5,360,154 shares of common stock pursuant to terms of the Note, thereby converting the entirety of the remaining Initial Outstanding Principal.

 

Additionally, as a result of the Letter Agreement, the Holder agreed to defer $11.6 million of principal repayments to 7 monthly payments of $1.7 million beginning on September 1, 2025 and concluding on March 1, 2026. As of the date of these financial statements are available to be issued, maturities of partial repayments as a result of the Letter Agreement are as follows:

 

SCHEDULE OF MATURITIES PARTIAL REPAYMENTS 

(in thousands)    
Years Ended December 31,  Maturities 
2025  $22,000 
2026   14,025 
Total partial repayments  $36,025 

 

On February 3, 2025, the Company entered into a new Securities Purchase Agreement (the “2025 Purchase Agreement”) with the Holder. In exchange for $8.0 million, the Holder agreed to purchase up to 5,750,225 shares of common stock and warrants to purchase up to 5,750,225 shares of common stock at an exercise price of $1.57 per share. On February 4, 2025, the 2025 Purchase Agreement closed for net proceeds of approximately $7.8 million, inclusive of initial fees and expenses related to the transaction.