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NOTES PAYABLE AND DERIVATIVE LIABILITY (Tables)

12 Months Ended

Dec. 31, 2024

Notes Payable And Derivative Liability

SCHEDULE OF SUPPLEMENT BALANCE SHEET

Supplemental balance sheet information is as follows:

SCHEDULE OF SUPPLEMENT BALANCE SHEET

(in thousands)		2024				2023
		Year Ended December 31,
(in thousands)		2024				2023
Amount repayable at maturity		$	47,575			$	-
Unamortized debt discount			(12,021	)			-
Unamortized issuance costs			(2,552	)			-
Net carrying amount			33,002				-

SCHEDULE OF MATURITIES LONG TERM DEBT

Maturities of partial repayments, if elected by the Holder, are as follows:

 SCHEDULE OF MATURITIES LONG TERM DEBT

(in thousands)
Years Ended December 31,		Maturities
2025		$	38,500
2026			9,075
Total partial repayments		$	47,575

SCHEDULE OF DERIVATIVES INSTRUMENTS

The fair value of derivatives not designated as hedging instruments are as follows:

 SCHEDULE OF DERIVATIVES INSTRUMENTS

(in thousands)		2024				2023
		Year Ended December 31,
(in thousands)		2024				2023
Derivative liability		$	14,581			$	-
Total		$	14,581			$	-

SCHEDULE OF UNREALIZED GAIN AND LOSS INSTRUMENTS

Unrealized gains and losses associated with derivatives not designated as hedging instruments are as follows:

 SCHEDULE OF UNREALIZED GAIN AND LOSS INSTRUMENTS

(in thousands)		2024				2023				2022
		Year Ended December 31,
(in thousands)		2024				2023				2022
Unrealized loss on derivative liability		$	(8,866	)		$	-			$	-
Total		$	(8,866	)		$	-			$	-

SCHEDULE OF HIERARCHY LIABILITIES FAIR VALUE

The valuation inputs hierarchy classification for liabilities measured at fair value on a recurring basis are summarized below as of December 31, 2024 and 2023 (in thousands). See Note 6. Investment Securities, Available-For-Sale and Fair Value Measurements, for discussion of the fair value level hierarchy.

SCHEDULE OF HIERARCHY LIABILITIES FAIR VALUE

As of December 31, 2024		Level 1				Level 2				Level 3
Derivative liability		$	-			$	-			$	14,581
Total		$	-			$	-			$	14,581

SCHEDULE OF REVALUATION DERIVATIVE LIABILITY

The table below lists the inputs and assumptions for the Company’s initial valuation as of October 23, 2024 and re-valuation of the derivative liability as of December 31, 2024:

SCHEDULE OF REVALUATION DERIVATIVE LIABILITY

		December 31,				October 23,
		2024				2024
Expected term (years)			1.75				1.94
Risk-free interest rate			4.18	%			4.04	%
Dividend yield			0	%			0	%
Volatility			78.02	%			73.00	%
Discount rate			50.0	%			50.0	%

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