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NOTES PAYABLE AND DERIVATIVE LIABILITY (Tables)

9 Months Ended

Sep. 30, 2025

Notes Payable And Derivative Liability

SCHEDULE OF SUPPLEMENT BALANCE SHEET

Supplemental balance sheet information is as follows:

 SCHEDULE OF SUPPLEMENT BALANCE SHEET

		September 30,				December 31,
(in thousands)		2025				2024
Amount repayable at maturity		$	30,525			$	47,575
Unamortized debt discount			(1,562	)			(12,021	)
Unamortized issuance costs			-				(2,552	)
Net carrying amount		$	28,963			$	33,002

SCHEDULE OF COMPONENTS INTEREST EXPENSE

 SCHEDULE OF COMPONENTS INTEREST EXPENSE

(in thousands)		2025				2024				2025				2024
		Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands)		2025				2024				2025				2024
Amortization of debt discount and issuance costs		$	(2,191	)		$	-			$	(7,858	)		$	-
Interest expense from modification of notes payable			-				-				(2,057	)			-
Discount on warrants (see Note 7. Warrant Liability)			-				-				(7,325	)			-
Other interest expense			(6	)			(21	)			(30	)			(51	)
Total interest expense		$	(2,197	)		$	(21	)		$	(17,270	)		$	(51	)

SCHEDULE OF MATURITIES LONG TERM DEBT

Maturities of partial repayments, if elected by the Holder, are as follows as of September 30, 2025:

 SCHEDULE OF MATURITIES LONG TERM DEBT

(in thousands)
Years Ended December 31,		Maturities
2025 (remainder)		$	16,500
2026			14,025
Total partial repayments		$	30,525

SCHEDULE OF DERIVATIVES INSTRUMENTS

The fair value of derivatives not designated as hedging instruments as of September 30, 2025 and December 31, 2024 are as follows:

 SCHEDULE OF DERIVATIVES INSTRUMENTS

		September 30,				December 31,
(in thousands)		2025				2024
Derivative liability		$	1,856			$	14,581
Total		$	1,856			$	14,581

SCHEDULE OF UNREALIZED GAIN AND LOSS INSTRUMENTS

Unrealized gains and losses associated with derivatives not designated as hedging instruments for the three and nine months ended September 30, 2025 and 2024 are as follows:

 SCHEDULE OF UNREALIZED GAIN AND LOSS INSTRUMENTS

(in thousands)		2025				2024				2025				2024
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(in thousands)		2025				2024				2025				2024
Unrealized gain on derivative liability		$	1,059			$	-			$	3,853			$	-

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 September 30, 2025 and December 31, 2024 (in thousands). See Note 5. 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 September 30, 2025		Level 1				Level 2				Level 3
Derivative liability		$	-			$	-			$	1,856
Total		$	-			$	-			$	1,856

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 valuations as of September 30, 2025 and December 31, 2024:

 SCHEDULE OF REVALUATION DERIVATIVE LIABILITY

		September 30,				December 31,
		2025				2024
Expected term (years)			1.0				1.75
Risk-free interest rate			3.65	%			4.18	%
Dividend yield			0	%			0	%
Volatility			89.14	%			78.02	%
Discount rate			50.0	%			50.0	%

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