XML 143 R26.htm IDEA: XBRL DOCUMENT
v3.25.2

Note Payable (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2025 | Dec. 31, 2024
Note Payable [Abstract] |  |
Schedule of Balance of the Note Payable | The following table summarizes the balance of the note payable as of:
|  | March 31, 2025 |  | December 31, 2024
Principal – Note Payable |  | $ | 5,000,000 |  |  | $ | 5,000,000 |
Aggregate interest to be paid |  |  | 638,000 |  |  |  | 638,000 |
Interest payments made |  |  | (94,000 | ) |  |  | (41,000 | )
|  |  | 5,544,000 |  |  |  | 5,597,000 |
Less current portion of interest |  |  | 213,000 |  |  |  | 213,000 |
Notes Payable – long-term |  | $ | 5,331,000 |  |  | $ | 5,384,000 |
| The Company has determined that the Exchange is accounted for as a troubled debt restructuring with the Note Payable in the amount of $5,638,000 and a resulting gain of approximately $6,248,000, calculated as follows:
Book value – Amended BTC Note |  | $ | 20,236,000 |
Fair value of Shares Exchanged |  |  | (5,072,000 | )
Fair value of $1.5 Warrants |  |  | (888,000 | )
Fair value – Prefunded Warrants |  |  | (2,160,000 | )
Remaining value – Amended BTC Note |  |  | 12,116,000 |
Note Payable – Principal |  |  | 5,000,000 |
Difference |  | $ | (7,116,000 | )
Schedule of Fair Value of the BTC Note |  | The following table summarizes the fair value of the BTC Note as of December 31,
|  | 2024 |  | 2023
Beginning balance |  | $ | 14,868,000 |  |  | $ | 12,636,000 |
Payment |  |  | (2,729,000 | ) |  |  | (6,105,000 | )
Negative interest payment |  |  | 39,000 |  |  |  | — |
Amended principal payment |  |  | — |  |  |  | (4,856,000 | )
Adjustment to fair value |  |  | 8,058,000 |  |  |  | 13,193,000 |
Repayment |  |  | (20,236,000 | ) |  |  | — |
Ending balance |  | $ | — |  |  |  | 14,868,000 |
Less – current portion |  |  |  |  |  |  | 14,868,000 |
Ending balance – noncurrent portion |  |  |  |  |  | $ | — |
Schedule of Balance of the Note Payable |  | The following table summarizes the balance of the note payable as of December 31, 2024
Principal – note payable |  | $ | 5,000,000 |
Aggregate interest to be paid |  |  | 638,000 |
Interest payments made |  |  | (41,000 | )
|  |  | 5,597,000 |
Less current portion of interest |  |  | (213,000 | )
Note payable – less current portion |  | $ | 5,384,000 |
Schedule of Note Payable in the Aggregate of the Principal and Interest Calculated Over the Life of the Loan with a Corresponding Gain |  | Since the Note Payable balance is less than the remaining balance of the Amended BTC Note, the Company recorded the Note Payable in the aggregate of the principal and interest calculated over the life of the loan with a corresponding gain as follows:
Principal – Note Payable |  | $ | 5,000,000 |
Interest payments – Note Payable |  |  | 638,000 |
Undiscounted cashflow |  |  | 5,638,000 |
Remaining value – Amended BTC Note |  |  | (12,116,000 | )
Difference |  |  | (6,478,000 | )
Legal fees incurred |  |  | 230,000 |
Gain on debt restructuring |  | $ | (6,248,000 | )

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