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Payable to Gold Bullion Holdings (Jersey) Limited (“GBH”) | 6 Months Ended
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Jun. 30, 2025
Payable to Gold Bullion Holdings (Jersey) Limited (“GBH”) [Abstract] |
Payable to Gold Bullion Holdings (Jersey) Limited (“GBH”) | 9. Payable to Gold Bullion Holdings (Jersey) Limited (“GBH”) On November 20, 2023, the Company repurchased all of its then-outstanding Series C Non-Voting Convertible Preferred Stock, par value $0.01 per share (the “Series C Preferred Stock”) which was convertible into 13,087,000 shares of the Company’s common stock, from GBH, a subsidiary of the World Gold Council, for aggregate cash consideration of approximately $84,411. Under the terms of the transaction, the Company has paid GBH $54.8 million to date, with the remainder of the purchase price payable in equal, interest-free installments on the second and third anniversaries of the closing date. The implied price per share was $6.02 when considering the interest-free financing element of the transaction. The investor rights agreement that the Company and GBH entered into in May 2023 in connection with the issuance of the Series C Preferred Stock, which provided GBH with certain rights and obligations with respect to the shares, including registration rights, was terminated in this transaction. Under U.S. GAAP, the obligation was recorded at its present value utilizing a market rate of interest on the closing date of 7.0% and the corresponding discount is being amortized as interest expense pursuant to the effective interest method of accounting over the life of the obligation. The aggregate consideration payable was valued at $38,835 on the closing date and the carrying value of this obligation is as follows:
|  | June 30, 2025 |  | December 31, 2024
Current: |  |  | $ | 14,804 |  |  | $ | 14,804 |
Long-term |  |  |  | 13,083 |  |  |  | 12,159 |
Total |  |  | $ | 27,887 |  |  | $ | 26,963 |
Interest expense recognized was $468 and $923, respectively, during the three and six months ended June 30, 2025 and $677 and $1,342, respectively, during the comparable periods in 2024 and is included as a component of total interest expense recognized on the Consolidated Statements of Operations.

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