XML 27 R15.htm IDEA: XBRL DOCUMENT v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt [Abstract]  
DEBT

NOTE 9 – DEBT

 

The following tables summarize the activity of loans payable (in thousands):

 

   Three Months Ended March 31, 2026 
   Principal
balance at
December 31,
2025		   Principal
additions		   Principal
repayments
in cash		   Repayments in cryptocurrency   Principal
balance at
March 31,
2026		 
                     
First Insurance – 20251  $251   $
-
   $
    -
   $
-
   $251 
Equities First Loan   25,950    
-
    
     -
    
-
    25,950 
Aave Loan   31,513    67,039    
    -
    (98,552)   
-
 
Total loans payable and collateralized loans  $57,714   $67,039   $
   -
   $(98,552)  $26,201 
Less: Less: loans payable and collateralized loans – current portion   31,764                   251 
Loans and collateralized loans payable – noncurrent portion  $25,950                  $25,950 

 

(1)Represents insurance financing note payable funded in June 2025 which matures in April 2026 and bears interest at 8.99%.

Loans Denominated in Digital Assets 

 

Equities First Loan

 

The Company has an outstanding collateralized loan arrangement with Equities First Holdings, LLC. As of March 31, 2026, the outstanding principal balance of the loan was approximately $25.9 million.

 

The loan is secured by digital assets. As of March 31, 2026, the Company had transferred 12,441 ETH as collateral, with a fair value of approximately $26.1 million. Under the terms of the arrangement, the lender has rights to the transferred collateral during the term of the loan, and the Company is entitled to receive an equivalent quantity of the same type of digital assets upon repayment of the loan and satisfaction of related obligations.

 

There were no material changes to the terms of the loan during the three months ended March 31, 2026.

 

Aave Loan

 

During the three months ended March 31, 2026, the Company repaid the Aave Loan (the “Aave Loan”) in full. There were no material changes to the terms of the Aave Loan prior to repayment, and the Company did not experience any liquidation events or loss of collateral.