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v3.25.1

Related Party Debt | 3 Months Ended
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Mar. 29, 2025
Debt Disclosure [Abstract] |
Related Party Debt | Related Party Debt Long-term debt payable to related parties as of March 29, 2025 and December 28, 2024 consisted of the following (in $000’s):
| March 29, 2025 |  | December 28, 2024
Isaac Capital Group, 10.0% interest rate, matures December 31, 2024 | $ | 334 |  |  | $ | 327 |
Live Ventures Incorporated, 10.0% interest rate, matures December 31, 2024 | 334 |  |  | 327 |
Isaac Capital Group short-term demand advance | 49 |  |  | 48 |
Novalk Apps SAA, LLP short-term demand advance | 110 |  |  | 110 |
Total notes payable, related parties | 827 |  |  | 812 |
Less current portion | (827) |  |  | (812) |
Total long-term notes payable, related parties | $ | — |  |  | $ | — |
Total future maturities of long-term debt to related parties is as follows (in $000’s):
Twelve months ending March 29, |
2026 | $ | 827 |
Total future maturities of long-term debt, related parties | $ | 827 |
Isaac Capital Group LLC On February 7, 2024, the Company amended its outstanding related party promissory obligations (the “ICG Note”) in favor of ICG to add a convertibility provision. In accordance with Nasdaq Rules, the per-share conversion price was set at $0.61, subject to standard adjustments for (i) stock dividends and splits, (ii) subsequent rights offerings, and (iii) pro rata distributions. The Company’s board of directors provided its approvals of the amendments on February 7, 2024. On March 6, 2024, ICG entered into a Note Purchase Agreement with an otherwise unaffiliated third party, under which the third party acquired the ICG Note. The terms and conditions of the ICG Note were not modified in connection with its acquisition by the third party. The principal amount of the ICG Note on the date of acquisition was approximately $1.2 million. As of March 29, 2025, the third party converted $183,000 of the Company’s obligation under the ICG Note into 300,000 shares of the Company’s common stock. As of March 29, 2025 and December 28, 2024, the amount outstanding on the ICG Note was approximately $0.3 million (see Note 19). On April 18, 2024, ICG made a short-term demand advance to the Company in the amount of $0.1 million. The advance bears interest at a rate of 10% per annum until repaid. As of March 29, 2025 and December 28, 2024, the principal amount outstanding was $49,000 and $48,000, respectively (see Note 19). Live Ventures Incorporated On February 7, 2024, the Company amended its outstanding related party promissory obligations (the “Live Note”) in favor of Live Ventures to add a convertibility provision. In accordance with Nasdaq Rules, the per-share conversion price for each obligation, as amended, was set at $0.61, subject to standard adjustments for (i) stock dividends and splits, (ii) subsequent rights offerings, and (iii) pro rata distributions. The Company’s board of directors provided its final approvals of the amendments on February 7, 2024. On March 6, 2024, Live Ventures entered into a Note Purchase Agreement with another otherwise unaffiliated third party, under which the third party acquired the Live Note. The terms and conditions of the acquired Live Note were not modified in connection with its acquisition by the third party. The principal amount of the Live Note on the date of acquisition was approximately $1.0 million. As of March 29, 2025, the third party converted $183,000 of the Company’s obligation under the Live Note into 300,000 shares of the Company’s common stock. As of March 29, 2025 and December 28, 2024, the amount outstanding on the Live Note was approximately $0.3 million (see Note 19). Novalk Apps SAA, LLP On May 28, 2024 and June 3, 2024, Novalk Apps SAA, LLP (“Novalk”) made short-term demand advances in the amount of $120,000 and $100,000, respectively, to the Company. The advances bears interest at a rate of 10% per annum until repaid. As of March 29, 2025 and December 28, 2024, the principal amount outstanding was approximately $0.1 million (see Note 19).

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