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NOTES PAYABLE
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
NOTES PAYABLE

NOTE 6 – NOTES PAYABLE

 

Working Capital Loans

 

During the year ended December 31, 2023, the Company financed a $348 thousand prepaid insurance policy under a 10-month financing agreement with Arthur J. Gallagher Risk Management Services, LLC. The terms of the agreement include finance fees in the amount of $13 thousand. As of December 31, 2024 and December 31, 2023, the outstanding balance was $0 and $217 thousand, respectively, and is included in notes payable, net, on the accompanying consolidated balance sheet.

 

In October 2022, the Company received proceeds of $976 thousand under a 12-month working capital loan with Amazon. The terms of the loan include interest in the amount of $62 thousand. As of December 31, 2024 and 2023, the outstanding balance was $0 and $111 thousand, respectively, and is included in notes payable, net, on the accompanying consolidated balance sheet.

 

Total interest expense on notes payable amounted to $7 thousand and $256 thousand for the years ended December 31, 2024 and 2023, respectively.