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NOTES PAYABLE | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | NOTES PAYABLE The following table summarizes our gross outstanding debt as of the dates indicated (in thousands):
| Maturity |  | Cash Interest Rate |  | December 31, 2024 |  | December 31, 2023
Notes Payable – Acquisitions(1) | 10/01/25 - 07/01/29 |  | 2.00% - 5.00% |  | $ | 9,943 |  |  | $ | 5,700 |
Notes Payable – Other | 11/01/25 |  | 10.00% |  | 5,000 |  |  | — |
Total Notes Payable |  |  |  |  | $ | 14,943 |  |  | $ | 5,700 |
(1)See Note 2 — Business Combinations and Asset Acquisitions for further discussion regarding the notes payable related to acquisitions. The following table summarizes the debt issuance costs as of the dates indicated (in thousands):
| Gross Notes Payable |  | Debt Issuance Costs and Debt Discount |  | Net Notes Payable
December 31, 2024 |  |  |  |  |
Current portion of notes payable | $ | 7,578 |  |  | $ | (570) |  |  | $ | 7,008 |
Notes payable, net of current portion | 7,365 |  |  | (1,656) |  |  | 5,709 |
Total | $ | 14,943 |  |  | $ | (2,226) |  |  | $ | 12,717 |
December 31, 2023 |  |  |  |  |
Current portion of notes payable | $ | 420 |  |  | $ | (393) |  |  | $ | 27 |
Notes payable, net of current portion | 5,280 |  |  | (998) |  |  | 4,282 |
Total | $ | 5,700 |  |  | $ | (1,391) |  |  | $ | 4,309 |
The following table summarizes the future principal payments related to our outstanding debt as of December 31, 2024 (in thousands):
2025 | $ | 7,578 |
2026 | 4,365 |
2027 | — |
2028 | — |
2029 | 3,000 |
Total | $ | 14,943 |
Notes Payable - Acquisitions As of December 31, 2024, we have five promissory notes related to acquisitions that occurred during 2024 and prior years with a combined outstanding principal balance of $9,943 and maturity dates ranging from October 1, 2025 to July 1, 2029. See Note 2 — Business Combinations and Asset Acquisitions for further discussion regarding the issuance of notes payable related to acquisitions. Notes Payable - Other In November 2024, we delivered a promissory note to an unrelated third party in exchange for cash. As of December 31, 2024, the promissory note had an outstanding principal balance of $5,000 and matures on November 1, 2025. Senior Credit Facility with Structural Capital Investments III, LP On September 12, 2023, we terminated the Loan and Security Agreement (the “Loan Agreement”), among the Company, Structural Capital Investments III, LP (“Structural” and together with the other lenders that were parties thereto, the “Lenders”), and Ocean II PLO LLC, as administrative and collateral agent for the Lender and repaid the outstanding balance on the secured promissory note issued under the Loan Agreement (the “Note”). In connection with the termination, we paid the Agent for the benefit of the Lenders an aggregate amount of $30,927 (the “Payoff Amount”) in full payment of our outstanding obligations under the Loan Agreement. The Payoff Amount represented $30,617 of outstanding principal and interest on the unpaid principal balance, a 1.0% prepayment fee in the amount of $306 and $5 for the accrued non-utilization fee and lender expenses associated with the extinguishment. As of December 31, 2024, there are no further amounts due or owing under the Facility. On August 7, 2023, we entered into an amendment to the Loan Agreement, whereby the Final Payment Fee (as defined in the Loan Agreement) was settled for $1,677 (the “Settled Amount”), which was paid on August 7, 2023. The Final Payment Fee was originally equal to 1.0% of the increase in our market capitalization since September 10, 2021, and was due upon payment in full of the obligations under the Loan Agreement. We also paid the Lenders a breakup fee equal to $250.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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