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Debt (Tables)

9 Months Ended

Sep. 30, 2025

Short-Term Debt [Line Items]

Schedule of Total Debt Outstanding

The following table represents total debt outstanding by agreement as of September 30, 2025:

Schedule of Total Debt Outstanding

(Dollars in thousands):		Current portion of debt				Long term debt				Total
NYDIG financing		$	-			$	-			$	-
Green Cloud secured note			3,487				4,589				8,076
Equipment loan			-				-				-
Galaxy loan			636				3,756				4,392
Generate credit agreement			5,876				4,909				10,785
Total Debt		$	9,999			$	13,254			$	23,253

The following table represents total debt outstanding by agreement as of December 31, 2024:

(Dollars in thousands):		Current portion of debt				Long term debt				Total
Convertible Notes		$	-			$	-			$	-
NYDIG financing			9,183				-				9,183
Navitas term loan			137				-				137
June 2024 secured note			3,922				7,061				10,983
July 2024 additional secured note			1,202				-				1,202
Total Debt		$	14,444			$	7,061			$	21,505

Schedule of Financing Debt

NYDIG Financing

Schedule of Financing Debt

(Dollars in thousands)		Maturity Dates		Interest Rate		January 1, 2025- September 30, 2025				January 1, 2024- December 31, 2024
NYDIG Loans #1-11		April 25, 2023 thru January 25, 2027*		14% thru 16%		$	9,183			$	9,183
Less: repossession of collateralized assets							—				—
Gain on settlement of debt							(9,183	)			—
Total outstanding debt						$	—			$	9,183

* Due to an event of default- the entire NYDIG ABL LLC (“NYDIG”) financing became current, see note below.

Schedule of Secured Note Financing

Green Cloud secured note

Schedule of Secured Note Financing 

(Dollars in thousands)		Maturity Date		Interest Rate				January 1, 2025- September 30, 2025				June 20, 2024- December 31, 2024
Term Loan and capitalized interest (excludes debt issuance cost)		June 20, 2027			9	%		$	11,748			$	12,784
Less: principal and capitalized interest payments									(3,252	)			(1,036	)
Less: debt discount									(126	)			(230	)
Less: debt issuance costs									(294	)			(535	)
Total outstanding note									8,076				10,983
(Less) Current note outstanding									3,487				3,922
Long-term note outstanding								$	4,589			$	7,061

Schedule of Additional Secured Note Financing

July 2024 Additional Secured Note

Schedule of Additional Secured Note Financing 

(Dollars in thousands)		Maturity Date		Interest Rate				January 1, 2025- September 30, 2025				July 12, 2024- December 31, 2024
Term Loan and capitalized interest (excludes debt issuance cost)		July 12, 2027*			9	%		$	1,209			$	1,278
Less: principal and capitalized interest payments									(658	)			(69	)
Debt discount									-				(7	)
Gain on extinguishment									(551	)			-
Total outstanding debt								$	-			$	1,202

* On March 14, 2025, the Company satisfied the assignment and assumption agreement, as such a gain on extinguishment was recorded.

Schedule of Generate Credit Agreement

Generate Credit Agreement

 Schedule of Generate Credit Agreement

(Dollars in thousands)		Maturity Date		Interest Rate				September 12, 2025 – September 30, 2025
Tranche A-1		September 12, 2030			14.24	%		$	5,500
Tranche A-3									7,124
Total drawn loan									12,624
Less: principal payments									-
Less: debt discount and issuance costs									(1,839	)
Total outstanding note									10,785
(Less) Current note outstanding									5,876
Long-term note outstanding								$	4,909

Schedule of Fair Value Assumptions used for Generate Warrants Issued or Revalued

The following table represents the significant fair value assumptions used for the Generate Warrants issued or revalued during the quarter September 30, 2025.

Schedule of Fair Value Assumptions used for Generate Warrants Issued or Revalued 

		Three and Nine Months ended September 30, 2025
Stock price		$	0.72-2.75
Exercise price		$	0.0001- 1.18
Expected term in years			4.95 – 5.00
Expected dividend yield			0.00	%
Volatility			130.00	%
Risk-free interest rate			3.63- 3.76	%

Schedule of Navitas Term Loan

Navitas Term Loan

Schedule of Navitas Term Loan 

(Dollars in thousands)		Maturity Date		Interest Rate				January 1, 2025- September 30, 2025				January 1, 2024- December 31, 2024
Term Loan and capitalized interest (excludes debt issuance cost)		May 9, 2025*			15	%		$	137			$	1,707
Less: principal and capitalized interest payments									(137	)			(1,570	)
Total outstanding debt								$	-			$	137

* May 9, 2025 was the maturity date, however, as noted below, the Navitas loan was fully paid off in the first quarter of 2025, and as such no longer remains outstanding.

Schedule of Fair value of Convertible Debt

Schedule of Fair value of Convertible Debt

(in thousands)
Balance January 1, 2024		$	8,474
Conversions of debt (January 1, 2024- June 30, 2024)			(3,712	)
Extension fee			325
Total revaluation losses and extinguishment of debt, net (January 1, 2024- June 30, 2024)			2,765
Balance June 30, 2024			7,852
Conversions of debt (July 1, 2024 – September 30, 2024)			(2,166	)
Revaluation gains and extinguishment of debt, net (July 1, 2024 – September 30, 2024)			(2,316	)
Balance September 30, 2024			3,370
Conversions of debt (October 1, 2024- December 31, 2024)			(3,123	)
Revaluation gains and extinguishment of debt, net (October 1, 2024- December 31, 2024)			(247	)
Balance December 31, 2024		$	-

Schedule of Fair Value Assumptions For Convertible Notes

The following table represents the significant and subjective fair value assumptions used for Convertible Notes during the year ended December 31, 2024. As the Convertible Notes were fully converted in fiscal year 2024, no assumptions were noted for the three and nine months ended September 30, 2025.

Schedule of Fair Value Assumptions For Convertible Notes 

			Year Ended December 31, 2024
Stock price		$	2.88 – 6.09
Conversion price		$	2.30 – 3.78
Volatility			80.0 – 115	%
Risk-free interest rate			4.73- 5.46	%

Schedule of Fair Value Assumptions For Warrants Issued

The following table represents the significant fair value assumptions used for warrants issued or repriced during the year ended December 31, 2024. No warrants were issued or repriced for the three and nine months ended September 30, 2025 in relation to the warrants issued in conjunction with convertible notes.

Schedule of Fair Value Assumptions For Warrants Issued

		Year ended December 31, 2024
Stock price		$	2.43- 4.07
Exercise price		$	0.01- 287.50
Expected term in years			0.53 – 8.77
Expected dividend yield			0.00	%
Volatility			105.0 – 137.50	%
Risk-free interest rate			3.51- 4.44	%

Galaxy Loan [Member]

Short-Term Debt [Line Items]

Schedule of Galaxy Loan

Galaxy Loan

Schedule of Galaxy Loan

(Dollars in thousands)		Maturity Date		Interest Rate				March 12, 2025 – September 30, 2025
Term Loan		March 12, 2030			15	%		$	5,000
Less: principal payments									(250	)
Less: debt discount and issuance costs									(358	)
Total outstanding note									4,392
(Less) Current note outstanding									636
Long-term note outstanding								$	3,756

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