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Debt (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2024 | Dec. 31, 2023
Debt Disclosure [Abstract] |  |
Schedule of Debt | Debt consists of the following Schedule of Debt
(Dollars in thousands): |  | Maturity Date |  | Interest Rate |  |  | September 30, 2024 |  |  | December 31, 2023 |
Convertible Note |  | January 24, 2025 |  |  | *18 | % |  | $ | 3,370 |  |  | $ | 8,474 |
| * | Default interest was waived on March 10, 2023, and no further default interest applied on the Convertible Note for the remainder of the year.
| Schedule of Debt (Dollars in thousands):
|  | Maturity Date |  | Interest Rate |  |  | December 31, 2023 |  |  | December 31, 2022 |
Convertible Note |  | July 25, 2024 |  |  | *18 | % |  | $ | 8,474 |  |  | $ | 12,254 |
Less: discount from issuance of warrants |  |  |  |  |  |  |  |  | - |  |  |  | (475 | )
Less: debt issuance costs |  |  |  |  |  |  |  |  | - |  |  |  | (42 | )
Total convertible notes, net of discount and issuance costs |  |  |  |  |  |  |  | $ | 8,474 |  |  | $ | 11,737 |
* | Default interest was waived on March 10, 2023, and no further interest applied on the Convertible Note for the remainder of the year.
Schedule of Financing Debt | NYDIG financing Schedule of Financing Debt
(Dollars in thousands) |  | Maturity Dates |  | Interest Rate |  | January 1, 2024 - September 30, 2024 |  |  | January 1, 2023 - December 31, 2023 |
NYDIG Loans #1-11 |  | April 25, 2023 thru January 25, 2027* |  | 12% thru 15% |  | $ | 9,183 |  |  | $ | 10,546 |
Less: repossession of collateralized assets |  |  |  |  |  |  | — |  |  |  | (1,363 | )
Total outstanding debt |  |  |  |  |  | $ | 9,183 |  |  | $ | 9,183 |
| * | Due to event of default- the entire NYDIG Financing became current, see note below.
| NYDIG Financing Schedule of Financing Debt
(Dollars in thousands) |  | Maturity Dates |  | Interest Rate |  | December 31, 2023 |  |  | December 31, 2022 |
NYDIG Loans #1-11 |  | April 25, 2023 thru January 25, 2027* |  | 12% thru 15% |  | $ | 10,546 |  |  | $ | 14,387 |
Less: principal payments |  |  |  |  |  |  | — |  |  |  | (3,841 | )
Less: repossession of collateralized assets |  |  |  |  |  |  | (1,363 | ) |  |  | - |
Total outstanding debt |  |  |  |  |  | $ | 9,183 |  |  | $ | 10,546 |
| * | Due to event of default- the entire NYDIG Financing became current, see note below.
Schedule of Navitas Term Loan | Navitas term loan Schedule of Navitas Term Loan
(Dollars in thousands) |  | Maturity Date |  | Interest Rate |  |  | January 1, 2024- September 30, 2024 |  |  | May 9, 2023- December 31, 2023 |
Term Loan and capitalized interest (excludes debt issuance cost) |  | May 9, 2025 |  |  | 15 | % |  | $ | 1,707 |  |  | $ | 2,254 |
Less: principal and capitalized interest payments |  |  |  |  |  |  |  |  | (1,409 | ) |  |  | (547 | )
Less: debt issuance costs |  |  |  |  |  |  |  |  | (6 | ) |  |  | (26 | )
Total outstanding debt |  |  |  |  |  |  |  | $ | 292 |  |  | $ | 1,681 |
| Navitas Term Loan Schedule of Navitas Term Loan
(Dollars in thousands) |  | Maturity Dates |  | Interest Rate |  |  | December 31, 2023 |
Term Loan and capitalized interest |  | May 9, 2025 |  |  | 15 | % |  | $ | 2,254 |
Less: principal and capitalized interest payments |  |  |  |  |  |  |  |  | (547 | )
Less: debt issuance costs |  |  |  |  |  |  |  |  | (25 | )
Total outstanding debt |  |  |  |  |  |  |  |  | 1,682 |
Schedule of Total Debt Outstanding | The following table represents total debt outstanding by agreement as of September 30, 2024: Schedule of Total Debt Outstanding
(Dollars in thousands): |  | Convertible notes payable |  |  | Current portion of debt |  |  | Long term debt |  |  | Total |
Convertible Notes |  | $ | 3,370 |  |  | $ | - |  |  | $ | - |  |  | $ | 3,370 |
NYDIG financing |  |  | - |  |  |  | 9,183 |  |  |  | - |  |  |  | 9,183 |
Navitas term loan |  |  | - |  |  |  | 292 |  |  |  | - |  |  |  | 292 |
June 2024 secured note |  |  | - |  |  |  | 3,781 |  |  |  | 8,100 |  |  |  | 11,881 |
July 2024 additional secured note |  |  | - |  |  |  | 1,273 |  |  |  | - |  |  |  | 1,273 |
Total Debt |  | $ | 3,370 |  |  | $ | 14,529 |  |  | $ | 8,100 |  |  | $ | 25,999 |
The following table represents total debt outstanding by agreement as of December 31, 2023:
(Dollars in thousands): |  | Convertible notes payable |  |  | Current portion of debt |  |  | Long term debt |  |  | Total |
Convertible Notes |  | $ | 8,474 |  |  | $ | - |  |  | $ | - |  |  | $ | 8,474 |
NYDIG financing |  |  | - |  |  |  | 9,183 |  |  |  | - |  |  |  | 9,183 |
Navitas term loan |  |  | - |  |  |  | 1,681 |  |  |  | - |  |  |  | 1,681 |
Total Debt |  | $ | 8,474 |  |  | $ | 10,864 |  |  | $ | - |  |  | $ | 19,338 |
Schedule of Changes in Level 3 Financial Liabilities Carried at Fair Value | Changes in Level 3 Financial Liabilities Carried at Fair Value Schedule of Changes in Level 3 Financial Liabilities Carried at Fair Value
(in thousands) |  |  |
Balance January 1, 2023 |  | $ | 12,254 |
Conversions of debt (January 2023- June 30, 2023) |  |  | (1,795 | )
Total revaluation losses, net (January 2023- June 30, 2023) |  |  | 251 |
Balance June 30, 2023 |  |  | 10,710 |
Conversions of debt (July 1, 2023- September 30, 2023) |  |  | (650 | )
Total revaluation losses (July 1, 2023- September 30, 2023) |  |  | 736 |
Balance September 30, 2023 |  |  | 10,796 |
Conversions of debt (October 1, 2023- December 31, 2023) |  |  | (3,569 | )
Total revaluation losses (October 1, 2023- December 31, 2023) |  |  | 1,247 |
Balance December 31, 2023 |  |  | 8,474 |
Conversions of debt (January 1, 2024- June 30, 2024) |  |  | (3,712 | )
Extension fee |  |  | 325 |
Total revaluation losses, net (January 1, 2024- June 30, 2024) |  |  | 2,764 |
Balance June 30, 2024 |  |  | 7,851 |
Financial liabilities, Balance |  |  | 7,851 |
Conversions of debt (July 1, 2024- September 30, 2024) |  |  | (2,166 | )
Conversions of debt |  |  | (2,166 | )
Total revaluation gains (July 1, 2024- September 30, 2024) |  |  | (2,315 | )
Total revaluation gains (losses) |  |  | (2,315 | )
Balance September 30, 2024 |  | $ | 3,370 |
Financial liabilities, Balance |  | $ | 3,370 |
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 nine months ended September 30, 2024: Schedule of Fair Value Assumptions For Convertible Notes
|  | Nine months ended September 30, 2024 |
Stock price |  | $ | 2.88 – 6.09 |
Conversion price |  | $ | 3.78 |
Volatility |  |  | 80.0 – 115 | %
Risk-free interest rate |  |  | 4.73- 5.46 | %
| The following table represents the significant and subjective fair value assumptions used for Convertible Notes during the years ended December 31, 2023 and 2022: Schedule of Fair Value Assumptions For Convertible Notes
|  | 2023 |  |  | 2022 |
Stock price (1) |  | $ | 3.60 – 6.75 |  |  | $ | 6.5 |
Conversion price (1) |  | $ | 3.78 – 7.99 |  |  | $ | 7.99 |
Volatility |  |  | 87.50 – 150 | % |  |  | 65 – 105 | %
Risk-free interest rate |  |  | 4.64- 5.50 | % |  |  | 4.12 – 4.76 | %
(1) | Prior period results have been adjusted to reflect the Reverse Stock Split of the Common Stock at a ratio of 1-for- 25 that became effective October 13, 2023. See Note 2, “Accounting Policies,” for details.
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 nine months ended September 30, 2024: Schedule of Fair Value Assumptions For Warrants Issued
|  | Nine months ended September 30, 2024 |
Stock price |  | $ | 2.88- 4.07 |
Exercise price |  | $ | 0.01- 20.00 |
Expected term in years |  |  | 2.68 – 8.77 |
Expected dividend yield |  |  | 0.00 | %
Volatility |  |  | 110.0 – 137.50 | %
Risk-free interest rate |  |  | 4.28- 4.44 | %
| The following table represents the significant fair value assumptions used for warrants issued or repriced during the years ended December 31, 2023 and 2022: Schedule of Fair Value Assumptions For Warrants Issued
|  | 2023 |  |  | 2022 |
Stock price (1) |  | $ | 2.93- 5.00 |  |  | $ | 14.25 - 259.25 |
Exercise price (1) |  | $ | 0.01- 20.00 |  |  | $ | 19.00 – 331.50 |
Expected term in years |  |  | 1.16- 5.00 |  |  |  | 2.00 – 5.00 |
Expected dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Volatility |  |  | 108.50 – 140 | % |  |  | 125 - 150 | %
Risk-free interest rate |  |  | 3.36- 5.25 | % |  |  | 1.18 – 4.41 | %
| (1) | Prior period results have been adjusted to reflect the Reverse Stock Split of the Common Stock at a ratio of 1-for- 25 that became effective October 13, 2023. See Note 2, “Accounting Policies,” for details.
Schedule of Secured Note Financing | June 2024 secured note and July 2024 additional secured note Schedule of Secured Note Financing
(Dollars in thousands) |  | Maturity Date |  | Interest Rate |  |  | June 20, 2024- September 30, 2024 |
Term Loan and capitalized interest (excludes debt issuance cost) |  | June 20, 2027 |  |  | 9 | % |  | $ | 14,057 |
Less: principal and capitalized interest payments |  |  |  |  |  |  |  |  | - |
Less: debt discount |  |  |  |  |  |  |  |  | (280 | )
Less: debt issuance costs |  |  |  |  |  |  |  |  | (623 | )
Total outstanding note |  |  |  |  |  |  |  |  | 13,154 |
(Less) Current note outstanding |  |  |  |  |  |  |  |  | 5,054 |
Long-term note outstanding |  |  |  |  |  |  |  | $ | 8,100 |

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