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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2025

FAIR VALUE MEASUREMENTS

Schedule of liabilities measured at fair value on a recurring basis

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​

​

​

​

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​

​

​

​

​

​

​

​

​

​

September 30, 2025

(thousands of dollars)

Level 1

Level 2

Level 3

Total

Current liabilities

​

​

​

​

Series A-1 Convertible Notes

​

$

—

​

$

—

​

$

(5,715)

​

$

(5,715)

Series B-1 Convertible Notes

​

​

—

​

​

—

​

​

(4,210)

​

​

(4,210)

Total current liabilities recorded at fair value

​

$

—

​

$

—

​

$

(9,925)

​

$

(9,925)

Schedule of estimated fair value of the Convertible Notes

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​	​	​	​	​
​	​	September 30, 2025
​		Series A-1 Convertible Notes		Series B-1 Convertible Notes
Expected volatility	​	84.0%	​	81.0%
Expected dividend rate	​	—	​	—
Risk-free interest rate	​	3.62%	​	3.61%

Schedule of the net carrying amounts of the liability

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Balances,

​

For the Three Months Ended September 30, 2025

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Balances,

(thousands of dollars)

​

June 30, 2025

​

Issuances

​

Conversions

​

Change in Fair Value

​

September 30, 2025

Series A-1 Convertible Notes

​

$

(5,000)

​

$

—

​

$

1,700

​

$

(2,415)

​

$

(5,715)

Series B-1 Convertible Notes

​

​

—

​

​

(5,000)

​

​

1,700

​

​

(910)

​

​

(4,210)

Total

​

$

(5,000)

​

$

(5,000)

​

$

3,400

​

$

(3,325)

​

$

(9,925)

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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-Paragraph 2
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-SubTopic 10
-Name Accounting Standards Codification
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