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Subsequent Events | 9 Months Ended
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Sep. 30, 2025
Subsequent Events [Abstract] |
Subsequent Events | 11. Subsequent Events The Company evaluated events and transactions after September 30, 2025 through November 19, 2025, the date the unaudited condensed consolidated financial statements were issued, for subsequent events requiring disclosure in these unaudited condensed consolidated financial statements. On November 13, 2025, the Company received a notice from its senior lender, Frontwell Capital Parners Inc., (“Frontwell”), asserting the occurrence of multiple Events of Default under the Credit Agreement and indicating that cash dominion had been imposed and future revolving advances would be made at Frontwell’s discretion. Between October 21 and November 19, 2025, the Borrowers also made substantial repayments on the Revolving Loans, reducing the outstanding balance from approximately $10.2 million to $3.6 million, bringing the Borrowers back within their Borrowing Base requirements. As of the date of this filing, the obligations have not been accelerated, and the Company is evaluating the notice with its advisors and continues to work collaboratively with the lender. On November 19, 2025, the Company issued promissory notes to the Chairman of the Company’s Board of Directors (the “Chairman”) and Chief Executive Officer of the Company (the “CEO”) in the aggregate principal amounts of $2,705,000 and $1,805,000, respectively. In addition, the Company issued a promissory note to one of its major shareholders, Oxus Capital PTE Ltd. (“Oxus”) in the amount of $3,500,000. The notes were granted in connection with the Chairman, the CEO and Oxus advancing an aggregate amount of $8,010,000 between October 22, 2025 and November 17, 2025. The terms of the notes are described in Exhibits 10.1 and 10.2 which are filed herewith. In addition, the Chief Executive Officer deferred approximately $69,000 in compensation through November 19, 2025.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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