Long-Term Debt, Net (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Debt [Table Text Block] |
The
following table summarizes the Company’s debts as of December 31, 2024, and 2023 (dollars in thousands):
| | | December 31, | | | | | 2024 | | | 2023 | | | $100,000,000 8% senior convertible note, due April 5, 2026 | | $ | 18,300 | | | $ | 19,200 | | | Less: Unamortized debt discount | | | (1,555 | ) | | | (3,906 | ) | | Net carrying value | | | 16,745 | | | | 15,294 | | | | | | | | | | | | | $149,900 Economic Injury Disaster Loan (EIDL), interest rate of 3.75%, due June 1, 2050 | | | 155 | | | | 146 | | | $500,000 EIDL, interest rate of 3.75%, due May 8, 2050 | | | 475 | | | | 487 | | | Total debt | | | 17,375 | | | | 15,927 | | | | | | | | | | | | | Less: current portion | | | (12 | ) | | | (15 | ) | | Long-term debt, net | | $ | 17,363 | | | $ | 15,912 | | |
| Convertible Debt [Table Text Block] |
The
following is a rollforward of the senior convertible note balance (dollars in thousands):
| Balance, December 31, 2020 | |
$ | - | |
| Convertible debentures issued | |
| 100,000 | |
| Derivative liability | |
| (21,580 | ) |
| Original issue discount of 16% | |
| (16,000 | ) |
| Placement fees and issuance costs | |
| (7,200 | ) |
| Amortization and write-off of debt discount | |
| 3,435 | |
| Balance, net of unamortized debt discount of $41,345 - December 31, 2021 | |
| 58,655 | |
| Repayments and conversion | |
| (14,550 | ) |
| Amortization and write-off of debt discount | |
| 16,996 | |
| Balance, net of unamortized debt discount of $24,349 - December 31, 2022 | |
| 61,101 | |
| Repayments and conversion | |
| (66,250 | ) |
| Amortization and write-off of debt discount | |
| 20,443 | |
| Balance, net of unamortized debt discount of $3,906 - December 31, 2023 | |
| 15,294 | |
| Repayments and conversion | |
| 900 | |
| Amortization and write-off of debt discount | |
| 2,351 | |
| Balance, net of unamortized debt discount of $ - December 31, 2024 | |
$ | 16,745 | |
|
| Schedule of Derivative Liabilities at Fair Value [Table Text Block] |
The
following is a rollforward of the derivative liability balance (dollars in thousands):
| Balance, December 31, 2021 |
|
$ |
18,735 |
|
| Change in fair value 2022 |
|
|
(18,480 |
) |
| Balance, December 31, 2022 |
|
|
255 |
|
| Increase in derivative liability upon extinguishment of debt |
|
|
6,312 |
|
| Change in fair value 2023 |
|
|
(6,548 |
) |
| Balance, December 31, 2023 |
|
|
19 |
|
| Change in fair value 2024 |
|
|
(15 |
) |
| Balance, December 31, 2024 |
|
$ |
4 |
|
|