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REVOLVING LOAN AND PROMISSORY NOTE - RELATED PARTY | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
REVOLVING LOAN AND PROMISSORY NOTE - RELATED PARTY | NOTE 12 – REVOLVING LOAN AND PROMISSORY NOTE- RELATED PARTY Revolving loan and promissory note with a related party consisted of the following at December 31, 2023 and December 31, 2022, in thousand:
| ​ | ​ | December 31, 2023 | ​ | ​ | December 31, 2022
Dennis Liotta, December 2021 – 4% interest – secured revolving loan, due January 2023 | ​ | ​ | $— | ​ | ​ | $5,150
Dennis Liotta, March 2023 – 10% interest – promissory note due March 2024 | ​ | ​ | 1,000 | ​ | ​ | —
Total notes from related party - current | ​ | ​ | $1,000 | ​ | ​ | $5,150
Dennis Liotta (father of the Company’s Chief Executive Officer) – December 2021 Secured revolving note: On December 9, 2021, the Company entered into a revolving loan agreement with Dennis Liotta, an affiliate of the Company, for a total amount of $8.0 million that matured on January 1, 2023 (“December 2021 note”). The Company is required to make monthly payments of interest at a fixed rate of 4.0% per annum. The Company is required to make principal repayments at fixed scheduled dates. In the event of default, the entire unpaid principal balance together with all accrued but unpaid interest shall be due and payable regardless of the maturity date. If the default occurs and remains uncured beyond the applicable grace period, then the entire unpaid principal balance shall bear interest at a default interest of 500 basis points (5%) over the regular interest or nine percent (9%). Events of default include the failure to make principal or interest payments when due, any judgement in excess of $500, indebtedness cross default, or bankruptcy proceedings. In conjunction with the execution of the revolving note, both parties executed a security agreement, under which the Company granted a continuing security interest in all of the assets of the Company. The Company did not make its interest payments, thus triggering a default and increasing the interest rate to 9% plus an additional 5% on the missed payments. The Company incurred approximately $370 thousand and $480 thousand of interest and penalties during the years ended December 31, 2023, and 2022, respectively. During the Company’s first fiscal quarter, the Company converted the unpaid principal balance of this revolving note and accrued interest into a convertible note for total principal balance of $6.0 million. The balance of the December 2021 note was $0 and $5.15 million as of December 31, 2023, and December 31, 2022, respectively. Accrued interest, relating to this line of credit, was approximately $0 and $495 thousand as of December 31, 2023, and December 31, 2022, respectively, which are presented in accrued interest in the consolidated balance sheets. Dennis Liotta (father of the Company’s Chief Executive Officer) – March 2023 promissory note On March 15, 2023, the Company entered into a promissory note agreement with Dennis Liotta, an affiliate of the Company, for a total amount of $1 million, with an effective date of February 27, 2023, which matures on March 31, 2024 (“March 2023 note”). The entire outstanding principal balance together with accrued but unpaid interest are due at the maturity date. The March 2023 note includes a ten percent (10%) interest rate per annum, which will be increased to twenty percent (20%) upon an event of default. Events of default include the failure to make any principal and accrued interest when due, any legal proceedings against the Company or a voluntary federal bankruptcy. The March 2023 note may be prepaid at any time without penalties. Promissory note from related party was $1.0 million and $0 as of December 31, 2023, and December 31, 2022, respectively. The Company incurred $86 thousand of interest during the year ended December 31, 2023. Accrued interest was $86 thousand as of December 31, 2023, which is presented in accounts payable and accrued liabilities in the consolidated balance sheet as of December 31, 2023.

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