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Unsecured Promissory Note | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Unsecured Promissory Note | Note 7: Unsecured Promissory Note On February 16, 2024, the Company (“Borrower”) entered into a Note and Note Purchase Agreement with Streeterville Capital LLC (“Streeterville” or the “Lender”). Under the terms of the agreements, Streeterville paid the Company $2,500,000 in exchange for an unsecured promissory Note with an Original Issue Discount of $781,000. The Company will pay $3,300,000 consisting of the principal amount of the Note, together with the original issue discount and $20,000 of lender transaction fees, no later than February 16, 2026. The stated interest rate of the note is 10%. On May 13, 2025, the Lender and the Borrower entered into a Forbearance Agreement pursuant to which, for a 1% fee and expenses, the Lender released the Borrower and its affiliates from all defaults under the Agreements through the date of the Forbearance Agreement and confirmed that, as a result, no Default Interest is due. The outstanding balance of the Note, following the application for the Forbearance Fee, is $2,484,000. Schedule of Long Term Debt
Debt schedule at March 31, 2025 (in thousands) |  |  |
Long-term debt |  | $ | 2,386 |
Unamortized Original issue discount |  |  | (427 | )
Unamortized Financing fees |  |  | (9 | )
Unamortized discount and debt issuance costs |  |  | 1,950 |
Less current portion of long-term debt, net |  |  | (1,950 | )
Long-term debt, net |  | $ | — |
Future maturities for long-term debt as of March 31, 2025 were as follows: (in thousands) Schedule of Maturities of Long-Term Debt
Fiscal years ending December 31: |  |  |
2025 |  | $ | 2,386 |
Total |  | $ | 2,386 |
Interest expense related to long-term debt was $124,000 at March 31, 2025. This included $68,000 in original issue discount and $3,000 for loan fee amortization. Future maturities of long-term debt at March 31, 2025 were $2,386,000 for fiscal years ending December 31, 2025. Current portion of long-term debt of approximately $2,386,000 is net of the current portion of debt discount of approximately $427,000 and the current portion of debt origination costs of approximately $9,000 as of March 31, 2025. The agreement allows the Lender to redeem up to $250,000 per calendar month beginning in August 2024, upon providing written notice to Borrower. The Note further contains triggering events which can be remedied by the Lender requiring the Borrower to correct the triggering event, increasing the outstanding balance by applying the triggering effect, or making the Note immediately due and payable. In the three months ended March 31, 2025, the Company entered into agreements with the Lender to settle a portion of its outstanding loan obligation in the amount of $450,000 through the issuance of 2,054,084 shares of common stock, rather than cash payment. This exchange was completed pursuant to the terms of the loan agreement, which allows for the settlement of debt through stock issuance under certain conditions.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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