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PROMISSORY CONVERTIBLE NOTES | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
PROMISSORY CONVERTIBLE NOTES | 6. PROMISSORY CONVERTIBLE NOTES During the three months ended March 31, 2026, the Company provided services to third parties in exchange for consideration in the form of convertible promissory notes with an aggregate principal amount of $445. The notes are non-interest bearing, mature more than 12 months from the balance sheet date, and are convertible into equity of the issuers at a future date based on the terms specified in the agreements. The notes were recorded at their estimated fair value at inception, which approximated the value of the services provided. Revenue related to this transaction was recognized in accordance with ASC 606, Revenue from Contracts with Customers, upon satisfaction of the underlying performance obligations. The Company evaluates all convertible notes receivable for credit impairment in accordance with ASC 326, Financial Instruments – Credit Losses. Based on management’s review of the counterparty’s financial condition and other relevant information as of March 31, 2026 and December 31, 2025, an allowance for credit losses was recorded amounting to $357 and $310, respectively. If the embedded conversion feature within a note is determined to require bifurcation under ASC 815, Derivatives and Hedging, the derivative component is separately recognized at fair value with changes in fair value recognized in earnings. As of each reporting date, the Company assesses whether bifurcation is required and whether any embedded derivative instruments exist. As of March 31, 2026 and December 31, 2025, the conversion feature has been valued at $1,022 and $890, respectively and characterized as “Derivative financial assets” and classified as a long-term asset in the accompanying condensed consolidated balance sheet. As of March 31, 2026 and December 31, 2025, the balance of promissory convertible notes was $2,602 and $2,289, respectively. As the notes mature beyond one year, the Company has classified the amount as a long-term asset in the accompanying condensed consolidated balance sheet.

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- Definition Tabular disclosure of convertible debt instrument. Includes, but is not limited to, principal amount and amortized premium or discount. + References No definition available. + Details
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- References No definition available. + Details
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