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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of Balance of Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company’s liabilities which were measured at fair value on a recurring basis as of the periods presented and their classification within the fair value hierarchy:

 

   Total   Level 1   Level 2   Level 3 
   Fair Value Measurement as of March 31, 2025 
   Total   Level 1   Level 2   Level 3 
   (In thousands) 
Liabilities:                    
Commodity derivative contracts  $4,512   $   $4,512   $ 
Subordinated note warrants – related party   1,679            1,679 
Series F Preferred Stock embedded derivatives   19,219            19,219 
Series F Preferred Stock warrants   22,115            22,115 

 

   Total   Level 1   Level 2   Level 3 
   Fair Value Measurement as of December 31, 2024 
   Total   Level 1   Level 2   Level 3 
   (In thousands) 
Liabilities:                    
Commodity derivative contracts  $4,395   $   $4,395   $ 
SEPA   790            790 
Senior convertible note   12,555            12,555 
Subordinated note – related party   4,609        4,609     
Subordinated note warrants – related party   4,159            4,159 
Schedule of Financial Instrument Presented at Fair Value
   March 31, 2025   December 31, 2024 
   (In thousands) 
SEPA, at the beginning of the period  $790   $ 
(Gain) loss on adjustment to fair value   (790)   790 
SEPA, at the end of the period  $   $790 
           
Senior convertible note, at the beginning of the period  $12,555   $ 
Borrowing       14,250 
Repayments       (3,748)
Conversions   (18,057)    
Loss on adjustment to fair value   5,502    2,053 
Senior convertible note, at the end of the period  $   $12,555 
           
Subordinated note – related party, at the beginning of the period  $4,609   $ 
Borrowing       5,000 
Repayments   (3,214)   (1,786)
Loss on issuance of debt       281 
Loss on adjustment to fair value   63    1,114 
Subordinated note – related party, at the end of the period  $1,458   $4,609 
           
Subordinated note warrants – related party, at the beginning of the period  $4,159   $ 
Loss on issuance of debt       2,758 
(Gain) loss on adjustment to fair value   (2,481)   1,401 
Subordinated note warrants – related party, at the end of the period  $1,679   $4,159 
           
Series F Preferred Stock embedded derivatives, at the beginning of the period  $   $ 

Embedded derivatives recognized at issuance of Series F Preferred Stock

   19,350     
Gain on adjustment to fair value   (131)    
Series F Preferred Stock embedded derivatives, at the end of the period  $19,219   $ 
           
Series F Preferred Stock warrants, at the beginning of the period  $   $ 
Issuance of Series F Preferred Stock   22,115     
Series F Preferred Stock warrants, at the end of the period  $22,115   $ 
Schedule of Fair Value on Financial Instrument Balance Sheets

 

   March 31, 2025  December 31, 2024
   Face Value  Fair Value  Face Value  Fair Value
   (In thousands)
SEPA  $   $   $   $790 
Senior convertible note           11,252    12,555 
Subordinated note – related party   1,458    1,458    3,214    4,609 
Subordinated note warrants – related party       1,679        4,159 
Series F Preferred Stock embedded derivatives       19,219         
Series F Preferred Stock warrants  $   $22,115   $   $ 

Subordinated Note Warrants [Member]  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of Fair Value Instruments Unobservable Market

As of March 31, 2025, the fair value of the Subordinated Note Warrants was determined by a third-party using a Monte Carlo simulation model using the significant inputs listed below, which are based on unobservable market data and are therefore considered Level 3 inputs within the fair value hierarchy.

 

Schedule of Fair Value Instruments Unobservable Market

Subordinated Note Warrants – Monte Carlo Simulation Model  Key Inputs 
Time to termination (years)   4.50 
Stock price – as of March 31, 2025  $5.35 
Exercise price  $8.89 
Risk-free rate   3.87%
Equity volatility rate   80.0%
 

As of March 31, 2025, the fair value of the Series F Preferred Stock embedded derivatives was determined by a third-party using a Monte Carlo simulation model using the significant inputs listed below, which are based on unobservable market data and are therefore considered Level 3 inputs within the fair value hierarchy.

 

Series F Preferred Stock Embedded Derivatives – Monte Carlo Simulation Model  Key Inputs 
Time to termination (years)   3.93 
Stock price – as of March 31, 2025  $5.35 
Conversion rate   202.02 
Stated dividend rate   12.0%
Risk-free rate   3.96%
Preferred equity volatility rate   45.0%
  

As of March 31, 2025, the fair value of Series F Preferred Stock Warrants was determined by a third-party using a Monte Carlo simulation model using the significant inputs listed below, which are based on unobservable market data and are therefore considered Level 3 inputs within the fair value hierarchy.

 

Series F Preferred Stock Warrants – Monte Carlo Simulation Model  Key Inputs 
Time to termination (years)   6.0 
Stock price – as of March 31, 2025  $5.35 
Exercise price  $6.59 
Future value of one Series F Preferred Warrant share  $2.26 
Risk-free rate   4.07%
Equity volatility rate   85.0%