Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2025

Related Party Transactions [Abstract]

Schedule of Debt

The tables below summarize the related party note payable agreements as of March 31, 2025 and December 31, 2024, providing details on contractual maturity dates, contractual interest rates, and net carrying values.

	March 31, 2025
(in thousands)	Contractual Maturity Date	Contractual Interest Rates			Net Carrying Value
Unsecured Convertible Note	June 2025 (3)	4.27%			$	451
2025 March Unsecured SPA Notes	April 2030	10.00%			143
Notes Payable — China	April 2027	18.0	%	(2)	4,215
Notes Payable on Demand — China	Due on Demand	—%			413
FFGP Note	Various 2024 (1)	4.27%			1,576
Convertible FFGP Note	May 2024 (1)	4.27%			250
Other Notes	Due on Demand	12.0%			75
					$	7,123
Related party notes payable, current					$	4,298
Related party notes payable, long-term					$	2,825
_______________
(1) The term was extended upon receipt of waivers of enforcement rights and remedies under the loan agreements, as described below, with the expected settlement in 2025.
(2) The restructured loan bears no stated interest, and the repayment schedule requires fixed installment payments through the contractual maturity date. If the Company fails to comply with the payment schedule, interest at a rate of 18.0% would be retroactively applied to the unpaid balance. During the term of the revised loan, the Company remained in compliance with the payment schedule, and no contingent interest has been recorded as of March 31, 2025.
(3) Subsequent to March 31, 2025 and prior to the issuance of these financial statements, MHL exchanged the Unsecured Convertible Note due June 2025 into 2025 March Unsecured SPA Notes pursuant to the terms of the original agreement. As a result, management classified the Unsecured Convertible Note as a long-term related party debt instrument for the period ended March 31, 2025.

	December 31, 2024
(in thousands)	Contractual Maturity Date	Contractual Interest Rates	Net Carrying Value
Unsecured Convertible Note	April 2024 (1)	4.27%	$	1,364
Notes Payable — China	April 2027	18.0%	4,382
Notes Payable on Demand — China	Due on Demand	—%	417
FFGP Note	Various (1)	4.27%	1,576
Convertible FFGP Note	May 2024 (1)	4.27%	250
Other Notes	Due on demand	12.00%	75
			$	8,064
Related party notes payable, current			$	5,310
Related party notes payable, long-term			$	2,754
_______________
(1) The term was extended upon receipt of waivers of enforcement rights and remedies under the loan agreements, as described below, with the expected settlement in 2025.

Schedule of Notes Payable

The Company has entered into notes payable agreements with third parties. The tables below summarize these agreements as of March 31, 2025 and December 31, 2024, providing details on contractual maturity dates, contractual interest rates, unpaid principal balances, fair value adjustments, original issue discounts, including proceeds allocated to warrants, and net carrying values.

	March 31, 2025
(in thousands)	Contractual Maturity Date	Contractual Interest Rates				Unpaid Principal Balance		Fair Value Measurement Adjustments		Original Issue Discount and Proceeds Allocated to Warrants		Net Carrying Value
Secured SPA Notes	Various	10	%	-	15%	$	2,500	$	139	$	(250)	$	2,389
Junior Secured SPA Notes	September 2029	10%				13,431		55		(7,426)		6,060
2024 Unsecured SPA Notes	Various through January 2030	10%				30,015		12,279		(30,964)		11,330
2025 March Unsecured SPA Notes	April 2030	10%				2,000		(44)		(1,193)		763
Notes payable – China other	Due on Demand	—%				4,132		—		—		4,132
						$	52,078	$	12,429	$	(39,833)	$	24,674
Notes payable, current portion												$	4,132
Notes payable, long-term portion												$	20,542

	December 31, 2024
(in thousands)	Contractual Maturity Date	Contractual Interest Rates				Unpaid Principal Balance		Fair Value Measurement Adjustments		Original Issue Discount and Proceeds Allocated to Warrants		Net Carrying Value
Secured SPA Notes	Various	10	%	-	15%	$	3,118	$	2,651	$	(312)	$	5,457
2023 Unsecured SPA Notes	Various dates in 2029	10	%	-	15%	4,380		2,844		(508)		6,716
Junior Secured SPA Notes	September 2029	10%				28,840		13,163		(15,944)		26,059
2024 Unsecured SPA Notes	December 2029	10%				10,015		8,741		(11,724)		7,032
Notes payable – China other	Due on Demand	—%				4,173		—		—		4,173
Auto loans	October 2026	7%				51		—		—		51
						$	50,577	$	27,399	$	(28,488)	$	49,488
Notes payable, current portion												$	4,224
Notes payable, long-term portion												$	45,264

The future scheduled principal maturities of Related party notes payable as of March 31, 2025, are as follows:

(in thousands)
Years Ending December 31,	Amount
Due on demand	$	488
2025 (9 months remaining)	4,813
2026	1,983
2027	745
2028	—
2029	—
2030	376
Thereafter	—
	$	8,405