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Note Payable (Table)
12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Notes Payable

Notes payable consist of the following (in thousands):

 

 

 

 

December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

Maturity

 

Effective Interest Rate

 

Amount

 

 

Effective Interest Rate

 

Amount

 

Collateralized note 2021-12

 

2027

 

13.96%

 

$

5,000

 

 

14.73%

 

$

5,000

 

Collateralized note 2022-11

 

2027

 

14.09%

 

 

20,000

 

 

14.87%

 

 

20,000

 

Collateralized note 2023-12

 

2027

 

14.59%

 

 

25,000

 

 

15.37%

 

 

25,000

 

Total borrowings

 

 

 

 

 

 

50,000

 

 

 

 

 

50,000

 

Accrued exit fee net of unamortized issuance costs

 

 

 

 

 

 

687

 

 

 

 

 

(123

)

Net carrying amount of debt

 

 

 

 

 

$

50,687

 

 

 

 

$

49,877

 

Schedule Principal Installments Due

Principal installments due on the notes are as follows (in thousands):

 

 

 

2025

 

 

 

2026

 

 

 

2027

 

 

50,000

 

Total long-term debt

 

$

50,000