Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Debt consists of the following

(Dollars in thousands):	Maturity Date	Interest Rate			March 31, 2024		December 31, 2023
Convertible Note	July 25, 2024		*18	%	$	6,216	$	8,474

* Default interest was waived on March 10, 2023, and no further interest applied on the Convertible Note for the remainder of the year.

Schedule of Changes in Level 3 Financial Liabilities Carried at Fair Value

(in thousands)
Balance, January 1, 2023	$	12,254
Conversions of debt (January 2023- March 31, 2023)		(1,395	)
Total revaluation gains (January 2023- March 31, 2023)		(473	)
Balance, March 31, 2023		10,386
Conversions of debt (April 1, 2023- December 31, 2023)		(4,568	)
Total revaluation losses (April 1, 2023- December 31, 2023)		2,656
Balance December 31, 2023	$	8,474
Conversions of debt (January 1, 2024- March 31, 2024)		(1,023	)
Total revaluation gains (January 1, 2024- March 31, 2024)		(1,235	)
Balance March 31, 2024	$	6,216

Schedule of Fair Value Assumptions For Convertible Notes

The following table represents the significant and subjective fair value assumptions used for Convertible Notes during the three months ended March 31, 2024:

	Three months ended March 31, 2024
Stock price	$	2.88 – 3.43
Conversion price	$	3.78
Volatility		97.5 – 115	%
Risk-free interest rate		5.31- 5.46	%

Schedule of Fair Value Assumptions For Warrants Issued

The following table represents the significant fair value assumptions used for warrants issued or repriced during the three months ended March 31, 2024:

	Three months ended March 31, 2024
Stock price	$	2.88- 4.07
Exercise price	$	0.01- 20.00
Expected term in years		3.00 – 8.77
Expected dividend yield		0.00	%
Volatility		127.50 – 137.50	%
Risk-free interest rate		4.28- 4.44	%

Schedule of Financing Debt

NYDIG Financing

(Dollars in thousands)	Maturity Dates	Interest Rate	January 1, 2024 - March 31, 2024		January 1, 2023 - December 31, 2023
NYDIG Loans #1-11	April 25, 2023 thru January 25, 2027*	12% thru 15%	$	9,183	$	10,546
Less: repossession of collateralized assets				—		(1,363	)
Total outstanding debt			$	9,183	$	9,183

* Due to event of default- the entire NYDIG Financing became current, see note below.

Schedule of Navitas Term Loan

Navitas Term Loan

(Dollars in thousands)	Maturity Date	Interest Rate			January 1, 2024- March 31, 2024			May 9, 2023- December 31, 2023
Term Loan and capitalized interest (excludes debt issuance cost)	May 9, 2025		15	%	$	1,707		$	2,254
Less: principal and capitalized interest payments						(616	)		(547	)
Less: debt issuance costs						(19	)		(25	)
Total outstanding debt					$	1,072		$	1,682