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Debt (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
Schedule of Debt

Debt consists of the following

 

(Dollars in thousands):  Maturity Date  Interest Rate   September 30, 2024   December 31, 2023 
Convertible Note  January 24, 2025   *18%  $3,370   $8,474 

 

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

 

(Dollars in thousands):

 

   Maturity Date  Interest Rate   December 31,
2023		   December 31,
2022		 
Convertible Note  July 25, 2024   *18%  $8,474   $12,254 
Less: discount from issuance of warrants           -    (475)
Less: debt issuance costs           -    (42)
Total convertible notes, net of discount and issuance costs          $8,474   $11,737 

 

* 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 Financing Debt

NYDIG financing

 

(Dollars in thousands)  Maturity Dates  Interest Rate  January 1, 2024 -
September 30, 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.

NYDIG Financing

 

(Dollars in thousands)  Maturity Dates  Interest Rate  December 31,
2023		   December 31,
2022		 
NYDIG Loans #1-11  April 25, 2023 thru January 25, 2027*  12% thru 15%  $10,546   $14,387 
                 
                 
Less: principal payments         —    (3,841)
Less: repossession of collateralized assets         (1,363)   - 
Total outstanding debt        $9,183   $10,546 

 

  * 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-
September 30, 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           (1,409)   (547)
Less: debt issuance costs           (6)   (26)
Total outstanding debt          $292   $1,681 

Navitas Term Loan

 

(Dollars in thousands)  Maturity Dates  Interest Rate   December 31,
2023		 
Term Loan and capitalized interest  May 9, 2025   15%  $2,254 
Less: principal and capitalized interest payments           (547)
Less: debt issuance costs           (25)
Total outstanding debt           1,682 
Schedule of Total Debt Outstanding

The following table represents total debt outstanding by agreement as of September 30, 2024:

 

(Dollars in thousands):  Convertible notes payable   Current portion of debt   Long term debt   Total 
Convertible Notes  $3,370   $-   $-   $3,370 
NYDIG financing   -    9,183    -    9,183 
Navitas term loan   -    292    -    292 
June 2024 secured note   -    3,781    8,100    11,881 
July 2024 additional secured note   -    1,273    -    1,273 
Total Debt  $3,370   $14,529   $8,100   $25,999 

 

The following table represents total debt outstanding by agreement as of December 31, 2023:

 

(Dollars in thousands):  Convertible notes payable   Current portion of debt   Long term debt   Total 
Convertible Notes  $8,474   $-   $-   $8,474 
NYDIG financing   -    9,183    -    9,183 
Navitas term loan   -    1,681    -    1,681 
Total Debt  $8,474   $10,864   $-   $19,338 
  
Schedule of Changes in Level 3 Financial Liabilities Carried at Fair Value

Changes in Level 3 Financial Liabilities Carried at Fair Value

 

(in thousands)    
Balance January 1, 2023  $12,254 
Conversions of debt (January 2023- June 30, 2023)   (1,795)
Total revaluation losses, net (January 2023- June 30, 2023)   251 
Balance June 30, 2023   10,710 
Conversions of debt (July 1, 2023- September 30, 2023)   (650)
Total revaluation losses (July 1, 2023- September 30, 2023)   736 
Balance September 30, 2023   10,796 
Conversions of debt (October 1, 2023- December 31, 2023)   (3,569)
Total revaluation losses (October 1, 2023- December 31, 2023)   1,247 
Balance December 31, 2023   8,474 
Conversions of debt (January 1, 2024- June 30, 2024)   (3,712)
Extension fee   325 
Total revaluation losses, net (January 1, 2024- June 30, 2024)   2,764 
Balance June 30, 2024   7,851 
Conversions of debt (July 1, 2024- September 30, 2024)   (2,166)
Total revaluation gains (July 1, 2024- September 30, 2024)   (2,315)
Balance September 30, 2024  $3,370 
  
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 nine months ended September 30, 2024:

 

   Nine months ended September 30, 2024 
Stock price  $2.88 – 6.09 
Conversion price  $3.78 
Volatility   80.0 – 115%
Risk-free interest rate   4.73- 5.46%

The following table represents the significant and subjective fair value assumptions used for Convertible Notes during the years ended December 31, 2023 and 2022:

 

   2023   2022 
Stock price (1)  $3.60 – 6.75   $6.5 
Conversion price (1)  $3.78 – 7.99   $7.99 
Volatility   87.50 – 150%   65 – 105%
Risk-free interest rate   4.64- 5.50%   4.12 – 4.76%

 

(1)Prior period results have been adjusted to reflect the Reverse Stock Split of the Common Stock at a ratio of 1-for- 25 that became effective October 13, 2023. See Note 2, “Accounting Policies,” for details.
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 nine months ended September 30, 2024:

 

   Nine months ended
September 30, 2024		 
Stock price  $2.88- 4.07 
Exercise price  $0.01- 20.00 
Expected term in years   2.68 – 8.77 
Expected dividend yield   0.00%
Volatility   110.0 – 137.50%
Risk-free interest rate   4.28- 4.44%

The following table represents the significant fair value assumptions used for warrants issued or repriced during the years ended December 31, 2023 and 2022:

 

   2023   2022 
Stock price (1)  $2.93- 5.00   $14.25 - 259.25 
Exercise price (1)  $0.01- 20.00   $19.00 – 331.50 
Expected term in years   1.16- 5.00    2.00 – 5.00 
Expected dividend yield   0.00%   0.00%
Volatility   108.50 – 140%   125 - 150%
Risk-free interest rate   3.36- 5.25%   1.18 – 4.41%

 

(1)Prior period results have been adjusted to reflect the Reverse Stock Split of the Common Stock at a ratio of 1-for- 25 that became effective October 13, 2023. See Note 2, “Accounting Policies,” for details.
Schedule of Secured Note Financing

June 2024 secured note and July 2024 additional secured note

 

(Dollars in thousands)  Maturity Date  Interest Rate   June 20, 2024-
September 30, 2024		 
Term Loan and capitalized interest (excludes debt issuance cost)  June 20, 2027   9%  $14,057 
Less: principal and capitalized interest payments           - 
Less: debt discount           (280)
Less: debt issuance costs           (623)
Total outstanding note           13,154 
(Less) Current note outstanding           5,054 
Long-term note outstanding          $8,100