Debt (Tables)

3 Months Ended

Mar. 31, 2025

Short-Term Debt [Line Items]

Schedule of Total Debt Outstanding

The following table represents total debt outstanding by agreement as of March 31, 2025:

(Dollars in thousands):	Current portion of debt		Long term debt		Total
NYDIG financing	$	9,183	$	-	$	9,183
Navitas term loan		-		-		-
June 2024 secured note		4,067		5,988		10,055
July 2024 additional secured note		-		-		-
Equipment loan		250		-		250
Galaxy loan		348		4,202		4,550
Total Debt	$	13,848	$	10,190	$	24,038

The following table represents total debt outstanding by agreement as of December 31, 2024:

(Dollars in thousands):	Current portion of debt		Long term debt		Total
Convertible Notes	$	-	$	-	$	-
NYDIG financing		9,183		-		9,183
Navitas term loan		137		-		137
June 2024 secured note		3,922		7,061		10,983
July 2024 additional secured note		1,202		-		1,202
Total Debt	$	14,444	$	7,061	$	21,505

Schedule of Financing Debt

NYDIG Financing

(Dollars in thousands)	Maturity Dates	Interest Rate	January 1, 2025- March 31, 2025		January 1, 2024-  December 31, 2024
NYDIG Loans #1-11	April 25, 2023 thru January 25, 2027*	14% thru 16%	$	9,183	$	9,183
Less: repossession of collateralized assets				—		—
Total outstanding debt			$	9,183	$	9,183

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

Schedule of Secured Note Financing

June 2024 secured note

(Dollars in thousands)	Maturity Date	Interest Rate			January 1, 2025- March 31, 2025			July 20, 2024- December 31, 2024
Term Loan and capitalized interest (excludes debt issuance cost)	June 20, 2027		9	%	$	11,748		$	12,784
Less: principal and capitalized interest payments						(1,060	)		(1,036	)
Less: debt discount						(189	)		(230	)
Less: debt issuance costs						(444	)		(535	)
Total outstanding note						10,055			10,983
(Less) Current note outstanding						4,067			3,922
Long-term note outstanding					$	5,988		$	7,061

Schedule of Additional Secured Note Financing

July 2024 Additional Secured Note

(Dollars in thousands)	Maturity Date	Interest Rate			January 1, 2025- March 31, 2025			July 12, 2024- December 31, 2024
Term Loan and capitalized interest (excludes debt issuance cost)	July 12, 2027*		9	%	$	1,209		$	1,278
Less: principal and capitalized interest payments						(658	)		(69	)
Debt discount						-			(6	)
Gain on extinguishment						(551	)		-
Total outstanding debt					$	-		$	1,203

* On March 14, 2025, the Company satisfied the assignment and assumption agreement, as such a gain on extinguishment was recorded.

Schedule of Navitas Term Loan

Navitas Term Loan

(Dollars in thousands)	Maturity Date	Interest Rate			January 1, 2025- March 31, 2025			January 1, 2024- December 31, 2024
Term Loan and capitalized interest (excludes debt issuance cost)	May 9, 2025*		15	%	$	137		$	1,707
Less: principal and capitalized interest payments						(137	)		(1,570	)
Total outstanding debt					$	-		$	137

* May 9, 2025 was the maturity date, however, as noted below, the Navitas loan was fully paid off in the first quarter of 2025, and as such no longer remains outstanding.

Schedule of Fair value of Convertible Debt

(in thousands)
Balance January 1, 2024	$	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
Conversions of debt (April 1, 2024- December 31, 2024)		(7,978	)
Revaluation losses and extinguishment of debt, net (April 1, 2024- December 31, 2024)		1,437
Extension fee		325
Balance December 31, 2024	$	-

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 year ended December 31, 2024. As the Convertible Notes were fully converted in fiscal year 2024, no assumptions were noted for the three months ended March 31, 2025.

	Year Ended December 31, 2024
Stock price	$	2.88 – 6.09
Conversion price	$	2.30 – 3.78
Volatility		80.0 – 115	%
Risk-free interest rate		4.73- 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 year ended December 31, 2024. No warrants were issued or repriced for the three months ended March 31, 2025.

	Year ended December 31, 2024
Stock price	$	2.43- 4.07
Exercise price	$	0.01- 287.50
Expected term in years		0.53 – 8.77
Expected dividend yield		0.00	%
Volatility		105.0 – 137.50	%
Risk-free interest rate		3.51- 4.44	%

Galaxy Loan [Member]

Short-Term Debt [Line Items]

Schedule of Galaxy Loan

Galaxy Loan

(Dollars in thousands)	Maturity Date	Interest Rate			March 12, 2025 – March 31, 2025
Term Loan	March 12, 2030		15	%	$	5,000
Less: principal payments						-
Less: debt discount and issuance costs						(450	)
Total outstanding note						4,550
(Less) Current note outstanding						348
Long-term note outstanding					$	4,202