XML 26 R15.htm IDEA: XBRL DOCUMENT v3.26.3
Simplify Loan
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Simplify Loan Simplify Loan
On August 19, 2024, the Company entered into an amended and restated promissory note (the “Amended Promissory Note”), in connection with the amendment to the March 13, 2024 working capital loan agreement with Simplify Inventions, LLC ("Simplify"), a related party as further described in Note 17 (the “Simplify Loan”), pursuant to which the Company had available up to $50,000 at ten percent (10.0%) interest rate per annum (the “Applicable Interest Rate”). The Simplify Loan was secured by certain assets of the Company and its subsidiaries, which were also guarantors of the obligations. In the event of a default, including but not limited to the failure to pay any amounts when due, the interest would accrue at the Applicable Interest Rate plus five percent (5.0%) and the Simplify Loan would have been payable upon demand to Simplify.
On December 31, 2025, the Company entered into Amendment No. 2 to the Simplify Loan, which reduced the maximum principal amount available under the Simplify Loan to $25,000 and extended the maturity date to December 1, 2027. All other material terms and conditions of the Simplify Loan, as previously disclosed, remained unchanged. As of September 30, 2026 and December 31, 2025, there was no outstanding balance on the Simplify Loan.
Effective August 7, 2026, in connection with the Company’s refinancing with Renew Group Private Limited ("Renew") (as described in Note 10 – Term Debt), the Company terminated the Simplify Loan and canceled the Amended Promissory Note. No principal or accrued and unpaid interest was outstanding at the termination date. As of September 30, 2026, Simplify had released the liens and security interests securing the facility, and the Company had no further obligations under the Simplify Loan.
Information for the three and nine months ended September 30, 2026 and 2025, with respect to interest expense related to the Simplify Loan is provided under the heading Interest Expense in Note 11.