Quarterly report [Sections 13 or 15(d)]

RELATED PARTY TRANSACTIONS

v3.25.1
RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
 15. RELATED PARTY TRANSACTIONS
The Company had the following related party transactions:
Three Months Ended March 31, As of
2025 2024 March 31, 2025 (unaudited) December 31, 2024
Nature of transaction Related Party Expense Related Party Payable
12% Second Lien Notes - interest expense and principal amount (1)
$ (667) $ (577) $ (25,274) $ (20,096)
Term Loans - interest expense and principal amount (2)
$ (483) $ —  $ (16,000) $ (16,000)
(1)The Second Lien Notes payable and the related interest expense includes amounts related to the Company’s Chief Executive Officer, as well as a significant investor. In February 2025, an entity affiliated with the Company’s Chief Executive Officer, as well as a significant investor, each purchased additional Second Lien Notes in the principal amount of US$3,719 and C$2,000 respectively, and also received 5,810,938 warrants and 2,199,688 warrants, respectively. Refer to Note 8 - Debt for more information.
(2)The Term Loans payable and the related interest expense includes amounts related to the Company’s Chief Executive Officer, as well as a significant investor, who each participated as Term Loan lenders in the Company’s senior secured term loan refinancing completed in July 2024 in the principal amounts of $9,000 and $7,000 respectively, and also received 3,600,000 warrants and 2,800,000 warrants, respectively. Refer to Note 8 - Debt for more information.