Company: LIDRW
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001437749-25-004906
Chunk: 1233

Company: AEye, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1B
Chunk 1233
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       9. 
       ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES 

   Accrued expenses and other current liabilities as of  December 31, 2024 and 2023 were as follows (in thousands):

        As of December 31, 

        2024 

        2023 

        Lease termination liability 
        
       $
       3,313

       $
       —

        Accrued bonuses 

       2,875

       2,053

        Accrued payroll 

       347

       540

        Operating lease liabilities 

       267

       2,415

        Accrued severance 

       —

       402

        Accrued payroll taxes 

       159

       317

        Accrued other 

       748

       858

        Total accrued expenses and other current liabilities 
        
       $
       7,709

       $
       6,585

    10.  CONVERTIBLE NOTES 

   2022 Convertible Note
    
   On  September 14, 2022, the Company entered into a Securities Purchase Agreement with an investor allowing for the sale and issue of up to two convertible notes, each with a principal balance of $10,500 and gross cash proceeds of $10,000, for a total of $20,000 in proceeds between the two issuances (each, a "Note Closing"). The first Note Closing ("First Closing") occurred on  September 15, 2022, and the Company entered into a Senior Unsecured Convertible Note with the investor pursuant to which the Company issued to the investor one convertible note ("2022 Note") with a principal balance of $10,500 for net cash proceeds of $9,850. As part of the First Closing, the Company also issued warrants to the investor see Note 12 for further details. The second Note Closing ("Second Closing") lapsed on  March 15, 2024, upon which the Company's right to effect a Second Closing automatically terminated. 
    
   The 2022 Note bore interest at an annual rate of 5.0%, in addition to an original issue discount of 4.76%, and had an initial a maturity date of  March 15, 2024.
    
   Beginning  December 14, 2022, and the first trading day of each subsequent month (each a "Monthly Redemption Date" or an "Install