| Schedule of Debt |
The Company’s borrowings consist of the following related and third-party borrowings: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | December 31, 2022 | | Maturity Date | | Borrowing Outstanding | | Carrying Value* | | Borrowing Outstanding | | Carrying Value* | 2021 Convertible Notes Payable | June 2026 | | 115,815 | | | 94,386 | | | 109,167 | | | 82,950 | | Senior Secured Term Loan | March 2026 | | 100,000 | | | 85,624 | | | 100,000 | | | 81,616 | | AFG Convertible Note | June 2026 | | 17,429 | | | 18,139 | | | — | | | — | | Equipment financing facility | April 2026 | | 5,718 | | | 5,710 | | | 8,577 | | | 8,577 | | Yorkville Convertible Promissory Note | June 2023 | | $ | — | | | $ | — | | | $ | 2,000 | | | $ | 2,688 | | | Total borrowings | | | 238,962 | | | 203,859 | | | 219,744 | | | $ | 175,831 | | | Current portion | | | 3,332 | | | 3,332 | | | 5,560 | | | 5,560 | | | Total borrowings, non-current | | | $ | 235,630 | | | $ | 200,527 | | | $ | 214,184 | | | $ | 170,271 | |
*Carrying value includes unamortized deferred financing costs, unamortized discounts, and fair value of embedded derivative liabilities. The carrying value of the Senior Secured Term Loan is as follows: | | | | | | | | | | | | | December 31, | | 2023 | | 2022 | | Principal | $ | 100,000 | | | $ | 100,000 | | | Unamortized debt discount | (1,459) | | | (1,866) | | | Unamortized debt issuance costs | (12,917) | | | (16,518) | | | Aggregate carrying value | $ | 85,624 | | | $ | 81,616 | |
| | | | | | | | | | | | | | | | | | | Date of Draw | Gross Amount of Initial Draw | | Coupon Interest Rate | | Debt Issuance Costs | | September 2021 | $ | 7,000 | | | 14.3% | | $ | 175 | | | September 2022 | 4,216 | | | 16.2% | | 96 | | | Total Equipment Financing loans | $ | 11,216 | | | | | $ | 271 | |
|
| Summary of Interest Expense |
Interest expense recognized on the 2021 Convertible Notes is as follows: | | | | | | | | | | | | | For the Years Ended December 31, | | 2023 | | 2022 | | Contractual interest expense | $ | 6,648 | | | $ | 6,267 | | | Amortization of debt discount | 5,237 | | | 3,588 | | | Amortization of debt issuance costs | 508 | | | 388 | | | Total | $ | 12,393 | | | $ | 10,243 | |
Interest expense recognized on the AFG Convertible Notes is as follows: | | | | | | | Year Ended | | December 31, 2023 | | Contractual interest expense | $ | 3,679 | | | Amortization of debt discount | 743 | | | Amortization of debt issuance costs | 209 | | | Total | $ | 4,631 | |
The following table summarizes interest expense recognized on the Senior Secured Term Loan: | | | | | | | | | | | | | For the Years Ended December 31, | | 2023 | | 2022 | | Contractual interest expense | $ | 13,943 | | | $ | 4,887 | | | Amortization of debt discount | 407 | | | 142 | | | Amortization of debt issuance costs | 3,601 | | | 1,320 | | | Total | $ | 17,951 | | | $ | 6,349 | |
|
| Schedule of Balances Recognized Upon Issuance of Convertible Notes |
The carrying value for the 2021 Convertible Notes is as follows: | | | | | | | | | | | | | December 31, | | 2023 | | 2022 | | Principal | $ | 115,815 | | | $ | 109,167 | | | Unamortized debt discount | (19,612) | | | (24,733) | | | Unamortized debt issuance costs | (1,895) | | | (2,402) | | | Embedded derivative liability | 78 | | | 918 | | | Aggregate carrying value | $ | 94,386 | | | $ | 82,950 | |
The balance for the AFG Convertible Notes is as follows: | | | | | | | December 31, 2023 | | Principal | $ | 17,429 | | | Unamortized debt discount | (2,835) | | | Unamortized debt issuance costs | (800) | | | Embedded conversion feature | 4,345 | | | Aggregate carrying value | $ | 18,139 | |
|