| Schedule of Liabilities Subject to Compromise in the Consolidated Balance Sheet |
The following table sets forth, as of December 31, 2024, information about the amounts presented as liabilities subject to compromise in the consolidated balance sheet (in thousands):
|
|
|
As of
December 31,
2024
|
|
Convertible senior notes
|
|
|
291,577 |
|
Total liabilities subject to compromise
|
|
$
|
291,577 |
|
| Schedule of Expenses during Bankruptcy Proceedings Recorded in Reorganization Items |
Additionally, certain expenses resulting from and recognized during the bankruptcy proceedings are recorded in Reorganization items, net in the consolidated statement of operations. Reorganization items, net consisted of the following (in thousands):
|
|
|
Year Ended
December 31,
2024
|
|
Debt valuation adjustments
|
|
$
|
2,438 |
|
Professional fees
|
|
|
3,126 |
|
Total reorganization items, net
|
|
$
|
5,564 |
|
| Schedule of Condensed Financial Statements of the Debtor |
The financial statements below represent the condensed financial statements of the Debtor as of December 31, 2024 and for the year ended December 31, 2024:
|
|
|
As of
December 31,
2024
|
|
ASSETS
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
5,356 |
|
|
Restricted cash
|
|
|
839 |
|
|
Investments in subsidiaries
|
|
|
253,210 |
|
|
Other assets
|
|
|
1,343 |
|
|
Total assets
|
|
$
|
260,748 |
|
| |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
Other liabilities
|
|
|
116 |
|
|
Due to affiliates
|
|
|
—
|
|
|
Long-term debt
|
|
|
—
|
|
|
Liabilities subject to compromise
|
|
|
291,577 |
|
|
Total liabilities
|
|
|
291,693 |
|
|
Total stockholders’ equity
|
|
|
(30,945 |
)
|
|
Total liabilities and stockholders’ equity
|
|
$
|
260,748 |
|
|
|
|
Year Ended
December 31,
2024
|
|
Noninterest income:
|
|
|
|
|
|
Gain on debt extinguishment
|
|
$
|
—
|
|
|
Other income
|
|
|
943 |
|
|
Total noninterest income
|
|
|
943 |
|
| |
|
|
|
|
|
Expenses:
|
|
|
|
|
|
Professional fees
|
|
|
2,727 |
|
|
Interest expense on corporate debt
|
|
|
3,428 |
|
|
Other expenses
|
|
|
738 |
|
|
Total expenses
|
|
|
6,893 |
|
| |
|
|
|
|
|
Loss from continuing operations before reorganization items and provision for income taxes
|
|
|
(5,950 |
)
|
|
Reorganization items, net
|
|
|
5,564 |
|
|
Loss from continuing operations before provision for income taxes
|
|
|
(11,514 |
)
|
|
Provision for income taxes from continuing operations
|
|
|
—
|
|
|
Net loss from continuing operations
|
|
$
|
(11,514 |
)
|
|
Net loss from discontinued operations
|
|
$
|
(205 |
)
|
|
Net loss
|
|
$
|
(11,719 |
)
|
|
|
|
Year Ended
December 31,
2024
|
|
Operating activities
|
|
|
|
|
|
Net cash (used in) provided by operating activities from continuing operations
|
|
|
(29,459 |
)
|
|
Net cash provided by (used in) operating activities from discontinued operations
|
|
|
(205 |
)
|
|
Net cash (used in) provided by operating activities
|
|
|
(29,664 |
)
|
|
Investing activities
|
|
|
|
|
|
Net cash provided by investing activities from continuing operations
|
|
|
34,291 |
|
|
Financing activities
|
|
|
|
|
|
Repurchases of convertible senior notes
|
|
|
—
|
|
|
Proceeds from the issuance of common stock in at-the-market offering, net of offering costs
|
|
|
—
|
|
|
Net cash provided by (used in) financing activities from continuing operations
|
|
|
—
|
|
|
Net decrease in cash, cash equivalents and restricted cash
|
|
|
4,627 |
|
|
Cash, cash equivalents and restricted cash at the beginning of period
|
|
|
1,568 |
|
|
Cash, cash equivalents and restricted cash at the end of period
|
|
$
|
6,195 |
|
|