XML 86 R57.htm IDEA: XBRL DOCUMENT v3.23.1
DEBT - LGSA (Details)
1 Months Ended 3 Months Ended
Mar. 02, 2023
USD ($)
Mar. 01, 2023
USD ($)
$ / shares
shares
Dec. 01, 2021
USD ($)
shares
Oct. 31, 2022
USD ($)
tranche
$ / shares
shares
Jul. 31, 2022
USD ($)
tranche
$ / shares
shares
Mar. 31, 2023
USD ($)
$ / shares
Mar. 31, 2022
USD ($)
Dec. 31, 2022
USD ($)
May 31, 2021
DEBT                  
Common stock offering, net of issuance costs (in shares) | shares   40,764,706   7,481,747          
Debt issuance costs and debt discount, unamortized           $ 32,589,000   $ 21,095,000  
Amortization of debt issuance costs, commitment fees and accretion of debt discount           3,549,000 $ 2,458,000    
Fair value of term loan           $ 130,700,000      
Operating lease, term of lease         8 years       5 years
Exercise price of warrants (in dollars per share) | $ / shares       $ 1.93   $ 0.43      
Warrants issued to lenders | shares       2,667,678          
Capitalized interest costs           $ 1,000,000.0 $ 760,000    
Warrant exercise price (in dollars per share) | $ / shares       $ 1.93   $ 0.43      
Warrant agreement                  
DEBT                  
Proceeds from additional capital raise $ 5,000,000.0                
Warrant agreement | Penny Warrants                  
DEBT                  
Exercise price of warrants (in dollars per share) | $ / shares   $ 0.01              
Warrants issued to lenders | shares   27,436,126              
Percentage of common stock on fully diluted equity   10.00%              
Warrant exercise price (in dollars per share) | $ / shares   $ 0.01              
Warrant agreement | Dollar Warrants                  
DEBT                  
Exercise price of warrants (in dollars per share) | $ / shares   $ 1.00              
Warrants issued to lenders | shares   13,718,064              
Percentage of common stock on fully diluted equity   5.00%              
Warrant exercise price (in dollars per share) | $ / shares   $ 1.00              
Delayed Draw Term Loan                  
DEBT                  
Allocated fair value of equity included in the issuance of loan       $ 2,900,000          
Effective interest rate of debt       25.10%          
Number of tranches | tranche       2          
Number of separate increments | tranche       2          
Number of separate sub-tranches | tranche       2          
Debt instrument face amount tranches       $ 7,500,000          
Additional warrants       3.75%          
Conversion of additional warrants       1.875%          
Delayed Draw Term Loan | First Tranche                  
DEBT                  
Debt instrument face amount tranches       $ 7,500,000          
Delayed Draw Term Loan | Second Tranche                  
DEBT                  
Debt instrument face amount tranches       7,500,000          
Nautilus Joint Venture                  
DEBT                  
Common stock offering, net of issuance costs (in shares) | shares     839,398            
Percentage to outstanding shares     1.50%            
One Term Loan investor, NovaWulf Digital Master Fund, L.P.                  
DEBT                  
Loan amount         $ 13,000,000.0        
Upfront fee     $ 15,000,000.0            
One Term Loan investor, NovaWulf Digital Master Fund, L.P. | Delayed Draw Term Loan                  
DEBT                  
Loan amount       900,000          
One Term Loan investor, NovaWulf Digital Master Fund, L.P. | Nautilus Joint Venture                  
DEBT                  
Issuance costs     4,000,000.0            
Upfront fee considered as debt discount     29,800,000            
Allocated fair value of equity included in the issuance of loan     $ 25,700,000            
Amortization period of debt costs and discount over term of debt     3 years            
Term Loan                  
DEBT                  
Loan amount     $ 123,500,000            
Allocated fair value of equity included in the issuance of loan           $ 4,100,000      
Fair value of term loan           1,100,000      
Amount of fair value included in debt discount           4,100,000      
Effective interest rate of debt     12.90%            
Term Loan | Term Sheet                  
DEBT                  
Repayments of Debt   $ 40,000,000.0              
Term Loan | Minimum | Term Sheet                  
DEBT                  
Aggregate net proceeds issuance of equity or equity-linked securities   33,500,000              
Term Loan | Minimum | Warrant agreement                  
DEBT                  
Aggregate net proceeds issuance of equity or equity-linked securities   $ 33,500,000              
Term Loan | Nautilus Joint Venture                  
DEBT                  
Upfront fee     $ 1,200,000            
Term Loan | One Term Loan investor, NovaWulf Digital Master Fund, L.P. | Nautilus Joint Venture                  
DEBT                  
Quarterly periodic payment as a % of the original amount     $ 12.5            
Interest rate     11.50%            
Interest rate in case default             13.50%    
Prepayment incremental amount     $ 5.0            
Prepayment fees after 1st anniversary     3.00%            
Prepayment fees after 2nd anniversary     2.00%            
New Term Facility                  
DEBT                  
Upfront fee         125,000        
Issuance costs         $ 1,500,000        
Amortization period of debt costs and discount over term of debt         121 days        
Percentage of cash interest         8.50%        
Percentage of prepayment penalty         3.00%        
Additional term loan facility         $ 50,000,000.0        
Funds drawn at closing         $ 15,000,000.0        
Operating lease, term of lease         8 years       5 years
Exercise price of warrants (in dollars per share) | $ / shares         $ 0.01        
Warrants issued to lenders | shares         5,787,732        
Number of tranches | tranche         3        
Percentage of outstanding common stock         5.00%        
Warrant exercise price (in dollars per share) | $ / shares         $ 0.01        
New Term Facility | Nautilus joint venture                  
DEBT                  
Percentage of ownership interest         25.00%        
New Term Facility | Second Tranche                  
DEBT                  
Percentage of original principal amount borrowed         12.50%        
Warrants issued as a percentage of diluted equity         3.75%        
Value of warrants         $ 15,000,000.0        
New Term Facility | Third Tranche                  
DEBT                  
Percentage of original principal amount borrowed         37.50%        
Warrants issued as a percentage of diluted equity         4.25%        
Value of warrants         $ 20,000,000.0        
New Term Facility | Maximum                  
DEBT                  
Remaining line of credit         35,000,000        
First Amendment Term Loan                  
DEBT                  
Loan amount         $ 1,800,000        
Amortization of debt issuance costs, commitment fees and accretion of debt discount           $ 3,500,000      
Effective interest rate of debt           13.10%      
Percentage of outstanding common stock         2.00%        
Interest expense           $ 2,600,000      
Capitalized interest in property, plant and equipment           542,000      
Capitalized interest costs           452,000      
Debt discount and debt issuance costs           32,600,000   $ 21,100,000  
First Amendment Term Loan | Interest Expense.                  
DEBT                  
Third-party fees           445,000      
Fees paid to lenders and the allocated value of the common stock warrants           $ 3,500,000      
Delayed Draw Term Loan                  
DEBT                  
Percentage of outstanding common stock         3.00%        
Fees paid to lenders and the fair value of the common stock warrants         $ 3,400,000        
Delayed Draw Term Loan | Delayed Draw Term Loan                  
DEBT                  
Loan amount       $ 15,000,000.0          
Fifth Amendment Term Loan                  
DEBT                  
Effective interest rate of debt   18.80%              
Fifth Amendment Term Loan | Interest Expense.                  
DEBT                  
Fees paid to lenders and the allocated value of the common stock warrants   $ 16,000,000.0