XML 68 R58.htm IDEA: XBRL DOCUMENT v3.23.2
DEBT - LGSA (Details)
1 Months Ended 3 Months Ended 6 Months Ended
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
Jun. 30, 2023
USD ($)
$ / shares
Jun. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
$ / shares
Jun. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Mar. 31, 2022
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         $ 27,177,000   $ 27,177,000   $ 21,095,000    
Amortization of debt issuance costs, commitment fees and accretion of debt discount             8,307,000 $ 4,435,000      
Fair value of term loan         $ 135,100,000   $ 135,100,000        
Operating lease, term of lease       8 years             5 years
Exercise price of warrants (in dollars per share) | $ / shares     $ 1.93   $ 0.56   $ 0.56        
Warrants issued to lenders | shares     2,667,678                
Capitalized interest costs         $ 1,200,000 $ 1,600,000 $ 2,200,000 $ 2,400,000      
Warrant exercise price (in dollars per share) | $ / shares     $ 1.93   $ 0.56   $ 0.56        
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 27,759,265                    
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 13,879,630                    
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                
First Amendment Term Loan                      
DEBT                      
Amortization of debt issuance costs, commitment fees and accretion of debt discount         $ 5,400,000   10,000,000.0        
Interest expense         4,800,000   8,300,000        
Capitalized interest in property, plant and equipment         654,000   1,200,000        
Capitalized interest costs         0            
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   4,100,000        
Fair value of term loan         1,100,000   1,100,000        
Amount of fair value included in debt discount         $ 4,100,000   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           $ 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              
Effective interest rate of debt         13.10%   13.10%        
Percentage of outstanding common stock       2.00%              
Capitalized interest costs             $ 452,000        
Debt discount and debt issuance costs         $ 27,200,000   27,200,000   $ 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