Long-Term Debt

9 Months Ended

Sep. 30, 2024

Long-Term Debt.

Long-Term Debt

9. Long-Term Debt

During the second quarter of 2024, the Company began repaying the principal and interest on a $2.0 million allowance for tenant work related to its manufacturing facility in Slingerlands, NY. In accordance with Accounting Standard Codification (“ASC”) 842, Leases (“ASC 842”), the allowance is treated as a freestanding financial instrument separate from the facility lease and is accounted for as long-term debt. The outstanding principal and carrying value of the debt was $1.7 million as of September 30, 2024.

In June 2020, the Company acquired debt as part of its acquisition of United Hydrogen Group Inc. During the three months ended September 30, 2024 and 2023, the Company repaid $0 and $0.3 million of principal related to this outstanding debt. During the nine months ended September 30, 2024 and 2023, the Company repaid $0.6 million and $5.7 million of principal related to this outstanding debt. The outstanding carrying value of the debt was $3.9 million as of September 30, 2024. The remaining outstanding principal on the debt was $4.9 million and the unamortized debt discount was $1.0 million, bearing varying interest rates ranging from 7.3% to 7.6%. The debt is scheduled to mature in 2026. As of September 30, 2024, the principal balance was due at each of the following dates as follows (in thousands):

December 31, 2024		2,757
December 31, 2025		1,200
December 31, 2026		900
Total outstanding principal	$	4,857