Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Debt outstanding consists of the following:

	June 30, 2024		December 31, 2023
Revolver	$	21,288	$	32,000
Paycheck Protection Program Loan	180		194
Less revolver issuance costs	(176)		(252)
Loans payable, current	21,292		31,942
Convertible Note (a)	52,768		50,585
Embedded derivative (b)	5,059		14,308
Less issuance costs on convertible debt	(86)		(116)
Paycheck Protection Program Loan	—		82
Loans payable, non-current	57,741		64,859
Loans payable, related parties, non-current	4,715		4,670
	$	83,748	$	101,471

(a) The Convertible Note balance at June 30, 2024 is comprised of the convertible note's initial measurement at $50,260, which represents the gross proceeds received less fair value of the embedded derivative, $1,643 of PIK note issued in June 2024, $146 of accrued PIK interest for which the PIK note will be issued in December 2024, and accretion of discount on issuance of $719.

The Convertible Note balance on December 31, 2023 is comprised of the Convertible Note's initial measurement at $50,260, which represents the gross proceeds received less fair value of the embedded derivative, $169 of accrued PIK interest, and accretion of discount on issuance of $156.

(b) Represents the embedded derivative included within the Convertible Note that is bifurcated and stated at fair value.

Schedule of Maturities of Long-Term Debt

The following table summarizes the debt maturities for the Convertible Note, the Revolver and the Paycheck Protection Program Loan (see further discussion of these debt instruments below):

Remainder of 2024	$	98
2025	82
2026	—
2027	—
2028 (1) (2)	88,077
Thereafter	—
	$	88,257

(1) The Company classifies the Revolver as a current liability on its consolidated balance sheets due to its intent and practice of using the Revolver for short-term financing needs. However, in the table above, the Revolver has been reflected at its maturity date in 2028.

(2) Debt maturing in 2028 also includes the Convertible Note with a maturity value of $65,000, PIK note issued with a maturity value of $1,643, and accrued PIK interest of $146.

Fair Value Measurement Inputs and Valuation Techniques

The fair value of the Embedded Derivative was calculated using a with and without method at June 30, 2024 and December 31, 2023 using a Monte Carlo simulation model with the following assumptions -

	June 30, 2024		December 31, 2023		Relationship of significant unobservable input to fair value
Expected volatility	62.0	%	56.0	%	Increase in expected volatility will increase the value of the derivative
Risk-free rate	4.4	%	3.8	%	Increase in risk-free rate will increase the value of the derivative
Credit risk adjusted rate	20.0	%	20.0	%	Increase in credit risk adjusted rate will increase the value of the derivative