Debt, Net (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Components of Debt

The following table summarizes the components of Debt, net (in thousands):

	June 30, 2024		December 31, 2023
Debt, net, current:
Sprott Credit Agreement	$	—	$	2,200
Notes payable	105		130
Total	$	105	$	2,330
Debt, net, non-current:
Sprott Credit Agreement, net of original issue discount of $2,217 as of June 30, 2024, and $8,259 as of December 31, 2023, net of amortization	$	12,784	$	42,530
Subordinated Notes	106,784		101,639
Notes payable	36		76
Less, debt issuance costs	(423)		(1,628)
Total	$	119,181	$	142,617

Schedule of Maturities of Long-Term Debt

The following table summarizes the Company’s contractual payments of Debt, net, including current maturities, for the five years subsequent to June 30, 2024 (in thousands):

2024	$	65
2025	54
2026	22
2027	121,785
2028	—
Sub-total	121,926
Less, original issue discount, net of accumulated amortization of $18,114	(2,217)
Less, debt issuance costs, net of accumulated amortization of $4,464	(423)
Total debt, net	$	119,286

Schedule of Components of Recorded Interest Expense

The following table summarizes the components of recorded Interest expense (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Sprott Credit Agreement(1)	$	439	$	1,549	$	941	$	3,020
Subordinated Notes(2)	2,605		2,368		5,145		4,667
Amortization of original issue discount(3)	140		554		299		1,103
Amortization of debt issuance costs(3)	33		115		80		230
Other interest expense	1		1		2		3
Accelerated amortization of original issue discount and issuance costs(4)	—		—		6,871		—
Total	$	3,218	$	4,587	$	13,338	$	9,023

(1)The Sprott Credit Agreement bears interest monthly at a floating rate of SOFR plus 6.0% and the current effective interest rate is 18.1% including amortization.

(2)The Subordinated Notes bear interest at 10.0% per annum (non-cash), payable in-kind on a quarterly basis.

(3)The effective interest rate for the amortization of the discount and issuance costs, as of June 30, 2024, was 1.6%.

(4)On January 5, 2024, the Company voluntarily prepaid $38.0 million of its first lien debt, and the Company charged Interest expense $6.9 million for accelerated amortization of original issue discount and issuance costs associated with the prepayment.