Debt, Net (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Components of Debt

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

	September 30, 2024		December 31, 2023
Debt, net, current:
Sprott Credit Agreement	$	—	$	2,200
Notes payable	79		130
Total	$	79	$	2,330
Debt, net, non-current:
Sprott Credit Agreement, net of original issue discount of $2,068 as of September 30, 2024, and $10,500 as of December 31, 2023, net of amortization	$	12,932	$	42,530
Subordinated Notes	109,454		101,639
Notes payable	29		76
Less, debt issuance costs	(389)		(1,628)
Total	$	122,026	$	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 September 30, 2024 (in thousands):

October 1, 2024 through December 31, 2024	$	33
2025	54
2026	22
2027	124,453
2028	—
Sub-total	124,562
Less, original issue discount of $18,262, net of accumulated amortization	(2,068)
Less, debt issuance costs of $4,498, net of accumulated amortization	(389)
Total debt, net	$	122,105

Schedule of Components of Recorded Interest Expense

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Sprott Credit Agreement(1)	$	439	$	1,600	$	1,380	$	4,620
Subordinated Notes(2)	2,669		2,418		7,814		7,085
Amortization of original issue discount(3)	149		562		448		1,665
Amortization of debt issuance costs(3)	34		117		114		346
Other interest expense	1		1		3		5
Accelerated amortization of original issue discount and issuance costs(4)	—		—		6,871		—
Total	$	3,292	$	4,698	$	16,630	$	13,721

(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 September 30, 2024, was 1.6%.

(4)January 5, 2024, the Company voluntarily pre-paid $34.7 million of the first lien loan, along with $3.3 million for the additional interest balance, totaling $38.0 million, and the Company charged Interest expense $6.9 million for accelerated amortization of original issue discount and issuance costs associated with the prepayment.