XML 56 R37.htm IDEA: XBRL DOCUMENT v3.25.2
DEBT AND FINANCE LEASE LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt and Finance Lease Liabilities
A summary of debt and finance lease liabilities as of December 31, 2024 and 2023 is as follows:
As of December 31,
20242023
Current:
Finance lease liabilities$6,783 $6,312 
Insurance premium financing1,865 1,852 
Promissory notes777 699 
Financing obligations
170 87 
Debt and finance lease liabilities, current$9,595 $8,950 
Non-current:
Financing obligations
102,389 101,470 
Toggle Convertible Notes
$52,638 $124,061 
Finance lease liabilities34,875 26,395 
Promissory notes1,572 2,306 
8.25% Convertible Notes
1,226 15,047 
Long-term debt and finance lease liabilities, net of current portion$192,700 $269,279 
Schedule of Carrying Values and Estimated Fair Values
The fair values of the following debt obligations are estimated using level 2 fair value inputs, including stock price and risk-free rates. The following table presents the carrying value and estimated fair values:
As of December 31, 2024
Carrying ValueFair Value
June 2022 Toggle Convertible Notes
$41,834 $38,367 
June 2023 Toggle Convertible Notes
10,804 10,974 
8.25% Convertible Notes
1,226 352 
Promissory notes
2,349 2,311 
Insurance premium financings
1,865 1,865 
Schedule of Interest Rates, Net Carrying Amounts of Debt Component and Interest Expense The interest rates and payment dates for each of the Toggle Convertible Notes is summarized below:
June 2022 Toggle Convertible NotesApril 2023 Toggle Convertible NotesJune 2023 Toggle Convertible Notes
PIK interest rate (per annum)11.00%11.00%8.00%
Cash interest rate (per annum)8.00%8.00%8.00%
Semi-annual interest payable datesMay 31 and November 30 of each yearMay 31 and November 30 of each yearJune 30 and December 31 of each year
First interest payment dateNovember 30, 2022May 31, 2023December 31, 2023
The net carrying amounts of the debt component of the Toggle Convertible Notes as of December 31, 2024 were as follows:
June 2022 Toggle Convertible NotesJune 2023 Toggle Convertible Notes
Principal amount$43,282 $12,395 
Accrued PIK interest439 — 
Unamortized discount(456)(1,591)
Unamortized issuance costs(1,431)— 
Net carrying amount$41,834 $10,804 
The net carrying amounts of the debt component of the Toggle Convertible Notes as of December 31, 2023 were as follows:
June 2022 Toggle Convertible Notes
June 2023 Toggle Convertible Notes
Principal amount$123,478 $11,460 
Accrued PIK interest1,170 — 
Unamortized discount(2,306)(2,496)
Unamortized issuance costs(7,245)— 
Net carrying amount$115,097 $8,964 
The following table presents the Company's interest expense related to the June 2022 Toggle Convertible Notes:
Years Ended December 31,
20242023
Contractual interest expense$13,225 $15,744 
Amortization of debt discount and issuance costs3,346 3,333 
Total interest expense$16,571 $19,077 
The following table presents the Company's interest expense related to the April 2023 Toggle Convertible Notes:
Year Ended
December 31, 2023
Contractual interest expense$3,562 
Amortization of debt discount and issuance costs42,242 
Total interest expense$45,804 
The following table presents the Company's interest expense related to the June 2023 Toggle Convertible Notes:
Years Ended December 31,
20242023
Contractual interest expense$935 $460 
Amortization of debt discount and issuance costs905 454 
Total interest expense$1,840 $914 
The net carrying amount of the debt component of the 8.25% Convertible Notes as of December 31, 2024 and 2023 was as follows:
As of December 31,
20242023
Principal amount$1,758 $21,558 
Unamortized discount(475)(5,821)
Unamortized issuance costs(57)(690)
Net carrying amount$1,226 $15,047 
Schedule of Reference Price And Floor Price Applicable to Issuance of Senior Convertible Notes The Reference Price and Floor Price applicable to each issuance of First Purchase Agreement Notes is summarized below:
Reference PriceFloor Price
Series A Notes$179.250 $14.340 
Series B-1 Notes$121.500 $14.340 
Series B-2 Notes$64.200 $14.340 
Series B-3 Notes$58.545 $14.340 
The following table summarizes conversions of the First Purchase Agreement notes during the year ended December 31, 2023:
Series A NotesSeries B-1 NotesSeries B-2 NotesSeries B-3 Notes
Shares of common stock issued for conversions726,187 704,256 725,276 754,639 
Principal balance converted$50,000 $25,000 $15,000 $12,075 
Make-whole interest converted$2,500 $1,250 $750 $604 
Average conversion price$72.30 $37.27 $21.72 $16.80 
Reference Price and Floor Price applicable to each issuance of Second Purchase Agreement Notes is summarized below:
Reference PriceFloor Price
Series A-1 Notes$88.200 $11.400 
Series A-2 Notes$88.200 $11.400 
The following table summarizes conversions of the Second Purchase Agreement Notes during the year ended December 31, 2023:
Series A-1 NotesSeries A-2 Notes
Shares of common stock issued for conversions4,279,353 1,198,433 
Principal balance converted$125,000 $40,000 
Make-whole interest converted$6,250 $2,000 
Average conversion price$30.67 $35.05 
The Reference Price and Floor Price applicable to each issuance of Third Purchase Agreement Notes is summarized below:
Reference PriceFloor Price
Series B-1 Notes$12.200 $1.620 
The following table summarizes conversions of the Third Purchase Agreement Notes during the year ended December 31, 2024:
Series B-1 Notes
Shares of common stock issued for conversions10,114,374 
Principal balance converted$47,777 
Make-whole interest converted$2,389 
Average conversion price$5.59 
Carrying value of notes converted$52,806 
Loss on debt extinguishment$3,742 
The following table summarizes conversions of the 8.25% Convertible Notes during the years ended December 31, 2024 and 2023:
For the years ended December 31,
20242023
Shares of common stock issued for conversions
733,3315,683,038
Principal balance converted
$19,800 $153,442 
Make-whole premium
$4,579 $35,241 
Net carrying amount converted
$13,741 $107,102 
Loss on debt extinguishment
$2,262 $10,663 
Schedule of Maturities of Long-term Debt
The following table summarizes the long-term debt maturities for each of the next five years and thereafter at December 31, 2024.
Years Ended December 31,Total
2025$8,212 
202666,540 
20278,951 
20288,442 
20298,589 
Thereafter565,860 
Total$666,594