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Related Party Notes Payable (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Related Party Transactions [Abstract]    
Schedule of related party notes payable consists
8. Related Party Notes Payable

 

Note Name  Contractual
Maturity
Date		  Contractual
Interest
Rates		   Balance
as of
September 30,
2022		   Interest
Expense for
the Three
Months Ended
September 30,
2022		   Interest
Expense for
the Nine
Months Ended
September 30,
2022		 
Related party notes – China(1)  Due on Demand   18%  $8,451   $996   $2,931 
Related party notes – China various other  Due on Demand   —%   3,802    —    — 
           $12,253   $996   $2,931 

 

    December 31, 2021  
Note Name   Contractual
Maturity
Date		   Contractual
Interest
Rates		     Unpaid
Balance		     Net
Carrying
Value at
12/31/21		  
Related party notes - China   Due on Demand     18 %   $ 9,411     $ 9,411  
Related party notes - China various other   Due on Demand     0 %     4,244       4,244  
Total related party notes payable               $ 13,655     $ 13,655  
  
Schedule of related party notes payable
   September 30, 2022          
Note Name 

Contractual

Maturity
 Date

 

Contractual

Interest

Rates

  

Unpaid
Principal

Balance

  

Fair Value

Measurement

Adjustments

   Original
issue
discount and
proceeds
allocated to
warrants		  

Net

Carrying

Value

   Interest
Expense
for the
Three
Months
Ended
September 30,
2022		   Interest
Expense
for the
Nine
Months
Ended
September 30,
2022		 
June 2021 Notes(3)  October 31, 2026   0%  $4,012   $612   $(955)  $3,669   $—   $— 
Optional Notes(3)  October 31, 2026   15%   2,687    737    (912)   2,512    28    2,572 
Bridge Notes(4)  August 14, 2026   10%   44,500    7,690    (11,421)   40,769    418    418 
Notes payable – China various other  Due on Demand   0%   4,902    —    —    4,902    —    — 
Auto loans  October 26, 2026   7%   106    —    —    106    —    — 
           $56,207   $9,039   $(13,288)  $51,958   $446   $2,990 

 

   Nine months ended September 30, 2022  
Note Name  Contractual
Maturity Date		  Contractual
Interest
Rates		   Net
carrying
value at
12/31/2021		   Fair Value
Measurement
Adjustments		   Payment
Premium		   Cash
Payment		   Conversion
into
Class A
Common
Stock		 
March 1, 2021 Notes (1)   March 1, 2022   14%  $56,695   $(1,695)  $—   $(55,000)  $— 
August 26, 2021 Notes (1)   March 1, 2022   14%   30,924    (924)   2,065    (32,065)   — 
June 2021 Notes (3)   October 31, 2026   0%   35,071    917    —    —    (35,988)
Optional Notes (3)   October 31, 2026   15%   31,934    (704)   —    —    (31,230)
PPP Loan (2)   April 17, 2022   1%   193    —    —    (193)   — 
           $154,817   $(2,406)  $2,065   $(87,258)  $(67,218)

 

(1)On March 1, 2021, the Company amended the NPA to permit the issuance of additional notes payable with principal amounts up to $85,000. On the same day, the Company entered into notes payable agreements with Ares for an aggregate principal of $55,000. The notes payable were collateralized by a first lien on virtually all tangible and intangible assets of the Company, bore interest at 14% per annum and matured on March 1, 2022. On February 25, 2022, the Company repaid the $55,000 principal amount of the March 1, 2021 Notes with accrued interest of $7,721.

 

(2)In April 2022, the Company paid the remaining principal and accrued interest in an aggregate amount of $193.

 

(3)On July 26, 2022, the Company entered into an agreement (the “ATW July Amendment”) with entities affiliated with ATW Partners LLC (collectively, the “Investors”), to extend the maturity date, adjust the conversion price and otherwise amend the terms (as described further below) of the Optional Notes and the June 2021 Notes (together, “ATW NPA Notes”).

 

(4)On August 14, 2022, the Company entered into a Securities Purchase Agreement (“SPA”) with certain entities affiliated with ATW Partners LLC and RAAJJ Trading LLC (and together with Senyun, as defined below, the “Purchasers”) to issue and sell the Company’s senior secured convertible notes (the “Bridge Notes”) in three tranches aggregating to $52,000 in principal (as increased on September 23, 2022 to $57,000, which increase was subsequently terminated upon the Initial Senyun Funding Date, as defined below) and maturing on August 14, 2026 (subsequently extended to October 27, 2028). The Bridge Notes are subject to an original issue discount of 10%, and are convertible, along with any interest accrued, into shares of Class A Common Stock at a conversion price equal to $2.69 (or $2.2865 for the initial tranche) (“Conversion Price”), subject to a full ratchet anti-dilution protection. When calculating the shares issuable upon conversion, the converted amount shall be decreased by 50% of the original issue discount pertaining to such amount. As of September 30, 2022, the Purchasers funded $44,500, less total original discounts of $4,450 and transaction costs of $2,813, equating to net proceeds of $37,237.

 

   December 31, 2021  
Note Name  Contractual
Maturity
Date		  Contractual
Interest
Rates		   Unpaid
Balance		   Fair Value
Measurement
Adjustments		   Original
issue
discount
and
proceeds
allocated to
warrants		   Net
Carrying
Value		 
March 1, 2021 Notes  March 1, 2022   14%  $55,000   $7,692   $(5,997)  $56,695 
August 26, 2021 Notes  March 1, 2022   14%   30,000    1,011    (87)   30,924 
June 9, 2021 Note 1 and Note 2  December 9, 2022   —%   40,000    8,503    (9,522)   38,981 
August 10, 2021 Optional Notes  February 10, 2023   15%   33,917    12,283    (11,518)   34,682 
Notes payable - China various other  Due on demand   —%   5,458    —    —    5,458 
PPP Loan  April 17, 2022   1%   193    —    —    193 
Auto loans  Various   Various    121    —    —    121 
Total notes payable          $164,689   $29,489   $(27,124)  $167,054 
   December 31, 2021
Note Name  Contractual
Maturity
Date		  Contractual
Interest
Rates		   Unpaid
Balance		   Net
Carrying
Value at
12/31/21		 
Related party notes - China(1)    Due on Demand   18.00%  $9,411   $9,411 
Related party notes - China various other(2)    Due on Demand   0.00%   4,244    4,244 
Total related party notes payable          $13,655   $13,655 

 

   December 31, 2020
Note Name  Contractual
 Maturity
Date		  Contractual
Interest Rates		   Unpaid
Balance		   Fair Value
Measurement
Adjustments		   0%  
Coupon
Discount		   Loss (Gain) on  
Extinguishments		   Net
Carrying
Value at
12/31/2020		 
Related party note (3)    June 30,
2021		   12.00%  $240,543   $—   $(861)  $204   $239,886 
Related party note (4)    Due on
Demand		   15.00%   10,000    —    —    —    10,000 
Related party notes – NPA tranche (5)    October 6,
2021		   10.00%   27,593    5,356    —    —    32,949 
Related party notes – China (1)    Due on
Demand		   18.00%   9,196    —    —    —    9,196 
Related party notes – China various other (2)(6)    Due on
Demand		   0% coupon, 10.00% imputed     6,548    —    (190)   (22)   6,336 
Related party notes – China various other (6)    Due on
Demand		   8.99%   1,410    —    —    (3)   1,407 
Related party notes – Other (7)    Due on
Demand		   0.00%   424    —    —    —    424 
Related party notes – Other (8)    June 30,
 2021		   6.99%   4,160    —    —    (50)   4,110 
Related party notes – Other (9)    June 30,
 2021		   8.00%   6,452    —    —    (35)   6,417 
Related party notes - Other (10)    June 30,
 2021		   

1.52

 8.99%, 8.00,

2.86 

%

%

%

   8,440    —    —    (137)   8,303 
Related party notes – Other (11)    Due on
Demand, June 30,
2021		   8.99%, 6.99%   1,760    —    —    (11)   1,749 
Related party notes – Other (12)    June 30,
2021		   8.00%   11,635    —    —    (57)   11,578 
Total related party notes payable          $328,161   $5,356   $(1,051)  $(111)  $332,355 

 
Schedule of notes payable  
   As of and for the Year
Ended
December 31,		 
   2021   2020 
Outstanding principal  $9,411   $9,196 
Accrued interest   11,231    7,646 
Interest expense   3,369    2,641 
Foreign exchange (gain) loss on principal   810    595 
Foreign exchange (gain) loss on accrued interest   679    463 

 

   As of and for the Year
Ended
December 31,		 
   2021   2020 
Outstanding principal  $—   $737 
Interest expense   16    34 
Foreign exchange (gain) loss on principal   30    48 
Reclassification to notes payable   730    — 

 

   As of and for the Year
Ended
December 31,		 
   2021   2020 
Outstanding principal  $4,244   $5,045 
Interest expense   141    310 
Foreign exchange (gain) loss on principal   99    326 
Principal payments in cash   900    — 

 

   As of and for the Year
Ended
December 31,		 
   2021   2020 
Outstanding principal  $—   $240,543 
Accrued interest   —    64,827 
Interest expense   8,801    10,134 
Principal settled with equity   240,543    — 
Interest settled with equity   73,448    — 

 

   As of and for the Year
Ended
December 31,		 
   2021   2020 
Outstanding principal  $—   $10,000 
Accrued interest   —    2,839 
Interest expense   869    1,611 
Principal payments in cash   10,000    — 
Interest payments in cash   3,708    — 

 

  

As of and for the Year
Ended

December 31,

 
   2021   2020 
Outstanding principal  $—   $18,112 
Accrued interest   —    2,635 
Interest expense   1,064    1,840 
Principal and conversion premium settled with equity   3,622    — 
Interest settled with equity   3,638    — 
Principal payments in cash   18,112    — 
Interest payments in cash   62    62 

 

  

As of and for the Year
Ended

December 31,

 
   2021   2020 
Outstanding principal  $—   $8,581 
Accrued interest   —    1,418 
Interest expense   496    861 
Principal conversion premium settled with equity   1,716    — 
Interest payments settled with equity   1,914    — 
Principal payments in cash   8,581    — 

 

   As of and for the Year
Ended
December 31,		 
   2021   2020 
Outstanding principal  $—   $900 
Accrued interest   —    143 
Interest expense   50    90 
Principal conversion premium settled with equity   180    — 
Interest payments settled with equity   193    — 
Principal payments in cash   900    — 

 

   As of and for the Year
Ended
December 31,		 
   2021   2020 
Outstanding principal  $—   $766 
Accrued interest   —    — 
Interest expense   55    72 
Principal settled with equity   774    — 
Foreign exchange (gain) loss on principal   46    49 

 

   As of and for the Year
Ended
December 31,		 
   2021   2020 
Outstanding principal  $—   $1,410 
Accrued interest   —    69 
Interest expense   41    111 
Principal settled with equity   1,410    — 
Interest settled with equity   44    — 
Interest payments in cash   63    42 
Proceeds   —    1,410 

 

   As of and for the Year
Ended
December 31,		 
   2021   2020 
Outstanding principal  $—   $424 
Principal payments in cash   624    — 
Proceeds   200    424 

 

   As of and for the Year
Ended
December 31,		 
   2021   2020 
Outstanding principal  $—   $4,160 
Accrued interest   —    313 
Interest expense   211    293 
Principal settled with equity   4,160    — 
Interest settled with equity   474    — 

 

   As of and for the Year
Ended
December 31,		 
   2021   2020 
Outstanding principal  $—   $6,452 
Accrued interest   —    435 
Interest expense   321    435 
Principal settled with equity   6,452    — 
Interest settled with equity   721    — 
Principal payments in cash   —    1,969 
Proceeds   —    8,422 

 

   As of and for the Year
Ended
December 31,		 
   2021   2020 
Outstanding principal  $—   $4,400 
Accrued interest   —    314 
Interest expense   37    84 
Principal settled with equity   4,400    — 
Interest settled with equity   351    — 

 

   As of and for the Year
Ended
December 31,		 
   2021   2020 
Outstanding principal  $—   $2,240 
Accrued interest   —    202 
Interest expense   111    185 
Principal settled with equity   2,240    — 
Interest settled with equity   313    — 

 

   As of and for the Year
Ended
December 31,		 
   2021   2020 
Outstanding principal  $—   $300 
Accrued interest   —    23 
Interest expense   13    23 
Principal settled with equity   300    — 
Interest settled with equity   36    — 
Proceeds   —    300 

 

   As of and for the Year
Ended
December 31,		 
   2021   2020 
Outstanding principal  $—   $1,500 
Accrued interest   —    95 
Interest expense   24    43 
Principal settled with equity   1,500    — 
Interest settled with equity   119    — 

 

   As of and for the Year
Ended
December 31,		 
   2021   2020 
Outstanding principal  $—   $380 
Accrued interest   —    99 
Interest expense   21    45 
Principal settled with equity   380    — 
Interest settled with equity   118    — 
Principal payments in cash   —    120 

 

   As of and for the Year
Ended
December 31,		 
   2021   2020 
Accrued interest   —    4 
Interest settled with equity   4    — 

 

   As of and for the Year
Ended
December 31,		 
   2021   2020 
Outstanding principal  $—   $180 
Accrued interest   —    10 
Interest expense   8    6 
Principal settled with equity   180    — 
Interest settled with equity   17    — 

 

   As of and for the Year
Ended
December 31,		 
   2021   2020 
Outstanding principal  $—   $1,200 
Accrued interest   —    192 
Interest expense   55    171 
Principal settled with equity   1,200    — 
Interest settled with equity   239    — 
Principal payments in cash   —    1,500 
Interest payments in cash   —    5 

 

   As of and for the Year Ended
December 31,		 
   2021   2020 
Outstanding principal  $—   $11,635 
Accrued interest   —    1,177 
Interest expense   515    933 
Principal settled with equity   11,635    — 
Interest settled with equity   1,692    — 

 
Schedule of business combination  
   December 31, 2021
Note Name  Contractual
Maturity Date		  Contractual
Interest
Rates		   Net
Carrying
Value at
12/31/2020		   Amortization
of
Discounts &
Fair Value
Adjustments		   Accrued
Interest at
Settlement		   Borrowing   Cash
Payments of
Principal
and Interest		   Equity
Settlements
of Principal
and Interest		   Net Carrying
Value at
12/31/2021		   Loss (Gain)
at
Settlement		 
Settlement prior to the Business Combination:                                       
Related party note(3)  June 30, 2021   12.00%  $220,690   $657   $73,448   $—   $—   $(294,795)  $—   $— 
Settlement in the Business Combination:                                                
Related party note(3)  June 30, 2021   12.00%   19,196    —    —    —    —    (19,196)        7,256 
Related party note(4)  Due on Demand   15.00%   10,000    —    3,708    —    (13,708)   —    —    — 
Related party notes – NPA tranche(5)  October 9, 2021   10.00%   32,949    163    5,728    —    (27,593)   (11,247)   —    4,257 
Related party notes – China various other(6)  Due on Demand   0% coupon, 10.00% imputed    774    —    —    —    —    (774)   —    292 
Related party notes – China other(6)  Due on Demand   8.99%   1,407    3    44    —    —    (1,454)   —    550 
Related party notes – Other(7)  Due on Demand   0.00%   424    —    —    200    (624)   —    —    — 
Related party notes – Other(8)  June 30, 2021   6.99%   4,110    50    —    —    —    (4,160)   —    1,572 
Related party notes – Other(9)  June 30, 2021   8.00%   6,417    35    1,195    —    —    (7,647)   —    2,891 
Related party notes – Other(10)  June 30, 2021   1.52%,8.99%, 8.00%, 2.86%    8,303    137    819    —    —    (9,259)       —    3,500 
Related party notes – Other(11)  Due on Demand,
June 30, 2021		   8.99%, 6.99%    1,749    11    378    —    —    (2,138)   —    808 
Related party notes – Other(12)  June 30, 2021   8.00%   11,578    57    1,693    —    —    (13,328)   —    5,038 
Subtotal settlements in the Business Combination           96,907    456    13,565    200    (41,925)   (69,203)   —    26,164 
Total          $317,597   $1,113   $87,013   $200   $(41,925)  $(363,998)  $—   $26,164 

 
Schedule of related party notes payable restructured  
Lender  Principal 
Faraday & Future (HK) Limited  $149,081 
Leview Mobile (HK) Ltd   66,859 
Beijing Bairui Culture Media, Co. Ltd   24,603 
Total  $240,543 

 

Lender  Principal 
CYM Tech Holdings LLC  $240,543 
      

 
Schedule of future scheduled principal maturities of related party notes payable  
Years ended December 31,    
Due on demand  $13,655