Notes Payable

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Notes Payable

Notes Payable

The Company has entered into notes payable agreements with third parties, which consists of the following as of March 31, 2022:

	March 31, 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 March 31, 2022
June 9, 2021 Note 1 and Note 2	December 9, 2022	0.00%	$	40,000	$	8,697	$	(9,522)	$	39,175	$	—
August 10, 2021 Optional Notes	February 10, 2023	15.00%	33,917		11,499		(11,518)		33,898		1,272
Notes payable – China various other	Due on Demand	0.00%	5,483		—		—		5,483		—
PPP Loan	April 17, 2022	1.00%	193		—		—		193		—
Auto loans	Various	Various	116		—		—		116		—
			$	79,709	$	20,196	$	(21,040)	$	78,865	$	1,272

The Company settled certain notes payable during the three months ended March 31, 2022 as follows:

	Three months ending March 31, 2022
Note Name	Contractual Maturity Date	Contractual Interest Rates	Net carrying value at 12/31/2021		Fair Value Measurement Adjustments		Payment Premium		Cash Payment
March 1, 2021 Notes(1)	March 1, 2022	14.00%	$	56,695	$	(1,695)	$	—	$	(55,000)
August 26, 2021 Notes(1)	March 1, 2022	14.00%	30,924		(924)		2,065		(32,065)
			$	87,619	$	(2,619)	$	2,065	$	(87,065)

(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 14.0% 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.

On August 26, 2021, the Company exercised its option under the March 1, 2021 notes payable agreement with Ares to draw an additional principal amount of $30,000 which matured on March 1, 2022. As the August 26, 2021 Notes mature in less than one year, according to the terms of the amended NPA, the Company expected to repay them with payment premium of 14.0% (“Payment Premium”). On February 25, 2022, the Company repaid the $30,000 principal amount of the August 26, 2021 Notes, with accrued interest of $2,135 and Payment Premium of $2,065.

	March 31, 2022		December 31, 2021
March 1, 2021 Notes
Outstanding principal	$	—	$	55,000
Accrued interest	—		6,455
Interest expense for the three months ended March 31, 2022	1,266		—
Principal payments	55,000		—
Interest payments	7,721		—

	March 31, 2022		December 31, 2021
August 26, 2021 Notes
Outstanding principal	$	—	$	30,000
Accrued interest	—		1,473
Interest expense for the three months ended March 31, 2022	662		—
Principal payments	30,000		—
Interest payments	2,135		—
Payment Premium payments	2,065		—

Fair Value of Notes Payable Not Carried at Fair Value

The estimated fair value of the Company’s notes payable not carried at fair value, using inputs from Level 3 under the fair value hierarchy, was $5,472 and $5,350 as of March 31, 2022 and December 31, 2021, respectively.

Schedule of Principal Maturities of Notes Payable

The future scheduled principal maturities of notes payable as of March 31, 2022 are as follows:

Due on demand	$	5,483
2022	40,309
2023	33,917
	$	79,709