Notes Payable (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Notes Payable

The Company has entered into notes payable agreements with third parties, which consists of the following as of March 31, 2023 and December 31, 2022 (dollars in thousands):

	March 31, 2023
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, 2023		Accrued Interest
Bridge Notes (1)	Various	11%-15%	$	165,034	$	(37,937)	$	(34,432)	$	92,665	$	4,360	$	2,482
Notes payable – China other	Due on Demand	—%	5,065		—		—		5,065		—		—
Auto loans	October 2026	7%	94		—		—		94		2		—
			$	170,193	$	(37,937)	$	(34,432)	$	97,824	$	4,362	$	2,482

	December 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		Accrued Interest
Bridge Notes (1)	October 27, 2028	10%	$	36,622	$	264	$	(10,878)	$	26,008	$	1,272	$	1,676
Notes payable – China other	Due on Demand	—%	4,997		—		—		4,997		—		—
Auto loans	October 2026	7%	100		—		—		100		—		—
			$	41,719	$	264	$	(10,878)	$	31,105	$	1,272	$	1,676

(1) On August 14, 2022, the Company entered into a Securities Purchase Agreement (the “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 $52.0 million in principal (as increased on September 23, 2022 to $57.0 million, 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.

Schedule of Principal Maturities

The future scheduled principal maturities of related party notes payable as of March 31, 2023 were as follows (dollars in thousands):

Due on demand	$	3,928
2023	4,715
	$	8,643

The future scheduled principal maturities of related party notes payable as of December 31, 2022 were as follows (dollars in thousands):

Due on demand	$	3,755
2023	4,651
	$	8,406

The future scheduled principal maturities of notes payable as of March 31, 2023 are as follows (dollars in thousands):

Due on demand	$	5,065
2023	—
2024	—
2025	41,000
2026	94
2027	—
Thereafter	124,034
	$	170,193