Related Party Notes Payable (As Restated) (Tables)

12 Months Ended

Dec. 31, 2022

Related Party Transactions [Abstract]

Schedule of Debt

Related party notes payable consists of the following as of December 31, 2022 and 2021 (dollars in thousands):

Note Name	Contractual Maturity Date	Contractual Interest Rates	Balance as of December 31, 2022 (As Restated)		Interest Expense for the Year Ended December 31, 2022		Interest Expense for the Year Ended December 31, 2021
Related party notes - China (as restated) (1)	December 31, 2023	12.0%	$	5,209	$	3,879	$	3,369
Related party notes – China various other	Due on Demand	—%	3,755		—		—
			$	8,964	$	3,879	$	3,369

	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%	$	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

(1) On December 27, 2022, the Company executed two separate note payable payoff settlement agreements with Chongqing Leshi Small Loan Co., Ltd. (“Chongqing”), a related party, according to which Chongqing agreed to forgive principal and all outstanding accrued interest. The remaining principal balance was agreed to be payable in five installment payments through December 31, 2023 and the current interest rate was set to 12%.

The amendment was accounted for as a troubled debt restructuring under ASC 470-60, because the Company was experiencing financial difficulty and the forgiven principal and accrued interest result in a reduced effective borrowing rate, which constitutes a concession. The Company increased additional paid in capital in the amount of $16.8 million with a corresponding decrease in related party notes payable and related party accrued interest of $3.4 million and $13.4 million, respectively.

As of December 31, 2021, the Company was in default on the Chongqing related party note payable, which had a principal balance of $9.4 million. As of December 31, 2022 the Company was in compliance with the terms of the related party note payable.

The Company settled select related party notes payable during the year ended December 31, 2021 through the conversion of related party notes payable and accrued interest into Class A Common Stock just prior to the Business Combination and with a combination of cash payments and commitment to issue Class A Common Stock in settlement of outstanding principal plus accrued interest and conversion premiums pursuant to the Closing of the Business Combination, as follows (dollars in thousands):

	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		Interest Expense for the year ended December 31, 2021
Settlement prior to the Business Combination:
Related party note	June 30, 2021	12.00%	$	220,690	$	657	$	73,448	$	—	$	—	$	(294,795)	$	—	$	—	$	8,801
Settlement in the Business Combination:
Related party note	June 30, 2021	12.00%	19,196		—		—		—		—		(19,196)				7,256		—
Related party note	Due on Demand	15.00%	10,000		—		3,708		—		(13,708)		—		—		—		869
Related party notes – NPA tranche	October 9, 2021	10.00%	32,949		163		5,728		—		(27,593)		(11,247)		—		4,257		1,610
Related party notes – China various other	Due on Demand	0% coupon, 10.00% imputed	774		—		—		—		—		(774)		—		292		55
Related party notes – China other	Due on Demand	8.99%	1,407		3		44		—		—		(1,454)		—		550		41
Related party notes – Other	Due on Demand	0.00%	424		—		—		200		(624)		—		—		—		—
Related party notes – Other	June 30, 2021	6.99%	4,110		50		—		—		—		(4,160)		—		1,572		211
Related party notes – Other	June 30, 2021	8.00%	6,417		35		1,195		—		—		(7,647)		—		2,891		321
Related party notes – Other	June 30, 2021	1.52%,8.99%, 8.00%, 2.86%	8,303		137		819		—		—		(9,259)		—		3,500		185
Related party notes – Other	Due on Demand, June 30, 2021	8.99%, 6.99%	1,749		11		378		—		—		(2,138)		—		808		65
Related party notes – Other	June 30, 2021	8.00%	11,578		57		1,693		—		—		(13,328)		—		5,038		515
Subtotal settlements in the Business Combination			96,907		456		13,565		200		(41,925)		(69,203)		—		26,164		3,872
Total			$	317,597	$	1,113	$	87,013	$	200	$	(41,925)	$	(363,998)	$	—	$	26,164	$	12,673

Schedule of Maturities of Long-term Debt

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	5,209
	$	8,964

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

Due on demand	$	4,997
2026	100
2028	36,622
	41,719