Notes Payable (Tables)

12 Months Ended

Dec. 31, 2024

The Company has entered into notes payable agreements with third parties. The tables below summarize these agreements as of December 31, 2024, and 2023, providing details on contractual maturity dates, contractual interest rates, unpaid principal balances, fair value adjustments, original issue discounts, including proceeds allocated to warrants, and net carrying values.


	December 31, 2024
(in thousands)	Contractual Maturity Date	Contractual Interest Rates				Unpaid Principal Balance		Fair Value Measurement Adjustments		Original Issue Discount and Proceeds Allocated to Warrants		Net Carrying Value
Secured SPA Notes	Various	10	%	-	15%	$	3,118	$	2,651	$	(312)	$	5,457
2023 Unsecured SPA Notes	Various dates in 2029	10	%	-	15%	4,380		2,844		(508)		6,716
Junior Secured SPA Notes	September 2029	10%				28,840		13,163		(15,944)		26,059
2024 Unsecured SPA Notes	December 2029	10%				10,015		8,741		(11,724)		7,032
Notes payable – China other	Due on Demand	—%				4,173		—		—		4,173
Auto loans	October 2026	7%				51		—		—		51
						$	50,577	$	27,399	$	(28,488)	$	49,488


Notes payable, current portion												$	4,224
Notes payable, long-term portion												$	45,264


	December 31, 2023
(in thousands)	Contractual Maturity Date	Contractual Interest Rates				Unpaid Principal Balance		Fair Value Measurement Adjustments		Original Issue Discount and Proceeds Allocated to Warrants		Net Carrying Value
Secured SPA Notes	Various	10	%	-	15%	$	100,052	$	(15,501)	$	(10,319)	$	74,232
2023 Unsecured SPA Notes	Various dates in 2029	10	%	-	15%	13,219		1,262		(2,543)		11,938		(1)
Notes payable – China other	Due on Demand	—%				4,898		—		—		4,898
Auto loans	October 2026	7%				82		—		—		82
						$	118,251	$	(14,239)	$	(12,862)	$	91,150

Notes payable, current portion												$	91,150
Notes payable, long-term portion												$	—
_____________________
(1) The 2023 Unsecured SPA Notes line item values above were updated to exclude related party balance of $542 thousand for comparability of the presentation with the current year. (See Note 8, Related Party Transactions.)

The future scheduled principal maturities of Related party notes payable as of December 31, 2024, are as follows:



(in thousands)
Due on demand	$	492


2025	4,954
2026	2,003
2027	751


Thereafter	—
	$	8,200

Schedule of Notes Payable Rollforward

The following table presents a roll forward of the Company’s Notes payable balances from December 31, 2023 to December 31, 2024. The table summarizes beginning and ending balances by debt category and details changes during the period, including repayments, conversions, reclassifications, fair value adjustments, and other significant transactions.


	Categories of Debt
(in thousands)	Secured SPA Notes		2023 Unsecured SPA Notes		Unsecured Convertible Notes		Junior Secured SPA Notes		2024 Unsecured SPA Notes		Notes payable – China other		Auto loans		Total
Balance as of December 31, 2023 (a)	$	74,232	$	11,938	$	—	$	—	$	—	$	4,898	$	82	$	91,150
New Issuances (b)	10,701		—		34,885		9,950		1,755				—		57,291

Repayment of Debt (c)	—		—		—		—		—		—		(31)		(31)

Conversion of Debt to Equity (d)	(50,691)		(14,931)		—		(1,056)		—		—		—		(66,678)

Extinguishments of Debt (e)	5,158		(2,394)		(65)		—		—		—		—		2,699
Fair Value Adjustments of Debt (f)	(33,943)		(10,268)		328		9,665		—		—		—		(34,218)

Reclassification of Debt Between Debt Categories (g)	—		22,371		(35,148)		7,500		5,277		—		—		—
Other Adjustments (h)	—		—		—		—		—		(725)		—		(725)
Balance as of December 31, 2024 (i)	$	5,457	$	6,716	$	—	$	26,059	$	7,032	$	4,173	$	51	$	49,488



(a) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2023.
(b) Debt instruments issued during the period, recorded at fair value upon issuance if the fair value option is elected, or at principal balance net of discounts.

(c) Cash repayments of principal amounts during the period.

(d) Fair value of debt converted into equity during the period.

(e) Adjustments from amendments, modifications, or extinguishment of existing debt, in accordance with ASC 470-50, and presented as a component of 'Loss on settlement of notes payable' in the Consolidated Statements of Operations.
(f) Adjustments to debt fair value due to the fair value option election, embedded derivatives, or anti-dilution provisions. These adjustments are presented as a component of 'Change in fair value of notes payable, warrant liabilities, and call option derivatives' in the Consolidated Statements of Operations.

(g) Transfers of amounts between debt categories, such as from secured to unsecured classifications.
(h) Miscellaneous changes not captured in other columns, such as currency adjustments and reclassification to accrued expenses.
(i) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2024.

The following table presents a roll forward of the Company’s Notes payable balances from December 31, 2022 to December 31, 2023 with third parties. The table summarizes beginning and ending balances by debt category and details changes during the period, including repayments, conversions, reclassifications, fair value adjustments, and other significant transactions.


	Categories of Debt
(in thousands)	Secured SPA Notes		2023 Unsecured SPA Notes		Notes payable – China other		Auto loans		Total
Balance as of December 31, 2022 (a)	$	26,008	$	—	$	4,997	$	100	$	31,105
New Issuances (b)	173,730		20,936		—		(18)		194,648

Repayment of Debt, including periodic interest on debt carried at fair value (c)	(1,167)		—		—		—		(1,167)

Conversion of Debt to Equity (d)	(114,252)		(9,135)		—		—		(123,387)

Extinguishments of Debt (e)	13,078		—		—		—		13,078
Fair Value Adjustments of Debt (f)	(23,165)		137		—		—		(23,028)


Other Adjustments (g)	—		—		(99)		—		(99)
Balance as of December 31, 2023 (h)	$	74,232	$	11,938	$	4,898	$	82	$	91,150



(a) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2022.
(b) Debt instruments issued during the period, recorded at fair value upon issuance if the fair value option is elected, or at principal balance net of discounts.

(c) Cash repayments of principal amount and periodic interest, where fair value option is elected, during the period.

(d) Fair value of debt converted into equity during the period.

(e) Adjustments from amendments, modifications, or extinguishment of existing debt, in accordance with ASC 470-50, and presented as a component of Loss on settlement of notes payable in the Consolidated Statements of Operations.
(f) Adjustments to debt fair value due to the fair value option election, embedded derivatives, or anti-dilution provisions. These adjustments are presented as a component of Change in fair value of notes payable, warrant liabilities, and call option derivatives' in the Consolidated Statements of Operations.


(g) Miscellaneous changes not captured in other columns, such as currency adjustments.
(h) The carrying value for each note category, fair value or amortized cost depending on the election, as of December 31, 2023.

Schedule of Maturities of Long-term Debt

The future scheduled principal maturities of Notes payable as of December 31, 2024, are as follows:


(in thousands)
Due on demand	$	4,173


2025	—
2026	51
2027	—
2028	—
2029	39,546
Thereafter	6,807
	$	50,577

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details