LONG-TERM DEBT AND OTHER DEBTS (Tables)

9 Months Ended

Sep. 30, 2024

Financial Instruments [Abstract]

Schedule of Long-term and Other Debts

	September 30, 2024	December 31, 2023
	$	$
Credit Agreement with Banking Syndicate, secured, maturing August 11, 2025 (Note 8.1)	117,100,000	70,000,000
Investissement Quebec secured loan related to Battery Manufacturing Plant and Innovation Center (Note 8.2)	27,307,848	23,573,074
Strategic Innovation Fund of the Government of Canada unsecured loan related to Battery Manufacturing Plant and Innovation Center (Note 8.3)	15,455,189	15,124,280
Loans on research and development tax credits and subsidies receivable, maturing November 30, 2024 (Note 8.4)	22,659,723	22,682,595
Secured loans for the acquisition of rolling stock, maturing between December 2023 and August 2024 (Note 8.5)	—	10,361
Credit facility for the supplier payment program (Note 8.6)	9,254,243	4,363,520
Non-Convertible Debentures issued as part of 2023 Debenture Financing (Note 8.7, Note 8.7.1)	47,539,002	44,532,212
Convertible Debentures issued as part of 2023 Debenture Financing (Note 8.7, Note 8.7.2)	49,494,383	44,656,323
Investissement Quebec secured loan under the Project ESSOR related to the financing of equipment at the Saint-Jerome Manufacturing Plant (Note 8.8)	3,825,667	—
	292,636,055	224,942,365
Current portion of long-term debt and other debts	149,540,872	27,056,476
Long-term portion of long-term debt and other debts	143,095,183	197,885,889

As at September 30, 2024, the weighted average all-in interest rate was 8.6%, including stamping fees and spread, divided as follows:

	Repricing date	Interest Rate
SOFR loans in the amount of US$17,100,000	October 2024	6.94%- 9.42%, including spread of 1.50%- 4.00%
US base loans in the amount of US$100,000,000	October 2024	9.25%- 11.75%, including spread of 0.25%- 2.75%

As at December 31, 2023, the weighted average all-in interest rate was 6.96%, including stamping fees and spread, divided as follows:

	Repricing date	Interest Rate
Loans in the amount of US$70,000,000	January 2024	6.94% - 6.98%, including spread of 1.50%

As at September 30, 2024 and December 31, 2023, the carrying amounts for Supplier Credit Facility were as follows:

	September 30, 2024		December 31, 2023
	$		$
Carrying amount
Presented in long-term debt and other debts of which suppliers have received payments	$	9,254,243	$	4,363,520
Range of payment due date
Liabilities that are part of the arrangements	119-120 days after invoice date		119 - 120 days after invoice date
Comparable trade payables that are not part of the arrangements	Net 30 days - net 60 days		Net 30 days

The expected volatility was determined by reference to historical data of comparable entities over the expected life of the conversion options on convertible debt instruments.

The Group has recognized the following conversion options on convertible debt instruments:

	September 30, 2024	December 31, 2023
	$	$
Beginning balance	25,034,073	30,342,059
Paid in kind interest	7,454,040	3,551,316
Fair value adjustment	(27,755,832)	(8,533,552)
Foreign currency translation adjustment	(691,245)	(325,750)
Ending balance	4,041,036	25,034,073

Schedule of Non-Convertible Debenture

The Group has recognized the following movements related to the SIF Loan:

	September 30, 2024	December 31, 2023
	$	$
Beginning balance	15,124,280	6,189,814
Addition	185,486	8,903,080
Accretion expense	445,209	403,408
Foreign currency translation adjustment	(299,786)	(372,022)
Ending balance	15,455,189	15,124,280

The Group has recognized the following movements related to the Non-Convertible Debenture:

	September 30, 2024	December 31, 2023
	$	$
Beginning Balance	44,532,212	42,237,853
Accretion expense	3,877,666	2,346,874
Foreign currency translation adjustment	(870,876)	(52,515)
Ending balance	47,539,002	44,532,212

The Group has recognized the following movements related to the ESSOR Loan:

	September 30, 2024
	$
Beginning balance	—
Addition	3,653,102
Capitalized interests	121,266
Foreign currency translation adjustment	51,299
Ending balance	3,825,667

Schedule of Convertible Debenture

The Group has recognized the following movements related to the Convertible Debenture:

	September 30, 2024	December 31, 2023
	$	$
Beginning balance	44,656,323	41,743,240
Accretion expense	4,838,060	2,913,083
Ending balance	49,494,383	44,656,323