NOTES PAYABLE (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable as of September 30, 2023 and December 31, 2022, consist of the following (in thousands):

	Stated Interest Rate	Effective Interest Rates	Maturities	September 30, 2023		December 31, 2022
Kentucky note	5.0%	5.0%	2023	$	529	$	529
NYDIG loan	11.0% - 15.0%	11.0% - 17.0%	Various	—		38,573
Stockholder loan	10.0%	20.0%	2023	10,000		10,000
Trinity loan	11.0%	11.0%	2024	23,356		23,356
Bremer loan	5.5%	5.6%	2026	18,331		18,331
Blockfi loan	9.7% - 13.1%	10.1% - 13.1%	2023	53,913		53,913
Anchor Labs loan	12.5%	12.5%	2024	25,159		25,159
Mass Mutual Barings loans	9.8% - 13.0%	9.8% - 13.0%	2025	63,844		63,844
B. Riley Bridge Notes	7.0%	7.0%	2023	41,777		41,777
Liberty loan	10.6%	10.6%	2024	6,968		6,968
Secured Convertible Notes1	10.0%	10.0%	2025	237,584		237,584
Other Convertible Notes2	10.0%	10.0%	2025	322,396		322,396
Original DIP Credit Agreement3	10.0%	10.0%	2023	—		35,547
Replacement DIP Credit Agreement4	10.0%	10.0%	2023	17,848		—
HMC loan	—	15.0%	2026	15,500		—
ACM financing	—	15.0%	2025	7,232		—
First Insurance loan	—	7.6%	2024	4,399		—
Other				2,618		2,960
Notes payable, prior to reclassification to Liabilities subject to compromise				851,454		880,937
Less: Notes payable in Liabilities subject to compromise5				41,775		844,695
Less: Unamortized discount and debt issuance costs - post-petition				1,799		—
Total notes payable, net				807,880		36,242
Less: current maturities				128,321		36,242
Notes payable, net of current portion				$	679,559	$	—

1 Secured Convertible Notes includes principal balance at issuance and PIK interest.

2 Other Convertible Notes includes principal balance at issuance and PIK interest.

3 Original DIP Credit Agreement, see Note 3 - Chapter 11 Filing and Other Related Matters for further information.

4 Replacement DIP Credit Agreement, see Note 3 - Chapter 11 Filing and Other Related Matters for further information.

5 In connection with the Company's Chapter 11 Cases, $41.8 million and $844.7 million of outstanding notes payable have been reclassified to Liabilities subject to compromise in the Company's Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022, respectively, at their expected allowed amount. Up to the Petition Date, the Company continued to accrue interest expense in relation to these reclassified debt instruments. As of September 30, 2023 and December 31, 2022, $0.7 million and $12.6 million, respectively, of accrued interest was classified as Liabilities subject to compromise.