CONVERTIBLE AND OTHER NOTES PAYABLE (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable as of March 31, 2024 and December 31, 2023, consist of the following (in thousands):

	Stated Interest Rate	Effective Interest Rates	Maturities	March 31, 2024		December 31, 2023
Replacement DIP Credit Agreement1	10.0%	10.0%	2024	$	—	$	4,273
Exit Credit Agreement	9.0%	9.0%	2027	61,200		—
Other Convertible Notes2	10.0%	10.0%	2025	—		322,396
Secured Convertible Notes3	10.0%	10.0%	2025	—		237,584
Secured Notes	12.5%	12.6%	2028	150,000		—
New Secured Convertible Notes	6.0% - 10.0%	10.0%	2029	260,000		—
Miner Financing:
Blockfi loan	9.7% - 13.1%	10.1% - 13.1%	2023	—		53,913
Blockfi takeback loan	3.0% - 8.0%	11.9%	2029	47,734		—
Liberty/Stonebriar loan	10.6%	10.6%	2024	—		6,968
Liberty/Stonebriar takeback loan	3.0% - 8.0%	11.9%	2029	6,211		—
ACM note	—%	15.0%	2025	5,704		6,519
Mass Mutual Barings loans	9.8% - 13.0%	9.8% - 13.0%	2025	—		63,844
Anchor Labs loan	12.5%	12.5%	2024	—		25,159
Trinity loan	11.0%	11.0%	2024	—		23,356
Equipment and Settlement:
Bremer loan	5.5%	5.5%	2027	13,641		18,331
HMC note	5.0%	15.0%	2026	13,347		14,208
Didado note	5.0%	15.0%	2027	12,294		13,000
Dalton note	5.0%	5.0%	2024	4,547		—
Harper note	5.0%	15.0%	2026	4,522		4,678
Trilogy note	5.0%	15.0%	2026	2,927		2,927
Unsecured:
B. Riley Bridge Notes	7.0%	7.0%	2023	—		41,777
Other:
First Insurance note	7.6%	7.6%	2024	640		2,538
Stockholder loan	10.0%	20.0%	2023	—		10,000
Kentucky Note	5.0%	5.0%	2023	—		529
Other	5.0% - 7.7%	7.1% - 15.0%	2024 - 2025	1,246		2,453
Notes payable, prior to reclassification to Liabilities subject to compromise				584,013		854,453
Less: Notes payable in Liabilities subject to compromise4				—		41,777
Less: Unamortized discounts - post-petition				4,107		4,236
Total notes payable, net				579,906		808,440
Less: current maturities				23,333		124,358
Convertible and other notes payable, net of current portion				$	556,573	$	684,082

1 Replacement DIP Credit Agreement, see Note 3 — Chapter 11 Filing and Emergence from Bankruptcy for further information.

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

3 Secured Convertible Notes included principal balance at issuance and PIK interest.

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

1 Replacement DIP Credit Agreement, see Note 3 — Chapter 11 Filing and Emergence from Bankruptcy for further information.

4 In connection with the Company's Chapter 11 Cases, $41.8 million of outstanding notes payable were reclassified to Liabilities subject to compromise in the Company's Consolidated Balance Sheets as of December 31, 2023, 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 December 31, 2023, $0.6 million of accrued interest was classified as Liabilities subject to compromise.

On the Effective Date, pursuant to the Plan of Reorganization, the Company issued the following debt instruments, which are defined and described in further detail below (in thousands):

	Principal Balance on the Effective Date
Exit Credit Agreement	$	61,200
Secured Notes Indenture	$	150,000
New Secured Convertible Notes Indenture	$	260,000
Miner Equipment Lender Agreements	$	52,947