| Schedule of Fair Value of Financial Instruments |
| Schedule of Fair Value of Financial Instruments |
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Level in |
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December 31,
2022 |
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December 31,
2021 |
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Fair Value
Hierarchy |
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Carrying
Amount |
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Fair
Value |
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Carrying
Amount |
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Fair
Value |
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| Assets: |
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| Cash and cash equivalents |
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1 |
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$ |
7,253 |
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$ |
7,253 |
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$ |
62,937 |
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$ |
62,937 |
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| Restricted cash |
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1 |
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34 |
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34 |
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185 |
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185 |
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| Cash and investment in severance benefit accounts |
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1 |
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3,161 |
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3,161 |
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3,687 |
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3,687 |
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| Liabilities: |
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| Subordinated term loan(a) |
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2 |
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41,528 |
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25,503 |
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37,991 |
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28,376 |
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| Subordinated debt(a) |
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2 |
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11,119 |
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7,386 |
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10,577 |
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7,674 |
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| Senior term loan(a) |
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2 |
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40,529 |
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36,680 |
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41,063 |
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43,276 |
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| Convertible debt |
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2 |
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43,928 |
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48,249 |
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41,343 |
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44,494 |
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| Long-term debt |
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2 |
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- |
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- |
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- |
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- |
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| Public Warrants |
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1 |
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345 |
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345 |
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8,510 |
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8,510 |
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| Warrants(b) |
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3 |
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36 |
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36 |
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1,317 |
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1,317 |
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(a) |
As of December 31, 2022 and 2021, the fair value of the subordinated term loan, subordinated debt and senior term loan considered the senior status of the senior term loan under the Fortress Credit Agreement, followed by the junior status of the subordinated term loan and subordinated debt. The implied yields of the senior term loan, subordinated term loan and subordinated debt were 23.00%, 27.18% and 28.78%, respectively, as of December 31, 2022. The implied yields of the senior term loan, subordinated term loan and subordinated debt were 13.8%, 17.16% and 16.83%, respectively, as of December 31, 2021. |
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(b) |
As of December 31, 2022 and 2021, the fair value of warrants outstanding that are classified as liabilities are included in other long-term liabilities in the Company’s consolidated balance sheets. The key inputs to the valuation models that were utilized to estimate the fair value of the Post-Combination Warrants and Private Placement Warrants were as follows as of December 31, 2022: |
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| Schedule of warrants |
| Schedule of warrants |
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| (in thousands) |
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Warrants |
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Conversion
option
derivative |
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Call and
contingent
put
derivative |
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| Beginning balance, December 31, 2021 |
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$ |
1,317 |
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$ |
1,343 |
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$ |
1,651 |
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| Change in fair value |
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(1,281 |
) |
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1,709 |
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650 |
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| Ending balance, December 31, 2022 |
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$ |
36 |
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$ |
3,052 |
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$ |
2,301 |
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