| Schedule of fair value of financial instruments |
|
Schedule of fair value of financial instruments
|
|
Level
in |
|
|
June 30,
2023 |
|
|
December 31,
2022 |
|
| |
|
Fair
Value |
|
|
Carrying |
|
|
Fair |
|
|
Carrying |
|
|
Fair |
|
| |
|
Hierarchy |
|
|
Amount |
|
|
Value |
|
|
Amount |
|
|
Value |
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash
and cash equivalents |
|
1 |
|
|
$ |
10,102 |
|
|
$ |
10,102 |
|
|
$ |
7,253 |
|
|
$ |
7,253 |
|
| Restricted
cash |
|
1 |
|
|
|
35 |
|
|
|
35 |
|
|
|
34 |
|
|
|
34 |
|
| Cash
and investment in severance benefit accounts |
|
1 |
|
|
|
2,917 |
|
|
|
2,917 |
|
|
|
3,161 |
|
|
|
3,161 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subordinated
term loan(a) |
|
2 |
|
|
$ |
43,402 |
|
|
$ |
25,107 |
|
|
$ |
41,528 |
|
|
$ |
25,503 |
|
| Subordinated
debt(a) |
|
2 |
|
|
|
11,396 |
|
|
|
7,346 |
|
|
|
11,119 |
|
|
|
7,386 |
|
| Senior
term loan(a) |
|
2 |
|
|
|
63,224 |
|
|
|
55,105 |
|
|
|
40,529 |
|
|
|
36,680 |
|
| Convertible
debt |
|
2 |
|
|
|
47,749 |
|
|
|
49,325 |
|
|
|
43,928 |
|
|
|
48,249 |
|
| Public
Warrants |
|
1 |
|
|
|
15 |
|
|
|
15 |
|
|
|
345 |
|
|
|
345 |
|
| Warrants(b) |
|
3 |
|
|
|
1 |
|
|
|
1 |
|
|
|
36 |
|
|
|
36 |
|
|
(a) |
As
of June 30, 2023 and December 31, 2022, 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 subordinated term loan, subordinated debt and senior term
loan were 34.45%, 40.74% and 32.19%, respectively, as of June 30, 2023 and 23.00%, 27.18% and 28.78%, respectively, as of December 31,
2022. |
|
(b) |
As
of June 30, 2023 and December 31, 2022, the fair value of warrants outstanding that are classified as liabilities are included
in other long-term liabilities in the Company’s condensed 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 as of June 30,
2023 were as follows: |
|
| Schedule of assumptions of the convertible debt derivative liabilities |
| Schedule
of assumptions of the convertible debt derivative liabilities |
|
June 30,
2023 |
|
|
December 31,
2022 |
|
| Assumptions: |
|
|
|
|
|
|
|
|
| Stock
price |
|
$ |
0.17 |
|
|
$ |
1.31 |
|
| Conversion
strike price |
|
$ |
8.00 |
|
|
$ |
8.00 |
|
| Volatility |
|
|
92.00 |
% |
|
|
94.00 |
% |
| Dividend
yield |
|
|
0.00 |
% |
|
|
0.00 |
% |
| Risk
free rate |
|
|
4.12 |
% |
|
|
4.32 |
% |
| Debt
discount rate |
|
|
28.00 |
% |
|
|
15.10 |
% |
| Coupon
interest rate |
|
|
7.00 |
% |
|
|
7.00 |
% |
| Face
amount (in thousands) |
|
$ |
52,500 |
|
|
$ |
50,000 |
|
| Contingent
put inputs and assumptions: |
|
|
|
|
|
|
|
|
| Probability
of fundamental change |
|
|
50.00 |
% |
|
|
33.00 |
% |
|