| Schedule of fair value of financial instruments |
| Schedule of fair value of financial instruments |
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Level in |
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September 30,
2023 |
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December 31,
2022 |
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Fair Value |
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Carrying |
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Fair |
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Carrying |
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Fair |
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Hierarchy |
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Amount |
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Value |
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Amount |
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Value |
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| Assets: |
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| Cash and cash equivalents |
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1 |
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$ |
8,173 |
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$ |
8,173 |
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$ |
7,253 |
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$ |
7,253 |
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| Restricted cash |
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1 |
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13 |
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13 |
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34 |
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34 |
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| Cash and investment in severance benefit accounts |
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1 |
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2,817 |
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2,817 |
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3,161 |
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3,161 |
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| Liabilities: |
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| Subordinated term loan(a)
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2 |
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$ |
44,386 |
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$ |
26,036 |
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$ |
41,528 |
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$ |
25,503 |
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| Subordinated debt(a)
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2 |
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11,540 |
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7,657 |
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11,119 |
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7,386 |
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| Senior term loan(a)
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2 |
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41,545 |
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35,840 |
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40,529 |
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36,680 |
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| Convertible debt |
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2 |
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31,706 |
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32,948 |
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43,928 |
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48,249 |
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| Public Warrants |
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1 |
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7 |
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7 |
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345 |
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345 |
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| Warrants(b)
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3 |
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1 |
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1 |
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36 |
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36 |
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(a) |
As of September 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 36.75%, 45.80% and 39.82%, respectively, as of September 30, 2023 and 23.00%, 27.18% and 28.78%, respectively, as of December 31, 2022. |
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(b) |
As of September 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 Private Placement Warrants as of September 30, 2023 were as follows: |
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| Schedule of assumptions of the convertible debt derivative liabilities |
| Schedule of assumptions of the convertible debt derivative liabilities |
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September 30,
2023 |
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December 31,
2022 |
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| Assumptions: |
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| Stock price |
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$ |
0.15 |
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$ |
1.31 |
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| Conversion strike price |
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$ |
8.00 |
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$ |
8.00 |
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| Volatility |
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92.00 |
% |
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94.00 |
% |
| Dividend yield |
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0.00 |
% |
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0.00 |
% |
| Risk free rate |
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4.12 |
% |
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4.32 |
% |
| Debt discount rate |
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28.00 |
% |
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15.10 |
% |
| Coupon interest rate |
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10.00 |
% |
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7.00 |
% |
| Face amount (in thousands) |
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$ |
35,717 |
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$ |
50,000 |
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| Contingent put inputs and assumptions: |
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| Probability of fundamental change |
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50.00 |
% |
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33.00 |
% |
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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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Convertible
Debt Derivative |
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| Beginning balance, December 31, 2022 |
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$ |
36 |
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$ |
5,353 |
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| Change in fair value |
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(36 |
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(2,769 |
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| Ending balance, September 30, 2023 |
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$ |
- |
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$ |
2,584 |
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