| 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,
2023 |
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December 31,
2022 |
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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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$ |
7,517 |
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$ |
7,517 |
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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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- |
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- |
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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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2,818 |
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2,818 |
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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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45,393 |
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28,491 |
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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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11,685 |
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8,110 |
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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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59,470 |
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56,062 |
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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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33,345 |
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34,186 |
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43,928 |
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48,249 |
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| Derivative liability |
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3 |
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3,645 |
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3,645 |
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5,353 |
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5,353 |
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| Public Warrants |
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1 |
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1 |
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1 |
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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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| Warrants(c)
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3 |
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1,163 |
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1,163 |
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- |
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- |
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(a) |
As of December 31, 2023 and 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 senior term loan, subordinated term loan and subordinated debt were 43.55%, 37.97% and 51.42%, respectively, as of December 31, 2023. 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. |
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(b) |
As of December 31, 2023 and 2022, 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 Private Placement Warrants were as follows as of December 31, 2023: |
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Private
Placement
Warrants |
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| Assumptions: |
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| Stock price |
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$ |
0.09 |
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| Exercise price |
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$ |
11.50 |
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| Risk free rate |
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4.09 |
% |
| Expected volatility |
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84.2 |
% |
| Dividend yield |
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0.00 |
% |
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(c) |
As of December 31, 2023 and 2022, the fair value of warrants outstanding that are classified as equity are included in additional paid in capital in the Company’s consolidated balance sheets. |
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