| Schedule of assumptions |
| Schedule of assumptions |
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Level in |
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September 30,
2022 |
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December 31,
2021 |
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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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$ |
27,265 |
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|
$ |
27,265 |
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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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|
43 |
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|
43 |
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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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3,146 |
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3,146 |
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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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$ |
40,607 |
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$ |
23,743 |
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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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|
10,981 |
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|
6,820 |
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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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|
40,791 |
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36,410 |
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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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43,258 |
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|
43,046 |
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41,343 |
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44,494 |
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| Public Warrants |
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1 |
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2,070 |
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|
2,070 |
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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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|
240 |
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|
240 |
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|
1,317 |
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|
1,317 |
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(a) |
As of September 30, 2022 and December 31, 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 subordinated term loan, subordinated debt and senior term loan were 27.52%, 28.98% and 23.30%, respectively, as of September 30, 2022 and 17.16%, 16.83% and 13.8%, respectively, as of December 31, 2021. |
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(b) |
As of September 30, 2022 and December 31, 2021, 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 September 30, 2022 were as follows: |
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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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|
(1,077 |
) |
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|
4,122 |
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|
378 |
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| Ending balance, September 30, 2022 |
|
$ |
240 |
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|
$ |
5,465 |
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|
$ |
2,029 |
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