| Schedule of Fair Value of Financial Instruments |
| Schedule of Fair Value of Financial Instruments |
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Level in |
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March 31,
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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$ |
3,282 |
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$ |
3,282 |
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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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34 |
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34 |
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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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3,102 |
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3,102 |
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3,161 |
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3,161 |
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| Liabilities: |
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| Subordinated term loan – related party(a) |
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2 |
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$ |
42,449 |
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$ |
23,474 |
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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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11,256 |
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7,001 |
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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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40,993 |
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35,188 |
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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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45,492 |
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45,880 |
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43,928 |
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48,249 |
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| Public Warrants(b) |
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1 |
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575 |
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575 |
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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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29 |
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29 |
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36 |
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36 |
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(a) |
As
of March 31, 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 – related party, subordinated debt and senior
term loan were 33.98%, 37.59% and 28.00%, respectively, as of March 31, 2023 and 23.00%, 27.18% and 28.78%, respectively, as of
December 31, 2022. |
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(b) |
As
of March 31, 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 March 31, 2023 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, 2022 |
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$ |
36 |
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$ |
3,052 |
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$ |
2,301 |
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| Change in fair value |
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(7 |
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(2,912 |
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2,048 |
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| Ending balance, March 31, 2023 |
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$ |
29 |
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$ |
140 |
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$ |
4,349 |
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