Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.22.1
Debt (Tables)
3 Months Ended
Mar. 31, 2022
Debt Instrument [Line Items]  
Summary of Assumptions Used to Calculate the Fair Value of Warrants

The following assumptions were used to calculate the fair value for the Private Placement Warrants and Series A Warrants:

 

 

Private Placement Warrants

 

Series A Warrants

As of March 31, 2022

 

 

 

 

Expected remaining life

 

1.6 years

 

3.7 years

Volatility rate

 

329.0%

 

329.0%

Risk-free interest rate

 

2.0%

 

2.4%

Expected dividend rate

 

0%

 

0%

 

 

 

 

 

As of December 31, 2021

 

 

 

 

Expected remaining life

 

1.9 years

 

3.9 years

Volatility rate

 

227.5%

 

227.5%

Risk-free interest rate

 

0.7%

 

1.1%

Expected dividend rate

 

0%

 

0%

Schedule of Long-term Debt

Long-term debt consisted of the following:

 

 

March 31, 2022

 

 

December 31, 2021

 

Senior Secured Term Loan

 

$

102,972

 

 

$

120,745

 

Term C Loan

 

 

21,755

 

 

 

-

 

ABL Credit Facility

 

 

-

 

 

 

14,170

 

USDA Loan

 

 

25,000

 

 

 

25,000

 

Equipment financing

 

 

7,677

 

 

 

8,540

 

Capital leases

 

 

-

 

 

 

3,204

 

Total debt principal balance

 

 

157,404

 

 

 

171,659

 

Senior Secured Term Loan future interest payable

 

 

25,185

 

 

 

24,384

 

Unamortized debt discount and issuance costs

 

 

(16,720

)

 

 

(11,792

)

Current maturities

 

 

(8,425

)

 

 

(9,504

)

Net long-term debt

 

$

157,444

 

 

$

174,747

 

Schedule of Repayment Requirements of Long-term Debt

As of March 31, 2022, the schedule of the repayment requirements of long-term debt is as follows:

 

 

Principal Amount

 

Fiscal Year

 

of Long-term Debt

 

Remainder of 2022

 

$

6,299

 

2023

 

 

20,070

 

2024

 

 

24,550

 

2025

 

 

87,907

 

2026

 

 

3,367

 

Thereafter

 

 

15,211

 

Total

 

$

157,404

 

Term C Loan Warrants [Member]  
Debt Instrument [Line Items]  
Summary of Assumptions Used to Calculate the Fair Value of Warrants The following assumptions were used to calculate the fair value for the Term C Loan Warrants, at issuance:

 

 

February 2022 Warrants

 

 

March 2022 Warrants

 

Exercise price

 

$

1.10

 

 

$

1.29

 

Contractual term

 

6.0 years

 

 

6.0 years

 

Volatility rate

 

55.0%

 

 

55.0%

 

Risk-free interest rate

 

1.8%

 

 

1.6%

 

Expected dividend rate

 

0%

 

 

0%