Current and Non-current financial liabilities, net

9 Months Ended

Sep. 30, 2023

Current And Non-current Financial Liabilities Net

Current and Non-current financial liabilities, net

8. Current and Non-current financial liabilities, net

The Company's Financial liabilities consisted of the following:

	Weighted Average Interest Rate			Maturity Date		September 30, 2023		December 31, 2022
Convertible debts, net		15	%		2023/2024		1,911		14,372
Secured loan, net		13	%		2023		14,894		14,224
Unsecured loans, net		8	%		Various		9,768		10,935
Warrants liabilities		N/A			—		31		84
Other financial liabilities		N/A			Various		624		802
Total Financial Liabilities, net							27,228		40,418
Of which classified as Current Financial Liabilities, net							21,938		33,244
Of which classified as Non-Current Financial Liabilities, net							5,290		7,174

The table below shows the amounts recorded as Interest expense, net on the statements of operations for the three and nine months ended on September 30, 2023 and September 30, 2022:

	Three Months Ended September 30,				Nine Months  Ended September 30,
	2023		2022		2023		2022
Convertible debts	$	383	$	717	$	2,359	$	2,911
Secured loan		536		537		1,675		1,510
Unsecured loans		147		228		588		553
Other interest (income) expenses		—		—		11		—
Total Interest expenses, net	$	1,067	$	1,482	$	4,633	$	4,974

As of September 30, 2023, the Company categorized as convertible debts the following instruments issued to YA II, Ltd. (the “Note Holder”):

a) a convertible promissory note issued on March 8, 2023, under a Standby Equity Purchase Agreement (“January 2023 SEPA”) dated January 24, 2023 (“2023 SEPA March Convertible note”). At inception, the convertible promissory note fair value has been approximated with its principal amount, $4,500 due to the short term, and:

b) a convertible promissory note issued on August 25, 2023, under a Standby Equity Purchase Agreement (“March 2023 SEPA”) dated March 8, 2023 (“2023 SEPA August Convertible note”). At inception, the convertible promissory note fair value has been approximated with its principal amount, $1,200 due to the short term.   

2023 SEPA March Convertible Note

The 2023 SEPA March Convertible Note had a principal amount of $4,500 with 10% issuance discount, a maturity date of October 31, 2023, a 5% annual interest rate and a 15% annual default interest rate. The 2023 SEPA March Convertible Note shall be convertible into shares of the Company’s Class A common shares at a fixed conversion price   of $25.

 The Company has the option to repay the 2023 SEPA March Convertible Note through the following or a combination of the two:

• repay in cash on or before the maturity date,

• repay by submitting one or a series of advance notices under the SEPA entered in January 2023, on or before the Maturity date. If any time during while the 2023 SEPA March Convertible Note is outstanding, the Company delivers an advance notice under the January 2023 SEPA, at least one half of the proceeds of any such advance notice shall be used as an advance repayment or for the repayment of other amounts due from the Company to the Holder, unless waived by the Note Holder.

During the nine months ended September 30, 2023, the Company partially repaid in cash the 2023 SEPA March Convertible Note   for a cumulative payment of $3,865 (of which $3,681 was principal, and $184 was accumulated interest).

As a result of the above repayments, on September 30, 2023, the Company has $837 as outstanding principal and accumulated interest.

2023 SEPA August Convertible Note

The 2023 SEPA August Convertible Note had a principal amount of $1,200 with 10% issuance discount, a maturity date of January 24, 2024, a 5% annual interest rate and a 15% annual default interest rate. The 2023 SEPA August Convertible Note shall be convertible into shares of the Company’s Class A common shares at a Fixed Conversion Price of $0.25.  

 The Company has the option to repay the 2023 SEPA August Convertible Note through the same two options available for the 2023 SEPA March Convertible Note.   

2022 Convertible debts 

As a result of the below conversion and repayments, on September 30, 2023, the Company has no outstanding principal or accumulated interest under the 2022 Convertible Notes .

Repayments

During the nine months ended September 30, 2023, the Company repaid in cash the 2022 Convertible Notes   for a cumulative payment of $10,563 (of which $9,250 was principal, $295 was accumulated interest, and $1,018 was redemption premium interest).

Conversion into Class A Common Shares

During the nine months ended September 30, 2023, the Company issued 103,689 Class A Common Shares in satisfaction of conversion requests of $1,296 in principal and interest.    

2022 SEPA Convertible Note  

During the nine months ended September 30, 2023, the Company completed the repayment of the 2022 SEPA Convertible Note by cash payments amounting to $4,210.