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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2024
Fair Value Measurements [Abstract]  
Schedule of Carrying Value and Estimated Fair Value of the Company’s Assets and Liabilities The carrying value and estimated fair value of the Company’s assets and liabilities as of June 30, 2024 and December 31, 2023, were as follows:
   June, 30, 2024   December, 31, 2023 
   Principal
amount
   Carrying
amount
   Fair
value
   Principal
amount
   Carrying
amount
   Fair
value
 
   (In thousands) 
2020 Term Loans  $
-
   $
-
   $
-
   $2,697   $2,483   $2,697 
2021 Term Loans   
-
    
-
    
-
    12,299    11,498    12,299 
2023 Term Loan   
-
    
-
    
-
    10,000    7,215    10,000 
2023 Convertible Notes   
-
    
-
    
-
    17,400    31,547    31,547 
2024 Convertible Notes   
-
    
-
    
-
    
-
    
-
    
-
 
Revolving line of credit   60,000    59,256    59,256    
-
    
-
    
-
 
Subordinated Payable to Technology Partner   50,415    50,415    50,415    49,163    49,163    49,163 
Private Placement Warrant   5,568    5,568    5,568    
-
    
-
    
-
 
Warrant liability – Term Loan   
-
    
-
    
-
    11,870    11,870    11,870 
Derivative financial instrument - Make-Whole Provision   15,839    15,839    15,839    
-
    
-
    
-
 
Derivative financial instrument - forward purchase agreement   267    267    267    
-
    
-
    
-
 
Schedule of Company’s Assets and Liabilities that are Measured at Fair Value on a Recurring Basis As of June 30, 2024, the Company’s liabilities measured at fair value on a recurring basis were categorized as follows within the fair value hierarchy:
   June 30, 2024 
   Level 1   Level 2   Level 3   Total 
   (In thousands) 
Liabilities                
Private Placement Warrant  $
-
   $5,568   $
-
   $5,568 
Derivative financial instrument – forward purchase agreement   
-
    267    
-
    267 
Derivative financial instrument –Make-Whole Provision   
-
    
-
    15,839    15,839 
Total liabilities  $
-
   $5,835   $15,839   $21,674 
   December 31, 2023 
   Level 1   Level 2   Level 3   Total 
   (In thousands) 
Liabilities                
Warrant liability– Term Loan  $
    -
   $
     -
   $11,870   $11,870 
2023 Convertible Notes   
-
    
-
    31,547    31,547 
Total liabilities  $
-
   $
-
   $43,417   $43,417 
Schedule of Black Scholes Model for the Level 3 Warrants The unobservable Level 3 inputs used in the valuation model for the Make-Whole Provision as of June 30, 2024 included the following:
Redemption Event      
Volatility     50 %
Time to event date (years)     0.42  
Credit spread     28.57 %
Risk-free rate     5.31 %
Discount rate     33.90 %
Schedule of Company’s Level 3 Liabilities Measured at Fair Value The following table summarizes the activity for the Company’s Level 3 liabilities measured at fair value (in thousands):
   Warrant
Liability-
WTI Term
Loan
   Convertible
Note
   Make
Whole
Provision
   WTI -Loan
Restructuring
liability
   WTI -
Amended
Term Loan
 
   Amount   Amount   Amount   Amount   Amount 
Balance as of December 31, 2023  $11,870   $31,547   $
-
   $
-
   $
-
 
Issuance/initial recognition   
-
    29,415    1,196    2,813    26,025 
Changes in fair value   49,330    175,325    14,643    15,547    (1,292)
Payment to Principal   
-
    
-
    
-
    
-
    (753)
Extinguishment   (61,200)   (236,287)   
-
    (18,360)   (23,980)
Balance as of June 30, 2024  $
-
   $
-
   $15,839   $
-
   $
-