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REVENUE RECOGNITION (Tables) | 12 Months Ended
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Dec. 31, 2022
Revenue from Contract with Customer [Abstract] |
Contract With Customer Liability, Related Party | Activity for the deferred revenue balance (including current portion) was as follows:
(in thousands) | For the year ended December 31, 2020
Opening balance(1) | $ | 35,543 |
Prepayments received(2) | 11,050 |
Revenue recognized(3) | (9,117) |
Effect of June 2020 Modification(4) | (37,476) |
Ending balance | $ | — |
(1)Of this amount, $6.6 million was classified as current based on when such amounts were expected to be realized. (2)Related to the remaining contractual commitment for Shenghe to provide funds to the Company (the Initial Prepayment Amount). (3)As discussed above, as a result of the Shenghe Implied Discount, the Company recognized an amount of deferred revenue applicable to sales made under the Original Offtake Agreement equal to 64% of the gross profit realized by Shenghe on sales of this product to its own customers. As discussed below, this amount included a tariff rebate of $1.4 million received in May 2020, but excluded the tariff rebate realized in August 2020. (4)The remaining balance of deferred revenue was derecognized in connection with the June 2020 Modification.

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