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Loans payable
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Loans payable Loans payable (As Restated)
As of March 31, 2023 and December 31, 2022 loans payable consisted of the refundable government loans. The following table shows the component of loans payable (in thousands):
March 31,December 31,
Effective Interest Rate20232022
(As Restated)(As Restated)
Loans payable, net, current:
TPC Loan, due 2023Interest free$399 $399 
Financing of directors and officers insurance, due 20234.24%585 1,449 
Other loans payable, current— 15 
Total loans payable, net, current$984 $1,863 
Loans payable, net, non-current:
SIF Loan1
$30,676 $30,434 
TPC Loan, due 2025Interest free737 734 
Total loans payable, net, non-current$31,413 $31,168 
1 Refer below for additional information on the repayment period and effective interest rate.
SIF Loan
On November 20, 2020, the Company entered into an agreement with SIF, wherein SIF committed to providing a conditionally repayable loan to the Company in the amount of up to C$40.0 million. As of March 31, 2023, the Company has received C$36.0 million in funding from SIF. Funds from the SIF Loan are to be used for projects involving the adaptation of research findings for commercial applications that have the potential for market disruption; development of current product and services through the implementation of new or incremental technology that will enhance the Company’s competitive capability; and development of process improvements which reduce the environmental footprint of current production through the use of new or improved technologies.
Principal and interest amounts to be repaid under the SIF Loan are determined using a revenue-based formula, and are capped at 150% of the principal amount (the "Repayment Cap"). Repayments are due in up to 15 annual installments, commencing on April 30 of the second fiscal year following the fiscal year in which the Company first reports annual revenue of at least $70.0 million (the "Benchmark Year"). If the Company fails to reach $70.0 million in annual revenue after 14 years from origination, or if the total of the 15 revenue-based annual installments is less than the principal amount, any remaining repayment obligation will be forgiven.
Repayments of the SIF Loan can also be triggered upon default of the agreement, termination of the agreement, or upon a change of control that has not been approved by the Canadian government. The Canadian government conditionally approved the transaction with DPCM on May 9, 2022, with all conditions met on the closing date of the Merger. As of March 31, 2023, the Company is not aware of events that would trigger default or termination of the agreement.
The gross proceeds of the SIF Loan were recorded as a liability related to the sale of future revenues (see Note 2 - Basis of Presentation and Summary of Significant Accounting Policies). As of March 31, 2023 and 2022, the Company calculated a weighted average effective interest rate for all tranches of 2.50% and 2.36%, respectively based on the most recent revenue projections at each reporting date.