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DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

SCHEDULE OF DEBT

As of December 31, 2023 and 2022, the Company’s debt consists of the following:

(in thousands, except for interest rate data)						Maturity Date						Interest Rate						December 31, 2023						December 31, 2022
Convertible note						December 1, 2026						1%						$	330,707					$	747,500
Less: unamortized debt discount																		(5,053)						(15,211)
Total convertible notes, net of discount																		$	325,654					$	732,289
Term loan (1)						August 5, 2024						Variable						—						50,000
Less: unamortized deferred fees																		—						(118)
																		$	—					$	49,882
Total																		325,654						782,171
Less: current portion																		—						—
Long-term portion																		$	325,654					$	782,171

(1) On March 8, 2023, the Company repaid the term loan, in full, and the Company’s RLOC facilities with Silvergate Bank were terminated. The Company recorded a loss in the amount of $0.3 million to “Net gain on extinguishment of debt” on the Consolidated Statements of Comprehensive Income (Loss).

SCHEDULE OF REPAYMENTS DUE ON THE TERM LOAN AND CONVERTIBLE NOTE

The following summarizes the Company’s required payments on the Convertible Note in each of the next five years, and thereafter:

Year						Repayment Amount (in thousands)
2024						$	—
2025						—
2026						330,707
2027						—
2028						—
Thereafter						—

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- References

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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

+ References

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481544/470-10-50-1

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