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NOTES PAYABLE AND DEBT INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Summary of Long-Term Debt Consists | Long-term debt consists of the following at December 31, 2022 and 2021:
|  | Years ended December 31,
|  | 2022 |  | 2021
Revenue Bonds |  | $ | 249,550 |  |  | $ | 249,550 |
Less: Original issue discount and debt issuance costs classified as a reduction to long-term debt |  | (16,037) |  |  | (17,042) |
Bonds payable - long-term |  | $ | 233,513 |  |  | $ | 232,508 |
Summary of Revenue Bonds |
(in thousands) |  |  |  |  |  |  |  |
Bond Series |  | Term |  | Principal Amount |  | Interest Rate |  | Maturity Date
2020A |  | A1 |  | $ | 12,370 |  |  | 6.25 | % |  | December 1, 2025
2020A |  | A2 |  | $ | 38,700 |  |  | 6.50 | % |  | December 1, 2030
2020A |  | A3 |  | $ | 168,480 |  |  | 7.00 | % |  | December 1, 2042
2020B |  | B1 |  | $ | 10,000 |  |  | 10.00 | % |  | December 1, 2025
2020B |  | B2 |  | $ | 10,000 |  |  | 10.00 | % |  | December 1, 2027
2020C |  | C1 |  | $ | 10,000 |  |  | 13.00 | % |  | December 1, 2027
Schedule of Principals Repayments Due on Bonds Payable | Principal repayments due on the Revenue Bonds payable over the next five years are as follows (in thousands):
Years ending December 31, | Amount
2023 | $ | — |
2024 | 6,975 |
2025 | 16,730 |
2026 | 7,570 |
2027 | 25,105 |
Thereafter | 193,170 |
Total principal repayments | 249,550 |
Less: Original issue discount and debt issuance costs classified as a reduction to long-term debt | (16,037) |
Bonds payable - long-term | $ | 233,513 |
Summary of the Convertible Notes | The following provides a summary of the interest expense of PCT’s convertible debt instruments (in thousands):
| Years ended December 31,
| 2022 |  | 2021 | 2020
Contractual interest expense | $ | — |  |  | $ | 2,975 |  | $ | 662 |
Amortization of deferred financing costs | — |  |  | 1,712 |  | 300 |
Effective interest rate | — | % |  | 8.94 | % | 9.05 | %

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