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NOTES PAYABLE AND DEBT INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | The Company’s debt balances consist of the following at September 30, 2023 and December 31, 2022:
|  | September 30, 2023 |  | December 31, 2022
Revenue Bonds |  | $ | 249,550 |  |  | $ | 249,550 |
Equipment Financing Payable |  | 21,911 |  |  | — |
Green Convertible Notes |  | 250,000 |  |  | — |
|  | $ | 521,461 |  |  | $ | 249,550 |
Less: Original issue discount and debt issuance costs classified as a reduction to long-term debt |  | (46,079) |  |  | (16,037) |
Less: Current portion |  | (7,065) |  |  | — |
Long-term debt, less current portion |  | $ | 468,317 |  |  | $ | 233,513 |
Pure Plastic Note Payable |  | $ | 41,745 |  |  | $ | — |
Less: Original issue discount and debt issuance costs classified as a reduction to note payable |  | (3,716) |  |  | — |
Related party note payable |  | $ | 38,029 |  |  | $ | — |
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
Summary of the Convertible Notes | The following provides a summary of the interest expense of PCT’s convertible debt instruments (in thousands):
| Three months ended September 30 |  | Nine months ended September 30
| 2023 | 2022 |  | 2023 | 2022
Contractual interest expense | $ | 1,863 |  | $ | — |  |  | $ | 1,863 |  | $ | — |
Amortization of deferred financing costs | $ | 643 |  | $ | — |  |  | $ | 643 |  | $ | — |
Effective interest rate | 11.2 | % | — | % |  | 11.2 | % | — | %
The following provides a summary of the convertible notes (in thousands):
|  | As of
|  | September 30 2023 |  | September 30 2022
Unamortized deferred issuance costs |  | $ | 30,855 |  |  | $ | — |
Net carrying amount |  | 219,145 |  |  | — |
Fair value |  | $ | 177,750 |  |  | $ | — |
Fair value level |  | Level 3 |  | — |
Schedule of Principals Repayments Due on Long-term Debt | Principal repayments due on Long-term debt and Related party note payable over the next five years are as follows (in thousands):
Years ending December 31, |  | Long-term debt |  | Related party note payable
2023 (October through December) |  | $ | 402 |  |  | $ | — |
2024 |  | 12,249 |  |  | — |
2025 |  | 23,106 |  |  | 41,745 |
2026 |  | 14,424 |  |  | — |
2027 |  | 28,110 |  |  | — |
2028 |  | 257,710 |  |  | — |
Thereafter |  | 185,460 |  |  | — |
|  | 521,461 |  |  | 41,745 |
Less: Original issue discount and debt issuance costs classified as a reduction to long-term debt |  | (46,079) |  |  | (3,716) |
Less: Current Portion |  | (7,065) |  |  | — |
Total |  | $ | 468,317 |  |  | $ | 38,029 |

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