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NOTES PAYABLE AND DEBT INSTRUMENTS (Tables)

9 Months Ended

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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