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Debt (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2024 | Dec. 31, 2023
Borrowings |  |
Schedule of borrowings | The Company’s outstanding debt was as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, |  | December 31,
​ | ​ | 2024 | ​ | 2023
​ | ​ | Principal | ​ | Fair Value | ​ | Principal | ​ | Fair Value
Convertible promissory notes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Historical convertible promissory notes | ​ | $ | 5,630 | ​ | $ | 5,645 | ​ | $ | 35,347 | ​ | $ | 34,033
2023 & 2024 convertible promissory notes | ​ |  | 5,000 | ​ |  | 4,672 | ​ |  | — | ​ |  | —
Borrowings: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
KEB Hana Bank | ​ |  | 6,682 | ​ |  | 6,682 | ​ |  | 6,980 | ​ |  | 6,980
IBK Industrial Bank | ​ |  | 6,831 | ​ |  | 6,831 | ​ |  | 7,135 | ​ |  | 7,135
Note payable (one individual investor) | ​ |  | 1,000 | ​ |  | 1,000 | ​ |  | 1,000 | ​ |  | 1,000
M-Venture Investment, Inc. | ​ |  | 7,425 | ​ |  | 7,425 | ​ |  | 7,756 | ​ |  | 7,756
Anapass, Inc, related party | ​ |  | 9,653 | ​ |  | 9,653 | ​ |  | 10,082 | ​ |  | 10,082
i Best Investment Co., Ltd | ​ |  | 7,425 | ​ |  | 7,425 | ​ |  | 10,082 | ​ |  | 10,082
Kyeongho Lee, related party | ​ |  | 824 | ​ |  | 824 | ​ |  | 1,474 | ​ |  | 1,474
Total debt | ​ | $ | 50,470 | ​ |  | 50,157 | ​ | $ | 79,856 | ​ |  | 78,542
Less: current portion | ​ | ​ | ​ | ​ |  | (45,485) | ​ | ​ | ​ | ​ |  | (72,303)
Debt, net of current portion | ​ | ​ | ​ | ​ | $ | 4,672 | ​ | ​ | ​ | ​ | $ | 6,239
​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Category |  | Creditor |  | Maturity date |  | Annual interest rate |
Korean Won |  | KEB Hana Bank (*1) |  | 7/12/2024 |  | 5.23 | %
Korean Won |  | IBK Industrial Bank (*1) |  | 11/20/2024 |  | 4.89 | %
Korean Won |  | Anapass, Inc. |  | 7/25/2024 |  | 5.50 | %
Korean Won |  | Anapass, Inc. |  | 5/10/2024 |  | 5.50 | %
Korean Won |  | Anapass, Inc. |  | 9/15/2024 |  | 5.50 | %
Korean Won |  | Kyeongho Lee |  | 11/19/2024 |  | 9.00 | %
Korean Won |  | Kyeongho Lee |  | 5/27/2024 |  | 0 | %
Korean Won |  | Kyeongho Lee |  | 11/24/2023 |  | 6.80 | %
Korean Won |  | Kyeongho Lee |  | 11/30/2024 |  | 7.50 | %
Korean Won |  | Kyeongho Lee |  | 12/2/2024 | (*9) | 7.50 | %
Korean Won |  | M-Venture Investment, Inc. (*3) |  | 10/29/2024 |  | 6.50 | %
Korean Won |  | M-Venture Investment, Inc. (*4) |  | 4/26/2024 |  | 6.50% - 8.65 | %(*6)
Korean Won |  | i Best Investment Co., Ltd. (*5) |  | 3/14/2024 | (*8) | 6.50 | %
Korean Won |  | i Best Investment Co., Ltd. (*7) |  | 12/22/2023 |  | 6.50 | %
Korean Won |  | i Best Investment Co., Ltd. |  | 3/12/2024 | (*8) | 6.50 | %
Korean Won |  | i Best Investment Co., Ltd. |  | 1/12/2024 | (*9) | 6.50 | %
Korean Won |  | i Best Investment Co., Ltd. |  | 3/14/2024 | (*8) | 6.50 | %
Korean Won |  | i Best Investment Co., Ltd. |  | 1/26/2024 | (*2) | 6.50 | %
Promissory Note |  | One (1) individual investor |  | 6/30/2024 |  | 4.00 | %
| (*1) | The limits for borrowings from KEB Hana Bank and IBK Industrial Bank are $6,980,000 and $7,135,000, respectively, and the bank deposit of Anapass, Inc., a related party, is pledged as collateral for borrowings from KEB Hana Bank and IBK Industrial Bank (see Notes 5 and 12). As of the current fiscal year end, collateral was provided to Anapass, Inc. in relation to the borrowings from KEB Hana Bank, IBK Industrial Bank and Anapass, Inc. (see Notes 5 and 12).
| (*2) | Maturity date was extended for five (5) months after fiscal year end.
(*3)For borrowings from M-Venture Investment, Inc., 170,000 common shares of Anapass were provided to creditors as collateral by Kyeongho Lee, a related party (see Note 12). (*4)For borrowings from M-Venture Investment, Inc., guarantee was provided by Kyeongho Lee, a related party (see Note 12). (*5)For borrowings from i-Best Investment, Co., Ltd., 40,000 common shares of Anapass were provided to creditors as collateral by Kyeongho Lee, a related party (see Note 12). (*6)Loan agreement was amended on April 26, 2023, and new interest rates (6.50% for KRW1.0 billion, 8.65% for KRW5.0 billion) were applied from April 26, 2023. (*7)KRW1.0 billion loan was borrowed on March 22, 2023, and fully paid off on December 21, 2023. (*8)Maturity date was extended for three (3) months after fiscal year end. (*9)Loan was paid off in March 2024. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  |  |  |  | ​ |  |  | ​
Category | ​ | Creditor | ​ | December 31, 2023 | ​ | December 31, 2022
Korean Won |  | KEB Hana Bank (*1) | ​ | $ | 6,980 | ​ | $ | 7,102
Korean Won |  | IBK Industrial Bank (*1) | ​ |  | 7,135 | ​ |  | 7,260
Korean Won |  | Anapass, Inc. | ​ |  | 4,653 | ​ |  | 4,735
Korean Won |  | Anapass, Inc. | ​ |  | 2,327 | ​ |  | 2,367
Korean Won |  | Anapass, Inc. | ​ |  | 3,102 | ​ |  | 3,156
Korean Won |  | Kyeongho Lee | ​ |  | 388 | ​ |  | 395
Korean Won |  | Kyeongho Lee | ​ |  | 85 | ​ |  | 87
Korean Won |  | Kyeongho Lee | ​ |  | — | ​ |  | 24
Korean Won |  | Kyeongho Lee | ​ |  | 388 | ​ |  | 395
Korean Won |  | Kyeongho Lee | ​ |  | 613 | ​ |  | 789
Korean Won |  | M-Venture Investment, Inc. (*3) | ​ |  | 3,102 | ​ |  | 3,156
Korean Won |  | M-Venture Investment, Inc.(*4) | ​ |  | 4,653 | ​ |  | 4,734
Korean Won |  | i Best Investment Co., Ltd. (*5) | ​ |  | 3,102 | ​ |  | 3,156
Korean Won |  | i Best Investment Co., Ltd. (*7) | ​ |  | — | ​ |  | —
Korean Won |  | i Best Investment Co., Ltd. | ​ |  | 1,551 | ​ |  | —
Korean Won |  | i Best Investment Co., Ltd. | ​ |  | 2,327 | ​ |  | —
Korean Won |  | i Best Investment Co., Ltd. | ​ |  | 2,327 | ​ |  | —
Korean Won |  | i Best Investment Co., Ltd. | ​ |  | 776 | ​ |  | —
Promissory Note |  | One (1) individual investor | ​ |  | 1,000 | ​ |  | 1,000
Bank Borrowings |  |  | ​ | $ | 44,509 | ​ | $ | 38,356
Schedule of maturities of borrowings | Expected future minimum principal payments under the Company’s total debt is as follows as of March 31, 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Convertible |  | ​ | ​ |  | ​ | ​
​ | ​ | Notes | ​ | ​ | ​ | ​ | ​ | ​
Years | ​ | Payable | ​ | Borrowing | ​ | Total
2024, remainder | ​ | $ | 5,630 | ​ | $ | 39,840 | ​ | $ | 45,470
2025 |  | ​ | — |  | ​ | — |  | ​ | —
2026 |  | ​ | 5,000 |  | ​ | — |  | ​ | 5,000
Total debt | ​ | $ | 10,630 | ​ | $ | 39,840 | ​ | $ | 50,470
Schedule of convertible notes |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | ​ |  | ​ | ​ |  | ​ | ​
Category | ​ | Creditor | ​ | December 31, 2023 | ​ | December 31, 2022
Current convertible notes (*1) |  |  |  | ​ |  |  | ​ |
1st |  | SG Ace Inc. (*2) | ​ | $ | 7,620 | ​ | $ | 8,461
2nd |  | M-Venture Investment, Inc. and one (1) institution (*3) | ​ |  | 7,620 | ​ |  | 8,461
7th |  | NA Korea Trans Fund No.4, one (1) institution and eight(8) individual investors (*4) | ​ |  | 2,198 | ​ |  | 1,932
16th |  | NA Korea Trans Fund No.4 and two (2) individual investors | ​ |  | 387 | ​ |  | 330
22nd |  | i Best Investment Co., Ltd. | ​ |  | 3,233 | ​ |  | 2,746
23rd |  | Jeju Semiconductor Corp. | ​ |  | 908 | ​ |  | 771
24th |  | One (1) individual investor | ​ |  | 665 | ​ |  | 565
25th |  | M-Venture Investment Inc. (*5) | ​ |  | — | ​ |  | 3,511
26th |  | Access Bio, Inc. | ​ |  | 5,163 | ​ |  | 4,389
​ |  | Subtotal | ​ |  | 27,794 | ​ |  | 31,166
Non-current convertible notes |  |  | ​ |  |  | ​ |  |
25th |  | M-Venture Investment Inc. (*5) | ​ |  | 3,614 | ​ |  | —
27th |  | Blacktree Co., Ltd. | ​ |  | 2,625 | ​ |  | —
​ |  | Subtotal | ​ |  | 6,239 | ​ |  | —
​ |  | Total | ​ | $ | 34,033 | ​ | $ | 31,166
(*1)As convertible notes are matured or convertible notes holders have the right to claim early redemption that can be exercised within 12 months after the reporting period, the convertible notes were classified as current liabilities as of December 31, 2023 and 2022. (*2)During the current period, convertible note was amended to be repaid in installments and due date and interest rates were revised. As a result, due dates were changed to June 30, 2023, September 30, 2023 and December 30, 2023 for $2.0 million installment, $3.0 million installment and $4.0 million installment, respectively. Interest rates were revised as 5.5%, 6.5% and 7.5% for $2.0 million installment, $3.0 million installment and $4.0 million installment, respectively, and 12% from default date if each installments were not paid by revised due dates mentioned above. Subsequent to current year end, due dates were extended to March 29, 2024 for total outstanding principal of $9.0 million. (*3)During the current period, convertible note was amended and due date was extended to December 31, 2023. (*4)During the current period, $61,000 of convertible note and unpaid interest of $11,000 were converted into 20,681 shares of common stock. (*5)During the current period, principal amount of $500,000 of convertible note was transferred to individual investor, and subsequently paid off in November 2023.
Schedule of terms of issuance of convertible notes |  | Key terms for issuance of convertible notes
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 1st |  | 2nd |  | 7th |  | 16th |  | 22nd |  | 23rd |  | 24th |  | 25th |  | 26th |  | 27th
Issue Year |  | ​ | 2017 |  | 2017 |  | 2019 |  | 2020 |  | 2021 |  | 2021 |  | 2021 |  | 2022 |  | 2022 |  | ​ | 2023
Early repayment |  | ​ | (*1) |  | (*1) |  | (*2) |  | (*1) |  | (*1) |  | (*1) |  | (*1) |  | (*2) |  | (*3) |  | ​ | (*1)
Repayment at maturity |  | ​ | The payment shall be made three years after the date of issue at an annual interest rate of 4%. |  | The payment shall be made three years after the date of issue at an annual interest rate of 7%. |  | The payment shall be made three years after the date of issue at an annual interest rate of 5%. |  | The payment shall be made three years after the date of issue at an annual interest rate of 4%. |  | ​ | The payment shall be made three years after the date of issue at an annual interest rate of 5%.
Rates applied at the repayment date |  | ​ | Upon repayment, there is a clause to reimburse the U.S. Dollar amount converted at the Won-Dollar exchange rate on the redemption date based on the Won amount converted at the Won-Dollar exchange rate at the date of issue. | ​ | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | ​ | N/A
Conversion price | ​ | $ | 3.50 per share (*4) | ​ | ​ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6.67 per share
Convertible Notes, continued
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 1st |  | 2nd |  | 7th |  | 16th |  | 22nd |  | 23rd |  | 24th |  | 25th |  | 26th |  | 27th
Conversion |  | - The holder of convertible notes can covert it at any time.
​ |  | - If the Company issues a new equity instrument after issuing convertible notes, the holder of convertible notes may participate in conversion with the issuance price of the new equity instruments (1st, 2nd and 27th convertible notes) or $3.50 per share up to seven days prior to the issuance of the equity instruments.
​ |  | - Conversion upon demand at holder’s discretion with conversion price equal to $3.50 ($6.67 for 27th convertible note) per share after issue date.
​ |  | - Automatic conversion in an initial public offering (“IPO”) or business combination with SPAC (except for 1st and 24th convertible notes) (conversion price is adjusted to IPO price or SPAC conversion price).
​ |  | - If the price at the time of issuance of a new equity instrument or the IPO is lower than $3.50, the conversion price of the convertible note is adjusted (except for 27th convertible note).
​ |  | - Conversion price is adjusted every three months for one year after an IPO at KOSDAQ (However, adjusted price cannot be lower than 70% of $3.50 per share and cannot be higher than $3.50 per share) (7th convertible note).
Number of convertible shares (*5) |  | 5,142,858 shares | ​ | 553,790 shares |  | 102,597 shares |  | 874,286 shares |  | 245,714 shares |  | 180,000 shares |  | 1,000,000 shares |  | 1,428,571 shares |  | 299,850 shares
Collateral and guarantee |  | (*6) | ​ | (*7) |  | N/A |  | (*8) |  | N/A |  | (*7) |  | N/A |  | (*7) |  | N/A
(*1)The right to early repayment can be exercised once every quarter (four times in total) for 7 day periods after 2 years from the date of issue of convertible notes until 3 years from the date of issue of convertible notes. (*2)The right to early repayment can be exercised once every quarter (four times in total) for 7 day periods after 1 year from the date of issue of convertible notes until 2 years from the date of issue of convertible notes. (*3)The right to early repayment can be exercised once every quarter (eight times in total) for 7 day periods after 1 year from the date of issue of convertible notes until 3 years from the date of issue of convertible notes. (*4)Conversion price will be adjusted to SPAC conversion price if business combination transaction is consummated with SPAC, except for 1st and 24th convertible notes. (*5)The number of convertible shares was calculated by applying the conversion value of $3.50 per share ($6.67 per share for 27th convertible note) applied at the request of the convertible note holder. (*6)Kyeongho Lee, a related party, provided payment guarantee and 885,867 shares of common stock of Anapass, Inc. as collateral (see Note 12). (*7)Kyeongho Lee provided payment guarantee (see Note 12). (*8)Kyeongho Lee provided payment guarantee and 175,000 shares of common stock of Anapass, Inc. as collateral (see Note 12).
Notes and loans payable |  |
Borrowings |  |
Schedule of maturities of borrowings |  | Maturities of borrowings as of December 31, 2023 were as follows:
​ | ​ | ​ | ​
(in thousands) |  | ​ | ​
December 31, 2024 | ​ | $ | 44,509
Total | ​ | $ | 44,509
Convertible debt |  |
Borrowings |  |
Schedule of maturities of borrowings |  | Maturities of convertible notes as of December 31, 2023, were as follows:
​ | ​ | ​ | ​
(in thousands) |  | ​ | ​
December 31, 2024 | ​ | $ | 27,794
December 31, 2025 | ​ |  | 3,614
December 31, 2026 | ​ |  | 2,625
Total | ​ | $ | 34,033

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