XML 40 R29.htm IDEA: XBRL DOCUMENT
v3.24.3

FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Amortized Cost and Fair Value of Debt and Stock Due to Affiliate | The table below sets forth the amortized cost and fair value of the Company’s Senior Secured Term Loan as of September 30, 2024 and December 31, 2023 and Mandatorily Redeemable Preferred Stock Due to Affiliate as of December 31, 2023. The fair value of this debt is not indicative of the amounts at which the Company could settle this debt.
(in thousands) |  |  |  |  |  |
Financial Instruments Disclosed at Fair Value Level 2 |  | Measurement |  | September 30, 2024 |  | December 31, 2023
Senior Secured Term Loan |  | Amortized cost |  | $ | 179,411 |  |  | $ | 180,042 |
|  | Fair value |  | $ | 173,897 |  |  | $ | 174,812 |
Mandatorily Redeemable Preferred Stock Due to Affiliate (1) |  | Amortized cost |  | N/A |  | $ | 141,594 |
|  | Fair value |  | N/A |  | $ | 141,398 |
(1) Refer to the foregoing discussion regarding the change in valuation method. The table below sets forth the amortized cost and fair value of the Backstop Notes as of September 30, 2024 and December 31, 2023 and the Mandatorily Redeemable Preferred Stock Due to Affiliate as of September 30, 2024. The fair value of this debt is not indicative of the amounts at which the Company could settle this debt.
(in thousands) |  |  |  |  |  |
Financial Instrument Disclosed at Fair Value Level 3 |  | Measurement |  | September 30, 2024 |  | December 31, 2023
Backstop Notes |  | Amortized cost |  | $ | 118,199 |  |  | $ | 117,916 |
|  | Fair value |  | $ | 93,272 |  |  | $ | 91,204 |
Mandatorily Redeemable Preferred Stock Due to Affiliate (1) |  | Amortized cost |  | $ | 142,491 |  |  | N/A
|  | Fair value |  | $ | 136,742 |  |  | N/A
(1) Refer to the foregoing discussion regarding the change in valuation method.
Schedule of Significant Level 3 Measurement Inputs | The table below sets forth information regarding the Company’s significant Level 3 inputs as of September 30, 2024, and December 31, 2023:
($ in thousands, except as otherwise noted) |  |  |  |  |
Significant Inputs for Level 3 Fair Value Disclosure | Input |  | September 30, 2024 |  | December 31, 2023
Backstop Notes | Principal amount |  | $120,000 |  | $120,000
| Term to maturity date |  | 4.00 years |  | 4.75 years
| Stock price |  | $2.26 |  | $4.90
| Credit spreads (basis points) |  | 938 |  | 895
| Selected equity volatility |  | 100.9% |  | 98.7%
Mandatorily Redeemable Preferred Stock Due to Affiliate | Notional amount |  | $171,050 |  | N/A
| Term of lattice model |  | 9.13 years |  | N/A
| Stock price |  | $2.26 |  | N/A
| Credit spreads (basis points) |  | 1,207 |  | N/A
| Selected equity volatility |  | 109.2% |  | N/A

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration