Annual report pursuant to Section 13 and 15(d)

DEBT (Tables)

v3.22.4
DEBT (Tables)
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Fair Value, Liabilities Measured on a Recurring Basis
A reconciliation of the fair value of the convertible notes is as follows:
December 31,
2022 2021
Fair value of convertible notes, beginning of year $ 24,705,000  $ 197,700,000 
Change in fair value of convertible notes (1)
367,357  (27,600,000)
Change in fair value of convertible notes attributable to credit risk (2)
—  10,200,000 
Fair value of convertible notes exchanged for common stock (25,072,357) (155,595,000)
Fair value of convertible notes, end of year $ —  $ 24,705,000 
(1) The Company recognizes changes in fair value of convertible notes for common stock in Interest Expense, Net in the Consolidated Statements of Operations.
(2) The Company recognizes changes in fair value of convertible notes attributable to credit risk in Other Comprehensive Loss. During the years ended December 31, 2022 and 2021, the Company reclassified zero and $8.8 million, respectively, of the changes in fair value of convertible notes attributable to credit risk previously recognized in Other Comprehensive Loss to Interest Expense (Income). The net amount of changes in fair value of convertible notes attributable to credit risk recognized in Other Comprehensive Income (Loss) for the years ended December 31, 2022 and 2021 was approximately $1.4 million and $1.4 million loss, respectively.