Quarterly report pursuant to Section 13 or 15(d)

Financing Obligations

Financing Obligations
6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Financing Obligations Financing ObligationsDuring February and March 2023, the Company entered into two lease transactions with Rabo Lease BV (“Rabo”), whereby it sold equipment to Rabo and leased back the equipment for an initial term of four years. The Company concluded that the lease arrangements would be classified as a lease financing obligation as it has the option to repurchase the assets at a fixed price at the end of the term. Therefore, the transactions were each deemed a failed sale-leaseback and were accounted for as a financing obligation. The assets continue to be depreciated over their useful lives, and payments are allocated between interest expense and repayment of the financing obligation. The assets under failed sale-leaseback
transactions are included within property and equipment, net on the Company's unaudited condensed consolidated balance sheets and the proceeds from the transactions are recorded as a financing obligation.
The weighted average interest rate of 20.5% was used to impute interest on the failed sale-leaseback transactions. Interest expense recognized for the three and six months ended June 30, 2023 was $25 and $41, respectively.
As of June 30, 2023, future financing obligation payments are as follows:
Finance Obligations
Rest of 2023
$ 67 
2024 135 
2025 135 
2026 135 
2027 13 
Total payments 485 
Less: imputed interest (299)
Financing obligation at end of term 301 
Total financing obligations $ 487