Annual report pursuant to Section 13 and 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

v3.24.1.u1
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Deferred Payments for EPC
The following table summarizes the minimum required payments of the EPC deferred payments as of December 31, 2023 assuming Substantial Completion as defined in the CTCI EPC Agreement is achieved in the first quarter of 2025 and
excludes the contingent amounts accrued totaling $372.6 million as there is no contractual obligation related to this amount:
(in thousands) EPC deferred payments
2024 $ — 
2025 91,871 
2026 91,871 
2027 45,936 
Total $ 229,679 
Schedule of Lease-Related Assets and Liabilities
The table below presents the lease-related assets and liabilities recorded on the balance sheet at December 31, 2023 and December 31, 2022:
(in thousands)
Leases Classification As of December 31, 2023 As of December 31, 2022
Assets
Operating lease assets Operating lease right-of-use assets $ 3,158  $ 5,332 
Total lease assets   $ 3,158  $ 5,332 
 
Liabilities
Current
Operating Current portion of operating lease obligations $ 1,806  $ 1,897 
Non-current
Operating Operating lease obligations, net of current portion 1,154  3,090 
Total lease liabilities $ 2,960  $ 4,987 
Schedule of Lease Cost
The table below presents the components of lease costs for the years ended December 31, 2023 and December 31, 2022:
(in thousands)
Leases Classification Year ended
December 31, 2023		 Year ended
December 31, 2022
Operating Expenses
Operating lease cost General and administrative expense $ 1,912  $ 875 
Short-term and variable lease cost
General and administrative expenses
 181  39 
Finance lease cost
Amortization of leased assets Depreciation expense —  368 
Interest on lease liabilities Interest expense, net —  94 
Total lease costs   $ 2,093  $ 1,376 
The table below presents the weighted average remaining lease terms and weighted average discount rates for the Company's leases as of December 31, 2023 and December 31, 2022:
  As of
December 31, 2023		 As of
December 31, 2022
Weighted average remaining lease term (in years)
Operating leases 1.8 2.6
Weighted average discount rate
Operating leases 5.32  % 4.61  %
Schedule of Maturity of the Lease Liabilities
The table below presents the maturity of the lease liabilities as of December 31, 2023:
(in thousands) Operating leases
2024 $ 1,713 
2025 1,130 
2026 253 
2027 33 
2028 1 
Thereafter — 
Total lease payments: 3,130 
Less: present value discount (170)
Total lease liabilities $ 2,960