Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements (Tables)

v3.25.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy
In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial liabilities that are required to be measured at fair value on a recurring basis and the related activity for the periods presented:
Fair Value as of June 30, 2024 Fair Value as of December 31, 2023
(As Restated)
Carrying Value Level 1 Level 2 Level 3 Carrying Value Level 1 Level 2 Level 3
Financial liabilities:
New convertible debentures $ 83,797,224  $ $ $ 83,797,224  $ $ $ $
Public Warrants $ 258,750  $ 258,750  $ $ $ 451,088  $ 451,088  $ $
Private Warrants 224,862  224,862  380,531  380,531 
 SPA Warrants 709,081  709,081  17,544,561  17,544,561 
Total warrant liability $ 1,192,693  $ 258,750  $ $ 933,943  $ 18,376,180  $ 451,088  $ $ 17,925,092 
Schedule of Changes in Fair Value
The following table sets forth a summary of the changes in fair value of the Company’s financial liabilities categorized within Level 3:
New Convertible Debentures Warrant
liability
Balance December 31, 2023 $ $ 18,376,180 
Fair value on issuance of new convertible debentures 99,195,791 
Fair value conversion of new convertible debentures to common stock (3,485,645)
Change in fair value of new convertible debentures (11,914,729)
Other 1,807 
Exercise of warrants —  (4,451,163)
Change in fair value of warrant liabilities (12,732,324)
Balance June 30, 2024 $ 83,797,224  $ 1,192,693