Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Liabilities (Tables)

v3.24.3
Fair Value of Financial Liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements of Embedded Derivative Liabilities and Warrant Liabilities

Financial liabilities consisting of warrant liabilities measured at fair value on a recurring basis are summarized below. The fair value of the warrant liabilities recorded are as follows:

 

Fair value at September 30, 2024

 

Total

 

Level 1

 

Level 2

 

Level 3

 

Liabilities:

 

 

 

 

Warrant liability

$

4,015,352

 

$

—

 

$

—

 

$

4,015,352

 

Total liabilities

$

4,015,352

 

$

—

 

$

—

 

$

4,015,352

 

 

Fair value at December 31, 2023

 

Total

 

Level 1

 

Level 2

 

Level 3

 

Liabilities:

 

 

 

 

Warrant liability

$

2,152,188

 

$

—

 

$

—

 

$

2,152,188

 

Total liabilities

$

2,152,188

 

$

—

 

$

—

 

$

2,152,188

 

 
Schedule of Changes in Fair Value of the Derivative Liabilities and Warrant Liabilities

The table below provides a summary of the changes in fair value of the warrant liabilities measured on a recurring basis using significant unobservable inputs (Level 3):

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

Warrant liabilities:

2024

 

2023

 

 

2024

 

2023

 

Balance, beginning of period

$

5,346,638

 

$

121,600

 

 

$

2,152,188

 

$

245,341

 

Issuance of warrants

 

 

—

 

 

 

—

 

 

 

3,917,630

 

 

 

—

 

Exercises of warrants

 

 

—

 

 

 

—

 

 

 

(3,191,675

)

 

 

—

 

Amendments of warrants

 

 

—

 

 

 

—

 

 

 

(6,870,296

)

 

 

—

 

Loss (Gain) on fair value of warrant liability

 

(1,331,286

)

 

(18,193

)

 

 

8,007,505

 

 

(141,934

)

Balance, end of period

$

4,015,352

 

$

103,407

 

 

$

4,015,352

 

$

103,407