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Warrant Liabilities | 3 Months Ended
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Mar. 31, 2024
Other Liabilities Disclosure [Abstract] |
Warrant Liabilities | Warrant Liabilities On February 23, 2024, in connection with our delisting from the Australian Securities Exchange (ASX), we amended the strike price of all outstanding warrants to be denominated in US dollars instead of Australian dollars. As a result of the amendment, the warrants were no longer subject to foreign currency fluctuations and became considered indexed directly to our stock price. Therefore, on the date of amendment we converted the warrants from a liability to stockholders’ equity within the consolidated balance sheets. The amount converted totaled $2,228,813. As of March 31, 2024, none of the warrants have been exercised or cancelled. Prior to converting our warrant liabilities, we revalued them to their fair value as of each reporting date using a Black-Scholes valuation model, which is calculated using Level 3 inputs. The primary unobservable input used in determining the fair value of the warrant liabilities is the expected volatility of our common stock. On the conversion date, we revalued the warrants using the Black-Scholes valuation model using a risk-free interest rate of 4.2%, expected volatility of 139.1%, and an expected life of 5.6 years, resulting in an estimated fair value of $40.81 per warrant. The activity related to our warrant liabilities during the three months ended March 31, 2024 and 2023 was as follows:
| For the three months ended March 31,
| 2024 | 2023
Balance at beginning of period | $ | 967,257 |  | $ | 511,295 |
Fair value remeasurement loss | 1,261,556 |  | 420,202 |
Conversion of warrant liabilities to stockholders’ equity | (2,228,813) |  | — |
Balance at end of period | $ | — |  | $ | 931,497 |
The fair value remeasurement loss was recognized within other income (expense) on the consolidated statements of operations and comprehensive income.

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