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Fair Value Measurements (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2024 | Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |
Schedule of Assets Measured at Fair Value on a Recurring Basis | The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2024 (Successor), and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
(dollars in thousands) |  | Public Warrants (Level 1) |  |  | Senior Secured Term Loan (Level 2) |  |  | Private Placement Warrants (Level 3) |  |  | Working Capital Warrants (Level 3) |  |  | Total Liabilities Fair Value |
Fair value as of February 14, 2024 (Successor) |  | $ | 39,962 |  |  | $ | 761,401 |  |  | $ | 19,813 |  |  | $ | — |  |  | $ | 821,176 |
Additions |  |  | — |  |  |  | 9,801 |  |  |  | — |  |  |  | 10,283 |  |  |  | 20,084 |
Change in valuation inputs or other assumptions |  |  | (2,875 | ) |  |  | — |  |  |  | 550 |  |  |  | 562 |  |  |  | (1,763 | )
Fair Value as of March 31, 2024 (Successor) |  |  | 37,087 |  |  |  | 771,202 |  |  |  | 20,363 |  |  |  | 10,845 |  |  |  | 839,497 |
Additions |  |  | — |  |  |  | 19,175 |  |  |  | — |  |  |  | — |  |  |  | 19,175 |
Change in valuation inputs or other assumptions |  |  | 24,294 |  |  |  | — |  |  |  | 37,839 |  |  |  | 19,045 |  |  |  | 81,178 |
Fair value as of June 30, 2024 (Successor) |  | $ | 61,381 |  |  | $ | 790,377 |  |  | $ | 58,202 |  |  | $ | 29,890 |  |  | $ | 939,850 |
Summary of Level 3 Inputs to Determine Fair Value | The following table provides quantitative information regarding Level 3 inputs used to determine the fair values of Private Placement Warrants held by FL Co-Investment and Intrepid Financial Partners as of June 30, 2024 (Successor).
Inputs |  | June 30, 2024 (Successor) |
Stock price |  | $ | 15.07 |
Strike price |  | $ | 11.50 |
Term (in years) |  |  | 1.65 |
Volatility |  |  | 45.0 | %
Risk-free rate |  |  | 4.73 | %
Dividend yield |  |  | 0.00 | %
The following table provides quantitative information regarding Level 3 fair value measurements used to determine the fair value of the Working Capital Warrants and the Private Placement Warrants, excluding Private Placement Warrants held by FL Co-Investment and Intrepid Financial Partners, as of June 30, 2024 (Successor).
Inputs |  | June 30, 2024 (Successor) |
Stock price |  | $ | 15.07 |
Strike price |  | $ | 11.50 |
Term (in years) |  |  | 4.63 |
Volatility |  |  | 60.0 | %
Risk-free rate |  |  | 4.27 | %
Dividend yield |  |  | 0.00 | %
Flame Acquisition Corp [Member] |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |
Schedule of Assets Measured at Fair Value on a Recurring Basis |  | The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2023 and 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
Description: |  | Level |  |  | December 31, 2023 |  |  | Level |  |  | December 31, 2022 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funds held in Trust Account |  |  | 1 |  |  | $ | — |  |  |  | 1 |  |  | $ | 290,718,297 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability—Public Warrants |  |  | 1 |  |  | $ | 27,743,750 |  |  |  | 1 |  |  | $ | 9,343,750 |
Warrant liability—Private Pl ac ement Warrants |  |  | 3 |  |  | $ | 11,470,000 |  |  |  | 3 |  |  | $ | 2,805,500 |
Convertible Pro m issory Notes—Related Parties |  |  | 3 |  |  | $ | 6,381,294 |  |  |  | 3 |  |  | $ | 1,409,730 |
Summary of Level 3 Inputs to Determine Fair Value |  | The following table provides quantitative information regarding Level 3 fair value measurements used to determine the fair value of the Private Placement Warrants, excluding Private Placement Warrants held by FL Co-Investment and Intrepid Financial Partners, as of December 31, 2023 and 2022.
Inputs |  | December 31, 2023 |  |  | December 31, 2022 |
Stock price |  | $ | 11.39 |  |  | $ | 10.05 |
Strike price |  | $ | 11.50 |  |  | $ | 11.50 |
Term (in years) |  |  | 5.09 |  |  |  | 5.25 |
Volatility |  |  | 5.3 | % |  |  | 0.0 | %
Risk-free rate |  |  | 3.77 | % |  |  | 3.91 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Schedule of Changes in the Fair Value of Warrant Liabilities |  | The following table presents the changes in the fair value of warrant liabilities:
|  | Public |  |  | Private Placement |  |  | Warrant Liabilities |
Fair value as of December 31, 2021 |  | $ | 8,625,000 |  |  | $ | 4,022,250 |  |  | $ | 12,647,250 |
Change in valuation inputs or other assumptions |  |  | 718,750 |  |  |  | (1,216,750 | ) |  |  | (498,000 | )
Fair value as of December 31, 2022 |  |  | 9,343,750 |  |  |  | 2,805,500 |  |  |  | 12,149,250 |
Change in valuation inputs or other assumptions |  |  | 18,400,000 |  |  |  | 8,664,500 |  |  |  | 27,064,500 |
Fair value as of December 31, 2023 |  | $ | 27,743,750 |  |  | $ | 11,470,000 |  |  | $ | 39,213,750 |
Promissory Note [Member] | Flame Acquisition Corp [Member] |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |
Summary of Level 3 Inputs to Determine Fair Value |  | The convertible promissory notes were valued using a combination of Black-Scholes and Geske models, which is considered to be primarily a Level 3 fair value measurement input. The estimated fair value of the Promissory Notes was based on the following significant inputs:
Inputs |  | 2023 Input (a) |  |  | December 31, 2023 |  |  | December 31, 2022 |
Exercise price |  |  | $      11.50 |  |  | $ | 11.50 |  |  | $ | 11.50 |
Volatility |  |  | 1.9% - 2.5 | % |  |  | 11.4 | % |  |  | 1.2 | %
Expected term to warrant expiration |  |  | 5.2 - 5.6 years |  |  |  | 5.1 years |  |  |  | 5.3 years |
Risk-free-rate |  |  | 3.39% - 4.17 | % |  |  | 3.77 | % |  |  | 3.91 | %
Dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Stock price |  |  | $ 10.13 - $10.39 |  |  | $ | 11.39 |  |  | $ | 10.05 |
(a) | Represents the range of inputs utilized on the respective dates of the initial valuations of the various convertible note draws and extinguishments during the year ended December 31, 2023.
Schedule of Changes in the Fair Value of Warrant Liabilities |  | The following table presents the changes in the fair value of the Level 3 Promissory Notes:
Fair value as of December 31, 2021 |  | $ | 956,115 |
Proceeds received through Convertible Promissory Note on March 29, 2022 |  |  | 335,000 |
Initial measurement of fair value of Promissory Note |  |  | (52,126 | )
Change in fair value of Promissory Notes |  |  | 170,741 |
Fair value as of December 31, 2022 |  | $ | 1,409,730 |
Principal amount of Promissory Notes amended on March 29, 2023 |  |  | 726,370 |
Initial measurement of fair value of Promissory Notes upon extinguishment of debt |  |  | (42,205 | )
Proceeds received through Convertible Promissory Notes on May 12, 2023, June 28, 2023, and August 30, 2023 |  |  | 1,080,000 |
Initial Measurement of fair value of Promissory Notes |  |  | (490,995 | )
Change in valuation inputs or other assumptions |  |  | 3,698,394 |
Fair value as of December 31, 2023 |  | $ | 6,381,294 |
Other Private Placement Warrants [Member] | Flame Acquisition Corp [Member] |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |
Summary of Level 3 Inputs to Determine Fair Value |  | The following table provides quantitative information regarding Level 3 inputs used to determine the fair values of Private Placement Warrants as of December 31, 2023 and 2022.
|  | December 31, 2023 |  |  | December 31, 2022 |
Stock price |  | $ | 11.39 |  |  | $ | 10.05 |
Strike price |  | $ | 11.50 |  |  | $ | 11.50 |
Term (in years) |  |  | 2.15 |  |  |  | 3.15 |
Volatility |  |  | 5.3 | % |  |  | 0.0 | %
Risk-free rate |  |  | 4.11 | % |  |  | 4.12 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | %

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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