XML 31 R16.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Fair Value Measurements | 6 Months Ended
--- | ---
Jun. 30, 2024
Risks and Uncertainties [Abstract] |
Fair Value Measurements | Fair Value Measurements The Company complies with ASC 820 Fair Value Measurements for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. In general, fair values are determined by: •Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. •Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. •Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis:
| June 30, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 848,189 |  |  | $ | — |  |  | $ | — |  |  | $ | 848,189 |
Other investments(i) | 3,168 |  |  | — |  |  | — |  |  | 3,168 |
Derivative liabilities | — |  |  | — |  |  | 21 |  |  | 21 |
| December 31, 2023 |
| Level 1 |  | Level 2 |  | Level 3 |  | Total |
Cash and cash equivalents | $ | 669,291 |  |  | $ | — |  |  | $ | — |  |  | $ | 669,291 |  |
Short-term investments | 192,237 |  |  | — |  |  | — |  |  | 192,237 |  |
Other investments(i) | 9,601 |  |  | — |  |  | — |  |  | 9,601 |  |
Derivative liabilities | — |  |  | — |  |  | 102 |  |  | 102 |  |
(i)As of June 30, 2024 and December 31, 2023, the Company’s influence on Vitura is deemed non-significant and the investment is considered an equity security with a readily determinable fair value. See Note 4 “Investments” for additional information. There were no transfers between fair value categories during the periods presented. The following tables present information about the Company’s assets that are measured at fair value on a non-recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value:
| As of June 30, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Other investments(i) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| As of December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Other investments(i) | $ | — |  |  | $ | — |  |  | $ | 25,650 |  |  | $ | 25,650 |
(i)On June 14, 2021, the Company purchased an option to acquire 473,787 shares of Class A Common Stock of PharmaCann, a vertically integrated cannabis company in the United States, at an exercise price of $0.0001 per share, representing approximately 10.5% of PharmaCann’s issued and outstanding capital stock on a fully diluted basis as of the date of the PharmaCann Option, for an aggregate purchase price of approximately $110,392. As of June 30, 2024 and December 31, 2023, based on updated information provided by PharmaCann in the first quarter, the Company’s ownership percentage in PharmaCann on a fully diluted basis was approximately 6.2% and 6.6%. In the three and six months ended June 30, 2024, the PharmaCann Option was impaired to zero. See Note 4 “Investments.” There were no transfers between fair value categories during the periods presented.

X
- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/275/tableOfContent + Details
Name: | us-gaap_ConcentrationRiskDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RisksAndUncertaintiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration