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Assets and Liabilities Measured at Fair Value
 12 Months Ended
Dec. 31, 2023
Assets and Liabilities Measured at Fair Value [Abstract]  
Assets and Liabilities Measured at Fair Value

Note 21 – Assets and Liabilities Measured at Fair Value

 

The following tables presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2023 and 2022 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

 

   December 31,
2023		  

Quoted Prices

In Active

Markets

(Level 1)

  

Significant

Other

Observable

Inputs

(Level 2)

  

Significant

Other

Unobservable

Inputs

(Level 3)

 
Assets                
Notes receivable - DigiTrax Convertible Notes  $1,048,219   $
     —
   $
     —
   $1,048,219 
Notes receivable - Liquid Convertible Notes   1,553,808    
—
    
—
    1,553,808 
Total  $2,602,027   $
—
   $
—
   $2,602,027 

 

The Company evaluated the DigiTrax Convertible Notes and the Liquid Convertible Notes according to ASC 320 and concluded that these note receivables should be classified as available-for-sale security and measured at fair value. To evaluate the fair value of the available-for-sale security, the Company used the valuation methodology of income approach, which is determined by the future cash flow forecast. The interest accrued on these notes were recorded as interest income on the accompanying consolidated statements of operations, while increasing the fair value of these notes at each reporting date. As a result of the unobservable inputs, the available-for-sale security was classified as Level 3 as of December 31, 2023.

 

There were no assets/liabilities measured at fair value as of December 31, 2022.

 

There were no transfers among the three hierarchies for the years ended December 31, 2023 and 2022.