XML 40 R29.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Assets and Liabilities Measured at Fair Value
 6 Months Ended
Jun. 30, 2024
Assets and Liabilities Measured at Fair Value [Abstract]  
Assets and Liabilities Measured at Fair Value

Note 20 – 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 June 30, 2024 and December 31, 2023 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

 

  

June 30,

2024

  

Quoted

Prices

In Active

Markets

(Level 1)

  

Significant

Other

Observable

Inputs

(Level 2)

  

Significant

Other

Unobservable

Inputs

(Level 3)

 
Assets  (unaudited)             
Notes receivable - DigiTrax Convertible Notes  $1,098,082   $
       —
   $
        —
   $1,098,082 
Total  $1,098,082   $
—
   $
—
   $1,098,082 

 

  

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 discounted cash flow method. The fair value changes of these notes were recorded as other comprehensive income on the accompanying consolidated statements of operations at each reporting date.  As a result of the unobservable inputs, the available-for-sale security was classified as Level 3 as of June 30, 2024 and December 31, 2023.

 

There were no transfers among the three hierarchies for the six months ended June 30, 2024 and 2023.