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Fair Value Measurements
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Fair Value Measurements [Abstract]    
FAIR VALUE MEASUREMENTS

NOTE 8. FAIR VALUE MEASUREMENTS

The following table presents information about the Company’s assets that are measured at fair value on September 30, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

September 30,
2024

  

Quoted
Prices In
Active
Markets
(Level 1)

  

Significant
Other
Observable
Inputs
(Level 2)

  

Significant
Other
Unobservable
Inputs
(Level 3)

Asset:

  

 

    

 

    

 

    

 

  

Investments held in Trust Account

  

$

51,996,271

  

$

51,996,271

  

$

—

  

$

—

Liability:

  

 

    

 

    

 

    

 

  

Promissory Note, net of discount

  

$

438,501

  

$

—

  

$

—

  

$

438,501
 

December 31,
2023

  

Quoted
Prices In
Active
Markets
(Level 1)

  

Significant
Other
Observable
Inputs
(Level 2)

  

Significant
Other
Unobservable
Inputs
(Level 3)

Asset:

  

 

    

 

    

 

    

 

  

Investments held in Trust Account

  

$

165,653,149

  

$

165,653,149

  

$

—

  

$

—

Liability:

  

 

    

 

    

 

    

 

  

Note payable, net of discount

  

$

—

  

$

—

  

$

—

  

$

—

Promissory note

The note payable was valued using the standard closed-form Black Scholes model which is considered to be a Level 3 fair value measurement.

The key inputs into the Black Scholes model for the promissory note were as follows at January 3, 2024:

Input

  

January 3,
2024

Risk-free interest rate

  

 

3.90

%

Term (in years)

  

 

5.0

 

Probability of de-SPAC

  

 

20.0

%

Exercise price

  

$

11.50

 

Public Warrant Price

  

$

0.053

 

The following table presents the changes in the fair value of the Level 3 note payable:

Fair value as of December 31, 2023

  

$

—

 

Initial value

  

 

550,000

 

Discount on promissory note, net of amortization

  

 

(111,499

)

Fair value as of September 30, 2024

  

 

438,501

 

There were no transfers between Levels 1, 2 and 3 during the periods ended September 30, 2024 and December 31, 2023.

NOTE 8. FAIR VALUE MEASUREMENTS

The following table presents information about the Company’s assets that are measured at fair value on December 31, 2023 and 2022, and indicates the fair value hierarchy of the valuation inputs 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)

Asset:

  

 

    

 

    

 

    

 

  

Investments held in Trust Account

  

$

165,653,149

  

$

165,653,149

  

$

—

  

$

—
 

December 31,
2022

  


Quoted
Prices In
Active
Markets
(Level 1)

  

Significant
Other
Observable
Inputs
(Level 2)

  

Significant
Other
Unobservable
Inputs
(Level 3)

Asset:

  

 

    

 

    

 

    

 

  

Investments held in Trust Account

  

$

254,251,750

  

$

254,251,750

  

$

—

  

$

—

There were no transfers between Levels 1, 2 and 3 during the years ended December 31, 2023 and 2022.