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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Summary of Fair Value Hierarchy for Financial Liabilities Measured At Fair Value on a Recurring Basis The following tables summarize our fair value hierarchy for our financial liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023.

 

 

 

 

Fair Value

 

 

 

Level

 

June 30, 2024

 

 

December 31, 2023

 

Liabilities

 

 

 

 

 

 

 

 

37N Note embedded derivative

 

3

 

$

251,298

 

 

$

702,291

 

Put option liability

 

3

 

 

5,393,909

 

 

 

5,637,162

 

Litigation financing

 

3

 

 

53,461,815

 

 

 

52,115,647

 

Warrant liabilities issued with debt (December 2023 Warrants)

 

3

 

 

3,397,288

 

 

 

2,392,563

 

Warrant liabilities issued with equity (2022 Warrants)

 

3

 

 

13,046,608

 

 

 

13,399,822

 

March 2023 Warrants

 

3

 

 

7,424,985

 

 

 

 

Total of fair valued liabilities

 

 

 

$

82,975,903

 

 

$

74,247,485

 

Schedule of Changes in Level 3 Fair Value Measurements

Changes in our Level 3 fair value measurements were as follows:

 

 

 

March 2023
Warrants

 

 

37N Note
embedded
derivative

 

 

Put option
liability

 

 

Litigation
financing

 

 

December
2023
Warrants

 

 

2022 Warrants

 

 

Total

 

Year ended December 31, 2023

 

$

 

 

$

702,291

 

 

$

5,637,162

 

 

$

52,115,647

 

 

$

2,392,563

 

 

$

13,399,822

 

 

$

74,247,485

 

Change in fair value

 

 

(2,491,420

)

 

 

(365,434

)

 

 

(1,252,385

)

 

 

576,173

 

 

 

(124,091

)

 

 

(4,197,744

)

 

 

(7,854,901

)

Classification of warrants as liability

 

 

7,754,438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,754,438

 

Three months ended March 31, 2024

 

 

5,263,018

 

 

 

336,857

 

 

 

4,384,777

 

 

 

52,691,820

 

 

 

2,268,472

 

 

 

9,202,078

 

 

 

74,147,022

 

Debt conversion - 55,000 common shares

 

 

 

 

 

(96,582

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(96,582

)

Change in fair value

 

 

2,161,967

 

 

 

11,023

 

 

 

1,009,132

 

 

 

769,995

 

 

 

1,128,816

 

 

 

3,844,530

 

 

 

8,925,463

 

Six months ended June 30, 2024

 

$

7,424,985

 

 

$

251,298

 

 

$

5,393,909

 

 

$

53,461,815

 

 

$

3,397,288

 

 

$

13,046,608

 

 

$

82,975,903

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 2022

 

$

 

 

$

 

 

$

 

 

$

45,368,948

 

 

$

 

 

$

13,602,467

 

 

$

58,971,415

 

Change in fair value

 

 

 

 

 

 

 

 

 

 

 

1,685,517

 

 

 

 

 

 

(4,732,403

)

 

 

(3,046,886

)

Other

 

 

 

 

 

 

 

 

 

 

 

2,528

 

 

 

 

 

 

 

 

 

2,528

 

Three months ended March 31, 2023, As Restated

 

 

 

 

 

 

 

 

 

 

 

47,056,993

 

 

 

 

 

 

8,870,064

 

 

 

55,927,057

 

Issuance of new instrument

 

 

 

 

 

423,696

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

423,696

 

Issuance of new funding

 

 

 

 

 

 

 

 

 

 

 

4,633

 

 

 

 

 

 

 

 

 

4,633

 

Change in fair value

 

 

 

 

 

 

 

 

 

 

 

1,682,988

 

 

 

 

 

 

1,076,881

 

 

 

2,759,869

 

Six months ended June 30, 2023, As Restated

 

$

 

 

$

423,696

 

 

$

 

 

$

48,744,614

 

 

$

 

 

$

9,946,945

 

 

$

59,115,255