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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 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 September 30, 2024 and December 31, 2023.
|  |  |  | Fair Value |
|  | Level |  | September 30, 2024 |  |  | December 31, 2023 |
Liabilities |  |  |  |  |  |  |  |
37N Note embedded derivative |  | 3 |  | $ | 147,963 |  |  | $ | 702,291 |
Put option liability |  | 3 |  |  | 108,437 |  |  |  | 5,637,162 |
Litigation financing |  | 3 |  |  | 58,668,368 |  |  |  | 52,115,647 |
Warrant liabilities issued with debt (December 2023 Warrants) |  | 3 |  |  | 652,100 |  |  |  | 2,392,563 |
Warrant liabilities issued with equity (2022 Warrants) |  | 3 |  |  | 2,247,643 |  |  |  | 13,399,822 |
March 2023 Warrants |  | 3 |  |  | 1,511,902 |  |  |  | — |
Total of fair valued liabilities |  |  |  | $ | 63,336,413 |  |  | $ | 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 |
Three 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 |
Debt conversion - 120,000 common shares |  |  | — |  |  |  | (97,056 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (97,056 | )
Change in fair value |  |  | (5,913,083 | ) |  |  | (6,279 | ) |  |  | (5,285,472 | ) |  |  | 5,206,553 |  |  |  | (2,745,188 | ) |  |  | (10,798,965 | ) |  |  | (19,542,434 | )
Three months ended September 30, 2024 |  | $ | 1,511,902 |  |  | $ | 147,963 |  |  | $ | 108,437 |  |  | $ | 58,668,368 |  |  | $ | 652,100 |  |  | $ | 2,247,643 |  |  | $ | 63,336,413 |
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 |
Three months ended June 30, 2023, As Restated |  |  | — |  |  |  | 423,696 |  |  |  | — |  |  |  | 48,744,614 |  |  |  | — |  |  |  | 9,946,945 |  |  |  | 59,115,255 |
Issuance of new funding |  |  | — |  |  |  | — |  |  |  | 4,516,007 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,516,007 |
Warrants Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (184,600 | ) |  |  | (184,600 | )
Change in fair value |  |  | — |  |  |  | 173,287 |  |  |  | (242,969 | ) |  |  | 1,685,516 |  |  |  | — |  |  |  | 243,313 |  |  |  | 1,859,147 |
Nine months ended September 30, 2023 |  | $ | — |  |  | $ | 596,983 |  |  | $ | 4,273,038 |  |  | $ | 50,430,130 |  |  | $ | — |  |  | $ | 10,005,658 |  |  | $ | 65,305,809 |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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