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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2025
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, 2025 and December 31, 2024.
|  |  |  | Fair Value at |
|  | Level |  | June 30, 2025 |  |  | December 31, 2024 |
Liabilities |  |  |  |  |  |  |  |
Litigation financing |  | 3 |  | $ | 59,470,022 |  |  | $ | 56,950,377 |
2022 Warrants |  | 3 |  |  | 4,384,094 |  |  |  | 2,060,773 |
March 2023 Warrants |  | 3 |  |  | 2,577,392 |  |  |  | 1,910,950 |
December 2023 Warrants |  | 3 |  |  | 1,611,829 |  |  |  | 827,036 |
March 2023 Note Conversion Option |  | 3 |  |  | 3,095,000 |  |  |  | 2,745,000 |
December 2023 Note Conversion Option |  | 3 |  |  | 509,000 |  |  |  | 307,000 |
Total of fair valued liabilities |  |  |  | $ | 71,647,337 |  |  | $ | 64,801,136 |
Summary of Fair Values and Related Carrying Values of Financial Instruments | The following table summarizes the fair values and related carrying values of financial instruments at June 30, 2025 and December 31, 2024 that are not required to be remeasured at fair value on a recurring basis.
|  |  |  | June 30, 2025 |  |  | December 31, 2024 |
|  | Level |  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 2023 Note |  | 2 |  | $ | 13,830,484 |  |  | $ | 13,580,758 |  |  | $ | 13,101,995 |  |  | $ | 12,422,050 |
December 2023 Note |  | 2 |  | $ | 6,914,362 |  |  | $ | 6,641,557 |  |  | $ | 6,550,164 |  |  | $ | 6,622,108 |
Schedule of Changes in Level 3 Fair Value Measurements | Changes in our Level 3 fair value measurements were as follows:
|  | 37N Note Conversion Option |  |  | March 2023 Warrants |  |  | December 2023 Warrants |  |  | Put option liability |  |  | March 2023 Conversion Option |  |  | December 2023 Conversion Option |  |  | Litigation financing |  |  | 2022 Warrants |  |  | Total |
Balance as of December 31, 2024 |  | $ | — |  |  | $ | 1,910,950 |  |  | $ | 827,036 |  |  | $ | — |  |  | $ | 2,745,000 |  |  | $ | 307,000 |  |  | $ | 56,950,377 |  |  | $ | 2,060,773 |  |  | $ | 64,801,136 |
Change in fair value |  |  | — |  |  |  | (967,708 | ) |  |  | (420,606 | ) |  |  | — |  |  |  | (2,317,000 | ) |  |  | (141,000 | ) |  |  | 1,713,439 |  |  |  | (1,090,063 | ) |  |  | (3,222,938 | )
Balance as of March 31, 2025 |  |  | — |  |  |  | 943,242 |  |  |  | 406,430 |  |  |  | — |  |  |  | 428,000 |  |  |  | 166,000 |  |  |  | 58,663,816 |  |  |  | 970,710 |  |  |  | 61,578,198 |
Warrants Exercised |  |  | — |  |  |  | (615,685 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (615,685 | )
Change in fair value |  |  | — |  |  |  | 2,249,835 |  |  |  | 1,205,399 |  |  |  | — |  |  |  | 2,667,000 |  |  |  | 343,000 |  |  |  | 806,206 |  |  |  | 3,413,384 |  |  |  | 10,684,824 |
Balance as of June 30, 2025 |  | $ | — |  |  | $ | 2,577,392 |  |  | $ | 1,611,829 |  |  | $ | — |  |  | $ | 3,095,000 |  |  | $ | 509,000 |  |  | $ | 59,470,022 |  |  | $ | 4,384,094 |  |  | $ | 71,647,337 |
Balance as of December 31, 2023 |  | $ | 702,291 |  |  | $ | — |  |  | $ | 2,392,563 |  |  | $ | 5,637,162 |  |  | $ | — |  |  | $ | — |  |  | $ | 52,115,647 |  |  | $ | 13,399,822 |  |  | $ | 74,247,485 |
Change in fair value |  |  | (365,434 | ) |  |  | (2,491,420 | ) |  |  | (124,091 | ) |  |  | (1,252,385 | ) |  |  | — |  |  |  | — |  |  |  | 576,173 |  |  |  | (4,197,744 | ) |  |  | (7,854,901 | )
Classification of warrants as liability |  |  | — |  |  |  | 7,754,438 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,754,438 |
Balance as of March 31, 2024 |  |  | 336,857 |  |  |  | 5,263,018 |  |  |  | 2,268,472 |  |  |  | 4,384,777 |  |  |  | — |  |  |  | — |  |  |  | 52,691,820 |  |  |  | 9,202,078 |  |  |  | 74,147,022 |
Debt conversion - 55,000 common shares |  |  | (96,582 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (96,582 | )
Change in fair value |  |  | 11,023 |  |  |  | 2,161,967 |  |  |  | 1,128,816 |  |  |  | 1,009,132 |  |  |  | — |  |  |  | — |  |  |  | 769,995 |  |  |  | 3,844,530 |  |  |  | 8,925,463 |
Balance as of June 30, 2024 |  | $ | 251,298 |  |  | $ | 7,424,985 |  |  | $ | 3,397,288 |  |  | $ | 5,393,909 |  |  | $ | — |  |  | $ | — |  |  | $ | 53,461,815 |  |  | $ | 13,046,608 |  |  | $ | 82,975,903 |

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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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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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