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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Subject to Fair Value Measurements | Assets and liabilities subject to fair value measurements are as follows:
| As of September 30, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash and cash equivalents - Money market | $ | 2,523,424 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,523,424 |
Liabilities |  |  |  |  |  |  |
Warrant liabilities - Public Warrants | $ | 1,207,500 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,207,500 |
Warrant liabilities - Private placement warrants (1) | — |  |  | — |  |  | 1,425,000 |  |  | 1,425,000 |
Earn-out liabilities (2) | — |  |  | — |  |  | 150,000 |  |  | 150,000 |
Total liabilities | $ | 1,207,500 |  |  | $ | — |  |  | $ | 1,575,000 |  |  | $ | 2,782,500 |
| As of December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash and cash equivalents - Money market | $ | 10,301,371 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,301,371 |
Liabilities |  |  |  |  |  |  |
Warrant liabilities - Public Warrants | $ | 4,715,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,715,000 |
Warrant liabilities - Private placement warrants (1) | — |  |  | — |  |  | 5,415,000 |  |  | 5,415,000 |
Earn-out liabilities (2) | — |  |  | — |  |  | 660,000 |  |  | 660,000 |
Total liabilities | $ | 4,715,000 |  |  | $ | — |  |  | $ | 6,075,000 |  |  | $ | 10,790,000 |
(1)Private Placement Warrants were estimated using a Black-Scholes option pricing model utilizing assumptions related to the contractual term of the instruments, estimated volatility of the price of the Common Stock and current interest rates. (2)The fair value of the earn-out liabilities was estimated using Monte Carlo simulation utilizing assumptions related to the contractual term of the instruments, estimated volatility of the price of the Common Stock and current interest rates.
Schedule of Changes in Fair Value of the Public and Private Placements Warrants | The following tables present the changes in fair value of the private placements warrants:
| For the three and nine months ended September 30, 2024
Liability at January 1, 2024 | $ | 5,415,000 |
Change in fair value | (1,254,000) |
Balance as of March 31, 2024 | 4,161,000 |
Change in fair value | (1,596,000) |
Balance as of June 30, 2024 | 2,565,000 |
Change in fair value | (1,140,000) |
Balance as of September 30, 2024 | $ | 1,425,000 |
| For the three and nine months ended September 30, 2023
Liability at beginning of the period | $ | — |
Assumed in the Business Combination | 4,389,000 |
Change in fair value | 4,218,000 |
Balance as of September 30, 2023 | $ | 8,607,000 |
The following tables present the changes in fair value of the earn-out liabilities:
| For the three and nine months ended September 30, 2024
Liability at January 1, 2024 | $ | 660,000 |
Change in fair value | (120,000) |
Balance as of March 31, 2024 | 540,000 |
Change in fair value | (220,000) |
Balance as of June 30, 2024 | 320,000 |
Change in fair value | (170,000) |
Balance as of September 30, 2024 | $ | 150,000 |
| For the three and nine months ended September 30, 2023
Liability at beginning of the period | $ | — |
Assumed in the Business Combination | 2,400,000 |
Change in fair value | (450,000) |
Balance as of September 30, 2023 | $ | 1,950,000 |

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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 the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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