XML 41 R34.htm IDEA: XBRL DOCUMENT v3.25.1

Fair Value Measurements and Disclosures (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Fair Value on a Recurring Basis

The following table presents the Company’s financial assets and liabilities accounted for at fair value on a recurring basis as of March 31, 2025 by level within the fair value hierarchy:

		Level 1				Level 2				Level 3				Total
Assets:
Cash equivalents		$	6,298			$	-			$	-			$	6,298
Short-term investments			-				4,526				-				4,526
Liabilities:
Public warrants		$	1,422			$	-			$	-			$	1,422
Private placement warrants			-				1,190				-				1,190
GPO Convertible Note			-				-				35,704				35,704
Dragonfly Seller Convertible Notes			-				-				8,765				8,765
Era Convertible Note			-				-				4,914				4,914
Guaranteed Return Liability			493				-				-				493

The following table presents the Company’s financial assets and liabilities accounted for at fair value on a recurring basis as of December 31, 2024 by level within the fair value hierarchy:

		Level 1				Level 2				Level 3				Total
Assets:
Cash equivalents		$	4,836			$	-			$	-			$	4,836
Short-term investments			-				5,796				-				5,796
Liabilities:
Public warrants		$	1,338			$	-			$	-			$	1,338
Private placement warrants			-				1,120				-				1,120
GPO Convertible Note			-				-				36,524				36,524
Dragonfly Seller Convertible Notes			-				-				8,979				8,979

Summary of Changes in Fair Value of Level 3 Liabilities

The following table summarizes changes in fair value of the Company’s level 3 liabilities during the periods presented:

		GPO Convertible Note				Dragonfly Seller Convertible Notes				Era Convertible Note
Balance at December 31, 2024		$	36,524			$	8,979			$	-
Fair value at issuance date			-				-				4,728
Change in fair value included in the determination of net (income) loss			(820	)			(28	)			186
Paid in kind interest			946				251				-
Note and interest conversion			(946	)			(702	)			-
Foreign exchange			-				265				-
Balance at March 31, 2025		$	35,704			$	8,765			$	4,914

Dragonfly Seller Convertible Notes

Summary of Inputs and Assumptions

The following table presents the assumptions used to determine the fair value of the Dragonfly Seller Convertible Notes at March 31, 2025 and December 31, 2024:

		March 31, 2025				December 31, 2024
Common stock share price		$	0.81			$	1.07
Risk free rate			3.9	%			4.3	%
Yield			21.0	%			19.5	%
Expected volatility			50.0	%			50.0	%
Expected term (years)			2.8				3.1

Era Third Convertible Note

Summary of Inputs and Assumptions

The Third Era Convertible Note was issued in aggregate principal amount of $5,769. The Company elected to account for the Third Era Convertible Notes using the fair value option. The fair market value of the Third Era Convertible Note at issuance was $4,728 and $4,914 at March 31, 2025. The non-cash loss of $186 was recorded in the change in fair value of financial instruments in the condensed consolidated statements of operations and comprehensive income (loss) during the three months ended March 31, 2025. The following table presents the assumptions used to determine the fair value of the Era Third Convertible Note at March 31, 2025 and the date of issuance of March 17, 2025:

		March 31, 2025				March 17, 2025
Common stock share price		$	0.81			$	1.05
Risk free rate			3.80	%			3.94	%
Yield			23.00	%			23.00	%
Expected volatility			94.00	%			94.00	%
Expected term (years)			3.0				3.0

GPO Convertible Note

Summary of Inputs and Assumptions

The following table presents the assumptions used to determine the fair value of the GPO Convertible Note at March 31, 2025 and at December 31, 2024:

		March 31, 2025				December 31, 2024
Common stock share price		$	0.81			$	1.07
Risk free rate			3.9	%			4.3	%
Yield			19.5	%			18.0	%
Expected volatility			50.0	%			50.0	%
Expected term (years)			3.3				3.5

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-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 (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_LongtermDebtTypeAxis=note_DragonflySellerConvertibleNotesMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_LongtermDebtTypeAxis=note_EraThirdConvertibleNoteMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_LongtermDebtTypeAxis=note_GPOConvertibleNoteMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: