XML 138 R30.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Fair Value Measurements (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2024 | Dec. 31, 2023
Fair Value Disclosures [Abstract] |  |
Schedule of Assets and Liabilities Measured at Fair Value | The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis, inclusive of related party (in thousands): Schedule of Assets and Liabilities Measured at Fair Value
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | September 30, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bitcoin |  | $ | 2,156 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,156 |
Total assets, at fair value |  | $ | 2,156 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,156 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Combination Warrants |  | $ | - |  |  | $ | - |  |  | $ | 26 |  |  | $ | 26 |
PIPE Warrants |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | 2 |
PIPE Notes |  |  | - |  |  |  | - |  |  |  | 1,593 |  |  |  | 1,593 |
Yorkville Note |  |  | - |  |  |  | - |  |  |  | 1,911 |  |  |  | 1,911 |
SEPA derivative liability |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total liabilities, at fair value |  | $ | - |  |  | $ | - |  |  | $ | 3,532 |  |  | $ | 3,532 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | December 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Combination Warrants |  | $ | - |  |  | $ | - |  |  | $ | 9 |  |  | $ | 9 |
PIPE Warrants |  |  | - |  |  |  | - |  |  |  | 14 |  |  |  | 14 |
PIPE Notes |  |  | - |  |  |  | - |  |  |  | 1,637 |  |  |  | 1,637 |
Total liabilities, at fair value |  | $ | - |  |  | $ | - |  |  | $ | 1,660 |  |  | $ | 1,660 |
| The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis, inclusive of related party (in thousands): Schedule of Assets and Liabilities Measured at Fair Value
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | December 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private warrants |  | $ | - |  |  | $ | - |  |  | $ | 9 |  |  | $ | 9 |
Business Combination Warrants |  | $ | - |  |  | $ | - |  |  | $ | 9 |  |  | $ | 9 |
PIPE warrants |  |  | - |  |  |  | - |  |  |  | 14 |  |  |  | 14 |
PIPE notes |  |  | - |  |  |  | - |  |  |  | 1,637 |  |  |  | 1,637 |
Total liabilities, at fair value |  | $ | - |  |  | $ | - |  |  | $ | 1,660 |  |  | $ | 1,660 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | December 31, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Convertible promissory notes |  | $ | - |  |  | $ | - |  |  | $ | 26,243 |  |  | $ | 26,243 |
Total liabilities, at fair value |  | $ | - |  |  | $ | - |  |  | $ | 26,243 |  |  | $ | 26,243 |
Schedule of Fair Value Assumptions and Valuation | The following table presents the changes in the Business Combination Warrants and PIPE Warrants measured at fair value during the nine months ended September 30, 2024 (in thousands): Schedule of Warrants and Notes Measured at Fair Value
|  | Business Combination Warrants |  |  | PIPE Warrants |
Balance, December 31, 2023 |  | $ | 9 |  |  | $ | 14 |
Additions |  |  |  |  |  |  |  |
Changes in fair value |  |  | 17 |  |  |  | (12 | )
Balance, September 30, 2024 |  | $ | 26 |  |  | $ | 2 |
The following table presents the changes in the PIPE Notes and Yorkville Note measured at fair value during the nine months ended September 30, 2024 (in thousands):
|  | PIPE Notes |  |  | Yorkville Note |
Balance, December 31, 2023 |  | $ | 1,637 |  |  | $ | - |
Additions |  |  | - |  |  |  | 1,350 |
Changes in fair value |  |  | (44 | ) |  |  | 561 |
Balance, September 30, 2024 |  | $ | 1,593 |  |  | $ | 1,911 |
The following table presents the changes in the SEPA derivative liability measured at fair value during the nine months ended September 30, 2024 (in thousands):
|  | Yorkville SEPA |
Balance, December 31, 2023 |  | $ | - |
Additions |  |  | 160 |
Changes in fair value |  |  | (160 | )
Balance, September 30, 2024 |  | $ | - |
| Schedule of Fair Value Assumptions and Valuation
|  | Warrants |  |  | Warrants |  |  | Warrants |  |  | Warrants |
|  | As of December 31, |  |  | As of November 7, |
|  | 2023 |  |  | 2023 |
|  | PIPE |  |  | Private |  |  | PIPE |  |  | Private |
|  | Warrants |  |  | Warrants |  |  | Warrants |  |  | Warrants |
Stock price |  | $ | 0.81 |  |  | $ | 0.81 |  |  | $ | 5.25 |  |  | $ | 7.76 |
Exercise price |  | $ | 10.00 |  |  | $ | 11.50 |  |  | $ | 10.00 |  |  | $ | 11.50 |
Expected volatility |  |  | 80.0 | % |  |  | 51.5 | % |  |  | 45.0 | % |  |  | 5.2 | %
Weighted average risk-free rate |  |  | 3.8 | % |  |  | 3.9 | % |  |  | 4.5 | % |  |  | 4.6 | %
Expected dividend yield |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Expected term (in years) |  |  | 4.9 |  |  |  | 4.8 |  |  |  | 5.0 |  |  |  | 5.0 |
Warrants measurement input |  |  | 4.9 |  |  |  | 4.8 |  |  |  | 5.0 |  |  |  | 5.0 |
Schedule of Fair Value Assumptions and Valuation | Schedule of Fair Value Assumptions and Valuation
|  | As of September 30, 2024 |
|  | PIPE |  |  | Business Combination |
|  | Warrants |  |  | Warrants |
Stock price |  | $ | 0.61 |  |  | $ | 0.61 |
Exercise price |  | $ | 10.00 |  |  | $ | 11.50 |
Expected volatility |  |  | 72.1 | % |  |  | 72.1 | %
Weighted average risk-free rate |  |  | 3.6 | % |  |  | 3.6 | %
Expected dividend yield |  |  | - |  |  |  | - |
Warrants measurement input |  |  | - |  |  |  | - |
Expected term (in years) |  |  | 4.1 |  |  |  | 4.2 |
| Schedule of Fair Value of Stock Options
|  | For the year ended December 31, |
|  | 2023 |  |  | 2022 |
Risk-free interest rate |  |  | - |  |  |  | 0.73% - 2.96 | %
Expected dividend yield |  |  | - |  |  |  | - |
Expected term in years |  |  | - |  |  |  | 1.36 - 1.85 |
Expected volatility |  |  | - |  |  |  | 50.0% - 86.3 | %
Schedule of Warrants and Promissory Notes Measured at Fair Value |  | The following table presents the changes in the Private Warrants, PIPE Notes and PIPE Warrants, and the convertible promissory notes measured at fair value for the years ended December 31, 2023 and 2022 (in thousands): Schedule of Warrants and Promissory Notes Measured at Fair Value
Level 3 Rollforward: |  | Private Warrants |  |  | PIPE Notes & Warrants |  |  | Convertible Promissory Notes |
Balance, December 31, 2021 |  | $ | - |  |  | $ | - |  |  | $ | 6,487 |
Additions |  |  | - |  |  |  | - |  |  |  | 5,140 |
Changes in fair value |  |  | - |  |  |  | - |  |  |  | 14,616 |
Balance, December 31, 2022 |  |  | - |  |  |  | - |  |  |  | 26,243 |
Beginning balance |  |  | - |  |  |  | - |  |  |  | 26,243 |
Additions |  |  | 21 |  |  |  | 1,500 |  |  |  | 4,175 |
Changes in fair value |  |  | (12 | ) |  |  | 151 |  |  |  | 17,517 |
Reclassified to additional paid-in-capital |  |  | - |  |  |  | - |  |  |  | (47,935 | )
Balance, December 31, 2023 |  | $ | 9 |  |  | $ | 1,651 |  |  | $ | - |
Ending balance |  | $ | 9 |  |  | $ | 1,651 |  |  | $ | - |

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
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of liabilities measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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/2003/role/disclosureRef -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_FairValueLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
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