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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 1,934 $ 47
Bitcoin 2,156
Accounts receivable, net of allowance for credit losses of $0 and $125,233 at December 31, 2023 and December 31, 2022, respectively 63 152
Prepaid expenses and other current assets 151 166
Total current assets 4,304 365
Deferred transaction costs  
Property and equipment, net 84 99
Total assets 4,388 464
Current liabilities:    
Accounts payable & accrued expenses 6,161 4,682 [1]
Deferred revenues 428 254
Loan extensions 2,992 2,992
Convertible promissory notes  
Loan Payable  
PIPE Notes 1,593 1,637 [2]
Yorkville Note 1,911  
Deferred underwriter fee payable 3,237 3,525
Loan – related party 2,306  
Other current liabilities   283
Total current liabilities 18,628 13,373
Convertible promissory notes  
Loan, related party   465
Other long-term liabilities 28 68 [3]
Total liabilities 18,656 13,906
Commitments and contingencies (Note 13)
Temporary equity:    
Total temporary equity  
Stockholders’ (deficit) equity:    
Preferred Stock, par value $0.0001, 1,000,000 and 0 shares authorized at December 31, 2023 and 2022, respectively; no shares issued and outstanding at December 31, 2023 and 2022
Common Stock, par value $0.0001, 100,000,000 shares authorized and 23,572,232 and 4,033,170 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively 2 2
Additional paid-in-capital 85,455 77,996 [4]
Treasury stock, at cost, 187,745 and 0 shares at September 30, 2024 and December 31, 2023, respectively (529)  
Accumulated deficit (99,196) (91,440) [5]
Total stockholders’ deficit (14,268) (13,442)
Total liabilities, temporary equity, and stockholders’ deficit $ 4,388 464
Series A-2 Preferred Stock [Member]    
Temporary equity:    
Total temporary equity  
Series A-1 Preferred Stock [Member]    
Temporary equity:    
Total temporary equity  
Restated [Member]    
Current assets:    
Cash and cash equivalents   47
Bitcoin  
Accounts receivable, net of allowance for credit losses of $0 and $125,233 at December 31, 2023 and December 31, 2022, respectively   152
Prepaid expenses and other current assets   166
Total current assets   365
Property and equipment, net   99
Total assets   464
Current liabilities:    
Accounts payable & accrued expenses   4,965
Deferred revenues   254
Loan extensions   2,992
PIPE Notes   1,637
Yorkville Note  
Deferred underwriter fee payable   3,525
Loan – related party   465
Total current liabilities   13,838
Other long-term liabilities   68
Total liabilities   13,906
Commitments and contingencies (Note 13)  
Stockholders’ (deficit) equity:    
Preferred Stock, par value $0.0001, 1,000,000 and 0 shares authorized at December 31, 2023 and 2022, respectively; no shares issued and outstanding at December 31, 2023 and 2022  
Common Stock, par value $0.0001, 100,000,000 shares authorized and 23,572,232 and 4,033,170 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively   2
Additional paid-in-capital   77,996
Treasury stock, at cost, 187,745 and 0 shares at September 30, 2024 and December 31, 2023, respectively  
Accumulated deficit   (91,440)
Total stockholders’ deficit   (13,442)
Total liabilities, temporary equity, and stockholders’ deficit   $ 464
[1] Impact of errors related to: (i) improper cutoff of miscellaneous vendor payables; and (ii) under-accruals related to the year-end bonus and taxes.
[2] Impact of errors related to the valuation of the PIPE notes containing certain embedded features that were not previously considered, which are now accounted for under the FVO.
[3] Impact of errors related to the valuation of liability-classified warrants.
[4] Impact of errors related to the accounting for the Business Combination. Management did not properly assess the Business Combination and associated recapitalization of the shares. Additionally, an impairment charge was erroneously included in the initial filed financial statements.
[5] Cumulative and current year impacts of corrections of errors to the consolidated statements of operations, primarily related to historical adjustments within fair value of convertible debt, warrants and stock-based compensation expense.