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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.

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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.

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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.

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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.

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