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FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6. FAIR VALUE OF FINANCIAL INSTRUMENTS The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy:
Fair value, assets measured on recurring basis |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair Value Measurement at December 31, 2023 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Investment in common stock of Alzamend Neuro, Inc. (“Alzamend”) – a related party |  | $ | 679,000 |  |  | $ | 679,000 |  |  | $ | - |  |  | $ | - |
Investments in marketable equity securities |  |  | 27,000 |  |  |  | 27,000 |  |  |  | - |  |  |  | - |
Cash and marketable securities held in trust account |  |  | 2,200,000 |  |  |  | 2,200,000 |  |  |  | - |  |  |  | - |
Total assets measured at fair value |  | $ | 2,906,000 |  |  | $ | 2,906,000 |  |  | $ | - |  |  | $ | - |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant and embedded conversion feature liabilities |  | $ | 1,742,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,742,000 |
Convertible promissory notes |  |  | 22,485,000 |  |  |  | - |  |  |  | - |  |  |  | 22,485,000 |
Total liabilities measured at fair value |  | $ | 24,227,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 24,227,000 |
|  | Fair Value Measurement at December 31, 2022 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Investment in common stock of Alzamend – a related party |  | $ | 6,449,000 |  |  | $ | 6,449,000 |  |  | $ | - |  |  | $ | - |
Investments in marketable equity securities |  |  | 6,590,000 |  |  |  | 6,590,000 |  |  |  | - |  |  |  | - |
Cash and marketable securities held in trust account |  |  | 118,193,000 |  |  |  | 118,193,000 |  |  |  | - |  |  |  | - |
Investments in other equity securities |  |  | 13,340,000 |  |  |  | - |  |  |  | - |  |  |  | 13,340,000 |
Total assets measured at fair value |  | $ | 144,572,000 |  |  | $ | 131,232,000 |  |  | $ | - |  |  | $ | 13,340,000 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant and embedded conversion feature liabilities |  | $ | 2,967,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,967,000 |
Convertible promissory notes |  |  | 12,776,000 |  |  |  | - |  |  |  | - |  |  |  | 12,776,000 |
Total liabilities measured at fair value |  | $ | 15,743,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 15,743,000 |
The Company assesses the inputs used to measure fair value using the three-tier hierarchy based on the extent to which inputs used in measuring fair value are observable in the market. For investments where little or no public market exists, management’s determination of fair value is based on the best available information which may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration various factors including earnings history, financial condition, recent sales prices of the issuer’s securities and liquidity risks. The following table summarizes the changes in investments in other equity securities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the year ended December 31, 2023:
Schedule of investments in other equity securities |  |  |  |
|  | Investments in other equity securities |
Balance at January 1, 2023 |  | $ | 13,340,000 |
Conversion to Level 1 marketable securities |  |  | (13,340,000 | )
Balance at December 31, 2023 |  | $ | - |
Equity Investments for Which Measurement Alternative Has Been Selected As of December 31, 2023 and 2022, the Company held equity investments in other securities valued at $21.8 million and $29.2 million, respectively, that were valued using a measurement alternative. These investments are included in other equity securities in the accompanying consolidated balance sheets. The Company has made cumulative downward adjustments for impairments for equity securities that do not have readily determinable fair values as of December 31, 2023 and 2022, totaling $15.8 million and $11.5 million, respectively. For the year ended December 31, 2023, $6.2 million of the impairment charge was recorded as an offset to revenue from lending and trading activities at Ault Lending. The remaining amount of these adjustments have been reflected in impairment of equity securities within other income (expense) on the consolidated statement of operations and comprehensive loss.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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