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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Fair value, assets measured on recurring basis |
Fair value, assets measured on recurring basis |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair Value Measurement at June 30, 2024 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Investment in common stock of Alzamend Neuro, Inc. (“Alzamend”) – a related party |  | $ | 304,000 |  |  | $ | 304,000 |  |  | $ | - |  |  | $ | - |
Investments in marketable equity securities |  |  | 33,000 |  |  |  | 33,000 |  |  |  | - |  |  |  | - |
Cash and marketable securities held in trust account |  |  | 794,000 |  |  |  | 794,000 |  |  |  | - |  |  |  | - |
Digital assets |  |  | 224,000 |  |  |  | 224,000 |  |  |  | - |  |  |  | - |
Total assets measured at fair value |  | $ | 1,355,000 |  |  | $ | 1,355,000 |  |  | $ | - |  |  | $ | - |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant and embedded conversion feature liabilities |  | $ | 733,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 733,000 |
Convertible promissory notes |  |  | 18,980,000 |  |  |  | - |  |  |  | - |  |  |  | 18,980,000 |
Total liabilities measured at fair value |  | $ | 19,713,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 19,713,000 |
|  | Fair Value Measurement at December 31, 2023 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Investment in common stock of Alzamend |  | $ | 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 |
Schedule of changes in fair value hierarchy |
Schedule of changes in fair value hierarchy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Level 3 Balance at Beginning of Period |  |  | Fair Value Adjustments |  |  | Purchases, Sales and Settlements |  |  | Transfer in and/or out of Level 3 |  |  | Level 3 Balance at End of Period |
Six months ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant and embedded conversion feature liabilities |  | $ | 1,742,000 |  |  | $ | (1,009,000 | ) |  | $ | - |  |  | $ | - |  |  | $ | 733,000 |
Convertible promissory notes |  |  | 22,485,000 |  |  |  | - |  |  |  | 770,000 |  |  |  | (4,275,000 | ) |  |  | 18,980,000 |
Six months ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant and embedded conversion feature liabilities |  | $ | 2,967,000 |  |  | $ | (3,222,000 | ) |  | $ | 5,860,000 |  |  | $ | - |  |  | $ | 5,605,000 |
Series E, F and G preferred stock liabilities |  |  | - |  |  |  | 91,000 |  |  |  | 8,500,000 |  |  |  | (328,000 | ) |  |  | 8,263,000 |
Convertible promissory notes |  |  | 10,571,000 |  |  |  | - |  |  |  | 8,832,000 |  |  |  | - |  |  |  | 19,403,000 |
|  |  | Level 3 Balance at Beginning of Period |  |  |  | Fair Value Adjustments |  |  |  | Purchases, Sales and Settlements |  |  |  | Transfer in and/or out of Level 3 |  |  |  | Level 3 Balance at End of Period |
Three months ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant and embedded conversion feature liabilities |  | $ | 715,000 |  |  | $ | 18,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 733,000 |
Convertible promissory notes |  |  | 21,180,000 |  |  |  | - |  |  |  | - |  |  |  | (2,200,000 | ) |  |  | 18,980,000 |
Three months ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant and embedded conversion feature liabilities |  | $ | 3,186,000 |  |  | $ | (1,911,000 | ) |  | $ | 4,330,000 |  |  | $ | - |  |  | $ | 5,605,000 |
Series E, F and G preferred stock liabilities |  |  | 8,500,000 |  |  |  | 91,000 |  |  |  | - |  |  |  | (328,000 | ) |  |  | 8,263,000 |
Convertible promissory notes |  |  | 12,776,000 |  |  |  | - |  |  |  | 6,627,000 |  |  |  | - |  |  |  | 19,403,000 |

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- Definition Tabular disclosure of assets, 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). + 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
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- 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
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