XML 27 R15.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Fair Value of Financial Instruments | 12 Months Ended
--- | ---
Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company measures and discloses fair value measurements as required by FASB ASC Topic No. 820, Fair Value Measurements and Disclosures. Fair value is an exit price, representing the amount that would be received upon the sale of an asset or the amount that would be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, the FASB establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: •Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. •Level 2 – Include other inputs that are directly or indirectly observable in the marketplace. •Level 3 – Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following table presents information about the financial liabilities that are measured at fair value on a recurring basis at December 31, 2023 and 2022 (in thousands):
Level 3 |  |  |  |  |  |  | December 31, 2023 |  | December 31, 2022
Notes and Warrants Offering Derivative |  |  |  |  |  |  | $ | — |  |  | $ | 1,575 |
Warrants |  |  |  |  |  |  | 334 |  |  | 2,052 |
Additional Warrants |  |  |  |  |  |  | 263 |  |  | 1,265 |
Total |  |  |  |  |  |  | $ | 597 |  |  | $ | 4,892 |
The following table presents the changes in the fair value of Level 3 instruments for the years ended December 31, 2023 and 2022 (in thousands):
| Notes and Warrants Offering Derivative |  | Warrants |  | Additional Warrants |  | Total
Measurement at December 31, 2021 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Additions | 4,178 |  |  | 3,793 |  |  | 1,590 |  |  | 9,561 |
Change in fair value | (2,603) |  |  | (1,741) |  |  | (325) |  |  | (4,669) |
Measurement at December 31, 2022 | 1,575 |  |  | 2,052 |  |  | 1,265 |  |  | 4,892 |
Additions | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Change in fair value | (1,494) |  |  | (1,718) |  |  | (1,002) |  |  | (4,214) |
Derecognition of debt | (81) |  |  | — |  |  | — |  |  | (81) |
Measurement at December 31, 2023 | $ | — |  |  | $ | 334 |  |  | $ | 263 |  |  | $ | 597 |
The carrying values for all other financial assets and liabilities approximated fair value for the years ended December 31, 2023 and 2022.

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 The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//820/tableOfContent + Details
Name: | us-gaap_FairValueMeasurementInputsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration