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Fair Value
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value

4. Fair Value

 

The following table presents as of March 31, 2024 the Company’s liabilities subject to measurement at fair value on a recurring basis (in thousands):

 

   Fair Value Measurements as of March 31, 2024 
   Level 1   Level 2   Level 3   Total 
Liabilities:                
Derivative warrant Liability   -    123    -    123 
Total Liabilities  $-   $123   $-   $123 

 

The following table presents as of December 31, 2023 the Company’s liabilities subject to measurement at fair value on a recurring basis (in thousands):

 

   Fair Value Measurements as of December 31, 2023 
   Level 1   Level 2   Level 3   Total 
Liabilities:                    
Derivative warrant liability  $-   $142   $-   $- 
Total Liabilities  $-   $142   $-   $142 

 

The warrants issued to the PIPE Investor and an advisor in connection with the Merger are accounted for as liabilities in accordance with ASC 815-40 and are presented within Warrant liabilities in the consolidated balance sheets. The measurements of the liability classified warrants are classified as Level 2 fair value measurements due to the use of an observable market quote for the Company’s publicly traded warrants, which are considered to be a similar asset in an active market.

 

The warrant liabilities are calculated by multiplying the quoted market price of the Company’s publicly traded warrants by the number of liability classified warrants.

 

During the period ended March 31, 2024, there were no transfers between Level 1 and Level 2, nor into or out of Level 3.