v3.24.3
Fair Value (Tables)
9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Summary of derivative liabilities and the contingent earnout fall
Fair Value Measurements at September 30, 2024
Level 1Level 2Level 3Total
Anticipated Receivable $$$296,009 $296,009 
Derivative Liabilities$— $— $40,000 $40,000 
Fair Value Measurements at December 31, 2023
Level 1Level 2Level 3Total
Derivative Liabilities$$$157,600 $157,600 
Summary of derivative liabilities
The Company’s derivative liabilities as of September 30, 2024 and December 31, 2023 associated with the Derivative Liabilities are as follows.
September 30, 2024December 31,
2023
Inception
Fair value of 656,250 warrants issued on April 4, 2022
$15,000 $66,000 $378,000 
Fair value of conversion option of Crom convertible note— 200 162,000 
Fair value of 700,000 warrants issued on February 13, 2023
25,000 91,400 259,000 
$40,000 $157,600 
Summary of fair value measurements
Changes to these inputs could produce a significantly higher or lower fair value measurement. The fair value of each Derivative Instrument is estimated using a binomial valuation model. The following assumptions were used for the period as follows:
September 30,
2024
Expected term - warrants
2.51 years - 3.40 years
Stock price as of measurement date$0.17 
Volatility (observed)
115.40% - 117.20%
Incremental discount5.0 %
Selected volatility – post haircut
89.8% - 98.5%
Risk-free interest rate
3.55% - 3.59%