Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

The following table presents the Company’s assets and liabilities that are measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of June 30, 2023.

	As of June 30, 2023				Fair Value Measurements As of June 30, 2023
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Assets:
Money Market Funds in Cash Equivalents	$	1,053,416	$	1,053,416	$	1,053,416	$	—	$	—
Liabilities:
Debt:
Marathon Convertible Notes		13,078,200		13,078,200		—		—		13,078,200
SWK Loans		17,986,848		17,986,848		—		—		17,986,848
	$	31,065,048	$	31,065,048	$	—	$	—	$	31,065,048

	As of December 31, 2022				Fair Value Measurements As of December 31, 2022
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Assets:
Money Market Funds in Cash Equivalents	$	1,829,218	$	1,829,218	$	1,829,218	$	—	$	—
Liabilities:
Debt:
Marathon Convertible Notes		6,360,600		6,360,600		—		—		6,360,600
SWK Loans		5,567,231		5,567,231		—		—		5,567,231
	$	11,927,831	$	11,927,831	$	—	$	—	$	11,927,831

Schedule of Change in Fair Value

	December 31, 2022		Loan Received		Payments			Accretion/ Interest Accrued		Adjustment to Fair Value Mark to Market			June 30, 2023
Marathon Convertible Notes	$	6,360,600	$	—	$	(409,233	)	$	—	$	7,126,833	(1)	$	13,078,200
SWK Loans		5,567,231		7,000,000		(1,189,862	)		—		6,609,479	(2)		17,986,848
	$	11,927,831	$	7,000,000	$	(1,599,095	)	$	—	$	13,736,312		$	31,065,048

(1) The Adjustment to Fair Value for the Marathon Convertible Notes during the six months ended June 30, 2023, includes $5.0 million of increase in the post-modification cash flows of the instrument, which was recognized as a loss on extinguishment during the period.

(2) The Adjustment to Fair Value for the SWK Loans during the six months ended June 30, 2023, includes $2.7 million of increase in the post-modification cash flows of the instrument, which was recognized as a loss on extinguishment during the period.

Schedule of Change in Fair Value of Pre-Modification And Post-Modification

	For the Three Months Ended June 30, 2023			For the Six Months Ended June 30, 2023
Activity recorded as change in fair value gain (loss), SWK Loans
Loss from change in fair value from December 31, 2022 to date of modification	$	—		$	(299,923	)
Loss from change in fair value from date of modification to June 30, 2023		(1,797,294	)		(3,599,362	)
Loss from extinguishment of debt related to increase in post-modification cashflows		—			(2,710,194	)
Total change in fair value recognized, SWK Loans		(1,797,294	)		(6,609,479	)
Activity recorded as change in fair value gain (loss), Marathon Convertible Note
Gain from change in fair value from December 31, 2022 to date of modification	$	—		$	498,600
Loss from change in fair value from date of modification to June 30, 2023		(1,686,033	)		(2,616,633	)
Loss from extinguishment of debt related to increase in post-modification cashflows		—			(5,008,800	)
Total change in fair value recognized, Marathon Convertible Note		(1,686,033	)		(7,126,833	)
Total change in fair value recognized during the three and six months ended June 30, 2023	$	(3,483,327	)	$	(13,736,312	)