Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2023.

	As of September 30, 2023				Fair Value Measurements As of September 30, 2023
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Assets:
Money Market Funds in Cash Equivalents	$	94,686	$	94,686	$	94,686	$	—	$	—
Liabilities:
Debt:
Marathon Convertible Notes		14,635,200		14,635,200		—		—		14,635,200
Term Loans		18,152,344		18,152,344		—		—		18,152,344
	$	32,787,544	$	32,787,544	$	—	$	—	$	32,787,544

	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
Term 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			September 30, 2023
Marathon Convertible Notes	$	6,360,600	$	—	$	(409,233	)	$	—	$	8,683,833	(1)	$	14,635,200
Term Loans		5,567,231		7,000,000		(1,189,862	)		—		6,774,975	(2)		18,152,344
	$	11,927,831	$	7,000,000	$	(1,599,095	)	$	—	$	15,458,808		$	32,787,544

(1) The Adjustment to Fair Value for the Marathon Convertible Notes during the nine months ended September 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 Term Loans during the nine months ended September 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, as well as $0.3 million of interest expense reflected as such in the statement of operations.

(3) Balance as of December 31, 2022, includes accrued interest of $0.3 million recorded as part of accrued expense as of that date.

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

	For the Three Months Ended September 30, 2023			For the Nine Months Ended September 30, 2023
Activity recorded as change in fair value gain (loss), Term 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 September 30, 2023		(165,496	)		(3,442,552	)
Loss from extinguishment of debt related to increase in post-modification cashflows					(2,710,194	)
Total change in fair value recognized, Term Loans		(165,496	)		(6,452,669	)
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 September 30, 2023		(1,557,000	)		(4,173,633	)
Loss from extinguishment of debt related to increase in post-modification cashflows					(5,008,800	)
Total change in fair value recognized, Marathon Convertible Note		(1,557,000	)		(8,683,833	)
Total change in fair value recognized during the three and nine months ended September 30, 2023	$	(1,722,496	)	$	(15,136,502	)