Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value of Financial Instruments

Schedule of fair value of financial instruments measured on a recurring basis

	As of March 31, 2024
Description	Total		Level 1			Level 2	Level 3
Assets:
Short-term investments	$	129,238	$	129,238	$	—	$	—
Contingent earn-out receivable, related party	$	2,720,000	$	—	$	—	$	2,720,000
Liability:
Convertible promissory note, related party	$	2,081,750	$	—	$	—	$	2,081,750

	As of December 31, 2023
Description	Total			Level 1		Level 2	Level 3
Assets:
Short-term investments	$	2,206,555	$	2,206,555	$	—	$	—
Contingent consideration receivable, related party	$	268,000	$	—	$	—	$	268,000
Contingent earn-out receivable, related party	$	1,720,000	$	—	$	—	$	1,720,000

Schedule of change in fair value, as determined by Level 3 inputs, for assets and liabilities using unobservable Level 3 inputs

	Contingent		Contingent Earn-out		Convertible
	Consideration		Receivable,		Promissory Note,
	Receivable, Related Party		Related Party		Related Party
Balance at December 31, 2023	$	268,000	$	1,720,000	$	—
Issuance of convertible promissory note, related party		(268,000)		—		1,982,000
Accrued interest		—		—		3,750
Change in fair value		—		1,000,000		96,000
Balance at March 31, 2024	$	—	$	2,720,000	$	2,081,750

	Contingent
	Consideration
Balance at December 31, 2022	$	12,224,614
Change in fair value		(990,500)
Balance at March 31, 2023	$	11,234,114

Schedule of fair value inputs and valuation methodologies

	As of March 31, 2024
	Valuation	Significant		Weighted Average
	Methodology	Unobservable Input		(range, if applicable)
Contingent earn-out receivable, related party	Discounted cash flow analysis	Timing of expected payments		2026-2029
		Discount rate		15.0%
		Future revenue projections	$	153.2 million
		Minimum earn-out payment		3% or $5 million
		Earn-out through		December 31, 2028
Convertible promissory note, related party	Discounted cash flow analysis	Maturity term		1.4 years
		Market interest rate		13.8%
		Principal amount	$	2.25 million

	As of December 31, 2023
	Valuation	Significant		Weighted Average
	Methodology	Unobservable Input		(range, if applicable)
Contingent consideration receivable, related party	Discounted cash flow analysis	Maturity term		1 year
		Market interest rate		14.7%
		Principal amount	$	2.25 million
Contingent earn-out receivable, related party	Discounted cash flow analysis	Timing of expected payments		2026-2029
		Discount rate		15.0%
		Future revenue projections	$	141.4 million
		Minumum earn-out payment		3% or $5.0 million
		Earn-out term though		December 31, 2028