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Stockholders' Equity (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Subsidiary, Sale of Stock [Line Items]    
Summary of Company's Outstanding Warrants

The summary of the Company's outstanding common stock warrants at June 30, 2024 is as follows:

 

 

Description

 

Number of Warrants

 

 

Exercise price per share

 

 

Expiration Date

Private Placement Warrants

 

 

2,500,000

 

 

$

11.50

 

 

11/1/2027

Public Warrants

 

 

2,875,000

 

 

$

11.50

 

 

11/1/2027

April 2023 Convertible note warrants

 

 

3,868,060

 

 

$

0.60

 

 

4/28/2028

April 2023 Convertible note warrants, related party

 

 

176,292

 

 

$

0.60

 

 

4/28/2028

Total

 

 

9,419,352

 

 

 

 

 

 

The summary of the Company's outstanding common stock warrants at December 31, 2023 is as follows:

 

Description

 

Number of Warrants

 

 

Exercise price per share

 

 

Expiration Date

Private Placement Warrants

 

 

2,500,000

 

 

$

11.50

 

 

11/1/2027

Public Warrants

 

 

2,875,000

 

 

$

11.50

 

 

11/1/2027

April 2023 Convertible note warrants

 

 

3,868,060

 

 

$

0.60

 

 

4/28/2028

April 2023 Convertible note warrants, related party

 

 

176,292

 

 

$

0.60

 

 

4/28/2028

Outstanding Warrants

 

 

9,419,352

 

 

 

 

 

 

Private Placement [Member]    
Subsidiary, Sale of Stock [Line Items]    
Schedule of Weighted Average Assumptions Used in Determining the Fair Value

The following weighted average assumptions were used in determining the fair value of the Private Placement Warrants at June 30, 2024:

June 30,

2024

Expected volatility

100

%

Risk-free interest rate

4.52

%

Expected term (in years)

3.34

Expected dividend yield

0

%

The following weighted average assumptions were used in determining the fair value of the Private Placement Warrants at the date of the Ignyte Business Combination, November 1, 2022:

November 1,

2022

Expected volatility

6.85

%

Risk-free interest rate

4.27

%

Expected term (in years)

5.00

Expected dividend yield

0

%

The following weighted average assumptions were used in determining the fair value of the Private Placement Warrants at December 31, 2022:

December 31,

2022

Expected volatility

30.0

%

Risk-free interest rate

3.99

%

Expected term (in years)

4.84

Expected dividend yield

0

%

The following weighted average assumptions were used in determining the fair value of the Private Placement Warrants at December 31, 2023:

December 31,

2023

Expected volatility

84.0

%

Risk-free interest rate

4.01

%

Expected term (in years)

3.84

Expected dividend yield

0

%