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Fair Value Disclosure (Tables)
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value on Recurring Basis

The following tables set forth the fair value of the Company’s consolidated financial instruments that were measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 (in thousands):

 

   September 30, 2023 
Liabilities measured at fair value on a recurring basis  Level 1   Level 2   Level 3   Total 
Notes payable (fair value)           3,410    3,410 
Total liabilities measured at fair value           3,410    3,410 

 

   December 31, 2022 
   Level 1   Level 2   Level 3   Total 
Notes payable (fair value)           3,781    3,781 
Total liabilities measured at fair value           3,781    3,781 
Schedule of Estimated Fair Value

The change in the estimated fair value of the Level 3 liability is summarized below:

 

Year ended December 31, 2022  Streeterville Notes Payable 
Beginning fair value of Level 3 liability   5,282 
Borrowings on notes payable   5,000 
Repayments   (1,800)
Change in fair value   850 
Gain on valuation   (500)
Change in instrument specific credit risk   (5,051)
Ending fair value of Level 3 liability   3,781 

 

Nine months ended September 30, 2023  Streeterville Notes Payable 
     
Beginning fair value of Level 3 liability   3,781 
Borrowings on notes payable   2,500 
Repayments   (1,535)
Change in fair value   1,400 
Change in instrument specific credit risk   (2,736)
Ending fair value of Level 3 liability   3,410 
Schedule of Unobservable Inputs in Fair Value Measurement

The following table summarizes the quantitative information about the significant unobservable inputs used in Level 3 fair value measurement for the periods ended September 30, 2023 and December 31, 2022:

 

   Range of Inputs 
   (risk free rate) 
Unobservable Inputs  2023   2022 
Risk free rate   5.4% - 5.6%    2.1% - 4.7 %
Option adjusted spread   15.0%   10.0%
Illiquidity discount   3.75%   2.5%
Concluded discount rate  9.25%    4.75% - 8.5 %