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Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair value measurements [Abstract]

Fair Value, Warrants Measured on Recurring Basis

The following table reconciles the beginning and ending balances of the Company’s Level 3 recurring assets for the three months ended March 31, 2025 and 2024 (in thousands):


		Three Months Ended
		March 31,
		2025			2024
Fair value of warrants at beginning of period		$	103		$	77
Unrealized loss on fair value adjustment for warrants			(4)			—
Fair value of warrants at end of period		$	99		$	77

Summary of Valuation Techniques and Significant Unobservable Inputs Used

The following table summarizes the valuation techniques and significant unobservable inputs used for the Company’s recurring and non-recurring fair value calculation/adjustments categorized as Level 3 in the fair value hierarchy at March 31, 2025 and December 31, 2024:


March 31, 2025
		Valuation		Valuation		Unobservable		Range of Input Values
Name		Frequency		Technique		Inputs		(Weighted Average)
Warrants		Recurring		Black-Scholes formulation		Stock price		$0.01 - $14.14 ($0.07)
						Exercise price		$0.02 - $9.00 ($0.07)
						Time to maturity (in years)		2.66 - 6.69 (2.80)
						Annualized volatility		40.51% - 73.15% (72.96%)


December 31, 2024
		Valuation		Valuation		Unobservable		Range of Input Values
Name		Frequency		Technique		Inputs		(Weighted Average)
Warrants		Recurring		Black-Scholes formulation		Stock price		$0.01 - $14.14 ($0.07)
						Exercise price		$0.02 - $9.00 ($0.07)
						Time to maturity (in years)		2.91 - 6.94 (3.05)
						Annualized volatility		47.00% - 73.00% (72.85%)

Estimated Fair Values of Financial Instruments

The following tables present estimated fair values of the Company’s financial instruments in accordance with the guidance provided by the Financial Instruments Topic of the FASB Accounting Standards Codification at March 31, 2025 and December 31, 2024 (in thousands):


		Fair Value Measurements at March 31, 2025
		Carrying
		Amount			Level 1			Level 2			Level 3			Total
Financial assets:
Cash and cash equivalents		$	361		$	361		$	-		$	-		$	361
Warrants, fair value			99			-			-			99			99
Financial liabilities:
Non-recourse debt			287			-			-			280			280


		Fair Value Measurements at December 31, 2024
		Carrying
		Amount			Level 1			Level 2			Level 3			Total
Financial assets:
Cash and cash equivalents		$	358		$	358		$	-		$	-		$	358
Warrants, fair value			103			-			-			103			103
Financial liabilities:
Non-recourse debt			305			-			-			295			295

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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