Warrants

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

Warrants

Warrants

On February 23, 2024, in connection with our delisting from the ASX, we amended the strike price of all outstanding warrants originally denominated in Australian dollars to US dollars. As a result of the amendment, the warrants were no longer subject to foreign currency fluctuations and became considered indexed directly to our stock price and, on the date of amendment, we converted the warrants from a liability to stockholders’ equity within the consolidated balance sheets. The amount converted totaled $2,228,813.

Prior to converting our warrant liabilities, we revalued them to their fair value as of each reporting date using a Black-Scholes valuation model, which is calculated using Level 3 inputs. The primary unobservable input used in determining the fair value of the warrant liabilities is the expected volatility of our common stock. On the conversion date, we revalued the warrants using the Black-Scholes valuation model using a risk-free interest rate of 4.2%, expected volatility of 139.1%, and an expected life of 5.6 years, resulting in an estimated fair value of $40.81 per warrant. The activity related to our warrant liabilities during the nine months ended September 30, 2024 and 2023 was as follows:

	For the nine months ended September 30,
	2024		2023
Balance at beginning of period	$	967,257	$	511,295
Fair value remeasurement loss	1,261,556		79,268
Conversion of warrant liabilities to stockholders’ equity	(2,228,813)		—
Balance at end of period	$	—	$	590,563

The fair value remeasurement loss was recognized within other income (expense) on the consolidated statements of operations and comprehensive income.

During the nine months ended September 30, 2024, 54,610 warrants were exercised into 50,198 shares of common stock, with 4,412 shares withheld to cover the exercise price on certain exercises during the period. As of September 30, 2024, we had no warrants outstanding. No warrants were cancelled during the nine months ended September 30, 2024.