Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

8. FAIR VALUE MEASUREMENTS

We account for certain liabilities at fair value and classify these liabilities within the fair value hierarchy (Level 1, Level 2, or Level 3). There were no assets measured at fair value as of September 30, 2024 and December 31, 2023.

Liabilities subject to fair value measurements are as follows:

	As of September 30, 2024
	Level 1		Level 2		Level 3		Total
Liabilities
Derivative warrant liabilities – public		47,440		-		-		47,440
Derivative warrant liabilities – private placement		26,680		-		-		26,680
Total liabilities	$	74,120	$	-	$	-	$	74,120

	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Liabilities
Derivative warrant liabilities – public		276,000		-		-		276,000
Derivative warrant liabilities – private placement		155,200		-		-		155,200
Total liabilities	$	431,200	$	-	$	-	$	431,200

Warrant liabilities

The public warrants are separately listed and traded in an active market, the public warrants have been measured at fair value utilizing their listed trading price. The estimated fair value of private placement warrants as of September 30, 2024 and December 31, 2023 was based on the fair value of the public warrants.

For the three months ended September 30, 2024, the Company recognized an expense from a increase in the fair value of liabilities of $5,390, presented as a change in fair value of derivative warrant liabilities in the accompanying condensed consolidated statements of operations. For the nine months ended September 30, 2024, the Company recognized an income from a decrease in the fair value of liabilities of $357,080, presented as a change in fair value of derivative warrant liabilities in the accompanying condensed consolidated statements of operations.