Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Measurements

Fair Value Measurements

The Company uses a fair value hierarchy, which has three levels based on the reliability of the inputs, to determine fair value. The Company’s assessment of the significance of an input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. Level 1 refers to fair values determined based on unadjusted quoted prices in active markets for identical instruments. ​Level 2 refers to fair values estimated using other observable inputs for the instruments, either directly or indirectly, for substantially the full term of the asset or liability.  ​Level 3 includes fair values estimated using unobservable inputs for the instruments used to measure fair value to the extent that observable inputs are not available. The carrying amounts of cash and cash equivalents, financial investments, related party receivables, related party loan receivables, other current assets, accounts payable, related party payables, and other current payables approximate their fair values due to the short-term maturities of the instruments.

The fair value of debt was estimated using a discounted cash flow model and other observable inputs. Therefore, deemed to be Level 2. Refer to Note 8 for the methodology for determining the fair value of Private Placement Warrants.

As of June 30, 2024 and December 31, 2023, there were no changes in the fair value methodology and no transfers between levels of the financial instruments. 

The following table lists the Company’s financial liabilities by level within the fair value hierarchy.

	June 30, 2024								December 31, 2023
		Carrying	Fair Value							Carrying	Fair Value
		Amount		Level 1		Level 2		Level 3		Amount		Level 1		Level 2		Level 3
Private Placement Warrants	$	5,558	$	-	$	5,558	$	-	$	13,965	$	-	$	13,965	$	-
Debt	$	52,603	$	-	$	46,539	$	-	$	25,764	$	-	$	21,273	$	-