Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value of Financial Instruments [Abstract]

Level 3 Fair Value Measurement Inputs

The Company used the Monte Carlo simulation model to determine the fair value of the Warrants and Cash-Settled PRSUs, which required the input of subjective assumptions. The fair value of the Warrants and Convertible Note redemption features as of December 31, 2023 was estimated with the following assumptions.

	Amended 2022 Convertible Note				The “2022 Warrants”				2023 Convertible Note				The “2023 Warrants”
Exercise Price		$	19.40			$	19.40			$	5.00			$	5.00
Common Stock Price		$	2.01			$	2.01			$	2.01			$	2.01
Risk Free Rate			5.13	%			3.93	%			4.41	%			3.81	%
Volatility			90.0	%			90.0	%			90.0	%			90	%
Term (in years)	0.4 yrs.				3.2 yrs.				1.5 yrs.				4.5 yrs.

Assets Measured at Fair Value

The following table presents assets measured at fair value at December 31, 2023:

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Derivative liability	$	-	$	-	$	588	$	588
Warrant liability		-		-		520		520
Cash settled performance-vesting restricted stock units		-		-		24		24
Balance at December 31, 2023	$	-	$	-	$	1,132	$	1,132

The following table presents assets measured at fair value at December 31, 2022:

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Level 3 Total
Derivative liability	$	-	$	-	$	285	$	285
Warrant liability		-		-		267		267
Cash settled performance-vesting restricted stock units		-		-		51		51
Balance at December 31, 2022	$	-	$	-	$	603	$	603

Changes in Fair Value of Level 3 Liabilities

The following table summarizes changes in the fair value of our Level 3 liabilities during the twelve months ended December 31, 2023.

(in thousands)	Embedded Redemption Features		Warrant			Cash Settled PRSUs			Level 3 Total
Balance at December 31, 2022	$	285	$	267		$	51		$	603
FV of derivatives with new convertible note issuance		286		1,120			-			1,406
Change in FV included in gain on derivative instruments, net		17		(867	)		-			(850	)
Stock compensation less payments made		-		-			(27	)		(27	)
Balance at December 31, 2023	$	588	$	520		$	24		$	1,132