Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 9—FAIR VALUE MEASUREMENTS

Recurring Fair Value Measurements

The fair value of financial instruments measured on a recurring basis as of June 30, 2024 consisted of the following:

	Fair Value Measurements as of June 30, 2024
Description	Level 1		Level 2		Level 3		Total
Derivative liabilities	$	-	$	-	$	2,882,435	$	2,882,435
Warrant liabilities		-		-		265,100		265,100
Total recurring fair value measurements		-		-	$	3,147,535	$	3,147,535

The following table provides a roll-forward of changes for financial instruments measured at fair value on a recurring basis for the six months ended June 30, 2024:

	Amount
Derivative Liabilities
Balance as of December 31, 2023	$	1,389,203
Initial fair value of derivative liabilities upon issuance		1,338,727
Loss on change in fair value of derivative liabilities		1,903,025
Extinguishment of derivative liabilities upon conversion or settlement		(1,748,520	)
Balance as of June 30, 2024	$	2,882,435

	Amount
Warrant Liabilities
Balance as of December 31, 2023	$	-
Fair value of warrant liabilities upon issuance		4,545,700
Gain on change in fair value of warrant liabilities		(1,759,600	)
Extinguishment of warrant liabilities upon exercise of prefunded warrants		(2,521,000	)
Balance as of June 30, 2024	$	265,100