v3.24.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
Fair Value Measurements [Abstract]  
Fair Value Measurements
17.Fair Value Measurements

 

The following table summarizes the liabilities measured at fair value on a recurring basis:

 

   2023 
   Level 1   Level 2   Level 3  
   Warrant Liability   Marketable Securities   Contingent Consideration 
December 31, 2022  $10,062,500   $1,100,000   $
-
 
Recognized in the Callin acquisition   
-
    
-
    3,491,741 
Change in fair value   (2,365,895)   35,200    (1,922,381)
December 31, 2023  $7,696,605   $1,135,200   $1,569,360 

 

   2022 
   Level 1   Level 2   Level 3  
   Warrant Liability   Marketable Securities   Contingent Consideration 
December 31, 2021  $
-
   $
-
   $
            -
 
Issued term deposits   
-
    1,100,000    
-
 
Issued in the Qualifying Transaction   31,073,000    
-
    
-
 
Change in fair value   (21,010,500)   
-
    
-
 
December 31, 2022  $10,062,500   $1,100,000   $
-
 

 

Warrant liability

 

Warrant liability consists of warrants issued by the Company in public offerings, private placements, and forward purchase contracts. As of December 31, 2023, the number of warrants outstanding and weighted-average exercise price were 8,050,000 warrants and $11.50, respectively (December 31, 2022 – 8,050,000 and $11.50). The warrants are exercisable and will expire on September 16, 2027, or earlier upon redemption or liquidation. All warrants are publicly traded.

 

Contingent consideration

 

The contingent consideration liability arose during the year from the Callin acquisition, refer to Note 3 for additional details. The decrease in fair value during the year is attributable to changes in the Company’s stock price.