v3.24.1.u1
FAIR VALUE MEASUREMENT
 12 Months Ended
Dec. 31, 2023
FAIR VALUE MEASUREMENT [Abstract]  
FAIR VALUE MEASUREMENT
NOTE 9 - FAIR VALUE MEASUREMENT

The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:
Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2. Significant other inputs that are directly or indirectly observable in the marketplace.
Level 3. Significant unobservable inputs which are supported by little or no market activity.

All of the Company’s cash is classified within Level 2 because the Company’s cash is valued using pricing sources and models utilizing observable market inputs. The Convertible promissory notes are classified as Level 3 due to significant unobservable inputs.

 
 ​ ​
As of December 31, 2023
(in thousands)
 ​ ​
Quoted prices
in active
markets for
identical assets
(Level 1)
 ​ ​
Significant
other
observable
inputs
(Level 2)
 ​ ​
Significant
unobservable
inputs
(Level 3)
Cash
​ ​
 
 ​ ​
 
 ​ ​
 
Cash
​ ​ ​ ​
2,572.7
 ​ ​
 
 ​ ​
 
 ​ ​
 
 ​ ​
 
Current Liabilities
​ ​
 
 ​ ​
 
 ​ ​
 
Convertible promissory notes
​ ​ ​ ​ ​ ​
42,415.5
Derivative liability
​ ​ ​ ​ ​ ​
17,282.5
 
 ​ ​
 
 ​ ​
 
 ​ ​
 
Liabilities
​ ​
 
 ​ ​
 
 ​ ​
 
Convertible promissory notes
​ ​ ​ ​ ​ ​
2,931.5
Derivative liability
 ​ ​ ​ ​ ​ ​
1,120.3

 
 ​ ​
As of December 31, 2022
(in thousands)
 ​ ​
Quoted prices
in active
markets for
identical assets
(Level 1)
 ​ ​
Significant
other
observable
inputs
(Level 2)
 ​ ​
Significant
unobservable
inputs
(Level 3)
Cash
​ ​
 
 ​ ​
 
 ​ ​
 
Cash
​ ​
​ ​
9,808.4
 ​ ​
 
 ​ ​
 
 ​ ​
 
 ​ ​
 
Liabilities
​ ​
 
 ​ ​
 
 ​ ​
 
Convertible promissory notes
​ ​
​ ​
​ ​
4,123.9
Derivative liability
 ​ ​
​ ​
​ ​
14,905.3

The estimated fair value of the conversion feature of the Derivative liability is based on traditional valuation methods including Black-Scholes option pricing models and Monte Carlo simulations.