Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENT (Tables)

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FAIR VALUE MEASUREMENT (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
SUMMARY OF ASSUMPTIONS USED FOR VALUATION OF FAIR VALUE LIABILITIES

Assumptions utilized in the valuation of Level 3 liabilities are described as follows:

 

    For the Three Months Ended     For the Six Months Ended  
    June 30,     June 30,  
    2024     2023     2024     2023  
Risk-free interest rate     5.09 %     5.40 %     5.03%-5.09%       4.64%-5.40%  
Contractual term (years)     1.00       1.00       1.00       1.00  
Expected volatility     90 %     71 %     88%-90%       71%-77%  
Expected dividend yield     0.00 %     0.00 %     0.00 %     0.00 %
SUMMARY OF CHANGES IN FAIR VALUE OF LEVEL 3 WARRANT LIABILITIES MEASURED AT RECURRING BASIS

The following table sets forth a summary of the changes in the fair value of Level 3 warrant and consideration payable liabilities that are measured at fair value on a recurring basis:

 

    2024  
Consideration payable        
Beginning balance as of January 1,   $ 18,118  
Change in fair value of consideration payable     2,447  
Ending balance as of June 30,   $ 20,565  
         
Warrant Liability        
Beginning balance as of January 1   $ 32  
Change in fair value of warrant liability     (23 )
Ending balance as of June 30,   $ 9  
SUMMARY OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE RECURRING AND NONRECURRING BASIS

Assets and liabilities measured at fair value on a recurring basis are as follows:

 

    June 30, 2024  
    Level 1     Level 2     Level 3     Total  
Assets:                        
Alternative fuel credits   $ -     $ 15     $ -     $ 15  
Total assets   $ -     $ 15     $ -     $ 15  
                                 
Liabilities:                                
Warrant liability   $ -     $ -     $ 9     $ 9  
Common stock consideration payable     -       -       20,565       20,565  
Total liabilities   $ -     $ -     $ 20,574     $ 20,574  

 

    December 31, 2023  
    Level 1     Level 2     Level 3     Total  
Assets:                        
Alternative fuel credits   $ -     $ 32     $ -     $ 32  
Total assets   $ -     $ 32     $ -     $ 32  
                                 
Liabilities:                                
Option liability   $ 293     $ -     $ -     $ 293  
Warrant liability     -       -       32       32  
Common stock liability     743       -       -       743  
Common stock consideration payable     -       -       18,118       18,118  
Total liabilities   $ 1,036     $ -     $ 18,150     $ 19,186