Annual report pursuant to Section 13 and 15(d)

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

v3.23.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
SCHEDULE OF FAIR VALUE MEASUREMENTS, RECURRING AND NONRECURRING

The tables below reflect the level of the inputs used in the Company’s fair value calculations:

 

                                 
(in thousands)  

Quoted Prices in Active Markets

(Level 1)

   

Significant Observable Inputs

(Level 2)

     Significant Unobservable Inputs (Level 3)     Total Fair Value  
December 31, 2022                                
Assets (Note 6)                                
Common stock of Sonnet   $ 12     $ —     $ —     $ 12  
Liabilities (Note 9)                                
Convertible note payable   $ —     $ —     $ 1,000     $ 1,000  

 

                                 
(in thousands)  

Quoted Prices in Active Markets

(Level 1)

    Significant Observable Inputs (Level 2)     Significant Unobservable Inputs (Level 3)     Total Fair Value  
December 31, 2021                                
Assets (Note 6)                                
Common stock of Sonnet   $ 50     $ —     $ —     $ 50  
Liabilities (Note 9)                                
Convertible note payable   $ —     $ —     $ 1,099     $ 1,099  
SCHEDULE OF FAIR VALUE LIABILITIES MEASURED ON RECURRING BASIS

The reconciliation of the convertible note payable measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows:

    Year Ended  
(in thousands)  

December 31, 2022

    

December 31, 2021

  
Beginning balance   $ 1,099     $ —  
Fair value at issuance date     —       1,194  
Change in fair value     (99 )     (95 )
Ending balance   $ 1,000     $ 1,099