Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVES (Tables)

v3.24.3
DERIVATIVES (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instrument Presented on Balance Sheets, Statement of Operations and Comprehensive Loss
The following table sets forth the details of the derivative instrument presented on the condensed consolidated balance sheets and notional amounts as of September 30, 2024 and December 31, 2023:

September 30, 2024
Derivatives Not Designated as Hedging Instruments
Number of Warrants (Notional Amount)(1)
Warrant Liability
Exercise Price Per Share (1)
($ in thousands, except for exercise price per share)
Penny Warrants issued to Searchlight 12,024,711  $ 5,315  $ 0.05 

December 31, 2023
Derivatives Not Designated as Hedging Instruments
Number of Warrants (Notional Amount)(1)
Warrant Liability
Exercise Price Per Share (1)
($ in thousands, except for exercise per share)
Penny Warrants issued to Searchlight 12,024,711  $ 11,664  $ 0.05 

(1) The number of shares of common stock covered by warrants outstanding at the effective time of the reverse stock split was reduced to one-fifth the number of shares of common stock covered by the warrants immediately preceding the reverse stock split, and the exercise price per
share was increased by five times the exercise price immediately preceding the reverse stock split, resulting in the same aggregate price being required to be paid therefor upon exercise thereof as was required immediately preceding the reverse stock split.

The gains and losses arising from this derivative instrument in the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2024 (1) are set forth as follows:

Three Months Ended September 30, 2024
Derivatives Not Designated as Hedging Instruments Net Realized Gains (Losses) on Derivative Instruments Net Change in Unrealized Gain (Loss) on Derivative Instruments
(in thousands)
Penny Warrants issued to Searchlight $ —  $ (337)

Nine Months Ended September 30, 2024
Derivatives Not Designated as Hedging Instruments Net Realized Gains (Losses) on Derivative Instruments Net Change in Unrealized Gain (Loss) on Derivative Instruments
(in thousands)
Penny Warrants issued to Searchlight $ —  $ 6,349 

(1) No such instruments existed during the three and nine months ended September 30, 2023; therefore, there were no gains or losses from such instruments during those periods.