Other Investment Held at Fair Value	6 Months Ended
Jun. 30, 2024
Other Investment Held At Fair Value
Other Investment Held at Fair Value	5. Other Investment Held at Fair Value The Company’s Alterola investment was accounted for at fair value under ASC 321 and presented as Other investment held at fair value on the condensed consolidated balance sheets. Any changes in fair value of the Company’s Alterola investment were recorded as a change in fair value of assets in its condensed consolidated statements of operations and comprehensive loss. Based on quoted market prices, the fair value of the Company’s Alterola investment was $645,638 prior to signing a Settlement and Release Agreement with United Science, LLC (United) and Alterola on March 13, 2024. For the six months ended June 30, 2024, the Company recorded $80,705 of change in fair value of assets. As part of the agreement: (1) a deposit made to United in the amount of approximately $1,100,000 was forfeited; (2) leased equipment was returned to United; (3) 118,535,168 shares of common stock of Alterola were transferred to United in lieu of payment of outstanding invoices totalling approximately $568,000; and (4) 83,226,814 shares of common stock of Alterola were returned to the three shareholders (Equipped4 Holdings Limited (“Equipped”), Phytotherapeutix Holdings Ltd. (“Phyto”), and TPR Global Limited (“TPR”)) who had initially sold the shares to the Company in exchange for settlement of the $1,650,000 remaining balance for the Alterola investment. Equipped, Phyto, and TPR each received approximately 27,742,271 shares of common stock of Alterola. For the six months ended June 30, 2024, the Company recognized a $1,008,589 gain on extinguishment of debt, as a result of the Settlement and Release Agreement. At June 30, 2024 and December 31, 2023, the other investment held at fair value was $nil and $726,343.

Other Investment Held at Fair Value

6 Months Ended

Jun. 30, 2024

5. Other Investment Held at Fair Value

The Company’s Alterola investment was accounted for at fair value under ASC 321 and presented as Other investment held at fair value on the condensed consolidated balance sheets. Any changes in fair value of the Company’s Alterola investment were recorded as a change in fair value of assets in its condensed consolidated statements of operations and comprehensive loss. Based on quoted market prices, the fair value of the Company’s Alterola investment was $645,638 prior to signing a Settlement and Release Agreement with United Science, LLC (United) and Alterola on March 13, 2024. For the six months ended June 30, 2024, the Company recorded $80,705 of change in fair value of assets.

As part of the agreement: (1) a deposit made to United in the amount of approximately $1,100,000 was forfeited; (2) leased equipment was returned to United; (3) 118,535,168 shares of common stock of Alterola were transferred to United in lieu of payment of outstanding invoices totalling approximately $568,000; and (4) 83,226,814 shares of common stock of Alterola were returned to the three shareholders (Equipped4 Holdings Limited (“Equipped”), Phytotherapeutix Holdings Ltd. (“Phyto”), and TPR Global Limited (“TPR”)) who had initially sold the shares to the Company in exchange for settlement of the $1,650,000 remaining balance for the Alterola investment. Equipped, Phyto, and TPR each received approximately 27,742,271 shares of common stock of Alterola. For the six months ended June 30, 2024, the Company recognized a $1,008,589 gain on extinguishment of debt, as a result of the Settlement and Release Agreement.

At June 30, 2024 and December 31, 2023, the other investment held at fair value was $nil and $726,343.

Bright Green Corp 10-Q