Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.22.1
Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2022
Fair Value Of Financial Instruments  
Schedule of Fair Value of Financial Assets and Liabilities

The following fair value of financial assets and liabilities and the input level used to determine the fair value as of March 31, 2022 and December 31, 2021 is presented below:

 

   

Fair Value Measurements as of

March 31, 2022

 
    Level 1     Level 2     Level 3  
                   
Assets:                        
Short-term investments   $ 210,000     $ -     $ -  
                         
Liabilities:                        
Warrant liability     -       -       429,023,674  
Total     210,000       -       429,023,674  

 

   

Fair Value Measurements as of

December 31, 2021

 
    Level 1     Level 2     Level 3  
                   
Assets:                        
Short-term investments   $ 178,000     $ -     $ -  
                         
Liabilities:                        
Warrant liability     -       -       198,566,170  
Total     178,000       -       198,566,170  
Schedule of Reconciliation of Liabilities Measured at Fair Value

The following table presents a reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2022 and 2021, respectively:

 

    Warrant Liability  
       
Balance, January 1, 2022   $ 198,566,170  
Issuance of warrants     243,681,478  
Change in fair value of warrants     86,948,858
Exercise of warrants     (100,029,444 )
Balance, March 31, 2022   $ 429,167,462  

 

    Warrant Liability  
       
Balance, January 1, 2021   $ -  
Issuance of warrants     77,083,044  
Change in fair value of warrants     (18,627,843 )
Exercise of warrants     (219,636 )
Balance, March 31, 2021   $ 58,235,565