Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.22.4
Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
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 June 30, 2022 and December 31, 2021 is presented below:

  

   

Fair Value Measurements as of

June 30, 2022

 
    Level 1     Level 2     Level 3  
                   
Assets:                  
Short-term investments   $ 145,000     $ -     $ 1,000,000  
                     
Liabilities:                      
Derivative liability     -       -       94,300,999  
Purchase consideration     -       -       11,080,000  
Total   $ 145,000     $ -     $ 106,380,999  

 

    Fair Value Measurements as of  
    December 31, 2021  
    Level 1     Level 2     Level 3  
Assets:                  
Short-term investments   $ 178,000     $ -     $ 1,000,000  
                         
Liabilities:                        
Warrant Liability     -       -       198,566,170  
Total   $ 178,000     $ -     $ 199,566,170  
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 six months ended June 30, 2022 and 2021, respectively:

  

   

Warrant

Liability

      Purchase Consideration  
               
Balance, January 1, 2022   $ 198,566,170     $ -  
Issuance of warrants and contingent shares     243,681,478       23,250,000  
Change in fair value of warrants and contingent shares     (86,110,179 )     (12,170,000 )
Exercise of warrants     (227,949,858 )     -  
Balance, June 30, 2022   $ 128,187,611     $ 11,080,000  

 

   

Warrant

Liability

 
       
Balance, January 1, 2021   $ -  
Issuance of warrants     228,575,715  
Change in fair value of warrants     773,447  
Exercise of warrants     (89,654,047 )
Balance, June 30, 2021   $ 139,695,115