Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.23.1
Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 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 September 30, 2022 and December 31, 2021 is presented below:

  

   

Fair Value Measurements as of

September 30, 2022

 
    Level 1     Level 2     Level 3  
                   
Assets:                        
Short-term investments   $ 156,000     $ -     $ 1,000,000  
                         
Liabilities:                        
Warrant liability     -       -       14,031,830  
Purchase consideration     -       -       7,921,876  
Total   $ 156,000     $ -     $ 22,953,706  

 

    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 nine months ended September 30, 2022 and 2021, respectively:

  

   

Warrant Liability

    Purchase Consideration  
             
Balance, January 1, 2022   $ 198,566,170     $ -  
Issuance of warrants     243,681,478       23,250,000  
Change in fair value of warrants     (166,379,348 )     (15,328,124 )
Warrants settled for cash     (33,886,612 )     -  
Exercise of warrants     (227,949,858 )     -  
Balance, September 30, 2022   $ 14,031,830     $ 7,921,876