Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Liabilities

v3.23.1
Fair Value of Financial Liabilities
3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value of Financial Liabilities
4.
FAIR VALUE OF FINANCIAL LIABILITIES

Derivative Liability

Financial liabilities consisting of warrant liabilities measured at fair value on a recurring basis are summarized below. The fair value of the warrant liabilities recorded are as follows:

 

Fair value at March 31, 2023

 

Total

 

Level 1

 

Level 2

 

Level 3

 

Liabilities:

 

 

 

 

Warrant liability

 

224,399

 

 

 

 

 

 

224,399

 

Total liabilities

$

224,399

 

$

 

$

 

$

224,399

 

 

The table below provides a summary of the changes in fair value of the warrant liabilities measured on a recurring basis using significant unobservable inputs (Level 3):

 

Years Ended March 31,

 

Warrant liabilities:

2023

 

2022

 

Balance, beginning of period

$

245,341

 

$

 

Warrant liability

 

 

 

Gain on fair value of warrant liability

 

(20,942

)

 

 

Reclassification of warrant liability to equity

 

 

 

 

Balance, end of period

$

224,399

 

$