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Fair Value of Financial Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Fair Value of Assets and Liabilities Valued on Recurring Basis

The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis and the Company’s estimated level within the fair value hierarchy of those assets and liabilities as of June 30, 2023 and December 31, 2022:

Schedule of Fair Value of Assets and Liabilities Valued on Recurring Basis

		Fair Value Measured at June 30, 2023
						Quoted				Significant
						prices in				other				Significant
		Total at				active				observable				unobservable
		June 30,				markets				inputs				inputs
		2023				(Level 1)				(Level 2)				(Level 3)
Assets
Investments		$	100,000			$	-			$	-			$	100,000
Liabilities
Warrant Liabilities		$	356,250			$	-			$	-			$	356,250

		Fair Value Measured at December 31, 2022
						Quoted				Significant
						prices in				other				Significant
		Total at				active				observable				unobservable
		December 31,				markets				inputs				inputs
		2022				(Level 1)				(Level 2)				(Level 3)
Assets
Investments		$	100,000			$	-			$	-			$	100,000
Liabilities
Warrant Liabilities		$	213,750			$	-			$	-			$	213,750

Summary of Valuation Methodology and Significant Unobservable Inputs Warrant Liabilities

A summary of quantitative information with respect to the valuation methodology and significant unobservable inputs used for the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy at the date of issuance and, as of June 30, 2023 and December 31, 2022, is as follows:

Summary of Valuation Methodology and Significant Unobservable Inputs Warrant Liabilities

		June 30, 2023				December 31, 2022
Risk-free rate of interest			4.49	%			3.99	%
Expected volatility			144.6	%			152.8	%
Expected life (in years)			2.68				3.18
Expected dividend yield			-				-

Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Changes in Fair Value and Other Adjustments of Warrants

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial assets and liabilities for the six months ended June 30, 2023 and 2022, that are measured at fair value on a recurring basis:

Schedule of Changes in Fair Value and Other Adjustments of Warrants 

		Fair Value of Level 3 Financial Assets
		June 30,				June 30,
		2023				2022
Beginning balance		$	100,000			$	-
Purchases			-				-
Unrealized appreciation (depreciation)			-				-
Ending balance		$	100,000			$	-

		Fair Value of Level 3 Financial Liabilities
		June 30,				June 30,
		2023				2022
Beginning balance		$	213,750			$	1,852,500
Warrant liabilities classification			-				-
Fair value adjustment of warrant liabilities			142,500				(1,068,750	)
Ending balance		$	356,250			$	783,750

X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

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Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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