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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Note 12 — Fair Value Measurements We account for certain liabilities at fair value and classify these liabilities within the fair value hierarchy (Level 1, Level 2, or Level 3). Liabilities subject to fair value measurements are as follows:
|  | As of September 30, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities – Public Warrants (1) |  | $ | - |  |  | $ | - |  |  | $ | 7,992,500 |  |  | $ | 7,992,500 |
Warrant liabilities – Private placement warrants (1) |  |  | - |  |  |  | - |  |  |  | 8,607,000 |  |  |  | 8,607,000 |
Earn-out liabilities (2) |  |  | - |  |  |  | - |  |  |  | 1,950,000 |  |  |  | 1,950,000 |
Total liabilities |  | $ | - |  |  | $ | - |  |  | $ | 18,549,500 |  |  | $ | 18,549,500 |
(1) | Public Warrants and Private Placement Warrants were estimated using a Black-Scholes option pricing model utilizing assumptions related to the contractual term of the instruments, estimated volatility of the price of the Common Stock and current interest rates.
(2) | The fair value of the earn-out liabilities was estimated using Monte Carlo simulation utilizing assumptions related to the contractual term of the instruments, estimated volatility of the price of the Common Stock and current interest rates.
The following table presents the changes in fair value of the public and private placements warrants:
|  | For the three months ended September 30, 2023 |  |  | For the nine months ended September 30, 2023 |
Liability at beginning of the period |  | $ | — |  |  | $ | — |
Assumed in the Business Combination |  |  | 8,816,500 |  |  |  | 8,816,500 |
Change in fair value |  |  | 7,783,000 |  |  |  | 7,783,000 |
Balance as of September 30, 2023 |  | $ | 16,599,500 |  |  | $ | 16,599,500 |
The following table presents the changes in fair value of the earn-out liabilities:
|  | For the three months ended September 30, 2023 |  |  | For the nine months ended September 30, 2023 |
Liability at beginning of the period |  | $ | — |  |  | $ | — |
Assumed in the Business Combination |  |  | 2,400,000 |  |  |  | 2,400,000 |
Change in fair value |  |  | (450,000 | ) |  |  | (450,000 | )
Balance as of September 30, 2023 |  | $ | 1,950,000 |  |  | $ | 1,950,000 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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