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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of Liabilities Subject to Fair Value Measurements | 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.
Schedule of Changes in Fair Value of the Public and Private Placements Warrants | 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 |
|  | 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 Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition 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 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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