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5. Fair Value Measurements | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
5. Fair Value Measurements | 5. Fair Value Measurements As of December 31, 2022, and 2021, the Company held $4.4 million and $15.0 million, respectively, in a money market account. The following tables sets summarize the Company’s financial assets and liabilities, measured at fair value on a recurring basis by level within the fair value hierarchy, as of December 31, 2022, and 2021, (in thousands): Schedule of Assets Measured at Fair Value on Recurring Basis
|  | Fair Value Measurements at December 31, 2022 using: |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 4,300 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,300 |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills |  |  | 2,049 |  |  |  | - |  |  |  | - |  |  |  | 2,049 |
|  | $ | 6,349 |  |  | $ | - |  |  | $ | - |  |  | $ | 6,349 |
|  | Fair Value Measurements at December 31, 2021 using: |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 14,997 |  |  | $ | - |  |  | $ | - |  |  | $ | 14,997 |
|  | $ | 14,997 |  |  | $ | - |  |  | $ | - |  |  | $ | 14,997 |
The change in the fair value of the derivative liability is summarized below (in thousands): Schedule of Changes in Fair value of Derivative Liability
|  | 2022 |  |  | 2021 |
|  | Years Ended December 31, |
|  | 2022 |  |  | 2021 |
Fair value, beginning of period |  | $ | - |  |  | $ | 856 |
Initial fair value of instruments issued |  |  | - |  |  |  | 363 |
Change in fair value of instruments |  |  | - |  |  |  | (118 | )
Conversion upon IPO |  |  | - |  |  |  | (1,101 | )
Fair value, end of period |  | $ | - |  |  | $ | - |
There were no transfers between Level 1, Level 2 or Level 3 during the periods presented. The Company had no other financial assets or liabilities that were required to be measured at fair value on a recurring basis.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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