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Fair Value Measurements
 9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Fair Value Disclosures [Abstract]    
Fair Value Measurements

Note 8 - Fair Value Measurements

 

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 including the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.

 

             
   Description    Level   Fair Value 
September 30, 2023  Marketable securities   1   $49,992,699 
December 31, 2022  Marketable securities   1   $234,716,046 

 

The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022, including the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.

 

                    
September 30, 2023  Level 1   Level 2   Level 3   Total 
Liabilities:                    
Public Warrants  $564,650   $-   $-   $564,650 
Private Placement Warrants   -    436,990    -    436,990 
Total liabilities  $564,650   $436,990   $-   $1,001,640 

 

December 31, 2022  Level 1   Level 2   Level 3   Total 
Liabilities:                    
Public Warrants  $346,150   $-   $-   $346,150 
Private Placement Warrants   -    267,890    -    267,890 
Total liabilities  $346,150   $267,890   $-   $614,040 

 

On December 9, 2021, the Public Warrants surpassed the 52-day threshold waiting period to be publicly traded in accordance with the Prospectus filed October 21, 2021. Once publicly traded, the observable input qualifies the liability for treatment as a Level 1 liability. As such, as of September 30, 2023 and December 31, 2022, the Company classified the Public Warrants as Level 1. The Private Warrants were valued based on the trading price of Public Warrants, which is considered to be a Level 2 fair value measurement. To estimate the value of the Private Placement Warrants, the Company used the public trading price of the Public Warrants. This value was adjusted to reflect the value of the issuer call provision of the Public Warrants, as this right is not applicable to the Private Placement Warrants unless they are sold by the initial holders. There were no transfers between fair value levels during the three and nine months ended September 30, 2023.

 

The following table presents a summary of the changes in the fair value of Derivative Warrant Liabilities:

 

               
   Public
Warrant
Liability		   Public
Warrant
Liability		   Total 
Fair value at January 1, 2023  $346,150   $267,890   $614,040 
Change in fair value (loss)   218,500    169,100    387,600 
Fair value as of September 30, 2023  $564,650   $436,990   $1,001,640 

 

Note 8 — Fair Value Measurements

 

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2022 and 2021 including the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.

 

                   
    Description     Level     Fair Value  
December 31, 2022   Marketable securities     1     $ 234,716,046  
December 31, 2021   Marketable securities     1     $ 232,320,844  

 

The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis as of December 31, 2022 and 2021, including the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.

 

                               
December 31, 2022   Level 1     Level 2     Level 3     Total  
Liabilities:                                
Public Warrants   $ 346,150     $ -     $ -     $ 346,150  
Private Placement Warrants     -       267,890       -       267,890  
Total liabilities   $ 346,150     $ 267,890     $ -     $ 614,040  

 

December 31, 2021   Level 1     Level 2     Level 3     Total  
Liabilities:                                
Public Warrants   $ 6,900,000     $ -     $ -     $ 6,900,000  
Private Placement Warrants     -       5,340,000       -       5,340,000  
Total liabilities   $ 6,900,000     $ 5,340,000     $ -     $ 12,240,000  

 

On December 9, 2021, the Public Warrants surpassed the 52-day threshold waiting period to be publicly traded in accordance with the Prospectus filed October 21, 2021. Once publicly traded, the observable input qualifies the liability for treatment as a Level 1 liability. As such, as of December 31, 2022 and 2021, the Company classified the Public Warrants as Level 1. The Private Warrants were valued based on the trading price of Public Warrants, which is considered to be a Level 2 fair value measurement. To estimate the value of the Private Placement Warrants, the Company used the public trading price of the Public Warrants. This value was adjusted to reflect the value of the issuer call provision of the Public Warrants, as this right is not applicable to the Private Placement Warrants unless they are sold by the initial holders. Besides the transfers of the Public Warrant from Level 3 to Level 1 and Private Warrant from Level 3 to Level 2 for reasons described above, there are no other transfers in and out of level 3 from the Initial Public Offering date through December 31, 2022.

 

The following table presents a summary of the changes in the fair value of Derivative Warrant Liabilities:

 

                 
    Public     Private        
    Warrant     Warrant        
    Liability     Liability     Total  
Fair value at October 22, 2021   $ 5,030,000     $ 4,024,000     $ 9,054,000  
Change in fair value     1,870,000       1,316,000       3,186,000  
Fair value as of December 31, 2021     6,900,000       5,340,000       12,240,000  
Change in fair value     (6,553,850 )     (5,072,110 )     (11,625,960 )
Fair value as of December 31, 2022   $ 346,150     $ 267,890     $ 614,040