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Fair Value Measurements (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The following table presents information about the Company’s assets and derivative warrant liabilities that are measured at fair value on a recurring basis as of June 30, 2022 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value:

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis 

		Quoted Prices in Active Markets				Significant Other Observable Inputs				Significant Other Unobservable Inputs
Description		(Level 1)				(Level 2)				(Level 3)
Liabilities:
Public Warrants		$	1,322,500			$	-			$	-
Private Placement Warrants		$	-			$	-			$	71,953
Forward purchase option derivative		$	-			$	-			$	795,942

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

NORTHERN LIGHTS ACQUISITION CORP.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Note 9 – Fair Value Measurements (Continued)

		Quoted Prices in Active Markets				Significant Other Observable Inputs				Significant Other Unobservable Inputs
Description		(Level 1)				(Level 2)				(Level 3)
Asset:
Marketable securities held in Trust Account		$	117,321,508			$	-			$	-
Liabilities:
Public Warrants		$	2,701,925			$	-			$	-
Private Placement Warrants		$	-			$	-			$	124,951
Warrant liabilities		$	-			$	-			$	124,951

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

 Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

		Quoted Prices in Active Markets				Significant Other Observable Inputs				Significant Other Unobservable Inputs
Description		(Level 1)				(Level 2)				(Level 3)
Asset:
Marketable securities held in Trust Account		$	117,321,508			$	—			$	—
Warrant Liabilities:
Public Warrants		$	2,701,925			$	—			$	—
Private Placement Warrants		$	—			$	—			$	124,951

Schedule of Level 3 Fair Value Measurement Inputs

The following table provides quantitative information regarding Level 3 fair value measurements inputs as it relates to the warrants as of their measurement dates:

Schedule of Level 3 Fair Value Measurement Inputs 

		December 31, 2021				June 30, 2022
		(Private Warrant)				(Private Warrant)
Exercise price		$	11.50			$	11.50
Share price		$	10.07			$	10.61
Expected term (years)			5.28				5.14
Probability of Acquisition			90.0	%			90.0	%
Volatility			8.3	%			25.0	%
Risk-free rate			1.28	%			3.01	%
Dividend yield (per share)			0.00	%			0.00	%

The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates:

 Schedule of Level 3 Fair Value Measurement Inputs

		June 28, 2021				December 31, 2021
		(Public and Private Warrant)				(Private Warrant)
Exercise price		$	11.50			$	11.50
Share price		$	10.00			$	10.07
Expected term (years)			5.86				5.28
Probability of Acquisition			90.0	%			90.0	%
Volatility			14.7	%			8.3	%
Risk-free rate			1.04	%			1.28	%
Dividend yield (per share)			0.00	%			0.00	%

Schedule of Derivative Warrant Liabilities

The change in the fair value of the derivative warrant liabilities for the period from December 31, 2021 (inception) through June 30, 2022 is summarized as follows:

Schedule of Derivative Warrant Liabilities 

		Private Placement				Public Warrant				Warrant Liability
Fair value as of December 31, 2021		$	124,951			$	2,701,925			$	2,826,876
Change in valuation inputs or other assumptions (1)(2)	(1)(2)		(52,998	)			(1,379,425	)			(1,432,423	)
Fair value as of June 30, 2022		$	71,953			$	1,322,500			$	1,394,453

(1)	Changes in valuation inputs or other assumptions are recognized in change in fair value of warrant liability in the statement of operations.
(2)	Changes are due to the use of quoted prices in an active market (Level 1) and the use of unobservable inputs based on assessment of the assumptions (Level 3) for Public Warrants (after becoming actively traded) and Private Placement Warrants, respectively.

The change in the fair value of the derivative warrant liabilities for the period from June 28, 2021 (Initial Public Offering) through December 31, 2021 is summarized as follows:

 Schedule of Derivative Warrant Liabilities

		Private Placement				Public Warrant				Warrant Liability
Fair value as of June 28, 2021 (Initial Public Offering)		$	224,474			$	4,807,000			$	5,031,474
Change in valuation inputs or other assumptions (1)(2)			(99,523	)			(2,105,075	)			(2,204,598	)
Fair value as of December 31, 2021		$	124,951				2,701,925				2,826,876

(1)	Changes in valuation inputs or other assumptions are recognized in change in fair value of warrant liability in the statement of operations.
(2)	Changes are due to the use of quoted prices in an active market (Level 1) and the use of unobservable inputs based on assessment of the assumptions (Level 3) for Public Warrants (after becoming actively traded) and Private Placement Warrants, respectively.

Purchase Agreement Option [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Schedule of Level 3 Fair Value Measurement Inputs

The following table provides quantitative information regarding Level 3 fair value measurements inputs as it relates to the forward purchase agreement option at the measurement dates:

Schedule of Level 3 Fair Value Measurement Inputs 

		June 16, 2022				June 30, 2022
Share price		$	10.18			$	10.61
Expected term (years)			3.18				3.14
Probability of Acquisition			90.0	%			90.0	%
Volatility			10.6	%			25.0	%
Risk-free rate			3.36	%			3.02	%
BB bonds rate			6.92	%			7.17	%
C bonds rate			13.95	%			14.49	%
Warrants measurement inputs			13.95	%			14.49	%

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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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.

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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).

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