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v3.23.1

Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | The following tables summarize financial assets and liabilities recorded at fair value on a recurring basis, by the level of valuation inputs in the fair value hierarchy on March 31, 2023 and December 31,2022: Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis March 31, 2023:
|  | Total Fair Value |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Unobservable Inputs (Level 3) |
Description |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Public warrants |  | $ | 150,650 |  |  |  | 150,650 |  |  |  | - |
Private placement warrants |  |  | 7,953 |  |  |  | - |  |  |  | 7,953 |
PIPE Warrants |  |  | 74,762 |  |  |  | - |  |  |  | 74,762 |
Forward purchase option derivative |  |  | 7,309,580 |  |  |  | - |  |  |  | 7,309,580 |
Liabilities,fair value |  |  | 7,309,580 |  |  |  | - |  |  |  | 7,309,580 |
December 31, 2022:
|  | Total Fair Value |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Unobservable Inputs (Level 3) |
Description |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Public warrants |  | $ | 361,100 |  |  |  | 361,100 |  |  |  | - |
Private placement warrants |  |  | 19,110 |  |  |  | - |  |  |  | 19,110 |
PIPE Warrants |  |  | 286,300 |  |  |  | - |  |  |  | 286,300 |
Forward purchase option derivative |  |  | 7,309,580 |  |  |  | - |  |  |  | 7,309,580 |
Liabilities, fair value |  |  | 7,309,580 |  |  |  | - |  |  |  | 7,309,580 |
Schedule of Carrying Amounts and Fair Values of Financial Instruments by the Level of Valuation Inputs in the Fair Value Hierarchy | The following tables present the carrying amounts and fair values of financial instruments, by the level of valuation inputs in the fair value hierarchy, as of the dates indicated: Schedule of Carrying Amounts and Fair Values of Financial Instruments by the Level of Valuation Inputs in the Fair Value Hierarchy
|  |  |  |  |  |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | As on March 31, 2023 |
|  | Carrying amount |  |  | Fair value |  |  | Fair value measurement using |
|  |  |  |  |  |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 8,628,752 |  |  | $ | 8,628,752 |  |  | $ | 8,628,752 |  |  |  | - |  |  |  | - |
Forward purchase receivables |  |  | 4,584,221 |  |  |  | 4,584,221 |  |  |  | 4,584,221 |  |  |  | - |  |  |  | - |
Loans |  |  | 413,292 |  |  |  | 365,781 |  |  |  | - |  |  |  | - |  |  |  | 365,781 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred consideration |  |  | 17,272,308 |  |  |  | 17,272,308 |  |  |  | 17,272,308 |  |  |  | - |  |  |  | - |
Senior Secured Promissory note |  |  | 14,500,000 |  |  |  | 14,500,000 |  |  |  | 14,500,000 |  |  |  | - |  |  |  | - |
Indemnity liability |  |  | 1,147,832 |  |  |  | 1,147,832 |  |  |  | 1,147,832 |  |  |  | - |  |  |  | - |
Public warrants |  |  | 150,650 |  |  |  | 150,650 |  |  |  | 150,650 |  |  |  | - |  |  |  | - |
Private placement warrants |  |  | 7,953 |  |  |  | 7,953 |  |  |  | - |  |  |  | - |  |  |  | 7,953 |
PIPE Warrants |  |  | 74,762 |  |  |  | 74,762 |  |  |  | - |  |  |  | - |  |  |  | 74,762 |
Forward purchase derivative |  |  | 7,309,580 |  |  |  | 7,309,580 |  |  |  | - |  |  |  | - |  |  |  | 7,309,580 |
|  |  |  |  |  |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | As on December 31, 2022 |
|  | Carrying amount |  |  | Fair value |  |  | Fair value measurement using |
|  |  |  |  |  |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 8,390,195 |  |  | $ | 8,390,195 |  |  | $ | 8,390,195 |  |  |  | - |  |  |  | - |
Forward purchase receivables |  |  | 4,584,221 |  |  |  | 4,584,221 |  |  |  | 4,584,221 |  |  |  |  |  |  |  | - |
Loans |  |  | 1,301,991 |  |  |  | 1,241,761 |  |  |  | - |  |  |  | - |  |  |  | 1,241,761 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred consideration |  |  | 14,359,822 |  |  |  | 14,359,822 |  |  |  | 14,359,822 |  |  |  | - |  |  |  | - |
Due to seller - current portion |  |  | 25,973,017 |  |  |  | 25,973,017 |  |  |  | 25,973,017 |  |  |  | - |  |  |  | - |
Due to seller - long term position |  |  | 30,976,783 |  |  |  | 30,976,783 |  |  |  | 30,976,783 |  |  |  | - |  |  |  | - |
Deferred underwriter fee payable |  |  | 1,450,500 |  |  |  | 1,450,500 |  |  |  | 1,450,500 |  |  |  | - |  |  |  | - |
Indemnity liability |  |  | 499,465 |  |  |  | 499,465 |  |  |  | 499,465 |  |  |  | - |  |  |  | - |
Public warrants |  |  | 361,100 |  |  |  | 361,100 |  |  |  | 361,100 |  |  |  | - |  |  |  | - |
Private placement warrants |  |  | 19,110 |  |  |  | 19,110 |  |  |  | - |  |  |  | - |  |  |  | 19,110 |
PIPE Warrants |  |  | 286,300 |  |  |  | 286,300 |  |  |  | - |  |  |  | - |  |  |  | 286,300 |
Forward purchase derivative |  |  | 7,309,580 |  |  |  | 7,309,580 |  |  |  | - |  |  |  | - |  |  |  | 7,309,580 |
Schedule of Fair Value Assets Measured on Recurring Basis | The change in the assets measured at fair value on a recurring basis for which we have utilized Level 3 inputs to determine fair value are presented in the following table: Schedule of Fair Value Assets Measured on Recurring Basis
|  | PIPE Warrants |  |  | Private Placement Warrants |  |  | Forward purchase derivative |
|  | For the three months ended March 31, 2023 |
|  | PIPE Warrants |  |  | Private Placement Warrants |  |  | Forward purchase derivative |
Balance at the beginning of the period |  | $ | 286,300 |  |  |  | 19,110 |  |  |  | 7,309,580 |
Fair value adjustment |  |  | (211,538 | ) |  |  | (11,157 | ) |  |  | - |
Balance at the end of the period |  | $ | 74,762 |  |  |  | 7,953 |  |  |  | 7,309,580 |
Schedule of Level 3 Fair Value Measurements Inputs | The following table provides quantitative information regarding Level 3 fair value measurements inputs as it relates to the private placement warrants and public warrants as of their measurement dates: Schedule of Level 3 Fair Value Measurement Inputs
As on March 31, 2023 |  | PIPE Warrants |  |  | Private placement warrants |
Exercise price |  | $ | 5.00 |  |  | $ | 11.50 |
Share Price |  | $ | 0.51 |  |  | $ | 0.51 |
Expected term (years) |  |  | 4.49 |  |  |  | 4.49 |
Volatility |  |  | 73.2 | % |  |  | 73.2 | %
Risk-free rate |  |  | 3.62 | % |  |  | 3.62 | %
As on December 31,2022 |  | PIPE Warrants |  |  | Private placement warrants |
Exercise price |  | $ | 5.00 |  |  | $ | 11.50 |
Share Price |  | $ | 1.78 |  |  | $ | 1.78 |
Expected term (years) |  |  | 4.74 |  |  |  | 4.74 |
Volatility |  |  | 46.00 | % |  |  | 46.00 | %
Risk-free rate |  |  | 4.00 | % |  |  | 3.98 | %
Purchase Agreement Option [Member] |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
Schedule of Level 3 Fair Value Measurements Inputs | The following table provides quantitative information regarding Level 3 fair value measurements inputs as it relates to the forward purchase derivatives as of their measurement dates on March 31,2023 and December 31,2022: Schedule of Level 3 Fair Value Measurements Inputs
|  | March 31, 2023 |
Reset Price |  | $ | 5.00 |
Expected term (years) |  |  | 2.74 |
Additional maturity consideration per share |  | $ | 2.00 |
Volatility |  |  | 46 | %
Risk-free rate |  |  | 4.2 | %
Risk-adjusted discount rate |  |  | 13.4 | %
|  | December 31, 2022 |
Reset Price |  | $ | 5.00 |
Expected term (years) |  |  | 2.74 |
Additional maturity consideration per share |  | $ | 2.00 |
Volatility |  |  | 46 | %
Risk-free rate |  |  | 4.2 | %
Risk-adjusted discount rate |  |  | 13.4 | %

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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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- 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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