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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets and Liabilities

The following table summarizes the assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and December 31, 2020, by level within the fair value hierarchy:

 Schedule of Fair Value Assets and Liabilities

		December 31, 2021
		(Level 1)				(Level 2)				(Level 3)				Total
Assets:
Marketable securities (certificates of deposit)		$	-			$	1,255,266			$	-			$	1,255,266
Total assets measured at fair value		$	-			$	1,255,266			$	-			$	1,255,266
Liabilities:
Contingent consideration - common stock		$	-			$	-			$	8,684,669			$	8,684,669
Contingent consideration - warrants			-				-				1,747,972				1,747,972
Total liabilities measured at fair value		$	-			$	-			$	10,432,641			$	10,432,641

		December 31, 2020
		(Level 1)				(Level 2)				(Level 3)				Total
Assets:
Marketable securities (certificates of deposit)		$	-			$	4,335,446			$	-			$	4,335,446
Total assets measured at fair value		$	-			$	4,335,446			$	-			$	4,335,446

Schedule of Changes in Fair Value Measurement

The changes for Level 3 items measured at fair value on a recurring basis are as follows:

 Schedule of Changes in Fair Value Measurement

Fair value as of December 31, 2020		$	-
Contingent considered issued for business acquisitions			10,432,641
Fair value as of December 31, 2021		$	10,432,641

Schedule of Contingent Consideration Common Stock and Warrants

 Schedule of Contingent Consideration Common Stock and Warrants

		December 31, 2021
Stock price		$	8.93
Strike price		$	9.13
Volatility			80.00	%
Risk-free rate			1.30	%
Expected term			5.0

In order to calculate the probability-adjusted value of the contingent consideration-common stock and contingent consideration-warrants, the Company estimated the probability of achieving certain milestones, which include regulatory approval for identified products, as well as production and net revenue targets. The probability of achieving the milestone related to net revenues was estimated using a Monte Carlo simulation valuation model. The unobservable significant inputs to the valuation model were as follows:

		December 31, 2021
Stock price		$	8.93
Risk-free rate			1.30	%
Expected term			5.0
Weighted-average cost of capital			27.00	%
Revenue discount rate			9.50	%
Equity volatility			80.00	%
Asset volatility			80.00	%
Revenue volatility			30.00	%

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

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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 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

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