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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Note 7 - Fair Value Measurements The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, by level within the fair value hierarchy: Schedule of Fair Value Liabilities Measured on Recurring Basis
|  | Fair Value Measurements Using |  |  |  |
At June 30, 2023 |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
Description |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities held in Trust Account |  | $ | 13,125,461 |  |  | $ | - |  |  | $ | - |  |  | $ | 13,125,461 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities - public warrants |  | $ | 575,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 575,000 |
Warrant liabilities - private warrants |  | $ | - |  |  | $ | - |  |  | $ | 739 |  |  | $ | 739 |
|  | Fair Value Measurements Using |  |  |  |
At December 31, 2022 |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
Description |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities held in trust account |  | $ | 12,834,629 |  |  | $ | - |  |  | $ | - |  |  | $ | 12,834,629 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities - public warrants |  | $ | 368,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 368,000 |
Warrant liabilities - private warrants |  | $ | - |  |  | $ | - |  |  | $ | 1,902 |  |  | $ | 1,902 |
The Public Warrants issued in connection with the Public Offering and the Private Placement Warrants were initially and subsequently measured at fair value using a Black-Scholes option pricing model. The subsequent measurement of the Public Warrants as of June 30, 2023 and December 31, 2022, are classified as Level 1 due to the use of an observable market quote in an active market. OXBRIDGE ACQUISITION CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS MARCH 31, 2023 (Unaudited) Note 7 - Fair Value Measurements (continued) The Company utilizes a Black-Scholes model to value the Private Placement Warrants at each reporting period, with changes in fair value recognized in the statements of operations. The estimated fair value of the Private Placement Warrant liability is determined using Level 3 inputs. Inherent in the Black-Scholes option pricing model are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its warrants based on historical volatility of its stock price. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The Company used the modified extension date deadline of August 16, 2023, to determine the estimated life of the warrants. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero. There were no transfers between Levels 1, 2 or 3 during the three-month or six-month periods ended June 30, 2023 and 2022. The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates: Schedule of Fair Value Measurements
|  | At June 30, 2023 |  |  | At December 31, 2022 |
Share price |  | $ | 10.87 |  |  | $ | 10.45 |
Exercise price |  | $ | 11.5 |  |  | $ | 11.5 |
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
Expected volatility |  |  | 4.96 | % |  |  | 2.97 | %
Risk-free interest rate |  |  | 5.31 | % |  |  | 4.85 | %
Expected life (in years) |  |  | 0.13 |  |  |  | 0.67 |
The following table provides a reconciliation of changes in fair value of the beginning and ending balances for the liabilities classified as Level 3: Schedule of Fair Value Warrant Liabilities
|  | Private Placement Warrants |  |  | Public Warrants |  |  | Warrant Liabilities |
Fair value of Level 3 warrants at January 1, 2023 |  | $ | 1,902 |  |  | $ | - |  |  | $ | 1,902 |
Change in valuation inputs or other assumptions |  |  | (1,163 | ) |  |  | - |  |  |  | (1,163 | )
Fair value of Level 3 warrants at June 30, 2023 |  | $ | 739 |  |  | $ | - |  |  | $ | 739 |
The following table presents the changes in the fair value of derivative warrant liabilities: Schedule of Fair Value Warrant Liabilities
|  | Private Placement Warrants |  |  | Public Warrants |  |  | Total Warrant Liabilities |
Fair value as of January 1, 2023 |  | $ | 1,902 |  |  | $ | 368,000 |  |  | $ | 369,902 |
Change in valuation inputs or other assumptions |  |  | (1,163 | ) |  |  | 207,000 |  |  |  | 205,837 |
Fair value as of June 30, 2023 |  | $ | 739 |  |  | $ | 575,000 |  |  | $ | 575,739 |
OXBRIDGE ACQUISITION CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited)

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//820/tableOfContent + Details
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