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Warrant Liability (Tables)

12 Months Ended

Dec. 31, 2022

Warrant Liability

Schedule of Warrant Liability

The Warrant liability at December 31, 2022 was as follows:

 Schedule of Warrant Liability

Note Warrants		$	30,588
Trading and Overallotment Warrants			1,121,250
Total		$	1,151,838
Warrant liability		$	1,151,838

Schedule of Warrant Outstanding

 Schedule of Warrant Outstanding

Note warrants			235,295
Trading and Overallotment Warrants			8,812,500
Total			9,047,795
Warrant outstanding			9,047,795

Schedule of Changes in the Warrant Liability

The following table presents the changes in the Warrant liability of the Level 1 warrants issued on April 14, 2022, the effective date of the IPO measured at fair value:

 Schedule of Changes in the Warrant Liability

		Total
FMV of Note Warrants, at issuance		$	157,647
FMV of Trading and Overallotment Warrants, at issuance			5,778,750
Change in fair value of warrant liability, issuance through December 31, 2022			(4,784,559	)
Fair Value at December 31, 2022		$	1,151,838

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Schedule of change in warrant liability [Table Text Block]

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section S99
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775

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