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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 11. Fair Value Measurements The following tables summarize the fair values and levels within the fair value hierarchy in which the fair value measurements fall for assets and liabilities measured on a recurring basis as of: Schedule of Fair Value Measurements for Assets and Liabilities
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Description |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock warrants |  | $ | - |  |  | $ | - |  |  | $ | 158,698 |  |  | $ | 158,698 |
Total |  | $ | - |  |  | $ | - |  |  | $ | 158,698 |  |  | $ | 158,698 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Description |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock warrants |  | $ | - |  |  | $ | - |  |  | $ | 70,283 |  |  | $ | 70,283 |
2022 Convertible Notes |  |  | - |  |  |  | - |  |  |  | 5,600,000 |  |  |  | 5,600,000 |
Total |  | $ | - |  |  | $ | - |  |  | $ | 5,670,283 |  |  | $ | 5,670,283 |
The following table presents the changes in Level 3 instruments measured on a recurring basis for the period ended June 30, 2023: Schedule of Changes in Level 3 Instruments Measured on a Recurring Basis
Balance at December 31, 2022 |  | $ | 5,670,283 |
Change in fair value of warrants |  |  | (5,621 | )
Change in fair value of 2022 Convertible Notes |  |  | 800,000 |
Balance at March 31, 2023 |  | $ | 6,464,662 |
Change in fair value of warrants |  |  | 94,036 |
Change in fair value of 2022 Convertible Notes |  |  | 2,830,100 |
Conversion of 2022 Convertible Notes |  |  | (9,230,100 | )
Balance at June 30, 2023 |  | $ | 158,698 |
Fluctuation in the fair value of the Company’s Common stock is the primary driver for the change in the Common Stock Warrant liability valuation during each year. As the fair value of the Common stock increases the value to the holder of the instrument generally increases. Fluctuations in the various inputs, including the enterprise value, time to liquidity, volatility, and discount rate are the primary drivers for the changes in valuation of the 2022 Convertible Notes each reporting period. As the fair value of the enterprise value, estimated time to liquidity, volatility, and discount rate increase, the value to the holder of the 2022 Convertible Notes generally increases. AZITRA, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For The Three and Six Months Ended June 30, 2023 and 2022

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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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