Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.23.3
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Liabilities Subject to Fair Value Measurements Liabilities subject to fair value measurements are as follows:
    As of September 30, 2023  
    Level 1     Level 2     Level 3     Total  
Liabilities                        
Warrant liabilities – Public Warrants (1)   $
     -
    $
    -
    $ 7,992,500     $ 7,992,500  
Warrant liabilities – Private placement warrants (1)    
-
     
-
      8,607,000       8,607,000  
Earn-out liabilities (2)    
-
     
-
      1,950,000       1,950,000  
Total liabilities   $
-
    $
-
    $ 18,549,500     $ 18,549,500  
(1) Public Warrants and Private Placement Warrants were estimated using a Black-Scholes option pricing model utilizing assumptions related to the contractual term of the instruments, estimated volatility of the price of the Common Stock and current interest rates. 
(2) The fair value of the earn-out liabilities was estimated using Monte Carlo simulation utilizing assumptions related to the contractual term of the instruments, estimated volatility of the price of the Common Stock and current interest rates.
Schedule of Changes in Fair Value of the Public and Private Placements Warrants The following table presents the changes in fair value of the public and private placements warrants:
    For the
three months
ended
September 30,
2023
    For the
nine months
ended
September 30,
2023
 
Liability at beginning of the period   $
    $
 
Assumed in the Business Combination     8,816,500       8,816,500  
Change in fair value     7,783,000       7,783,000  
Balance as of September 30, 2023   $ 16,599,500     $ 16,599,500  
    For the
three months
ended
September 30,
2023
    For the
nine months
ended
September 30,
2023
 
Liability at beginning of the period   $
    $
 
Assumed in the Business Combination     2,400,000       2,400,000  
Change in fair value     (450,000 )     (450,000 )
Balance as of September 30, 2023   $ 1,950,000     $ 1,950,000