Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Fair Value of Assets and Liabilities Valued on Recurring Basis

The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis and the Company’s estimated level within the fair value hierarchy of those assets and liabilities as of September 30, 2023 and December 31, 2022:

	Fair Value Measured at September 30, 2023
	Total at September 30, 2023		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
Investments	$	100,000	$	-	$	-	$	100,000
Liabilities
Warrant Liabilities	$	71,250	$	-	$	-	$	71,250

	Fair Value Measured at December 31, 2022
	Total at December 31, 2022		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
Investments	$	100,000	$	-	$	-	$	100,000
Liabilities
Warrant Liabilities	$	213,750	$	-	$	-	$	213,750

Summary of Valuation Methodology and Significant Unobservable Inputs Warrant Liabilities

A summary of quantitative information with respect to the valuation methodology and significant unobservable inputs used for the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy at the date of issuance and, as of September 30, 2023 and December 31, 2022, is as follows:

	September 30, 2023			December 31, 2022
Risk-free rate of interest		5.03	%		3.99	%
Expected volatility		108.3	%		152.8	%
Expected life (in years)		2.43			3.18
Expected dividend yield		-			-

Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Changes in Fair Value and Other Adjustments of Warrants

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial assets and liabilities for the nine months ended September 30, 2023 and 2022, that are measured at fair value on a recurring basis:

	Fair Value of Level 3 Financial Assets
	September 30, 2023		September 30, 2022
Beginning balance	$	100,000	$	-
Purchases		-		-
Unrealized appreciation (depreciation)		-		-
Ending balance	$	100,000	$	-

	Fair Value of Level 3 Financial Liabilities
	September 30, 2023			September 30, 2022
Beginning balance	$	213,750		$	1,852,500
Warrant liabilities classification		-			-
Fair value adjustment of warrant liabilities		(142,500	)		(1,140,000	)
Ending balance	$	71,250		$	712,500