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Fair Value Measurements
6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 13. Fair Value Measurements

 

The Company’s financial instruments include cash, accounts payable, and warrant liability. Cash and warrant liability are measured at fair value. Accounts payable is measured at amortized cost and approximates fair value due to its short duration.

 

As of June 30, 2024, the following financial assets and liabilities were measured at fair value on a recurring basis presented on the Company’s condensed consolidated balance sheet:

 

   Level 1   Level 2   Level 3   Total 
   Fair Value Measurements Using     
   Level 1   Level 2   Level 3   Total 
                 
Assets                    
Cash  $1,483,293    -    -   $1,483,293 
                     
Total assets measured at fair value  $1,483,293    -    -   $1,483,293 
                     
Liabilities                    
Warrant liability  $-   $1,443,662    -   $1,443,662 
                     
Total liabilities measured at fair value  $-   $1,443,662        $1,443,662 

 

As of December 31, 2023, the following financial assets and liabilities were measured at fair value on a recurring basis presented on the Company’s condensed consolidated balance sheet:

 

                 
   Fair Value Measurements Using     
   Level 1   Level 2   Level 3   Total 
                     
Assets                    
Cash  $3,012,908    -    -   $3,012,908 
                     
Total assets measured at fair value  $3,012,908    -    -   $3,012,908 
                     
Liabilities                    
Warrant liability  $-   $2,422,785       $2,422,785 
                     
Total liabilities measured at fair value  $-   $2,422,785    -   $2,422,785