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Fair Value (Tables)
6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Summary of derivative liabilities and the contingent earnout fall As a result, the Company has determined that the valuation of its Derivative Liabilities are classified in Level 3 of the fair value hierarchy as shown in the table below:
Fair Value Measurements at June 30, 2024
Level 1Level 2Level 3Total
Derivative Liabilities$— $— $55,000 $55,000 
Fair Value Measurements at December 31, 2023
Level 1Level 2Level 3Total
Derivative Liabilities$$$157,600 $157,600 
Summary of derivative liabilities
The Company’s derivative liabilities as of June 30, 2024 and December 31, 2023 associated with the Derivative Liabilities are as follows.
June 30, 2024December 31,
2023
Inception
Fair value of 656,250 warrants issued on April 4, 2022
$20,000 $66,000 $378,000 
Fair value of conversion option of Crom convertible note— 200 162,000 
Fair value of 700,000 warrants issued on February 13, 2023
35,000 91,400 259,000 
$55,000 $157,600 
Summary of fair value measurements
Changes to these inputs could produce a significantly higher or lower fair value measurement. The fair value of each Derivative Instrument is estimated using a binomial valuation model. The following assumptions were used for the period as follows:
June 30,
2024
Expected term - warrants
2.76 years - 3.60 years
Stock price as of measurement date$0.19 
Volatility (observed)
120.40% - 125.92%
Incremental discount5.0 %
Selected volatility – post haircut
93.7% - 98.4%
Risk-free interest rate
4.41% - 4.51%