Fair Value Measurements (Tables)

3 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring Basis

The following table presents for each of these hierarchy levels, the Company’s liabilities that are measured at fair value on a recurring basis:

	September 30, 2022
	Level 1		Level 2		Level 3		Total
Liabilities
Warrant liability	$	—	$	—	$	31,157,612	$	31,157,612

Fair Value Measurement Inputs and Valuation Techniques

The following table provides quantitative information regarding Level 3 fair value measurements as of September 30, 2022 and June 30, 2022:

	As of September 30, 2022		As of June 30, 2022
Exercise price	$0.37		$0.76
Unit price	$0.55		$2.00
Volatility	70.00	%	63.60	%
Expected life	4.5 years		5.0 years
Risk-free rate	4.06	%	2.42	%
Dividend yield	—	%	—	%

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The change in the fair value of the derivative warrant liabilities for the three months ended September 30, 2022 is summarized as follows:

Warrant liability at June 30, 2022	$	30,215,221
Change in fair value of warrant liabilities	942,390
Warrant liabilities at September 30, 2022	$	31,157,611