Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

The following table presents the Company’s assets and liabilities that are measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of March 31, 2022.

	As of March 31, 2022				Fair Value Measurements As of March 31, 2022
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Assets:
Money Market Funds in Cash Equivalents	$	20,300,384	$	20,300,384	$	20,300,384	$	—	$	—
Liabilities:
Debt:
Secured Convertible Notes	$	6,962,400	$	6,962,400	$	—	$	—	$	6,962,400
Bridge Loan	$	6,172,969	$	6,172,969	$	—	$	—	$	6,172,969
	$	13,135,369	$	13,135,369	$	—	$	—	$	13,135,369

Schedule of Change in Fair Value

The Company evaluated the inputs that would be required to estimate the fair value of the Bridge Loan at March 31, 2022. The Company concluded that, given the short time period between issuance and March 31, 2022 and the fact that no identified inputs would have changed between March 14, 2022 and March 31, 2022, there would be no underlying change in fair value recognized

during the period. The significant unobservable inputs used in calculating the fair value of the Secured Convertible Notes and Bridge Loan represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. Any significant changes in the inputs described herein may result in significantly higher or lower fair value measurements.

	December 31, 2021		Loan Received		Payments		Accretion/ Interest Accrued		Adjustment to Fair Value Mark to Market		March 31, 2022
Secured Convertible Notes	$	—	$	6,000,000	$	—	$	—	$	962,400	$	6,962,400
Bridge Loan	$	—	$	6,172,969	$	—	$	—	$	—	$	6,172,969
	$	—	$	12,172,969	$	—	$	—	$	962,400	$	13,135,369