Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2022.

	As of June 30, 2022				Fair Value Measurements As of June 30, 2022
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Assets:
Money Market Funds in Cash Equivalents	$	13,969,744	$	13,969,744	$	13,969,744	$	—	$	—
Liabilities:
Debt:
Secured Convertible Notes	$	4,321,200	$	4,321,200	$	—	$	—	$	4,321,200
Bridge Loan	$	4,084,709	$	4,084,709	$	—	$	—	$	4,084,709
	$	8,405,909	$	8,405,909	$	—	$	—	$	8,405,909

Schedule of Change in Fair Value

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. During the three and six months ended June 30, 2022, the Company recognized a reduction in the fair value of the Bridge Loan of $2.1 million, through non-operating income in the statement of operations. During the three and six months ended June 30, 2022, the Company recognized a reduction in the fair value of the Secured Convertible Notes of $2.7 million and $1.7 million, respectively, through non-operating income in the statement of operations.

	December 31, 2021		Loan Received		Payments		Accretion/ Interest Accrued		Adjustment to Fair Value Mark to Market			June 30, 2022
Secured Convertible Notes	$	—	$	6,000,000	$	—	$	—	$	(1,678,800	)	$	4,321,200
Bridge Loan	$	—	$	6,172,969	$	—	$	—	$	(2,088,260	)	$	4,084,709
	$	—	$	12,172,969	$	—	$	—	$	(3,767,060	)	$	8,405,909