SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2022

Dec. 31, 2022

Accounting Policies [Abstract]

SCHEDULE OF FAIR VALUES OF FINANCIAL INSTRUMENTS

Marizyme measures the following financial instruments at fair value on a recurring basis. As at September 30, 2022, and December 31, 2021, the fair values of these financial instruments were as follows:

	Fair Value Hierarchy
September 30, 2022	Level 1		Level 2		Level 3
Liabilities
Derivative liabilities	$	-	$	-	$	4,923,725
Contingent liabilities		-		-		13,444,000
Total	$	-	$	-	$	18,367,725

	Fair Value Hierarchy
December 31, 2021	Level 1		Level 2		Level 3
Liabilities
Derivative liabilities	$	-	$	-	$	2,485,346
Contingent liabilities		-		-		11,313,000
Total	$	-	$	-	$	13,798,346

Marizyme measures the following financial instruments at fair value on a recurring basis. At December 31, 2021 and 2020, the fair values of these financial instruments were as follows:

	Fair Value Hierarchy
December 31, 2021	Level 1		Level 2		Level 3		December 31, 2020
Liabilities
Derivative liabilities	$	-	$	-	$	2,485,346	$	-
Contingent liabilities		-		-		11,313,000		-
Total	$	-	$	-	$	13,798,346	$	-

RECONCILIATION OF LIABILITIES AT FAIR VALUE

The following table provides a roll forward of all liabilities measured at fair value using Level 3 significant unobservable inputs:

Derivative and Contingent Liabilities
Balance at December 31, 2021	$	13,798,346
Change in fair value of contingent liabilities		2,131,000
Derivative liabilities issued pursuant to Unit Purchase Agreement		2,438,379
Balance at September 30, 2022	$	18,367,725

The following table provides a roll forward of all liabilities measured at fair value using Level 3 significant unobservable inputs:

Derivative and Contingent Liabilities
Balance at December 31, 2020		-
Derivative liabilities	$	391,648
Extinguishment of debt obligations		(391,648	)
Derivative liabilities - amended Unit Purchase Agreement (Note 6)		2,485,346
Initial valuation of contingent liabilities assumed on Somah acquisition1		9,926,000
Change in fair value		1,387,000
Balance at December 31, 2021	$	13,798,346