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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Liabilities Measured and Recognized at Fair Value on a Recurring Basis
The following table presents our 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 December 31, 2021 and 2020.
Fair Value Measurements at Reporting Date Using
DescriptionTotal(Level 1)(Level 2)(Level 3)
As of December 31, 2021:
Contingent consideration$4,880,000 $— $— $4,880,000 
Derivative liabilities related to warrants$— $— $— $— 
As of December 31, 2020:
Contingent consideration$2,570,000 $— $— $2,570,000 
Derivative liabilities related to warrants$11,673 $— $— $11,673 
Schedule of Assumptions Used to Calculate Fair Value
At December 31, 2021 and 2020, the assumptions we used to calculate the fair value were as follows:
Assumptions
December 31,
20212020
Discount rate7.0%8.0%
Stock price$1.14$2.19
Projected milestone achievement datesDecember 2021—June 2026June 2021—January 2025
Probability of success of milestone achievements18 %—100%13 %—40%
Schedule of Changes in Fair Value of Contingent Consideration
The following table presents the change in fair value of the contingent consideration for the years ended December 31, 2021.
Acquisition-related Contingent Consideration
Liabilities:
Balance at December 31, 2019$2,430,000 
Change in fair value recorded in earnings140,000 
Balance at December 31, 20202,570,000 
Change in fair value recorded in earnings2,310,000 
Balance at December 31, 2021$4,880,000