Warrants (Tables)

6 Months Ended

Jun. 30, 2022

Warrants and Rights Note Disclosure [Abstract]

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The Black-Scholes model was used to value the liability-classified warrants. The following assumptions were used:

	June 30,			December 31,
	2022			2021
Fair market value	$	4.84		$	6.21
Exercise Price	$	6.74		$	6.74
Term (years)		8.0			8.5
Volatility		75	%		75	%
Annual dividend		—			—
Risk-free interest rate		3.01	%		1.48	%

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair value of financial instruments measured on a recurring basis is as follows:

	June 30, 2022
Description	Total		Level 1		Level 2		Level 3
Liabilities:
Warrant liability	$	1,529,586		—		1,529,586	$	—
	December 31, 2021
Description	Total		Level 1		Level 2		Level 3
Liabilities:
Warrant liability	$	2,058,566		—		—	$	2,058,566

Summary Of Change in Fair value, as Determined by Level 3 inputs, for all Assets and Liabilities

Changes in the ability to observe valuation inputs may result in a reclassification of levels within the fair value hierarchy. The following table summarizes the changes in Level 3 measurement and transfers in or out of the Level 3 fair value hierarchy, for the warrant liability, during the six months ended June 30, 2022:

	Warrant Liability
Balance as of December 31, 2021	$	2,058,566
Change in fair value during the three months ended March 31, 2022		65,919
Transfer to level two during the three months ended June 30, 2022		(2,124,485	)
Balance as of June 30, 2022	$	—