Note 12. Fair Value Measurements

The Company’s financial instruments consisted of cash, accounts payable, notes payable, contingent stock liability and contingent warrant liability. Cash, contingent stock liability and contingent stock liability are measured at fair value. Accounts payable and notes payable are measured at amortized cost and approximates fair value due to their short duration and market rate for similar instruments, respectively.

As of March 31, 2022, the following financial assets and liabilities were measured at fair value on a recurring basis presented on the Company’s balance sheet:

 Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis