Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

Fair Value Measurements
6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 13. 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 June 30, 2022, the following financial assets and liabilities were measured at fair value on a recurring basis presented on the Company’s balance sheet:


    Level 1     Level 2     Level 3     June 30, 2022  
    Fair Value Measurements Using     Balance as at  
    Level 1     Level 2     Level 3     June 30, 2022  
    $     $     $     $  
Cash     7,808,181       -       -       7,808,181  
      -       -                  
Total assets measured at fair value     7,808,181       -               7,808,181  
Warrants liability     2,465,820                       2,465,820  
Total liabilities measured at fair value     2,465,820                       2,465,820