Registration statement for securities of certain foreign private issuers

FAIR VALUE INFORMATION (Tables)

v3.23.3
FAIR VALUE INFORMATION (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Notes and other explanatory information [abstract]    
SUMMARY OF FINANCIAL ASSETS AND LIABILITIES BY LEVEL WITHIN THE FAIR VALUE HIERARCHY

As of June 30, 2023 and December 31, 2022, the Company’s financial assets and liabilities by level within the fair value hierarchy are as follows:

 

    Level 1     Level 2     Level 3     Total  
    As of June 30, 2023  
    Level 1     Level 2     Level 3     Total  
FINANCIAL ASSETS                                
Cash   $ 2,624,432     $ —     $ —     $ 2,624,432  
                                 
FINANCIAL LIABILITIES                                
Contingent liabilities     —       —       36,488,594       36,488,594  

 

    Level 1     Level 2     Level 3     Total  
    As of December 31, 2022  
    Level 1     Level 2     Level 3     Total  
FINANCIAL ASSETS                                
Cash and Restricted Cash   $ 16,829,385     $ —     $ —     $ 16,829,385  
                                 
FINANCIAL LIABILITIES                                
Contingent liabilities     —       —       36,488,594       36,488,594  

 

The fair value of contingent consideration was reviewed during the period ended June 30, 2023. The various methodologies were reassessed using a consistent approach which are based on significant inputs that are not observable in the market and include key assumptions such as assessing the probability of meeting certain milestones required to earn the contingent consideration. As a result of these assessments, there were no significant changes in the aggregate that required an update from December 31, 2022.

As of December 31, 2022 and 2021, the Company’s financial assets and liabilities by level within the fair value hierarchy are as follows:

 

    Level 1     Level 2     Level 3     Total  
    As of December 31, 2022  
    Level 1     Level 2     Level 3     Total  
FINANCIAL ASSETS                                
Cash and Restricted Cash   $ 16,829,385     $ —     $ —     $ 16,829,385  
                                 
FINANCIAL LIABILITIES                                
Contingent liabilities     —       —       36,488,594       36,488,594  

 

    Level 1     Level 2     Level 3     Total  
    As of December 31, 2021  
    Level 1     Level 2     Level 3     Total  
FINANCIAL ASSETS                                
Cash   $ 1,784,938     $ —     $ —     $ 1,784,938