Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Assets Measured on Recurring Basis

The following table presents information about the Company’s liability measured at fair value on a recurring basis at December 31, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

Description  Level   December 31,
2021
   December 31,
2020
 
Liabilities:               
Warrant liability - Private Warrants   3   $128,375   $              - 
Schedule of Binomial Lattice Model for Private Warrants

The key inputs into the binomial lattice model incorporating the Cox-Ross-Rubenstein methodology for the Private Warrants were as follows as at December 31, 2021:

 

Input  July 20,
2021
   December 31,
2021
 
Risk-free interest rate   0.7%   1.2%
Dividend yield   0.0%   0.0%
Selected volatility   31.5%   49.7%
Exercise price  $11.50   $11.50 
Market stock price  $9.20   $3.95 
Schedule of Changes in Fair Value of Warrant Liabilities

The following table presents the change in the fair value of warrant liabilities for the period:

 

Warrant Fair Values  Private 
Fair value as of July 20, 2021  $381,175 
Change in fair value   (252,800)
Fair value as of December 31, 2021  $128,375