| Fair Value Measurements |
Fair Value Measurements The Company accounts for certain assets and liabilities at fair value and classifies these assets and liabilities within the fair value hierarchy (Level 1, Level 2, or Level 3). Assets and liabilities subject to fair value measurements are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets | | | | | | | | | Cash and cash equivalents – Money market | $ | 1,212,856 | | | $ | — | | | $ | — | | | $ | 1,212,856 | | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | Warrant liabilities – Public Warrants | $ | 230,000 | | | $ | — | | | $ | — | | | $ | 230,000 | | Warrant liabilities – Private placement warrants(1) | — | | | — | | | 285,000 | | | 285,000 | | Earn-out liabilities(2) | — | | | — | | | 21,000 | | | 21,000 | | | Total liabilities | $ | 230,000 | | | $ | — | | | $ | 306,000 | | | $ | 536,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets | | | | | | | | | Cash and cash equivalents – Money market | $ | 3,168,199 | | | $ | — | | | $ | — | | | $ | 3,168,199 | | | | | | | | | | | Liabilities | | | | | | | | | Warrant liabilities – Public Warrants | $ | 546,250 | | | $ | — | | | $ | — | | | $ | 546,250 | | Warrant liabilities – Private placement warrants(1) | — | | | — | | | 684,000 | | | 684,000 | | Earn-out liabilities(2) | — | | | — | | | 540,000 | | | 540,000 | | | Total liabilities | $ | 546,250 | | | $ | — | | | $ | 1,224,000 | | | $ | 1,770,250 | |
(1)Private placement warrants were estimated using a Black-Scholes option pricing model utilizing assumptions related to the contractual term of the instruments, estimated volatility of the price of the Class A Common Stock and current interest rates. (2)The fair value of the earn-out liabilities was estimated using the Monte Carlo simulation utilizing assumptions related to the contractual term of the instruments, estimated volatility of the price of the Class A Common Stock and current interest rates. The following tables summarize the balances of and changes in Level 3 private placement warrants and earn-out liabilities measured at fair value on a recurring basis for the three and six months ended June 30, 2026 and 2025:
| | | | | | | | | | | | | Private Placement Warrants | | Earn-out Liabilities | | Balance at January 1, 2026 | $ | 684,000 | | | $ | 540,000 | | | Change in fair value during the period | (342,000) | | | (38,500) | | | Balance at March 31, 2026 | $ | 342,000 | | | $ | 501,500 | | | Change in fair value during the period | (57,000) | | | (480,500) | | | Balance at June 30, 2026 | $ | 285,000 | | | $ | 21,000 | | | | | | | Balance at January 1, 2025 | $ | 5,586,000 | | | $ | 620,000 | | | Change in fair value during the period | (4,104,000) | | | (450,000) | | | Balance at March 31, 2025 | $ | 1,482,000 | | | $ | 170,000 | | | Change in fair value during the period | — | | | 540,000 | | | Balance at June 30, 2025 | $ | 1,482,000 | | | $ | 710,000 | |
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