Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of Marketable Securities |
The
following is a description of the valuation methodologies used for assets measured at fair value as of June 30, 2023 and December 31,
2022.
Schedule
of Marketable Securities
Marketable
Securities: Valued using quoted prices in active markets for identical assets.
| |
|
Quoted
Prices in Active Markets for Identical Assets or Liabilities (Level 1) |
|
|
Quoted
Prices for Similar Assets or Liabilities in Active Markets (Level 2) |
|
|
Significant
Unobservable Inputs (Level 3) |
|
| Marketable securities at June
30, 2023 |
|
$ |
11,533,432 |
|
|
$ |
- |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Marketable securities at December 31,
2022 |
|
$ |
4,086,902 |
|
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of Fair Value Hierarchy of the Valuation Inputs |
Schedule
of Fair Value Hierarchy of the Valuation Inputs
| Description |
|
Level |
|
|
June
30, 2023
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Warrant liabilities
(Note 3) |
|
|
3 |
|
|
$ |
7,813,000 |
|
| Derivative liabilities (Note
3) |
|
|
3 |
|
|
$ |
3,465,000 |
|
|
| Summary of Change in Fair Value of Warrant Liabilities |
Summary
of Change in Fair Value of Warrant Liabilities
| Balance on December 31, 2022 |
|
$ |
- |
|
| Issuance of warrants reported at
fair value |
|
|
10,623,000 |
|
| Change in fair value
of warrant liabilities |
|
|
(1,175,000 |
) |
| Balance on March 31, 2023 |
|
|
9,448,000 |
|
| Change in fair value
of warrant liabilities |
|
|
(1,635,000 |
) |
| Balance on June 30, 2023 |
|
$ |
7,813,000 |
|
|
| Summary of Change in Fair Value of Derivative Liabilities |
Summary
of Change in Fair Value of Derivative Liabilities
| Balance on December 31, 2022 |
|
$ |
- |
|
| Issuance of convertible preferred
stock with derivative liabilities |
|
|
3,149,800 |
|
| Change in fair value
of derivative liabilities |
|
|
120,700 |
|
| Balance on March 31, 2023 |
|
|
3,270,500 |
|
| Change in fair value
of derivative liabilities |
|
|
194,500 |
|
| Balance on June 30, 2023 |
|
$ |
3,465,000 |
|
|
| Schedule of Estimated Useful Lives of Property Plant and Equipment |
The
estimated useful lives for the current and comparative periods are as follows:
Schedule
of Estimated Useful Lives of Property Plant and Equipment
| |
|
Useful
Life |
| |
|
(in
years) |
| Plant
and equipment |
|
5-12 |
| Furniture
and fixtures |
|
5-10 |
| Computer
equipment & software |
|
3-5 |
| Leasehold
Improvements |
|
Shorter
of the remaining lease or estimated useful life |
|
| Schedule of Estimated Useful Lives of Intangible Assets |
Amortization
is recognized on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that
they are available for use. The estimated useful lives for the current and comparative periods are as follows:
Schedule
of Estimated Useful Lives of Intangible Assets
| |
|
Useful Life |
| |
|
(in
years) |
| Patents and trademarks |
|
12-17 |
|
| Schedule of Condensed Consolidated Balance Sheet Information Related to Operating Lease |
The
Company’s operating leases are comprised of the 2021 Baltimore Lease and the Platt Street Lease on the Condensed Consolidated Balance
Sheet. The information related to these leases are presented below:
Schedule
of Condensed Consolidated Balance Sheet Information Related to Operating Lease
| Balance
Sheet Location |
|
Lease |
|
|
Lease |
|
|
Total |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
| |
|
As
of June 30, 2023 |
|
|
As
of December 31, 2022 |
|
| |
|
Platt Street |
|
|
2021 Baltimore |
|
|
|
|
|
Platt Street |
|
|
2021 Baltimore |
|
|
|
|
| Balance
Sheet Location |
|
Lease |
|
|
Lease |
|
|
Total |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
| Operating Lease |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lease Right of Use |
|
$ |
36,138 |
|
|
$ |
71,433 |
|
|
$ |
107,571 |
|
|
$ |
45,353 |
|
|
$ |
94,309 |
|
|
$ |
139,662 |
|
| Lease Payable, current |
|
|
20,012 |
|
|
|
50,275 |
|
|
|
70,287 |
|
|
|
18,741 |
|
|
|
47,039 |
|
|
|
65,780 |
|
| Lease Payable - net of current |
|
|
16,739 |
|
|
|
22,766 |
|
|
|
39,505 |
|
|
|
27,070 |
|
|
|
48,871 |
|
|
|
75,941 |
|
|
| Schedule of Lease Expense |
The
following provides details of the Company’s lease expense:
Schedule
of Lease Expense
| Lease
Expenses |
|
Lease |
|
|
Lease |
|
|
Total |
|
|
Lease |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
| |
|
Three
Months Ended June 30, 2023 |
|
|
Three
Months Ended June 30, 2022 |
|
| |
|
Platt Street |
|
|
2021 Baltimore |
|
|
|
|
|
Hyde Park |
|
|
Platt Street |
|
|
2021 Baltimore |
|
|
|
|
| Lease
Expenses |
|
Lease |
|
|
Lease |
|
|
Total |
|
|
Lease |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
| Operating Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lease
Costs |
|
$ |
5,659 |
|
|
$ |
13,600 |
|
|
$ |
19,259 |
|
|
$ |
- |
|
|
$ |
5,660 |
|
|
$ |
13,600 |
|
|
$ |
19,260 |
|
| Lease
Expenses |
|
Lease |
|
|
Lease |
|
|
Total |
|
|
Lease |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
| |
|
Six
Months Ended June 30, 2023 |
|
|
Six
Months Ended June 30, 2022 |
|
| |
|
Platt Street |
|
|
2021 Baltimore |
|
|
|
|
|
Hyde Park |
|
|
Platt Street |
|
|
2021 Baltimore |
|
|
|
|
| Lease
Expenses |
|
Lease |
|
|
Lease |
|
|
Total |
|
|
Lease |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
| Operating Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lease Costs |
|
$ |
11,321 |
|
|
$ |
27,200 |
|
|
$ |
38,521 |
|
|
$ |
4,171 |
|
|
$ |
5,660 |
|
|
$ |
26,400 |
|
|
$ |
36,231 |
|
|
| Schedule of Other Information Related to Leases |
Other
information related to leases is presented below:
Schedule
of Other Information Related to Leases
| |
|
Platt Street |
|
|
2021 Baltimore |
|
|
|
|
| Other
Information |
|
Lease |
|
|
Lease |
|
|
Total |
|
| Operating Leases |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating cash
used |
|
$ |
10,970 |
|
|
$ |
27,192 |
|
|
$ |
38,162 |
|
| Average remaining lease
term |
|
|
21 |
|
|
|
17 |
|
|
|
19 |
|
| Average discount rate |
|
|
10.0 |
% |
|
|
10.0 |
% |
|
|
10.0 |
% |
|
| Schedule of Operating Lease Minimum Lease Payments |
As
of June 30, 2023, the annual minimum lease payments of the Company’s operating lease liabilities were as follows:
Schedule
of Operating Lease Minimum Lease Payments
| |
|
Lease |
|
|
Lease |
|
|
Total |
|
| |
|
Platt Street |
|
|
2021 Baltimore |
|
|
|
|
| |
|
Lease |
|
|
Lease |
|
|
Total |
|
| For Years Ending December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
11,318 |
|
|
|
27,328 |
|
|
|
38,646 |
|
| 2024 |
|
|
23,103 |
|
|
|
51,348 |
|
|
|
74,451 |
|
| 2025 |
|
|
5,814 |
|
|
|
- |
|
|
|
5,814 |
|
| Total future minimum lease payments, undiscounted |
|
$ |
40,235 |
|
|
$ |
78,676 |
|
|
$ |
118,911 |
|
| Less: Imputed interest |
|
|
3,484 |
|
|
|
5,635 |
|
|
|
9,119 |
|
| Present value of future minimum lease payments |
|
$ |
36,751 |
|
|
$ |
73,041 |
|
|
$ |
109,792 |
|
|
| Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share |
As
of June 30, 2023 and 2022, the following securities are excluded from the calculation of weighted average dilutive common shares because
their inclusion would have been anti-dilutive:
Schedule
of Anti-dilutive Securities Excluded from Computation of Earnings Per Share
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
|
For
the Three Months Ended
June 30, |
|
|
For
the Six Months Ended
June 30, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| Stock Options |
|
|
3,045,000 |
|
|
|
4,476,737 |
|
|
|
3,045,000 |
|
|
|
4,476,737 |
|
| Warrants to purchase common stock |
|
|
13,166,712 |
|
|
|
5,072,432 |
|
|
|
13,166,712 |
|
|
|
5,072,432 |
|
| Pre-funded Warrants to purchase common stock |
|
|
- |
|
|
|
135,135 |
|
|
|
- |
|
|
|
135,135 |
|
| Unvested Restricted Stock Units |
|
|
2,795,000 |
|
|
|
2,795,000 |
|
|
|
2,795,000 |
|
|
|
2,795,000 |
|
| Series C Convertible Preferred Warrants |
|
|
27,500 |
|
|
|
27,500 |
|
|
|
27,500 |
|
|
|
27,500 |
|
| Series D Preferred Convertible Stock |
|
|
36,496 |
|
|
|
36,496 |
|
|
|
36,496 |
|
|
|
36,496 |
|
| Series F Convertible
Preferred Stock |
|
|
5,543,238 |
|
|
|
- |
|
|
|
5,543,238 |
|
|
|
- |
|
| Total
potentially dilutive shares |
|
|
24,613,946 |
|
|
|
12,543,300 |
|
|
|
24,613,946 |
|
|
|
12,543,300 |
|
|