Recent Developments, Liquidity and Management’s Plans (Details Narrative)
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3 Months Ended |
6 Months Ended |
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Feb. 21, 2023
USD ($)
$ / shares
shares
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Jul. 07, 2022
USD ($)
$ / shares
shares
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Apr. 16, 2021
$ / shares
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Jun. 30, 2023
USD ($)
$ / shares
shares
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Mar. 31, 2023
USD ($)
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Jun. 30, 2022
USD ($)
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Mar. 31, 2022
USD ($)
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Jun. 30, 2023
USD ($)
$ / shares
shares
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Jun. 30, 2022
USD ($)
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Jun. 03, 2023 |
Dec. 31, 2022
USD ($)
$ / shares
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Dec. 31, 2021
USD ($)
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| Reverse stock split description |
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the Company effected a 1-for-2 reverse stock split of the issued and outstanding Company
Common Stock
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| Share value new issues |
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$ 2,368,654
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| Preferred stock dividends |
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373,796
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$ 532,129
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| Derivative liability fair value |
$ 3,149,000
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3,465,000
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3,465,000
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| Exercise price | $ / shares |
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$ 2.99
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| Stock issuance costs |
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314,311
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| Fair value of the warrants |
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10,623,000
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| Change in fair value of Derivatives Liabilities |
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(1,490,200)
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(315,200)
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| Stock Redeemed or Called During Period, Value |
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359,742
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359,742
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| Warrant exercise price | $ / shares |
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$ 5.98
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| Fair value of the warrants |
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10,623,000
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| Issuance of warrants |
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762,834
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| Change in fair value of Warrant Liabilities |
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$ 93,233
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(2,930,700)
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(2,810,000)
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| Fair value of warrants |
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7,813,000
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7,813,000
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| Cash on hand |
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93,823
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93,823
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749,090
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| Marketable securities |
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11,533,432
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11,533,432
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4,086,902
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| Loss from operations |
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6,228,985
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| Working capital |
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10,713,907
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10,713,907
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| Stockholders' equity |
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10,741,770
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13,094,059
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16,118,343
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$ 19,622,140
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10,741,770
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16,118,343
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14,695,056
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$ 23,647,174
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| Accumulated deficit |
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99,970,418
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99,970,418
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$ 93,758,904
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| Net cash provided by operating activities |
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7,891,517
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(5,934,245)
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| Net loss |
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4,167,653
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1,511,732
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3,636,043
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4,122,034
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5,679,385
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7,758,077
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| Prepaid expenses |
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949,973
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265,060
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| Decrease in trade and other payables |
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516,769
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(1,854,909)
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| Fair value of the warrant liability |
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$ (93,233)
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2,930,700
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2,810,000
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| Share based compensation |
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1,677,271
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132,246
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1,746,339
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229,245
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| Derivative [Member] |
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| Change in fair value of Derivatives Liabilities |
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315,200
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| Warrant [Member] |
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| Fair value of warrants |
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7,813,000
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7,813,000
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| Other Operating Income (Expense) [Member] |
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| Change in fair value of Derivatives Liabilities |
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194,500
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315,200
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| Change in fair value of Warrant Liabilities |
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1,635,000
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2,810,000
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| Fair value of the warrant liability |
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$ (1,635,000)
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$ (2,810,000)
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| Measurement Input, Expected Dividend Rate [Member] |
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| Derivative measurement input |
10.0
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10.0
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10.0
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| Measurement Input, Option Volatility [Member] |
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| Derivative measurement input |
120.0
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130.0
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130.0
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| Warrants measurement input |
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125.0
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125.0
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| Measurement Input, Price Volatility [Member] |
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| Derivative measurement input |
190.0
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205.0
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205.0
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| Measurement Input, Maturity [Member] |
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| Time of maturity |
1 year 4 months 6 days
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1 year
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1 year
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| Measurement Input, Discount Rate [Member] |
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| Derivative measurement input |
6.8
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9.7
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9.7
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| Measurement Input, Lapse Rate [Member] |
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| Derivative liability fair value |
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$ 3,465,000
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$ 3,465,000
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| Exercise price | $ / shares |
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$ 1.50
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$ 1.50
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| Derivative measurement input |
15.0
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15.0
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15.0
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| Net loss |
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$ (194,500)
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$ (315,200)
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| Measurement Input, Default Rate [Member] |
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| Derivative measurement input |
0.5
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8.1
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8.1
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| Measurement Input, Share Price [Member] |
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| Exercise price | $ / shares |
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$ 1.50
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$ 1.50
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| Measurement Input, Expected Dividend Payment [Member] |
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| Warrants measurement input |
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0
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0
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| Measurement Input, Risk Free Interest Rate [Member] |
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| Warrants measurement input |
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4.09
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4.09
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| Series F Convertible Preferred Stock [Member] |
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| Conversion price | $ / shares |
$ 2.255
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| Conversion of stock, description |
(i)
the Conversion Price then in effect and (ii) the greater of (A) 80% of the average of the three lowest closing prices of the
Company’s Common Stock during the thirty trading day period immediately prior to the date the amortization payment is due or
(B) a “Floor Price” of $0.22 (subject to adjustment for stock splits, stock dividends, stock combinations,
recapitalizations or other similar events) or, in any case, such lower amount as permitted, from time to time, by the Nasdaq Stock
Market
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If
on any day after the issuance of the shares of Series F Preferred Stock the closing price of the Common Stock has exceeded 300% of the
Conversion Price per share (subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar
events) for 20 consecutive trading days and the daily dollar trading volume of the Common Stock has exceeded $3,000,000 per trading day
during the same period and certain equity conditions described in the Series F Certificate of Designation are satisfied (the “Mandatory
Conversion Date”), we shall deliver written notice of the Mandatory Conversion (as defined below) to all holders on the Mandatory
Conversion Date and, on such Mandatory Conversion Date, we shall convert all of each holder’s shares of Series F Preferred Stock
into Conversion Shares at the then effective Conversion Price (the “Mandatory Conversion”). If any of the Equity Conditions
shall cease to be satisfied at any time on or after the Mandatory Conversion Date through and including the actual delivery of all of
the Conversion Shares to the holders, the Mandatory Conversion shall be deemed withdrawn and void ab initio
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| Share issued price, per share | $ / shares |
$ 6.765
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| Share value new issues |
$ 3,000,000
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| Preferred shares dividend rate |
10.00%
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10.00%
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| Series F Convertible Preferred Stock [Member] | Measurement Input, Expected Dividend Rate [Member] |
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| Preferred shares dividend rate |
15.00%
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| Series F Convertible Preferred Stock [Member] | Measurement Input, Default Rate [Member] |
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| Preferred shares dividend rate |
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15.00%
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| Securities Purchase Agreement [Member] | Investors [Member] |
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| Warrants to purchase common stock | shares |
6,651,885
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| Warrant exercise price | $ / shares |
$ 2.255
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| Warrants term |
5 years
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| Securities Purchase Agreement [Member] | Investors [Member] | Series F Convertible Preferred Stock [Member] |
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| Number of shares issued | shares |
15,000
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| Number of shares issued, value |
$ 1,000
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| Securities Purchase Agreement [Member] | Investors [Member] | Series F Preferred Stock [Member] |
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| Conversion price | $ / shares |
$ 2.255
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| Warrant exercise price | $ / shares |
2.255
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| Warrant [Member] |
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| Warrants shares | shares |
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986,486
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986,486
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| Warrants to purchase common stock | shares |
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38,265
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| Warrant exercise price | $ / shares |
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$ 5.98
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| Warrants term |
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5 years
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5 years
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| Share based compensation |
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0
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0
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| Warrant [Member] | Measurement Input, Expected Dividend Rate [Member] |
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| Warrants measurement input |
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0
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0
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| Warrant [Member] | Measurement Input, Option Volatility [Member] |
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| Warrants measurement input |
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120.0
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120.0
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| Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] |
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| Warrants measurement input |
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4.19
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4.19
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| Warrant [Member] | Measurement Input, Expected Term [Member] |
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| Warrants term |
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4 years 7 months 24 days
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4 years 7 months 24 days
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| Common Stock [Member] |
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| Warrants shares | shares |
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4,188,315
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4,188,315
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| Share value new issues |
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| Exercise price | $ / shares |
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$ 1.50
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$ 1.50
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$ 1.15
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| Stockholders' equity |
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$ 110,567,664
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108,378,504
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102,293,464
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102,161,218
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$ 110,567,664
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102,293,464
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$ 108,309,436
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102,064,218
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| Net loss |
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| Common Stock [Member] | Measurement Input, Exercise Price [Member] |
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| Exercise price | $ / shares |
$ 1.90
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| Common Stock [Member] | Securities Purchase Agreement [Member] | Investors [Member] |
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| Shares issued upon conversion | shares |
6,651,885
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| Preferred Stock [Member] |
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| Share value new issues |
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2,347,852
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| Derivative liability fair value |
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|
3,149,800
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3,149,800
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| Payments of financing costs |
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14,087,111
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| Stock Redeemed or Called During Period, Value |
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|
2,500,000
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2,500,000
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| Preferred Stock [Member] | Series F Convertible Preferred Stock [Member] |
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| Share value new issues |
|
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912,889
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| Stockholders' equity |
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760,742
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912,889
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$ 760,742
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| Net loss |
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| Former MyMD Florida Equity Holders [Member] |
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| Equity percentage |
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77.05%
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77.05%
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| Akers Bio Sciences Inc [Member] |
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| Equity percentage |
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22.95%
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22.95%
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| MyMD Pharmaceuticals (Florida), Inc [Member] |
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| Common stock, par value | $ / shares |
|
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$ 0.001
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| Exchange ratio price per shares | $ / shares |
|
|
$ 0.7718
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