Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 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 December 31, 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 December 31, 2023 |
|
$ |
2,242,106 |
|
|
$ |
- |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
December
31, 2023 |
|
| Liabilities: |
|
|
|
|
|
|
| Warrant liabilities (Note 3) |
|
|
3 |
|
|
$ |
867,000 |
|
| Derivative liabilities (Note 3) |
|
|
3 |
|
|
$ |
61,000 |
|
|
| Summary of Change in Fair Value of Warrant Liabilities |
The
following table sets forth a summary of the change in the fair value of the warrant liabilities that is measured at fair value on a recurring
basis:
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 |
|
| Change in fair value
of warrant liabilities |
|
|
(5,356,000 |
) |
| Balance on September 30, 2023 |
|
|
2,457,000 |
|
| Change in fair value
of warrant liabilities |
|
|
(1,590,000 |
) |
| Balance on December 31, 2023 |
|
$ |
867,000 |
|
|
| Summary of Change in Fair Value of Derivative Liabilities |
The
following table sets forth a summary of the change in the fair value of the derivative liabilities that is measured at fair value on
a recurring basis:
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 |
|
| Change in fair value
of derivative liabilities |
|
|
(2,566,900 |
) |
| Balance on September 30, 2023 |
|
|
898,100 |
|
| Change in fair value
of derivative liabilities |
|
|
(837,100 |
) |
| Balance on December 31, 2023 |
|
$ |
61,000 |
|
|
| 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 |
Lease
expense for operating leases consists of the lease payments plus any initial direct costs and is recognized on a straight-line basis
over the lease term.
The
Company’s operating leases are comprised of the 2021 Baltimore Lease and the Platt Street Lease on the 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 December 31, 2023 |
|
|
As
of December 31, 2022 |
|
| |
|
Platt
Street |
|
|
2021
Baltimore
|
|
|
|
|
|
Hyde
Park |
|
|
2021
Baltimore
|
|
|
|
|
| Balance
Sheet Location |
|
Lease |
|
|
Lease |
|
|
Total |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
| Operating Lease |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lease Right
of Use |
|
$ |
- |
|
|
$ |
47,389 |
|
|
$ |
47,389 |
|
|
$ |
45,353 |
|
|
$ |
94,309 |
|
|
$ |
139,662 |
|
| Lease Payable, current |
|
|
- |
|
|
|
48,870 |
|
|
|
48,870 |
|
|
|
18,741 |
|
|
|
47,039 |
|
|
|
65,780 |
|
| Lease Payable - net of
current |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
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 |
|
| |
|
Year
Ended
December 31, 2023 |
|
|
Year
Ended
December 31, 2022 |
|
| |
|
Platt
Street |
|
|
2021
Baltimore |
|
|
|
|
|
Hyde
Park |
|
|
Platt
Street |
|
|
2021
Baltimore |
|
|
|
|
| Lease
Expenses |
|
Lease |
|
|
Lease |
|
|
Total |
|
|
Lease |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
| Operating Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lease Costs |
|
$ |
18,868 |
|
|
$ |
54,400 |
|
|
$ |
73,268 |
|
|
$ |
6,251 |
|
|
$ |
16,981 |
|
|
$ |
54,400 |
|
|
$ |
77,632 |
|
|
| Schedule of Other Information Related to Leases |
Other
information related to leases is presented below:
Schedule
of Other Information Related to Leases
| |
|
As
of December 31, 2023 |
|
| |
|
Platt |
|
|
2021
Baltimore |
|
|
|
|
| Other
Information |
|
Street
Lease |
|
|
Lease |
|
|
Total |
|
| Operating Leases |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating cash
used |
|
$ |
20,048 |
|
|
$ |
54,520 |
|
|
$ |
74,568 |
|
| Average remaining lease
term |
|
|
- |
|
|
|
11 |
|
|
|
11 |
|
| Average discount rate |
|
|
10.0 |
% |
|
|
10.0 |
% |
|
|
10.0 |
% |
|
| Schedule of Operating Lease Minimum Lease Payments |
As
of December 31, 2023, the annual minimum lease payments of the Company’s operating lease liabilities were as follows:
Schedule
of Operating Lease Minimum Lease Payments
| |
|
Street
Lease |
|
|
Lease |
|
|
Total |
|
| |
|
As
of December 31, 2023 |
|
| |
|
Platt |
|
|
2021 Baltimore |
|
|
|
|
| |
|
Street
Lease |
|
|
Lease |
|
|
Total |
|
| For Years Ending December 31, |
|
|
|
|
|
|
|
|
|
| 2024 |
|
$ |
- |
|
|
$ |
49,867 |
|
|
$ |
49,867 |
|
| Total future minimum lease payments, undiscounted |
|
$ |
- |
|
|
$ |
49,867 |
|
|
$ |
49,867 |
|
| Less: Imputed interest |
|
|
- |
|
|
|
997 |
|
|
|
997 |
|
| Present value of future
minimum lease payments |
|
$ |
- |
|
|
$ |
48,870 |
|
|
$ |
48,870 |
|
|
| Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share |
As
of December 31, 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 |
|
| |
|
For
the Years Ended
December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| Stock Options |
|
|
47,286 |
|
|
|
149,241 |
|
| Unvested Restricted Stock Units |
|
|
88,668 |
|
|
|
82,001 |
|
| Warrants to purchase Common Stock |
|
|
4,933,622 |
|
|
|
217,202 |
|
| Pre-funded Warrants to purchase Common Stock |
|
|
- |
|
|
|
4,505 |
|
| Series C Preferred Convertible Warrants |
|
|
918 |
|
|
|
918 |
|
| Series D Preferred Convertible Stock |
|
|
1,217 |
|
|
|
1,217 |
|
| Series F Preferred Convertible
Stock |
|
|
3,318,626 |
|
|
|
- |
|
| Total
potentially dilutive shares |
|
|
8,482,891, |
|
|
|
466,252 |
|
|