Quarterly report pursuant to Section 13 or 15(d)

Significant Accounting Policies (Tables)

v3.24.2.u1
Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2024 and December 31, 2023.

 

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, 2024   $ 12,530,326     $ -     $ -  
                         
Marketable securities at December 31, 2023   $ 2,242,106     $ -     $ -  

Schedule of Fair Value Hierarchy of the Valuation Inputs

 

Description   Level     June 30,2024  
Liabilities:                
Warrant liabilities (Note 1)     3     $ 19,291,000  
Derivative liabilities (Note 1)     3     $ 926,000  

 

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 for the six months ended June 30, 2024:

  

Balance on December 31, 2023   $ 867,000  
Issuance of warrants reported at fair value     21,992,000  
Change in fair value of warrant liabilities     4,393,000  
Reclassification of warrant liability to equity upon warrant modification     (7,961,000 )
Balance on June 30, 2024   $ 19,291,000  
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 for the six months ended June 30, 2024:

  

Balance on December 31, 2023   $ 61,000  
Issuance of convertible preferred stock with derivative liabilities     854,000  
Change in fair value of derivative liabilities     11,000
Balance on June 30, 2024   $ 926,000  
Schedule of Estimated Useful Lives of Property Plant and Equipment

The estimated useful lives for the current and comparative periods are as follows:

  

    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:

 

    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 2024 Baltimore Lease, the 2021 Baltimore Lease and the Platt Street Lease on the Condensed Consolidated Balance Sheets. The information related to these leases are presented below:

 

Balance Sheet Location   Lease     Lease     Lease     Total     Lease     Lease     Total  
    As of June 30, 2024     As of December 31, 2023  
    Platt Street     2021 Baltimore     2024 Baltimore           Platt Street     2021 Baltimore        
Balance Sheet Location   Lease     Lease     Lease     Total     Lease     Lease     Total  
Operating Lease                                                        
Lease Right of Use   $ -     $ -     $ 25,803     $ 25,803     $ -     $ 47,389     $ 47,389  
Lease Payable, current     -       -       25,803       25,803       -       48,870       48,870  
Lease Payable - net of current     -       -       -       -            -       -       -  

Schedule of Lease Expense

The following provides details of the Company’s lease expense:

 

Lease Expenses   Lease     Lease     Lease     Total     Lease     Lease     Total  
   

For the Three Months Ended

June 30, 2024

     For the Three Months Ended June 30, 2023  
    Platt Street     2021 Baltimore     2024 Baltimore           Platt Street     2021 Baltimore        
Lease Expenses   Lease     Lease     Lease     Total     Lease     Lease     Total  
Operating Leases                                                        
Lease Costs   $ -     $ 4,668     $ 5,400     $ 10,068     $ 5,659     $ 13,600     $ 19,259  

 

Lease Expenses   Lease     Lease     Lease     Total     Lease     Lease     Total  
   

For the Six Months Ended

June 30, 2024

    

For the Six Months Ended

June 30, 2023

  
    Platt Street     2021 Baltimore     2024 Baltimore           Platt Street     2021 Baltimore        
Lease Expenses   Lease     Lease     Lease     Total     Lease     Lease     Total  
Operating Leases                                                        
Lease Costs   $ -     $ 18,672     $ 5,400     $ 24,072     $ 11,321     $ 27,200     $ 38,521  

Schedule of Other Information Related to Leases

Other information as of June 30, 2024 related to leases is presented below:

 

   

Platt

Street

     2021 Baltimore     2024 Baltimore        
Other Information   Lease     Lease     Lease     Total  
Operating Leases                                
Operating cash used   $ -     $ 18,672     $ -     $ 18,672  
Average remaining lease term     -       -       10       10  
Average discount rate     10.0 %     10.0 %     10.0 %     10.0 %

Schedule of Operating Lease Minimum Lease Payments

As of June 30, 2024, the annual minimum lease payments of the Company’s operating lease liabilities were as follows:

 

   

Platt

Street

    

2021

Baltimore

     2024 Baltimore        
    Lease     Lease     Lease     Total  
For Years Ending December 31,                                
2024       -         -       16,200     $ 16,200  
2025     -       -       10,800       10,800  
Total future minimum lease payments, undiscounted   $ -     $ -     $ 27,000     $ 27,000  
Less: Imputed interest     -       -       1,197       1,197  
Present value of future minimum lease payments   $ -     $ -     $ 25,803     $ 25,803  

Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share

As of June 30, 2024 and 2023, the following securities are excluded from the calculation of weighted average dilutive common stock because their inclusion would have been anti-dilutive:

 

    2024     2023  
    As of
June 30,		  
    2024     2023  
Stock Options     85,226       37,167  
Unvested Restricted Stock Units     46,668       93,169  
Warrants to purchase Common Stock     23,895,139       4,934,065  
Series C Convertible Preferred Warrants     918       918  
Series D Convertible Preferred Stock     1,217       1,217  
Series F Convertible Preferred Stock     2,574,339       3,930,818  
Series F-1 Convertible Preferred Stock     2,780,837       -  
Series G Convertible Preferred Stock     4,928,414       -  
Total potentially dilutive shares     34,314,758       8,997,354