Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
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| Accounting Policies [Abstract] |
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| Schedule of Marketable Securities |
The
following is a description of the valuation methodologies used for assets measured at fair value as of December 31, 2022 and December
31, 2021.
Schedule
of Marketable Securities
Marketable
Securities: Valued using quoted prices in active markets for identical assets.
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Quoted
Prices in Active Markets for Identical Assets or Liabilities (Level 1) |
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Quoted
Prices for Similar Assets or Liabilities in Active Markets (Level 2) |
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|
Significant
Unobservable Inputs (Level 3) |
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| Marketable
securities at December 31, 2022 |
|
$ |
4,086,902 |
|
|
$ |
-
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|
$ |
-
|
|
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| Marketable
securities at December 31, 2021 |
|
$ |
11,003,071 |
|
|
$ |
- |
|
|
$ |
- |
|
|
| 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
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|
Useful
Life |
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|
(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 Consolidated Balance
Sheet. The information related to these leases are presented below:
Schedule of Condensed Consolidated Balance Sheet Information Related to Operating Lease
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As
of December 31, 2022 |
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|
As
of December 31, 2021 |
|
| |
|
Platt Street |
|
|
2021 Baltimore |
|
|
|
|
|
Hyde
Park |
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|
2021 Baltimore |
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| Balance
Sheet Location |
|
Lease |
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|
Lease |
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|
Total |
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|
Lease |
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|
Lease |
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|
Total |
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| Operating Lease |
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| Lease Right
of Use |
|
$ |
45,353 |
|
|
$ |
94,309 |
|
|
$ |
139,662 |
|
|
$ |
12,156 |
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|
$ |
136,853 |
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|
$ |
149,009 |
|
| Lease Payable, current |
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|
18,741 |
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|
|
47,039 |
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|
|
65,780 |
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|
|
12,164 |
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|
|
41,076 |
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|
|
53,240 |
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| Lease Payable - net of
current |
|
|
27,070 |
|
|
|
48,871 |
|
|
|
75,941 |
|
|
|
- |
|
|
|
95,911 |
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|
|
95,911 |
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|
| Schedule of Lease Expense |
The
following provides details of the Company’s lease expense:
Schedule of Lease Expense
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|
Year Ended
December 31, 2022 |
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|
Year Ended
December 31, 2021 |
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|
Hyde Park |
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|
Platt Street |
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|
2021 Baltimore |
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|
Supera Aviation |
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|
Hyde Park |
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|
2020 Baltimore |
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|
2021 Baltimore |
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| Lease Expenses |
|
Lease |
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|
Lease |
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|
Lease |
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|
Total |
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|
Lease |
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|
Lease |
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|
Lease |
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|
Lease |
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|
Total |
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| Operating Leases |
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| Lease Costs |
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$ |
6,251 |
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|
$ |
16,981 |
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|
$ |
54,400 |
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|
$ |
77,632 |
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|
$ |
150,000 |
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|
$ |
25,026 |
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$ |
22,667 |
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|
$ |
4,533 |
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|
$ |
202,226 |
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| Schedule of Other Information Related to Leases |
Other
information related to leases is presented below:
Schedule of Other Information Related to Leases
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As
of December 31, 2022 |
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|
Hyde |
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|
Platt |
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|
2021 Baltimore |
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| Other
Information |
|
Park
Lease |
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|
Street
Lease |
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|
Lease |
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Total |
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| Operating Leases |
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| Operating cash
used |
|
$ |
4,622 |
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|
$ |
19,628 |
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|
$ |
51,602 |
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|
$ |
75,852 |
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| Average remaining lease
term |
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|
- |
|
|
|
27 |
|
|
|
23 |
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|
25 |
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| Average discount rate |
|
|
10.0 |
% |
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|
10.0 |
% |
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|
10.0 |
% |
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|
10.0 |
% |
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| Schedule of Operating Lease Minimum Lease Payments |
As
of December 31, 2022, the annual minimum lease payments of the Company’s operating lease liabilities were as follows:
Schedule of Operating Lease Minimum Lease Payments
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As
of December 31, 2022 |
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|
Platt |
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|
2021 Baltimore |
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|
Street
Lease |
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|
Lease |
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Total |
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| For Years Ending December 31, |
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| 2023 |
|
$ |
22,485 |
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|
$ |
54,520 |
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$ |
77,005 |
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| 2024 |
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|
23,103 |
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|
51,348 |
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|
74,451 |
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| 2025 |
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|
5,814 |
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- |
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|
5,814 |
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| Total future minimum lease payments, undiscounted |
|
$ |
51,402 |
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|
$ |
105,868 |
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|
$ |
157,270 |
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| Less:
Imputed interest |
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|
5,591 |
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|
9,958 |
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|
15,549 |
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| Present value of future
minimum lease payments |
|
$ |
45,811 |
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|
$ |
95,910 |
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|
$ |
141,721 |
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| Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share |
As
of December 31, 2022 and 2021, 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
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|
2022 |
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|
2021 |
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For
the Years Ended
December 31, |
|
| |
|
2022 |
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|
2021 |
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| Stock Options |
|
|
4,376,737 |
|
|
|
4,176,739 |
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| Unvested Restricted Stock Units |
|
|
2,795,000 |
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|
|
2,795,000 |
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| Warrants to purchase Common Stock |
|
|
6,514,827 |
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|
|
5,074,489 |
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| Pre-funded Warrants to purchase Common Stock |
|
|
135,135 |
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|
520,270 |
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| Series C Preferred Convertible Warrants |
|
|
27,500 |
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|
27,500 |
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| Series D Preferred Convertible Stock |
|
|
36,496 |
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|
36,496 |
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| Total
potentially dilutive shares |
|
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13,885,695 |
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|
12,630,494 |
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