Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 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 March 31, 2024 and December 31,
2023.
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 March 31, 2024 |
|
$ |
1,509,358 |
|
|
$ |
-
|
|
|
$ |
-
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Marketable securities at December 31, 2023 |
|
$ |
2,242,106 |
|
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of Fair Value Hierarchy of the Valuation Inputs |
Schedule
of Fair Value Hierarchy of the Valuation Inputs
| |
|
|
|
March 31, |
|
| Description |
|
Level |
|
2024 |
|
| Liabilities: |
|
|
|
|
|
|
| Warrant liabilities (Note 3) |
|
3 |
|
$ |
7,961,000 |
|
| Derivative liabilities (Note 3) |
|
3 |
|
$ |
- |
|
| |
|
|
|
December 31, |
|
| Description |
|
Level |
|
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 three months ended March 31, 2024:
Summary
of Change in Fair Value of Warrant Liabilities
| Balance on December 31, 2023 |
|
$ |
867,000 |
|
| Issuance of warrants reported at fair value |
|
|
- |
|
| Change in fair value of warrant liabilities |
|
|
7,064,000 |
|
| Reclassification of warrant liability to equity upon warrant modification |
|
|
(7,091,000 |
) |
| Balance on March 31, 2024 |
|
$ |
- |
|
|
| 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 three months ended March 31, 2024:
Summary
of Change in Fair Value of Derivative Liabilities
| Balance on December 31, 2023 |
|
$ |
61,000 |
|
| Issuance of convertible preferred stock with derivative liabilities |
|
|
- |
|
| Change in fair value of derivative liabilities |
|
|
(61,000 |
) |
| Balance on March 31, 2024 |
|
$ |
- |
|
|
| 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 Condensed Consolidated
Balance Sheets. 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 March 31, 2024 |
|
|
As of December 31, 2023 |
|
| |
|
Platt Street |
|
|
2021 Baltimore |
|
|
|
|
|
Platt Street |
|
|
2021 Baltimore |
|
|
|
|
| Balance Sheet Location |
|
Lease |
|
|
Lease |
|
|
Total |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
| Operating Lease |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lease Right of Use |
|
$ |
- |
|
|
$ |
34,904 |
|
|
$ |
34,904 |
|
|
$ |
- |
|
|
$ |
47,389 |
|
|
$ |
47,389 |
|
| Lease Payable, current |
|
|
- |
|
|
|
35,981 |
|
|
|
35,981 |
|
|
|
- |
|
|
|
48,870 |
|
|
|
48,870 |
|
| Lease Payable - net of current |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
| 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 |
|
|
Total |
|
| |
|
For
the Three Months Ended
March 31, 2024 |
|
|
For
the Three Months Ended
March 31, 2023 |
|
| |
|
Platt Street |
|
|
2021 Baltimore |
|
|
|
|
|
Platt Street |
|
|
2021 Baltimore |
|
|
|
|
| Lease Expenses |
|
Lease |
|
|
Lease |
|
|
Total |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
| Operating Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lease Costs |
|
$ |
- |
|
|
$ |
13,600 |
|
|
$ |
13,600 |
|
|
$ |
5,660 |
|
|
$ |
13,600 |
|
|
$ |
19,260 |
|
|
| Schedule of Other Information Related to Leases |
Other
information as of March 31, 2024 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 |
|
$ |
- |
|
|
$ |
9,336 |
|
|
$ |
9,336 |
|
| Average remaining lease term |
|
|
- |
|
|
|
8 |
|
|
|
8 |
|
| Average discount rate |
|
|
10.0 |
% |
|
|
10.0 |
% |
|
|
10.0 |
% |
|
| Schedule of Operating Lease Minimum Lease Payments |
As
of March 31, 2024, the annual minimum lease payments of the Company’s operating lease liabilities were as follows:
Schedule
of Operating Lease Minimum Lease Payments
| |
|
Platt Street |
|
|
2021 Baltimore |
|
|
|
|
| |
|
Lease |
|
|
Lease |
|
|
Total |
|
| For Years Ending December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
| 2024 |
|
|
-
|
|
|
|
36,267 |
|
|
|
36,267 |
|
| Total future minimum lease payments, undiscounted |
|
$ |
- |
|
|
$ |
36,267 |
|
|
$ |
36,267 |
|
| Less: Imputed interest |
|
|
- |
|
|
|
286 |
|
|
|
286 |
|
| Present value of future minimum lease payments |
|
$ |
- |
|
|
$ |
35,981 |
|
|
$ |
35,981 |
|
|
| Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share |
As
of March 31, 2024 and 2023, 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
| |
|
2024 |
|
|
2023 |
|
| |
|
For the Three Months Ended
March 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Stock Options |
|
|
47,286 |
|
|
|
145,907 |
|
| Unvested Restricted Stock Units |
|
|
88,668 |
|
|
|
93169 |
|
| Warrants to purchase Common Stock |
|
|
4,933,622 |
|
|
|
4,934,106 |
|
| Pre-funded Warrants to purchase Common Stock |
|
|
- |
|
|
|
4,505 |
|
| Series C Convertible Preferred Warrants |
|
|
918 |
|
|
|
918 |
|
| Series D Convertible Preferred Stock |
|
|
1,217 |
|
|
|
1,217 |
|
| Series F Convertible Preferred Stock |
|
|
1,568,553 |
|
|
|
4,716,981 |
|
| Total potentially dilutive shares |
|
|
6,640,264 |
|
|
|
9,896,803 |
|
|