Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 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 September 30, 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 September 30, 2024 |
|
$ |
9,449,483 |
|
|
$ |
- |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| 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
| Description |
|
Level |
|
|
September
30,2024 |
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Warrant
liabilities (Note 1) |
|
|
3 |
|
|
$ |
- |
|
| Derivative
liabilities (Note 1) |
|
|
3 |
|
|
$ |
1,282,000 |
|
| 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 nine months ended September 30, 2024:
Summary
of Change in Fair Value of Warrant Liabilities
| Balance
on December 31, 2023 |
|
$ |
867,000 |
|
| Issuance
of warrants reported at fair value |
|
|
21,992,000 |
|
| Change
in fair value of warrant liabilities |
|
|
4,410,000 |
|
| Reclassification
of warrant liability to equity upon warrant modification |
|
|
(27,269,000 |
) |
| Balance
on September 30, 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 nine months ended September 30, 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 |
|
|
854,000 |
|
| Change
in fair value of derivative liabilities |
|
|
367,000 |
|
| Balance
on September 30, 2024 |
|
$ |
1,282,000 |
|
There were no assets or liabilities measured on a non-recurring basis as of September 30, 2024 or December 31, 2023.
|
| 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 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:
Schedule
of Condensed Consolidated Balance Sheet Information Related to Operating Lease
| Balance Sheet Location |
|
Lease |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
| |
|
As of September 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 |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
18,285 |
|
|
$ |
18,285 |
|
|
$ |
- |
|
|
$ |
47,389 |
|
|
$ |
47,389 |
|
| Lease Payable, current |
|
|
- |
|
|
|
- |
|
|
|
18,285 |
|
|
|
18,285 |
|
|
|
- |
|
|
|
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 |
|
|
Lease |
|
|
Total |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
| |
|
For the Three Months Ended September 30, 2024
|
|
|
For the Three Months Ended September 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 |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
8,100 |
|
|
$ |
8,100 |
|
|
$ |
1,887 |
|
|
$ |
13,600 |
|
|
$ |
15,487 |
|
| Lease Expenses |
|
Lease |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
| |
|
For the Nine Months Ended September 30, 2024
|
|
|
For the Nine Months Ended September 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 |
|
|
$ |
13,500 |
|
|
$ |
32,172 |
|
|
$ |
18,868 |
|
|
$ |
54,400 |
|
|
$ |
73,268 |
|
|
| Schedule of Other Information Related to Leases |
Other
information as of September 30, 2024 related to leases is presented below:
Schedule
of Other Information Related to Leases
| |
|
Platt Street
|
|
|
2021 Baltimore |
|
|
2024 Baltimore |
|
|
|
|
| Other Information |
|
Lease |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
| Operating Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating cash used |
|
$ |
- |
|
|
$ |
18,672 |
|
|
$ |
13,500 |
|
|
$ |
32,172 |
|
| Average remaining lease term |
|
|
- |
|
|
|
- |
|
|
|
7 |
|
|
|
7 |
|
| Average discount rate |
|
|
10.0 |
% |
|
|
10.0 |
% |
|
|
10.0 |
% |
|
|
10.0 |
% |
|
| Schedule of Operating Lease Minimum Lease Payments |
As
of September 30, 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
|
|
|
2024 Baltimore |
|
|
|
|
| |
|
Lease |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
| For Years Ending December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2024 |
|
|
- |
|
|
|
- |
|
|
$ |
8,100 |
|
|
$ |
8,100 |
|
| 2025 |
|
|
- |
|
|
|
- |
|
|
|
10,800 |
|
|
|
10,800 |
|
| Total future minimum lease payments, undiscounted |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
18,900 |
|
|
$ |
18,900 |
|
| Less: Imputed interest |
|
|
- |
|
|
|
- |
|
|
|
615 |
|
|
|
615 |
|
| Present value of future minimum lease payments |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
18,285 |
|
|
$ |
18,285 |
|
|
| Schedule of Weighted Average Number of Shares Outstanding Earnings Per Share |
The
following table is a reconciliation of the weighted average number of shares outstanding used in calculating basic and diluted net income/(loss)
per share for the three and nine months ended September 30, 2024 and 2023:
Schedule
of Weighted Average Number of Shares Outstanding Earnings Per Share
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| |
|
For the Three Months Ended
September 30, |
|
|
For the Nine Months Ended
September 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Net (Loss)/Income Attributable to Common Stockholders – Basic and Diluted |
|
$ |
(2,680,443 |
) |
|
$ |
2,884,943 |
|
|
$ |
(24,025,339 |
) |
|
$ |
(3,326,571 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average shares outstanding – basic |
|
|
2,415,089 |
|
|
|
1,564,275 |
|
|
|
2,290,962 |
|
|
|
1,456,327 |
|
| Dilutive shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock Options |
|
|
- |
|
|
|
1,667 |
|
|
|
- |
|
|
|
- |
|
| Unvested Restricted Stock Units |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Warrants to purchase Common Stock |
|
|
- |
|
|
|
4,716,904 |
|
|
|
- |
|
|
|
- |
|
| Series C Convertible Preferred Stock Warrants |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Series D Convertible Preferred Stock |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Series F Convertible Preferred Stock |
|
|
- |
|
|
|
3,100,315 |
|
|
|
- |
|
|
|
- |
|
| Series F-1 Convertible Preferred Stock |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Series G Convertible Preferred Stock |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Weighted average shares outstanding - diluted |
|
|
2,415,089 |
|
|
|
7,818,886 |
|
|
|
2,290,962 |
|
|
|
1,456,327 |
|
|
| Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share |
As
of September 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. For the three months ended September 30, 2023, although the Company
reported net income, the following securities were out of the money and thus considered anti-dilutive.
Schedule
of Anti-dilutive Securities Excluded from Computation of Earnings Per Share
| |
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended
September 30, |
|
|
For the Nine Months Ended
September 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Stock Options |
|
|
86,061 |
|
|
|
45,619 |
|
|
|
86,061 |
|
|
|
47,286 |
|
| Unvested Restricted Stock Units |
|
|
48,334 |
|
|
|
93,169 |
|
|
|
48,334 |
|
|
|
93,169 |
|
| Warrants to purchase Common Stock |
|
|
23,895,139 |
|
|
|
216,718 |
|
|
|
23,895,139 |
|
|
|
4,933,622 |
|
| Series C Convertible Preferred Stock Warrants |
|
|
918 |
|
|
|
918 |
|
|
|
918 |
|
|
|
918 |
|
| Series D Convertible Preferred Stock |
|
|
1,217 |
|
|
|
1,217 |
|
|
|
1,217 |
|
|
|
1,217 |
|
Series F Convertible Preferred Stock |
|
|
2,512,115 |
|
|
|
- |
|
|
|
2,512,115 |
|
|
|
3,100,315 |
|
| Series F-1 Convertible Preferred Stock |
|
|
2,780,837 |
|
|
|
- |
|
|
|
2,780,837 |
|
|
|
- |
|
| Series G Convertible Preferred Stock |
|
|
4,928,414 |
|
|
|
- |
|
|
|
4,926,244 |
|
|
|
- |
|
| Total potentially dilutive shares |
|
|
34,253,035 |
|
|
|
357,641 |
|
|
|
34,250,865 |
|
|
|
8,176,527 |
|
|