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Organization and Basis of Presentation (Tables) | 9 Months Ended
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Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract] |
Schedule of Effect of the Private Placements on Common and Preferred stock | The following tables summarize the effect of the Private Placements on the Company's shares of common and preferred stock as of and for the nine months ended September 30, 2024.
Effect of Private Placements on Common Stock |  | Number of Shares |
Common stock |  |  |
Shares issued on April 3, 2024 and June 13, 2024 |  |  | 3,690,000 |
Shares of Series B Preferred Stock converted into common stock on June 28, 2024 (1) |  |  | 50,232,000 |
Increase in shares of common stock |  |  | 53,922,000 |
Warrants issued to purchase common stock (2), (3) |  |  | 26,195,999 |
(1) The conversion rate for Series B Preferred Stock into common stock was 4,000 common shares per preferred share. |
(2) The conversion rate for warrants for Series B Preferred Stock into warrants for common stock was 4,000 common shares per preferred share. |
(3) The warrants for Series B Preferred Stock converted into warrants for common stock on June 28, 2024. |
|  | Number of Shares |
Effect of Private Placements on Preferred Stock |  | Series B |  |  | Series C |
Preferred stock |  |  |  |  |  |
Shares issued on April 3, 2024 and June 13, 2024 |  |  | 12,558 |  |  |  | 2,732 |
Shares of preferred stock that converted into common stock on June 28, 2024 (1) |  |  | (12,558 | ) |  |  | — |
Increase in shares of preferred stock |  |  | — |  |  |  | 2,732 |
Warrants, preferred stock |  |  |  |  |  |
Warrants issued |  |  | 6,549 |  |  |  | 1,441 |
Warrants for preferred stock that converted into warrants for common stock (2) |  |  | (6,549 | ) |  |  | — |
Increase in warrants for preferred stock |  |  | — |  |  |  | 1,441 |
(1) The conversion rate for preferred stock into common stock was 4,000 common shares per preferred share. |
(2) The holder of Series C Preferred Stock received regulatory non-objection to exchange the Series C Preferred Stock for common stock as stipulated in the Private Placements on July 11, 2024. The Company expects the exchange for shares of the Company's common stock will be completed during the fourth quarter of 2024. |
Schedule of Fair Value of Warrants Issued in Connection with the Private Placements | The following table presents the assumptions used in the calculation of the fair value of the warrants issued in connection with the Private Placements.
|  | Issued April 3, 2024 |  |  | Issued June 13, 2024 |
Assumptions |  | Common Stock Warrants |  |  | Series C Preferred Stock Warrants |  |  | Common Stock Warrants |
Fair value per warrant |  | $ | 1.34 |  |  | $ | 1.34 |  | (1) | $ | 1.49 |
Stock price per share |  | $ | 2.76 |  |  | $ | 2.76 |  | (1) | $ | 2.99 |
Strike price per share |  | $ | 2.50 |  |  | $ | 2.50 |  | (1) | $ | 2.39 |
Risk-free interest rate |  |  | 4.40 | % |  |  | 4.40 | % |  |  | 4.30 | %
Term (years) |  |  | 5.00 |  |  |  | 5.00 |  |  |  | 4.81 |
Expected volatility |  |  | 45.00 | % |  |  | 45.00 | % |  |  | 45.00 | %
(1) Presented on a common share equivalent basis. |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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