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Stockholders’ Equity (Tables)
 3 Months Ended
Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value

The following weighted-average assumptions were used to estimate the fair value of options granted during the three months ended March 31, 2023 and 2022 for the Monte-Carlo simulation: 

 

  

Three Months Ended

March 31,

 
  

2023

(Post-Modification)

  

2022

(Original Grants)

 
Vesting Hurdle Price  $3.81 - $30.52   $8.07 - $36.99 
Term (years)   4.00    5.00 
Expected stock price volatility   97.30%   103.72%
Risk-free rate of interest   4.10%   1.32%
Summary of Option Activity

A summary of option activity under the Company’s stock option plan for three months ended March 31, 2023 is presented below:

 

   Number of Shares  

Weighted Average

Exercise Price

   Total Intrinsic Value  

Weighted Average Remaining Contractual Life

(in years)

 
Outstanding as of December 31, 2022   1,150,000   $2.15   $-    3.3 
Employee options granted   20,000    0.63    14,600    4.8 
Outstanding as of March 31, 2023   1,170,000   $2.12   $14,600    3.0 
Options vested and exercisable as of March 31, 2023   1,135,000   $2.16   $-    3.0 
Schedule of Restricted Stock Units

The RSUs granted to each executive employee are as follows:

 

         Total   Market Cap Vesting Thresholds 
Officer Name  Title  Grant Date  RSUs Granted   $ 50 million   $ 100 million   $ 150 million   $ 300 million 
Charles Allen  Chief Executive Officer  1/2/2022   694,444    173,611    173,611    173,611    173,611 
Michal Handerhan  Chief Operations Officer  1/2/2022   444,444    111,111    111,111    111,111    111,111 
Michael Prevoznik  Chief Financial Officer  1/2/2022   222,224    55,556    55,556    55,556    55,556 
Manish Paranjape  Chief Technology Officer  2/22/2022   160,184    40,046    40,046    40,046    40,046 
          1,521,296    380,324    380,324    380,324    380,324 
Summary of Restricted Stock

A summary of the Company’s restricted stock units granted under the 2021 Plan during the three months ended March 31, 2023 are as follows:

 

   Number of Restricted Stock Units   Weighted Average Grant Day Fair Value 
Nonvested at December 31, 2022   1,590,552   $3.34 
Granted   50,000    0.63 
Vested   (9,153)   4.37 
Nonvested at March 31, 2023   1,631,399   $3.25 
Schedule of Stock-based Compensation Expense

Stock-based compensation expense is recorded as a part of selling, general and administrative expenses, compensation expenses and cost of revenues. Stock-based compensation expense for the three months ended March 31, 2023 and 2022 was as follows:

 

   2023   2022 
  

For the Three Months Ended

March 31,

 
   2023   2022 
Employee bonus stock awards  $-   $894,027 
Employee stock option awards   3,307    69,634 
Employee restricted stock unit awards   267,338    341,990 
Non-employee restricted stock awards   15,908    82,081 
Stock-based compensation  $286,553   $1,387,732 
2021 Equity Incentive Plan [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value

  

For the Three Months

Ended March 31,

 
   2023   2022 
Exercise price  $0.63   $    - 
Term (years)   5.00    - 
Expected stock price volatility   152.8%   -%
Risk-free rate of interest   3.99%   -%