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v3.23.2

Stockholders’ Equity (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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 six months ended June 30, 2023 and 2022 for the Monte-Carlo simulation: Schedule of Weighted-Average Assumptions Used to Estimate Fair Value
|  | Valuation Dates |
|  | January 1, 2023 |  |  | January 2, 2022 |
|  | (Modification) |  |  | (Original Issuance) |
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 six months ended June 30, 2023 is presented below: Summary of Option Activity
|  |  |  |  |  |  |  |  |  |  | Weighted Average |
|  |  |  |  | Weighted |  |  |  |  |  | Remaining |
|  | Number of |  |  | Average |  |  | Total |  |  | Contractual Life |
|  | Shares |  |  | Exercise Price |  |  | Intrinsic Value |  |  | (in years) |
Outstanding as of December 31, 2022 |  |  | 1,150,000 |  |  | $ | 2.15 |  |  | $ | - |  |  |  | 3.3 |
Employee options granted |  |  | 20,000 |  |  |  | 0.63 |  |  |  | - |  |  |  | - |
Employee options forfeited |  |  | (35,000 | ) |  |  | 1.02 |  |  |  | 11,100 |  |  |  | - |
Outstanding as of June 30, 2023 |  |  | 1,135,000 |  |  | $ | 2.16 |  |  | $ | - |  |  |  | 2.8 |
Options vested and exercisable as of June 30, 2023 |  |  | 1,135,000 |  |  | $ | 2.16 |  |  | $ | - |  |  |  | 2.8 |
Schedule of Restricted Stock Units | The RSUs granted to each executive employee are as follows: Schedule of Restricted Stock Units
|  |  |  |  |  | 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 six months ended June 30, 2023 are as follows: Summary of Restricted Stock
|  | Number of |  |  | Weighted Average |
|  | Restricted |  |  | Grant Day |
|  | Stock Units |  |  | Fair Value |
Nonvested at December 31, 2022 |  |  | 1,590,552 |  |  | $ | 3.34 |
Granted |  |  | 50,000 |  |  |  | 0.63 |
Vested |  |  | (9,153 | ) |  |  | 4.37 |
Forfeited |  |  | - |  |  |  | - |
Nonvested at June 30, 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 and six months ended June 30, 2023 and 2022 was as follows: Schedule of Stock-based Compensation Expense
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Employee bonus stock awards |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 894,027 |
Employee stock option awards |  |  | (8,619 | ) |  |  | 12,812 |  |  |  | (5,312 | ) |  |  | 82,446 |
Employee restricted stock unit awards |  |  | 228,953 |  |  |  | 405,714 |  |  |  | 496,291 |  |  |  | 747,704 |
Non-employee restricted stock awards |  |  | 8,333 |  |  |  | 89,656 |  |  |  | 24,242 |  |  |  | 171,737 |
Stock-based compensation |  | $ | 228,667 |  |  | $ | 508,182 |  |  | $ | 515,221 |  |  | $ | 1,895,914 |
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 | Schedule of Weighted-Average Assumptions Used to Estimate Fair Value
|  | 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 | % |  |  | - |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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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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