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v3.23.3

Stockholders’ Equity (Tables) | 9 Months Ended
--- | ---
Sep. 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 nine months ended September 30, 2023 and 2022 for the Monte-Carlo simulation: Schedule of Weighted-Average Assumptions Used to Estimate Fair Value
|  | Valuation Dates |
|  | January 1, 2023 (Modification) |  |  | January 2, 2022 (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 nine months ended September 30, 2023 is presented below: Summary of Option Activity
|  | 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 |  |  | 35,000 |  |  |  | 0.81 |  |  |  | - |  |  |  | 4.9 |
Employee options forfeited |  |  | (35,000 | ) |  |  | 1.02 |  |  |  | 11,100 |  |  |  | - |
Outstanding as of September 30, 2023 |  |  | 1,150,000 |  |  | $ | 2.14 |  |  | $ | - |  |  |  | 2.5 |
Options vested and exercisable as of September 30, 2023 |  |  | 1,135,000 |  |  | $ | 2.16 |  |  | $ | - |  |  |  | 2.5 |
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 nine months ended September 30, 2023 are as follows: Summary of Restricted Stock
|  | 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 |
Forfeited |  |  | - |  |  |  | - |
Nonvested at September 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 nine months ended September 30, 2023 and 2022 was as follows: Schedule of Stock-based Compensation Expense
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Employee bonus stock awards |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 894,027 |
Employee stock option awards |  |  | 441 |  |  |  | 16,455 |  |  |  | (4,871 | ) |  |  | 98,901 |
Employee restricted stock unit awards |  |  | 230,118 |  |  |  | 434,349 |  |  |  | 726,409 |  |  |  | 1,182,053 |
Non-employee restricted stock awards |  |  | 21,536 |  |  |  | 30,480 |  |  |  | 45,777 |  |  |  | 202,218 |
Stock-based compensation |  | $ | 252,095 |  |  | $ | 481,284 |  |  | $ | 767,315 |  |  | $ | 2,377,199 |
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
|  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |
Exercise price |  | $ | 0.81 |  |  | $ | 1.51 |
Term (years) |  |  | 5.00 |  |  |  | 5.00 |
Expected stock price volatility |  |  | 151.6 | % |  |  | 165.8 | %
Risk-free rate of interest |  |  | 4.15 | % |  |  | 2.77 | %

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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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