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Stockholders’ Equity (Deficit) (Tables)
 12 Months Ended
Dec. 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 years ended December 31, 2023 and 2022 for the Monte-Carlo simulation:

 

   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 options activity under the Company’s stock option plan for the years ended December 31, 2023 and 2022 are presented below:

 

   Number of Shares   Weighted Average Exercise Price   Total Intrinsic Value   Weighted Average Remaining Contractual Life (in years) 
Outstanding as of December 31, 2021   1,235,000   $2.14   $1,488,000    4.0 
Employee options granted   50,000    1.51    -    1.4 
Employee options expired   (100,000)   1.90    -    - 
Employee options forfeited   (35,000)   1.50    -    - 
Outstanding as of December 31, 2022   1,150,000   $2.15   $-    3.3 
Options vested and exercisable as of December 31, 2022   1,135,000   $2.16   $-    3.3 

 

   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   85,000    1.29    -    5.0 
Employee options forfeited   (35,000)   1.02    11,100    - 
Outstanding as of December 31, 2023   1,200,000   $2.12   $8,700    2.4 
Options vested and exercisable as of December 31, 2023   1,145,000   $2.15   $-    2.3 
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 years ended December 31, 2023 and 2022 are as follows:

 

   Number of Restricted Stock Units   Weighted Average Grant Date Fair Value 
Nonvested at December 31, 2022   29,363   $5.96 
Granted   1,670,569    3.28 
Vested   (109,379)   2.29 
Nonvested at December 31, 2022   1,590,553   $3.34 
Granted   50,000    0.63 
Vested   (34,180)   3.55 
Nonvested at December 31, 2023   1,606,373   $3.25 
Schedule of Stock-based Compensation Expense

Stock-based compensation expenses are recorded as a part of selling, general and administrative expenses, compensation expenses and cost of revenues. Stock-based compensation expenses for the years ended December 31, 2023 and 2022 were as follows:

 

   2023   2022 
   For the Year Ended December 31, 
   2023   2022 
Employee bonus stock awards  $675,061   $1,152,525 
Employee stock option awards   11,726    97,142 
Employee restricted stock unit awards   956,526    1,575,475 
Non-employee restricted stock awards   195,784    225,207 
Stock-based compensation  $1,839,097   $3,050,349 
Summary of Warrant Activity

The following is a summary of warrant activity for the years ended December 31, 2023 and 2022:

 

   Number of Warrants 
Outstanding as of December 31, 2021   962,794 
Expiration of warrants   (50,294)
Outstanding as of December 31, 2022   912,500 
Expiration of warrants   (200,000)
Outstanding as of December 31, 2023   712,500 
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

 

  

Year Ended

December 31,

 
   2023   2022 
Exercise price  $1.29   $1.51 
Term (years)   5.00    5.00 
Expected stock price volatility   151.32%   165.79%
Risk-free rate of interest   3.97%   2.77%