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Capital Structure (Tables)

3 Months Ended

Mar. 31, 2024

Capital Structure [Abstract]

Schedule of Securities Warrants are Convertible

The following warrants were outstanding as of March 31, 2024 and December 31, 2023, all of which contain standard anti-dilution protections in the event of subsequent rights offerings, stock splits, stock dividends or other extraordinary dividends, or other similar changes in the Company’s common stock or capital structure, and none of which have any participating rights for any losses:

Securities into which warrants are convertible		Warrants outstanding				Exercise Price				Expiration Date		Fair value
Common stock (Initial Public Offering)			140,000			$	9.375			October 2026		$	170,397
Common stock (Private Placement)			7,096,776			$	2.71			April 2027			6,745,681
Total			7,236,776									$	6,916,078

Schedule of Fair Value of Warrants

The Company used the following assumptions:

		Initial Public Offering Warrants				Private Placement Warrants
Fair value of underlying securities		$	2.88			$	1.37
Expected volatility			51.0	%			45.0	%
Expected term (in years)			5.0				5.0
Risk-free interest rate			1.13	%			2.92	%

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