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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Assets and Liabilities | The following table summarizes the assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and December 31, 2021, by level within the fair value hierarchy: Schedule of Fair Value Assets and Liabilities
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
|  | December 31, 2022 |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  | $ | - |  |  | $ | 10,179,667 |  |  | $ | - |  |  | $ | 10,179,667 |
Marketable securities (U.S. treasury bills and notes) |  |  | - |  |  |  | 58,289,066 |  |  |  | - |  |  |  | 58,289,066 |
Total assets measured at fair value |  | $ | - |  |  | $ | 68,468,733 |  |  | $ | - |  |  | $ | 68,468,733 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration - common stock |  | $ | - |  |  | $ | - |  |  | $ | 2,499,147 |  |  | $ | 2,499,147 |
Contingent consideration - warrants |  |  | - |  |  |  | - |  |  |  | 233,209 |  |  |  | 233,209 |
Total liabilities measured at fair value |  | $ | - |  |  | $ | - |  |  | $ | 2,732,356 |  |  | $ | 2,732,356 |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
|  | December 31, 2021 |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities (certificates of deposit) |  | $ | - |  |  | $ | 1,255,266 |  |  | $ | - |  |  | $ | 1,255,266 |
Total assets measured at fair value |  | $ | - |  |  | $ | 1,255,266 |  |  | $ | - |  |  | $ | 1,255,266 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration - common stock |  | $ | - |  |  | $ | - |  |  | $ | 8,684,669 |  |  | $ | 8,684,669 |
Contingent consideration - warrants |  |  | - |  |  |  | - |  |  |  | 1,747,972 |  |  |  | 1,747,972 |
Total liabilities measured at fair value |  | $ | - |  |  | $ | - |  |  | $ | 10,432,641 |  |  | $ | 10,432,641 |
Schedule of Changes in Fair Value Measurement | The changes for Level 3 items measured at fair value on a recurring basis are as follows: Schedule of Changes in Fair Value Measurement
Fair value as of December 31, 2021 |  | $ | 10,432,641 |
Change in contingent purchase consideration for measurement period adjustments |  |  | 199,359 |
Change in fair value of contingent consideration issued for business acquisitions |  |  | (7,899,644 | )
Fair value as of December 31, 2022 |  | $ | 2,732,356 |
Schedule of Contingent Consideration Common Stock and Warrants | Schedule of Contingent Consideration Common Stock and Warrants
|  | December 31, 2022 |  |  | December 31, 2021 |
Stock price |  | $ | 2.52 |  |  | $ | 8.93 |
Strike price |  | $ | 9.13 |  |  | $ | 9.13 |
Volatility |  |  | 75.00 | % |  |  | 80.00 | %
Risk-free rate |  |  | 4.10 | % |  |  | 1.30 | %
Expected term |  |  | 4.0 |  |  |  | 5.0 |
In order to calculate the probability-adjusted value of the contingent consideration-common stock and contingent consideration-warrants, the Company estimated the probability as of the valuation date of achieving certain milestones, which include regulatory approval for identified products, as well as production and net revenue targets. The probability of achieving the milestone related to net revenues was estimated as of the acquisition date using a Monte Carlo simulation valuation model. Significant inputs other than the fair value assumptions noted above were consistent as of the valuation date. The unobservable significant inputs to the valuation model were as follows:
|  | December 31, 2022 |  |  | December 31, 2021 |
Stock price |  | $ | 2.52 |  |  | $ | 8.93 |
Risk-free rate |  |  | 4.10 | % |  |  | 1.30 | %
Expected term |  |  | 4.0 |  |  |  | 5.0 |
Weighted-average cost of capital |  |  | 27.00 | % |  |  | 27.00 | %
Revenue discount rate |  |  | 9.50 | % |  |  | 9.50 | %
Equity volatility |  |  | 75.00 | % |  |  | 80.00 | %
Asset volatility |  |  | 80.00 | % |  |  | 80.00 | %
Revenue volatility |  |  | 30.00 | % |  |  | 30.00 | %

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI https://asc.fasb.org/extlink&oid=126976982&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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