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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and December 31, 2022, by level within the fair value hierarchy:

 Schedule of Fair Value Assets and Liabilities

		(Level 1)				(Level 2)				(Level 3)				Total
		December 31, 2023
		(Level 1)				(Level 2)				(Level 3)				Total
Assets:
Cash equivalents		$	13,806,864			$	-			$	-			$	13,806,864
Marketable securities (U.S. treasury bills and notes)			-				43,631,510				-				43,631,510
Total assets measured at fair value		$	13,806,864			$	43,631,510			$	-			$	57,438,374
Liabilities:
Contingent consideration - common stock		$	-			$	-			$	1,318,995			$	1,318,995
Contingent consideration - warrants			-				-				320,780				320,780
Total liabilities measured at fair value		$	-			$	-			$	1,639,775			$	1,639,775

		(Level 1)				(Level 2)				(Level 3)				Total
		December 31, 2022
		(Level 1)				(Level 2)				(Level 3)				Total
Assets:
Cash equivalents		$	186,667			$	9,993,000			$	-			$	10,179,667
Marketable securities (U.S. treasury bills and notes)			-				58,289,066				-				58,289,066
Total assets measured at fair value		$	186,667			$	68,282,066			$	-			$	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

Schedule of Changes in the Fair Value Measurement

The changes for Level 3 items measured at fair value on a recurring basis are as follows:

 Schedule of Changes in the Fair Value Measurement

Fair value as of December 31, 2022		$	2,732,356
Change in fair value of contingent consideration issued for business acquisitions			(1,092,581	)
Fair value as of December 31, 2023		$	1,639,775

Schedule of Contingent Consideration Common Stock and Warrants

 Schedule of Contingent Consideration Common Stock and Warrants

		December 31, 2023				December 31, 2022
Stock price		$	1.33			$	2.52
Strike price		$	9.13			$	9.13
Volatility			187.5	%			75.0	%
Risk-free rate			4.0	%			4.1	%
Expected term (years)			3.0				4.0

X

- 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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2C
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C

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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.

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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

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-Name Accounting Standards Codification
-Topic 820
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-Section 50
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