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Stockholders’ Equity (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders’ Equity [Abstract]

Schedule of Placement Agent Warrants

The March 2024 Placement Agent Warrants were valued on the date of issuance using Binomial Lattice valuation model with the following assumptions:

		March 15, 2024
Dividend rate			—	%
Term (in years)			5.5 years
Volatility			186.5	%
Risk—free interest rate			4.33	%

Schedule of Estimated Using the Binomial Option-Pricing Model

The fair value of the March 2024 Common Warrants on the modification date, the fair value of the New Warrants, and the fair value of the September 2024 Placement Agent Warrants were estimated using the Binomial option-pricing model with the following assumptions:

		September 20, 2024
Exercise price		$2.33 to $3.225
Term (years)		1.75 to 5.5
Expected stock price volatility		162.4%
Risk-free rate of interest		3.48% to 3.55%

Schedule of Warrant Activity

Warrant activity for the nine months ended September 30, 2024 is summarized as follows:

		Number of Warrants				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (Years)				Aggregate Intrinsic Value
Balance Outstanding, December 31, 2023			11,245			$	54.78				4.13			$	-
Granted			4,431,952				3.02				-				-
Exercised			(1,777,101	)			1.82				-				-
Balance Outstanding, September 30, 2024			2,666,096			$	2.66				3.55			$	4,239,093
Exercisable, September 30, 2024			2,666,096			$	2.66				3.55			$	4,239,093

Schedule of Grant Date Using a Black-Scholes Option Pricing Model

The stock options were valued at the grant date using a Black-Scholes option pricing model with the following assumptions:

			Nine Months Ended September 30, 2024				Nine Months Ended September 30, 2023
Dividend rate			—	%			—	%
Term (in years)			3.0 to 6.0 years				3.0 to 6.0 years
Volatility			168.9 to 184.6	%			68.8% to 71.6	%
Risk—free interest rate			4.07% to 4.56	%			3.95% to 4.00	%

Schedule of Option Activity

Stock option activity during the nine months ended September 30, 2024 is summarized as follows:

		Number of Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (Years)
Balance on December 31, 2023			38,334			$	49.80				8.49
Granted			25,750				3.90				-
Balance on September 30, 2024			64,084			$	31.35				8.01
Options exercisable on September 30, 2024			38,960			$	46.11				7.85
Weighted average fair value of options granted during the period			-			$	3.67				-

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Schedule of grant date using a black-scholes option pricing model.

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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 for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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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.

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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