XML 39 R28.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2024
Summary of Significant Accounting Policies [Abstract]  
Schedule of Derivative Liability Measured at Fair Value The table below reflects the activity of derivative liability measured at fair value for the six months ended June 30, 2024:
   Significant
Unobservable
Inputs
(Level 3)
 
Balance of derivative liability as of January 1, 2024  $24,796 
Initial fair value of derivative liability attributable to warrants issuance with March and June 2024 fund raises   479,468 
Gain from change in the fair value of derivative liability   (211,549)
Balance of derivative liability as of June 30, 2024  $292,715 
Schedule of Cash Balances by Geographic Area At June 30, 2024 and December 31, 2023, the Company’s cash balances by geographic area were as follows:
Country:  June 30,
2024
   December 31,
2023
 
United States  $196,737    98.1%  $280,197    98.2%
China   3,835    1.9%   5,203    1.8%
Total cash  $200,572    100.0%  $285,400    100.0%
Schedule of Securities that were Excluded from the Diluted Per Share The following table summarizes the securities that were excluded from the diluted per share calculation because the effect of including these potential shares was antidilutive:
   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2024   2023   2024   2023 
Options to purchase common stock   711,303    878,303    711,303    878,303 
Warrants to purchase common stock   2,839,112    258,964    2,839,112    258,964 
Series A convertible preferred stock (*)   900,000    900,000    900,000    900,000 
Series B convertible preferred stock (**)   2,910,053    2,910,053    2,910,053    2,910,053 
Convertible notes (***)   3,793,333    333,333    5,145,333    333,333 
Potentially dilutive securities   11,153,801    5,280,653    12,505,801    5,280,653 
(*)Assumed the Series A convertible preferred stock was converted into shares of common stock of the Company at a conversion price of $10.00 per share.
(**)Assumed the Series B convertible preferred stock was converted into shares of common stock of the Company at a conversion price of $3.78 per share.
(***)Assumed the convertible notes were converted into shares of common stock of the Company at a conversion price of $4.50 and $1.50 and $1.00 and $0.75 per share for the three and six months ended June 30, 2024. Assumed the convertible note was converted into shares of common stock of the Company at a conversion price of $4.50 per share for the three and six months ended June 30, 2023.