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Convertible Redeemable Preferred Stock and Stockholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2023
Convertible Redeemable Preferred Stock and Stockholders [Abstract] |
Schedule of Fair Value of the Preferred Investment Options | The increase in the fair value of the preferred investment options as a result of the exchange was approximately $860,000, and was determined using the Black-Scholes option pricing model, with the following assumptions:
|  | Original |  | Exchanged
Exercise price |  | $ | 6.65 |  |  | $ | 2.546 |
Term (years) |  |  | 3.67 |  |  |  | 5.0 |
Expected stock price volatility |  |  | 116.2 | % |  |  | 120.2 | %
Risk-free rate of interest |  |  | 3.16 | % |  |  | 2.98 | %
Schedule of Valuation of the Contingent Warrant Liability | The following significant assumptions were used in the valuation of the contingent warrant liability, related to the August Contingent Warrants, as of the date of the August 2022 Private Placement and as of December 31, 2022:
|  | August 11, 2022 |  | December 31, 2022
Exercise price |  | $ | 3.3938 |  |  | $ | 3.3938 |
Term (years) |  |  | 5.00 |  |  |  | 4.61 |
Expected stock price volatility |  |  | 127.8 | % |  |  | 120.8 | %
Risk-free rate of interest |  |  | 2.98 | % |  |  | 4.03 | %
Schedule of Outstanding Warrants, Excluding Contingent Warrants | The following summarizes activity related to the Company’s outstanding warrants, excluding contingent warrants issuable upon exercise of the preferred investment options, for the year ended December 31, 2023:
|  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (in years)
Outstanding as of December 31, 2022 |  | 5,910,914 |  |  | $ | 2.37 |  | 4.7
Granted |  | 5,121,601 |  |  |  | 1.10 |  |
Exercised |  | (3,132,854 | ) |  |  | 0.865 |  |
Cancelled |  | — |  |  |  | — |  |
Outstanding as of December 31, 2023 |  | 7,899,661 |  |  |  | 1.68 |  | 4.3
Warrants vested and exercisable as of December 31, 2023 |  | 7,899,661 |  |  | $ | 1.68 |  | 4.3
Schedule of Stock Options | The following summarizes activity related to the Company’s stock options under the 2019 Plan and the 2022 Plan for the year ended December 31, 2023:
|  | Number of Shares |  | Weighted Average Exercise Price |  | Total Intrinsic Value |  | Weighted Average Remaining Contractual Life (in years)
Outstanding as of December 31, 2022 |  | 1,392,654 |  |  | $ | 3.30 |  | $ | 670,161 |  | 8.2
Granted |  | 962,154 |  |  |  | 0.48 |  |  | — |  | —
Forfeited/cancelled |  | (404,058 | ) |  |  | 4.87 |  |  | — |  | —
Exercised |  | (45,920 | ) |  |  | 0.01 |  |  | 45,920 |  | —
Outstanding as of December 31, 2023 |  | 1,904,830 |  |  |  | 1.63 |  |  | 94,239 |  | 8.4
Options vested and exercisable as of December 31, 2023 |  | 861,177 |  |  | $ | 2.23 |  | $ | 94,239 |  | 7.1
Schedule of Fair Value of Options Granted | The fair value of options granted in 2023 and 2022 was estimated using the following assumptions:
|  | For the Year Ended December 31, 2023 |  | For the Year Ended December 31, 2022
Exercise price |  | $0.26 – 1.29 |  | $1.06 – 6.45
Term (years) |  | 5.00 – 10.00 |  | 5.00 – 10.00
Expected stock price volatility |  | 101.1% – 119.5 |  | 112.6% – 121.2%
Risk-free rate of interest |  | 3.5% – 4.7% |  | 2.9% – 4.3%
Schedule of Unvested Restricted Stock | On August 16, 2023 and October 4, 2023, upon their respective resignations, the Company’s former CEO and former CFO forfeited 150,000 shares and 75,000 shares of unvested restricted stock, respectively.
|  | Number of Shares |  | Weighted Average Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2022 |  | — |  |  | $ | —
Granted |  | 512,940 |  |  |  | 1.01
Forfeited/cancelled |  | (250,110 | ) |  |  | 1.02
Vested |  | (6,250 | ) |  |  | 1.03
Nonvested as of December 31, 2023 |  | 256,580 |  |  | $ | 1.03
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense for the years ended December 31, 2023 and 2022 was as follows:
|  | For the Years Ended December 31,
|  | 2023 |  | 2022
Selling, general and administrative |  | $ | 234,298 |  | $ | 1,309,687
Research and development |  |  | 95,462 |  |  | 664,879
Total |  | $ | 329,760 |  | $ | 1,974,566

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- Definition Tabular disclosure of information about asset and liability measured at fair value under fair value option. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-30 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-31 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-32 + Details
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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1 + Details
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