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Warrants | 12 Months Ended
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Dec. 31, 2023
Warrants |
Warrants | 9. Warrants The Company issued warrants to purchase 6,745 shares of common stock in 2018 in conjunction with convertible debt financing that have a redemption provision providing the holder the right to have the Company redeem all or any portion of the warrant (or shares it has converted into) at a purchase price equal to the fair market value of the shares as determined by the board of directors or an independent appraiser. As a result of this redemption provision, the warrants have been classified as a liability in the financial statements based on ASC 480 – Distinguishing Liabilities from Equity. These warrants have an exercise price of $0.48 per share and a term of 10 years. The warrants are marked to market each reporting period. The fair value is $35,453 and $70,283 at December 31, 2023 and 2022, respectively. The Company also issued warrants in 2016 and 2019 which did not meet the criteria under ASC 480 to be classified as a liability, and instead meet equity classification criteria. The 11,466 warrants issued in 2016 had a weighed average exercise price of $0.01 and a weighted average term of 9.7 years and expired upon the initial public offering in June 2023. The following table summarizes information about warrants outstanding at December 31, 2023: Schedule of Information about Warrants Outstanding
|  |  |  |  |  | Warrants Outstanding |  |  | Warrant Exercisable |
Year Granted |  |  | Exercise Price |  |  | Number of Warrants at 12/31/2023 |  |  | Weight Average Remaining Contractual Life |  |  | Weight Average Exercise Price |  |  | Number of Warrants at 12/31/2023 |  |  | Weighted Average Remaining Contractual Life |  |  | Weighted Average Exercise Price |
| 2018 |  |  | $ | 0.48 |  |  |  | 47,890 |  |  |  | 4.5 years |  |  | $ | 0.48 |  |  |  | 47,890 |  |  |  | 4.5 years |  |  | $ | 0.48 |
| 2019 |  |  | $ | 5.28 |  |  |  | 215,846 |  |  |  | 2.4 years |  |  | $ | 5.28 |  |  |  | 215,846 |  |  |  | 2.4 years |  |  | $ | 5.28 |
| 2023 |  |  | $ | 6.25 |  |  |  | 60,000 |  |  |  | 4.7 years |  |  | $ | 6.25 |  |  |  | 60,000 |  |  |  | 4.7 years |  |  | $ | 6.25 |
|  |  |  |  |  |  |  |  | 323,736 |  |  |  |  |  |  | $ | 4.75 |  |  |  | 323,736 |  |  |  |  |  |  | $ | 4.75 |
AZITRA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31, 2023 and 2022

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