Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.24.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Summary of Significant Accounting Policies [Abstract]  
Schedule of Allowance for Expected Credit Losses The Company recorded allowance for expected credit losses as follows:
Balance - December 31, 2021   $ 13,000  
Additions to credit losses allowance     2,918,869  
Balance - December 31, 2022     2,931,869  
Additions to credit losses allowance     4,488,686  
Less: Credit losses written off     (6,933,213 )
Balance - December 31, 2023   $ 487,342  

 
Schedule of Estimated Fair Value of Warrants The Company calculated the estimated fair value of warrants on the date of issuance and at each subsequent reporting date using the following assumptions:
    For the
Year Ended
December 31,
2023		     For the
Year Ended
December 31,
2022		  
Risk-free interest rate   3.88% - 4.51%     4.06% - 4.32%  
Contractual term   1.5 – 4.5 years     1.75 – 4.75 years  
Dividend yield   0%   0%
Expected volatility   126% - 151.2%     88% - 99.5%  
Schedule of Warrant and Preferred Investment Option Liability Measured at Fair Value Using Significant Unobservable Inputs (Level 3) The table below provides a reconciliation of the beginning and ending balances for the warrant and preferred investment option liability which is measured at fair value using significant unobservable inputs (Level 3):
Balance, January 1, 2022   $ 4,801,929  
Fair value of warrant and preferred investment option liability at issuance     37,687,895  
Fair value of warrant and preferred investment option liability upon exercise     (9,610,346 )
Change in the fair value of warrant and preferred investment option liability     (16,763,205 )
Balance, December 31, 2022   $ 16,116,273  
Balance, January 1, 2023   $ 16,116,273  
Fair value of warrant and preferred investment option liability at issuance     9,916,393  
Fair value of warrant and preferred investment option liability exercised at time of inducement     (2,530,760 )
Change in the fair value of warrant and preferred investment option liability     (19,381,313 )
Balance, December 31, 2023   $ 4,120,593  

 
Schedule of Potential Dilutive Securities Potentially dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive are as follows (in common equivalent shares):
    Year Ended  
    December 31,
2023		     December 31,
2022		  
Warrants and preferred investment options     525,751       178,840  
Options and restricted stock units     20,785       20,789  
Total anti-dilutive weighted average shares     546,536       199,629