v3.24.4
Stockholders’ Equity (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Stockholders’ Equity [Abstract]    
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    
-
 
There was no option activity during the year ended December 31, 2022. Option activity for the year ended December 31, 2023 are summarized as follows:
   Number of
Options
   Weighted
Average
Exercise
Price
   Weighted
Average
Remaining
Contractual
Life
(Years)
 
Balance on December 31, 2022   
-
   $
-
    
-
 
Granted   38,333    49.80    
-
 
Balance on December 31, 2023   38,333   $49.80    8.49 
Options exercisable on December 31, 2023   29,583   $49.80    9.13 
Weighted average fair value of options granted during the period   
-
   $27.60    
-
 
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 
Warrant activity for the year ended December 31, 2023 are summarized as follows:
   Number of Warrants   Weighted
Average
Exercise
Price
   Weighted
Average
Remaining
Contractual
Term
(Years)
   Aggregate
Intrinsic
Value
 
Balance Outstanding, December 31, 2022   
-
   $
-
    
-
    
          -
 
Granted   11,245    54.78    
-
    
-
 
Balance Outstanding, December 31, 2023   11,245   $54.78    4.13    
-
 
Exercisable, December 31, 2023   11,245   $54.78    4.13    
-
 
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 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%