Stockholders’ Equity (Tables)
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9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Stockholders’ Equity [Abstract] |
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| 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 | | | | - | |
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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 | | | | - | |
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| 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 | |
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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 | | | | - | |
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| 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 | % |
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| 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:
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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% |
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| 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:
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Nine Months Ended
September 30,
2024 |
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Nine Months Ended
September 30,
2023 |
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| Dividend rate |
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—% |
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—% |
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| Term (in years) |
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3.0 to 6.0 years |
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3.0 to 6.0 years |
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| Volatility |
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168.9 to 184.6% |
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68.8% to 71.6% |
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| Risk—free interest rate |
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4.07% to 4.56% |
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3.95% to 4.00% |
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