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Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2023
Summary of Significant Accounting Policies [Abstract]  
Schedule of Financial Liabilities Measured on a Recurring Basis and Reported at Fair Value The following table provides the financial liabilities measured on a recurring basis and reported at fair value on the balance sheets as of September 30, 2023 and December 31, 2022 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
       September 30,   December 31, 
   Level   2023   2022 
Warrant liabilities – Public Series A Warrants   1   $328,000   $748,000 
Warrant liabilities – Private Series A Warrants   3    -    - 
Warrant liabilities – Series B Warrants   3    76,000    163,000 
Fair value of aggregate warrant liabilities       $404,000   $911,000 
                
Fair value of interest rate swap liability   2   $-   $200,000 
                
Investments available for sale   3   $5,751,000   $4,067,754 
Schedule of Changes in Fair Value of the Warrant Liabilities The following table presents the changes in fair value of the warrant liabilities:
   Public
Series A
Warrants
   Private
Series A
Warrants
   Series B
Warrants
   Total Warrant
Liability
 
Fair value as of December 31, 2022  $748,000   $        -   $163,000   $911,000 
                     
Change in fair value   (420,000)   -    (87,000)   (507,000)
                     
Fair value as of September 30, 2023  $328,000   $-   $76,000   $404,000 

 

Schedule of Black Scholes Valuation Model for The Level 3 Valuations The key inputs into the Black Scholes valuation model for the Level 3 valuations as of September 30, 2023 and December 31, 2022 are as follows:
   September 30, 2023   December 31, 2022 
   Private
Series A
Warrants
   Series B
Warrants
   Private
Series A
Warrants
   Series B
Warrants
 
Term (years)   1.8    2.1    2.5    2.9 
Stock price  $5.82   $5.82   $8.06   $8.06 
Exercise price  $253.11   $30.81   $253.11   $30.81 
Dividend yield   0.0%   0.0%   0.0%   0.0%
Expected volatility   76.36%   75.31%   52.27%   63.86%
Risk free interest rate   5.03%   5.03%   4.22%   4.22%
Number of shares   95,576    170,862    95,576    170,862 
Schedule of Outstanding Common Stock Equivalents have been Excluded from the Calculation of Net Loss Per Share As of September 30, 2023 and 2022, the following outstanding common stock equivalents have been excluded from the calculation of net loss per share because their impact would be anti-dilutive.
   For the Three and
Nine Months Ended
September 30,
 
   2023   2022 
Warrants to purchase shares of Common Stock   2,003,649    2,006,243 
Unvested restricted stock units to be settled in shares of Common Stock   163,922    127,981 
Shares of Common Stock issuable upon conversion of convertible notes   3,588,102    1,117,687 
Shares of Common Stock issuable upon conversion of Series B Preferred Stock   2,971    2,971 
Shares of Common Stock issuable upon conversion of Series C Preferred Stock   454,408    454,545 
Total potentially dilutive securities   6,213,052    3,709,427