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Warrants (Tables)

6 Months Ended

Jun. 30, 2023

Warrants and Rights Note Disclosure [Abstract]

Schedule of Changes in Warrant Liability

The following table presents the change in the liability balance associated with the liability classified warrants, which are classified in Level 3 of the fair value hierarchy from January 1, 2022 to June 30, 2023:


	Warrants ($)
Balance as of January 1, 2022	$	374,694
Additional warrants issued	—
Change in fair value	(113,125)
Balance as of December 31, 2022	$	261,569
Additional warrants issued	—
Change in fair value	(5,615)
Balance as of June 30, 2023	$	255,954

Schedule of Fair Value of Warrants Liabilities


Fair Value of Warrants	$1.28 — $2.57
Exercise price	$0.61 — $0.96
Risk free interest rate	4.09% — 4.49%
Expected dividend yield	—	%
Expected volatility	85.88% — 92.90%
Expected term	3 years

Schedule of Warrant Issuance Date


			As of June 30,	As of December 31,
Warrant Issuance Date	Strike Price		2023	2022
November 9, 2016	$	3.12	80,128	80,128
January 23, 2020	$	8.00	186,442	186,442
January 23, 2020	$	8.00	524,599	524,599
August – December 2021	$	20.00	—	268,743
January – February 2022	$	20.00	—	15,171
September 14, 2022	$	2.30	390,000	390,000
April 18, 2023	$	3.30	1,573,330	—
June 5, 2023	$	2.30	1,279,700	—
Total warrants outstanding			4,034,199	1,465,083

- Definition

Tabular disclosure of the nature and terms of the financial instruments and the rights and obligations embodied in those instruments, information about settlement alternatives, if any, in the contract and identification of the entity that controls the settlement alternatives including: a. The amount that would be paid, or the number of shares that would be issued and their fair value, determined under the conditions specified in the contract if the settlement were to occur at the reporting date b. How changes in the fair value of the issuer's equity shares would affect those settlement amounts (for example, "the issuer is obligated to issue an additional x shares or pay an additional y dollars in cash for each $1 decrease in the fair value of one share") c. The maximum amount that the issuer could be required to pay to redeem the instrument by physical settlement, if applicable d. The maximum number of shares that could be required to be issued, if applicable e. That a contract does not limit the amount that the issuer could be required to pay or the number of shares that the issuer could be required to issue, if applicable f. For a forward contract or an option indexed to the issuer's equity shares, the forward price or option strike price, the number of issuer's shares to which the contract is indexed, and the settlement date or dates of the contract, as applicable. g. The components of the liability that would otherwise be related to shareholders' interest and other comprehensive income (if any) subject to the redemption feature (for example, par value and other paid in amounts of mandatorily redeemable instruments are disclosed separately from the amount of retained earnings or accumulated deficit).

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