Stockholders’ Equity (Tables)

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Schedule of Stock Options Activity

The following summarizes activity related to the Company’s outstanding warrants, excluding contingent warrants issuable upon exercise of the preferred investment options, for the six months ended June 30, 2023:

						Weighted
						Average
				Weighted		Remaining
				Average		Contractual
	Number of			Exercise		Life
	Shares			Price		(in years)
Outstanding as of December 31, 2022		5,910,914		$	2.37		4.7
Granted		—			—
Exercised		(646,640	)		0.001
Cancelled		—			—
Outstanding as of June 30, 2023		5,264,274			2.66		4.2
Warrants vested and exercisable as of June 30, 2023		5,264,274		$	2.66		4.2

								Weighted
								Average
				Weighted				Remaining
				Average		Total		Contractual
	Number of			Exercise		Intrinsic		Life
	Shares			Price		Value		(in years)
Outstanding as of December 31, 2022		1,392,654		$	3.30	$	670,161		8.2
Granted		102,386			1.19		—		—
Forfeited / cancelled		(29,528	)		3.11		—		—
Exercised		(45,920	)		0.01		45,920		—
Outstanding as of June 30, 2023		1,419,592			3.26		623,040		8.1
Options vested and exercisable as of June 30, 2023		1,046,689		$	2.94	$	583,632		7.8

Schedule of Fair Value of Options Granted

The fair value of options granted in 2023 was estimated using the following assumptions:

	For the Six Months Ended June 30,
	2023
Exercise price	$	1.05 – 1.29
Term (years)		5.00 – 10.00
Expected stock price volatility		113.1% – 119.5	%
Risk-free rate of interest		3.5% – 3.6	%

Schedule of Restricted Stock

In addition, on May 31, 2023, the Board’s Compensation Committee approved the issuance of 25,440 shares of restricted stock, granted to the Company’s non-executive Board members, with full vesting on May 31, 2024.

			Weighted
			Average
			Weighted
			Average
	Number of		Grant Date
	Shares		Fair Value
Nonvested as of December 31, 2022		—	$	—
Granted		512,940		1.01
Vested		—		—
Nonvested as of June 30, 2023		512,940	$	1.01

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense related to stock options and restricted stock, for the three and six months ended June 30, 2023, and 2022 was as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
Selling, general and administrative	$	173,151	$	932,211	$	272,359	$	938,628
Research and development		99,630		514,916		186,000		527,831
Total	$	272,781	$	1,447,127	$	458,359	$	1,466,459