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Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Schedule of Inventory

Inventory as of June 30, 2024 was comprised of the following:

June 30, 2024

Raw materials

$90,410

Work-in-process

22,607

Finished goods

855

Total

$113,872

Summary of Securities that were Excluded from the Diluted Per Share

Potentially dilutive securities as of June 30, 2024, which are not included in diluted weighted average shares outstanding for the three and six months ended June 30, 2024 and 2023, consist of the following (in common stock equivalents):

June 30,

2024

 

2023

Stock Options

1,243,241

 

2,285,455

Common Stock Warrants

4,648,222

 

103,213

Legacy Series A Preferred Stock (if converted)

 

1,228,900

Legacy Series B Preferred Stock (if converted)

 

2,080,239

Legacy Series C-1 Preferred Stock (if converted)

 

313,298

Legacy Series C-2 Preferred Stock (if converted)

 

4,527,149

Legacy Preferred Stock Warrants

 

231,291

Convertible Notes (if converted)

 

2,118,506

Total

5,891,463

 

12,888,051

 

Schedule of Other Financial Assets and Liabilities Recorded in Balance Sheet at Fair Value

Other financial assets and liabilities are categorized based on a hierarchy of inputs as follows:

 

 

June 30, 2024

 

 

December 31, 2023

 

 

Fair Value

 

 

Carrying Value

 

 

Estimated Fair Value

 

 

Carrying Value

 

 

Estimated Fair Value

 

 

Input Hierarchy

Forward purchase agreement

 

$

1,420,137

 

 

$

1,420,137

 

 

$

5,700,451

 

 

$

5,700,451

 

 

Level 3

SBA Loan

 

 

 

 

 

 

 

 

1,505,070

 

 

 

1,498,000

 

 

Level 2

Schedule of Changes in Fair Value of Level 3 Financial Assets and Liabilities

Changes in the fair value of Level 3 financial assets and liabilities for the six months ended June 30, 2024 are as follows:

Forward Purchase Agreement:

 

 

 

Balance, beginning of year

 

$

5,700,451

 

Change in fair value

 

 

(4,280,314

)

Balance, end of period

 

$

1,420,137