Series A Redeemable Convertible Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Conversions of Stock

The Series A Preferred Stock consists of the following:

Total Series A redeemable convertible preferred stock, net at December 31, 2020	$	12,940,722
Accrued dividends		1,143,697
Accretion of preferred stock		299,969
Total Series A redeemable convertible preferred stock, net at December 31, 2021	$	14,384,388
Accrued dividends		1,494,057
Accretion of preferred stock		49,573
Total Series A redeemable convertible preferred stock, net at December 31, 2022	$	15,928,018

Derivative Reconciliation

The fair value of the derivative liability and the loss for the twelve months ended December 31, 2022 and 2021, were as follows:

	Year Ended December 31,
	2022	2021
Beginning Balance	$776,623	$703,747
Total (gain) loss recognized in earnings	45,103	72,876
Ending Balance	$821,726	$776,623

Derivative Probability and Volatility Assumptions

The probability and volatility assumptions are as follows:

Probability of redemption as part of a fundamental sale transaction	0.5	%
Probability of redemption absent a fundamental sale transaction	4.75	%
Annual volatility	65	%

Reconciliation of net loss attributable to common stockholders

The following represents a reconciliation of net loss attributable to common stockholders for the twelve months ended December 31, 2022 and 2021, respectively:

	Year Ended December 31,
		2022			2021
Net income (loss)	$	(1,798,955	)	$	(42,253	)
Effects of Series A redeemable convertible preferred stock:
Less: Accrual of Series A redeemable convertible preferred stock dividends		1,494,057			1,143,697
Less: Accretion to redemption value of Series A redeemable convertible preferred stock		49,573			299,969
Net income (loss) attributable to common stockholders	$	(3,342,585	)	$	(1,485,919	)