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Warrants (Tables)
6 Months Ended
Jun. 30, 2024
Warrants and Rights Note Disclosure [Abstract]  
Schedule of Warrant Activity
The following table summarizes the Company’s warrant activity:
WarrantsWeighted-Average Remaining Contractual LifeWeighted-Average Exercise Price per Share
Outstanding at December 31, 20236,852,9524.16$7.14 
Granted100,000$1.00 
Exercised$– 
Expired(26,000)$26.88 
Forfeitures$– 
Outstanding at June 30, 20246,926,9523.70$6.98 
Exercisable at June 30, 20246,926,9523.70$6.98 
Exercisable at December 31, 20236,852,9524.16$7.14 
Schedule of Assumptions for Warrant Activity
The fair value of the outstanding derivative warrants was determined by using the Black-Scholes Merton option pricing model based on the following assumptions as of June 30, 2024:
Market Price$1.03 
Exercise Price$2.10 
Dividend Yield– %
Volatility60 %
Risk-free Interest Rate5.09 %
Expected Life of Warrants0.71 years