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Stockholders’ Equity (Tables)
 9 Months Ended
Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value

The following weighted-average assumptions were used to estimate the fair value of options granted during the nine months ended September 30, 2022 and 2021 for the Monte-Carlo simulation:

 

 

Nine Months Ended
September 30,

 
   2022   2021 
Vesting Hurdle Price  $19.39    - 
Term (years)   5.00    - 
Expected stock price volatility   103.7%   - 
Risk-free rate of interest   1.32%   - 
Summary of Option Activity

A summary of option activity under the Company’s stock option plan for nine months ended September 30, 2022 is presented below:

 

   Number of Shares  

Weighted Average

Exercise Price

   Total Intrinsic Value   Weighted Average Remaining Contractual Life
(in years)		 
Outstanding as of December 31, 2021   1,235,000   $2.14   $1,488,000    4.3 
Employee options granted   50,000    1.51    -    4.8 
Outstanding as of September 30, 2022   1,285,000   $2.11   $-    3.6 
Options vested and exercisable as of September 30, 2022   1,229,750   $2.10   $-    3.5 
Schedule of Restricted Stock Units

The RSUs granted to each executive employee are as follows:

 

         Total   Market Cap Vesting Thresholds 
Officer Name  Title  Grant Date  RSUs Granted   $ 100 million   $ 150 million   $ 200 million   $ 400 million 
Charles Allen  Chief Executive Officer  1/2/2022   694,444    173,611    173,611    173,611    173,611 
Michal Handerhan  Chief Operations Officer  1/2/2022   444,444    111,111    111,111    111,111    111,111 
Michael Prevoznik  Chief Financial Officer  1/2/2022   222,224    55,556    55,556    55,556    55,556 
Manish Paranjape  Chief Technology Officer  2/22/2022   160,184    40,046    40,046    40,046    40,046 
          1,521,296    380,324    380,324    380,324    380,324 
Summary of Restricted Stock

A summary of the Company’s restricted stock units granted under the 2021 Plan during the nine months ended September 30, 2022 are as follows:

 

   Number of Restricted Stock Units   Weighted Average Grant Day Fair Value 
Nonvested at December 31, 2021   29,363   $5.96 
Granted   1,662,607    3.29 
Vested   (79,620)   3.14 
Forfeited   -    - 
Nonvested at September 30, 2022   1,612,350   $3.35 
Schedule of Stock-based Compensation Expense

Stock-based compensation expense is recorded as a part of selling, general and administrative expenses, compensation expenses and cost of revenues. Stock-based compensation expense for the three and nine months ended September 30, 2022 and 2021 was as follows:

 

   2022   2021   2022   2021 
  

For the Three Months Ended

September 30,

  

For the Nine Months Ended

September 30,

 
   2022   2021   2022   2021 
Employee bonus stock awards  $-   $-   $894,027   $- 
Employee stock option awards   16,455    1,638,516    98,901    10,298,844 
Employee restricted stock unit awards   434,349    3,027,665    1,182,053    3,029,040 
Non-employee restricted stock awards   30,480    75,000    202,218    237,806 
Series C-2 Allocation   -    -    -    179,277 
Stock-based compensation  $481,284   $4,741,181   $2,377,199   $13,744,967 
2021 Equity Incentive Plan [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value

 

  

For the nine months ended September 30,

 
   2022   2021 
Exercise price  $1.51   $0.21 
Term (years)   5.00    2.25-3.05 
Expected stock price volatility   165.8%   185.9%
Risk-free rate of interest   2.77%   0.34%