Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Financial Instruments [Abstract]

Schedule of Black-Scholes Valuation Technique

The warrant liability was valued at $14,342 and $691,782 for the six months ended June 30, 2024 and the year ending December 31, 2023, respectively with the following assumptions:

	10/26/20			12/31/23			6/30/24
Fair market value of common stock	$	1.26		$	0.63		$	0.69
Exercise price	$	1.38		$	1.36		$	1.32
Term		4 years			0.8 years			0.3 years
Volatility range		68.4	%		72.7	%		47.5	%
Risk-free rate		0.2	%		4.8	%		5.5	%

The warrant liability was expired as of June 30, 2024 and was valued at $1,167 for the year ending December 31, 2023 with the following assumptions:

	3/4/21			12/31/23			6/30/24
Fair market value of common stock	$	1.97		$	0.63		$	0.00
Exercise price	$	2.21		$	2.12		$	0.00
Term		3 years			0.2 years			0.00
Volatility range		72.7	%		101.2	%		0.0	%
Risk-free rate		0.3	%		5.4	%		0.0	%

The warrant liability was valued at $274,373 and $417,758 for the six months ended June 30, 2024 and the year ending December 31, 2023, respectively with the following assumptions:

	1/20/23			12/31/23			6/30/24
Fair market value of common stock	$	1.13		$	0.63		$	0.69
Exercise price	$	1.71		$	1.74		$	1.68
Term		3 years			2 years			1.6 years
Volatility range		84.1	%		80.1	%		70.7	%
Risk-free rate		3.8	%		4.2	%		4.7	%