Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Schedule of the Error Correction |
Schedule of the Error Correction
| |
June 30, 2023 | | |
Correction | | |
Corrected
June 30, 2023 | |
Research and development expense | |
$ | 1,944,181 | | |
$ | (182,715 | ) | |
$ | 1,761,466 | |
General and administrative expense | |
| 281,918 | | |
| 182,715 | | |
| 464,633 | |
Total | |
$ | 2,226,099 | | |
$ | - | | |
$ | 2,226,099 | |
|
Schedule of Cash and Cash Equivalents |
Schedule of Cash and Cash Equivalents
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Cash | |
$ | 645,594 | | |
$ | 1,550,098 | |
Money market funds | |
| 50,000 | | |
| 1,026,318 | |
Total cash and cash equivalents | |
$ | 695,594 | | |
$ | 2,576,416 | |
|
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
Set
out below are the Company’s financial instruments that are required to be remeasured at fair value on a recurring basis and their
fair value hierarchy as of June 30, 2024 and December 31, 2023:
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
June 30, 2024 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Carrying Value | |
Assets | |
| | | |
| | | |
| | | |
| | |
Marketable Securities: | |
| | | |
| | | |
| | | |
| | |
United States Treasury Bonds | |
$ | 1,642,995 | | |
$ | - | | |
$ | - | | |
$ | 1,642,995 | |
Total Assets | |
$ | 1,642,995 | | |
$ | - | | |
$ | - | | |
$ | 1,642,995 | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Derivative Liability - Warrants | |
$ | - | | |
$ | - | | |
$ | 359,919 | | |
$ | 359,919 | |
Derivative Liability - Accelerated feature | |
| - | | |
| - | | |
| 504 | | |
| 504 | |
Total Liabilities | |
$ | - | | |
$ | - | | |
$ | 360,423 | | |
$ | 360,423 | |
December 31, 2023 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Carrying Value | |
Assets | |
| | | |
| | | |
| | | |
| | |
Marketable Securities: | |
| | | |
| | | |
| | | |
| | |
United States Treasury Bonds | |
$ | 2,887,215 | | |
$ | - | | |
$ | - | | |
$ | 2,887,215 | |
Total Assets | |
$ | 2,887,215 | | |
$ | - | | |
$ | - | | |
$ | 2,887,215 | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Derivative Liability - Warrants | |
$ | - | | |
$ | - | | |
$ | 410,660 | | |
$ | 410,660 | |
Derivative Liability - Accelerated feature | |
| - | | |
| - | | |
| 3,852 | | |
| 3,852 | |
Derivative Liability | |
| - | | |
| - | | |
| 3,852 | | |
| 3,852 | |
Total Liabilities | |
$ | - | | |
$ | - | | |
$ | 414,512 | | |
$ | 414,512 | |
|
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share |
For
the six months ended June 30, 2024 and 2023, the following common stock equivalents were excluded from the computation of diluted net
loss per share as the result of the computation was anti-dilutive.
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share
| |
June 30, | | |
June 30, | |
| |
2024 | | |
2023 | |
Convertible notes (Note 5) | |
| 80,744 | | |
| 155,378 | |
Warrant (Note 6) | |
| 184,000 | | |
| 184,000 | |
Restricted stock units (Note 6) | |
| 58,839 | | |
| 10,382 | |
| |
| 323,583 | | |
| 349,760 | |
|