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Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
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

   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:

 

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 
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.

 

   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