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Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Summary of Securities that were Excluded from the Diluted Per Share

Potentially dilutive securities, which are not included in diluted weighted average shares outstanding for the three months ended March 31, 2024 and 2023, consist of the following (in common stock equivalents):

For the Three Months
Ended March 31,

 

2024

 

 

2023

 

Stock Options

 

1,373,511

 

 

 

2,299,933

 

Common Stock Warrants

 

4,617,741

 

 

 

94,554

 

Promissory Notes (if settled in shares)

 

184,961

 

 

 

 

Legacy Series A Preferred Stock (if converted)

 

 

 

 

1,228,900

 

Legacy Series B Preferred Stock (if converted)

 

 

 

 

2,080,239

 

Legacy Series C-1 Preferred Stock (if converted)

 

 

 

 

313,298

 

Legacy Series C-2 Preferred Stock (if converted)

 

 

 

 

4,527,149

 

Legacy Preferred Stock Warrants

 

 

 

 

231,291

 

Convertible Notes (if converted)

 

 

 

 

1,968,320

 

Total

 

6,176,213

 

 

 

12,743,684

 

Schedule of Other Financial Assets and Liabilities Recorded in Balance Sheet at Fair Value

Other financial assets and liabilities as of March 31, 2024 and December 31, 2023 are categorized based on a hierarchy of inputs as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

December 31, 2023

 

 

Fair Value

 

 

Carrying

 

 

Estimated

 

 

Carrying

 

 

Estimated

 

 

Input

 

 

Value

 

 

Fair Value

 

 

Value

 

 

Fair Value

 

 

Hierarchy

Forward purchase agreement

 

$

3,543,614

 

 

$

3,543,614

 

 

$

5,700,451

 

 

$

5,700,451

 

 

Level 3

SBA Loan

 

 

 

 

 

 

 

 

1,505,070

 

 

 

1,498,000

 

 

Level 2

Schedule of Changes in Fair Value of Level 3 Financial Assets and Liabilities

Changes in the fair value of Level 3 financial assets and liabilities for the three months ended March 31, 2024 are as follows:

 

Forward Purchase Agreement:

 

 

 

Balance, beginning of year

 

$

5,700,451

 

Change in fair value

 

 

(2,156,837

)

Balance, end of period

 

$

3,543,614