Summary of Significant Accounting Policies (Tables)
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6 Months Ended |
Jun. 30, 2023 |
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| Accounting Policies [Abstract] |
|
| Schedule of Measured at Fair Value on a Recurring Basis |
The
following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring
basis and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
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Fair value measurements at reporting date using: |
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Fair value |
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Quoted prices
in active
markets
for identical
liabilities
(Level 1) |
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Significant
other
observable
inputs
(Level 2) |
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|
Significant
unobservable
inputs
(Level 3) |
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| Assets: |
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| Cash equivalents, June 30, 2023 |
|
$ |
10,122,758 |
|
|
$ |
10,122,758 |
|
|
$ |
- |
|
|
$ |
- |
|
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|
|
|
|
|
|
|
|
|
|
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| Liabilities: |
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| Public Warrants, June 30, 2023 |
|
$ |
69,520 |
|
|
$ |
69,520 |
|
|
$ |
- |
|
|
$ |
- |
|
| Representative Warrants, June 30, 2023 |
|
$ |
4,535 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
4,535 |
|
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|
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|
|
|
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| Liabilities: |
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| Public Warrants, December 31, 2022 |
|
$ |
132,000 |
|
|
$ |
132,000 |
|
|
$ |
- |
|
|
$ |
- |
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| Representative Warrants liabilities, December 31, 2022 |
|
$ |
8,611 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
8,611 |
|
|
| Schedule of Reconciliation of the Level 3 Representative Warrant Liabilities |
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For the three months ended
June 30, |
|
| |
|
2023 |
|
|
2022 |
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| Beginning balance, March 31 |
|
$ |
11,482 |
|
|
$ |
48,797 |
|
| Issuances |
|
|
- |
|
|
|
- |
|
| Exercises |
|
|
- |
|
|
|
- |
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| Change in fair value |
|
|
(6,946 |
) |
|
|
(30,197 |
) |
| Ending balance, June 30 |
|
$ |
4,535 |
|
|
$ |
18,600 |
|
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|
For the six months ended
June 30, |
|
| |
|
2023 |
|
|
2022 |
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| Beginning balance, December 31 |
|
$ |
8,611 |
|
|
$ |
106,205 |
|
| Issuances |
|
|
- |
|
|
|
- |
|
| Exercises |
|
|
- |
|
|
|
- |
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| Change in fair value |
|
|
(4,076 |
) |
|
|
(87,605 |
) |
| Ending balance, June 30 |
|
$ |
4,535 |
|
|
$ |
18,600 |
|
|
| Schedule of Net Loss Per Share |
The following outstanding
shares issuable upon exercise of stock options and warrants and vesting of restricted stock units were excluded from the computation
of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect:
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Six months ended
June 30, 2023 |
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|
2023 |
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|
2022 |
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| Stock options |
|
|
1,980,000 |
|
|
|
1,000,000 |
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| Warrants |
|
|
15,356,000 |
|
|
|
12,600,000 |
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| Restricted stock units |
|
|
99,999 |
|
|
|
200,000 |
|
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| Schedule of Relevant Translation Rates |
The
relevant translation rates are as follows:
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6/30/2023 |
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|
12/31/2022 |
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| Closing rate, British Pound (GBP) to $USD at period end |
|
|
1.2714 |
|
|
|
1.2039 |
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| Average rate, GBP to $USD for the period ended |
|
|
1.2332 |
|
|
|
1.2362 |
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| Closing rate, Euro (EUR) to $USD at period end |
|
|
0.9166 |
|
|
|
0.9367 |
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| Average rate, EUR to $USD for the period ended |
|
|
0.9256 |
|
|
|
0.9517 |
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