Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies and New Accounting Standards (Tables)

v3.24.1
Summary of Significant Accounting Policies and New Accounting Standards (Tables)
 12 Months Ended
Dec. 31, 2023
Summary of Significant Accounting Policies and New Accounting Standards [Abstract]  
Schedule of Measured at Fair Value on a Recurring Basis The following table presents information about the Company’s 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:
          Fair value measurements at
reporting date using:		  
Description   Fair Value     Quoted prices
in active markets
for identical
liabilities
(Level 1)		     Significant
other
observable
inputs
(Level 2)		     Significant
unobservable
inputs
(Level 3)		  
Assets:                        
Cash equivalents, December 31, 2023   $ 13,419,860     $ 13,419,860     $
       -
     $
 -
  
                                 
Liabilities:                                
Public Warrant liabilities, December 31, 2023   $ 79,200     $ 79,200     $
-
     $
-
  
Representative Warrant liabilities, December 31, 2023   $ 5,166     $
 
     $
-
   $             5,166  
                                 
Liabilities:                                
Public Warrant liabilities, December 31, 2022   $ 132,000     $ 132,000     $
-
     $
-
  
Representative Warrant liabilities, December 31, 2022   $ 8,611     $
-
     $
-
     $ 8,611  
Schedule of Reconciliation of the Level 3 Representative Warrant Liabilities The following table presents a reconciliation of the Level 3 Representative Warrants liabilities:
    Year ended
December 31,		  
    2023     2022  
Representative warrant liabilities, January 1   $ 8,611     $ 91,200  
Issuances    
-
      
-
  
Exercises    
-
      
-
  
Change in fair value     (3,445 )     (82,589 )
Representative warrant liabilities, December 31   $ 5,166     $ 8,611  
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:
    Year ended
December 31,		  
    2023     2022  
Stock options     99,000       50,000  
Warrants     767,800       767,800  
Restricted stock units     4,168       10,000  
Schedule of Relevant Translation Rates The relevant translation rates are as follows:
    As of
December 31,
2023		     As of
December 31,
2022		  
Closing rate, British Pound (GBP) to $USD at period end     1.2747       1.2039  
Average rate, GBP to $USD for the period ended     1.2434       1.2362  
Closing rate, Euro (EUR) to $USD at period end     0.9052       0.9367  
Average rate, EUR to $USD for the period ended     0.9251       0.9517