Summary of Significant Accounting Policies (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Summary of Significant Accounting Policies [Abstract] |
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| 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, September 30, 2024 |
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$ |
4,513,161 |
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$ |
4,513,161 |
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$ |
- |
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$ |
- |
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| Cash equivalents, December 31, 2023 |
|
$ |
13,419,860 |
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|
$ |
13,419,860 |
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$ |
- |
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$ |
- |
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| Liabilities: |
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| Public warrant liabilities, September 30, 2024 |
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$ |
153,560 |
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$ |
153,560 |
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$ |
- |
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$ |
- |
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| Representative warrant liabilities, September 30, 2024 |
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$ |
10,018 |
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$ |
- |
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$ |
- |
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$ |
10,018 |
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| Liabilities: |
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| Public warrant liabilities, December 31, 2023 |
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$ |
79,200 |
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$ |
79,200 |
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$ |
- |
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$ |
- |
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| Representative warrant liabilities, December 31, 2023 |
|
$ |
5,166 |
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|
$ |
- |
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$ |
- |
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$ |
5,166 |
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| Schedule of Reconciliation of the Level 3 Representative Warrant Liabilities |
The
following tables present a reconciliation of the Level 3 Representative Warrants liabilities:
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Three Months Ended
September 30, |
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2024 |
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2023 |
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| Representative warrant liabilities, July 1 |
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$ |
5,712 |
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$ |
4,535 |
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| Issuances |
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- |
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- |
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| Exercises |
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- |
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- |
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| Change in fair value |
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4,306 |
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(2,757 |
) |
| Representative warrant liabilities, September 30 |
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$ |
10,018 |
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|
$ |
1,779 |
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Nine Months Ended
September 30, |
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2024 |
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2023 |
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| Representative warrant liabilities, January 1 |
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$ |
5,166 |
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$ |
8,611 |
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| Issuances |
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- |
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- |
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| Exercises |
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- |
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- |
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| Change in fair value |
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4,852 |
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(6,833 |
) |
| Representative warrant liabilities, September 30 |
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$ |
10,018 |
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$ |
1,779 |
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| 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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Nine Months Ended
September 30, |
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2024 |
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2023 |
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| Stock options |
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185,784 |
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99,000 |
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| Warrants |
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3,293,693 |
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|
767,800 |
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| Restricted stock units |
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1,669 |
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4,167 |
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| Schedule of Relevant Translation Rates |
The relevant translation rates are as follows:
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As of
September 30,
2024 |
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As of
December 31,
2023 |
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| Closing rate, British Pound (GBP) to $USD at period end |
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1.3413 |
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1.2747 |
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| Average rate, GBP to $USD for the period ended |
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1.2769 |
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1.2434 |
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| Closing rate, Euro (EUR) to $USD at period end |
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0.8962 |
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0.9052 |
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| Average rate, EUR to $USD for the period ended |
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0.9202 |
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0.9251 |
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