Fair Value (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Senior Secured Convertible Notes (the "2020 Notes") [Member] |
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
| Schedule of reconciliation of fair values |
|
|
|
|
|
| 2020 Notes |
|
|
|
|
Ending fair value balance - December 31, 2020 |
|
$ |
13,398,000 |
|
| Principal payments in cash and Common Stock |
|
|
(15,172,727 |
)
|
| Change in fair value reported in the statements of operations |
|
|
2,030,904 |
|
| Change in fair value reported in other comprehensive income |
|
|
(70,000 |
) |
| Gain on extinguishment of debt reported in the statement of operations |
|
|
(186,177 |
) |
| Ending fair value balance - October 5, 2021 |
|
$ |
— |
|
|
| Senior Convertible Notes [Member] |
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
| Schedule of reconciliation of fair values |
|
|
|
|
|
| Senior Convertible Notes |
|
|
|
|
Beginning fair value balance on October 5, 2021 |
|
$ |
18,000,000 |
|
| Principal payments in cash and Common Stock |
|
|
— |
|
| Change in fair value reported in the statements of operations |
|
|
(665,000 |
)
|
| Change in fair value reported in other comprehensive income |
|
|
(30,000 |
) |
| Ending fair value balance - December 31, 2021 |
|
$ |
17,305,000 |
|
| Principal payments in cash and Common Stock |
|
|
(5,337,273 |
) |
| Change in fair value reported in the statements of operations |
|
|
2,884,273 |
|
| Change in fair value reported in other comprehensive income |
|
|
(245,000 |
) |
| Ending fair value balance - December 31, 2022 |
|
$ |
14,607,000 |
|
|
| Schedule of fair value by using key inputs |
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
Fair Value Assumptions - Senior Convertible Notes |
|
2022
|
|
|
2021 |
|
Face value principal payable |
|
$ |
14,662,727 |
|
|
$ |
20,000,000 |
|
Conversion prices, as adjusted for the Reverse Stock Split and certain securities offerings |
|
$ |
4.75 |
|
|
$ |
4.05 |
|
Value of Common Stock on measurement date |
|
$ |
0.69 |
|
|
$ |
1.75 |
|
Expected term (years) |
|
|
1.8 |
|
|
|
2.8 |
|
Volatility |
|
|
77 |
% |
|
|
75 |
% |
Market yield (range) |
|
|
44.3 to 43.9 |
% |
|
|
37.1 to 0 |
% |
Risk free rate |
|
|
4.4 |
% |
|
|
1.0 |
% |
| Issue date |
|
|
October 5, 2021 |
|
|
|
October 5, 2021 |
|
| Maturity date |
|
|
October 5, 2024 |
|
|
|
October 5, 2024 |
|
|
| Private Warrants [Member] |
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
| Schedule of reconciliation of fair values |
|
|
As of December 31,
|
|
Fair Value Assumptions - Private Warrants |
|
2022 |
|
|
2021 |
|
Number of Private Warrants |
|
|
225,635 |
|
|
|
225,635 |
|
Exercise price, as adjusted for the Reverse Stock Split |
|
$ |
230.00 |
|
|
$ |
230.00 |
|
Value of Common Stock on measurement date |
|
$ |
0.69 |
|
|
$ |
1.75 |
|
Expected term (years) |
|
|
1.46 |
|
|
|
2.46 |
|
Volatility |
|
|
NM |
|
|
|
85.8 |
% |
Risk free rate |
|
|
NM |
|
|
|
0.8 |
% |
Fair Value Measurement – 2022 Unit Offering Common and Underwriter Warrants
|
| Schedule of fair value by using key inputs |
|
Year Ended December 31, |
|
|
2022 |
|
|
2021 |
|
Fair value balance at beginning of period |
$ |
63,178 |
|
|
$ |
311,376 |
|
Change in fair value reported in the statements of operations |
|
(63,178 |
) |
|
|
(248,198 |
) |
Fair value balance at end of period |
$ |
— |
|
|
$ |
63,178 |
|
|
| 2022 Common Warrants and Underwriter Warrants [Member] |
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
| Schedule of fair value measurement unit offering common and underwriter warrants |
| Fair Value Assumptions - 2022 Common and Underwriter Warrants |
|
July 5, 2022
|
|
| Exercise price as adjusted for the Reverse Stock Split |
$ |
4.60 |
|
| Expected term (years) |
|
5.0 |
|
| Volatility |
|
136.9 |
% |
|