Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 12, 2022 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-40071 | |
Entity Registrant Name | AUDDIA INC. | |
Entity Central Index Key | 0001554818 | |
Entity Tax Identification Number | 45-4257218 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 2100 Central Ave. | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | Boulder | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80301 | |
City Area Code | 303 | |
Local Phone Number | 219-9771 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,514,763 | |
Common Stock, par value $0.001 per share | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | AUUD | |
Security Exchange Name | NASDAQ | |
Warrants, each exercisable for one share of Common Stock | ||
Title of 12(b) Security | Warrants, each exercisable for one share of Common Stock | |
Trading Symbol | AUUDW | |
Security Exchange Name | NASDAQ |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash | $ 2,341,289 | $ 6,345,291 |
Accounts receivable, net | 51 | 87 |
Prepaids and other current assets | 50,080 | 0 |
Total current assets | 2,391,420 | 6,345,378 |
Non-current assets: | ||
Property and equipment, net | 60,181 | 72,766 |
Software development costs, net | 4,010,957 | 3,163,071 |
Prepaids and other non-current assets | 7,150 | 52,918 |
Total non-current assets | 4,078,288 | 3,288,755 |
Total assets | 6,469,708 | 9,634,133 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 279,309 | 223,196 |
Share-based compensation liability | 47,073 | 0 |
Total current liabilities | 326,382 | 223,196 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock - $0.001 par value, 100,000,000 authorized and 0 shares issued and outstanding at June 30, 2022 and December 31, 2021 | 0 | 0 |
Common stock - $0.001 par value, 100,000,000 authorized and 12,514,763 and 12,416,408 shares issued and outstanding at June 30, 2022 and December 31, 2021 | 12,514 | 12,416 |
Additional paid-in capital | 74,772,845 | 74,236,910 |
Accumulated deficit | (68,642,033) | (64,838,389) |
Total stockholders’ equity | 6,143,326 | 9,410,937 |
Total liabilities and stockholders’ equity | $ 6,469,708 | $ 9,634,133 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 12,514,763 | 12,416,408 |
Common stock, shares outstanding | 12,514,763 | 12,416,408 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Operating expenses: | ||||
Direct cost of services | 43,532 | 76,058 | 96,093 | 133,406 |
Sales and marketing | 740,019 | 139,611 | 1,097,086 | 263,115 |
Research and development | 151,251 | 78,285 | 300,015 | 125,282 |
General and administrative | 842,555 | 706,627 | 1,860,283 | 1,344,335 |
Depreciation and amortization | 271,005 | 2,857 | 447,132 | 5,040 |
Total operating expenses | 2,048,362 | 1,003,438 | 3,800,609 | 1,871,178 |
Loss from operations | (2,048,362) | (1,003,438) | (3,800,609) | (1,871,178) |
Other income (expense): | ||||
Finance charge – convertible debt | 0 | 0 | 0 | (8,141,424) |
PPP loan extinguishment | 0 | 268,662 | 0 | 268,662 |
Interest expense | (2,023) | (21,836) | (3,035) | (309,275) |
Interest income | 0 | 3,091 | 0 | 3,196 |
Total other income (expense) | (2,023) | 249,917 | (3,035) | (8,178,841) |
Net loss before income taxes | (2,050,385) | (753,521) | (3,803,644) | (10,050,019) |
Income taxes | 0 | 0 | 0 | 0 |
Net loss | $ (2,050,385) | $ (753,521) | $ (3,803,644) | $ (10,050,019) |
Condensed Statements of Opera_2
Condensed Statements of Operations (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Earnings Per Share, Basic | $ (0.16) | $ (0.07) | $ (0.30) | $ (1.20) |
Earnings Per Share, Diluted | $ (0.16) | $ (0.07) | $ (0.30) | $ (1.20) |
Weighted Average Number of Shares Outstanding, Basic | 12,514,763 | 11,291,829 | 12,489,790 | 8,366,343 |
Weighted Average Number of Shares Outstanding, Diluted | 12,514,763 | 11,291,829 | 12,489,790 | 8,366,343 |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholder's Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 486 | $ 38,256,854 | $ (51,360,320) | $ (13,103,250) |
Beginning balance, shares at Dec. 31, 2020 | 485,441 | |||
Issuance of common shares | $ 3,992 | 14,480,048 | 14,484,040 | |
Issuance of common shares, shares | 3,991,818 | |||
Conversion of debt obligations | $ 6,814 | 15,186,619 | 15,193,433 | |
Conversion of debt obligations, shares | 6,814,570 | |||
Share-based compensation | 31,951 | 31,951 | ||
Net loss | (10,050,019) | (10,050,019) | ||
Ending balance, value at Jun. 30, 2021 | $ 11,292 | 67,955,202 | (61,410,339) | 6,556,155 |
Ending balance, shares at Jun. 30, 2021 | 11,291,829 | |||
Beginning balance, value at Dec. 31, 2021 | $ 12,416 | 74,236,910 | (64,838,389) | 9,410,937 |
Beginning balance, shares at Dec. 31, 2021 | 12,416,408 | |||
Exercise of restricted stock units and warrants | $ 98 | (98) | ||
Exercise of restricted stock units and warrants, shares | 98,355 | |||
Share-based compensation | 671,829 | 671,829 | ||
Reclassification of share-based compensation award to liability | (135,796) | (135,796) | ||
Net loss | (3,803,644) | (3,803,644) | ||
Ending balance, value at Jun. 30, 2022 | $ 12,514 | $ 74,772,845 | $ (68,642,033) | $ 6,143,326 |
Ending balance, shares at Jun. 30, 2022 | 12,514,763 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (3,803,644) | $ (10,050,019) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Finance charge associated with debt to equity conversion | 0 | 8,141,424 |
Depreciation and amortization | 447,132 | 5,040 |
Share-based compensation | 671,829 | 31,951 |
Gain on PPP loan extinguishment | 0 | (268,662) |
Change in assets and liabilities: | ||
Accounts receivable | 36 | 128 |
Prepaids and other non-current assets | (4,312) | (213,800) |
Accounts payable and accrued liabilities | 56,113 | (779,697) |
Net cash used in operating activities | (2,632,846) | (3,133,635) |
Cash flows from investing activities: | ||
Software capitalization | (1,278,625) | (551,538) |
Purchase of property and equipment | (3,808) | (23,835) |
Net cash used in investing activities | (1,282,433) | (575,373) |
Cash flows from financing activities: | ||
Net settlement of share-based compensation awards | (88,723) | 0 |
Proceeds from issuance of common shares | 0 | 14,822,459 |
Repayments of related party debt and deferred salary | 0 | (930,636) |
Repayments of line of credit | 0 | (4,000,000) |
Proceeds from issuance of PPP loan | 0 | 267,482 |
Proceeds from issuance of promissory notes payable | 0 | 15,000 |
Net cash (used in) provided by financing activities | (88,723) | 10,174,305 |
Net (decrease) increase in cash and restricted cash | (4,004,002) | 6,465,297 |
Cash, beginning of period | 6,345,291 | 117,914 |
Cash, end of period | 2,341,289 | 6,583,211 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 3,035 | 160,628 |
Cash paid for income taxes | 0 | 0 |
Supplemental disclosures of non-cash activity: | ||
Shares issued for conversion of indebtedness | 0 | 15,193,433 |
PPP loan extinguishment | $ 0 | $ (268,662) |
Description of Business, Basis
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies | Note 1 - Description of Business, Basis of Presentation and Summary of Significant Accounting Policies Description of Business Auddia Inc., formerly Clip Interactive, LLC, (the “Company”, “Auddia”, “we”, “our”) is a technology company that is reinventing how consumers engage with audio through the development of a proprietary AI platform for audio and innovative technologies for podcasts. Clip Interactive, LLC was initially formed as a Colorado limited liability company on January 14, 2012 and on November 25, 2019 changed its trade name to Auddia. On February 16, 2021, the Company completed an initial public offering (the “IPO”) of 3,991,818 units, at $4.125 per unit, consisting of one share of common stock and one Series A warrant to purchase one share of common stock at an exercise price of $4.54 per share. In addition, the underwriters exercised their option to purchase 598,772 Series A warrants to cover over-allotments and were issued 319,346 in representative warrants at an exercise price of $5.15625 per share. After deducting underwriters commissions and expenses, the Company received net proceeds of approximately $15.1 million and its common stock commenced trading on Nasdaq under the ticker symbol “AUUD”. Concurrently with the IPO, holders of the Company’s promissory notes, convertible notes, and related party notes, along with accrued interest, were converted into 6,814,570 shares of the Company’s common stock. Concurrently with the IPO the Company converted from a Colorado limited liability company to a Delaware corporation. This accounting change has been given retrospective treatment in the condensed financial statements. Basis of Presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Unaudited interim financial information The condensed financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this Quarterly Report, as is permitted by such rules and regulations. Accordingly, these condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K. The results for any interim period are not necessarily indicative of results for any future period. Use of Estimates The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The condensed financial statements include some amounts that are based on management's best estimates and judgments. The most significant estimates relate to valuation of capital stock, warrants and options to purchase shares of the Company's common stock, and the estimated recoverability and amortization period for capitalized software development costs. These estimates may be adjusted as more current information becomes available, and any adjustment could be significant. Risks and Uncertainties The Company is subject to various risks and uncertainties frequently encountered by companies in the early stages of development. Such risks and uncertainties include, but are not limited to, its limited operating history, competition from other companies, limited access to additional funds, dependence on key personnel, and management of potential rapid growth. To address these risks, the Company must, among other things, develop its customer base; implement and successfully execute its business and marketing strategy; develop follow-on products; provide superior customer service; and attract, retain, and motivate qualified personnel. There can be no guarantee that the Company will be successful in addressing these or other such risks. Cash The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company had no The Company maintains cash deposits at several financial institutions, which are insured by the Federal Deposit Insurance Corporation up to $250,000. The Company’s cash balance may at times exceed these limits. At June 30, 2022 and December 31, 2021, the Company had $ 2,022,091 5,910,758 Software Development Costs The Company accounts for costs incurred in the development of computer software as software research and development costs until the preliminary project stage is completed, management has committed to funding the project, and completion and use of the software for its intended purpose is probable. The Company ceases capitalization of development costs once the software has been substantially completed and is available for its intended use. Software development costs are amortized over a useful life estimated by the Company’s management of five years. Costs associated with significant upgrades and enhancements that result in additional functionality are capitalized. Capitalized costs are subject to an ongoing assessment of recoverability based on anticipated future revenues and changes in software technologies. Unamortized capitalized software development costs determined to be in excess of anticipated future net revenues are considered impaired and expensed during the period of such determination. Software development costs of $ 617,411 259,463 1,278,625 551,538 262,703 0 430,739 0 Revenue Recognition Revenue will be measured according to Accounting Standards Codification (“ASC”) 606, Revenue – Revenue from Contracts with Customers, and will be recognized based on consideration specified in a contract with a customer and will exclude any sales incentives and amounts collected on behalf of third parties. We will recognize revenue when we satisfy a performance obligation by transferring control over a service or product to a customer. We will report revenues net of any tax assessed by a governmental authority that is both imposed on, and concurrent with, a specific revenue-producing transaction between a seller and a customer in our condensed statements of operations. Collected taxes will be recorded within Other current liabilities until remitted to the relevant taxing authority. Subscriber revenue will consist primarily of subscription fees and other ancillary subscription-based revenues. Revenue will be recognized on a straight-line basis when the performance obligations to provide each service for the period are satisfied, which is over time as our subscription services are continuously available and can be consumed by customers at any time. There is no revenue recognized for unpaid trial subscriptions. Customers may pay for the services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue will be recognized as revenue in our statement of operations as the services are provided. Share-Based Compensation The Company accounts for share-based compensation arrangements with employees, directors, and consultants and recognizes the compensation expense for share-based awards based on the estimated fair value of the awards on the date of grant in accordance with ASC 718. Compensation expense for all share-based awards is based on the estimated grant-date fair value and recognized in earnings over the requisite service period (generally the vesting period). The Company records share-based compensation expense related to non-employees over the related service periods. Certain stock awards include a net-share settlement feature that provides the grantee an option to withhold shares to satisfy tax withholding requirements and are classified as a share-based compensation liability. Cash paid to satisfy tax withholdings is classified as financing activities in the condensed statements of cash flows. Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies. |
Property & Equipment and Softwa
Property & Equipment and Software Development Costs | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property & Equipment and Software Development Costs | Note 2 – Property & Equipment and Software Development Costs Property and equipment and software development costs consisted of the following as of: Schedule of property, equipment and software development costs June 30 December 31, Computers and equipment $ 771,127 $ 767,318 Furniture 7,262 7,262 Software 5,228 5,228 Accumulated depreciation (723,436 ) (707,042 ) Total property and equipment, net $ 60,181 $ 72,766 Software development costs 5,977,375 $ 4,698,752 Accumulated amortization (1,966,418 ) (1,535,680 ) Total software development costs, net $ 4,010,957 $ 3,163,071 The Company recognized depreciation expense of $ 16,393 5,040 430,739 0 |
Balance Sheet Disclosures
Balance Sheet Disclosures | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Balance Sheet Disclosures | Note 3 – Balance Sheet Disclosures Accounts payable and accrued liabilities consist of the following: Schedule of accounts payable and accrued liabilities June 30, December 31, Accounts payable and accrued expenses $ 277,409 $ 210,929 Credit cards payable 1,900 12,267 Accounts payable and accrued liabilities $ 279,309 $ 223,196 |
Line of Credit
Line of Credit | 6 Months Ended |
Jun. 30, 2022 | |
Line Of Credit | |
Line of Credit | Note 4 – Line of Credit The Company had a line of credit which was repaid in full on July 8, 2021. Interest accrued at a variable rate based on the bank’s prime rate plus 1% (4.25% at December 31, 2020) but at no time less than 4.0%. Monthly interest payments were required, with any outstanding principal due on July 10, 2021. Interest expense for the six months ended June 30, 2022 and 2021 was $ 0 69,132 The line of credit was collateralized by all assets of the Company, including $2,000,000 of cash held in a control account at the lender. The Company also maintained a minimum balance at the lender to cover two months of interest payments. Prior to our IPO, the line of credit was collateralized by $6,000,000 of cash assets of two shareholders held in control accounts at the lender. Following the Company’s IPO in February 2021 the line of credit was amended and the Company paid down the outstanding principal balance on its bank line of credit from $6,000,000 to $2,000,000 and the available principal balance for the line of credit was reduced from $6,000,000 to $2,000,000. Further, the $6,000,000 of cash collateral previously provided by the two shareholders was released. The remaining principal balance of $2,000,000 was repaid in full and the line of credit was terminated on July 8, 2021. The shareholder who previously provided the $2,000,000 control account had a collateral agreement with the Company which is described in Note 6. This agreement was terminated in March 2021. |
Convertible Notes Payable, Note
Convertible Notes Payable, Notes Payable to Related Parties and Promissory Notes | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable, Notes Payable to Related Parties and Promissory Notes | Note 5 – Convertible Notes Payable, Notes Payable to Related Parties and Promissory Notes Convertible notes payable The Company had convertible notes outstanding at December 31, 2020 in the amount of $ 2,295,305 6.0 December 31, 2021 2,066,176 0 16,586 Accrued fees to a related party The Company had an agreement with a shareholder to provide collateral for a bank line of credit described in Note 4 – Line of Credit. The amount of the cash collateral provided by the shareholder to the bank was $2,000,000. The collateral agreement required a commitment to pay collateral fees of $710,000 (comprised of annual interest of $660,000 plus the $50,000 renewal fee) to the shareholder and issue 3,454 common stock warrants. In January 2019, in connection with the collateral agreement, the Company converted accrued fees of $ 725,000 33 December 31, 2021 0 208,727 In conjunction with the February 2021 IPO, the notes payable and accrued interest due to this shareholder were converted to 1,667,859 Promissory notes payable The Company had promissory notes payable outstanding that were scheduled to mature on December 31, 2021 6 0 14,454 In conjunction with the February 2021 IPO, all of the Promissory Notes collectively converted into 3,080,535 The Company recognized a finance charge to interest expense of $ 8,141,424 |
Notes Payable
Notes Payable | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Notes Payable | Note 6 – Notes Payable Notes payable to related parties and deferred salary An executive officer of the Company agreed to defer receipt of compensation to preserve liquidity in the Company. The accumulated amount of compensation owed to this executive officer was approximately $ 631,000 The Company had convertible notes payable to related parties in the amounts of $ 200,000 50,000 17,197 486,198 The Company had a short term loan of $ 500,000 Cares Act Paycheck Protection Program loan The Company entered into a promissory note evidencing an unsecured loan (the “First Loan”) in the amount of $ 268,662 267,482 The First Loan was set to mature in April 2022 and the Second Loan was set to mature in January 2023. The PPP Loans bore interest at a rate of 1% per annum. Beginning November 2020, the Company was required to make 18 monthly payments of principal and interest in the amount of $14,370 related to the First Loan. The PPP Loans may be prepaid by the Company at any time prior to maturity with no prepayment penalties. The proceeds from the Loans may only be used for payroll costs (including benefits), interest on mortgage obligations, rent, utilities and interest on certain other debt obligations. The PPP Loans contained customary events of default relating to, among other things, payment defaults, making materially false and misleading representations to the lender or breaching the terms of the Loan documents. The occurrence of an event of default will result in an increase in the interest rate to 18 Pursuant to the terms of the CARES Act and the PPP, the Company applied for forgiveness for both the PPP Loans. On June 15, 2021, the Company received confirmation that the First Loan was approved for forgiveness and the Company recorded $ 268,662 267,482 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 7 – Commitments and Contingencies Operating Lease In April 2021, the Company entered into a lease agreement for a new primary office space in Boulder, Colorado comprising of 8,639 square feet. The lease commenced on May 15, 2021 and terminates after 12 months. The lease has an initial base rent of $7,150 per month, with the first 15 days rent free and includes three separate six month renewal options, subject to fixed rate escalation increases. The Company exercised it’s first six month renewal option to extend the lease through November 2022. The Company previously leased approximately 3,000 square feet of office space that expired on April 30, 2021. Rent expense was as follows: Schedule of rent expenses Three Months Ended June 30 Six Months Ended June 30 2022 2021 2022 2021 Rent expense $ 21,733 13,437 $ 43,182 31,490 Litigation In the normal course of business, the Company is party to litigation from time to time. The Company maintains insurance to cover certain actions and believes that resolution of such litigation will not have a material adverse effect on the Company. |
Share-based Issuances
Share-based Issuances | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Share-based Issuances | Note 8 - Share-based Issuances Stock Options The following table presents the activity for stock options outstanding: Schedule of stock option activity Weighted Non-Qualified Average Options Exercise Price Outstanding - December 31, 2021 1,504,791 $ 2.96 Granted 293,750 1.79 Forfeited/canceled – – Exercised – – Outstanding – June 30, 2022 1,798,541 $ 2.77 The following table presents the composition of options outstanding and exercisable: Options outstanding and exercisable Options Outstanding Options Exercisable Exercise Prices Number Price* Life* Number Price* $2.70 68,518 $ 2.70 1.33 68,518 $ 2.70 $2.90 53,128 $ 2.90 5.54 53,128 $ 2.90 $4.26 171,263 $ 4.26 7.13 152,217 $ 4.26 $2.79 1,211,882 $ 2.79 9.01 545,939 $ 2.79 $1.79 293,750 $ 1.79 9.65 7,500 $ 1.79 Total – June 30, 2022 1,798,541 $ 2.77 7.48 827,302 $ 3.05 ________________________ * Price and Life reflect the weighted average exercise price and weighted average remaining contractual life, respectively. During the six months ended June 30, 2022, the Company granted 293,750 stock options to certain executives and key employees. Under the terms of the option agreements, the options are subject to certain vesting requirements. The fair value of each award is determined using the Black-Scholes option-pricing model which values options based on the stock price at the grant date, the expected life of the option, the estimated volatility of the stock, and the risk-free interest rate over the expected life of the option. The expected volatility was determined considering comparable companies historical stock prices as a peer group for the fiscal year the grant occurred and prior fiscal years for a period equal to the expected life of the option. The risk-free interest rate was the rate available from the St. Louis Federal Reserve Bank with a term equal to the expected life of the option. The expected life of the option was estimated based on a mid-point method calculation. Restricted Stock Units The following table presents the activity for restricted stock units outstanding: Schedule of warrant activity Weighted Restricted Average Stock Units Exercise Price Outstanding - December 31, 2021 424,500 $ – Granted 150,000 – Forfeited/canceled – $ – Vested/issued (143,625 ) – Outstanding – June 30, 2022 430,875 $ – During the six months ended June 30, 2022, the Company granted 150,000 restricted stock units. Under terms of the restricted stock agreements, the restricted stock units are subject to a four year vesting schedule. During the six months ended June 30, 2022, certain restricted stock unit holders elected a net-share settlement for vested shares to satisfy income tax requirements. The Company applied modification accounting in accordance with ASC 718, and reclassified these share-based awards from equity classification to liability classification. The Company recognized a share-based compensation liability as of June 30, 2022 of $ 47,073 The Company recognized share-based compensation expense related to stock options and restricted stock units in the amounts of $ 671,829 31,951 2,444,906 Warrants The following table presents the activity for warrants outstanding: Schedule of warrant activity Weighted Warrants Average Outstanding Exercise Price Outstanding - December 31, 2021 4,172,247 $ 4.80 Granted – – Forfeited/cancelled/restored – – Exercised (148 ) 0.87 Outstanding – June 30, 2022 4,172,099 $ 4.80 In connection with the February 2021 IPO, the Company issued 3,991,818 598,772 319,346 During the six months ended June 30, 2022 certain holders of our Pre-IPO warrants exercised 148 112 0.87 All of the outstanding warrants are exercisable and have a weighted average remaining contractual life of approximately 3.44 |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 9 – Net Loss Per Share Basic net loss per share is computed by dividing net loss, which is allocated based upon the proportionate amount of weighted average shares outstanding, to each class of stockholder’s stock outstanding during the period. For the calculation of diluted net loss per share, net loss per share attributable to common stockholders for basic net loss per share is adjusted by the effect of dilutive securities, including awards under our equity compensation plans. As of June 30, 2022 and 2021, 6,325,245 4,239,600 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10 – Subsequent Events In accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 855, Subsequent Events, management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued on August 12, 2022 |
Description of Business, Basi_2
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business Auddia Inc., formerly Clip Interactive, LLC, (the “Company”, “Auddia”, “we”, “our”) is a technology company that is reinventing how consumers engage with audio through the development of a proprietary AI platform for audio and innovative technologies for podcasts. Clip Interactive, LLC was initially formed as a Colorado limited liability company on January 14, 2012 and on November 25, 2019 changed its trade name to Auddia. On February 16, 2021, the Company completed an initial public offering (the “IPO”) of 3,991,818 units, at $4.125 per unit, consisting of one share of common stock and one Series A warrant to purchase one share of common stock at an exercise price of $4.54 per share. In addition, the underwriters exercised their option to purchase 598,772 Series A warrants to cover over-allotments and were issued 319,346 in representative warrants at an exercise price of $5.15625 per share. After deducting underwriters commissions and expenses, the Company received net proceeds of approximately $15.1 million and its common stock commenced trading on Nasdaq under the ticker symbol “AUUD”. Concurrently with the IPO, holders of the Company’s promissory notes, convertible notes, and related party notes, along with accrued interest, were converted into 6,814,570 shares of the Company’s common stock. Concurrently with the IPO the Company converted from a Colorado limited liability company to a Delaware corporation. This accounting change has been given retrospective treatment in the condensed financial statements. |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). |
Unaudited interim financial information | Unaudited interim financial information The condensed financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this Quarterly Report, as is permitted by such rules and regulations. Accordingly, these condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K. The results for any interim period are not necessarily indicative of results for any future period. |
Use of Estimates | Use of Estimates The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The condensed financial statements include some amounts that are based on management's best estimates and judgments. The most significant estimates relate to valuation of capital stock, warrants and options to purchase shares of the Company's common stock, and the estimated recoverability and amortization period for capitalized software development costs. These estimates may be adjusted as more current information becomes available, and any adjustment could be significant. |
Risks and Uncertainties | Risks and Uncertainties The Company is subject to various risks and uncertainties frequently encountered by companies in the early stages of development. Such risks and uncertainties include, but are not limited to, its limited operating history, competition from other companies, limited access to additional funds, dependence on key personnel, and management of potential rapid growth. To address these risks, the Company must, among other things, develop its customer base; implement and successfully execute its business and marketing strategy; develop follow-on products; provide superior customer service; and attract, retain, and motivate qualified personnel. There can be no guarantee that the Company will be successful in addressing these or other such risks. |
Cash | Cash The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company had no The Company maintains cash deposits at several financial institutions, which are insured by the Federal Deposit Insurance Corporation up to $250,000. The Company’s cash balance may at times exceed these limits. At June 30, 2022 and December 31, 2021, the Company had $ 2,022,091 5,910,758 |
Software Development Costs | Software Development Costs The Company accounts for costs incurred in the development of computer software as software research and development costs until the preliminary project stage is completed, management has committed to funding the project, and completion and use of the software for its intended purpose is probable. The Company ceases capitalization of development costs once the software has been substantially completed and is available for its intended use. Software development costs are amortized over a useful life estimated by the Company’s management of five years. Costs associated with significant upgrades and enhancements that result in additional functionality are capitalized. Capitalized costs are subject to an ongoing assessment of recoverability based on anticipated future revenues and changes in software technologies. Unamortized capitalized software development costs determined to be in excess of anticipated future net revenues are considered impaired and expensed during the period of such determination. Software development costs of $ 617,411 259,463 1,278,625 551,538 262,703 0 430,739 0 |
Revenue Recognition | Revenue Recognition Revenue will be measured according to Accounting Standards Codification (“ASC”) 606, Revenue – Revenue from Contracts with Customers, and will be recognized based on consideration specified in a contract with a customer and will exclude any sales incentives and amounts collected on behalf of third parties. We will recognize revenue when we satisfy a performance obligation by transferring control over a service or product to a customer. We will report revenues net of any tax assessed by a governmental authority that is both imposed on, and concurrent with, a specific revenue-producing transaction between a seller and a customer in our condensed statements of operations. Collected taxes will be recorded within Other current liabilities until remitted to the relevant taxing authority. Subscriber revenue will consist primarily of subscription fees and other ancillary subscription-based revenues. Revenue will be recognized on a straight-line basis when the performance obligations to provide each service for the period are satisfied, which is over time as our subscription services are continuously available and can be consumed by customers at any time. There is no revenue recognized for unpaid trial subscriptions. Customers may pay for the services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue will be recognized as revenue in our statement of operations as the services are provided. |
Share-Based Compensation | Share-Based Compensation The Company accounts for share-based compensation arrangements with employees, directors, and consultants and recognizes the compensation expense for share-based awards based on the estimated fair value of the awards on the date of grant in accordance with ASC 718. Compensation expense for all share-based awards is based on the estimated grant-date fair value and recognized in earnings over the requisite service period (generally the vesting period). The Company records share-based compensation expense related to non-employees over the related service periods. Certain stock awards include a net-share settlement feature that provides the grantee an option to withhold shares to satisfy tax withholding requirements and are classified as a share-based compensation liability. Cash paid to satisfy tax withholdings is classified as financing activities in the condensed statements of cash flows. |
Emerging Growth Company Status | Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies. |
Property & Equipment and Soft_2
Property & Equipment and Software Development Costs (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, equipment and software development costs | Schedule of property, equipment and software development costs June 30 December 31, Computers and equipment $ 771,127 $ 767,318 Furniture 7,262 7,262 Software 5,228 5,228 Accumulated depreciation (723,436 ) (707,042 ) Total property and equipment, net $ 60,181 $ 72,766 Software development costs 5,977,375 $ 4,698,752 Accumulated amortization (1,966,418 ) (1,535,680 ) Total software development costs, net $ 4,010,957 $ 3,163,071 |
Balance Sheet Disclosures (Tabl
Balance Sheet Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of accounts payable and accrued liabilities | Schedule of accounts payable and accrued liabilities June 30, December 31, Accounts payable and accrued expenses $ 277,409 $ 210,929 Credit cards payable 1,900 12,267 Accounts payable and accrued liabilities $ 279,309 $ 223,196 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of rent expenses | Schedule of rent expenses Three Months Ended June 30 Six Months Ended June 30 2022 2021 2022 2021 Rent expense $ 21,733 13,437 $ 43,182 31,490 |
Share-based Issuances (Tables)
Share-based Issuances (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Schedule of stock option activity | Schedule of stock option activity Weighted Non-Qualified Average Options Exercise Price Outstanding - December 31, 2021 1,504,791 $ 2.96 Granted 293,750 1.79 Forfeited/canceled – – Exercised – – Outstanding – June 30, 2022 1,798,541 $ 2.77 |
Options outstanding and exercisable | Options outstanding and exercisable Options Outstanding Options Exercisable Exercise Prices Number Price* Life* Number Price* $2.70 68,518 $ 2.70 1.33 68,518 $ 2.70 $2.90 53,128 $ 2.90 5.54 53,128 $ 2.90 $4.26 171,263 $ 4.26 7.13 152,217 $ 4.26 $2.79 1,211,882 $ 2.79 9.01 545,939 $ 2.79 $1.79 293,750 $ 1.79 9.65 7,500 $ 1.79 Total – June 30, 2022 1,798,541 $ 2.77 7.48 827,302 $ 3.05 ________________________ * Price and Life reflect the weighted average exercise price and weighted average remaining contractual life, respectively. |
Schedule of warrant activity | Schedule of warrant activity Weighted Restricted Average Stock Units Exercise Price Outstanding - December 31, 2021 424,500 $ – Granted 150,000 – Forfeited/canceled – $ – Vested/issued (143,625 ) – Outstanding – June 30, 2022 430,875 $ – |
Schedule of warrant activity | Schedule of warrant activity Weighted Warrants Average Outstanding Exercise Price Outstanding - December 31, 2021 4,172,247 $ 4.80 Granted – – Forfeited/cancelled/restored – – Exercised (148 ) 0.87 Outstanding – June 30, 2022 4,172,099 $ 4.80 |
Description of Business, Basi_3
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||||
Cash Equivalents, at Carrying Value | $ 0 | $ 0 | $ 0 | ||
Cash, Uninsured Amount | 2,022,091 | 2,022,091 | $ 5,910,758 | ||
Software development costs incurred | 617,411 | $ 259,463 | 1,278,625 | $ 551,538 | |
Amortization of software development costs | $ 262,703 | $ 0 | $ 430,739 | $ 0 |
Property & Equipment and Soft_3
Property & Equipment and Software Development Costs (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | $ (723,436) | $ (707,042) |
Property and equipment, net | 60,181 | 72,766 |
Software development costs | 5,977,375 | 4,698,752 |
Accumulated amortization | (1,966,418) | (1,535,680) |
Total software development costs, net | 4,010,957 | 3,163,071 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Computers and equipment, gross | 771,127 | 767,318 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Furniture, gross | 7,262 | 7,262 |
Software Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Software, gross | $ 5,228 | $ 5,228 |
Property & Equipment and Soft_4
Property & Equipment and Software Development Costs (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 16,393 | $ 5,040 | ||
Amortization of software development costs | $ 262,703 | $ 0 | $ 430,739 | $ 0 |
Balance Sheet Disclosures (Deta
Balance Sheet Disclosures (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accounts payable and accrued expenses | $ 277,409 | $ 210,929 |
Credit cards payable | 1,900 | 12,267 |
Accounts payable and accrued liabilities | $ 279,309 | $ 223,196 |
Line of Credit (Details Narrati
Line of Credit (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Expense, Debt | $ 0 | $ 69,132 |
Convertible Notes Payable, No_2
Convertible Notes Payable, Notes Payable to Related Parties and Promissory Notes (Details Narrative) - USD ($) | 2 Months Ended | 6 Months Ended | 12 Months Ended | |||
Feb. 28, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 31, 2019 | |
Existing Shareholders [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6% | |||||
Debt Instrument, Maturity Date | Dec. 31, 2021 | |||||
Debt Conversion, Converted Instrument, Shares Issued | 3,080,535 | |||||
Interest Expense, Debt | $ 0 | $ 14,454 | ||||
Finance charge | 8,141,424 | |||||
Accrued Fees Converted Into Note Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 33% | |||||
Debt Instrument, Maturity Date | Dec. 31, 2021 | |||||
Debt Conversion, Converted Instrument, Shares Issued | 1,667,859 | |||||
Interest Expense, Debt | 0 | 208,727 | ||||
Unsecured Debt | $ 725,000 | |||||
Convertible Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Convertible Notes Payable | $ 2,295,305 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6% | |||||
Debt Instrument, Maturity Date | Dec. 31, 2021 | |||||
Debt Conversion, Converted Instrument, Shares Issued | 2,066,176 | |||||
Interest Expense, Debt | $ 0 | $ 16,586 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Jan. 31, 2021 | |
Short-Term Debt [Line Items] | ||||||
Accrued Salaries | $ 631,000 | $ 631,000 | ||||
Proceeds from Loans | 17,197 | 17,197 | ||||
Short term debt | 500,000 | |||||
Extinguishment of Debt, Gain (Loss), Net of Tax | 0 | $ 268,662 | $ 0 | $ 268,662 | ||
PPP Loan [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Increase in interest rate | 18% | |||||
PPP First Loan [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Extinguishment of Debt, Gain (Loss), Net of Tax | $ 268,662 | $ 268,662 | ||||
PPP Second Loan [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Proceeds from Loans | $ 267,482 | |||||
Extinguishment of Debt, Gain (Loss), Net of Tax | $ 267,482 | |||||
Related Party One [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Proceeds from Loans | 200,000 | 200,000 | ||||
Related Party Two [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Proceeds from Loans | $ 50,000 | 50,000 | ||||
Related Party [Member] | Consulting Services [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Notes payable to consulting services | $ 486,198 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Rent expense | $ 21,733 | $ 13,437 | $ 43,182 | $ 31,490 |
Share-Based Compensation (Detai
Share-Based Compensation (Details - Option Activity) - Equity Option [Member] | 6 Months Ended | |
Jun. 30, 2022 $ / shares shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Options outstanding, beginning | shares | 1,504,791 | |
Weighted average exercise price, beginning | $ / shares | $ 2.96 | |
Options granted | shares | 293,750 | |
Weighted average exercise price, granted | $ / shares | $ 1.79 | |
Options forfeited/canceled | shares | 0 | |
Weighted average exercise price, forfeited | $ / shares | $ 0 | |
Options exercised | shares | 0 | |
Weighted average exercise price, exercised | $ / shares | $ 0 | |
Options outstanding, ending balance | shares | 1,798,541 | |
Weighted average exercise price, ending | $ / shares | $ 2.77 | [1] |
[1]Price and Life reflect the weighted average exercise price and weighted average remaining contractual life, respectively. |
Share-Based Compensation (Det_2
Share-Based Compensation (Details - Options by Exercise Price) - Equity Option [Member] - $ / shares | 6 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2021 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Options outstanding | 1,798,541 | 1,504,791 | ||
Weighted average exercise price - options outstanding | $ 2.77 | [1] | $ 2.96 | |
Weighted average contractural term | [1] | 7 years 5 months 23 days | ||
Options exercisable | 827,302 | |||
Weighted average exercise price - options exercisable | [1] | $ 3.05 | ||
$2.70 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Options outstanding | 68,518 | |||
Weighted average exercise price - options outstanding | [1] | $ 2.70 | ||
Weighted average contractural term | [1] | 1 year 3 months 29 days | ||
Options exercisable | 68,518 | |||
Weighted average exercise price - options exercisable | [1] | $ 2.70 | ||
$2.90 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Options outstanding | 53,128 | |||
Weighted average exercise price - options outstanding | [1] | $ 2.90 | ||
Weighted average contractural term | [1] | 5 years 6 months 14 days | ||
Options exercisable | 53,128 | |||
Weighted average exercise price - options exercisable | [1] | $ 2.90 | ||
$4.26 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Options outstanding | 171,263 | |||
Weighted average exercise price - options outstanding | [1] | $ 4.26 | ||
Weighted average contractural term | [1] | 7 years 1 month 17 days | ||
Options exercisable | 152,217 | |||
Weighted average exercise price - options exercisable | [1] | $ 4.26 | ||
$2.79 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Options outstanding | 1,211,882 | |||
Weighted average exercise price - options outstanding | [1] | $ 2.79 | ||
Weighted average contractural term | [1] | 9 years 3 days | ||
Options exercisable | 545,939 | |||
Weighted average exercise price - options exercisable | [1] | $ 2.79 | ||
$1.79 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Options outstanding | 293,750 | |||
Weighted average exercise price - options outstanding | [1] | $ 1.79 | ||
Weighted average contractural term | [1] | 9 years 7 months 24 days | ||
Options exercisable | 7,500 | |||
Weighted average exercise price - options exercisable | [1] | $ 1.79 | ||
[1]Price and Life reflect the weighted average exercise price and weighted average remaining contractual life, respectively. |
Share-Based Compensation (Det_3
Share-Based Compensation (Details - Restricted Stock Units Activity) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Options outstanding, beginning | shares | 424,500 |
Weighted average exercise price, beginning | $ / shares | $ 0 |
Restricted stock units granted | shares | 150,000 |
Weighted average exercise price, granted | $ / shares | $ 0 |
Restricted stock units forfeited/canceled | shares | 0 |
Weighted average exercise price, forfeited/canceled | $ / shares | $ 0 |
Number of shares vested issued | shares | (143,625) |
Weighted average exercise price, vested issued | $ / shares | $ 0 |
Options outstanding, ending balance | shares | 430,875 |
Weighted average exercise price, ending | $ / shares | $ 0 |
Share-Based Compensation (Det_4
Share-Based Compensation (Details - Warrant Activity) - Warrant [Member] | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Warrants outstanding, beginning | shares | 4,172,247 |
Weighted average exercise price, beginning | $ / shares | $ 4.80 |
Warrants granted | shares | 0 |
Weighted average exercise price, granted | $ / shares | $ 0 |
Warrants forfeited/cancelled/restored | shares | 0 |
Weighted average exercise price, forfeited | $ / shares | $ 0 |
Warrants exercised | shares | (148) |
Weighted average exercise price, exercised | $ / shares | $ 0.87 |
Warrants outstanding, ending | shares | 4,172,099 |
Weighted average exercise price, ending | $ / shares | $ 4.80 |
Share-based Issuances (Details
Share-based Issuances (Details Narrative) - USD ($) | 2 Months Ended | 6 Months Ended | ||
Feb. 28, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Subsidiary, Sale of Stock [Line Items] | ||||
Fair value of vested shares over the service | $ 47,073 | $ 0 | ||
Share-based compensation | 671,829 | $ 31,951 | ||
Share-based compensation expense | $ 2,444,906 | |||
IPO [Member] | Representative Warrants [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Warrants issued | 319,346 | |||
Warrant [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Warrants granted | 0 | |||
Exercise Price | $ 4.80 | $ 4.80 | ||
Warrants remaining contractural life | 3 years 5 months 8 days | |||
Warrant [Member] | IPO [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Warrants granted | 3,991,818 | |||
Warrant [Member] | IPO [Member] | Underwriters [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Warrants granted | 598,772 | |||
Pre IPO Warrants [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Warrants exercised | 148 | |||
Number of common stock | 112 | |||
Exercise Price | $ 0.87 |
Net Loss Per Share (Details Nar
Net Loss Per Share (Details Narrative) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||
Antidilutive shares excluded from net loss per share calculation | 6,325,245 | 4,239,600 |