Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 06, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | Bluejay Diagnostics, Inc. | |
Trading Symbol | BJDX | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 20,151,244 | |
Amendment Flag | false | |
Entity Central Index Key | 0001704287 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-41031 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-3552922 | |
Entity Address, Address Line One | 360 Massachusetts Avenue | |
Entity Address, Address Line Two | Suite 203 | |
Entity Address, City or Town | Acton | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01720 | |
City Area Code | (844) | |
Local Phone Number | 327-7078 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 17,124,177 | $ 19,047,778 |
Inventories | 893,174 | |
Prepaid expenses and other current assets | 1,302,750 | 1,612,708 |
Total current assets | 19,320,101 | 20,660,486 |
Property and equipment, net | 343,741 | 337,366 |
Operating lease right-of-use assets | 396,703 | |
Other non-current assets | 20,231 | 21,019 |
Total assets | 20,080,776 | 21,018,871 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 716,836 | 295,778 |
Due to related party | 2,000 | |
Accrued expenses | 592,622 | 339,384 |
Total current liabilities | 1,309,458 | 637,162 |
Non-current liabilities: | ||
Operating lease liability, non-current | 282,294 | |
Total liabilities | 1,591,752 | 637,162 |
Commitments and Contingencies (See Note 10) | ||
Stockholders’ equity | ||
Common stock, $0.0001 par value; 30,000,000 shares authorized; 20,151,244 and 20,112,244 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 2,015 | 2,011 |
Additional paid-in capital | 28,200,566 | 28,074,484 |
Accumulated deficit | (9,713,557) | (7,694,786) |
Total stockholders’ equity | 18,489,024 | 20,381,709 |
Total liabilities, redeemable and stockholders’ equity | $ 20,080,776 | $ 21,018,871 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 20,151,244 | 20,112,244 |
Common stock, shares outstanding | 20,151,244 | 20,112,244 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating expenses: | ||
Research and development | $ 694,757 | $ 24,183 |
General and administrative | 1,319,819 | 139,911 |
Marketing and business development | 53,685 | 69,104 |
Total operating expenses | 2,068,261 | 233,198 |
Operating loss | (2,068,261) | (233,198) |
Other income: | ||
Derivative warrant liability gain | 6,111 | |
Interest income, net of amortization of premium | 27,051 | |
Gain on forgiveness of note payable, paycheck protection program | 5,000 | |
Other income | 54,858 | 848 |
Total other income, net | 54,858 | 39,010 |
Net loss | $ (2,013,403) | $ (194,188) |
Net loss per share - Basic and diluted (in Dollars per share) | $ (0.1) | $ (0.06) |
Weighted average common shares outstanding: | ||
Basic and diluted (in Shares) | 20,142,300 | 3,147,200 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Redeemable Preferred Stock and Stockholders’ Equity (Deficit) (Unaudited) - USD ($) | Series ARedeemable, Convertible Preferred Stock | Series BRedeemable, Convertible Preferred Stock | Series CRedeemable, Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2020 | $ 1,077,303 | $ 1,800,347 | $ 1,000,465 | $ 315 | $ (4,206,488) | $ (4,206,173) | |
Balance (in Shares) at Dec. 31, 2020 | 10,600 | 5,187 | 636 | 3,147,200 | |||
Accretion of redeemable, convertible preferred stock to redemption value | $ 44,347 | $ 20,396 | $ 11,977 | (76,720) | (76,720) | ||
Stock-based compensation benefit | 164 | 164 | |||||
Fair value of warrants issued for service | 180,339 | 180,339 | |||||
Net loss | (194,188) | (194,188) | |||||
Balance at Mar. 31, 2021 | $ 1,121,650 | $ 1,820,743 | $ 1,012,442 | $ 315 | 103,783 | (4,400,676) | (4,296,578) |
Balance (in Shares) at Mar. 31, 2021 | 10,600 | 5,187 | 636 | 3,147,200 | |||
Balance at Dec. 31, 2021 | $ 2,011 | 28,074,484 | (7,694,786) | 20,381,709 | |||
Balance (in Shares) at Dec. 31, 2021 | 20,112,244 | ||||||
Impact of adoption of ASC 842 | (5,368) | (5,368) | |||||
Stock-based compensation expense | 126,086 | 126,086 | |||||
Exercise of common stock Series B Warrants | $ 4 | (4) | |||||
Exercise of common stock Series B Warrants (in Shares) | 39,000 | ||||||
Net loss | (2,013,403) | (2,013,403) | |||||
Balance at Mar. 31, 2022 | $ 2,015 | $ 28,200,566 | $ (9,713,557) | $ 18,489,024 | |||
Balance (in Shares) at Mar. 31, 2022 | 20,151,244 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (2,013,403) | $ (194,188) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 39,971 | 40,831 |
Stock-based compensation expense | 126,086 | 164 |
Amortization of right-of-use asset | 28,238 | |
Gain on forgiveness of note payable, Paycheck Protection Program | (5,000) | |
Non-cash interest expense | (39,185) | |
Gain on revaluation of derivative warrant liability | (6,111) | |
Changes in operating assets and liabilities: | ||
Inventory | (893,174) | |
Prepaid expenses and other current assets | 309,958 | 787 |
Other non-current assets | 788 | |
Accounts payable | 421,058 | (173,926) |
Due to related party | (2,000) | (4,000) |
Accrued expenses and other current liabilities | 105,223 | 8,008 |
Net cash used in operating activities | (1,877,255) | (372,620) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (46,346) | |
Net cash used in investing activities | (46,346) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments of deferred offering costs | (13,026) | |
Payments of principal on notes payable | (268,000) | |
Payments on note payable, Paycheck Protection Program | (9,725) | |
Net cash used in financing activities | (290,751) | |
Decrease in cash and cash equivalents | (1,923,601) | (663,371) |
Cash and cash equivalents, beginning of period | 19,047,778 | 912,361 |
Cash and cash equivalents, end of period | 17,124,177 | 248,990 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION AND NON-CASH FINANCING ACTIVITIES | ||
Interest paid | 2,010 | |
Fair value of warrants for common stock issued for services | 180,339 | |
Series A redeemable, convertible preferred stock | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION AND NON-CASH FINANCING ACTIVITIES | ||
Accretion of Series redeemable, convertible preferred stock dividend | 33,747 | |
Accretion of Series redeemable, convertible preferred stock issuance costs and fair value adjustment | 10,600 | |
Series B redeemable, convertible preferred stock | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION AND NON-CASH FINANCING ACTIVITIES | ||
Accretion of Series redeemable, convertible preferred stock dividend | 18,753 | |
Accretion of Series redeemable, convertible preferred stock issuance costs and fair value adjustment | 1,643 | |
Series C redeemable, convertible preferred stock | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION AND NON-CASH FINANCING ACTIVITIES | ||
Accretion of Series redeemable, convertible preferred stock dividend | 10,036 | |
Accretion of Series redeemable, convertible preferred stock issuance costs and fair value adjustment | $ 1,941 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION Business Bluejay Diagnostics, Inc. (the “Company”), which commenced its activities on March 20, 2015, is incorporated under the laws of the State of Delaware. The Company is a pre-revenue diagnostic company that aims to develop and market a more cost efficient, rapid, near patient product for triage, diagnosis and monitoring of disease progression. The Company is utilizing the Symphony technology platform and Symphony IL-6 test licensed from Toray Industries, Inc. of Japan (see Note 3). The Company is also developing biomarkers for detection of other diseases such as hsTNT/I for myocardial injury and NT-proBNP for cardiac heart failure. On June 4, 2021, the Company created Bluejay Spinco, LLC, (“SpinCo”) a wholly owned subsidiary of the Company, for purposes of further development of the Company’s ALLEREYE diagnostic test. ALLEREYE is a point-of-care device that offers healthcare providers a cost effective, reliable, easy to use solution for diagnosis of Allergic Conjunctivitis. ALLEREYE received clearance by the U.S. Food and Drug Administration (the “FDA”) in October 2017. Risks and Uncertainties The Company is subject to a number of risks similar to other companies in its industries, including rapid technological change, competition from larger biotechnology companies and dependence on key personnel. The extent of the impact of the COVID-19 pandemic on the Company’s business continues to be highly uncertain and difficult to predict, as the responses that the Company, other businesses and governments are taking continue to evolve. Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 pandemic, and it is possible that it could cause a lasting national and/or global economic recession. Policymakers around the globe have responded with fiscal policy actions to support the healthcare industry and economy as a whole. The extent to which the COVID-19 pandemic may in the future materially impact the Company’s financial condition, liquidity or results of operations is uncertain. Liquidity Since its inception, the Company has devoted substantially all of its efforts to business planning, business development, research and development, and raising capital. The income potential of the Company’s business and market are unproven. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company’s cost structure. As of March 31, 2022, the Company had $17.1 million in cash and cash equivalents. The Company believes it has sufficient cash to meet its funding requirements for at least the next 12 months from the issuance of this report. However, the Company has experienced net losses and negative cash flows from operating activities since its inception and has an accumulated deficit of $9.7 million as of March 31, 2022. The Company expects to continue to incur net losses and expects it will need to raise additional capital to accomplish its business plan over the next several years. If the Company is not able to secure adequate additional funding or generate sufficient revenue, the Company may be forced to take actions that could materially harm the Company’s business, results of operations and future prospects. There can be no assurance such financing and capital might be available in the future. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in conformity with generally accepted accounting principles in the United States (“US GAAP”) consistent with those applied in, and should be read in conjunction with, the Company’s audited financial statements and related footnotes for the year ended December 31, 2022 included in the Company’s Form 10-K. The unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of March 31, 2022, its results of operations and cash flows for the three months ended March 31, 2022 and 2021, in accordance with US GAAP. The unaudited condensed consolidated financial statements do not include all of the information and footnotes required by US GAAP for complete financial statements, as allowed by the relevant U.S. Securities and Exchange Commission (“SEC”) rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation. The results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the full fiscal year ending December 31, 2022, or any other interim period within this fiscal year. On June 7, 2021, the Company’s Board of Directors declared a stock dividend of 2.15 shares of common stock for every share of common stock. This stock dividend was deemed a large stock dividend and was treated as a 1-for-3.15 stock split (“Stock Split”). The common stock shares and per share amounts (other than authorized shares) in these consolidated financial statements and related notes have been retroactively restated to reflect the stock dividend for all periods presented. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 2. During the three months ended March 31, 2022, there were no changes to the significant accounting policies as described in the 2021 Audited Financial Statements with the exception of the addition of significant account policies related to inventory and leases. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. The Company believes judgment is involved in accounting for the fair value-based measurement of stock-based compensation, accruals, convertible notes and warrants. The Company evaluates its estimates and assumptions as facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from these estimates and assumptions, and those differences could be material to the condensed consolidated financial statements. Leases Effective January 1, 2022, the Company adopted ASC 842, Leases The Company has arrangements involving the lease of facilities. Under ASC 842, at inception of the arrangement, the Company determines whether the contract is or contains a lease and whether the lease should be classified as an operating or a financing lease. This determination, among other considerations, involves an assessment of whether the Company can control the underlying asset and have the right to obtain substantially all to the economic benefits or outputs from the asset. The Company recognizes right-of-use (“ROU”) assets and lease liabilities as of the lease commencement date based on the net present value of the future minimum lease payments over the lease term. ASC 842 requires the leases to use the rate implicit in the lease unless it is not readily determinable and then it may use its incremental borrowing rate (“IBR”) to discount the future minimum lease payments. Most of the Company’s leases do not provide an implicit rate; therefore, the Company uses its IBR to discount the future minimum lease payments. The Company determines its IBR with its credit rating and other economic information available as of the commencement date, as well as the identified lease term. During the assessment of the lease term, the Company considers its renewal options and extensions within the arrangements and the Company includes these options when it’s reasonably certain to extend the term of the lease. The Company leases include both lease and non-lease components. Consideration is allocated to the lease and non-lease components based on estimated standalone prices. The Company has elected to exclude non-lease components from the calculation of its ROU assets and lease liabilities. The Company has lease arrangements that contain incentives for tenant improvements as well as fixed rent escalation clauses. For contracts with tenant improvement incentives that are determined to be leasehold improvements and the Company is reasonably certain to exercise, it records a reduction to the lease liability and amortizes the incentive over the identified term of the lease as a reduction to rent expense. The Company records rental expense on a straight-line basis over the identified lease term on contracts with rent escalation clauses. Inventory Inventories, which are mainly comprised of finished goods, are valued at the lower of cost or net realizable value, with the cost being determined on a weighted-average basis. The cost of finished goods consists mainly of purchase price, freight, and custom duties. Net realizable value is the estimated selling price in the ordinary course of business, less any applicable selling costs. As of March 31, 2022 there was no reserve for excess or obsolete inventory. Stock-based compensation Share-based compensation expense for all share-based payment awards made to employees, directors and non-employees is measured based on the grant-date fair value of the award. Share-based compensation expense for awards granted to non-employees is determined using the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. The Company uses the Black-Scholes option pricing model to determine the fair value of options granted. The Company recognizes the compensation cost of share-based awards on a straight-line basis over the requisite service period. For stock awards for which vesting is subject to performance – based milestones, the expense is recorded over the implied service period after the point when the achievement of the milestone is probable, or the performance condition has been achieved. The Company recognizes forfeitures related to employee share-based payments when they occur. Forfeited options are recorded as a reduction to stock compensation expense. Research and development expenses Development costs incurred in the research and development of new products are expensed as incurred. Research and development costs include, but are not limited to, salaries, benefits, stock-based compensation, laboratory supplies, fees for professional service providers and costs associated with product development efforts, including preclinical studies and clinical trials. The Company estimates preclinical study and clinical trial expenses based on the services performed, pursuant to contracts with research institutions and clinical research organizations that conduct and manage preclinical studies and clinical trials on its behalf. Segment Reporting Management has determined that the Company has one operating segment, which is consistent with the Company structure and how it manages the business. As of March 31, 2022 and December 31, 2021, all of the Company’s assets were located in the United States. Net Loss per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock and dilutive common stock equivalents outstanding for the period determined using the treasury stock and if-converted methods. Dilutive common stock equivalents are comprised of convertible preferred stock, convertible notes, options outstanding under the Company’s stock option plan and warrants. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities would be antidilutive. Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti -dilutive are as follows (in common stock equivalent shares): March 31, 2022 2021 Redeemable, convertible preferred stock - 3,954,838 Options to purchase common stock 806,065 375,826 Warrants for common stock 811,882 5,073,287 Warrants for Series B redeemable, convertible preferred stock - 115,030 Class A warrants for common stock 2,484,000 - Class B warrants for common stock 76,500 - Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases. |
License and Supply Agreement wi
License and Supply Agreement with Toray Industries | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
LICENSE AND SUPPLY AGREEMENT WITH TORAY INDUSTRIES | 3. LICENSE AND SUPPLY AGREEMENT WITH TORAY INDUSTRIES On October 6, 2020, the Company entered into a license and supply agreement (“Toray Agreement”) with Toray Industries, Inc. (“Toray”). Under the Toray Agreement, the Company received the exclusive license to make and distribute the protein detection cartridges that has a function of automatic stepwise feeding of reagent (“Toray Cartridges”) outside of Japan. In exchange for the license, the Company committed to make two payments of $120,000 each. The first payment was made in January 2021, and the second payment was made in October 2021. In addition, following the first sale of Toray Cartridges, the Company will also make royalty payments to Toray equal to 15% of the net sales of the Toray Cartridges for the period that any underlying patents exist or for five years after the first sale. Following the first sale after obtaining regulatory approval, the Company will pay a one-time minimum royalty of $60,000, which shall be creditable against any royalties owed to Toray in such calendar year. The Company will pay a minimum royalty of $100,000 in each year thereafter, which are creditable against any royalties owed to Toray in such calendar year. There were no sales of or revenues from the Toray Cartridges during the three-month periods ended March 31, 2022 and 2021. At March 31, 2022 and 2021, no amounts were accrued related to the Toray Agreement. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORY | 4. INVENTORY There was no inventory at December 31, 2021. Inventories consisted of the following at March 31, 2022: March 31, Raw materials $ 42,087 Finished goods 851,087 Total inventory $ 893,174 |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2022 | |
Warrants Disclsoure [Abstract] | |
WARRANTS | 5. WARRANTS The following table summarizes information with regard to warrants outstanding at March 31, 2022: Shares Exercisable for Weighted Weighted Average Common Stock Warrants 811,882 Common Stock $ 3.24 3.9 Class A Warrants 2,484,000 Common Stock $ 7.00 4.6 Class B Warrants 76,500 Common Stock $ 10.00 4.6 No warrants were issued during the three months ended March 31, 2022. Common Stock Warrants In March 2021, the Company granted to a financial advisor warrants to purchase 226,599 shares of the Company’s common stock (“Advisor Warrants”) as consideration for services in connection with its IPO. The warrants are exercisable at any time from the issuance date at the exercise price of $3.177 per share of common stock, subject to adjustment based on the amounts raised in the IPO, and have a 5-year term. These warrants were accounted for as equity under ASC 815 – Derivatives and Hedging In August 2021, the Company granted 225,000 warrants (“Dawson Warrants”) to its placement agent for compensation for their services in relation to the issuance of the convertible debentures. As of March 31, 2022, all of the Dawson Warrants remain outstanding. In November 2021, the Company granted 108,000 warrants (“Underwriter Warrants”) with an exercise price of $12.50, and a fair value of approximately $356,000, to the underwriter of the IPO which is in addition to the cash fees paid for underwriting the Company’s IPO. As of March 31, 2022, all of the Underwriter Warrants remain outstanding. In October 2020, in conjunction with the issuance of the Subordinated Notes, the Company granted 4,846,688 warrants (“Subordinated Note Warrants”) to the noteholders, of which 944,160 warrants were issued to LMBRI. In November 2021, the terms of some of the Subordinated Note Warrants were amended to provide for cashless exercise. As of March 31, 2022, 128,438 of the Subordinated Note Warrants were outstanding. Class A Warrants and Class B Warrants In conjunction with the Company’s IPO as described in Note 1 the Company issued 2,160,000 Class A Warrants and 2,160,000 Class B Warrants. Additionally, the underwriter of the IPO exercised their overallotment option, solely with respect to the Class A Warrants and Class B Warrants, shortly after the IPO date resulting in an additional issuance of 324,000 Class A Warrants and 324,000 Class B Warrants. From the net IPO proceeds, $5,164,751 and $7,323,161, respectively, were apportioned to the Class A Warrants and Class B Warrants. Class A Warrants entitle the holder to purchase one share of common stock at an exercise price of $7.00 per share. As of March 31, 2022 all Class A Warrants were outstanding. Class B Warrants entitle the holder to purchase one share of common stock at an exercise price of $10.00 per share. Holders of Class B Warrants may also exercise such warrants on a “cashless” basis after the earlier of (i) 10 trading days from closing date of the offering or (ii) the time when $10.0 million of volume is traded in our common stock, if the volume weighted average price of the Company’s common stock on any trading day on or after the closing date of the offering fails to exceed the exercise price of the Class B Warrant (subject to adjustment as described in the warrant agreement). In such event, the aggregate number of shares of common stock issuable in such cashless exercise shall equal the product of (x) the aggregate number of shares of common stock that would be issuable upon exercise of the Class B Warrant in accordance with its terms if such exercise were by means of a cash exercise rather than a cashless exercise and (y) 1.00. During the fourth quarter of 2021, 2,368,500 Class B Warrants were exercised, all on a cashless basis. During the first quarter of 2022, 39,000 Class B Warrants were exercised, all on a cashless basis. As of March 31, 2022, 76,500 Class B Warrants were outstanding. |
Stock Compensation
Stock Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK COMPENSATION | 6. STOCK COMPENSATION In 2018, the Company adopted the 2018 Stock Incentive Plan (the “2018 Plan”) for employees, consultants, and directors. The 2018 Plan, which is administered by the Board of Directors, permits the Company to grant incentive and nonqualified stock options for the purchase of common stock, and restricted stock awards. The maximum number of shares reserved for issuance under the 2018 Plan is 629,440. At March 31, 2022, there were 262,269 shares available for grant under the 2018 Plan. On July 6, 2021, the Company’s board of directors and stockholders approved and adopted the Bluejay Diagnostics, Inc. 2021 Stock Plan (the “2021 Plan”). A total of 1,960,000 shares of common stock were approved to be initially reserved for issuance under the 2021 Stock Plan. At March 31, 2022, there were 1,464,721 shares available for grant under the 2021 Plan. No options were granted during the three months ended March 31, 2021. The Company calculated the grant-date fair value of share-based awards granted during the three months ended March 31, 2022 using the Black-Scholes model with the following assumptions: Three Months Ended Risk-free interest rate 1.58% – 2.40% Expected dividend yield 0.00% Volatility factor 102.03% Expected life of option (in years) 5.37 – 6.00 The following is a summary of stock option activity for the three months ended March 31, 2022: Number of Weighted Weighted Aggregate Outstanding at December 31, 2021 589,786 $ 1.86 8.3 $ 605,187 Granted 216,279 1.88 Exercised - Cancelled and forfeited - Outstanding at March 31, 2022 806,065 $ 1.867 8.5 $ 159,229 Exercisable at March 31, 2022 389,378 $ 1.46 7.6 $ 146,256 The weighted average grant date fair value of options granted during the three months ended March 31, 2022 was $1.48 per share. For the three months ended March 31, 2022 and 2021, the Company recorded stock-based compensation expense as follows: Three Months Ended 2022 2021 Research and development $ 17,311 $ - General and administrative 108,305 164 Marketing and business development 470 - Total stock-based compensation $ 126,086 $ 164 At March 31, 2022, there was approximately $428,710 of unrecognized compensation expense related to non-vested stock option awards that are expected to be recognized over a weighted-average period of 2.3 years. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 7. RELATED PARTY TRANSACTIONS NanoHybrids, LLC In December 2021, the Company entered into an agreement with NanoHybrids, LLC (“NanoHybrids”) to utilize the Company’s research and development staff and laboratory facility when available to perform work for NanoHybrids. Any hours worked by Company employees for NanoHybrids is billed to NanoHybrids at a bill rate of the respective employee’s fully burdened personnel cost plus 10%. NanoHybrids is wholly owned by the Company’s Chief Technology Officer. The table below summarizes the amounts earned and due from NanoHybrids as of and for the three month’s ended March 31, 2022 and March 31, 2021 and balances due as of March 31, 2022 and December 31, 2021: Three Months Ended 2022 2021 Income from NanoHybrids included in Other Income $ 40,886 $ - Cash receipts from NanoHybrids $ 22,539 $ - As of March 31, December 31, Amounts receivable from NanoHybrids included in Prepaids and Other Current Assets $ 18,347 $ - |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 8. PROPERTY AND EQUIPMENT Property and equipment consisted of the following at March 31, 2022 and December 31, 2021: Depreciable March 31, December 31, Construction in process $ 17,100 $ 15,078 Furniture, fixtures, and equipment 5 years 69,239 24,915 Website 5 years 4,619 4,619 Lab equipment 5 years 741,591 741,591 832,549 786,203 Less: accumulated depreciation (488,808 ) (448,837 ) Property and equipment, net $ 343,741 $ 337,366 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
LEASES | 9. LEASES The Company primarily enters into lease arrangements for office and laboratory space. A summary of supplemental lease information is as follows: Three Months Ended Weighted average remaining lease term 4.3 years Weighted average discount rate 7.00 % Operating cash flows from operating leases $ 29,248 A summary of the Company’s lease liabilities are as follows: March 31, Operating lease right-of-use asset $ 396,703 Total lease assets 396,703 Current portion of lease liability included in accrued expenses 118,767 Noncurrent lease liabilities 282,294 Total lease liabilities $ 401,061 A summary of the Company’s estimated lease payments are as follows: Year 2022 (1) $ 135,562 2023 164,620 2024 160,803 2025 100,000 2026 100,000 Thereafter 25,000 Total future lease payments 685,986 Less: Imputed interest 26,426 Less: Non-commenced leases 258,500 Present value of lease liability $ 401,061 (1) Excludes the quarter ended March 31, 2022. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 10. COMMITMENTS AND CONTINGENCIES Purchase Commitments As of March 31, 2022, the Company has entered into non-cancelable purchase commitments primarily for inventory and key advisory services. The purchase commitments covered by these agreements are for less than one year and aggregate to approximately $1.0 million. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Use of estimates | Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. The Company believes judgment is involved in accounting for the fair value-based measurement of stock-based compensation, accruals, convertible notes and warrants. The Company evaluates its estimates and assumptions as facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from these estimates and assumptions, and those differences could be material to the condensed consolidated financial statements. |
Leases | Leases Effective January 1, 2022, the Company adopted ASC 842, Leases The Company has arrangements involving the lease of facilities. Under ASC 842, at inception of the arrangement, the Company determines whether the contract is or contains a lease and whether the lease should be classified as an operating or a financing lease. This determination, among other considerations, involves an assessment of whether the Company can control the underlying asset and have the right to obtain substantially all to the economic benefits or outputs from the asset. The Company recognizes right-of-use (“ROU”) assets and lease liabilities as of the lease commencement date based on the net present value of the future minimum lease payments over the lease term. ASC 842 requires the leases to use the rate implicit in the lease unless it is not readily determinable and then it may use its incremental borrowing rate (“IBR”) to discount the future minimum lease payments. Most of the Company’s leases do not provide an implicit rate; therefore, the Company uses its IBR to discount the future minimum lease payments. The Company determines its IBR with its credit rating and other economic information available as of the commencement date, as well as the identified lease term. During the assessment of the lease term, the Company considers its renewal options and extensions within the arrangements and the Company includes these options when it’s reasonably certain to extend the term of the lease. The Company leases include both lease and non-lease components. Consideration is allocated to the lease and non-lease components based on estimated standalone prices. The Company has elected to exclude non-lease components from the calculation of its ROU assets and lease liabilities. The Company has lease arrangements that contain incentives for tenant improvements as well as fixed rent escalation clauses. For contracts with tenant improvement incentives that are determined to be leasehold improvements and the Company is reasonably certain to exercise, it records a reduction to the lease liability and amortizes the incentive over the identified term of the lease as a reduction to rent expense. The Company records rental expense on a straight-line basis over the identified lease term on contracts with rent escalation clauses. |
Inventory | Inventory Inventories, which are mainly comprised of finished goods, are valued at the lower of cost or net realizable value, with the cost being determined on a weighted-average basis. The cost of finished goods consists mainly of purchase price, freight, and custom duties. Net realizable value is the estimated selling price in the ordinary course of business, less any applicable selling costs. As of March 31, 2022 there was no reserve for excess or obsolete inventory. |
Stock-based compensation | Stock-based compensation Share-based compensation expense for all share-based payment awards made to employees, directors and non-employees is measured based on the grant-date fair value of the award. Share-based compensation expense for awards granted to non-employees is determined using the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. The Company uses the Black-Scholes option pricing model to determine the fair value of options granted. The Company recognizes the compensation cost of share-based awards on a straight-line basis over the requisite service period. For stock awards for which vesting is subject to performance – based milestones, the expense is recorded over the implied service period after the point when the achievement of the milestone is probable, or the performance condition has been achieved. The Company recognizes forfeitures related to employee share-based payments when they occur. Forfeited options are recorded as a reduction to stock compensation expense. |
Research and development expenses | Research and development expenses Development costs incurred in the research and development of new products are expensed as incurred. Research and development costs include, but are not limited to, salaries, benefits, stock-based compensation, laboratory supplies, fees for professional service providers and costs associated with product development efforts, including preclinical studies and clinical trials. The Company estimates preclinical study and clinical trial expenses based on the services performed, pursuant to contracts with research institutions and clinical research organizations that conduct and manage preclinical studies and clinical trials on its behalf. |
Segment Reporting | Segment Reporting Management has determined that the Company has one operating segment, which is consistent with the Company structure and how it manages the business. As of March 31, 2022 and December 31, 2021, all of the Company’s assets were located in the United States. |
Net Loss per Share | Net Loss per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock and dilutive common stock equivalents outstanding for the period determined using the treasury stock and if-converted methods. Dilutive common stock equivalents are comprised of convertible preferred stock, convertible notes, options outstanding under the Company’s stock option plan and warrants. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities would be antidilutive. Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti -dilutive are as follows (in common stock equivalent shares): March 31, 2022 2021 Redeemable, convertible preferred stock - 3,954,838 Options to purchase common stock 806,065 375,826 Warrants for common stock 811,882 5,073,287 Warrants for Series B redeemable, convertible preferred stock - 115,030 Class A warrants for common stock 2,484,000 - Class B warrants for common stock 76,500 - |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases. |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of diluted net loss per share | March 31, 2022 2021 Redeemable, convertible preferred stock - 3,954,838 Options to purchase common stock 806,065 375,826 Warrants for common stock 811,882 5,073,287 Warrants for Series B redeemable, convertible preferred stock - 115,030 Class A warrants for common stock 2,484,000 - Class B warrants for common stock 76,500 - |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory | March 31, Raw materials $ 42,087 Finished goods 851,087 Total inventory $ 893,174 |
Warrants (Tables)
Warrants (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Warrants Disclsoure [Abstract] | |
Schedule of information with regard to warrants outstanding | Shares Exercisable for Weighted Weighted Average Common Stock Warrants 811,882 Common Stock $ 3.24 3.9 Class A Warrants 2,484,000 Common Stock $ 7.00 4.6 Class B Warrants 76,500 Common Stock $ 10.00 4.6 |
Stock Compensation (Tables)
Stock Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of grant-date fair value of share-based awards granted | Three Months Ended Risk-free interest rate 1.58% – 2.40% Expected dividend yield 0.00% Volatility factor 102.03% Expected life of option (in years) 5.37 – 6.00 |
Schedule of summary of stock option activity | Number of Weighted Weighted Aggregate Outstanding at December 31, 2021 589,786 $ 1.86 8.3 $ 605,187 Granted 216,279 1.88 Exercised - Cancelled and forfeited - Outstanding at March 31, 2022 806,065 $ 1.867 8.5 $ 159,229 Exercisable at March 31, 2022 389,378 $ 1.46 7.6 $ 146,256 |
Schedule of stock-based compensation expense | Three Months Ended 2022 2021 Research and development $ 17,311 $ - General and administrative 108,305 164 Marketing and business development 470 - Total stock-based compensation $ 126,086 $ 164 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of amounts earned and due | Three Months Ended 2022 2021 Income from NanoHybrids included in Other Income $ 40,886 $ - Cash receipts from NanoHybrids $ 22,539 $ - As of March 31, December 31, Amounts receivable from NanoHybrids included in Prepaids and Other Current Assets $ 18,347 $ - |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and equipment | Depreciable March 31, December 31, Construction in process $ 17,100 $ 15,078 Furniture, fixtures, and equipment 5 years 69,239 24,915 Website 5 years 4,619 4,619 Lab equipment 5 years 741,591 741,591 832,549 786,203 Less: accumulated depreciation (488,808 ) (448,837 ) Property and equipment, net $ 343,741 $ 337,366 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of lease arrangements for office and laboratory space | Three Months Ended Weighted average remaining lease term 4.3 years Weighted average discount rate 7.00 % Operating cash flows from operating leases $ 29,248 |
Schedule of lease liabilities | March 31, Operating lease right-of-use asset $ 396,703 Total lease assets 396,703 Current portion of lease liability included in accrued expenses 118,767 Noncurrent lease liabilities 282,294 Total lease liabilities $ 401,061 |
Schedule of estimated lease payments | 2022 (1) $ 135,562 2023 164,620 2024 160,803 2025 100,000 2026 100,000 Thereafter 25,000 Total future lease payments 685,986 Less: Imputed interest 26,426 Less: Non-commenced leases 258,500 Present value of lease liability $ 401,061 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Jun. 07, 2021 | |
Nature of Operations and Basis of Presentation (Details) [Line Items] | ||
Cash and cash equivalents. | $ 17.1 | |
Share issued (in Shares) | 2.15 | |
Accumulated Deficit [Member] | ||
Nature of Operations and Basis of Presentation (Details) [Line Items] | ||
Accumulated deficit | $ 9.7 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) | Mar. 31, 2022USD ($) |
Accounting Policies [Abstract] | |
Right-of use assets and lease liabilities | $ 200,000 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - Schedule of diluted net loss per share - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of diluted net loss per share [Abstract] | ||
Redeemable, convertible preferred stock | $ 3,954,838 | |
Options to purchase common stock | 806,065 | 375,826 |
Warrants for common stock | 811,882 | 5,073,287 |
Warrants for Series B redeemable, convertible preferred stock | 115,030 | |
Class A warrants for common stock | 2,484,000 | |
Class B warrants for common stock | $ 76,500 |
License and Supply Agreement _2
License and Supply Agreement with Toray Industries (Details) | Oct. 06, 2020USD ($) |
License and Supply Agreement with Toray Industries (Details) [Line Items] | |
Percentage of royalty payments | 15.00% |
Sale term | 5 years |
Amount of minimum royalty | $ 100,000 |
Minimum [Member] | |
License and Supply Agreement with Toray Industries (Details) [Line Items] | |
Royalty | 60,000 |
Toray Agreement [Member] | |
License and Supply Agreement with Toray Industries (Details) [Line Items] | |
Payments | $ 120,000 |
Inventory (Details) - Schedule
Inventory (Details) - Schedule of inventory | Mar. 31, 2022USD ($) |
Schedule of inventory [Abstract] | |
Raw materials | $ 42,087 |
Finished goods | 851,087 |
Total inventory | $ 893,174 |
Warrants (Details)
Warrants (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jan. 31, 2022 | Nov. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Aug. 31, 2021 | Oct. 31, 2020 | |
Warrants (Details) [Line Items] | |||||||
Payable amount (in Dollars) | $ 200,000 | ||||||
Warrants granted | 944,160 | 225,000 | 4,846,688 | ||||
Warrants outstanding | 128,438 | ||||||
Initial public offering proceeds (in Dollars) | $ 180,339 | ||||||
Class B Warrant rights, description | Holders of Class B Warrants may also exercise such warrants on a “cashless” basis after the earlier of (i) 10 trading days from closing date of the offering or (ii) the time when $10.0 million of volume is traded in our common stock, if the volume weighted average price of the Company’s common stock on any trading day on or after the closing date of the offering fails to exceed the exercise price of the Class B Warrant (subject to adjustment as described in the warrant agreement). In such event, the aggregate number of shares of common stock issuable in such cashless exercise shall equal the product of (x) the aggregate number of shares of common stock that would be issuable upon exercise of the Class B Warrant in accordance with its terms if such exercise were by means of a cash exercise rather than a cashless exercise and (y) 1.00. | ||||||
Warrant [Member] | |||||||
Warrants (Details) [Line Items] | |||||||
Warrant to purchase shares | 226,599 | ||||||
Issuance exercise price, per share (in Dollars per share) | $ 3.177 | ||||||
Fair value amount (in Dollars) | $ 180,339 | ||||||
IPO [Member] | Warrant [Member] | |||||||
Warrants (Details) [Line Items] | |||||||
Warrant term | 5 years | ||||||
Class B Warrants [Member] | |||||||
Warrants (Details) [Line Items] | |||||||
Common stock exercisable shares | 39,000 | ||||||
Warrants outstanding | 76,500 | ||||||
Class A Warrants [Member] | |||||||
Warrants (Details) [Line Items] | |||||||
Warrant to purchase shares | 1 | ||||||
Issuance exercise price, per share (in Dollars per share) | $ 7 | ||||||
Warrants granted | 2,160,000 | ||||||
Additional issuance of warrants | 324,000 | ||||||
Initial public offering proceeds (in Dollars) | $ 5,164,751 | ||||||
Class B Warrants [Member] | |||||||
Warrants (Details) [Line Items] | |||||||
Warrant to purchase shares | 1 | ||||||
Issuance exercise price, per share (in Dollars per share) | $ 10 | ||||||
Warrants granted | 2,160,000 | ||||||
Additional issuance of warrants | 324,000 | ||||||
Initial public offering proceeds (in Dollars) | $ 7,323,161 | ||||||
Warrants exercised | 2,368,500 | ||||||
Underwriter Warrants [Member] | |||||||
Warrants (Details) [Line Items] | |||||||
Issuance exercise price, per share (in Dollars per share) | $ 12.5 | ||||||
Fair value amount (in Dollars) | $ 356,000 | ||||||
Warrants granted | 108,000 |
Warrants (Details) - Schedule o
Warrants (Details) - Schedule of information with regard to warrants outstanding | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Common Stock Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Shares | shares | 811,882 |
Exercisable for | Common Stock |
Weighted Average Exercise Price | $ / shares | $ 3.24 |
Weighted Average Remaining Life (in Years) | 3 years 10 months 24 days |
Class A Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Shares | shares | 2,484,000 |
Exercisable for | Common Stock |
Weighted Average Exercise Price | $ / shares | $ 7 |
Weighted Average Remaining Life (in Years) | 4 years 7 months 6 days |
Class B Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Shares | shares | 76,500 |
Exercisable for | Common Stock |
Weighted Average Exercise Price | $ / shares | $ 10 |
Weighted Average Remaining Life (in Years) | 4 years 7 months 6 days |
Stock Compensation (Details)
Stock Compensation (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Jul. 06, 2021 | |
Stock Compensation (Details) [Line Items] | ||
Shares reserved for issuance | 1,960,000 | |
Shares available for grants | 262,269 | |
Weighted average grant date fair value of options granted (in Dollars per share) | $ 1.48 | |
Unrecognized compensation expense (in Dollars) | $ 428,710 | |
Non-vested term | 2 years 3 months 18 days | |
2018 Stock Incentive Plan [Member] | ||
Stock Compensation (Details) [Line Items] | ||
Shares reserved for issuance | 629,440 | |
2021 Plan [Member] | ||
Stock Compensation (Details) [Line Items] | ||
Shares available for grants | 1,464,721 |
Stock Compensation (Details) -
Stock Compensation (Details) - Schedule of grant-date fair value of share-based awards granted | 3 Months Ended |
Mar. 31, 2022 | |
Stock Compensation (Details) - Schedule of grant-date fair value of share-based awards granted [Line Items] | |
Expected dividend yield | 0.00% |
Volatility factor | 102.03% |
Minimum [Member] | |
Stock Compensation (Details) - Schedule of grant-date fair value of share-based awards granted [Line Items] | |
Risk-free interest rate | 1.58% |
Expected life of option (in years) | 5 years 4 months 13 days |
Maximum [Member] | |
Stock Compensation (Details) - Schedule of grant-date fair value of share-based awards granted [Line Items] | |
Risk-free interest rate | 2.40% |
Expected life of option (in years) | 6 years |
Stock Compensation (Details) _2
Stock Compensation (Details) - Schedule of summary of stock option activity | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Schedule of summary of stock option activity [Abstract] | |
Number of Stock Options, Outstanding at beginning balance | shares | 589,786 |
Weighted Average Exercise Price Per Share, Outstanding at beginning balance | $ / shares | $ 1.86 |
Weighted Average Remaining Contractual Life in Years, Outstanding at beginning balance | 8 years 3 months 18 days |
Aggregate Intrinsic Value, Outstanding at beginning balance | $ | $ 605,187 |
Number of Stock Options, Granted | shares | 216,279 |
Weighted Average Exercise Price Per Share, Granted | $ / shares | $ 1.88 |
Number of Stock Options, Outstanding at ending balance | shares | 806,065 |
Weighted Average Exercise Price Per Share, Outstanding at ending balance | $ / shares | $ 1.867 |
Weighted Average Remaining Contractual Life in Years, Outstanding at ending balance | 8 years 6 months |
Aggregate Intrinsic Value, Outstanding at ending balance | $ | $ 159,229 |
Number of Stock Options, Exercisable | shares | 389,378 |
Weighted Average Exercise Price Per Share, Exercisable | $ / shares | $ 1.46 |
Weighted Average Remaining Contractual Life in Years, Exercisable | 7 years 7 months 6 days |
Aggregate Intrinsic Value, Exercisable | $ | $ 146,256 |
Stock Compensation (Details) _3
Stock Compensation (Details) - Schedule of stock-based compensation expense - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stock Compensation (Details) - Schedule of stock-based compensation expense [Line Items] | ||
Total stock-based compensation | $ 126,086 | $ 164 |
Research and development [Member] | ||
Stock Compensation (Details) - Schedule of stock-based compensation expense [Line Items] | ||
Total stock-based compensation | 17,311 | |
General and administrative [Member] | ||
Stock Compensation (Details) - Schedule of stock-based compensation expense [Line Items] | ||
Total stock-based compensation | 108,305 | 164 |
Marketing and business development [Member] | ||
Stock Compensation (Details) - Schedule of stock-based compensation expense [Line Items] | ||
Total stock-based compensation | $ 470 |
Related Party Transactions (Det
Related Party Transactions (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Percentage of employees cost | 10.00% |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of amounts earned and due - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Schedule of amounts earned and due [Abstract] | |||
Income from NanoHybrids included in Other Income | $ 40,886 | ||
Cash receipts from NanoHybrids | 22,539 | ||
Amounts receivable from NanoHybrids included in Prepaids and Other Current Assets | $ 18,347 |
Property and Equipment (Details
Property and Equipment (Details) - Schedule of Property and equipment - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, total | $ 832,549 | $ 786,203 |
Less: accumulated depreciation | (488,808) | (448,837) |
Property and equipment, net | 343,741 | 337,366 |
Construction in process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, total | $ 17,100 | 15,078 |
Furniture, fixtures, and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, depreciable lives | 5 years | |
Property and equipment, total | $ 69,239 | 24,915 |
Website [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, depreciable lives | 5 years | |
Property and equipment, total | $ 4,619 | 4,619 |
Lab equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, depreciable lives | 5 years | |
Property and equipment, total | $ 741,591 | $ 741,591 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of lease arrangements for office and laboratory space | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Schedule of lease arrangements for office and laboratory space [Abstract] | |
Weighted average remaining lease term | 4 years 3 months 18 days |
Weighted average discount rate | 7.00% |
Operating cash flows from operating leases | $ 29,248 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of lease liabilities | Mar. 31, 2022USD ($) |
Schedule of lease liabilities [Abstract] | |
Operating lease right-of-use asset | $ 396,703 |
Total lease assets | 396,703 |
Current portion of lease liability included in accrued expenses | 118,767 |
Noncurrent lease liabilities | 282,294 |
Total lease liabilities | $ 401,061 |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of estimated lease payments | Mar. 31, 2022USD ($) | |
Schedule of estimated lease payments [Abstract] | ||
2022 | $ 135,562 | [1] |
2023 | 164,620 | |
2024 | 160,803 | |
2025 | 100,000 | |
2026 | 100,000 | |
Thereafter | 25,000 | |
Total future lease payments | 685,986 | |
Less: Imputed interest | 26,426 | |
Less: Non-commenced leases | 258,500 | |
Present value of lease liability | $ 401,061 | |
[1] | Excludes the quarter ended March 31, 2022. |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Mar. 31, 2022USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Aggregate amount | $ 1 |