Bluejay Diagnostics (BJDX) 10-Q 9 Nov 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 04, 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		20,152,344
Amendment Flag	false
Entity Central Index Key	0001704287
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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 ($)	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 13,289,365	$ 19,047,778
Prepaid expenses and other current assets	646,894	1,612,708
Total current assets	13,936,259	20,660,486
Property and equipment, net	1,238,352	337,366
Operating lease right-of-use assets	497,618
Other non-current assets	33,479	21,019
Total assets	15,705,708	21,018,871
Current liabilities:
Accounts payable	443,035	295,778
Accrued expenses	1,079,665	341,384
Total current liabilities	1,522,700	637,162
Non-current liabilities:
Operating lease liability, non-current	356,523
Other non-current liabilities	15,420
Total liabilities	1,894,643	637,162
Commitments and Contingencies (See Note 9)
Stockholders’ equity
Common stock, $0.0001 par value; 30,000,000 shares authorized; 20,152,344 and 20,112,244 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	2,015	2,011
Additional paid-in capital	28,419,898	28,074,484
Accumulated deficit	(14,610,848)	(7,694,786)
Total stockholders’ equity	13,811,065	20,381,709
Total liabilities, redeemable and stockholders’ equity	$ 15,705,708	$ 21,018,871

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Sep. 30, 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	20,152,344	20,112,244
Common stock, shares outstanding	20,152,344	20,112,244

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue			$ 249,040
Cost of sales			200,129
Gross profit			48,911
Operating expenses:
Research and development	1,379,665	442,527	2,830,705	692,702
General and administrative	1,284,411	445,050	3,801,226	974,791
Sales and marketing	146,102	70,411	281,144	189,765
Total operating expenses	2,810,178	957,988	6,913,075	1,857,258
Operating loss	(2,810,178)	(957,988)	(6,864,164)	(1,857,258)
Other income (expenses):
Interest income (expense), net of amortization of premium		(237,429)		(269,545)
Grant income				75,000
Impairment of property and equipment	(210,117)		(210,117)
Other income, net	60,406	2,036	163,587	24,001
Total other expenses, net	(149,711)	(235,393)	(46,530)	(170,544)
Net loss	$ (2,959,889)	$ (1,193,381)	$ (6,910,694)	$ (2,027,802)
Net loss per share - Basic and diluted (in Dollars per share)	$ (0.15)	$ (0.11)	$ (0.34)	$ (0.32)
Weighted average common shares outstanding:
Basic and diluted (in Shares)	20,152,344	10,491,978	20,148,908	6,321,493

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net loss per share - Basic and diluted (in Dollars per share)	$ (0.15)	$ (0.11)	$ (0.34)	$ (0.32)
Basic and diluted (in Shares)	20,152,344	10,491,978	20,148,908	6,321,493

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Redeemable Preferred Stock and Stockholders’ Equity (Deficit) (Unaudited) - USD ($)	Series A Redeemable, Convertible Preferred Stock	Series B Redeemable, Convertible Preferred Stock	Series C Redeemable, 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 expense					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, 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
Net loss							(2,027,802)
Balance at Sep. 30, 2021				$ 1,054	5,152,314	(6,234,290)	(1,080,922)
Balance (in Shares) at Sep. 30, 2021				10,534,265
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
Accretion of redeemable, convertible preferred stock to redemption value	$ 29,565	$ 13,598	$ 7,984		(51,147)		(51,147)
Stock-based compensation expense					155		155
Conversion of redeemable, convertible preferred stock into common stock	$ (1,151,215)	$ (1,834,341)	$ (1,020,426)	$ 258	4,005,724		4,005,982
Conversion of redeemable, convertible preferred stock into common stock (in Shares)	(10,600)	(5,187)	(636)	2,584,323
Exercise of common stock Series B Warrants				$ 417	131,966		132,383
Exercise of common stock Series B Warrants (in Shares)				4,166,357
Conversion of Amended 2017 Convertible Notes				$ 58	579,942		580,000
Conversion of Amended 2017 Convertible Notes (in Shares)				580,000
Reclassification of Series B Warrants					145,953		145,953
Net loss						(640,233)	640,233
Balance at Jun. 30, 2021				$ 1,048	4,916,376	(5,040,909)	123,485
Balance (in Shares) at Jun. 30, 2021				10,477,880
Stock-based compensation expense					46,505		46,505
Stock-based compensation expense (in Shares)
Fair value of warrants issued to placement agent in relation to the Convertible debentures					166,816		166,816
Issuance of common stock from exercise of employee stock options				$ 6	22,617		22,623
Issuance of common stock from exercise of employee stock options (in Shares)				56,385
Net loss						(1,193,381)	(1,193,381)
Balance at Sep. 30, 2021				$ 1,054	5,152,314	(6,234,290)	(1,080,922)
Balance (in Shares) at Sep. 30, 2021				10,534,265
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
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
Net loss							(6,910,694)
Balance at Sep. 30, 2022				$ 2,015	28,419,898	(14,610,848)	13,811,065
Balance (in Shares) at Sep. 30, 2022				20,152,344
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
Stock-based compensation expense					106,114		106,114
Exercise of common stock Series B Warrants
Exercise of common stock Series B Warrants (in Shares)				1,100
Net loss						(1,937,402)	(1,937,402)
Balance at Jun. 30, 2022				$ 2,015	28,306,680	(11,650,959)	16,657,736
Balance (in Shares) at Jun. 30, 2022				20,152,344
Stock-based compensation expense					113,218		113,218
Net loss						(2,959,889)	(2,959,889)
Balance at Sep. 30, 2022				$ 2,015	$ 28,419,898	$ (14,610,848)	$ 13,811,065
Balance (in Shares) at Sep. 30, 2022				20,152,344

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (6,910,694)	$ (2,027,802)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	125,916	106,507
Stock-based compensation expense	345,418	46,824
Amortization of right-of-use asset	111,527
Impairment of property and equipment	210,117
Gain on forgiveness of note payable, Paycheck Protection Program		(5,000)
Non-cash interest expense		164,846
Gain on revaluation of derivative warrant liability		(9,676)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	965,814	(305,574)
Other non-current assets	(12,460)
Accounts payable	(81,067)	(85,016)
Due to related party	(2,000)	(10,000)
Accrued expenses and other current liabilities	450,079	281,169
Net cash used in operating activities	(4,797,350)	(1,843,722)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(961,063)	(6,214)
Net cash used in investing activities	(961,063)	(6,214)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of deferred offering costs		(393,451)
Payments of principal on notes payable		(289,617)
Payments of convertible debenture issuance costs		(562,842)
Proceeds from issuance of convertible debentures		4,500,000
Payments on note payable, Paycheck Protection Program		(9,000)
Proceeds from exercise of stock options		22,623
Net cash provided by financing activities		3,267,713
Decrease in cash and cash equivalents	(5,758,413)	1,417,777
Cash and cash equivalents, beginning of period	19,047,778	912,361
Cash and cash equivalents, end of period	13,289,365	2,330,138
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION AND NON-CASH FINANCING ACTIVITIES
Interest paid		38,961
Exercise of warrants through debt principal conversion		132,383
Conversion of preferred stock into common stock		4,005,982
Conversion of amended 2017 convertible notes		580,000
Reclassification of derivative warrant liability into additional paid-in capital		145,953
Fair value of warrants issued to placement agent in relation to the Convertible debentures		166,816
Fair value of warrants for common stock issued for services		180,339
Offering costs included in accounts payable and accrued expenses		91,483
Unpaid capital expenditures	228,324
Reclassification of goods previously classified as inventory to property and equipment	615,313
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		17,667
Accretion of Series redeemable, convertible preferred stock issuance costs and fair value adjustment		56,245
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		31,258
Accretion of Series redeemable, convertible preferred stock issuance costs		2,736
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		16,727
Accretion of Series redeemable, convertible preferred stock issuance costs		$ 3,234

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	9 Months Ended
	Sep. 30, 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 medical diagnostic company focused on developing cost efficient, rapid, near patient tests for triage 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 formed Bluejay Spinco, LLC, (“SpinCo”) a wholly owned subsidiary of the Company, for purposes of further development of the Company’s ALLEREYE diagnostic test. ALLEREYE received clearance by the U.S. Food and Drug Administration (the “FDA”) in October 2017 as a point-of-care device offering healthcare providers a cost effective, reliable, easy to use solution for diagnosing Allergic Conjunctivitis. Risks and Uncertainties The Company is subject to a number of risks similar to other companies in its industry, including rapid technological change, competition from larger biotechnology companies and dependence on key personnel. The Company is also impacted by inflationary pressures and global supply chain disruptions currently impacting many companies. Liquidity Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, and raising capital. Successful transition from a pre-revenue company to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company’s cost structure. As of September 30, 2022, the Company had $13.3 million in cash and cash equivalents. The Company believes it has sufficient cash to fund its operations for at least the next 12 months from the issuance of these financial statements. The Company has experienced net losses and negative cash flows from operating activities since its inception and has an accumulated deficit of $15.2 million as of September 30, 2022. The Company expects net losses to continue in the near-term and plans to raise additional capital in the future in order to fully execute its business plan, though there is no assurance that the Company will be able to raise such additional capital. 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, 2021 included in the Company’s Annual Report on 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 September 30, 2022, its results of operations and cash flows for the nine months ended September 30, 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 nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the 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	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. During the nine months ended September 30, 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 revenue, 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. Revenue Recognition The Company recognizes revenue under the core principles of depicting the transfer of control to the Company’s customers in an amount reflecting the consideration to which the Company expected to be entitled. In order to achieve that core principle, the Company applies the following five step approach: (1) identify the contract with a customer, (2) identify the performance obligations in that contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied. The Company recognizes revenue when performance obligations under the terms of the contract with the customer are satisfied and are recognized at a point in time, which is also when control is transferred. When the Company performs shipping and handling activities after the transfer of control to the customer (e.g. when control transfers prior to delivery), they are considered fulfillment activities and, accordingly, the costs are accrued for when the related revenue is recognized. Sales tax and valued added taxes collected from the customers relating to product sales and remitted to governmental authorities are excluded from revenues. 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. Finance leases are not material to the Company’s consolidated financial statements. 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. During the third quarter of 2022, the Company capitalized into fixed assets approximately $600,000 of goods previously classified as inventory to support its expanded clinical trial programs and product development activities. 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 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 September 30, 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): September 30 2022 2021 Convertible debentures - 4,500,000 Options to purchase common stock 787,779 509,441 Warrants for common stock 811,882 1,255,775 Class A warrants for common stock 2,484,000 - Class B warrants for common stock 75,400 - 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	9 Months Ended
	Sep. 30, 2022
License and Supply Agreement with Toray Industries [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 protein detection cartridges that has a function of automatic stepwise feeding of reagents (“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 after regulatory approval, 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 or nine months ended September 30, 2022 and 2021. At September 30, 2022 and December 31, 2021, no amounts were accrued related to the Toray Agreement.

Warrants

Warrants	9 Months Ended
	Sep. 30, 2022
Warrants [Abstract]
WARRANTS	4. WARRANTS The following table summarizes information with regard to warrants outstanding at September 30, 2022: Shares Exercisable for Weighted Weighted Common Stock Warrants 811,882 Common Stock $ 3.24 3.3 Class A Warrants 2,484,000 Common Stock $ 7.00 4.1 Class B Warrants 75,400 Common Stock $ 10.00 4.1 No warrants were issued during the nine months ended September 30, 2022. Class A Warrants and Class B Warrants In conjunction with the Company’s IPO, 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 September 30, 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, as the necessary conditions to meet the cashless provisions were realized immediately after the IPO. During the fourth quarter of 2021, 2,368,500 Class B Warrants were exercised, all on a cashless basis. During 2022, 40,100 Class B Warrants have been exercised, all on a cashless basis. The total intrinsic value of the Class B Warrants exercised during the nine months ended September 30, 2022 was approximately $80,000. As of September 30, 2022, 75,400 Class B Warrants were outstanding.

Stock Compensation

Stock Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
STOCK COMPENSATION	5. STOCK COMPENSATION Stock Incentive Plans 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 September 30, 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 September 30, 2022, there were 1,349,721 shares available for grant under the 2021 Plan. Stock Award Activity The following table summarizes the status of the Company’s non-vested restricted stock awards for the nine months ended September 30, 2022: Non-vested Number of Weighted Outstanding at December 31, 2021 - $ - Granted 105,000 1.29 Vested - - Forfeited (30,000 ) 1.29 Outstanding at September 30, 2022 75,000 $ 1.29 The following is a summary of stock option activity for the nine months ended September 30, 2022: Number of Weighted Weighted Aggregate Outstanding at December 31, 2021 589,786 $ 1.86 8.3 $ 605,187 Granted 226,279 1.84 Exercised - Cancelled and forfeited (28,286 ) 2.20 Outstanding at September 30, 2022 787,779 $ 1.84 8.0 $ 82,655 Exercisable at September 30, 2022 406,645 $ 1.51 7.2 $ 82,655 The weighted average grant date fair value of options granted during the nine months ended September 30, 2022 was $1.45 per share. The Company calculated the grant-date fair value of stock option awards granted during the nine months ended September 30, 2022 and 2021 using the Black-Scholes model with the following assumptions: Nine Months Ended 2022 2021 Risk-free interest rate 1.58% – 3.06% 0.78% - 1.33% Expected dividend yield 0.00% 0.00% Volatility factor 102.03% -140.40% 88.60% - 106.00% Expected life of option (in years) 5.37 – 6.00 5.00 – 6.00 Stock-Based Compensation Expense For the three and nine months ended September 30, 2022 and 2021, the Company recorded stock-based compensation expense as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Research and development $ 20,528 $ 27,477 $ 54,231 $ 27,477 General and administrative 92,531 7,427 290,397 7,747 Sales and marketing 160 11,600 790 11,600 Total stock-based compensation $ 113,219 $ 46,504 $ 345,418 $ 46,824 At September 30, 2022, there was approximately $198,897 of unrecognized compensation expense related to non-vested stock option awards that are expected to be recognized over a weighted-average period of 1.9 years. At September 30, 2022, there was approximately $78,536 of unrecognized compensation expense related to non-vested restricted stock awards that are expected to be recognized over a weighted-average period of 2.3 years.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	6. 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 and nine month periods’ ended September 30, 2022 and 2021 and balances due as of September 30, 2022 and December 31, 2021: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Income from NanoHybrids included in Other Income $ 42,649 $ - $ 118,575 $ - Cash receipts from NanoHybrids $ 35,040 $ - $ 75,926 $ - As of September 30, December 31, Amounts receivable from NanoHybrids included in Prepaids and Other Current Assets $ 42,649 $ - Toray Industries, Inc. In June 2022, the Company sold five Symphony analyzers to our business partner, Toray, for $249,040, all of which was paid in June 2022. Future sales to Toray are not currently anticipated.

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	7. PROPERTY AND EQUIPMENT Property and equipment consisted of the following at September 30, 2022 and December 31, 2021: Depreciable September 30, December 31, Construction-in-process $ 376,519 $ 15,078 Furniture, fixtures, and equipment 3-5 years 135,018 24,915 Software 3-5 years 9,076 4,619 Lab equipment 3-5 years 1,249,262 741,591 Leasehold improvements Life of lease 43,231 - 1,813,105 786,203 Less: accumulated depreciation (574,753 ) (448,837 ) Property and equipment, net $ 1,238,352 $ 337,366 The Company reviews long-lived assets for impairment when events, expectations, or changes in circumstances indicate that the asset’s carrying value may not be recoverable. The Company recorded an impairment charge of $210,117 in September 2022 due to a change in expectations of the use of certain Allereye equipment as the Company focuses its efforts on the Symphony product line. This impairment charge was recorded in other expenses, net in the condensed consolidated statement of operations.

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
LEASES	8. LEASES The Company primarily enters into lease arrangements for office and laboratory space. A summary of supplemental lease information is as follows: Nine Months Weighted average remaining lease term – operating leases (in years) 3.9 Weighted average remaining lease term – finance leases (in years) 5.3 Weighted average discount rate 7.0 % Operating cash flows from operating leases $ 113,083 Operating cash flows from finance leases - A summary of the Company’s lease assets and liabilities are as follows: September 30, Operating lease right-of-use asset $ 497,618 Finance lease asset – property & equipment, net 19,944 Total lease assets 517,562 Current portion of operating lease liability included in accrued expenses 172,596 Current portion of finance lease liability included in accrued expenses 4,524 Non-current operating lease liabilities 356,523 Non-current finance lease liabilities included in other non-current liabilities 15,420 Total lease liabilities $ 549,063 A summary of the Company’s estimated operating lease payments are as follows: Year 2022 (1) $ 51,216 2023 164,620 2024 160,804 2025 100,000 2026 100,000 Thereafter 25,000 Total future lease payments 601,640 Less: Imputed interest 72,521 Present value of lease liability $ 529,119 (1) Excludes the nine months ended September 30, 2022.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	9. COMMITMENTS AND CONTINGENCIES Purchase Commitments As of September 30, 2022, the Company has entered into non-cancelable purchase commitments primarily for inventory, manufacturing equipment, and key advisory and product development services. The purchase commitments covered by these agreements are for less than one year and aggregate to approximately $1.0 million.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	10. SUBSEQUENT EVENTS NASDAQ Bid Price Deficiency Notice On October 25, 2022, the Company received a notification letter from the Nasdaq Listing Qualifications Staff of The NASDAQ Stock Market LLC (“Nasdaq”) notifying the Company that the closing bid price for its common stock had been below $1.00 for the previous 30 consecutive business days and that the Company therefore is not in compliance with the minimum bid price requirement for continued inclusion on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). The notification has no immediate effect on the listing of the Company’s common stock on The Nasdaq Capital Market. The Company intends to take all reasonable measures available to achieve compliance and allow for continued listing on The Nasdaq Capital Market. However, there can be no assurance that the Company will be able to regain compliance with the minimum bid price requirement or will otherwise be in compliance with other Nasdaq listing criteria. Vendor Contract On October 12, 2022, the Company executed an agreement with a materials vendor for items needed to develop the Symphony product line. This agreement commits the Company to purchase approximately $800,000 in goods with a 50% down payment due upon signing.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 30, 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.
Revenue Recognition	Revenue Recognition The Company recognizes revenue under the core principles of depicting the transfer of control to the Company’s customers in an amount reflecting the consideration to which the Company expected to be entitled. In order to achieve that core principle, the Company applies the following five step approach: (1) identify the contract with a customer, (2) identify the performance obligations in that contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied. The Company recognizes revenue when performance obligations under the terms of the contract with the customer are satisfied and are recognized at a point in time, which is also when control is transferred. When the Company performs shipping and handling activities after the transfer of control to the customer (e.g. when control transfers prior to delivery), they are considered fulfillment activities and, accordingly, the costs are accrued for when the related revenue is recognized. Sales tax and valued added taxes collected from the customers relating to product sales and remitted to governmental authorities are excluded from revenues.
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. Finance leases are not material to the Company’s consolidated financial statements.
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. During the third quarter of 2022, the Company capitalized into fixed assets approximately $600,000 of goods previously classified as inventory to support its expanded clinical trial programs and product development activities.
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 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 September 30, 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): September 30 2022 2021 Convertible debentures - 4,500,000 Options to purchase common stock 787,779 509,441 Warrants for common stock 811,882 1,255,775 Class A warrants for common stock 2,484,000 - Class B warrants for common stock 75,400 -
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)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Schedule of diluted net loss per share	September 30 2022 2021 Convertible debentures - 4,500,000 Options to purchase common stock 787,779 509,441 Warrants for common stock 811,882 1,255,775 Class A warrants for common stock 2,484,000 - Class B warrants for common stock 75,400 -

Warrants (Tables)

Warrants (Tables)	9 Months Ended
	Sep. 30, 2022
Warrants [Abstract]
Schedule of information with regard to warrants outstanding	Shares Exercisable for Weighted Weighted Common Stock Warrants 811,882 Common Stock $ 3.24 3.3 Class A Warrants 2,484,000 Common Stock $ 7.00 4.1 Class B Warrants 75,400 Common Stock $ 10.00 4.1

Stock Compensation (Tables)

Stock Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of non-vested restricted stock awards	Non-vested Number of Weighted Outstanding at December 31, 2021 - $ - Granted 105,000 1.29 Vested - - Forfeited (30,000 ) 1.29 Outstanding at September 30, 2022 75,000 $ 1.29
Schedule of stock option activity	Number of Weighted Weighted Aggregate Outstanding at December 31, 2021 589,786 $ 1.86 8.3 $ 605,187 Granted 226,279 1.84 Exercised - Cancelled and forfeited (28,286 ) 2.20 Outstanding at September 30, 2022 787,779 $ 1.84 8.0 $ 82,655 Exercisable at September 30, 2022 406,645 $ 1.51 7.2 $ 82,655
Schedule of grant-date fair value of share-based awards granted	Nine Months Ended 2022 2021 Risk-free interest rate 1.58% – 3.06% 0.78% - 1.33% Expected dividend yield 0.00% 0.00% Volatility factor 102.03% -140.40% 88.60% - 106.00% Expected life of option (in years) 5.37 – 6.00 5.00 – 6.00
Schedule of stock-based compensation expense	Three Months Ended Nine Months Ended 2022 2021 2022 2021 Research and development $ 20,528 $ 27,477 $ 54,231 $ 27,477 General and administrative 92,531 7,427 290,397 7,747 Sales and marketing 160 11,600 790 11,600 Total stock-based compensation $ 113,219 $ 46,504 $ 345,418 $ 46,824

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Schedule of amounts earned and due	Three Months Ended Nine Months Ended 2022 2021 2022 2021 Income from NanoHybrids included in Other Income $ 42,649 $ - $ 118,575 $ - Cash receipts from NanoHybrids $ 35,040 $ - $ 75,926 $ - As of September 30, December 31, Amounts receivable from NanoHybrids included in Prepaids and Other Current Assets $ 42,649 $ -

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Depreciable September 30, December 31, Construction-in-process $ 376,519 $ 15,078 Furniture, fixtures, and equipment 3-5 years 135,018 24,915 Software 3-5 years 9,076 4,619 Lab equipment 3-5 years 1,249,262 741,591 Leasehold improvements Life of lease 43,231 - 1,813,105 786,203 Less: accumulated depreciation (574,753 ) (448,837 ) Property and equipment, net $ 1,238,352 $ 337,366

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Schedule of lease arrangements for office and laboratory space	Nine Months Weighted average remaining lease term – operating leases (in years) 3.9 Weighted average remaining lease term – finance leases (in years) 5.3 Weighted average discount rate 7.0 % Operating cash flows from operating leases $ 113,083 Operating cash flows from finance leases -
Schedule of lease assets and liabilities	September 30, Operating lease right-of-use asset $ 497,618 Finance lease asset – property & equipment, net 19,944 Total lease assets 517,562 Current portion of operating lease liability included in accrued expenses 172,596 Current portion of finance lease liability included in accrued expenses 4,524 Non-current operating lease liabilities 356,523 Non-current finance lease liabilities included in other non-current liabilities 15,420 Total lease liabilities $ 549,063
Schedule of estimated lease payments	Year 2022 (1) $ 51,216 2023 164,620 2024 160,804 2025 100,000 2026 100,000 Thereafter 25,000 Total future lease payments 601,640 Less: Imputed interest 72,521 Present value of lease liability $ 529,119 (1) Excludes the nine months ended September 30, 2022.

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Jun. 07, 2021
Nature of Operations and Basis of Presentation (Details) [Line Items]
Cash and cash equivalents.	$ 13.3
Share issued (in Shares)		2.15
Accumulated Deficit [Member]
Nature of Operations and Basis of Presentation (Details) [Line Items]
Accumulated deficit	$ 15.2

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($)	Sep. 30, 2022	Jan. 01, 2022
Accounting Policies [Abstract]
Fixed assets	$ 600,000
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 ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Schedule Of Diluted Net Loss Per Share Abstract
Convertible debentures		$ 4,500,000
Options to purchase common stock	787,779	509,441
Warrants for common stock	811,882	1,255,775
Class A warrants for common stock	2,484,000
Class B warrants for common stock	$ 75,400

License and Supply Agreement _2

License and Supply Agreement with Toray Industries (Details)	Oct. 06, 2020 USD ($)
License and Supply Agreement with Toray Industries (Details) [Line Items]
Percentage of royalty payments	15%
Sale term	5 years
Amount of minimum royalty	$ 100,000
Toray Agreement [Member]
License and Supply Agreement with Toray Industries (Details) [Line Items]
Payments	120,000
Minimum [Member]
License and Supply Agreement with Toray Industries (Details) [Line Items]
Royalty	$ 60,000

Warrants (Details)

Warrants (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2021	Sep. 30, 2022	Dec. 31, 2021
Warrants (Details) [Line Items]
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, as the necessary conditions to meet the cashless provisions were realized immediately after the IPO.
Intrinsic value (in Dollars)		$ 82,655
Class A Warrants [Member]
Warrants (Details) [Line Items]
Warrants granted		2,160,000
Additional issuance of warrants		324,000
Initial public offering proceeds (in Dollars)		$ 5,164,751
Warrant to purchase shares		1
Issuance exercise price, per share (in Dollars per share)		$ 7
Class B Warrants [Member]
Warrants (Details) [Line Items]
Warrants granted		2,160,000
Additional issuance of warrants		324,000
Initial public offering proceeds (in Dollars)		$ 7,323,161
Warrant to purchase shares		1
Issuance exercise price, per share (in Dollars per share)		$ 10
Warrants exercised			2,368,500
Common stock exercisable shares		40,100
Intrinsic value (in Dollars)		$ 80,000
Warrants outstanding		75,400

Warrants (Details) - Schedule o

Warrants (Details) - Schedule of information with regard to warrants outstanding	9 Months Ended
	Sep. 30, 2022 $ / shares shares
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 3 months 18 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 1 month 6 days
Class B Warrants [Member]
Class of Warrant or Right [Line Items]
Shares | shares	75,400
Exercisable for	Common Stock
Weighted Average Exercise Price | $ / shares	$ 10
Weighted Average Remaining Life (in Years)	4 years 1 month 6 days

Stock Compensation (Details)

Stock Compensation (Details) - USD ($)	9 Months Ended
	Sep. 30, 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)	$ 1.45
Unrecognized compensation expense (in Dollars)	$ 78,536
Weighted-average period	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	1,349,721
Non-vested stock option [Member]
Stock Compensation (Details) [Line Items]
Unrecognized compensation expense (in Dollars)	$ 198,897
Weighted-average period	1 year 10 months 24 days

Stock Compensation (Details) -

Stock Compensation (Details) - Schedule of non-vested restricted stock awards	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Schedule Of Non Vested Restricted Stock Awards Abstract
Number of Shares, Outstanding at beginning balance | shares
Weighted Average Grant Date Fair Value, Outstanding at beginning balance | $ / shares
Number of Shares, Granted | shares	105,000
Weighted Average Grant Date Fair Value, Granted | $ / shares	$ 1.29
Number of Shares, Vested | shares
Weighted Average Grant Date Fair Value, Vested | $ / shares
Number of Shares, Forfeited | shares	(30,000)
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	$ 1.29
Number of Shares, Outstanding at ending balance | shares	75,000
Weighted Average Grant Date Fair Value, Outstanding at ending balance | $ / shares	$ 1.29

Stock Compensation (Details) _2

Stock Compensation (Details) - Schedule of stock option activity	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Schedule Of Stock Option Activity Abstract
Number of Stock Options, Outstanding at beginning balance	589,786
Weighted Average Exercise Price Per Share, Outstanding at beginning balance (in Dollars per share) | $ / 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 (in Dollars) | $	$ 605,187
Number of Stock Options, Outstanding at ending balance	787,779
Weighted Average Exercise Price Per Share, Outstanding at ending balance (in Dollars per share) | $ / shares	$ 1.84
Weighted Average Remaining Contractual Life in Years, Outstanding at ending balance	8 years
Aggregate Intrinsic Value, Outstanding at ending balance (in Dollars) | $	$ 82,655
Number of Stock Options, Exercisable | shares	406,645
Weighted Average Exercise Price Per Share, Exercisable (in Dollars per share) | $ / shares	$ 1.51
Weighted Average Remaining Contractual Life in Years, Exercisable	7 years 2 months 12 days
Aggregate Intrinsic Value, Exercisable (in Dollars) | $	$ 82,655
Number of Stock Options, Granted	226,279
Weighted Average Exercise Price Per Share, Granted (in Dollars per share) | $ / shares	$ 1.84
Number of Stock Options, Exercised
Number of Stock Options, Cancelled and forfeited	(28,286)
Weighted Average Exercise Price Per Share, Cancelled and forfeited (in Dollars per share) | $ / shares	$ 2.2

Stock Compensation (Details) _3

Stock Compensation (Details) - Schedule of grant-date fair value of share-based awards granted	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Stock Compensation (Details) - Schedule of grant-date fair value of share-based awards granted [Line Items]
Expected dividend yield	0%	0%
Minimum [Member]
Stock Compensation (Details) - Schedule of grant-date fair value of share-based awards granted [Line Items]
Risk-free interest rate	1.58%	0.78%
Volatility factor	102.03%	88.60%
Expected life of option (in years)	5 years 4 months 13 days	5 years
Maximum [Member]
Stock Compensation (Details) - Schedule of grant-date fair value of share-based awards granted [Line Items]
Risk-free interest rate	3.06%	1.33%
Volatility factor	140.40%	106%
Expected life of option (in years)	6 years	6 years

Stock Compensation (Details) _4

Stock Compensation (Details) - Schedule of stock-based compensation expense - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock Compensation (Details) - Schedule of stock-based compensation expense [Line Items]
Total stock-based compensation	$ 113,219	$ 46,504	$ 345,418	$ 46,824
Research and development [Member]
Stock Compensation (Details) - Schedule of stock-based compensation expense [Line Items]
Total stock-based compensation	20,528	27,477	54,231	27,477
General and administrative [Member]
Stock Compensation (Details) - Schedule of stock-based compensation expense [Line Items]
Total stock-based compensation	92,531	7,427	290,397	7,747
Sales and marketing [Member]
Stock Compensation (Details) - Schedule of stock-based compensation expense [Line Items]
Total stock-based compensation	$ 160	$ 11,600	$ 790	$ 11,600

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022
Related Party Transactions (Details) [Line Items]
Percentage of employees cost	10%
Toray Industries, Inc. [Member]
Related Party Transactions (Details) [Line Items]
Cash paid		$ 249,040

Related Party Transactions (D_2

Related Party Transactions (Details) - Schedule of amounts earned and due - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule of amounts earned and due [Abstract]
Income from NanoHybrids included in Other Income	$ 42,649		$ 118,575
Cash receipts from NanoHybrids	35,040		75,926
Amounts receivable from NanoHybrids included in Prepaids and Other Current Assets	$ 42,649		$ 42,649

Property and Equipment (Details

Property and Equipment (Details)	9 Months Ended
	Sep. 30, 2022 USD ($)
Property, Plant and Equipment [Abstract]
Equipment efforts on the Symphony product line	$ 210,117

Property and Equipment (Detai_2

Property and Equipment (Details) - Schedule of property and equipment - USD ($)	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, total	$ 1,813,105	$ 786,203
Less: accumulated depreciation	(574,753)	(448,837)
Property and equipment, net	1,238,352	337,366
Construction in process [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, total	376,519	15,078
Furniture, fixtures, and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, total	$ 135,018	24,915
Furniture, fixtures, and equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, depreciable lives	3 years
Furniture, fixtures, and equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, depreciable lives	5 years
Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, total	$ 9,076	4,619
Software [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, depreciable lives	3 years
Software [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, depreciable lives	5 years
Lab equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, total	$ 1,249,262	741,591
Lab equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, depreciable lives	3 years
Lab equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, depreciable lives	5 years
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, depreciable lives	Life of lease
Property and equipment, total	$ 43,231

Leases (Details) - Schedule of

Leases (Details) - Schedule of lease arrangements for office and laboratory space	9 Months Ended
	Sep. 30, 2022 USD ($)
Schedule of lease arrangements for office and laboratory space [Abstract]
Weighted average remaining lease term – operating leases (in years)	3 years 10 months 24 days
Weighted average remaining lease term – finance leases (in years)	5 years 3 months 18 days
Weighted average discount rate	7%
Operating cash flows from operating leases	$ 113,083
Operating cash flows from finance leases

Leases (Details) - Schedule o_2

Leases (Details) - Schedule of lease assets and liabilities - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Schedule of lease assets and liabilities [Abstract]
Operating lease right-of-use asset	$ 497,618
Finance lease asset – property & equipment, net	19,944
Total lease assets	517,562
Current portion of operating lease liability included in accrued expenses	172,596
Current portion of finance lease liability included in accrued expenses	4,524
Non-current operating lease liabilities	356,523
Non-current finance lease liabilities included in other non-current liabilities	15,420
Total lease liabilities	$ 549,063

Leases (Details) - Schedule o_3

Leases (Details) - Schedule of estimated lease payments	Sep. 30, 2022 USD ($)
Schedule of estimated lease payments [Abstract]
2022	$ 51,216	[1]
2023	164,620
2024	160,804
2025	100,000
2026	100,000
Thereafter	25,000
Total future lease payments	601,640
Less: Imputed interest	72,521
Present value of lease liability	$ 529,119
[1] Excludes the nine months ended September 30, 2022.

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Aggregate amount	$ 1

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - USD ($)	1 Months Ended
	Oct. 25, 2022	Oct. 12, 2022
Subsequent Events (Details) [Line Items]
Common stock per share	$ 1
Purchase amount		$ 800,000
Down payment percentage		50%