Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 17, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Information [Line Items] | ||
Entity Registrant Name | MOBILE GLOBAL ESPORTS INC. | |
Entity Central Index Key | 0001886362 | |
Entity File Number | 001-41458 | |
Entity Tax Identification Number | 86-2684455 | |
Entity Incorporation, State or Country Code | DE | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Contact Personnel [Line Items] | ||
Entity Address, Address Line One | 500 Post Road East | |
Entity Address, City or Town | Westport | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06880 | |
Entity Phone Fax Numbers [Line Items] | ||
City Area Code | (475) | |
Local Phone Number | 666-8401 | |
Entity Listings [Line Items] | ||
Title of 12(b) Security | Common stock, $0.001 par value per share | |
Trading Symbol | MGAM | |
Security Exchange Name | NONE | |
Entity Common Stock, Shares Outstanding | 21,236,503 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash | $ 2,769,620 | $ 3,174,703 |
Prepaid expenses | 124,820 | 93,127 |
Total current assets | 2,894,440 | 3,267,830 |
Property and equipment, net | 31,930 | 29,632 |
Operating lease right of use asset | 89,634 | 103,812 |
Other long-term assets | 19,558 | 20,070 |
Total assets | 3,035,562 | 3,421,344 |
Current liabilities: | ||
Accounts payable and accrued expenses | 329,635 | 152,423 |
Operating lease liabilities, current | 55,965 | 54,509 |
Note payable | 26,300 | 65,040 |
Total current liabilities | 474,295 | 271,972 |
Operating lease liabilities, long term | 36,508 | 52,166 |
Total liabilities | 510,803 | 324,138 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Preferred stock; $0.0001 par value; 10,000,000 shares authorized; nil shares issued and outstanding | ||
Common stock, $0.0001 par value, 100,000,000 shares authorized, 21,191,593 shares issued and outstanding | 2,119 | 2,119 |
Additional paid-in capital | 11,473,899 | 11,427,419 |
Accumulated deficit | (8,940,015) | (8,322,769) |
Accumulated other comprehensive loss | (3,332) | (3,032) |
Total stockholders' equity - Mobile Global Esports Inc. | 2,532,671 | 3,103,737 |
Non-controlling interest | (7,912) | (6,531) |
Total stockholders’ equity | 2,524,759 | 3,097,206 |
Total liabilities and stockholders' equity | 3,035,562 | 3,421,344 |
Related Party | ||
Current liabilities: | ||
Related party payable | $ 62,395 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 21,191,593 | 21,191,593 |
Common stock, shares outstanding | 21,191,593 | 21,191,593 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenue | ||
Cost of revenue | ||
Gross profit | ||
Operating expenses: | ||
Research and development expenses | ||
General and administrative expenses | 617,374 | 815,731 |
Total operating expenses | 617,374 | 815,731 |
Loss from operations | (617,374) | (815,731) |
Interest income | 129 | 3,647 |
Interest expense | (1,382) | |
Net loss before income taxes | (618,627) | (812,084) |
Income tax expense | ||
Net loss | (618,627) | (812,084) |
Net loss - non-controlling interest | (1,381) | (992) |
Net loss attributable to Mobile Global Esports Inc. | $ (617,246) | $ (811,092) |
Net loss per share attributable to common stockholders, basic (in Dollars per share) | $ (0.03) | $ (0.04) |
Weighted average common shares outstanding, basic (in Shares) | 20,421,593 | 20,421,593 |
Comprehensive loss: | ||
Net loss | $ (618,627) | $ (812,084) |
Unrealized loss on foreign currency translation | (300) | (57) |
Total comprehensive loss | (618,927) | (812,141) |
Comprehensive loss attributable to non-controlling interest | (1,381) | (992) |
Comprehensive loss - Mobile Global Esports Inc. | $ (617,546) | $ (811,149) |
Condensed Statements of Opera_2
Condensed Statements of Operations (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Net loss per share attributable to common stockholders, diluted | $ (0.03) | $ (0.04) |
Weighted average common shares outstanding, diluted | 20,421,593 | 20,421,593 |
Condensed Statements of Stockho
Condensed Statements of Stockholders’ Equity (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Gain (Loss) | Non-controlling Interest | Total |
Balance at Dec. 31, 2022 | $ 2,042 | $ 10,557,136 | $ (1,549,388) | $ 1,399 | $ (656) | $ 9,010,533 |
Balance (in Shares) at Dec. 31, 2022 | 20,421,593 | |||||
Fair value of warrants issued for services | 72,480 | 72,480 | ||||
Other comprehensive loss | (57) | (57) | ||||
Net loss | (811,092) | (992) | (812,084) | |||
Balance at Mar. 31, 2023 | $ 2,042 | 10,629,616 | (2,360,480) | 1,342 | (1,648) | 8,270,872 |
Balance (in Shares) at Mar. 31, 2023 | 20,421,593 | |||||
Balance at Dec. 31, 2023 | $ 2,119 | 11,427,419 | (8,322,769) | (3,032) | (6,531) | $ 3,097,206 |
Balance (in Shares) at Dec. 31, 2023 | 21,191,593 | 21,191,593 | ||||
Fair value of warrants issued for services | 46,480 | $ 46,480 | ||||
Other comprehensive loss | (300) | (300) | ||||
Net loss | (617,246) | (1,381) | (618,627) | |||
Balance at Mar. 31, 2024 | $ 2,119 | $ 11,473,899 | $ (8,940,015) | $ (3,332) | $ (7,912) | $ 2,524,759 |
Balance (in Shares) at Mar. 31, 2024 | 21,191,593 | 21,191,593 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Net loss | $ (618,627) | $ (812,084) |
Adjustments to reconcile net loss to net cash provided (used) by operating activities: | ||
Depreciation | 2,794 | 991 |
Fair value of warrants issued for services | 46,480 | 72,480 |
Amortization of right of use assets | 12,934 | 8,999 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (31,828) | 20,602 |
Other current assets | (100,000) | |
Other assets | 263 | (12,347) |
Accounts payable and accrued expenses | 177,655 | 141,808 |
Related party payable | 62,618 | 613 |
Operating lease liabilities | (12,921) | (8,829) |
Net cash used by operating activities | (360,632) | (687,767) |
Cash flows from investing activities | ||
Advances to supplier for software | (16,074) | |
Payments for property and equipment | (5,469) | (13,410) |
Net cash used in investing activities | (5,469) | (29,484) |
Cash flows from financing activities | ||
Repayment of note payable | (38,740) | (47,545) |
Net cash provided by financing activities | (38,740) | (47,545) |
Effect of exchange rate changes on cash and restricted cash | (242) | (405) |
Net increase in cash and restricted cash | (405,083) | (765,201) |
Cash and restricted cash as of beginning of period | 3,174,703 | 7,559,674 |
Cash and restricted cash as of end of period | 2,769,620 | 6,794,473 |
Supplemental disclosure of cash flow information | ||
Right of use assets obtained on operating lease commencement | $ 95,264 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization and Basis of Presentation [Abstract] | |
Organization and Basis of Presentation | Note 1 – Organization and Basis of Presentation Organization Mobile Global Esports Inc. (“MOGO Inc”) was incorporated on March 11, 2021 under the laws of the State of Delaware. The Company was originally named Elite Esports, Inc. but changed its name to Mobile Global Esports Inc. on April 21, 2021. MOGO Inc has been assigned certain limited rights to commercialize university esports events for 92 universities in India. The unique advantage of esports is that the events can be virtual, and virtual events bypass any Covid-19 or other pandemic restrictions on in-person events. During July 2022, MOGO Esports Private Limited (“MOGO Pvt Ltd”) was established and incorporated in India by certain shareholders of MOGO Inc. During November 2022, MOGO Inc acquired approximately 99% of MOGO Pvt Ltd. MOGO Pvt Ltd comprised approximately 4.7% and 5.4% of the Company’s total assets as of March 31, 2024 and December 31, 2023, and 18.7% and 10.2% of the Company’s net loss for the three months ended March 31, 2024 and 2023, respectively. Basis of Presentation The accompanying consolidated financial statements were prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of MOGO Inc and MOGO Pvt Ltd (collectively, the “Company”). MOGO Inc owns a 99% controlling interest in MOGO Pvt Ltd. The value of the non-controlling interest in MOGO Pvt Ltd is immaterial. The functional currency of MOGO Pvt Ltd is the Indian Rupee (“INR”). The assets and liabilities of MOGO Pvt Ltd are translated to United States Dollars (“USD”) at period end exchange rates, while statements of operations accounts are translated at the average exchange rate during the period. The effects of foreign currency translation adjustments are included in other comprehensive loss, which is a component of accumulated other comprehensive income (loss) in stockholders’ equity. All significant intercompany accounts and transactions have been eliminated in consolidation. Interim financial statements The unaudited condensed financial statements are prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The information furnished herein reflects all adjustments, consisting only of normal recurring adjustments, which in the opinion of management, are necessary to fairly state the Company’s financial position, the results of its operations, and cash flows for the periods presented. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America were omitted pursuant to such rules and regulations. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results expected for the year ending December 31, 2024. Liquidity and Going Concern The Company’s operations are subject to certain risks and uncertainties, including, among others, the Company’s need for additional financing, the ability to attract mobile esports users and viewers to the Company’s offerings, the challenges of establishing a business in India, and reliance on key members of management. The accompanying financial statements have been prepared on the basis that assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has a limited operating history, has incurred operating losses to date, and expects to incur operating losses for the foreseeable future. In addition, the Company has had significant management turnover in the past year, which could negatively impact the Company’s ability to achieve its strategic direction. Furthermore, the Company may be unable to generate significant revenue within the next year or generate sufficient cash flows to continue its operations. The Company has a new Chief Executive Officer and is working with other consultants and its board of directors to operate the Company. Management believes the current team has the necessary experience to achieve its goals. The Company has $2.8 million of cash and an accumulated deficit of $8.9 million as of March 31, 2024. Management believes that the Company’s current cash on hand combined with the projected cash flows for the next 12 months will be sufficient to continue the Company’s operations for at least the 12 months. However, the failure of the Company to achieve its business objectives could have a material adverse effect on the Company’s results of operations and could require the Company to need additional equity or debt financing to continue its operations. These conditions, among other factors, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Significant estimates in the accompanying consolidated financial statements include the valuation allowance on deferred tax assets and the estimated value of warrants issued for services. Cash Equivalents For the purpose of the statement of cash flows, cash equivalents include time deposits, certificate of deposits, amounts held in escrow and all highly-liquid debt instruments with original maturities of three months or less. At March 31, 2024 and December 31, 2023, the Company did not have any cash equivalents. Property and Equipment Property and equipment, net, is stated at cost and consists of furniture and fixtures and office and computer equipment. Depreciation is computed over the estimated useful lives of the assets, generally three to ten years, using the straight-line method. Expenditures for maintenance and repairs are charged to operations; major expenditures for renewals and betterments are capitalized and depreciated over their useful lives. Leasehold improvements are amortized over the lesser of the asset life or the life of the lease. Leases The Company leases office space in India under non-cancelable lease arrangements through MOGO Pvt Ltd. The Company applies the accounting guidance in Accounting Standards Codification (“ASC”) 842, Leases Fixed lease payments on operating leases are recognized over the expected term of the lease on a straight-line basis. Variable lease expenses that are not considered fixed are expensed as incurred. Fixed and variable lease expense on operating leases is recognized within operating expenses within the accompanying consolidated statements of operations and comprehensive loss. The interest rate implicit in the Company’s lease contracts is typically not readily determinable and as such, the Company uses its incremental borrowing rate based on the information available at the lease commencement date, which represents an internally developed rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment. Long-Lived Assets The Company reviews long-lived assets for realizability on an ongoing basis. Changes in depreciation and amortization, generally accelerated depreciation and variable amortization, are determined and recorded when estimates of the remaining useful lives or residual values of long-term assets change. The Company also reviews for impairment when conditions exist that indicate the carrying amount of the assets may not be fully recoverable. In those circumstances, the Company performs undiscounted operating cash flow analyses to determine if an impairment exists. When testing for asset impairment, the Company groups assets and liabilities at the lowest level for which cash flows are separately identifiable. Any impairment loss is calculated as the excess of the asset’s carrying value over its estimated fair value. Fair value is estimated based on the discounted cash flows for the asset group over the remaining useful life or based on the expected cash proceeds for the asset less costs of disposal. Any impairment losses would be recorded in the consolidated statements of operations. Fair Value of Financial Instruments For certain of the Company’s financial instruments, including cash and accounts payable, the carrying amounts approximate their fair values due to their short maturities. ASC Topic 820, Fair Value Measurements and Disclosures Financial Instruments ● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology us one or more unobservable inputs which are significant to the fair value measurement. The Company analyzes all financial instruments with features of both liabilities and equity under Accounting Standards Codification (“ASC”) Topic 480, Distinguishing Liabilities from Equity Derivatives and Hedging At March 31, 2024 and December 31, 2023, the Company did not identify any assets or liabilities required to be presented on the balance sheet at fair value. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and restricted cash. The Company places its cash with high quality financial institutions and at times may exceed the Federal Deposit Insurance Corporation $250,000 insurance limit. The Company has not and does not anticipate incurring any losses related to this credit risk. Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company has no material uncertain tax positions for any of the reporting periods presented. Basic and Diluted Earnings Per Share Earnings per share is calculated in accordance with ASC Topic 260, Earnings Per Share Segments The Company has one reportable segment, which is the development of esports. At March 31, 2024 and December 31, 2023, 95.3% and 94.6% of the Company’s consolidated total assets are located within the United States of America. Recent Accounting Pronouncements During 2023, the Company adopted Accounting Standards Update No. 2016-13 (“ASU 2016-13”), Financial Instruments-Credit Losses |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2024 | |
Property and Equipment [Abstract] | |
Property and Equipment | Note 3 – Property and Equipment Property and equipment consisted of the following as of: March 31, December 31, Furniture and fixtures 14,090 13,967 Office and computer equipment 26,334 21,413 Accumulated depreciation (8,494 ) (5,748 ) Property and equipment, net 31,930 29,632 Depreciation expense was approximately $2,800 and $1,000 for the three months ended March 31, 2024 and 2023. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | Note 4 – Leases The Company has office leases in India that are classified as operating leases. These leases commenced in October 2022 and have a term of three years. During January 2023, the Company leased a godown (which is a warehouse) in Borivali (East), Mumbai. This lease has a term of 33 months. The Company used its expected incremental borrowing rate of 10.0% in determining the value of the right-of-use asset and lease liability associated with these leases. The cash paid for operating leases for the three months ended March 31, 2024 and 2023 approximated $15,400 and $11,700 and the operating lease cost recorded in the Consolidated Statements of Operations and Comprehensive Loss approximated $15,400 and $12,300, respectively. At March 31, 2024, the weighted average remaining lease term for the operating leases was 1.7 years and the weighted average discount rate was 10.0%. The maturities of the operating lease liabilities as of March 31, 2024 are as follows: April 1, 2024 – December 31, 2024 $ 46,638 2025 54,002 Total 100,640 Less imputed interest (8,167 ) Present value of operating lease liabilities $ 92,473 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 3 Months Ended |
Mar. 31, 2024 | |
Accounts Payable and Accrued Expenses [Abstract] | |
Accounts Payable and Accrued Expenses | Note 5 – Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following as of: March 31, December 31, Accounts payable $ 152,969 $ 94,397 Accrued consulting and professional fees 101,500 - Other accrued expenses 75,166 58,026 Total $ 329,635 $ 152,423 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 6 – Related Party Transactions Included in related party payable as of March 31, 2024 was approximately $62,000, which was loaned to the Company by the Company’s Chief Executive Officer (“CEO”) and another stockholder. This amount was repaid in May 2024. During the three months ended March 31, 2024 and 2023, the Company incurred a total of $30,000 and $18,000 for the quarterly board stipend payable to the Board of Directors for services provided. During the three months ended March 31, 2024, the Company paid a stockholder $12,000 for consulting services. During the three months ended March 31, 2023, the Company incurred sponsorship expenses of approximately $24,000 with an entity that shares common ownership with Sports Industry of India, Inc., a stockholder of the Company. |
Note Payable
Note Payable | 3 Months Ended |
Mar. 31, 2024 | |
Note Payable [Abstract] | |
Note Payable | Note 7 – Note Payable During August 2023, the Company entered into an agreement with a financing institution for payment of certain of the Company’s insurance policies. The financing agreement is payable over a ten-month period ending May 2024 with monthly payments of principal and interest (8.75%) totaling $13,294 per month. At March 31, 2024, approximately $26,000 of principal is outstanding under this agreement, and $53,000 is included in prepaid expenses. |
Stockholders_ Equity
Stockholders’ Equity | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders’ Equity [Abstract] | |
Stockholders’ Equity | Note 8 – Stockholders’ Equity Preferred Stock The Company has authorized the issuance of 10,000,000 shares of $0.0001 par value preferred stock. At March 31, 2024 and December 31, 2023, there were nil Common Stock The Company has authorized the issuance of 100,000,000 shares of $0.0001 par value common stock. At March 31, 2024 and December 31, 2023, there were 21,191,593 shares issued and outstanding. Warrants During the three months ended March 31, 2023, the Company issued warrants (“2023 Consultant Warrants”) to purchase up to 170,000 shares of the Company’s common stock in exchange for the provision of services. The 2023 Consultant Warrants have an exercise price of $3.00 per share, expire 6 years from the date of issuance, with 25% vested in the first quarter of 2023 and the remaining shares vest quarterly through December 31, 2023. The Company utilized the Black-Scholes option-pricing model to value the warrants issued and the estimated fair value of the 2023 Consultant Warrants was $91,000, with $26,000 recognized as expense for the three months ended March 31, 2023. The following table summarizes the assumptions used for estimating the fair value of the 2023 Consultant Warrants issued: Expected dividend yield - Risk-free interest rate 3.99 % Expected volatility 100 % Expected life (years) 6 At March 31, 2024, the Company had the following warrants outstanding: Outstanding Ex Price Exercisable Ex Price 2021 Consultant Warrants 1,000,000 $ 1.00 812,500 $ 1.00 IPO Warrants 172,500 $ 6.60 172,500 $ 6.60 PIPE Warrants 1,886,793 $ 2.90 1,886,793 $ 2.90 Placement Agent Warrants 339,623 $ 2.92 339,623 $ 2.92 2023 Consultant Warrants 170,000 $ 3.00 170,000 $ 3.00 Total Warrants 3,568,916 3,381,416 The 2021 Consultant Warrants were granted to three individuals (“Consultants”) that are advising the Company on developing, establishing, operating, commercializing, marketing, promoting, and expanding the Company’s esports business with an aim to commercialize esports tournaments, esports sponsorships, esports advertising revenues, esports merchandise revenues, esports broadcast revenues, esports video revenues, esports game development and marketing and distribution revenues, and all other manner of esports revenue streams for the benefit of the Company. The Consultant Warrants have an exercise price of $1.00 share and expire in five years with 250,000 of these warrants vested immediately and the balance of 750,000 warrants having provisions making the vesting contingent on the Consultants’ performance in meeting goals and milestones set quarterly by the Company. Specifically, the Company will consult with the Consultants and reach agreement on the Consultants’ goals and milestones at the beginning of each calendar quarter. Out of the 750,000 unvested warrants, 62,500 warrants vest at the end of each quarter, beginning with the quarter ended March 31, 2022, provided in the Company’s judgement the Consultants have made satisfactory progress over the course of the quarter in meeting set goals and milestones. At March 31, 2024, 812,500 of these warrants were vested. Any 2021 Consultant Warrants not vested on their designated end of quarter vesting date expire. In conjunction with the Company’s initial public offering (“IPO”) in July 2022, the Company issued warrants (“IPO Warrants”) to purchase up to 172,500 shares of common stock to the underwriters of the IPO. These IPO Warrants have an exercise price of $6.60 per share, expire 5 years from the date of issuance, and are fully exercisable six months after their issuance. The estimated fair value of the IPO Warrants approximated $474,000. The IPO Warrants are recorded as stock issuance costs but the net impact to the Company’s equity from the issuance of these warrants is nil In conjunction with a financing in September 2022, the Company issued 1,886,793 PIPE Warrants to investors with an exercise price of $2.90 per share, which expire 5 years from the date of issuance, and are fully exercisable upon issuance. The estimated fair value of the PIPE Warrants approximated $2,093,000. Additionally, 339,623 warrants (“Placement Agent Warrants”) were issued to the placement agent as a part of their fee. The Placement Agent warrants have an exercise price of $2.915 per share, expire 5 years from the date of issuance, and are fully exercisable upon issuance. The estimated fair value of the Placement Agent Warrants approximated $516,000. The Placement Agent Warrants are recorded as stock issuance costs but the net impact to the Company’s equity from the issuance of these warrants is nil The PIPE Warrants and Placement Agent Warrants also include certain anti-dilution adjustments and potential adjustments upon the occurrence of certain change of control transactions. The fair value of the 2023 Consultant Warrants and 2021 Consultant Warrants are being amortized to expense over their vesting period. The Company recorded total expense of approximately $46,000 and $72,000 during the three months ended March 31, 2024 and 2023, respectively. At March 31, 2024, the unamortized warrant expense was approximately $139,000, which will be amortized into expense through a weighted-average period of 0.5 years. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 9 – Commitments and Contingencies Legal From time to time, the Company may be involved in various litigation matters, which arise in the ordinary course of business. There is currently no litigation that management believes will have a material impact on the financial position of the Company. Other Commitments In April 2024, the Company paid its former Chief of Staff $67,500 for the balance owed on his employment contract. At March 31, 2024, this amount was included in accounts payable and accrued expenses. |
General and Administrative Expe
General and Administrative Expense | 3 Months Ended |
Mar. 31, 2024 | |
General and Administrative Expense [Abstract] | |
General and Administrative Expense | Note 10 – General and Administrative Expense General and administrative costs are expensed as incurred and primarily include personnel costs in the U.S. and India, public filing fees, travel expenses, contractor fees, and professional fees. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Net Loss Per Share [Abstract] | |
Net Loss Per Share | Note 11 – Net Loss Per Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the periods. Fully diluted net loss per common share is computed using the weighted-average number of common and dilutive common equivalent shares outstanding during the periods. Common equivalent shares consist of warrants that are computed using the treasury stock method. At March 31, 2024 and December 31, 2023, there were 3,568,916 warrants outstanding. Due to the net loss incurred potentially dilutive instruments would be anti-dilutive. Accordingly, diluted net loss per share is the same as basic net loss per share for all periods presented. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12 – Subsequent Events On April 11, 2023, the Company received written notice (the “Notice”) from the , the Nasdaq Listing Qualifications Staff (the “Staff”) of the Nasdaq Stock Market, LLC (“Nasdaq”) indicating that the bid price for the Company’s common stock (the “Common Stock”), for the last 30 consecutive business days, had closed below the minimum $1.00 per share and, as a result, the Company was not in compliance with the $1.00 minimum bid price requirement for the continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”). The Company was provided an initial period of 180 calendar days, or until October 9, 2023 to regain compliance with the Minimum Bid Price Rule. Subsequently, on October 10, 2023, the Company was provided an additional 180 calendar day compliance period, or until April 8, 2024 to regain compliance. On April 9, 2024, the Staff notified the Company that it had not regained compliance with Listing Rule 5550(a)(2) (the “Delisting Determination”). On April 18, 2024, the Company’s common stock was suspended from trading on the Nasdaq Capital Market. The Company’s common stock currently trades on the Over The Counter (“OTC”) Pink Sheets. On April 4, 2024, the Company’s Board Chairman resigned is position. However, the former Board Chairman is continuing to work with the Company as a consultant. On May 1, 2024, the Company’s Chief Financial Officer resigned from the Company. Management has evaluated events that occurred subsequent to the end of the reporting period and there are no subsequent events to report. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (617,246) | $ (811,092) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Significant Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Significant estimates in the accompanying consolidated financial statements include the valuation allowance on deferred tax assets and the estimated value of warrants issued for services. |
Cash Equivalents | Cash Equivalents For the purpose of the statement of cash flows, cash equivalents include time deposits, certificate of deposits, amounts held in escrow and all highly-liquid debt instruments with original maturities of three months or less. At March 31, 2024 and December 31, 2023, the Company did not have any cash equivalents. |
Property and Equipment | Property and Equipment Property and equipment, net, is stated at cost and consists of furniture and fixtures and office and computer equipment. Depreciation is computed over the estimated useful lives of the assets, generally three to ten years, using the straight-line method. Expenditures for maintenance and repairs are charged to operations; major expenditures for renewals and betterments are capitalized and depreciated over their useful lives. Leasehold improvements are amortized over the lesser of the asset life or the life of the lease. |
Leases | Leases The Company leases office space in India under non-cancelable lease arrangements through MOGO Pvt Ltd. The Company applies the accounting guidance in Accounting Standards Codification (“ASC”) 842, Leases Fixed lease payments on operating leases are recognized over the expected term of the lease on a straight-line basis. Variable lease expenses that are not considered fixed are expensed as incurred. Fixed and variable lease expense on operating leases is recognized within operating expenses within the accompanying consolidated statements of operations and comprehensive loss. The interest rate implicit in the Company’s lease contracts is typically not readily determinable and as such, the Company uses its incremental borrowing rate based on the information available at the lease commencement date, which represents an internally developed rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment. |
Long-Lived Assets | Long-Lived Assets The Company reviews long-lived assets for realizability on an ongoing basis. Changes in depreciation and amortization, generally accelerated depreciation and variable amortization, are determined and recorded when estimates of the remaining useful lives or residual values of long-term assets change. The Company also reviews for impairment when conditions exist that indicate the carrying amount of the assets may not be fully recoverable. In those circumstances, the Company performs undiscounted operating cash flow analyses to determine if an impairment exists. When testing for asset impairment, the Company groups assets and liabilities at the lowest level for which cash flows are separately identifiable. Any impairment loss is calculated as the excess of the asset’s carrying value over its estimated fair value. Fair value is estimated based on the discounted cash flows for the asset group over the remaining useful life or based on the expected cash proceeds for the asset less costs of disposal. Any impairment losses would be recorded in the consolidated statements of operations. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments For certain of the Company’s financial instruments, including cash and accounts payable, the carrying amounts approximate their fair values due to their short maturities. ASC Topic 820, Fair Value Measurements and Disclosures Financial Instruments ● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology us one or more unobservable inputs which are significant to the fair value measurement. The Company analyzes all financial instruments with features of both liabilities and equity under Accounting Standards Codification (“ASC”) Topic 480, Distinguishing Liabilities from Equity Derivatives and Hedging At March 31, 2024 and December 31, 2023, the Company did not identify any assets or liabilities required to be presented on the balance sheet at fair value. |
Concentration of credit risk | Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and restricted cash. The Company places its cash with high quality financial institutions and at times may exceed the Federal Deposit Insurance Corporation $250,000 insurance limit. The Company has not and does not anticipate incurring any losses related to this credit risk. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company has no material uncertain tax positions for any of the reporting periods presented. |
Basic and Diluted Earnings Per Share | Basic and Diluted Earnings Per Share Earnings per share is calculated in accordance with ASC Topic 260, Earnings Per Share |
Segments | Segments The Company has one reportable segment, which is the development of esports. At March 31, 2024 and December 31, 2023, 95.3% and 94.6% of the Company’s consolidated total assets are located within the United States of America. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements During 2023, the Company adopted Accounting Standards Update No. 2016-13 (“ASU 2016-13”), Financial Instruments-Credit Losses |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following as of: March 31, December 31, Furniture and fixtures 14,090 13,967 Office and computer equipment 26,334 21,413 Accumulated depreciation (8,494 ) (5,748 ) Property and equipment, net 31,930 29,632 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Maturities of the Operating Lease Liabilities | The maturities of the operating lease liabilities as of March 31, 2024 are as follows: April 1, 2024 – December 31, 2024 $ 46,638 2025 54,002 Total 100,640 Less imputed interest (8,167 ) Present value of operating lease liabilities $ 92,473 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounts Payable and Accrued Expenses [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consist of the following as of: March 31, December 31, Accounts payable $ 152,969 $ 94,397 Accrued consulting and professional fees 101,500 - Other accrued expenses 75,166 58,026 Total $ 329,635 $ 152,423 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders’ Equity [Abstract] | |
Schedule of Assumptions Used For Estimating the Fair Value | The following table summarizes the assumptions used for estimating the fair value of the 2023 Consultant Warrants issued: Expected dividend yield - Risk-free interest rate 3.99 % Expected volatility 100 % Expected life (years) 6 |
Schedule of Warrants Outstanding and Exercisable | At March 31, 2024, the Company had the following warrants outstanding: Outstanding Ex Price Exercisable Ex Price 2021 Consultant Warrants 1,000,000 $ 1.00 812,500 $ 1.00 IPO Warrants 172,500 $ 6.60 172,500 $ 6.60 PIPE Warrants 1,886,793 $ 2.90 1,886,793 $ 2.90 Placement Agent Warrants 339,623 $ 2.92 339,623 $ 2.92 2023 Consultant Warrants 170,000 $ 3.00 170,000 $ 3.00 Total Warrants 3,568,916 3,381,416 |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Nov. 30, 2022 | |
Organization and Basis of Presentation [Line Items] | |||
Net loss rate | 18.70% | 10.20% | |
Cash (in Dollars) | $ 2,800,000 | ||
Accumulated deficit (in Dollars) | $ (8,940,015) | $ (8,322,769) | |
Business Acquisition [Member] | |||
Organization and Basis of Presentation [Line Items] | |||
Business acquired percentage | 99% | ||
MOGO Inc [Member] | |||
Organization and Basis of Presentation [Line Items] | |||
Total asset rate | 4.70% | 5.40% | |
Controlling interest percentage | 99% |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) | Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Line Items] | ||
Federal deposit insurance amount (in Dollars) | $ 250,000 | |
Percentage of tax benefit | 50% | |
Number of reportable segment | 1 | |
Minimum [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Estimated useful lives | 3 years | |
Maximum [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Estimated useful lives | 10 years | |
United States of America [Member] | Segments [Member] | Assets, Total [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Consolidated total assets rate | 95.30% | 94.60% |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Property and Equipment [Abstract] | ||
Depreciation expense | $ 2,800 | $ 1,000 |
Property and Equipment (Detai_2
Property and Equipment (Details) - Schedule of Property and Equipment - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Property and Equipment [Abstract] | ||
Furniture and fixtures | $ 14,090 | $ 13,967 |
Office and computer equipment | 26,334 | 21,413 |
Accumulated depreciation | (8,494) | (5,748) |
Property and equipment, net | $ 31,930 | $ 29,632 |
Leases (Details)
Leases (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Oct. 31, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Jan. 31, 2023 | |
Leases [Line Items] | ||||
Lease term | 3 years | |||
Leases commenced term | 33 months | |||
Expected incremental borrowing rate | 10% | |||
Operating leases paid | $ 15,400 | $ 12,300 | ||
Weighted average lease term | 1 year 8 months 12 days | |||
Weighted average discount rate | 10% | |||
Consolidated Properties [Member] | ||||
Leases [Line Items] | ||||
Comprehensive loss | $ 15,400 | $ 11,700 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of Maturities of the Operating Lease Liabilities | Mar. 31, 2024 USD ($) |
Schedule of Maturities of the Operating Lease Liabilities [Abstract] | |
April 1, 2024 – December 31, 2024 | $ 46,638 |
2025 | 54,002 |
Total | 100,640 |
Less imputed interest | (8,167) |
Present value of operating lease liabilities | $ 92,473 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses (Details) - Schedule of Accounts Payable and Accrued Expenses - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Accounts Payable and Accrued Expenses [Abstract] | ||
Accounts payable | $ 152,969 | $ 94,397 |
Accrued consulting and professional fees | 101,500 | |
Other accrued expenses | 75,166 | 58,026 |
Total | $ 329,635 | $ 152,423 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Related Party Transactions [Line Items] | ||
Consulting fee | $ 12,000 | |
Sponsors fees | $ 24,000 | |
Sports Industry of India, Inc., [Member] | ||
Related Party Transactions [Line Items] | ||
Related party payable | 62,000 | |
Board of Directors [Member] | ||
Related Party Transactions [Line Items] | ||
Stipend | $ 30,000 | $ 18,000 |
Note Payable (Details)
Note Payable (Details) - USD ($) | 1 Months Ended | ||
Aug. 31, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
Note Payable [Line Items] | |||
Debt principal outstanding amount | $ 26,300 | $ 65,040 | |
Prepaid expenses | 53,000 | ||
Notes Payable, Other Payables [Member] | |||
Note Payable [Line Items] | |||
Interest rate | (8.75%) | ||
Periodic payment of interest | $ 13,294 | ||
Debt principal outstanding amount | $ 26,000 |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||||
Sep. 30, 2022 | Jul. 31, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Stockholders’ Equity [Line Items] | |||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |||||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |||||
Preferred stock, shares issued | |||||||
Preferred stock, shares outstanding | |||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |||||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |||||
Common stock, shares issued | 21,191,593 | 21,191,593 | |||||
Common stock shares outstanding | 21,191,593 | 21,191,593 | |||||
Expiration term | 5 years | 5 years | |||||
Vested percentage | 25% | ||||||
Warrants vested shares | 812,500 | ||||||
Outstanding warrants | 750,000 | ||||||
Common stock issuance date | 5 years | ||||||
Issued warrants (in Dollars) | |||||||
Warrant issued | 1,886,793 | ||||||
Expense amount (in Dollars) | $ 72,000 | ||||||
Unamortized warrant expense (in Dollars) | $ 139,000 | ||||||
Weighted-average period term | 6 months | ||||||
Warrant [Member] | |||||||
Stockholders’ Equity [Line Items] | |||||||
Purchase shares | 170,000 | ||||||
Exercise price (in Dollars per share) | $ 6.6 | $ 1 | $ 3 | ||||
Expiration term | 6 years | ||||||
Warrants vested shares | 250,000 | 62,500 | |||||
Unvested warrants | 750,000 | ||||||
Maximum [Member] | Warrant [Member] | |||||||
Stockholders’ Equity [Line Items] | |||||||
Fair value of supplier (in Dollars) | $ 91,000 | ||||||
Minimum [Member] | Warrant [Member] | |||||||
Stockholders’ Equity [Line Items] | |||||||
Fair value of supplier (in Dollars) | $ 26,000 | ||||||
Common Stock [Member] | |||||||
Stockholders’ Equity [Line Items] | |||||||
Common stock, shares issued | 21,191,593 | 21,191,593 | |||||
Common stock shares outstanding | 21,191,593 | 20,421,593 | 21,191,593 | 20,421,593 | |||
IPO [Member] | |||||||
Stockholders’ Equity [Line Items] | |||||||
Exercise price (in Dollars per share) | $ 2.9 | ||||||
Fair value (in Dollars) | $ 474,000 | ||||||
Expense amount (in Dollars) | $ 46,000 | ||||||
IPO [Member] | Common Stock [Member] | |||||||
Stockholders’ Equity [Line Items] | |||||||
Shares of common stock issued | 172,500 | ||||||
PIPE Warrants [Member] | |||||||
Stockholders’ Equity [Line Items] | |||||||
Fair value (in Dollars) | $ 2,093,000 | ||||||
Placement Agent Warrant [Member] | |||||||
Stockholders’ Equity [Line Items] | |||||||
Expiration term | 5 years | ||||||
Fair value (in Dollars) | $ 516,000 | ||||||
Warrant issued | 339,623 | ||||||
Private Placement [Member] | |||||||
Stockholders’ Equity [Line Items] | |||||||
Exercise price (in Dollars per share) | $ 2.915 |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) - Schedule of Assumptions Used For Estimating the Fair Value - Consultant Warrants [Member] | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders’ Equity (Details) - Schedule of Assumptions Used For Estimating the Fair Value [Line Items] | |
Expected dividend yield | |
Risk-free interest rate | 3.99% |
Expected volatility | 100% |
Expected life (years) | 6 years |
Stockholders_ Equity (Details_2
Stockholders’ Equity (Details) - Schedule of Warrants Outstanding and Exercisable | Mar. 31, 2024 $ / shares shares |
Class of Warrant or Right [Line Items] | |
Outstanding, number of warrants | 3,568,916 |
Exercisable, number of warrants | 3,381,416 |
2021 Consultant Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Outstanding, number of warrants | 1,000,000 |
Outstanding, ex price (in Dollars per share) | $ / shares | $ 1 |
Exercisable, number of warrants | 812,500 |
Exercisable, ex price (in Dollars per share) | $ / shares | $ 1 |
IPO Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Outstanding, number of warrants | 172,500 |
Outstanding, ex price (in Dollars per share) | $ / shares | $ 6.6 |
Exercisable, number of warrants | 172,500 |
Exercisable, ex price (in Dollars per share) | $ / shares | $ 6.6 |
PIPE Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Outstanding, number of warrants | 1,886,793 |
Outstanding, ex price (in Dollars per share) | $ / shares | $ 2.9 |
Exercisable, number of warrants | 1,886,793 |
Exercisable, ex price (in Dollars per share) | $ / shares | $ 2.9 |
Placement Agent Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Outstanding, number of warrants | 339,623 |
Outstanding, ex price (in Dollars per share) | $ / shares | $ 2.92 |
Exercisable, number of warrants | 339,623 |
Exercisable, ex price (in Dollars per share) | $ / shares | $ 2.92 |
2023 Consultant Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Outstanding, number of warrants | 170,000 |
Outstanding, ex price (in Dollars per share) | $ / shares | $ 3 |
Exercisable, number of warrants | 170,000 |
Exercisable, ex price (in Dollars per share) | $ / shares | $ 3 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Apr. 30, 2024 USD ($) |
Commitments and Contingencies [Line Items] | |
Commitment | $ 67,500 |
Net Loss Per Share (Details)
Net Loss Per Share (Details) - shares | Mar. 31, 2024 | Dec. 31, 2023 |
Net Loss Per Share [Abstract] | ||
Warrants outstanding | 3,568,916 | 3,568,916 |
Subsequent Events (Details)
Subsequent Events (Details) | Apr. 11, 2023 $ / shares |
Subsequent Events (Details) [Line Items] | |
Price per share | $ 1 |
Common Stock [Member] | |
Subsequent Events (Details) [Line Items] | |
Price per share | $ 1 |