0001213900-22-046314 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2022	Aug. 05, 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	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
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 Sheets (Unaudited) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 15,341,862	$ 19,047,778
Inventories	671,250
Prepaid expenses and other current assets	1,037,145	1,612,708
Total current assets	17,050,257	20,660,486
Property and equipment, net	409,070	337,366
Operating lease right-of-use assets	573,040
Other non-current assets	35,075	21,019
Total assets	18,067,442	21,018,871
Current liabilities:
Accounts payable	196,108	295,778
Accrued expenses	783,482	341,384
Total current liabilities	979,590	637,162
Non-current liabilities:
Operating lease liability, non-current	430,116
Total liabilities	1,409,706	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 June 30, 2022 and December 31, 2021, respectively	2,015	2,011
Additional paid-in capital	28,306,680	28,074,484
Accumulated deficit	(11,650,959)	(7,694,786)
Total stockholders’ equity	16,657,736	20,381,709
Total liabilities, redeemable and stockholders’ equity	$ 18,067,442	$ 21,018,871

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Jun. 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 Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue	$ 249,040		$ 249,040
Cost of sales	200,129		200,129
Gross profit	48,911		48,911
Operating expenses:
Research and development	756,283	225,992	1,451,040	250,175
General and administrative	1,196,996	389,830	2,516,815	529,741
Sales and marketing	81,357	50,250	135,042	119,354
Total operating expenses	2,034,636	666,072	4,102,897	899,270
Operating loss	(1,985,725)	(666,072)	(4,053,986)	(899,270)
Other income:
Interest income (expense), net of amortization of premium		(59,167)		(32,116)
Grant income		75,000		75,000
Other income, net	48,323	10,006	103,181	21,965
Total other income, net	48,323	25,839	103,181	64,849
Net loss	$ (1,937,402)	$ (640,233)	$ (3,950,805)	$ (834,421)
Net loss per share - Basic and diluted (in Dollars per share)	$ (0.1)	$ (0.15)	$ (0.2)	$ (0.2)
Weighted average common shares outstanding:
Basic and diluted (in Shares)	20,151,969	4,201,688	20,147,161	4,201,688

Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net loss per share - Basic and diluted (in Dollars per share)	$ (0.10)	$ (0.15)	$ (0.20)	$ (0.20)
Basic and diluted (in Shares)	20,151,969	4,201,688	20,147,161	4,201,688

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

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 benefit					164		164
Fair value of warrants issued for service					180,339		180,339
Net loss						(194,188)	(194,188)
Balance at Mar. 31, 2021	$ 1,121,650	$ 1,820,743	$ 1,012,442	$ 315	103,783	(4,400,676)	(4,296,578)
Balance (in Shares) at Mar. 31, 2021	10,600	5,187	636	3,147,200
Balance at Dec. 31, 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							(834,421)
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
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
Exercise of common stock Series B Warrants				$ 417	131,966		132,383
Exercise of common stock Series B Warrants (in Shares)				4,166,357
Accretion of redeemable, convertible preferred stock to redemption value	29,565	13,598	7,984		(51,147)		(51,147)
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
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
Stock-based compensation benefit					155		155
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
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							(3,950,805)
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
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

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (3,950,805)	$ (834,421)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	83,792	68,372
Stock-based compensation expense	232,200	319
Amortization of right-of-use asset	66,972
Gain on forgiveness of note payable, Paycheck Protection Program		(5,000)
Non-cash interest expense		1,770
Gain on revaluation of derivative warrant liability		(9,676)
Changes in operating assets and liabilities:
Inventory	(671,250)	84,762
Prepaid expenses and other current assets	575,563	(3,425)
Other non-current assets	(14,056)
Accounts payable	(99,670)	(98,388)
Due to related party	(2,000)	(10,000)
Accrued expenses and other current liabilities	242,937	76,886
Net cash used in operating activities	(3,536,317)	(728,801)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(169,599)	(1,934)
Net cash used in investing activities	(169,599)	(1,934)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of deferred offering costs		(87,552)
Payments of principal on notes payable		(289,617)
Payments of convertible debenture issuance costs		(395,000)
Proceeds from issuance of convertible debentures		3,000,000
Payments on note payable, Paycheck Protection Program		(9,000)
Net cash provided by financing activities		2,218,831
Decrease in cash and cash equivalents	(3,705,916)	1,488,096
Cash and cash equivalents, beginning of period	19,047,778	912,361
Cash and cash equivalents, end of period	15,341,862	2,400,457
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION AND NON-CASH FINANCING ACTIVITIES
Interest paid		25,328
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 for common stock issued for services		180,339
Series A redeemable, convertible preferred stock
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION AND NON-CASH FINANCING ACTIVITIES
Accretion of Series redeemable, convertible preferred stock dividend		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 and fair value adjustment		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 and fair value adjustment		$ 3,234

Nature of Operations and Basis of Presentation

6 Months Ended

Jun. 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 June 30, 2022, the Company had $15.3 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 date of these financial statements. However, the Company has experienced net losses and negative cash flows from operating activities since its inception and has an accumulated deficit of $11.7 million as of June 30, 2022. The Company expects net losses to continue in the near-term and plans to attempt 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 June 30, 2022, its results of operations and cash flows for the six months ended June 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 six months ended June 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

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

2. SIGNIFICANT ACCOUNTING POLICIES

During the six months ended June 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 (“ASC 842”). The Company has adopted ASC 842 using the optional transition method and, as a result, there have been no reclassification of prior comparable periods due to this adoption.

The Company has arrangements involving the lease of facilities. Under ASC 842, at inception of the arrangement, the Company determines whether the contract is or contains a lease and whether the lease should be classified as an operating or a financing lease. This determination, among other considerations, involves an assessment of whether the Company can control the underlying asset and have the right to obtain substantially all to the economic benefits or outputs from the asset.

The Company recognizes right-of-use (“ROU”) assets and lease liabilities as of the lease commencement date based on the net present value of the future minimum lease payments over the lease term. ASC 842 requires the leases to use the rate implicit in the lease unless it is not readily determinable and then it may use its incremental borrowing rate (“IBR”) to discount the future minimum lease payments. Most of the Company’s leases do not provide an implicit rate; therefore, the Company uses its IBR to discount the future minimum lease payments. The Company determines its IBR with its credit rating and other economic information available as of the commencement date, as well as the identified lease term. During the assessment of the lease term, the Company considers its renewal options and extensions within the arrangements and the Company includes these options when it’s reasonably certain to extend the term of the lease.

The Company leases include both lease and non-lease components. Consideration is allocated to the lease and non-lease components based on estimated standalone prices. The Company has elected to exclude non-lease components from the calculation of its ROU assets and lease liabilities.

The Company has lease arrangements that contain incentives for tenant improvements as well as fixed rent escalation clauses. For contracts with tenant improvement incentives that are determined to be leasehold improvements and the Company is reasonably certain to exercise, it records a reduction to the lease liability and amortizes the incentive over the identified term of the lease as a reduction to rent expense. The Company records rental expense on a straight-line basis over the identified lease term on contracts with rent escalation clauses.

Inventory

Inventories, which are mainly comprised of finished goods, are valued at the lower of cost or net realizable value, with the cost being determined on a weighted-average basis. The cost of finished goods consists mainly of purchase price, freight, and custom duties. Net realizable value is the estimated selling price in the ordinary course of business, less any applicable selling costs. As of June 30, 2022 there was no reserve for excess or obsolete inventory.

Stock-based compensation

Share-based compensation expense for all share-based payment awards made to employees, directors and non-employees is measured based on the grant-date fair value of the award. Share-based compensation expense for awards granted to non-employees is determined using the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured.

The Company uses the Black-Scholes option pricing model to determine the fair value of options granted. The Company recognizes the compensation cost of share-based awards on a straight-line basis over the requisite service period. For stock awards for which vesting is subject to performance-based milestones, the expense is recorded over the implied service period after the point when the achievement of the milestone is probable, or the performance condition has been achieved.

The Company recognizes forfeitures related to employee share-based payments when they occur. Forfeited options are recorded as a reduction to stock compensation expense.

Research and development expenses

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 June 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):

	June 30,
	2022		2021
Convertible debentures		-		3,000,000
Options to purchase common stock		805,805		375,826
Warrants for common stock		811,882		1,022,120
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. The new guidance requires the recognition of lease liabilities, representing future minimum lease payments, on a discounted basis, and corresponding right-of-use assets on a balance sheet for most leases, along with requirements for enhanced disclosures to give financial statement users the ability to assess the amount, timing, and uncertainty of cash flows arising from leasing arrangements. The Company adopted the provisions of ASU 2016-02 on January 1, 2022 and elected to implement the transition package of practical expedients permitted within the new standard, which included (i) not reassessing whether expired or existing contract contain leases, (ii) not reassessing lease classification, and (iii) not revaluing initial direct costs for existing leases. Adoption of the new standard resulted in the recording of initial right-of-use assets and lease liabilities of approximately $200,000 as of January 1, 2022. The new standard did not materially impact the Company’s consolidated statements of operations or cash flows.

License and Supply Agreement with Toray Industries

6 Months Ended

Jun. 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 six months ended June 30, 2022 and 2021.

At June 30, 2022 and December 31, 2021, no amounts were accrued related to the Toray Agreement.

Warrants

6 Months Ended

Jun. 30, 2022

Warrants Disclsoure [Abstract]

WARRANTS

4. WARRANTS

The following table summarizes information with regard to warrants outstanding at June 30, 2022:

	Shares		Exercisable for	Weighted Average Exercise Price		Weighted Average Remaining Life (in Years)
Common Stock Warrants		811,882	Common Stock	$	3.24		3.6
Class A Warrants		2,484,000	Common Stock	$	7.00		4.4
Class B Warrants		75,400	Common Stock	$	10.00		4.4

No warrants were issued during the six months ended June 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 June 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 after the earlier of (i) 10 trading days from closing date of the offering or (ii) the time when $10 million of volume is traded in our common stock, if the volume weighted average price of the Company’s common stock on any trading day on or after the closing date of the offering fails to exceed the exercise price of the Class B Warrant (subject to adjustment as described in the warrant agreement). In such event, the aggregate number of shares of common stock issuable in such cashless exercise shall equal the product of (x) the aggregate number of shares of common stock that would be issuable upon exercise of the Class B Warrant in accordance with its terms if such exercise were by means of a cash exercise rather than a cashless exercise and (y) 1.00. During the fourth quarter of 2021, 2,368,500 Class B Warrants were exercised, all on a cashless basis. During the first quarter of 2022, 39,000 Class B Warrants were exercised, all on a cashless basis. During the second quarter of 2022, 1,100 Class B Warrants were exercised. The total intrinsic value of the Class B Warrants exercised during the six months ended June 30, 2022 was approximately $80,000. As of June 30, 2022, 75,400 Class B Warrants were outstanding.

Stock Compensation

6 Months Ended

Jun. 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 June 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 June 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 six months ended June 30, 2022:

	Non-vested Restricted Stock Awards
	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021		-	$	-
Granted		105,000		1.29
Vested		-		-
Forfeited		-		-
Outstanding at June 30, 2022		105,000	$	1.29

The following is a summary of stock option activity for the six months ended June 30, 2022:

	Number of Stock Options			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value
Outstanding at December 31, 2021		589,786		$	1.86		8.3	$	605,187
Granted		226,279			1.84
Exercised		-
Cancelled and forfeited		(10,260	)		2.68
Outstanding at June 30, 2022		805,805		$	1.84		8.3	$	140,248
Exercisable at June 30, 2022		393,312		$	1.45		7.4	$	133,968

The weighted average grant date fair value of options granted during the six months ended June 30, 2022 was $1.45 per share.

The Company calculated the grant-date fair value of stock option awards granted during the six months ended June 30, 2022 and 2021 using the Black-Scholes model with the following assumptions:

	Six Months Ended June 30,
	2022		2021
Risk-free interest rate		1.58% – 3.06%		0.31% - 0.56%
Expected dividend yield		0.00%		0%
Volatility factor		102.03% - 104.40%		88.60%
Expected life of option (in years)		5.37 – 6.00		2.81 – 4.22

Stock-Based Compensation Expense

For the three and six months ended June 30, 2022 and 2021, the Company recorded stock-based compensation expense as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	16,392	$	-	$	33,704	$	-
General and administrative		89,562		155		197,866		319
Sales and marketing		160		-		630		-
Total stock-based compensation	$	106,114	$	155	$	232,200	$	319

At June 30, 2022, there was approximately $340,077 of unrecognized compensation expense related to non-vested stock option awards that are expected to be recognized over a weighted-average period of 2.0 years. At June 30, 2022, there was approximately $130,392 of unrecognized compensation expense related to non-vested restricted stock awards that are expected to be recognized over a weighted-average period of 2.5 years.

Related Party Transactions

6 Months Ended

Jun. 30, 2022

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 six month periods’ ended June 30, 2022 and 2021 and balances due as of June 30, 2022 and December 31, 2021:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Income from NanoHybrids included in Other Income	$	35,040	$	-	$	75,926	$	-
Cash receipts from NanoHybrids	$	18,347	$	-	$	40,886	$	-

	As of
	June 30, 2022		December 31, 2021
Amounts receivable from NanoHybrids included in Prepaids and Other Current Assets	$	35,040	$	-

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

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

7. PROPERTY AND EQUIPMENT

Property and equipment consisted of the following at June 30, 2022 and December 31, 2021:

	Depreciable lives	June 30, 2022			December 31, 2021
Construction-in-process		$	5,870		$	15,078
Furniture, fixtures, and equipment	5 years		89,849			24,915
Website	5 years		4,619			4,619
Lab equipment	5 years		798,130			741,591
Leasehold improvements	Life of lease		43,231			-
			941,699			786,203
Less: accumulated depreciation			(532,629	)		(448,837	)
Property and equipment, net		$	409,070		$	337,366

Leases

6 Months Ended

Jun. 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:

	Six Months Ended June 30, 2022
Weighted average remaining lease term		4.1 years
Weighted average discount rate		7.00	%
Operating cash flows from operating leases	$	71,421

A summary of the Company’s lease assets and liabilities are as follows:

	June 30, 2022
Operating lease right-of-use asset	$	573,040
Total lease assets		573,040
Current portion of lease liability included in accrued expenses		171,531
Noncurrent lease liabilities		430,116
Total lease liabilities	$	601,647

A summary of the Company’s estimated lease payments are as follows:

Year
2022 ⁽¹⁾	$	93,389
2023		164,620
2024		160,804
2025		100,000
2026		100,000
Thereafter		25,000
Total future lease payments		643,813
Less: Imputed interest		42,166
Present value of lease liability	$	601,647

(1)	Excludes the six months ended June 30, 2022.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

9. COMMITMENTS AND CONTINGENCIES

Purchase Commitments

As of June 30, 2022, the Company has entered into non-cancelable purchase commitments primarily for inventory and key advisory and product development services. The purchase commitments covered by these agreements are for less than one year and aggregate to approximately $600,000.

Accounting Policies, by Policy (Policies)	6 Months Ended
Accounting Policies, by Policy (Policies)	Jun. 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 (“ASC 842”). The Company has adopted ASC 842 using the optional transition method and, as a result, there have been no reclassification of prior comparable periods due to this adoption. The Company has arrangements involving the lease of facilities. Under ASC 842, at inception of the arrangement, the Company determines whether the contract is or contains a lease and whether the lease should be classified as an operating or a financing lease. This determination, among other considerations, involves an assessment of whether the Company can control the underlying asset and have the right to obtain substantially all to the economic benefits or outputs from the asset. The Company recognizes right-of-use (“ROU”) assets and lease liabilities as of the lease commencement date based on the net present value of the future minimum lease payments over the lease term. ASC 842 requires the leases to use the rate implicit in the lease unless it is not readily determinable and then it may use its incremental borrowing rate (“IBR”) to discount the future minimum lease payments. Most of the Company’s leases do not provide an implicit rate; therefore, the Company uses its IBR to discount the future minimum lease payments. The Company determines its IBR with its credit rating and other economic information available as of the commencement date, as well as the identified lease term. During the assessment of the lease term, the Company considers its renewal options and extensions within the arrangements and the Company includes these options when it’s reasonably certain to extend the term of the lease. The Company leases include both lease and non-lease components. Consideration is allocated to the lease and non-lease components based on estimated standalone prices. The Company has elected to exclude non-lease components from the calculation of its ROU assets and lease liabilities. The Company has lease arrangements that contain incentives for tenant improvements as well as fixed rent escalation clauses. For contracts with tenant improvement incentives that are determined to be leasehold improvements and the Company is reasonably certain to exercise, it records a reduction to the lease liability and amortizes the incentive over the identified term of the lease as a reduction to rent expense. The Company records rental expense on a straight-line basis over the identified lease term on contracts with rent escalation clauses.
Inventory	*Inventory* Inventories, which are mainly comprised of finished goods, are valued at the lower of cost or net realizable value, with the cost being determined on a weighted-average basis. The cost of finished goods consists mainly of purchase price, freight, and custom duties. Net realizable value is the estimated selling price in the ordinary course of business, less any applicable selling costs. As of June 30, 2022 there was no reserve for excess or obsolete inventory.
Stock-based compensation	*Stock-based compensation* Share-based compensation expense for all share-based payment awards made to employees, directors and non-employees is measured based on the grant-date fair value of the award. Share-based compensation expense for awards granted to non-employees is determined using the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. The Company uses the Black-Scholes option pricing model to determine the fair value of options granted. The Company recognizes the compensation cost of share-based awards on a straight-line basis over the requisite service period. For stock awards for which vesting is subject to performance-based milestones, the expense is recorded over the implied service period after the point when the achievement of the milestone is probable, or the performance condition has been achieved. The Company recognizes forfeitures related to employee share-based payments when they occur. Forfeited options are recorded as a reduction to stock compensation expense.
Research and development expenses	*Research and development expenses* 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 June 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):
Recently Adopted Accounting Standards	*Recently Adopted Accounting Standards* In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases. The new guidance requires the recognition of lease liabilities, representing future minimum lease payments, on a discounted basis, and corresponding right-of-use assets on a balance sheet for most leases, along with requirements for enhanced disclosures to give financial statement users the ability to assess the amount, timing, and uncertainty of cash flows arising from leasing arrangements. The Company adopted the provisions of ASU 2016-02 on January 1, 2022 and elected to implement the transition package of practical expedients permitted within the new standard, which included (i) not reassessing whether expired or existing contract contain leases, (ii) not reassessing lease classification, and (iii) not revaluing initial direct costs for existing leases. Adoption of the new standard resulted in the recording of initial right-of-use assets and lease liabilities of approximately $200,000 as of January 1, 2022. The new standard did not materially impact the Company’s consolidated statements of operations or cash flows.

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Schedule of diluted net loss per share

	June 30,
	2022		2021
Convertible debentures		-		3,000,000
Options to purchase common stock		805,805		375,826
Warrants for common stock		811,882		1,022,120
Class A warrants for common stock		2,484,000		-
Class B warrants for common stock		75,400		-

Warrants (Tables)

6 Months Ended

Jun. 30, 2022

Warrants Disclsoure [Abstract]

Schedule of information with regard to warrants outstanding

	Shares		Exercisable for	Weighted Average Exercise Price		Weighted Average Remaining Life (in Years)
Common Stock Warrants		811,882	Common Stock	$	3.24		3.6
Class A Warrants		2,484,000	Common Stock	$	7.00		4.4
Class B Warrants		75,400	Common Stock	$	10.00		4.4

Stock Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of non-vested restricted stock awards

	Non-vested Restricted Stock Awards
	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021		-	$	-
Granted		105,000		1.29
Vested		-		-
Forfeited		-		-
Outstanding at June 30, 2022		105,000	$	1.29

Schedule of stock option activity

	Number of Stock Options			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value
Outstanding at December 31, 2021		589,786		$	1.86		8.3	$	605,187
Granted		226,279			1.84
Exercised		-
Cancelled and forfeited		(10,260	)		2.68
Outstanding at June 30, 2022		805,805		$	1.84		8.3	$	140,248
Exercisable at June 30, 2022		393,312		$	1.45		7.4	$	133,968

Schedule of grant-date fair value of share-based awards granted

	Six Months Ended June 30,
	2022		2021
Risk-free interest rate		1.58% – 3.06%		0.31% - 0.56%
Expected dividend yield		0.00%		0%
Volatility factor		102.03% - 104.40%		88.60%
Expected life of option (in years)		5.37 – 6.00		2.81 – 4.22

Schedule of stock-based compensation expense

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	16,392	$	-	$	33,704	$	-
General and administrative		89,562		155		197,866		319
Sales and marketing		160		-		630		-
Total stock-based compensation	$	106,114	$	155	$	232,200	$	319

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of amounts earned and due

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Income from NanoHybrids included in Other Income	$	35,040	$	-	$	75,926	$	-
Cash receipts from NanoHybrids	$	18,347	$	-	$	40,886	$	-

	As of
	June 30, 2022		December 31, 2021
Amounts receivable from NanoHybrids included in Prepaids and Other Current Assets	$	35,040	$	-

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

	Depreciable lives	June 30, 2022			December 31, 2021
Construction-in-process		$	5,870		$	15,078
Furniture, fixtures, and equipment	5 years		89,849			24,915
Website	5 years		4,619			4,619
Lab equipment	5 years		798,130			741,591
Leasehold improvements	Life of lease		43,231			-
			941,699			786,203
Less: accumulated depreciation			(532,629	)		(448,837	)
Property and equipment, net		$	409,070		$	337,366

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Schedule of lease arrangements for office and laboratory space

	Six Months Ended June 30, 2022
Weighted average remaining lease term		4.1 years
Weighted average discount rate		7.00	%
Operating cash flows from operating leases	$	71,421

Schedule of lease liabilities

	June 30, 2022
Operating lease right-of-use asset	$	573,040
Total lease assets		573,040
Current portion of lease liability included in accrued expenses		171,531
Noncurrent lease liabilities		430,116
Total lease liabilities	$	601,647

Schedule of estimated lease payments

Year
2022 ⁽¹⁾	$	93,389
2023		164,620
2024		160,804
2025		100,000
2026		100,000
Thereafter		25,000
Total future lease payments		643,813
Less: Imputed interest		42,166
Present value of lease liability	$	601,647

Nature of Operations and Basis of Presentation (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 07, 2021
Nature of Operations and Basis of Presentation (Details) [Line Items]
Cash and cash equivalents.	$ 15.3
Share issued (in Shares)		2.15
Accumulated Deficit [Member]
Nature of Operations and Basis of Presentation (Details) [Line Items]
Accumulated deficit	$ 11.7

Significant Accounting Policies (Details)	Jan. 01, 2022 USD ($)
Accounting Policies [Abstract]
Right-of use assets and lease liabilities	$ 200,000

Significant Accounting Policies (Details) - Schedule of diluted net loss per share - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Schedule of diluted net loss per share [Abstract]
Convertible debentures		$ 3,000,000
Options to purchase common stock	805,805	375,826
Warrants for common stock	811,882	1,022,120
Class A warrants for common stock	2,484,000
Class B warrants for common stock	$ 75,400

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	15.00%
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) - USD ($)	3 Months Ended		6 Months Ended	12 Months Ended
Warrants (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021	Jun. 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 after the earlier of (i) 10 trading days from closing date of the offering or (ii) the time when $10 million of volume is traded in our common stock, if the volume weighted average price of the Company’s common stock on any trading day on or after the closing date of the offering fails to exceed the exercise price of the Class B Warrant (subject to adjustment as described in the warrant agreement). In such event, the aggregate number of shares of common stock issuable in such cashless exercise shall equal the product of (x) the aggregate number of shares of common stock that would be issuable upon exercise of the Class B Warrant in accordance with its terms if such exercise were by means of a cash exercise rather than a cashless exercise and (y) 1.00.
Warrants exercised			1,100
Intrinsic value (in Dollars)			$ 133,968
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
Class B Warrants [Member]
Warrants (Details) [Line Items]
Common stock exercisable shares	39,000
Intrinsic value (in Dollars)			$ 80,000
Warrants outstanding			75,400

Warrants (Details) - Schedule of information with regard to warrants outstanding	6 Months Ended
	Jun. 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 7 months 6 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 4 months 24 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 4 months 24 days

Stock Compensation (Details) - USD ($)	6 Months Ended
Stock Compensation (Details) - USD ($)	Jun. 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)	$ 130,392
Weighted-average period	2 years 6 months
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)	$ 340,077
Weighted-average period	2 years

Stock Compensation (Details) - Schedule of non-vested restricted stock awards	6 Months Ended
	Jun. 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
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares
Number of Shares, Outstanding at ending balance \| shares	105,000
Weighted Average Grant Date Fair Value, Outstanding at ending balance \| $ / shares	$ 1.29

Stock Compensation (Details) - Schedule of stock option activity	6 Months Ended
	Jun. 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	805,805
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 3 months 18 days
Aggregate Intrinsic Value, Outstanding at ending balance (in Dollars) \| $	$ 140,248
Number of Stock Options, Exercisable \| shares	393,312
Weighted Average Exercise Price Per Share, Exercisable (in Dollars per share) \| $ / shares	$ 1.45
Weighted Average Remaining Contractual Life in Years, Exercisable	7 years 4 months 24 days
Aggregate Intrinsic Value, Exercisable (in Dollars) \| $	$ 133,968
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	(10,260)
Weighted Average Exercise Price Per Share, Cancelled and forfeited (in Dollars per share) \| $ / shares	$ 2.68

Stock Compensation (Details) - Schedule of grant-date fair value of share-based awards granted	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Stock Compensation (Details) - Schedule of grant-date fair value of share-based awards granted [Line Items]
Expected dividend yield	0.00%	0.00%
Volatility factor		88.60%
Minimum [Member]
Stock Compensation (Details) - Schedule of grant-date fair value of share-based awards granted [Line Items]
Risk-free interest rate	1.58%	0.31%
Volatility factor	102.03%
Expected life of option (in years)	5 years 4 months 13 days	2 years 9 months 21 days
Maximum [Member]
Stock Compensation (Details) - Schedule of grant-date fair value of share-based awards granted [Line Items]
Risk-free interest rate	3.06%	0.56%
Volatility factor	104.40%
Expected life of option (in years)	6 years	4 years 2 months 19 days

Stock Compensation (Details) - Schedule of stock-based compensation expense - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock Compensation (Details) - Schedule of stock-based compensation expense [Line Items]
Total stock-based compensation	$ 106,114	$ 155	$ 232,200	$ 319
Research and development [Member]
Stock Compensation (Details) - Schedule of stock-based compensation expense [Line Items]
Total stock-based compensation	16,392		33,704
General and administrative [Member]
Stock Compensation (Details) - Schedule of stock-based compensation expense [Line Items]
Total stock-based compensation	89,562	155	197,866	319
Sales and marketing [Member]
Stock Compensation (Details) - Schedule of stock-based compensation expense [Line Items]
Total stock-based compensation	$ 160		$ 630

Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
Related Party Transactions (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transactions (Details) [Line Items]
Percentage of employees cost			10.00%
Revenues	$ 249,040		$ 249,040
Toray Industries, Inc. [Member]
Related Party Transactions (Details) [Line Items]
Revenues			$ 249,040

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 22
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions (Details) - Schedule of amounts earned and due - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Schedule of amounts earned and due [Abstract]
Income from NanoHybrids included in Other Income	$ 35,040		$ 75,926
Cash receipts from NanoHybrids	18,347		40,886
Amounts receivable from NanoHybrids included in Prepaids and Other Current Assets	$ 35,040		$ 35,040

- Definition

Receivables to be collected from (obligations owed to) related parties, net as of the balance sheet date where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Property and Equipment (Details) - Schedule of property and equipment - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, total	$ 941,699	$ 786,203
Less: accumulated depreciation	(532,629)	(448,837)
Property and equipment, net	409,070	337,366
Construction in process [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, total	$ 5,870	15,078
Furniture, fixtures, and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, depreciable lives	5 years
Property and equipment, total	$ 89,849	24,915
Website [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, depreciable lives	5 years
Property and equipment, total	$ 4,619	4,619
Lab equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, depreciable lives	5 years
Property and equipment, total	$ 798,130	741,591
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 lease arrangements for office and laboratory space	6 Months Ended
	Jun. 30, 2022 USD ($)
Schedule of lease arrangements for office and laboratory space [Abstract]
Weighted average remaining lease term	4 years 1 month 6 days
Weighted average discount rate	7.00%
Operating cash flows from operating leases	$ 71,421

Leases (Details) - Schedule of lease liabilities - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Schedule of lease liabilities [Abstract]
Operating lease right-of-use asset	$ 573,040
Total lease assets	573,040
Current portion of lease liability included in accrued expenses	171,531
Noncurrent lease liabilities	430,116
Total lease liabilities	$ 601,647

Leases (Details) - Schedule of estimated lease payments

Jun. 30, 2022

USD ($)

Schedule of estimated lease payments [Abstract]

2022

$ 93,389

^[1]

164,620

160,804

100,000

100,000

25,000

Total future lease payments

643,813

Less: Imputed interest

42,166

Present value of lease liability

$ 601,647

[1]	Excludes the six months ended June 30, 2022.

Commitments and Contingencies (Details)	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Aggregate amount	$ 600,000

Stock Compensation (Details) - Schedule of non-vested restricted stock awards	6 Months Ended
	Jun. 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
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares
Number of Shares, Outstanding at ending balance \| shares	105,000
Weighted Average Grant Date Fair Value, Outstanding at ending balance \| $ / shares	$ 1.29