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STOCK AWARDS, WARRANTS AND OPTIONS (Tables)
6 Months Ended
Jun. 30, 2024
Warrant [Member]  
Summary of warrant activity

The following table summarizes all warrant activity for the six months ended June 30, 2024:

Weighted Average

    

Warrants

    

Exercise Price

Outstanding at December 31, 2023

 

5,041,403

$

5.61

Granted

Exercised

Outstanding at June 30, 2024

 

5,041,403

$

5.61

Schedule of outstanding warrants

The following table summarizes all outstanding warrants to purchase shares of the Company’s common stock:

Warrants Outstanding

June 30, 

December 31, 

Exercise Price

Expiration

Type

    

Grant Date

    

2024

    

2023

    

per Share

    

Date

Common Warrants

12/19/2019

40,782

 

40,782

$

1.10

12/19/2024

Common Warrants

3/27/2020

65,000

 

65,000

$

1.5313

3/27/2025

Common Warrants

10/3/2023

4,935,621

4,935,621

$

5.70

10/3/2030

5,041,403

5,041,403

Employee Stock Option [Member]  
Schedule of fair value of option using Black-Scholes option

The Company estimates the fair value of each option award using the Black-Scholes option-pricing model. The company used the following assumptions to estimate the fair value of stock options issued during the six months ended June 30, 2024 and 2023:

    

Six months ended June 30, 

 

2024

2023

Expected volatility

 

109 - 119

%  

115 - 121

%

Expected term

 

5 - 7 years

 

5 - 7 years

Dividend yield

 

0

%  

0

%

Risk-free interest rates

 

3.9 - 4.3

%  

3.5 - 3.9

%

Schedule of employee and non-employee stock based compensation expense

Employee and non-employee stock-based compensation expense was as follows:

    

Three months ended June 30, 

Six months ended June 30, 

    

2024

    

2023

    

2024

    

2023

General and administrative

$

1,300,321

$

1,168,262

$

3,578,006

$

2,922,485

Research and development

 

852,472

 

450,450

 

1,840,199

 

891,011

Total

$

2,152,793

$

1,618,712

$

5,418,205

$

3,813,496

Schedule of employee and non-employee stock option

The following is a schedule summarizing employee and non-employee stock option activity for the six months ended June 30, 2024:

Number of

Weighted Average

Aggregate

    

Options

    

Exercise Price

    

Intrinsic Value

Outstanding at December 31, 2023

 

8,227,404

$

3.46

 

Granted

 

2,672,226

 

5.26

 

  

Exercised

 

(69,035)

 

2.15

 

$

207,089

Expired/Cancelled

 

(240,117)

 

5.28

 

  

Outstanding at June 30, 2024

 

10,590,478

$

3.88

$

11,403,226

Exercisable at June 30, 2024

 

5,517,036

$

3.22

$

8,905,722