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STOCKHOLDERS’ EQUITY | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
STOCKHOLDERS’ EQUITY | Note 8 – STOCKHOLDERS’ EQUITY In May 2023, we completed a $4,000,000 registered direct offering of shares of our common stock, pursuant to which an aggregate 20,000,000 shares of our common stock were issued. In addition, we granted the placement agent warrants to purchase 600,000 shares of our common stock. We have used the net proceeds from the offering to repay $2.0 million in outstanding principal of short-term indebtedness and for general corporate purposes. Options We granted stock options vesting solely upon the continued service of the recipient. We recognize the accounting grant date fair value of equity-based awards as compensation expense over the required service period of each award. The following table summarizes stock option activity: SCHEDULE OF STOCK OPTIONS ACTIVITY
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value |
Outstanding at January 1, 2023 |  |  | 36,397,521 |  |  | $ | 2.45 |  |  |  | - |  |  |  | - |
Granted |  |  | 3,636,656 |  |  |  | 0.40 |  |  |  | - |  |  |  | - |
Exercised |  |  | (1,040,817 | ) |  |  | 0.48 |  |  |  | - |  |  |  | - |
Expired or cancelled |  |  | (4,118,830 | ) |  |  | 3.13 |  |  |  | - |  |  |  | - |
Outstanding at June 30, 2023 |  |  | 34,874,530 |  |  | $ | 2.20 |  |  |  | 5.44 |  |  | $ | - |
Exercisable at June 30, 2023 |  |  | 21,316,650 |  |  | $ | 1.76 |  |  |  | 3.68 |  |  | $ | - |
Total compensation expense related to the options was $3,363,719 and $3,572,189 for the three months ended June 30, 2023 and 2022, respectively, and $8,635,778 and $8,179,332 for the six months ended June 30 2023 and 2022, respectively. As of June 30, 2023, there was future compensation expense of $27,068,138 with a weighted average recognition period of 2.35 years related to the options. Warrant Activity Summary The following table summarizes warrant activity: SCHEDULE OF STOCK WARRANT ACTIVITY
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value |
Outstanding at January 1, 2023 |  |  | 144,200 |  |  | $ | 5.00 |  |  |  | 4.06 |  |  | $ | - |
Granted |  |  | 600,000 |  |  |  | 0.25 |  |  |  | 5.00 |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Expired or cancelled |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Outstanding at June 30, 2023 |  |  | 744,200 |  |  | $ | 1.17 |  |  |  | 4.37 |  |  | $ | - |
Exercisable at June 30, 2023 |  |  | 744,200 |  |  | $ | 1.17 |  |  |  | 4.37 |  |  | $ | - |

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