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WARRANTS | 12 Months Ended
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Dec. 31, 2024
Guarantees and Product Warranties [Abstract] |
WARRANTS | 18. WARRANTS A summary of warrant activity for the years ended December 31, 2024 and 2023 is presented below.
Schedule of warrants |  |  |  |  |  |  |  |  |  |  |  |
|  | Warrants |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life (Years) |
Outstanding at January 1, 2023 |  |  | 52 |  |  | $ | 589,255 |  |  |  | 3.9 |
Granted |  |  | 405,042 |  |  |  | 124.25 |  |  |  | 5.0 |
Forfeited |  |  | - |  |  |  | - |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |
Outstanding at December 31, 2023 |  |  | 405,094 |  |  |  | 178.50 |  |  |  | 4.7 |
Granted |  |  | 71,794 |  |  |  | 118.39 |  |  |  | 5.0 |
Forfeited |  |  | - |  |  |  | - |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |
Outstanding at December 31, 2024 |  |  | 476,888 |  |  | $ | 162.68 |  |  |  | 3.9 |
The following table summarizes information about common stock warrants outstanding at December 31, 2024:
Schedule of common stock warrants outstanding |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding |  |  | Exercisable |
|  |  |  | Weighted |  |  |  |  |  |  |  |  |
|  |  |  | Average |  | Weighted |  |  |  |  |  | Weighted |
|  |  |  | Remaining |  | Average |  |  |  |  |  | Average |
Exercise |  | Number |  | Contractual |  | Exercise |  |  | Number |  |  | Exercise |
Price |  | Outstanding |  | Life (Years) |  | Price |  |  | Exercisable |  |  | Price |
$118.39 |  | 422,337 |  | 4.0 |  | $ | 118.39 |  |  |  | 422,337 |  |  | $ | 118.39 |
$160.74 |  | 54,498 |  | 3.8 |  | $ | 160.74 |  |  |  | 54,498 |  |  | $ | 160.74 |
$118,125 - $656,250 |  | 53 |  | 1.9 |  | $ | 355,118 |  |  |  | 53 |  |  | $ | 355,118 |
$118.39 - $656,250 |  | 476,888 |  | 3.9 |  | $ | 162.68 |  |  |  | 476,888 |  |  | $ | 162.68 |
Warrant Issuances During 2024 During the year ended December 31, 2024, the Company issued warrants to purchase 0.1 million shares of Class A common stock at a weighted average exercise price of $118.39 per share, subject to adjustment, in connection with the issuance of Series C convertible preferred stock (the “Series C Preferred Stock”) to a related party (see Note 29). Warrant Issuances During 2023 During the year ended December 31, 2023, the Company issued warrants to purchase 0.4 million shares of Class A common stock at a weighted average exercise price of $124.08 per share, subject to adjustment, in connection with the issuance of a senior secured convertible promissory note, related party (see Note 26) and Series C Preferred Stock to a related party (see Note 29). The Company has valued the warrants issued at their date of grant utilizing the Black-Scholes option pricing model. This model is dependent upon several variables such as the warrants’ remaining contractual term, exercise price, current stock price, risk-free interest rate and estimated volatility of the Company’s stock over the contractual term of the warrants. The risk-free interest rate used in the calculations is based on the implied yield available on U.S. Treasury issues with an equivalent term approximating the contractual life of the warrants. The Company utilized a variety of pricing models and the weighted average assumptions used during the years ended December 31, 2024 and 2023 were as follows:
Schedule of weighted average assumptions |  |  |  |  |  |  |  |
|  | December 31, 2024 |  |  | December 31, 2023 |
Exercise price |  | $ | 118.39 |  |  | $ | 124.08 |
Contractual term in years |  |  | 5.0 |  |  |  | 5.0 |
Volatility |  |  | 153 | % |  |  | 168 | %
Dividend yield |  |  | 0 | % |  |  | 0 | %
Risk-free interest rate |  |  | 4.2 | % |  |  | 4.0 | %

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- Definition The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a)(4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482425/460-10-50-4 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a)(5) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482425/460-10-50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482425/460-10-50-4 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482425/460-10-50-4 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482425/460-10-50-4 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482425/460-10-50-4 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/460/tableOfContent Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (b)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482425/460-10-50-4 + Details
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