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STOCK OPTIONS AND WARRANTS (Tables)

3 Months Ended

Mar. 31, 2023

SCHEDULE OF STOCK OPTIONS

SCHEDULE OF STOCK OPTIONS

		2023
		Shares				Price ⁽¹⁾				Term ⁽²⁾

Outstanding, beginning of year			3,619			$	2.89				3.3
Granted			-				-
Forfeited			(500	)			-
Exercised			-				-

Outstanding, at March 31			3,119	⁽³⁾			3.10				4.4

Exercisable, at March 31			1,758	⁽⁴⁾			3.42				3.9

⁽¹⁾	Represents the weighted average exercise price.

⁽²⁾	Represents the weighted average remaining contractual term until the stock options expire.

⁽³⁾	As of March 31, 2023, the aggregate intrinsic value of stock options outstanding was $0.

⁽⁴⁾	As of March 31, 2023, the aggregate intrinsic value of exercisable stock options was $0.

SCHEDULE OF WARRANT OUTSTANDING

The following table sets forth activity with respect to the Company’s warrants to purchase Common Stock for the three months ended March 31, 2023 (shares in thousands):

SCHEDULE OF WARRANT OUTSTANDING

		2023
		Shares				Price ⁽¹⁾				Term ⁽²⁾

Outstanding, beginning of year			3,616			$	5.80				2.5
Grants of warrants:
Consultants for services			2,100	⁽³⁾
Private placement			11,333	⁽⁴⁾
Exercised			(4,667	)⁽⁵⁾
Forfeited			(10	)
Outstanding, December 31			12,372	⁽⁶⁾			2.40				6.4

Exercisable, December 31			10,537	⁽⁷⁾			2.53				4.4

⁽¹⁾	Represents the weighted average exercise price.

⁽²⁾	Represents the weighted average remaining contractual term until the warrants expire.

⁽³⁾	In February 2023, the Company granted warrants to consultants in exchange for business development, investor relations and product development. Warrants issued in February 2023 provide for the purchase of an aggregate of 2,100,000 shares of common stock at an exercise price of $0.91 and $0.61 per share with a fair value of approximately $1.3 million which will be recognized upon the achievement of performance metrics and milestones. For the three months ended March 31, 2023, the Company recognized expense of $0.5 million.

⁽⁴⁾	In January 2023, the Company granted warrants in connection with a private placement consisting of pre-funded warrants to purchase up to an aggregate of 4,666,667 shares of common stock at an exercise price of $0.0001 per share, and warrants to purchase up to an aggregate of 6,666,667 shares of common stock at an exercise price of $1.20 per share with a fair value of approximately $14.5 million which was recognized as warrant liability at the time of issuance.

⁽⁵⁾	In March 2023, the Company issued an aggregate of 4,666,667 shares of common stock from the exercise of warrants previously issued in January 2023.

⁽⁶⁾	As of March 31, 2023, the aggregate intrinsic value of warrants outstanding was $0.

⁽⁷⁾	As of March 31, 2023, the aggregate intrinsic value of warrants exercisable was $0.

Warrant [Member]

SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE

		2023

Measurement date closing price of Common Stock ⁽¹⁾		$	0.73
Contractual term (years) ⁽²⁾			5.0
Risk-free interest rate			3.7	%
Volatility			100	%
Dividend yield			0	%

	⁽¹⁾	Weighted average grant price.

	⁽²⁾	The valuation of warrants is based on the contractual term of the warrant rather than the expected term.