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STOCK OPTIONS AND WARRANTS (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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 |  |  | 318 |  |  |  | - |  |  |  |  |
Forfeited |  |  | (500 | ) |  |  | - |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |
Outstanding, at June 30 |  |  | 3,437 | (3) |  |  | 2.85 |  |  |  | 4.1 |
Exercisable, at June 30 |  |  | 1,821 | (4) |  |  | 3.32 |  |  |  | 3.6 |
(1) | Represents the weighted average exercise price.
(2) | Represents the weighted average remaining contractual term until the stock options expire.
(3) | As of June 30, 2023, the aggregate intrinsic value of stock options outstanding was $0.1 million.
(4) | As of June 30, 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 six months ended June 30, 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 |  |  | 2,138 | (3) |  |  |  |  |  |  |  |
Private placement |  |  | 11,333 | (4) |  |  |  |  |  |  |  |
Exercised |  |  | (4,667 | )(5) |  |  |  |  |  |  |  |
Forfeited |  |  | (10 | ) |  |  |  |  |  |  |  |
Outstanding, June 30 |  |  | 12,410 | (6) |  |  | 2.40 |  |  |  | 6.0 |
Exercisable, June 30 |  |  | 10,638 | (7) |  |  | 2.51 |  |  |  | 4.2 |
(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, product development and distribution. 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. In June 2023, the Company granted warrants to consultants in exchange for services. Warrants issued in June 2023 provide for the purchase of an aggregate of 37,500 shares of common stock at an exercise price of $0.41 per share at a fair value of approximately $0.1 million which will be recognized upon the achievement of performance metrics and milestones. For the six months ended June 30, 2023, the Company recognized expense of $0.8 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 June 30, 2023, the aggregate intrinsic value of warrants outstanding was $0.
(7) | As of June 30, 2023, the aggregate intrinsic value of warrants exercisable was $0.25 million.
Warrant [Member] |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE | 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 |  |  | 3.9 | %
Volatility |  |  | 102 | %
Dividend yield |  |  | 0 | %
| (1) | Weighted average grant price.
| (2) | The valuation of warrants is based on the expected term.
Share-Based Payment Arrangement, Option [Member] |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE | SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE
|  | 2023 |
Grant date closing price of Common Stock |  | $ | 0.41 |
Expected term (years) |  |  | 3.5 |
Risk-free interest rate |  |  | 3.8 | %
Volatility |  |  | 102 | %
Dividend yield |  |  | 0 | %

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1 + Details
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- Definition Line items represent financial concepts included in a table. 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