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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

  

   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):

  

   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

  

   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

  

   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%