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CAPITAL STOCK (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
SCHEDULE OF STOCK OPTION ACTIVITY

The following table summarizes common stock options activity: The following table summarizes common stock options activity:

 

   Options  

Weighted Average

Exercise Price

 
December 31, 2021   -   $- 
Granted   1,250,000    1.10 
Exercised   -    - 
Expired   -    - 
Outstanding, December 31, 2022   1,250,000   $1.10 
Exercisable, December 31, 2022   133,333   $1.10 
Outstanding, December 31, 2023   1,250,000   $1.10 
           
Granted   1,400,000   $0.40 
Exercised   -    - 
Expired   -    - 
Outstanding, December 31, 2023   2,650,000   $0.73 
Exercisable, December 31, 2023   1,812,500   $0.73 

 

 

The weighted average exercise prices, remaining lives for options granted, and exercisable as of December 31, 2023 were as follows:

 

    Outstanding Options       Exercisable Options 

Options

Exercise

Price Per Share

   Shares  

Life

(Years)

  

Weighted

Average

Exercise Price

   Shares  

Weighted

Average

Exercise Price

 
$1.10    1,400,000    4.28   $1.10    562,500   $1.10 
$0.32    1,250,000    5.00   $0.32    1,250,000   $0.32 
SCHEDULE OF FAIR VALUE ASSUMPTIONS

 

Fair Value of Common Stock on measurement date  $1.00 – 0.32 
Risk free interest rate   3.83% - 3.30%
Volatility   232.05% 92.54%
Dividend Yield   0%
Expected Term   6.0 - 3.5 

 

  (1) The risk-free interest rate was determined by management using the market yield on U.S. Treasury securities with comparable terms as of the measurement date.
  (2) The trading volatility was determined by calculating the volatility of the Company’s peer group.
  (3) The Company does not expect to pay a dividend in the foreseeable future
  (4) The Company, in accordance with staff accounting bulletin (“SAB”)14-D.2, used the simplified method (plain vanilla) to determine the overall expected term
SCHEDULE OF WARRANT ACTIVITY

The following table summarizes common stock warrants activity:

 

   Warrants  

Weighted

Average

Exercise Price

 
Outstanding, December 31, 2021   -   $- 
Granted   2,210,070    1.00 
Exercised   -    - 
Expired   -    - 
Cancelled   (210,070)   1.00 
Outstanding, December 31, 2022   2,000,000    1.00 
Exercisable, December 31, 2022   2,000,000   $1.00 
           
Granted   367,500    1.22 
Exercised   (1,024,500)   1.00 
Expired   -    - 
Cancelled   -    - 
Outstanding, December 31, 2023   1,343,000    1.43 
Exercisable, December 31, 2023   1,343,000   $1.43 

 

 

The weighted average exercise prices, remaining lives for warrants granted, and exercisable as of December 31, 2023, were as follows:

 

    Outstanding and Vested Warrants 

Weighted Average Warrant

Exercise Price Per Share

   Shares   Life (Years) 
$1.43    1,343,000    2.07 
Warrant [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
SCHEDULE OF FAIR VALUE ASSUMPTIONS

 

Fair Value of Common Stock on measurement date  $0.37 - $0.97 
Risk-free interest rate   From 2.95% to 4.00%
Volatility   From 81.92% to 169.22%
Dividend Yield   0%
Expected Term   5 years 

 

  (1) The risk-free interest rate was determined by management using the market yield on U.S. Treasury securities with comparable terms as of the measurement date.
  (2) The trading volatility was determined by calculating the volatility of the Company’s peer group.
  (3) The Company does not expect to pay a dividend in the foreseeable future.