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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
SCHEDULE OF RESTATEMENT OF CONSOLIDATED BALANCE SHEETS

The following tables present the effects of the Restatement on the Company’s consolidated balance sheets as of December 31, 2023 and 2022:

 

   As Previously   Restatement   As 
   December 31, 2023 
   As Previously   Restatement   As 
   Stated   Adjustments   Restated 
             
LIABILITIES AND STOCKHOLDERS’ EQUITY               
Current liabilities               
Derivative liabilities  $-   $1,543,953   $1,543,953 
Total current liabilities  $1,063,392   $1,543,953   $2,607,345 
Total liabilities  $1,063,392   $1,543,953   $2,607,345 
Stockholders’ equity               
Additional paid-in capital  $178,590,256   $(21,901,000)  $156,689,256 
Accumulated deficit  $(167,056,381)  $20,357,047   $(146,699,334)
Total stockholders’ equity  $11,548,328   $(1,543,953)  $10,004,375 
Total liabilities and stockholders’ equity  $12,611,720   $-   $12,611,720 

 

   As Previously   Restatement   As 
   December 31, 2022 
   As Previously   Restatement   As 
   Stated   Adjustments   Restated 
             
LIABILITIES AND STOCKHOLDERS’ EQUITY               
Current liabilities               
Derivative liabilities  $-   $5,541,733   $5,541,733 
Total current liabilities  $440,302   $5,541,733   $5,982,035 
Total liabilities  $602,619   $5,541,733   $6,144,352 
Stockholders’ equity               
Additional paid-in capital  $168,457,418   $(21,901,000)  $146,556,418 
Accumulated deficit  $(152,640,897)  $16,359,267   $(136,281,630)
Total stockholders’ equity  $15,832,072   $(5,541,733)  $10,290,339 
Total liabilities and stockholders’ equity  $16,434,691   $-   $16,434,691 
SCHEDULE OF RESTATEMENT OF CONSOLIDATED STATEMENTS OF OPERATIONS

The following tables present the effects of the Restatement on the Company’s consolidated statements of operations for the years ended December 31, 2023 and 2022:

 

   As Previously   Restatement   As 
   For the Year Ended 
   December 31, 2023 
   As Previously   Restatement   As 
   Stated   Adjustments   Restated 
             
Change in fair value of derivative liabilities  $-   $(3,997,780)  $(3,997,780)
Total other income  $(805,290)  $(3,997,780)  $(4,803,070)
Net (loss) income  $(14,415,484)  $3,997,780   $(10,417,704)
                
Earnings (loss) per share - basic and diluted  $(3.42)  $0.95   $(2.47)

 

   As Previously   Restatement   As 
   For the Year Ended 
   December 31, 2022 
   As Previously   Restatement   As 
   Stated   Adjustments   Restated 
             
Change in fair value of derivative liabilities  $-   $(5,272,473)  $(5,272,473)
Total other income  $(479,256)  $(5,272,473)  $(5,751,729)
Net (loss) income  $(18,494,769)  $5,272,473   $(13,222,296)
                
Loss per share:               
Earnings (loss) per share - basic and diluted  $(5.11)  $1.46   $(3.65)
SCHEDULE OF RESTATEMENT OF CONSOLIDATED STATEMENTS OF CHANGE IN STOCKHOLDERS’ EQUITY

The following tables present the effects of the Restatement on the Company’s consolidated statements of changes in stockholders’ equity for the years ended December 31, 2023 and 2022:

 

                
Balance - December 31, 2023 (as previously reported)  $178,590,256   $(167,056,381)  $11,548,328 
                
Adjustment due to cumulative error correction   (21,901,000)   16,359,267    (5,541,733)
                
Change in fair value of derivative liability   -    3,997,780    3,997,780 
                
Balance - December 31, 2023 (as restated)  $156,689,256   $(146,699,334)  $10,004,375 

 

Balance - December 31, 2022 (as previously reported)  $168,457,418   $(152,640,897)  $15,832,072 
                
Adjustment due to cumulative error correction   (21,901,000)   11,086,794    (10,814,206)
                
Change in fair value of derivative liability   -    5,272,473    5,272,473 
                
Balance - December 31, 2022 (as restated)  $146,556,418   $(136,281,630)  $10,290,339 
SCHEDULE OF RESTATEMENT OF CONSOLIDATED STATEMENT OF CASH FLOWS

The following tables present the effects of the Restatement on the Company’s consolidated statements of cash flows for the years ended December 31, 2023 and 2022:

 

   As Previously   Restatement   As 
   December 31, 2023 
   As Previously   Restatement   As 
   Stated   Adjustments   Restated 
             
Cash Flows From Operating Activities:               
Net (loss) income  $(14,415,484)  $3,997,780   $(10,417,704)
Adjustments to reconcile net (loss) income to net cash used in operating activities:               
Change in fair value of derivative liability  $-   $(3,997,780)  $(3,997,780)
Net Cash Used In Operating Activities  $(6,430,211)  $-   $(6,430,211)

 

   As Previously   Restatement   As 
   December 31, 2022 
   As Previously   Restatement   As 
   Stated   Adjustments   Restated 
             
Cash Flows From Operating Activities:               
Net (loss) income  $(18,494,769)  $5,272,473   $(13,222,296)
Adjustments to reconcile net (loss) income to net cash used in operating activities:               
Change in fair value of derivative liability  $-   $(5,272,473)  $(5,272,473)
Net Cash Used In Operating Activities  $(5,913,100)  $-   $(5,913,100)
SCHEDULE OF WEIGHTED AVERAGE DILUTIVE COMMON SHARES

The following table summarizes the securities that were excluded from the diluted per share calculation because the effect of including these potential shares was antidilutive due to the Company’s net loss position even though the exercise price could be less than the average market price of the common shares:

 

   For the Years Ended 
   December 31, 
   2023   2022 
Stock options   1,466,892    864,639 
Warrants   4,791,019    4,791,082 
Unvested RSUs   97,827    201,870 
Convertible Preferred Stock   1,398,158    1,518,158 
 Total   7,753,896    7,375,749