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FAIR VALUE MEASUREMENT | 9 Months Ended
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Sep. 30, 2024
Investments, All Other Investments [Abstract] |
FAIR VALUE MEASUREMENT | NOTE 6 – FAIR VALUE MEASUREMENT On February 8, 2024, in connection with the Warrant Exercise and Issuance, the Company estimated the aggregate fair value of the Existing Warrants (see Note 4 - Stockholders’ Equity for details) to be $1,115,334 using the Black-Scholes option pricing model (Level 3 inputs). The following table shows the detail of the valuation assumptions used: SCHEDULE OF FAIR VALUE VALUATION ASSUMPTIONS
|  | February 8, 2024 |
Risk free interest rate |  |  | 4.20 - 4.28% |
Expected term (years) |  |  | 2.75 - 2.76 |
Expected volatility |  |  | 102% |
Expected dividends |  |  | 0.00% |
On February 8, 2024, the Company estimated the aggregate issuance date fair value of the warrant liability related to the New Warrants (see Note 4 - Stockholders’ Equity for details) as $2,189,420 using the Black-Scholes option pricing model (Level 3 inputs). The following table shows the detail of the valuation assumptions used:
|  | February 8, 2024 |
Risk free interest rate |  |  | 4.12% |
Expected term (years) |  |  | 5.00 |
Expected volatility |  |  | 101% |
Expected dividends |  |  | 0.00% |
On September 30, 2024, the Company estimated the aggregate fair value of warrants that are accounted for as warrant liabilities to be $3,455,505 using the Black-Scholes option price model (Level 3 inputs) and, accordingly, recognized a loss on the change in fair value of these warrant liabilities of $837,466 during the nine months ended September 30, 2024. The following table shows the detail of the valuation assumptions used:
|  | September 30, 2024 |
Risk free interest rate |  |  | 3.58%-3.64% |
Expected term (years) |  |  | 2.11 - 4.36 |
Expected volatility |  |  | 99% - 109% |
Expected dividends |  |  | 0.00% |
The following table sets forth a summary of the changes in the fair value of Level 3 liabilities that are measured at fair value on a recurring basis during the nine months ended September 30, 2024: SCHEDULE OF FAIR VALUE MEASURED ON RECURRING BASIS
Balance, January 1, 2024 (as restated) |  | $ | 1,543,953 |
Issuance of warrants |  |  | 2,189,420 |
Exercise of warrants |  |  | (1,115,334 | )
Change in fair value of warrant liability |  |  | 837,466 |
Balance, September 30, 2024 |  | $ | 3,455,505 |
Assets and liabilities measured at fair value on a recurring basis are as follows: SCHEDULE OF FAIR VALUE RECURRING BASIS
|  | Fair value measurements at reporting date using: |
|  | Quoted prices in active markets for identical liabilities (Level 1) |  |  | Significant other observable inputs (Level 2) |  |  | Significant unobservable inputs (Level 3) |  |  | Total Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities as of September 30, 2024 |  | $ | 11,598,417 |  |  | $ | - |  |  | $ | - |  |  | $ | 11,598,417 |
Marketable securities as of December 31, 2023 |  | $ | 10,181,618 |  |  | $ | - |  |  | $ | - |  |  | $ | 10,181,618 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities as of September 30, 2024 |  | $ | - |  |  | $ | - |  |  | $ | 3,455,505 |  |  | $ | 3,455,505 |
Warrant liabilities as of December 31, 2023 (as restated) |  | $ | - |  |  | $ | - |  |  | $ | 1,543,953 |  |  | $ | 1,543,953 |

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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- References No definition available. + Details
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