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WARRANT LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2022
Warrant Liabilities  
SCHEDULE OF WARRANTS ACTIVITY

The following table summarizes the activity in liability classified warrants for the year ended December 31, 2022:

 

   Common Stock Warrants 
   Shares   Weighted–
Average
Exercise
Price		   Range of Exercise
Price		   Weighted–
Average
Remaining Life (Years)		 
Total outstanding – December 31, 2021   248,162   $7.20   $7.20    2.00 
Exercised   (536)   7.20           
Forfeited   (247,625)   7.20           
Expired   —    —           
Granted   3,849,570    1.53           
Total outstanding – December 31, 2022   3,849,571   $1.53    1.32 - 1.65    3.9 
Exercisable   1,349,571   $1.32   $1.32    1.00 

 

The following table summarizes the activity in the Common Stock Warrants received in exchange for the Series C Warrants for the year ended December 31, 2021:

 

   Common Stock Warrants 
   Shares   Weighted– Average
Exercise
Price		   Range of Exercise
Price		   Weighted–
Average
Remaining
Life (Years)		 
Total outstanding –December 31, 2020   337,860   $7.20           
Exercised   (80,731)   7.20           
Forfeited   (8,967)   7.20           
Expired   —    —           
Granted   —    —           
Total outstanding – December 31, 2021   248,162   $7.20           
Exercisable   248,162   $7.20   $7.20    2.00 
SCHEDULE OF FAIR VALUE HIERARCHY FOR WARRANT LIABILITIES

The following table presents the Company’s fair value hierarchy for its Common Stock Warrant liabilities measured at fair value on a recurring basis as of December 31, 2022:

 

   Quoted             
   Market   Significant         
   Prices for   Other   Significant     
   Identical   Observable   Unobservable     
   Assets   Inputs   Inputs     
Common Stock Warrant liabilities  (Level 1)   (Level 2)   (Level 3)   Total 
Balance as of December 31, 2021  $—   $—   $1,686,200   $1,686,200 
Exercises   —    —    (858)   (858)
Issuance of Alpha warrants   —    —    2,834,547    2,834,547 
Gain on change in fair value of warrant liabilities   —    —    (897,242)   (897,242)
Balance as of December 31, 2022  $—   $—   $3,622,647   $3,622,647 

 

The following table presents the Company’s fair value hierarchy for its Common Stock Warrant liabilities (all of which arose under the warrants received in exchange for the Series C Warrants) measured at fair value on a recurring basis as of December 31, 2021:

 

   Quoted             
   Market   Significant         
   Prices for   Other   Significant     
   Identical   Observable   Unobservable     
   Assets   Inputs   Inputs     
Common Stock Warrant liabilities  (Level 1)   (Level 2)   (Level 3)   Total 
Balance as of December 31, 2020  $—   $—   $8,310,100   $8,310,100 
Exercises   —    —    (1,900,713)   (1,900,713)
Gain on change in fair value of warrant liabilities   —    —    (4,723,187)   (4,723,187)
Balance as of December 31, 2021  $—   $—   $1,686,200   $1,686,200 
SCHEDULE OF ASSUMPTIONS OF WARRANT LIABILITIES

The following are the weighted average and the range of assumptions used in estimating the fair value of warrant liabilities (weighted average calculated based on the number of outstanding warrants on each issuance) as of December 31, 2022 and December 31, 2021:

 

   December 31, 2022   December 31, 2021 
   Range   Weighted
Average		   Range   Weighted
Average		 
                 
Risk-free interest rate   3.906% — 4.628 %   4.15%   0.69% — 0.84 %   0.72%
Expected volatility (peer group)   88% — 103%   98%   84% — 87%   85%
Term of warrants (in years)   .90 — 5.48    3.9    1.90 — 2.50    2.01 
Expected dividend yield   0.00%   0.00%   0.00%   0.00%