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WARRANT LIABILITIES (Tables)
12 Months Ended
Dec. 31, 2023
Warrant Liabilities  
SCHEDULE OF WARRANTS ACTIVITY

The following table summarizes the activity in liability classified warrants for the year ended December 31, 2023:

 

   Common Stock Warrants 
   Shares  

Weighted– Average

Exercise

Price

  

Range of

Exercise

Price

  

Weighted–Average

Remaining

Life (Years)

 
Total outstanding – December 31, 2022   3,849,571   $1.53    $1.32 - $1.65    3.9 
Exercised                
Forfeited   (2,751,976)   1.53         
Expired   (1,097,595)   1.32    1.32     
Granted   455,623    0.73    0.73    0.49 
Total outstanding – December 31, 2023   455,623   $0.73   $0.73    0.49 
Exercisable   455,623   $0.73   $0.73    0.49 

 

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, 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 
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, 2023:

 

   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, 2022  $   $   $3,622,647   $3,622,647 
Exercises                
Fair value of warrant reclassified from liabilities to equity           (1,626,694)   (1,626,694)
Loss on debt extinguishment           94,116    94,116 
Gain on change in fair value of warrant liabilities           (2,035,469)   (2,035,469)
Balance as of December 31, 2023  $   $   $54,600   $54,600 
SCHEDULE OF ASSUMPTIONS OF WARRANT LIABILITIES

The following are the assumptions used in, and 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, 2023 and December 31, 2022:

 

   December 31, 2023   December 31, 2022
   Actual   Range  Weighted Average 
Risk-free interest rate   5.13%  3.906% — 4.628%   4.15%
Expected volatility (peer group)   68.9%  88% — 103%   98%
Term of warrants (in years)   0.49   .905.48   3.9 
Expected dividend yield   0.00%  0.00%   0.00%