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STOCKHOLDERS’ DEFICIT | 12 Months Ended
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Dec. 31, 2022
Equity [Abstract] |
STOCKHOLDERS’ DEFICIT | NOTE 6 - STOCKHOLDERS’ DEFICIT Common Stock During the years ended December 31, 2022, the Company issued 18,911 shares of common stock for the conversion of notes and interest. (See Note 5). Stock-Based Compensation The Company adopted an Employee, Director and Consultant Stock Plan on June 17, 2016 (the “2016 Plan”). Pursuant to the 2016 Plan, the Company’s Compensation Committee may grant awards to any employee, officer, director, consultant, advisor or other individual service provider of the Company or any subsidiary. Due to an annual “evergreen” provision in the 2016 Plan, the number of shares reserved for future grants was increased by 184,260 and 142,457 in 2022 and 2021, respectively. As a result of these increases, as of December 31, 2022 and December 31, 2021, the aggregate number of shares of common stock available for awards under the 2016 Plan was 1,543,872 shares and 1,359,612 shares, respectively. Options issued under the 2016 Plan are exercisable for up to ten years from the date of issuance. There were 1,357,466 options outstanding as of December 31, 2022. The fair value of each stock option granted during the year ended December 31, 2022 was estimated using the Black-Scholes assumptions and or factors as follows: SCHEDULE OF SHARE-BASED PAYMENT AWARD, STOCK OPTIONS, VALUATION ASSUMPTIONS
Exercise price |  | $ | 4.84 |
Expected dividend yield |  |  | 0 | %
Risk free interest rate |  |  | 1.73 | %
Expected life in years |  |  | 10 |
Expected volatility |  |  | 146 | %
There were 1,380,216 options outstanding as of December 31, 2021. The fair value of each stock option granted was estimated using the Black-Scholes assumptions and or factors as follows:
Exercise price |  | $ | 7.84-22.40 |
Expected dividend yield |  |  | 0 | %
Risk free interest rate |  |  | 0.81%-1.58 | %
Expected life in years |  |  | 5-10 |
Expected volatility |  |  | 147%-158 | %
The following is an analysis of the stock option grant activity under the Plan: SCHEDULE OF SHARE-BASED COMPENSATION, STOCK OPTIONS, ACTIVITY
|  |  |  |  | Weighted Average |  |  | Weighted Average |
|  | Number |  |  | Exercise Price |  |  | Remaining Life |
Stock Options |  |  |  |  |  |  |  |  |  |  |  |
Outstanding December 31, 2020 |  |  | 1,399,466 |  |  | $ | 5.88 |  |  |  | 6.48 |
Granted |  |  | 145,750 |  |  | $ | 19.08 |  |  |  | 9.12 |
Expired |  |  | (72,500 | ) |  | $ | 4.00 |  |  |  | - |
Exercised |  |  | (92,500 | ) |  | $ | 5.92 |  |  |  | - |
Outstanding December 31, 2021 |  |  | 1,380,216 |  |  | $ | 7.36 |  |  |  | 6.32 |
Granted |  |  | 12,500 |  |  | $ | 4.84 |  |  |  | 9.02 |
Expired |  |  | (35,250 | ) |  | $ | 6.09 |  |  |  | - |
Exercised |  |  | - |  |  | $ | - |  |  |  | - |
Outstanding December 31, 2022 |  |  | 1,357,466 |  |  | $ | 7.39 |  |  |  | 5.41 |
A summary of the status of the Company’s nonvested options as of December 31, 2022, and changes during the years ended December 31, 2022 and 2021, is presented below: SCHEDULE OF SHARE-BASED COMPENSATION NONVESTED SHARES
Nonvested Options |  | Options |  |  | Weighted-Average Exercise Price |
Nonvested at December 31, 2020 |  |  | 215,708 |  |  | $ | 7.00 |
Granted |  |  | 145,750 |  |  | $ | 19.08 |
Vested |  |  | 158,875 |  |  | $ | 12.28 |
Forfeited |  |  | - |  |  | $ | - |
Nonvested at December 31, 2021 |  |  | 202,583 |  |  | $ | 12.32 |
Granted |  |  | 12,500 |  |  | $ | 4.84 |
Vested |  |  | (96,896 | ) |  | $ | 10.44 |
Forfeited |  |  | - |  |  | $ | - |
Nonvested at December 31, 2022 |  |  | 118,187 |  |  | $ | 13.07 |
As of December 31, 2022, the Company had 1,357,466 shares issuable under options outstanding at a weighted average exercise price of $7.39 and an intrinsic value of $0. The total number of options granted during the years ended December 31, 2022 and 2021 was 12,500 and 145,750, respectively. The exercise price for these options ranges from $4.84 to $22.40 per share. The Company recognized compensation expense related to options issued of $844,248 and $1,518,756 for the years ended December 31, 2022 and 2021, respectively, in which $747,830 and $1,513,835 is included in general and administrative expenses and $96,418 and $4,921 in research and development expenses, respectively. For the years ended December 31, 2022 and 2021, $182,748 and $769,479 of the stock compensation was related to employees and $661,500 and $749,277 was related to non-employees, respectively. As of December 31, 2022, the unamortized stock option expense was $1,342,673 with $8,566 being related to employees and $1,334,107 being related to non-employees. As of December 31, 2022, the weighted average period for the unamortized stock compensation to be recognized is 3.37 years. On January 6, 2022, the Company issued a total of 12,500 options to purchase shares of the Company’s common stock to a consultant. These options had a grant date fair value of $68,614. These options have an exercise price of $4.84, a term of 10 years, and vest over four years. Warrants: A summary of warrant issuances are as follows: SUMMARY OF WARRANT ISSUANCES
|  |  |  |  | Weighted Average |  |  | Weighted Average |
|  | Number |  |  | Exercise Price |  |  | Remaining Life |
Warrants |  |  |  |  |  |  |  |  |  |  |  |
Outstanding December 31, 2020 |  |  | 1,001,765 |  |  |  | 4.24 |  |  |  | 1.86 |
Granted |  |  | 914,250 |  |  |  | 19.92 |  |  |  | 4.83 |
Expired |  |  | (37,562 | ) |  |  | 5.00 |  |  |  | - |
Exercised |  |  | (345,295 | ) |  |  | 4.52 |  |  |  | - |
Outstanding December 31, 2021 |  |  | 1,533,158 |  |  | $ | 13.52 |  |  |  | 3.15 |
Granted |  |  | 4,000 |  |  |  | 5.00 |  |  |  | 4.02 |
Expired |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |
Outstanding December 31, 2022 |  |  | 1,537,158 |  |  | $ | 13.49 |  |  |  | 2.15 |
As of December 31, 2022, the Company had 1,537,158 shares issuable under warrants outstanding at a weighted average exercise price of $13.49 and an intrinsic value of $0. The Company recognized compensation expense related to warrants issued of $20,433 and $0 during the years ended December 31, 2022 and 2021, respectively. On January 6, 2022, the Company cancelled 4,000 options and replaced them with 4,000 warrants with a 5-year term and an exercise price of $5.00.

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