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OTHER ASSETS | 9 Months Ended
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Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
OTHER ASSETS | NOTE 9 – OTHER ASSETS On April 9, 2020, pursuant to a licensing agreement entered into in March 2020, the Company received 10-year warrants to purchase 127,000 shares of Sanuwave Health, Inc. (“Sanuwave”) at a price of $0.19 per share. On September 12, 2024, the licensing agreement was terminated, and the warrants were returned to Sanuwave upon the execution of the termination agreement. The fair value for warrants received was estimated at the date of grant and at each reporting period using a Black-Scholes-Merton pricing model with the following underlying assumptions: SCHEDULE OF WARRANTS ASSUMPTIONS
|  | September 30, 2024 |  |  | September 30, 2023 |
Price at valuation |  | $ | 0.03 |  |  | $ | 0.02 |
Exercise price |  | $ | 0.19 |  |  | $ | 0.19 |
Risk free interest |  |  | 3.67 | % |  |  | 4.61 | %
Expected term (in years) |  |  | 6 |  |  |  | 7 |
Volatility |  |  | 128.6 | % |  |  | 147.8 | %
The Company considered this to be Level 3 inputs which are valued at each reporting period. As of September 12, 2024, the company terminated the licensing agreement with Sanuwave and recognized $3,000 in gain/loss of termination of investment, offset by change in fair value through the date of termination of $1,000. For the three and nine months ended September 30, 2023, changes in the fair value of these warrants amounted to $(1,000) for both periods, leaving a balance of $2,000 as of September 30, 2023. Financial Instruments Measured at Fair Value on a Recurring Basis The fair value accounting standards define fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is determined based upon assumptions that market participants would use in pricing an asset or liability. Fair value measurements are rated on a three-tier hierarchy as follows:
● | Level 1 inputs: Quoted prices (unadjusted) for identical assets or liabilities in active markets;
● | Level 2 inputs: Inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly; and
● | Level 3 inputs: Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.
There were no transfers between Level 3 during the nine months ended September 30, 2024, and 2023. The following table presents changes in Level 3 asset and liability measured at fair value for the quarters ended September 30, 2024 and 2023: SCHEDULE OF CHANGES IN LEVEL 3 AND LIABILITY MEASURED AT FAIR VALUE
|  | Asset |
Balance – December 31, 2022 |  | $ | 3,000 |
Fair value adjustments – Sanuwave warrants |  |  | 2,000 |
Balance – March 31, 2023 |  | $ | 5,000 |
Fair Value adjustments – Sanuwave warrants |  |  | (2,000 | )
Balance – September 30, 2023 |  |  | 3,000 |
Fair Value adjustments – Sanuwave warrants |  |  | (1,000 | )
Balance – September 30, 2023 |  |  | 2,000 |
Balance – December 31, 2023 |  |  | 1,000 |
Fair value adjustments – Sanuwave warrants |  |  | 1,000 |
Balance – March 31, 2024 |  | $ | 2,000 |
Fair Value adjustments – Sanuwave warrants |  |  | - |
Balance – June 30, 2024 |  |  | 2,000 |
Fair Value adjustments – Sanuwave warrants |  |  | (2,000 | )
Balance – September 30, 2024 |  |  | - |
The following table sets forth the Company’s assets and liabilities which are measured at fair value on a recurring basis by level within the fair value hierarchy: SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE
|  |  | Level I |  |  |  | Level II |  |  |  | Level III |  |  |  | Total |
|  | Fair Value Measurements as of September 30, 2024 |
|  |  | Level I |  |  |  | Level II |  |  |  | Level III |  |  |  | Total |
Asset: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
|  |  | Level I |  |  |  | Level II |  |  |  | Level III |  |  |  | Total |
|  | Fair Value Measurements as of September 30, 2023 |
|  |  | Level I |  |  |  | Level II |  |  |  | Level III |  |  |  | Total |
Asset: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | - |  |  | $ | - |  |  | $ | 2,000 |  |  | $ | 2,000 |

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- Definition The entire disclosure for other assets. This disclosure includes other current assets and other noncurrent assets. + References No definition available. + Details
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