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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jun. 30, 2022
SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES | Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share for the three and six months ended June 30, 2022 and 2021 because the effect of their inclusion would have been anti-dilutive. SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES
|  | For the three and six months ended June 30, 2022 |  |  | For the three and six months ended June 30, 2021 |
Warrants to purchase shares of common stock |  |  | 655,463 |  |  |  | 91,073 |
Restricted stock units - vested and unissued |  |  | 56,071 |  |  |  | — |
Restricted stock units - unvested |  |  | 94,550 |  |  |  | 51,930 |
Restricted stock awards - vested and unissued |  |  | 909 |  |  |  | — |
Restricted stock awards - unvested |  |  | 65 |  |  |  | 266 |
Options to purchase shares of common stock |  |  | 22,829 |  |  |  | 4,512 |
Total potentially dilutive securities |  |  | 829,887 |  |  |  | 147,781 |
SCHEDULE OF FAIR VALUE HIERARCHY OF VALUATION INPUTS ON RECURRING BASIS | The following table provides the financial liabilities measured on a recurring basis and reported at fair value on the balance sheet as of June 30, 2022 and indicates the fair value of the valuation inputs the Company utilized to determine such fair value of warrant liabilities and the derivative liability: SCHEDULE OF FAIR VALUE HIERARCHY OF VALUATION INPUTS ON RECURRING BASIS
|  | Level |  |  | June 30, 2022 |  |  | December 31, 2021 |
Warrant liabilities - January 2021 Warrants |  |  | 3 |  |  | $ | 15,138 |  |  | $ | 333,471 |
Warrant liabilities - February 2021 Warrants |  |  | 3 |  |  |  | 14,970 |  |  |  | 320,203 |
Warrant liabilities - February 2022 Warrants |  |  | 3 |  |  |  | 1,973,095 |  |  |  | — |
Fair value as of June 30, 2022 |  |  |  |  |  | $ | 2,003,203 |  |  | $ | 653,674 |
Warrant liabilities - fair value |  |  |  |  |  | $ | 2,003,203 |  |  | $ | 653,674 |
|  | Level |  |  | June 30, 2022 |  |  | December 31, 2021 |
Derivative liability - May 2022 |  |  | 3 |  |  | $ | 455,000 |  |  | $ | — |
Fair value as of June 30, 2022 |  |  |  |  |  | $ | 455,000 |  |  | $ | — |
Derivative liability - fair value |  |  |  |  |  | $ | 455,000 |  |  | $ | — |
SCHEDULE OF FAIR VALUE OF WARRANT LIABILITIES AND DERIVATIVE LIABILITY | The following table presents the changes in fair value of the warrant liabilities and derivative liability: SCHEDULE OF FAIR VALUE OF WARRANT LIABILITIES AND DERIVATIVE LIABILITY
|  | Total Warrant Liabilities |
Fair value as of December 31, 2021 |  | $ | 653,674 |
Issuance of February 2022 warrants |  |  | 3,595,420 |
Change in fair value |  |  | (2,245,891 | )
Fair value as of June 30, 2022 |  | $ | 2,003,203 |
|  | Total Derivative Liability |
Fair value as of December 31, 2021 |  | $ | — |
Issuance of May 2022 convertible preferred stock |  |  | 402,000 |
Change in fair value |  |  | 53,000 |
Fair value as of June 30, 2022 |  | $ | 455,000 |
Initial Measurement [Member] |
SCHEDULE OF BLACK SCHOLES VALUATION MODELS OF WARRANT LIABILITIES | The Company established the initial fair value of its warrant liabilities at the respective dates of issuance. The Company used a Black Scholes valuation model in order to determine their value. The key inputs into the Black Scholes valuation model for the initial valuations of the warrant liabilities are below: SCHEDULE OF BLACK SCHOLES VALUATION MODELS OF WARRANT LIABILITIES
|  | February 2022 Warrants |
|  | February 15, 2022 |
Term (years) |  |  | 5.0 |
Stock price |  | $ | 15.75 |
Exercise price |  | $ | 27.50 |
Dividend yield |  |  | — | %
Expected volatility |  |  | 74.1 | %
Risk free interest rate |  |  | 1.9 | %
Number of warrants |  |  | 460,000 |
Value (per share) |  | $ | 8.00 |
The Company established the initial fair value of its derivative liability at the respective date of issuance. The Company used a Weighted Expected Return valuation model in order to determine their value. The key inputs into the Weighted Expected Return valuation model for the initial valuations of the warrant liabilities are below:
|  | May 2022 Derivative Liability |
|  | May 5, 2022 |
Principal |  | $ | 1,000,000 |
Dividend rate |  |  | 5.0 | %
Market rate |  |  | 4.4 | %
Subsequent Measurement [Member] |
SCHEDULE OF BLACK SCHOLES VALUATION MODELS OF WARRANT LIABILITIES | SCHEDULE OF BLACK SCHOLES VALUATION MODELS OF WARRANT LIABILITIES
|  | January 2021 Warrants |  |  | February 2021 Warrants |  |  | February 2022 Warrants |
Term (years) |  |  | 3.5 |  |  |  | 3.6 |  |  |  | 4.6 |
Stock price |  | $ | 10.70 |  |  | $ | 10.70 |  |  | $ | 10.70 |
Exercise price |  | $ | 247.50 |  |  | $ | 245.00 |  |  | $ | 27.50 |
Dividend yield |  |  | — | % |  |  | — | % |  |  | — | %
Expected volatility |  |  | 78.2 | % |  |  | 77.7 | % |  |  | 74.3 | %
Risk free interest rate |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.01 | %
Number of warrants |  |  | 36,429 |  |  |  | 34,281 |  |  |  | 460,000 |
Value (per share) |  | $ | 0.42 |  |  | $ | 0.44 |  |  | $ | 4.29 |
The key inputs into the Weighted Expected Return valuation model for the Level 3 valuations of the derivative liability as of June 30, 2022 are below:
|  | May 2022 Derivative Liability |
Principal |  | $ | 1,000,000 |
Dividend rate |  |  | 5.0 | %
Market rate |  |  | 6.8 | %

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