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SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
SCHEDULE OF STOCK OPTION | A summary of activity under the Company’s incentive plan for the nine months ended September 30, 2022 is presented below: SCHEDULE OF STOCK OPTION
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Grant Date Fair Value |  |  | Weighted Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2021 |  |  | 23,829 |  |  | $ | 79.00 |  |  | $ | 103.50 |  |  |  | 5.3 |  |  | $ | 34,333 |
Forfeited |  |  | (1,000 | ) |  | $ | 175.00 |  |  | $ | 140.50 |  |  |  | — |  |  |  | — |
Outstanding at September 30, 2022 |  |  | 22,829 |  |  | $ | 75.00 |  |  | $ | 101.50 |  |  |  | 4.3 |  |  | $ | — |
Exercisable at September 30, 2022 |  |  | 19,690 |  |  | $ | 74.93 |  |  | $ | 101.00 |  |  |  | 3.8 |  |  | $ | — |
SCHEDULE OF RESTRICTED STOCK UNITS AND AWARDS ACTIVITY | The Company’s activity in restricted common stock was as follows for the nine months ended September 30, 2022: SCHEDULE OF RESTRICTED STOCK UNITS AND AWARDS ACTIVITY
|  | Number of shares |  |  | Weighted average fair value |
Non-vested at December 31, 2021 |  |  | 1,031 |  |  | $ | 141.50 |
Forfeited |  |  | (700 | ) |  | $ | 146.50 |
Vested |  |  | (331 | ) |  | $ | 130.40 |
Non-vested at September 30, 2022 |  |  | — |  |  | $ | — |
SCHEDULE OF STOCK-BASED COMPENSATION FOR RESTRICTED STOCK UNITS | The following table summarizes the Company’s recognition of stock-based compensation for restricted stock units for the following periods: SCHEDULE OF STOCK-BASED COMPENSATION FOR RESTRICTED STOCK UNITS
Stock-based compensation for RSU |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
Stock-based compensation for RSU |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
General and administrative |  | $ | 357,756 |  |  | $ | 315,929 |  |  | $ | 1,138,080 |  |  | $ | 4,592,748 |
Research and development |  |  | 232,434 |  |  |  | 118,474 |  |  |  | 794,473 |  |  |  | 118,474 |
Total |  | $ | 590,190 |  |  | $ | 434,403 |  |  | $ | 1,932,553 |  |  | $ | 4,711,222 |
SCHEDULE OF WARRANTS AND INVESTMENT OPTIONS | The following table summarizes information about shares issuable under warrants outstanding at September 30, 2022: SCHEDULE OF WARRANTS AND INVESTMENT OPTIONS
|  | Warrant shares outstanding |  |  | Weighted average exercise price |  |  | Weighted average remaining life |  |  | Intrinsic value |
Outstanding at December 31, 2021 |  |  | 195,463 |  |  | $ | 131.00 |  |  |  | 3.4 |  |  | $ | 801,024 |
Issued |  |  | 1,227,500 |  |  | $ | 10.31 |  |  |  |  |  |  | $ | — |
Exercised |  |  | (767,500 | ) |  | $ | — |  |  |  | — |  |  | $ | — |
Outstanding at September 30, 2022 |  |  | 655,463 |  |  | $ | 58.36 |  |  |  | 3.8 |  |  | $ | 5,514 |
Exercisable at September 30, 2022 |  |  | 655,463 |  |  | $ | 58.36 |  |  |  | 3.8 |  |  | $ | 5,514 |
The warrants assumed pursuant to the acquisition of MagicMed contain certain down round features, which were not triggered by the February 2022 public offering or the July 2022 public offering, that would require adjustment to the exercise price upon certain events when the offering price is less than the stated exercise price. The following table summarizes information about investment options outstanding at September 30, 2022:
|  | Investment options outstanding |  |  | Weighted average exercise price |  |  | Weighted average remaining life |  |  | Intrinsic value |
Outstanding at January 1, 2021 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Issued |  |  | 1,070,000 |  |  | $ | 7.93 |  |  |  | 5.5 |  |  |  | — |
Outstanding at September 30, 2021 |  |  | 1,070,000 |  |  | $ | 7.93 |  |  |  | 5.3 |  |  | $ | — |
Exercisable at September 30, 2021 |  |  | 1,070,000 |  |  | $ | 7.93 |  |  |  | 5.3 |  |  | $ | — |
Restricted Stock Units (RSUs) [Member] |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
SCHEDULE OF RESTRICTED STOCK UNITS AND AWARDS ACTIVITY | The Company’s activity in restricted stock units was as follows for the nine months ended September 30, 2022: SCHEDULE OF RESTRICTED STOCK UNITS AND AWARDS ACTIVITY
|  | Number of shares |  |  | Weighted average fair value |
Non-vested at December 31, 2021 |  |  | 62,013 |  |  | $ | 126.00 |
Granted |  |  | 37,445 |  |  | $ | 33.50 |
Forfeited |  |  | (26,772 | ) |  | $ | 79.64 |
Vested |  |  | (7,569 | ) |  | $ | 140.60 |
Non-vested at September 30, 2022 |  |  | 65,117 |  |  | $ | 92.02 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 + Details
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