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AMALGAMATION WITH MAGICMED INDUSTRIES INC (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
SCHEDULE OF BUSINESS ACQUISITIONS | The following table represents the purchase price: SCHEDULE OF BUSINESS ACQUISITIONS
Stock (199,025 common shares issued) |  | $ | 27,067,310 |
Fair value of warrants |  |  | 10,724,578 |
Fair value of options |  |  | 1,250,394 |
Total Purchase Price |  | $ | 39,042,282 |
SCHEDULE OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED | The following table summarizes the purchase price allocations relating to the Acquisition: SCHEDULE OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED
Description |  | Fair Value |
Assets acquired: |  |  |  |
Cash |  | $ | 3,055,328 |
Prepaid expenses and other current assets |  |  | 471,202 |
Government remittances recoverable |  |  | 25,606 |
Property and equipment |  |  | 118,935 |
Right-of-use lease assets |  |  | 201,653 |
Other assets |  |  | 10,155 |
In process research and development |  |  | 18,900,000 |
Psybrary and patent applications |  |  | 16,600,000 |
Goodwill |  |  | 9,834,855 |
Total assets acquired |  | $ | 49,217,734 |
Liabilities assumed: |  |  |  |
Accounts payable |  | $ | 828,865 |
Accrued expenses and other liabilities |  |  | 83,007 |
Right-of-use lease liabilities |  |  | 201,653 |
Deferred tax liabilities |  |  | 9,061,927 |
Total liabilities assumed |  |  | 10,175,452 |
Estimated fair value of net assets acquired attributable to the Company |  | $ | 39,042,282 |
SCHEDULE OF PROFORMA INFORMATION | SCHEDULE OF PROFORMA INFORMATION
|  | For the year ended December 31, |
|  | 2021 |
Revenues |  | $ | — |
Net loss |  | $ | (54,127,203 | )

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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