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SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2022
Equity [Abstract] |
SCHEDULE OF STOCK OPTION | A summary of activity under the Company’s incentive plan for the years ended December 31, 2022 and 2021 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, 2020 |  |  | 18,596 |  |  | $ | 76.50 |  |  | $ | 125.00 |  |  |  | 6.1 |  |  | $ | 2,537,245 |
Granted |  |  | 2,482 |  |  | $ | 149.00 |  |  | $ | 116.00 |  |  |  | — |  |  | $ | — |
Options assumed pursuant to acquisition of MagicMed |  |  | 19,477 |  |  | $ | 67.00 |  |  | $ | 92.00 |  |  |  | — |  |  | $ | — |
Exercised |  |  | (2,876 | ) |  | $ | 11.50 |  |  | $ | 284.50 |  |  |  | — |  |  | $ | — |
Expired, forfeited, or cancelled |  |  | (13,850 | ) |  | $ | 84.50 |  |  | $ | 81.00 |  |  |  | — |  |  | $ | — |
Outstanding at December 31, 2021 |  |  | 23,829 |  |  | $ | 79.00 |  |  | $ | 103.50 |  |  |  | 5.3 |  |  | $ | 34,333 |
Granted |  |  | 25,500 |  |  | $ | 3.07 |  |  | $ | 2.58 |  |  |  | — |  |  |  | — |
Forfeited |  |  | (1,000 | ) |  | $ | 175.00 |  |  | $ | 140.50 |  |  |  | — |  |  |  | — |
Outstanding at December 31, 2022 |  |  | 48,329 |  |  | $ | 37.05 |  |  | $ | 44.82 |  |  |  | 4.1 |  |  | $ | — |
Exercisable at December 31, 2022 |  |  | 20,774 |  |  | $ | 74.65 |  |  | $ | 100.49 |  |  |  | 3.7 |  |  | $ | — |
SCHEDULE OF STOCK OPTION ASSUMPTION | Options granted during the years ended December 31, 2022 and 2021 were valued using the Black Scholes model with the following assumptions: SCHEDULE OF STOCK OPTION ASSUMPTION
|  | December 31, 2022 |  |  | December 31, 2021 |
Term (years) |  |  | 5.5 |  |  |  | 2.5 - 7.0 |
Stock price |  | $ | 3.07 |  |  |  | $102.00 - $175.00 |
Exercise price |  | $ | 3.07 |  |  |  | $102.00 - $175.00 |
Dividend yield |  |  | — | % |  |  | — | %
Expected volatility |  |  | 112 | % |  |  | 76% - 79 | %
Risk free interest rate |  |  | 3.9 | % |  |  | 1.1% - 1.6 | %
SCHEDULE OF RESTRICTED COMMON STOCK AND AWARDS ACTIVITY | The Company’s activity in restricted common stock was as follows for the years ended December 31, 2022 and 2021: SCHEDULE OF RESTRICTED COMMON STOCK AND AWARDS ACTIVITY
|  | Number of shares |  |  | Weighted average fair value |
Non-vested at December 31, 2020 |  |  | — |  |  | $ | — |
Granted |  |  | 2,516 |  |  | $ | 178.50 |
Vested |  |  | (1,485 | ) |  | $ | 204.50 |
Non-vested at December 31, 2021 |  |  | 1,031 |  |  | $ | 141.50 |
Forfeited |  |  | (700 | ) |  | $ | 146.50 |
Vested |  |  | (331 | ) |  | $ | 130.40 |
Non-vested at December 31, 2022 |  |  | — |  |  | $ | — |
SCHEDULE OF RESTRICTED STOCK UNITS AND AWARDS ACTIVITY | The Company’s activity in restricted stock units was as follows for the year ended December 31, 2022: SCHEDULE OF RESTRICTED STOCK UNITS AND AWARDS ACTIVITY
|  | Number of shares |  |  | Weighted average fair value |
Non-vested at December 31, 2020 |  |  | — |  |  | $ | — |
Granted |  |  | 125,169 |  |  | $ | 172.00 |
Forfeited |  |  | (7,439 | ) |  | $ | 152.00 |
Vested |  |  | (55,717 | ) |  | $ | 226.00 |
Non-vested at December 31, 2021 |  |  | 62,013 |  |  | $ | 126.00 |
Granted |  |  | 37,445 |  |  | $ | 33.50 |
Forfeited |  |  | (26,772 | ) |  | $ | 79.64 |
Vested |  |  | (8,633 | ) |  | $ | 130.55 |
Non-vested at December 31, 2022 |  |  | 64,053 |  |  | $ | 92.57 |
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
|  | 2022 |  |  | 2021 |
|  | Year ended December 31, |
Stock-based compensation for RSUs |  | 2022 |  |  | 2021 |
General and administrative |  | $ | 1,389,359 |  |  | $ | 11,463,870 |
Research and development |  |  | 1,026,907 |  |  |  | 840,644 |
Total |  | $ | 2,416,266 |  |  | $ | 12,304,514 |
SCHEDULE OF WARRANTS OUTSTANDING | The following table summarizes information about shares issuable under warrants outstanding at December 31, 2022 and 2021: SCHEDULE OF WARRANTS OUTSTANDING
|  | Warrant shares outstanding |  |  | Weighted average exercise price |  |  | Weighted average remaining life |  |  | Intrinsic value |
Outstanding at December 31, 2020 |  |  | 74,617 |  |  | $ | 102.50 |  |  |  | 5.2 |  |  | $ | 8,923,797 |
Issued |  |  | 82,923 |  |  | $ | 210.00 |  |  |  | — |  |  | $ | — |
Assumed pursuant to acquisition of MagicMed |  |  | 118,274 |  |  | $ | 65.50 |  |  |  | — |  |  | $ | — |
Exercised |  |  | (64,988 | ) |  | $ | 50.50 |  |  |  | — |  |  | $ | — |
Exchanged for common stock |  |  | (15,363 | ) |  | $ | 232.50 |  |  |  | — |  |  | $ | — |
Outstanding at December 31, 2021 |  |  | 195,463 |  |  | $ | 131.00 |  |  |  | 3.4 |  |  | $ | 801,024 |
Issued |  |  | 1,227,500 |  |  | $ | 10.31 |  |  |  | — |  |  | $ | — |
Exercised |  |  | (767,500 | ) |  | $ | — |  |  |  | — |  |  | $ | — |
Exchanged for common stock |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Outstanding at December 31, 2022 |  |  | 655,463 |  |  | $ | 58.36 |  |  |  | 3.6 |  |  | $ | 5,514 |
Exercisable at December 31, 2022 |  |  | 655,463 |  |  | $ | 58.36 |  |  |  | 3.6 |  |  | $ | 5,514 |
SCHEDULE OF WARRANTS AND INVESTMENT OPTIONS | The following table summarizes information about investment options outstanding at December 31, 2022 (there were no investment options issued for the year ended December 31, 2021): SCHEDULE OF WARRANTS AND INVESTMENT OPTIONS
|  | Investment options outstanding |  |  | Weighted average exercise price |  |  | Weighted average remaining life |  |  | Intrinsic value |
Outstanding at January 1, 2022 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Issued |  |  | 1,070,000 |  |  | $ | 7.93 |  |  |  | — |  |  |  | — |
Outstanding at December 31, 2022 |  |  | 1,070,000 |  |  | $ | 7.93 |  |  |  | 5.1 |  |  | $ | — |
Exercisable at December 31, 2022 |  |  | 1,070,000 |  |  | $ | 7.93 |  |  |  | 5.1 |  |  | $ | — |

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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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