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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 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 the years ended December 31, 2022 and 2021 because the effect of their inclusion would have been anti-dilutive. SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES
|  | 2022 |  |  | 2021 |
|  | For the years ended December 31, |
|  | 2022 |  |  | 2021 |
Warrants to purchase shares of common stock |  |  | 655,463 |  |  |  | 195,463 |
Restricted stock units - vested and unissued |  |  | 62,492 |  |  |  | 55,717 |
Restricted stock units - unvested |  |  | 64,053 |  |  |  | 62,013 |
Restricted stock awards - vested and unissued |  |  | 708 |  |  |  | 642 |
Restricted stock awards - unvested |  |  | — |  |  |  | 1,031 |
Investment options to purchase shares of common stock |  |  | 1,070,000 |  |  |  | — |
Options to purchase shares of common stock |  |  | 48,329 |  |  |  | 23,829 |
Total potentially dilutive securities |  |  | 1,901,045 |  |  |  | 338,695 |
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 sheets as of December 31, 2022 and 2021 and indicates the fair value of the valuation inputs the Company utilized to determine such fair value of warrant liabilities, derivative liability, and investment options: SCHEDULE OF FAIR VALUE HIERARCHY OF VALUATION INPUTS ON RECURRING BASIS
|  | Level |  |  | December 31, 2022 |  |  | December 31, 2021 |
|  | Level |  |  | December 31, 2022 |  |  | December 31, 2021 |
Warrant liabilities - January 2021 Warrants |  |  | 3 |  |  | $ | 81 |  |  | $ | 333,471 |
Warrant liabilities - February 2021 Warrants |  |  | 3 |  |  |  | 79 |  |  |  | 320,203 |
Warrant liabilities - February 2022 Warrants |  |  | 3 |  |  |  | 185,055 |  |  |  | — |
Fair value of warrant liability as of December 31, 2022 |  |  |  |  |  | $ | 185,215 |  |  | $ | 653,674 |
Warrant liability - fair value |  |  |  |  |  | $ | 185,215 |  |  | $ | 653,674 |
|  | Level |  |  | December 31, 2022 |  |  | December 31, 2021 |
|  | Level |  |  | December 31, 2022 |  |  | December 31, 2021 |
Derivative liability - May 2022 |  |  | 3 |  |  | $ | 727,000 |  |  | $ | — |
Fair value of derivative liability as of December 31, 2022 |  |  |  |  |  | $ | 727,000 |  |  | $ | — |
Derivative liability - fair value |  |  |  |  |  | $ | 727,000 |  |  | $ | — |
|  | Level |  |  | December 31, 2022 |  |  | December 31, 2021 |
Wainwright investment options |  |  | 3 |  |  | $ | 44,904 |  |  | $ | — |
RD investment options |  |  | 3 |  |  |  | 302,289 |  |  |  | — |
PIPE investment options |  |  | 3 |  |  |  | 503,815 |  |  |  | — |
Fair value of investment option liability as of December 31, 2022 |  |  |  |  |  | $ | 851,008 |  |  | $ | — |
Initial Measurement [Member] |
SCHEDULE OF BLACK SCHOLES VALUATION MODELS OF WARRANT LIABILITIES AND INVESTMENT OPTIONS | 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 AND INVESTMENT OPTIONS
|  | February 2022 Warrants |  |  | February 2022 Post-Modification Warrants (See Note 7) |
|  | February 15, 2022 |  |  | July 26, 2022 |
Term (years) |  |  | 5.0 |  |  |  | 5.5 |
Stock price |  | $ | 15.75 |  |  | $ | 6.33 |
Exercise price |  | $ | 27.50 |  |  | $ | 7.78 |
Dividend yield |  |  | — | % |  |  | — | %
Expected volatility |  |  | 74.1 | % |  |  | 80.0 | %
Risk free interest rate |  |  | 1.9 | % |  |  | 2.9 | %
Number of warrants |  |  | 460,000 |  |  |  | 122,000 |
Value (per share) |  | $ | 8.00 |  |  | $ | 4.07 |
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 | %
ENVERIC BIOSCIENCES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The Company established the initial fair value of its investment options 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 investment options are below:
|  | Wainwright Options |  |  | RD Options |  |  | PIPE Options |
|  | July 26, 2022 |  |  | July 26, 2022 |  |  | July 26, 2022 |
Term (years) |  |  | 5.0 |  |  |  | 5.5 |  |  |  | 5.5 |
Stock price |  | $ | 6.33 |  |  | $ | 6.33 |  |  | $ | 6.33 |
Exercise price |  | $ | 10.00 |  |  | $ | 7.78 |  |  | $ | 7.78 |
Dividend yield |  |  | — | % |  |  | — | % |  |  | — | %
Expected volatility |  |  | 80.0 | % |  |  | 80.0 | % |  |  | 80.0 | %
Risk free interest rate |  |  | 2.9 | % |  |  | 2.9 | % |  |  | 2.9 | %
Number of investment options |  |  | 70,000 |  |  |  | 375,000 |  |  |  | 625,000 |
Value (per share) |  | $ | 3.60 |  |  | $ | 4.07 |  |  | $ | 4.07 |
Subsequent Measurement [Member] |
SCHEDULE OF BLACK SCHOLES VALUATION MODELS OF WARRANT LIABILITIES AND INVESTMENT OPTIONS | The key inputs into the Black Scholes valuation model for the Level 3 valuations of the warrant liabilities as of December 31, 2022 are below: SCHEDULE OF BLACK SCHOLES VALUATION MODELS OF WARRANT LIABILITIES AND INVESTMENT OPTIONS
|  | January 2021 Warrants |  |  | February 2021 Warrants |  |  | February 2022 Warrants |  |  | February 2022 Post-Modification Warrants |
Term (years) |  |  | 3.0 |  |  |  | 3.1 |  |  |  | 4.1 |  |  |  | 5.1 |
Stock price |  | $ | 2.08 |  |  | $ | 2.08 |  |  | $ | 2.08 |  |  | $ | 2.08 |
Exercise price |  | $ | 247.50 |  |  | $ | 245.00 |  |  | $ | 27.50 |  |  | $ | 7.78 |
Dividend yield |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | %
Expected volatility |  |  | 79.0 | % |  |  | 78.0 | % |  |  | 79.0 | % |  |  | 77.0 | %
Risk free interest rate |  |  | 4.20 | % |  |  | 4.20 | % |  |  | 4.10 | % |  |  | 4.00 | %
Number of warrants |  |  | 36,429 |  |  |  | 34,281 |  |  |  | 338,000 |  |  |  | 122,000 |
Value (per share) |  | $ | — |  |  | $ | — |  |  | $ | 0.26 |  |  | $ | 0.81 |
The key inputs into the Weighted Expected Return valuation model for the Level 3 valuations of the derivative liability as of December 31, 2022 are below:
|  | May 2022 Derivative Liability |
Principal |  | $ | 1,000,000 |
Dividend rate |  |  | 5.0 | %
Market rate |  |  | 6.1 | %
The key inputs into the Black Scholes valuation model for the Level 3 valuations of the investment options as of December 31, 2022 are below:
|  | Wainwright Options |  |  | RD Options |  |  | PIPE Options |
Term (years) |  |  | 4.6 |  |  |  | 5.1 |  |  |  | 5.1 |
Stock price |  | $ | 2.08 |  |  | $ | 2.08 |  |  | $ | 2.08 |
Exercise price |  | $ | 10.00 |  |  | $ | 7.78 |  |  | $ | 7.78 |
Dividend yield |  |  | — | % |  |  | — | % |  |  | — | %
Expected volatility |  |  | 78.0 | % |  |  | 77.0 | % |  |  | 77.0 | %
Risk free interest rate |  |  | 4.00 | % |  |  | 4.00 | % |  |  | 4.00 | %
Number of investment options |  |  | 70,000 |  |  |  | 375,000 |  |  |  | 625,000 |
Value (per share) |  | $ | 0.64 |  |  | $ | 0.81 |  |  | $ | 0.81 |
SCHEDULE OF FAIR VALUE OF WARRANT LIABILITIES AND DERIVATIVE LIABILITY AND INVESTMENT OPTIONS | The following table presents the changes in fair value of the warrant liabilities, derivative liability, and investment options that are classified as Level 3: SCHEDULE OF FAIR VALUE OF WARRANT LIABILITIES AND DERIVATIVE LIABILITY AND INVESTMENT OPTIONS
|  | Total Warrant Liabilities |
Fair value as of December 31, 2020 |  | $ | — |
Initial value of warrant liability |  |  | 9,981,000 |
Change in fair value |  |  | (9,327,326 | )
Fair value as of December 31, 2021 |  | $ | 653,674 |
Issuance of February 2022 warrants |  |  | 3,595,420 |
Change in fair value due to modification of February 2022 warrants as part of July 2022 raise |  |  | 251,357 |
Change in fair value |  |  | (4,315,236 | )
Fair value of warrant liability as of December 31, 2022 |  | $ | 185,215 |
|  | Total Derivative Liability |
Fair value as of December 31, 2021 |  | $ | — |
Issuance of May 2022 convertible preferred stock |  |  | 402,000 |
Change in fair value |  |  | 325,000 |
Fair value of derivative liability as of December 31, 2022 |  | $ | 727,000 |
|  | Total Investment Options |
Fair value as of December 31, 2021 |  | $ | — |
Issuance of July 2022 investment options |  |  | 4,323,734 |
Change in fair value |  |  | (3,472,726 | )
Fair value of investment option liability as of December 31, 2022 |  | $ | 851,008 |

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