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FAIR VALUE | 12 Months Ended
--- | ---
Dec. 31, 2024
Fair Value Disclosures [Abstract] |
FAIR VALUE | NOTE 11. FAIR VALUE The following table provides the financial liabilities measured on a recurring basis and reported at fair value on the balance sheet as of December 31, 2024 and 2023, and indicates the fair value of the valuation inputs the Company utilized to determine such fair value of warrant liabilities and investment options: SCHEDULE OF FAIR VALUE HIERARCHY OF VALUATION INPUTS ON RECURRING BASIS
|  | Level |  | December 31, 2024 |  |  | December 31, 2023 |
Warrant liabilities - January 2021 Warrants |  | 3 |  | $ | — |  |  | $ | 4 |
Warrant liabilities - February 2021 Warrants |  | 3 |  |  | — |  |  |  | 4 |
Warrant liabilities - February 2022 Warrants |  | 3 |  |  | 1,100 |  |  |  | 25,462 |
Fair value of warrant liability |  |  |  | $ | 1,100 |  |  | $ | 25,470 |
|  | Level |  | December 31, 2024 |  |  | December 31, 2023 |
Wainwright investment options |  | 3 |  | $ | 1,988 |  |  | $ | 23,608 |
Fair value of investment option liability |  |  |  | $ | 1,988 |  |  | $ | 23,608 |
The warrant liabilities and investment options are all classified as Level 3, for which there is no current market for these securities such as the determination of fair value requires significant judgment or estimation. Changes in fair value measurement categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded within other income (expense) on the consolidated statements of operations and comprehensive loss ENVERIC BIOSCIENCES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Subsequent measurement 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, 2022 |  | $ | 185,215 |
Exercise of warrants |  |  | (65,349 | )
Change in fair value |  |  | (94,396 | )
Fair value as of December 31, 2023 |  | $ | 25,470 |
Change in fair value |  |  | (24,370 | )
Fair value as of December 31, 2024 |  | $ | 1,100 |
|  | Total Derivative Liability |
Fair value as of December 31, 2022 |  | $ | 727,000 |
Change in fair value arising from redemption of Akos Series A Preferred Stock - See Note 9 |  |  | (727,000 | )
Redemption of Series A Preferred Stock |  |  | — |
Fair value as of December 31, 2023 |  | $ | — |
There was no activity related to the derivative liability during the year ended December 31, 2024.
|  | Total Investment Options |
Fair value as of December 31, 2022 |  | $ | 851,008 |
Change in fair value |  |  | (208,752 | )
Exercise of investment options |  |  | (618,648 | )
Fair value of investment option liability as of December 31, 2023 |  | $ | 23,608 |
Change in fair value |  |  | (21,620 | )
Fair value of investment option liability as of December 31, 2024 |  | $ | 1,988 |
The key inputs into the Black Scholes valuation model for the Level 3 valuations of the warrant liabilities as of December 31, 2024 are below: SCHEDULE OF BLACK SCHOLES VALUATION MODELS OF WARRANT LIABILITIES AND INVESTMENT OPTIONS
|  | January 2021 Warrants |  |  | February 2021 Warrants |  |  | February 2022 Warrants |
Term (years) |  |  | 1.0 |  |  |  | 1.1 |  |  |  | 2.1 |
Stock price |  | $ | 5.38 |  |  | $ | 5.38 |  |  | $ | 5.38 |
Exercise price |  | $ | 3,712.50 |  |  | $ | 3,675.00 |  |  | $ | 412.50 |
Dividend yield |  |  | — | % |  |  | — | % |  |  | — | %
Expected volatility |  |  | 90.0 | % |  |  | 90.0 | % |  |  | 106.0 | %
Risk free interest rate |  |  | 4.20 | % |  |  | 4.20 | % |  |  | 4.30 | %
Number of warrants |  |  | 2,429 |  |  |  | 2,286 |  |  |  | 22,534 |
Value (per share) |  | $ | — |  |  | $ | — |  |  | $ | 0.003 |
ENVERIC BIOSCIENCES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The key inputs into the Black Scholes valuation model for the Level 3 valuations of the warrant liabilities as of December 31, 2023 are below:
|  | January 2021 Warrants |  |  | February 2021 Warrants |  |  | February 2022 Warrants Unmodified |
Term (years) |  |  | 2.0 |  |  |  | 2.1 |  |  |  | 3.1 |
Stock price |  | $ | 19.50 |  |  | $ | 19.50 |  |  | $ | 19.50 |
Exercise price |  | $ | 3,712.50 |  |  | $ | 3,675.00 |  |  | $ | 412.50 |
Dividend yield |  |  | — | % |  |  | — | % |  |  | — | %
Expected volatility |  |  | 89.0 | % |  |  | 88.0 | % |  |  | 87.0 | %
Risk free interest rate |  |  | 4.20 | % |  |  | 4.20 | % |  |  | 4.00 | %
Number of warrants |  |  | 2,429 |  |  |  | 2,286 |  |  |  | 22,534 |
Value (per share) |  | $ | 0.00 |  |  | $ | 0.00 |  |  | $ | 1.20 |
The key inputs into the Black Scholes valuation model for the Level 3 valuations of the investment options as of December 31, 2024 are below:
|  | H.C. Wainwright & Co., LLC Options |
Term (years) |  |  | 2.6 |
Stock price |  | $ | 5.38 |
Exercise price |  | $ | 150.00 |
Dividend yield |  |  | — | %
Expected volatility |  |  | 108.0 | %
Risk free interest rate |  |  | 4.30 | %
Number of investment options |  |  | 4,667 |
Value (per share) |  | $ | 0.03 |
The key inputs into the Black Scholes valuation model for the Level 3 valuations of the investment options as of December 31, 2023 are below:
|  | H.C. Wainwright & Co., LLC Options |
Term (years) |  |  | 3.6 |
Stock price |  | $ | 19.50 |
Exercise price |  | $ | 150.00 |
Dividend yield |  |  | — | %
Expected volatility |  |  | 94.0 | %
Risk free interest rate |  |  | 4.0 | %
Number of investment options |  |  | 4,667 |
Value (per share) |  | $ | 5.10 |
ENVERIC BIOSCIENCES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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