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COMMON STOCK PURCHASE WARRANTS (Tables) | 12 Months Ended
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Dec. 31, 2022
Common Stock Purchase Warrants |
SCHEDULE OF WARRANT MODIFICATION | SCHEDULE OF WARRANT MODIFICATION
|  | Original terms at August 19, 2021 |  |  | Modified terms at August 19, 2021 |
Volatility - range |  |  | 109.3 | % |  |  | 104.7 | %
Risk-free rate |  |  | 0.78 | % |  |  | 0.78 | %
Dividend |  |  | 0 | % |  |  | 0 | %
Remaining contractual term |  |  | 4.5 years |  |  |  | 5.1 years |
Exercise price |  | $ | 65.00 |  |  | $ | 65.00 |
Common stock issuable under the warrants |  |  | 715,000 |  |  |  | 715,000 |
|  | Terms at August 23, 2022 |
Volatility - range |  |  | 103.7 | %
Risk-free rate |  |  | 3.17 - 3.36 | %
Dividend |  |  | 0 | %
Remaining contractual term |  |  | 3.4 - 4.1 years |
Exercise price |  | $ | 65.00 |
Common stock issuable under the warrants |  |  | 1,215,000 |
SUMMARY OF WARRANT ACTIVITY | The following table summarizes information about shares issuable under warrants outstanding during the years ended December 31, 2022 and 2021: SUMMARY OF WARRANT ACTIVITY
|  | Warrants |  |  | Weighted average exercise price |
Vested Balance, January 1, 2021 |  |  | 169,418 |  |  | $ | 124.80 |
Granted |  |  | 2,127,500 |  |  |  | 62.20 |
Exercised |  |  | (912,500 | ) |  |  | (58.40 | )
Cancelled |  |  | (83,988 | ) |  |  | (188.40 | )
Vested Balance, December 31, 2021 |  |  | 1,300,430 |  |  | $ | 64.80 |
|  | Warrants |  |  | Weighted average exercise price |
Vested Balance, January 1, 2022 |  |  | 1,300,430 |  |  | $ | 64.80 |
Granted |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |
Forfeited/cancelled |  |  | (1,232,971 | ) |  |  | (65.08 | )
Vested Balance, December 31, 2022 |  |  | 67,459 |  |  | $ | 60.26 |
SUMMARY OF RANGE OF EXERCISE PRICES AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF WARRANTS | The following table summarizes the range of exercise prices and weighted average remaining contractual life for outstanding and exercisable warrants to purchase shares of common stock as of December 31, 2022: SUMMARY OF RANGE OF EXERCISE PRICES AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF WARRANTS
|  |  | Outstanding and exercisable warrants |
Exercise price |  |  | Number of warrants |  |  | Weighted average remaining contractual life |
$ | 52.00 |  |  |  | 23,286 |  |  |  | 0.6 years |
$ | 60.00 |  |  |  | 15,840 |  |  |  | 0.3 years |
$ | 67.20 |  |  |  | 28,333 |  |  |  | 0.2 years |
|  |  |  |  | 67,459 |  |  |  | 0.3 years |

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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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