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COMMON STOCK PURCHASE WARRANTS (Tables)
6 Months Ended
Jun. 30, 2023
Common Stock Purchase Warrants  
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  
  

    Issuance date assumptions     June 30, 2023 assumptions  
Volatility - range     106.0 %     106.2 %
Risk-free rate     3.36 %     4.13 %
Dividend     0 %     0 %
Remaining contractual term     5.0 years       4.8 years  
Exercise price   $ 5.50 - 7.50     $ 5.50 - 7.50  
Common stock issuable under the warrants     1,125,000       1,125,000  

 
SUMMARY OF WARRANT ACTIVITY

The following table summarizes information about shares issuable under warrants outstanding during the six months ended June 30, 2023:

 

   Warrants  

Weighted

average

exercise price

 
Vested Balance, January 1, 2023   67,459   $60.26 
Granted   1,125,000    6.50 
Exercised        
Forfeited/cancelled   (44,173)   (64.62)
Vested Balance, June 30, 2023   1,148,286   $7.42 
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 June 30, 2023:

 

     Outstanding and exercisable warrants 
 Exercise price    Number of
warrants
    

Weighted average

remaining contractual life

 
$52.00    23,286    0.1 years 
$5.50    375,000    4.8 years 
$6.50    375,000    4.8 years 
$7.50    375,000    4.8 years 
             
      1,148,286    4.7 years