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COMMON STOCK PURCHASE WARRANTS (Tables)
9 Months Ended
Sep. 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   September 30, 2023
assumptions
 
Volatility - range   106.0%   105.7%
Risk-free rate   3.36%   4.60%
Dividend   0%   0%
Remaining contractual term   5.0 years    4.5 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 nine months ended September 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   (67,459)   (60.26)
Vested Balance, September 30, 2023   1,125,000   $6.50 
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 September 30, 2023:

 

        Outstanding and exercisable warrants  
  Exercise price       Number of
warrants
     

Weighted average

remaining contractual life

 
$ 5.50       375,000       4.5 years  
$ 6.50       375,000       4.5 years  
$ 7.50       375,000       4.5 years  
                     
          1,125,000       4.5 years