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COMMON STOCK PURCHASE WARRANTS | 3 Months Ended
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Mar. 31, 2024
Common Stock Purchase Warrants |
COMMON STOCK PURCHASE WARRANTS | NOTE 14. COMMON STOCK PURCHASE WARRANTS 2023 Purchase Warrants On April 5, 2023, the Company issued warrants to purchase a total of 1,125,000 shares of Common Stock. The warrant terms provide for net cash settlement outside the control of the Company under certain circumstances. As such, the Company is required to treat these warrants as derivative liabilities which are valued at their estimated fair value at their issuance date and at each reporting date with any subsequent changes reported in the consolidated statements of operations as the change in fair value of warrant derivative liabilities. Furthermore, the Company re-values the fair value of warrant derivative liability as of the date the warrant is exercised with the resulting warrant derivative liability transitioned to change in fair value of warrant derivative liabilities through the consolidated statement of operations. The Company has utilized the following assumptions in its Black-Scholes option valuation model to calculate the estimated fair value of the warrant derivative liabilities as of their date of issuance and as of March 31, 2024: SCHEDULE OF WARRANT MODIFICATION
|  | Issuance date assumptions |  |  | March 31, 2024 assumptions |
Volatility - range |  |  | 106.0 | % |  | $ | 108.5 | %
Risk-free rate |  |  | 3.36 | % |  |  | 4.21 | %
Dividend |  |  | 0 | % |  |  | 0 | %
Remaining contractual term |  |  | 5.0 years |  |  |  | 4.0 years |
Exercise price |  |  | 5.50 – 7.50 |  |  |  | 5.50 – 7.50 |
Common stock issuable under the warrants |  |  | 1,125,000 |  |  |  | 1,125,000 |
The following table summarizes information about shares issuable under warrants outstanding during the three months ended March 31, 2024 and 2023: SUMMARY OF WARRANT ACTIVITY
|  | Warrants |  |  | Weighted average exercise price |
Vested Balance, December 31, 2023 |  |  | 1,125,000 |  |  | $ | 6.50 |
Granted |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |
Forfeited/cancelled |  |  | — |  |  |  | — |
Vested Balance, March 31, 2024 |  |  | 1,125,000 |  |  | $ | 6.50 |
The total intrinsic value of all outstanding warrants aggregated $-0- as of March 31, 2024 and 2023, and the weighted average remaining term was 48.2 months as of March 31, 2024, respectively. 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 March 31, 2024: 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
$ | 5.50 |  |  |  | 375,000 |  |  | 4.0 years
$ | 6.50 |  |  |  | 375,000 |  |  | 4.0 years
$ | 7.50 |  |  |  | 375,000 |  |  | 4.0 years
|  |  |  |  | 1,125,000 |  |  | 4.0 years

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