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COMMON STOCK PURCHASE WARRANTS (Tables)
3 Months Ended
Mar. 31, 2024
Common Stock Purchase Warrants  
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   5.507.50    5.507.50 
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 three months ended March 31, 2024 and 2023:

  

   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 
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 March 31, 2024:

 

    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