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COMMON STOCK PURCHASE WARRANTS (Tables)

6 Months Ended

Jun. 30, 2024

Common Stock Purchase Warrants

SCHEDULE OF WARRANT MODIFICATION

SCHEDULE OF WARRANT MODIFICATION 

		Issuance date assumptions				June 30, 2024 assumptions
Volatility - range			106.0	%		$	105.0	%
Risk-free rate			3.36	%			4.33	%
Dividend			0	%			0	%
Remaining contractual term			5.0 years				3.8 years
Exercise price			5.50 – 7.50				5.50 – 7.50
Common stock issuable under the warrants			1,125,000				1,125,000

 

		Issuance date assumptions				June 30, 2024 assumptions
Volatility - range			72.1 - 101.1	%			72.5 - 101.1	%
Risk-free rate			4.25 - 5.46	%			4.33 - 5.47	%
Dividend			0	%			0	%
Remaining contractual term			0.1 - 5.0 years				0.1 - 5.0 years
Exercise price		$	2.51			$	2.51
Common stock issuable under the warrants			1,768,227				1,768,227

 

SCHEDULE OF WARRANT ACTIVITY

The following table summarizes information about shares issuable under warrants outstanding during the six months ended June 30, 2024:

 SCHEDULE OF WARRANT ACTIVITY   

		Warrants				Weighted average exercise price
Vested Balance, December 31, 2023			1,125,000			$	6.50
Granted			1,768,227				2.51
Exercised			—				—
Forfeited/cancelled			—				—
Vested Balance, June 30, 2024			2,893,227			$	4.06

SCHEDULE 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, 2024:

SCHEDULE 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				3.8 years
$	6.50				375,000				3.8 years
$	7.50				375,000				3.8 years
$	2.51				1,768,227				3.41 years
					2,893,227				3.6 years

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Schedule of range of exercise prices and weighted average remaining contractual life of warrants [TableTextBlock]

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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
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-1

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