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COMMON STOCK PURCHASE WARRANTS (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2024 | Dec. 31, 2023
Common Stock Purchase Warrants |  |
SCHEDULE OF WARRANT MODIFICATION | SCHEDULE OF WARRANT MODIFICATION
|  | Issuance date assumptions |  |  | September 30, 2024 assumptions |
Volatility - range |  |  | 106.0 | % |  |  | 106.6 | %
Risk-free rate |  |  | 3.36 | % |  |  | 3.58 | %
Dividend |  |  | 0 | % |  |  | 0 | %
Remaining contractual term |  |  | 5.0 years |  |  |  | 3.5 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 |  |  | September 30, 2024 assumptions |
Volatility - range |  |  | 72.1 - 101.1% |  |  |  | 106.6 | %
Risk-free rate |  |  | 4.25 - 5.46% |  |  |  | 3.58 | %
Dividend |  |  | 0 | % |  |  | 0 | %
Remaining contractual term |  |  | 0.1 - 5.0 years |  |  |  | 4.7 years |
Exercise price |  | $ | 2.51 |  |  | $ | 2.51 |
Common stock issuable under the warrants |  |  | 1,768,227 |  |  |  | 1,195,219 |
| SCHEDULE OF WARRANT MODIFICATION
|  | 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 |  |  | December 31, 2023 assumptions |
Volatility - range |  |  | 106.0 | % |  | $ | 105.4 | %
Risk-free rate |  |  | 3.36 | % |  |  | 3.84 | %
Dividend |  |  | 0 | % |  |  | 0 | %
Remaining contractual term |  |  | 5.0 years |  |  |  | 4.3 years |
Exercise price |  |  | 5.50 - 7.50 |  |  |  | 5.50 - 7.50 |
Common stock issuable under the warrants |  |  | 1,125,000 |  |  |  | 1,125,000 |
SCHEDULE OF WARRANT ACTIVITY | The following table summarizes information about shares issuable under all warrants outstanding during the nine months ended September 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 |  |  | (573,008 | ) |  |  | (2.51 | )
Forfeited/cancelled |  |  | - |  |  |  | - |
Vested Balance, September 30, 2024 |  |  | 2,320,219 |  |  | $ | 4.44 |
| The following table summarizes information about shares issuable under warrants outstanding during the years ended December 31, 2023 and 2022: SUMMARY OF WARRANT ACTIVITY
|  | Warrants |  |  | Weighted average exercise price |
Vested Balance, January 1, 2022 |  |  | 1,300,430 |  |  | $ | 64.80 |
Granted |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | -
Cancelled |  |  | (1,232,971 | ) |  |  | (65.08 | )
Vested Balance, December 31, 2022 |  |  | 67,459 |  |  | $ | 60.26 |
|  | 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, December 31, 2023 |  |  | 1,125,000 |  |  | $ | 6.50 |
SCHEDULE OF RANGE OF EXERCISE PRICES AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF WARRANTS | 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 |  |  |  | 3.5 years |
$ | 6.50 |  |  |  | 375,000 |  |  |  | 3.5 years |
$ | 7.50 |  |  |  | 375,000 |  |  |  | 3.5 years |
$ | 2.51 |  |  |  | 1,195,219 |  |  |  | 4.7 years |
|  |  |  |  | 2,320,219 |  |  |  | 4.1 years |
| 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 December 31, 2023: 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 |  |  |  | 4.3 years |
$ | 6.50 |  |  |  | 375,000 |  |  |  | 4.3 years |
$ | 7.50 |  |  |  | 375,000 |  |  |  | 4.3 years |
|  |  |  |  | 1,125,000 |  |  |  | 4.3 years |

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- Definition 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 + Details
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