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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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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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