STOCKHOLDERS’ EQUITY (Tables)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
| Equity [Abstract] |
|
|
| SCHEDULE OF STOCK WARRANTS VALUATION ASSUMPTIONS |
The
fair value of stock warrants granted for the 6 months ended June 30, 2022 was calculated with the following assumptions:
SCHEDULE OF STOCK WARRANTS VALUATION ASSUMPTIONS
| | |
June 30, 2023 | | |
June 30, 2022 | |
| Risk-free interest rate | |
| 3.97 | % | |
| 1.53 | % |
| Expected dividend yield | |
| 0 | % | |
| 0 | % |
| Volatility factor (monthly) | |
| 147.58 | % | |
| 169.27 | % |
| Expected life of warrant | |
| 5 years | | |
| 5 years | |
|
The
fair value of stock warrants granted for the year ended December 31, 2021 was calculated with the following assumptions:
SCHEDULE
OF STOCK WARRANTS VALUATION ASSUMPTIONS
| | |
2022 | |
|
2021 | |
| Risk-free interest rate | |
| 1.37 – 4.45 | % |
|
| 0.16 - 1.00 | % |
| Expected dividend yield | |
| 0 | % |
|
| 0 | % |
| Volatility factor (monthly) | |
| 155.52 | % |
|
| 175.34 | % |
| Expected life of warrant | |
| 5 years | |
|
| 5 years | |
|
| SCHEDULE OF WARRANT ACTIVITY |
The
following table summarizes the Company’s common stock warrant activity for the 6 months ended June 30, 2023 and 2022:
SCHEDULE OF WARRANT ACTIVITY
| |
|
Number
of Warrants* |
|
|
Weighted
Average Exercise Price |
|
|
Weighted-
Average Remaining Expected Term |
|
| Outstanding
as at January 1, 2022 |
|
|
272,000 |
|
|
$ |
2.00 |
|
|
|
2.9 |
|
| Granted |
|
|
264,030 |
|
|
|
0.26 |
|
|
|
5.0 |
|
| Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Forfeited/Canceled |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Outstanding
as at June 30, 2022 |
|
|
536,030 |
|
|
|
1.14 |
|
|
|
3.7 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding
as at January 1, 2023 |
|
|
542,030 |
|
|
$ |
0.42 |
|
|
|
4.1 |
|
| Granted |
|
|
800,000 |
|
|
|
0.20 |
|
|
|
5.0 |
|
| Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Forfeited/Canceled |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Outstanding
as at June 30, 2023 |
|
|
1,342,030 |
|
|
$ |
0.29 |
|
|
|
4.4 |
|
| * |
The
warrant agreements issued in 2019 for a total of 50,000 warrants include provisions for dilutive issuance and cash-less exercise.
If exercised at December 31, 2022 the provisions would have resulted in an issuance of 1,130,114 shares at an average conversion
price of $0.09, or 1,050,114 shares in a cash-less exercise. In order to mitigate the Company’s risk an administrative hold
has been placed on one shareholder’s stock in the event of future exercise. |
|
The
following table summarizes the Company’s Common Stock warrant activity for the year ended December 31, 2022 and 2021:
SCHEDULE
OF WARRANT ACTIVITY
| | |
Number
of Warrants * | | |
Weighted
Average Exercise Price | | |
Weighted
Average Remaining Expected Term | |
| Outstanding as at January 1, 2021 | |
| 272,000 | | |
$ | 2.00 | | |
| 3.9 | |
| Granted | |
| — | | |
| — | | |
| — | |
| Exercised | |
| — | | |
| — | | |
| — | |
| Forfeited/Cancelled | |
| — | | |
| — | | |
| — | |
| Outstanding as at December 31, 2021 | |
| 272,000 | | |
| 2.00 | | |
| 3.7 | |
| Granted | |
| 492,030 | | |
| 0.26 | | |
| 5.0 | |
| Exercised | |
| (200,000 | ) | |
| 2.00 | | |
| — | |
| Forfeited/Cancelled | |
| (22,000 | ) | |
| 2.00 | | |
| — | |
| Outstanding as at December 31, 2022 | |
| 542,030 | | |
$ | 0.42 | | |
| 4.1 | |
| * |
The
warrant agreements issued in 2019 for a total of 50,000 warrants include provisions for dilutive issuance and cash-less exercise.
If exercised at December 31, 2022 the provisions would have resulted in an issuance of 1,130,114
shares at an average conversion price of $0.09, or 1,050,114 shares in a cash-less exercise.
In order to mitigate the Company’s risk an administrative hold has been placed on one Shareholder’s stock in the event
of future exercise. |
|
| SCHEDULE OF WARRANT OUTSTANDING AND EXERCISABLE WARRANTS |
The
following table summarizes information about stock warrants that are vested or expected to vest at June 30, 2023:
SCHEDULE OF WARRANT OUTSTANDING AND EXERCISABLE WARRANTS
| | | |
Warrants Outstanding | | |
| | |
| | |
Exercisable Warrants | | |
| |
| Number of Warrants | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (Years) | | |
Aggregate Intrinsic Value | | |
Number of Warrants | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (Years) | | |
Aggregate Intrinsic Value | |
| | 800,000 | | |
$ | 0.20 | | |
| 4.9 | | |
$ | — | | |
| 800,000 | | |
$ | 0.20 | | |
| 4.9 | | |
$ | — | |
| | 492,030 | | |
| 0.26 | | |
| 3.8 | | |
| — | | |
| 492,030 | | |
| 0.26 | | |
| 4.1 | | |
| — | |
| | 50,000 | | |
| 2.00 | | |
| 1.3 | | |
| — | | |
| 50,000 | | |
| 2.00 | | |
| 1.3 | | |
| — | |
| | 1,342,030 | | |
$ | 0.29 | | |
| 4.4 | | |
$ | — | | |
| 1,342,030 | | |
$ | 0.29 | | |
| 4.4 | | |
$ | — | |
|
The
following table summarizes information about stock warrants that are vested or expected to vest at December 31, 2022 with a market price
of $0.48 at December 31, 2022:
SCHEDULE
OF WARRANT OUTSTANDING AND EXERCISABLE WARRANTS
| | | |
Warrants Outstanding | | |
| | |
| | |
Exercisable Warrants | | |
| |
| Number of Warrants | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (Years) | | |
Aggregate Intrinsic Value | | |
Number of Warrants | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (Years) | | |
Aggregate Intrinsic Value | |
| | 492,030 | | |
| 0.26 | | |
| 4.3 | | |
$ | 107,014 | | |
| 492,030 | | |
| 0.26 | | |
| 4.3 | | |
$ | 107,014 | |
| | 50,000 | | |
$ | 2.00 | | |
| 1.8 | | |
$ | — | | |
| 50,000 | | |
$ | 2.07 | | |
| 1.8 | | |
$ | — | |
| | 542,030 | | |
$ | 1.14 | | |
| 4.1 | | |
$ | 107,014 | | |
| 542,030 | | |
$ | 0.42 | | |
| 4.1 | | |
$ | 107,014 | |
|
| SCHEDULE OF NON-VESTED WARRANTS |
The
following table sets forth the status of the Company’s non-vested warrants as at June 30, 2023 and 2022:
SCHEDULE
OF NON-VESTED WARRANTS
| |
|
Number
of Warrants |
|
|
Weighted-Average
Grant-Date
Fair Value |
|
| Non-vested
as at January 1, 2022 |
|
|
— |
|
|
|
— |
|
| Granted |
|
|
264,030 |
|
|
|
0.25 |
|
| Forfeited |
|
|
— |
|
|
|
— |
|
| Vested |
|
|
— |
|
|
|
— |
|
| Non-vested
as at June 30, 2022 |
|
|
— |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
| Non-vested
as at January 1, 2023 |
|
|
— |
|
|
$ |
— |
|
| Granted |
|
|
800,000 |
|
|
|
0.20 |
|
| Forfeited |
|
|
— |
|
|
|
— |
|
| Vested |
|
|
— |
|
|
|
— |
|
| Non-vested
as at June 30, 2023 |
|
|
— |
|
|
$ |
— |
|
|
The
following table sets forth the status of the Company’s non-vested warrants as at December 31, 2022, there were no warrants issued
for the year ended at December 31, 2021.
SCHEDULE
OF NON-VESTED WARRANTS
| | |
Number of Warrants | | |
Weighted- Average Grant-Date Fair Value per share | |
| Non-vested as at December 31, 2021 | |
| — | | |
$ | — | |
| Granted | |
| 492,030 | | |
| 0.26 | |
| Forfeited/Cancelled | |
| — | | |
| — | |
| Vested | |
| 492,030 | | |
| 0.26 | |
| Non-vested as at December 31, 2022 | |
| — | | |
$ | — | |
|