Note 6 – FAIR VALUE MEASUREMENT

On February 8, 2024, in connection with the Warrant Exercise and Issuance, the Company estimated the aggregate fair value of the Existing Warrants (see Note 4 – Stockholders’ Equity for details) to be $1,115,334 using the Black-Scholes option pricing model (Level 3 inputs) and, accordingly, recognized a loss on the change in fair value of derivative liabilities of $12,999 during the three months ended March 31, 2024. The following table shows the detail of the valuation assumptions used:

SCHEDULE OF FAIR VALUE VALUATION ASSUMPTIONS

On February 8, 2024, the Company estimated the aggregate issuance date fair value of the derivative liability related to the New Warrants (see Note 4 – Stockholders’ Equity for details) as $2,189,420 using the Black-Scholes option pricing model (Level 3 inputs).

On March 31, 2024, the Company estimated the aggregate fair value of warrants that are accounted for as derivative liabilities to be $2,755,358 using the Black-Scholes option price model (Level 3 inputs) and, accordingly, recognized a loss on the change in fair value of these derivative liabilities of $124,320 during the three months ended March 31, 2024. The following table shows the detail of the valuation assumptions used:

The following table sets forth a summary of the changes in the fair value of Level 3 liabilities that are measured at fair value on a recurring basis during the three months ended March 31, 2024:

 SCHEDULE OF FAIR VALUE MEASURED ON RECURRING BASIS

Assets and liabilities measured at fair value on a recurring basis are as follows:

 SCHEDULE OF FAIR VALUE RECURRING BASIS