STOCKHOLDERS’ EQUITY (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
| Equity [Abstract] |
|
| SCHEDULE OF WARRANT ACTIVITY |
A
summary of the Company’s warrant activity and related information follows:
SCHEDULE OF WARRANT ACTIVITY
| | |
| | |
| | |
Weighted | |
| | |
| | |
Weighted | | |
Average | |
| | |
| | |
Average | | |
Remaining | |
| | |
Number of | | |
Exercise | | |
Life | |
| | |
Warrants | | |
Price | | |
In Years | |
| Outstanding, January 1, 2024 | |
| 4,791,019 | | |
$ | 10.57 | | |
| | |
| Granted | |
| 2,513,686 | | |
| 2.43 | | |
| | |
| Exercised | |
| (3,351,580 | ) | |
| 2.33 | | |
| | |
| Expired | |
| (285 | ) | |
| 3,211 | | |
| | |
| Outstanding, March 31, 2024 | |
| 3,952,840 | | |
$ | 4.10 | | |
| 4.1 | |
| | |
| | | |
| | | |
| | |
| Exercisable, March 31, 2024 | |
| 3,952,840 | | |
$ | 4.10 | | |
| 4.1 | |
|
| SCHEDULE OF WARRANT ACTIVITY |
A
summary of the Company’s warrant activity and related information follows:
SCHEDULE OF WARRANT ACTIVITY
| | |
| | |
| | |
Weighted | |
| | |
| | |
Weighted | | |
Average | |
| | |
| | |
Average | | |
Remaining | |
| | |
Number of | | |
Exercise | | |
Life | |
| | |
Warrants | | |
Price | | |
In Years | |
| Outstanding, January 1, 2024 | |
| 4,791,019 | | |
$ | 10.57 | | |
| | |
| Granted | |
| 2,513,686 | | |
| 2.43 | | |
| | |
| Exercised | |
| (3,351,580 | ) | |
| 2.33 | | |
| | |
| Expired | |
| (285 | ) | |
| 3,211 | | |
| | |
| Outstanding, March 31, 2024 | |
| 3,952,840 | | |
$ | 4.10 | | |
| 4.1 | |
| | |
| | | |
| | | |
| | |
| Exercisable, March 31, 2024 | |
| 3,952,840 | | |
$ | 4.10 | | |
| 4.1 | |
|
| SCHEDULE OF STOCK OPTION GRANTED ASSUMPTIONS |
In
applying the Black-Scholes option pricing model to stock options granted, the Company used the following assumptions:
SCHEDULE
OF STOCK OPTION GRANTED ASSUMPTIONS
| | |
For the Three Months Ended | |
| | |
March 31, | |
| | |
2024 | | |
2023 | |
| Risk free interest rate | |
| 4.14
– 4.30 | % | |
| 4.22 | % |
| Expected term (years) | |
| 2.77 – 5.27 | | |
| 3.5 | |
| Expected volatility | |
| 101 - 102 | % | |
| 175 | % |
| Expected dividends | |
| 0.00 | % | |
| 0.00 | % |
|
| SCHEDULE OF STOCK OPTION ACTIVITY |
A
summary of the stock option activity during the three months ended March 31, 2024 is presented below:
SCHEDULE
OF STOCK OPTION ACTIVITY
| | |
| | |
| | |
Weighted | | |
| |
| | |
| | |
Weighted | | |
Average | | |
| |
| | |
| | |
Average | | |
Remaining | | |
| |
| | |
Number
of | | |
Exercise | | |
Life | | |
Intrinsic | |
| | |
Options | | |
Price | | |
In
Years | | |
Value | |
| Outstanding,
January 1, 2024 | |
| 1,466,892 | | |
$ | 4.11 | | |
| | | |
| | |
| Granted | |
| 1,934,716 | | |
| 1.45 | | |
| | | |
| | |
| Exercised | |
| - | | |
| - | | |
| | | |
| | |
| Forfeited | |
| - | | |
| - | | |
| | | |
| | |
| Outstanding,
March 31, 2024 | |
| 3,401,608 | | |
$ | 2.60 | | |
| 8.3 | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | |
| Exercisable,
March 31, 2024 | |
| 2,028,811 | | |
$ | 3.22 | | |
| 7.9 | | |
$ | - | |
|
| SCHEDULE OF UNVESTED RESTRICTED STOCK UNITS |
A
summary of the Company’s unvested RSUs as of March 31, 2024 is as follows:
SCHEDULE
OF UNVESTED RESTRICTED STOCK UNITS
| | |
Number of Shares | |
| Non-vested at January 1, 2024 | |
| 97,827 | |
| Granted | |
| - | |
| Vested | |
| (97,827 | ) |
| Forfeited | |
| - | |
| Non-vested at March 31, 2024 | |
| - | |
|
| SCHEDULE OF STOCK OPTION EXPENSE |
The
following table presents information related to stock-based compensation expense:
SCHEDULE OF STOCK OPTION EXPENSE
| | |
For the Three Months Ended | | |
Unrecognized at | | |
Weighted Average Remaining | |
| | |
March 31, | | |
March 31, | | |
Amortization Period | |
| | |
2024 | | |
2023 | | |
2024 | | |
(Years) | |
| General and administrative | |
$ | 2,028,374 | | |
$ | 3,378,495 | | |
$ | 1,668,697 | | |
| 2.04 | |
| Total | |
$ | 2,028,374 | | |
$ | 3,378,495 | | |
$ | 1,668,697 | | |
| 2.04 | |
|
| SCHEDULE OF STOCK COMPENSATION BY AWARD TYPE |
The
following table presents stock-based compensation by award type:
SCHEDULE
OF STOCK COMPENSATION BY AWARD TYPE
| | |
For the Three Months Ended | |
| | |
March 31, | |
| | |
2024 | | |
2023 | |
| Options | |
$ | 1,043,336 | | |
$ | 2,190,428 | |
| RSUs | |
| 985,038 | | |
| 1,188,067 | |
| Total | |
$ | 2,028,374 | | |
$ | 3,378,495 | |
|