STOCKHOLDERS’ EQUITY (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
| Equity [Abstract] |
|
| SCHEDULE OF WARRANT ACTIVITY |
A
summary of the warrant activity during the year ended December 31, 2023 is presented below:
SCHEDULE OF WARRANT ACTIVITY
| | |
| | |
| | |
Weighted | |
| | |
| | |
Weighted | | |
Average | |
| | |
| | |
Average | | |
Remaining | |
| | |
Number of | | |
Exercise | | |
Life | |
| | |
Warrants | | |
Price | | |
In Years | |
| Outstanding, January 1, 2023 | |
| 4,791,082 | | |
$ | 10.71 | | |
| | |
| Granted | |
| - | | |
| | | |
| | |
| Exercised | |
| - | | |
| | | |
| | |
| Expired | |
| (63 | ) | |
| 10,397 | | |
| | |
| Outstanding, December 31, 2023 | |
| 4,791,019 | | |
$ | 10.57 | | |
| 2.9 | |
| | |
| | | |
| | | |
| | |
| Exercisable, December 31, 2023 | |
| 4,791,019 | | |
$ | 10.57 | | |
| 2.9 | |
|
| SCHEDULE OF WARRANTS GRANTED ASSUMPTIONS |
In
applying the Black-Scholes option pricing model to warrants granted during 2022, the Company used the following assumptions:
SCHEDULE OF WARRANTS GRANTED ASSUMPTIONS
| | |
For the Year Ended | |
| | |
December 31, 2022 | |
| Risk free interest rate | |
| 4.40 | % |
| Expected term (years) | |
| 5.00 | |
| Expected volatility | |
| 313.55 | % |
| Expected dividends | |
| 0.00 | % |
|
| SCHEDULE OF STOCK WARRANTS |
The
following table presents information related to stock warrants at December 31, 2023:
SCHEDULE
OF STOCK WARRANTS
| Warrants
Outstanding | | |
Warrants
Exercisable | |
| | | |
| | |
Weighted | | |
| |
| | | |
Outstanding | | |
Average | | |
Exercisable | |
| Exercise | | |
Number
of | | |
Remaining
Life | | |
Number
of | |
| Price | | |
Warrants | | |
In
Years | | |
Warrants | |
| | | | |
| | | |
| | | |
| | |
| $ | 2.92 | | |
| 51,370 | | |
| 3.9 | | |
| 51,370 | |
| $ | 10.00 | | |
| 4,501,938 | | |
| 2.9 | | |
| 4,501,938 | |
| $ | 12.00 | | |
| 235,970 | | |
| 2.9 | | |
| 235,970 | |
| $ | 60.00 | | |
| 250 | | |
| 1.0 | | |
| 250 | |
| $ | 800.00 | | |
| 869 | | |
| 0.8 | | |
| 869 | |
| $ | 2,240.00 | | |
| 39 | | |
| 0.5 | | |
| 39 | |
| $ | 2,800.00 | | |
| 264 | | |
| 0.3 | | |
| 264 | |
| $ | 3,400.00 | | |
| 264 | | |
| 0.3 | | |
| 264 | |
| $ | 4,000.00 | | |
| 55 | | |
| 0.1 | | |
| 55 | |
| | | | |
| 4,791,019 | | |
| | | |
| 4,791,019 | |
|
| SCHEDULE OF STOCK OPTION ACTIVITY |
A
summary of the option activity during the year ended December 31, 2023 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, 2023 | |
| 864,639 | | |
$ | 5.08 | | |
| | | |
| | |
| Granted | |
| 629,017 | | |
| 2.91 | | |
| | | |
| | |
| Exercised | |
| - | | |
| | | |
| | | |
| | |
| Forfeited | |
| (26,764 | ) | |
| 4.87 | | |
| | | |
| | |
| Outstanding, December 31, 2023 | |
| 1,466,892 | | |
$ | 4.11 | | |
| 7.4 | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | |
| Exercisable, December 31, 2023 | |
| 1,201,526 | | |
$ | 4.33 | | |
| 7.1 | | |
$ | - | |
|
| SCHEDULE OF INFORMATION RELATED TO STOCK OPTIONS |
The
following table presents information related to stock options at December 31, 2023:
SCHEDULE OF INFORMATION RELATED TO STOCK OPTIONS
| Options
Outstanding | | |
Options
Exercisable | |
| | | |
| | |
Weighted | | |
| |
| | | |
Outstanding | | |
Average | | |
Exercisable | |
| Exercise | | |
Number
of | | |
Remaining
Life | | |
Number
of | |
| Price | | |
Options | | |
In
Years | | |
Options | |
| | | |
| | |
| | |
| |
| $ | 2.91 | | |
| 654,017 | | |
| 7.5 | | |
| 412,604 | |
| $ | 5.08 | | |
| 812,875 | | |
| 6.9 | | |
| 788,922 | |
| | | | |
| 1,466,892 | | |
| | | |
| 1,201,526 | |
|
| 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 Years Ended | |
| | |
December
31, | |
| | |
2023 | | |
2022 | |
| Risk free interest
rate | |
| 4.22 | % | |
| 2.42 | % |
| Expected term (years) | |
| 3.50 | | |
| 3.50 | |
| Expected volatility | |
| 175.00 | % | |
| 285.91 | % |
| Expected dividends | |
| 0.00 | % | |
| 0.00 | % |
|
| SCHEDULE OF UNVESTED RESTRICTED STOCK UNITS |
A
summary of the unvested RSUs as of December 31, 2023 is as follows:
SCHEDULE
OF UNVESTED RESTRICTED STOCK UNITS
| | |
Number
of Shares | |
| Non-vested at January 1, 2023 | |
| 201,870 | |
| Granted | |
| - | |
| Vested | |
| (104,043 | ) |
| Forfeited | |
| - | |
| Non-vested at December 31, 2023 | |
| 97,827 | |
|
| SCHEDULE OF STOCK OPTION EXPENSE |
The
following table presents information related to stock-based compensation expense:
SCHEDULE OF STOCK OPTION EXPENSE
| | |
For
the Years Ended | | |
Unrecognized
at | | |
Weighted
Average Remaining
Amortization | |
| | |
December
31, | | |
December
31, | | |
Period | |
| | |
2023 | | |
2022 | | |
2023 | | |
(Years) | |
| General and administrative | |
$ | 7,782,967 | | |
$ | 12,612,862 | | |
$ | 1,557,071 | | |
| 0.83 | |
| Total | |
$ | 7,782,967 | | |
$ | 12,612,862 | | |
$ | 1,557,071 | | |
| 0.83 | |
|