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CAPITAL STOCK (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
SCHEDULE OF STOCK OPTION ACTIVITY

The following table summarizes common stock option activity:

 

   Options  

Weighted Average

Exercise Price

 
Outstanding, December 31, 2022   1,250,000   $1.10 
Granted   1,400,000   $0.40 
Exercised   -    - 
Expired   -    - 
Expired / Forfeited   (283,333)   1.10 
Outstanding, December 31, 2023   2,650,000   $0.73 
Exercisable, December 31, 2023   1,812,500   $0.73 
Outstanding, December 31, 2023   2,650,000   $0.73 
           
Granted   -   $- 
Exercised   -    - 
Expired / Forfeited   (283,333)   1.10 
Outstanding, June 30, 2024   2,366,667   $0.69 
Exercisable, June 30, 2024   1,979,167   $0.61 

The following table summarizes common stock options activity: The following table summarizes common stock options activity:

 

   Options  

Weighted Average

Exercise Price

 
December 31, 2021   -   $- 
Granted   1,250,000    1.10 
Exercised   -    - 
Expired   -    - 
Outstanding, December 31, 2022   1,250,000   $1.10 
Exercisable, December 31, 2022   133,333   $1.10 
Outstanding, December 31, 2023   1,250,000   $1.10 
           
Granted   1,400,000   $0.40 
Exercised   -    - 
Expired   -    - 
Outstanding, December 31, 2023   2,650,000   $0.73 
Exercisable, December 31, 2023   1,812,500   $0.73 

 

 

The weighted average exercise prices, remaining lives for options granted, and exercisable as of December 31, 2023 were as follows:

 

    Outstanding Options       Exercisable Options 

Options

Exercise

Price Per Share

   Shares  

Life

(Years)

  

Weighted

Average

Exercise Price

   Shares  

Weighted

Average

Exercise Price

 
$1.10    1,400,000    4.28   $1.10    562,500   $1.10 
$0.32    1,250,000    5.00   $0.32    1,250,000   $0.32 
SCHEDULE OF OPTIONS FAIR VALUE ASSUMPTIONS

 

Fair Value of Common Stock on measurement date  $0.99 – 0.29 
Risk free interest rate   3.83% - 3.30%
Volatility   232.05% - 92.54%
Dividend Yield   0%
Expected Term   6.0 - 3.5 

 

  (1) The risk-free interest rate was determined by management using the market yield on U.S. Treasury securities with comparable terms as of the measurement date.
  (2) The trading volatility was determined by calculating the volatility of the Company’s peer group.
  (3) The Company does not expect to pay a dividend in the foreseeable future
  (4) The Company, in accordance with staff accounting bulletin (“SAB”)14-D.2, used the simplified method (plain vanilla) to determine the overall expected term

 

Fair Value of Common Stock on measurement date  $1.00 – 0.32 
Risk free interest rate   3.83% - 3.30%
Volatility   232.05% 92.54%
Dividend Yield   0%
Expected Term   6.0 - 3.5 

 

  (1) The risk-free interest rate was determined by management using the market yield on U.S. Treasury securities with comparable terms as of the measurement date.
  (2) The trading volatility was determined by calculating the volatility of the Company’s peer group.
  (3) The Company does not expect to pay a dividend in the foreseeable future
  (4) The Company, in accordance with staff accounting bulletin (“SAB”)14-D.2, used the simplified method (plain vanilla) to determine the overall expected term
SCHEDULE OF WARRANT ACTIVITY

The following table summarizes common stock warrants activity:

  

   Warrants  

Weighted Average

Exercise Price

 
Outstanding, December 31, 2022   2,000,000   $1.00 
Granted   367,500    1.22 
Exercised   (1,024,500)   1.00 
Expired   -    - 
Cancelled   -    - 
Outstanding, December 31, 2023   1,343,000    1.41 
Exercisable, December 31, 2023   1,343,000    1.41 
Outstanding, December 31, 2023   1,343,000    1.41 
           
Granted   4,842,000    0.39 
Exercised   -    - 
Expired   -    - 
Cancelled   -    - 
Outstanding, June 30, 2024   6,185,000    0.55 
Exercisable, June 30, 2024   6,185,000   $0.55 

The following table summarizes common stock warrants activity:

 

   Warrants  

Weighted

Average

Exercise Price

 
Outstanding, December 31, 2021   -   $- 
Granted   2,210,070    1.00 
Exercised   -    - 
Expired   -    - 
Cancelled   (210,070)   1.00 
Outstanding, December 31, 2022   2,000,000    1.00 
Exercisable, December 31, 2022   2,000,000   $1.00 
           
Granted   367,500    1.22 
Exercised   (1,024,500)   1.00 
Expired   -    - 
Cancelled   -    - 
Outstanding, December 31, 2023   1,343,000    1.43 
Exercisable, December 31, 2023   1,343,000   $1.43 

 

 

The weighted average exercise prices, remaining lives for warrants granted, and exercisable as of December 31, 2023, were as follows:

 

    Outstanding and Vested Warrants 

Weighted Average Warrant

Exercise Price Per Share

   Shares   Life (Years) 
$1.43    1,343,000    2.07 
SCHEDULE OF SHARE PURCHASE AGREEMENT

On April 28, 2024, the Company and the Purchaser entered into an Omnibus Amendment Agreement No. 1, which amended the SPA to, adjust the closings which were to take place under the SPA as follows:

 

#  Initial Stated
Value of
Preferred
Stock to be
issued by
installment		   Warrants
to be issued		   Closing Date  Aggregate
Purchase
Price by
installment
(USD)		 
Initial Closing  $550,000    3,300,000   Initial Closing Date  $500,000 
Second Closing  $275,000        On or before June 30, 2024  $250,000 
Third Closing  $825,000    1,500,000   On or before June 30, 2024  $750,000 
Fourth Closing  $1,100,000        Such date as is no later than 180 days after the shares of Common Stock issuable in respect of the Series B Preferred Stock sold in each of the Initial Closing, Second Closing, the Third Closing, and the Fourth Closing have been registered under the Securities Act, subject to any limitations pursuant to Rule 415  $1,000,000.00 
Total  $2,750,000    4,800,000      $2,500,000 
  
SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE

The weighted average exercise prices, remaining lives for options granted, and exercisable as of June 30, 2024 were as follows:

 

    Outstanding
Options		       Exercisable Options 

Options

Exercise

Price Per
Share

   Shares  

Life

(Years)

  

Weighted

Average

Exercise
Price

   Shares  

Weighted

Average

Exercise
Price

 
$1.10    1,116,667    4.03   $1.10    729,167   $1.10 
$0.32    1,250,000    4.50   $0.32    1,250,000   $0.32 
  
SCHEDULE OF WARRANTS OUTSTANDING AND EXERCISABLE

The weighted average exercise prices, remaining lives for warrants granted, and exercisable as of June 30, 2024, were as follows:

 

   Outstanding and Vested Warrants 

Weighted Average
Warrant
Exercise Price
Per Share

   Shares   Life (Years) 
$0.55    6,185,000    4.30 
  
SCHEDULE OF WARRANTS FAIR VALUE ASSUMPTIONS

Fair Value of Common Stock on measurement date  $0.21 - $0.73 
Risk-free interest rate   From 2.95% to 4.38%
Volatility   From 81.92% to 239.06%
Dividend Yield   0%
Expected Term   5 years 

 

  (1) The risk-free interest rate was determined by management using the market yield on U.S. Treasury securities with comparable terms as of the measurement date.
  (2) The trading volatility was determined by calculating the volatility of the Company’s peer group.
  (3) The Company does not expect to pay a dividend in the foreseeable future.
  
Warrant [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
SCHEDULE OF OPTIONS FAIR VALUE ASSUMPTIONS  

 

Fair Value of Common Stock on measurement date  $0.37 - $0.97 
Risk-free interest rate   From 2.95% to 4.00%
Volatility   From 81.92% to 169.22%
Dividend Yield   0%
Expected Term   5 years 

 

  (1) The risk-free interest rate was determined by management using the market yield on U.S. Treasury securities with comparable terms as of the measurement date.
  (2) The trading volatility was determined by calculating the volatility of the Company’s peer group.
  (3) The Company does not expect to pay a dividend in the foreseeable future.