CONVERTIBLE NOTES (Tables)

12 Months Ended

Dec. 31, 2023

Short Term Debt [Line Items]

Schedule of Convertible Debt

The following tables provide a summary of the activity of the Company's convertible notes:

	Principal Balance 1/1/2022		New Notes		Notes assigned or exchanged			Notes converted			Principal Balance 12/31/2022		Less: Discount Balance			Net Principal Balance 12/31/2022
BD1 Notes   (related party)	$	9,900,000	$	—	$	(2,000,000	)	$	(7,900,000	)	$	—	$	—		$	—
Nanyang Note		500,000		—		1,000,000			(1,500,000	)		—		—			—
Fleur		—		—		1,000,000			(1,000,000	)		—		—			—
Sabby		—		7,500,000		—			(107,101	)		7,392,899		(4,777,643	)		2,615,256
L1		—		7,500,000		—			—			7,500,000		(4,846,857	)		2,653,143
	$	10,400,000	$	15,000,000	$	—		$	(10,507,101	)	$	14,892,899	$	(9,624,500	)	$	5,268,399

	Principal Balance 12/31/2022		Principal Settled			Principal Balance 12/31/203		Less: Discount			Net Principal Balance 12/31/2023
Sabby	$	7,392,899	$	(7,392,899	)	$	—	$	—		$	—
L1		7,500,000		(7,093,333	)		406,667		(51,731	)		354,936
	$	14,892,899	$	(14,486,232	)	$	406,667	$	(51,731	)	$	354,936

Schedule of Fair Value of Warrants

The fair value of the Common Stocks was determined using the closing price of the stock at close if the SPA (Level 1 on the fair value hierarchy) and the fair value of the Warrants was determined using the Black Scholes model using the following inputs (Level 2 on the fair value hierarchy):

	Warrants
Expected stock price volatility		82	%
Dividend yield		0	%
Risk-free interest rate		3	%
Expected life of the warrants (in years)		5

The fair value of the Common Stocks or Prefunded Warrants was determined using the closing price of the stock at close of the SPA (Level 1 on the fair value hierarchy) and the fair value of the Warrants was determined using the Black Scholes model using the following inputs (Level 2 on the fair value hierarchy):

	Warrants
Expected stock price volatility		156	%
Dividend yield		0	%
Risk-free interest rate		5	%
Expected life of the warrants (in years)		2.5

Summary of Allocation of Proceeds

The Company allocated a portion of the proceeds to the beneficial conversion feature ("BCF") based on its intrinsic value. The Company then allocated transaction costs based on these allocations resulting in the following allocation of proceeds:

	Principal Amount		Allocation			Original Note Discount			Transaction Costs			Net Amount
Convertible Debt	$	15,000,000	$	(7,480,058	)	$	(1,500,000	)	$	(930,678	)	$	5,089,264
Warrants		—		2,990,029			—			(462,256	)		2,527,773
BCF		—		4,490,029			—			(694,155	)		3,795,874
	$	15,000,000	$	—		$	(1,500,000	)	$	(2,087,089	)	$	11,412,911

Summary of Convertible Notes Prepayment

Prepayment Date	Aggregate
April 3, 2023	$	333,333
April 13, 2023		333,333
May 18, 2023		666,667
June 19, 2023		666,667
	$	2,000,000

Summary of Settlement of Debt

During the year ended December 31, 2023, the Company settled $14.5 million of principal as follows:

Principal Settled
Principal converted into stock	$	6,990,269
Principal converted into conversions payable		6,470,540
Cash Payments		1,025,423
Total Principal Settled	$	14,486,232

Summary of Conversion Payable Activity

The Conversion payable activity for the year ended December 31, 2023 was as follows:

Conversions payable
Balance at January 1, 2023	$	—
Additions to conversions payable		6,470,540
Cash payments		(5,211,738	)
Conversions payable settled in stock		(169,642	)
Balance at December 31, 2023	$	1,089,160

Sabby / L1 Convertible Note

Short Term Debt [Line Items]

Schedule of Fair Value of Warrants

The fair value of the Advanced Notes was estimated as the proceeds received and the fair value of the Warrants was determined using the Black Scholes model using the following inputs and are both considered to be Level 2 inputs on the fair value hierarchy:

	Warrants
Expected stock price volatility		129.5	%
Dividend yield		0	%
Risk-free interest rate		3.7	%
Expected life of the warrants (in years)		2.5