EQUITY

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

EQUITY

NOTE 6 - EQUITY:

a.	As of March 31, 2024, there were 1,718 shares of Series C preferred stock outstanding, convertible into an aggregate of 7,952 shares of the Company’s common stock, with a total stated value of $10,997.
b.	As of March 31, 2024, there are 15,254,623 outstanding pre-funded warrants.

c. As of March 31, 2024, the Company has outstanding warrants to purchase an aggregate of 53,396,008 shares of common stock as follows:

	Number of underlying Common stock		Exercise price
Series E Warrants		198,159	$	27.0000
Series F Warrants		433,878	$	7.4250
Series G Warrants		1,092,344	$	10.2300
Series H Warrants		12,914,086	$	1.3827
Series I Warrants		12,914,078	$	1.3827
Series J Warrants		12,914,086	$	1.3827
Series K Warrants		12,914,078	$	1.3827
Underwriter Warrants		15,299	$	7.4250
Total Warrants		53,396,008	$

As of March 31, 2024, the Company had 155,000,000 authorized shares of capital stock, par value $0.0001 per share, of which 150,000,000 are shares of common stock and 5,000,000 are shares of “blank check” preferred stock.

d.   During the three months ended March 31, 2024, the Company granted 1,634,403 restricted shares of the Company’s common stock to employees and directors. The shares to employees are subject to a three-year vesting period, with one-third of such awards vesting each year. The shares to directors are subject to a one-year vesting period.   The fair value of the above restricted shares was approximately $5.07 million.   During the three months ended March 31, 2024, the Company granted 563,499 restricted share units of the Company’s common stock to the chief executive officer. The shares are subject to a three-year vesting period, with one-third of such awards vesting each year.   The fair value of the above restricted share units was approximately $1.77 million   During the three months ended March 31, 2024, the Company granted to employees and directors options to purchase a total of 715,614 shares of the Company’s common stock. The options have an exercise prices ranging from $2.71-$3.14 per share, which was the fair market value of the Company’s common stock on the respective dates of the grant. The options to employees are subject to a three-year vesting period, with one-third of such awards vesting each year. The options to directors are subject to a one-year vesting period.   In calculating the fair value of the above options, the Company used the following assumptions: dividend yield of 0% and expected term of 5.5-6.5 years; expected volatility ranging from 96.40%-119.38%; and risk-free interest rate ranging from 3.93%-4.10%.   The fair value of the above options, using the Black-Scholes option-pricing model, was approximately $1.85 million.