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WARRANT LIABILITIES (Tables)
9 Months Ended
Sep. 30, 2024
Warrant Liabilities  
SCHEDULE OF WARRANTS ACTIVITY

The following table summarizes the activity in liability classified warrants for the nine months ended September 30, 2024:

 

   Common Stock Warrants 
   Shares   Weighted–
Average
Exercise
Price
   Range of Exercise
Price
   Weighted–
Average
Remaining Life (Years)
 
Total outstanding – December 31, 2023   9,113   $36.50   $36.50 - $36.50    0.49 
Granted   52,474   $10.96   $6.50 - $13.00    4.41 
Exercised                
Reclassified from equity   2,314   $6.50   $6.50 - $6.50    4.41 
Expired   (25,586)  $13.00   $13.00 - $13.00     
Forfeited                
Total outstanding – September 30, 2024   38,315   $6.50   $6.50 - $6.50    4.41 
Exercisable   38,315   $6.50   $6.50 - $6.50    4.41 

 

The following table summarizes the activity in liability classified warrants for the nine months ended September 30, 2023:

 

   Common Stock Warrants 
   Shares   Weighted– Average
Exercise
Price
   Range of Exercise
Price
   Weighted–
Average
Remaining
Life (Years)
 
Total outstanding –December 31, 2022   76,992   $76.72   $66.00 - $82.50    3.9 
Granted                
Exercised                
Expired                
Forfeited                
Total outstanding – September 30, 2023   76,992   $76.72   $66.00 - $82.50    3.16 
Exercisable   76,992   $76.72   $66.00 - $82.50    3.16 
SCHEDULE OF FAIR VALUE HIERARCHY FOR WARRANT LIABILITIES

The following table presents the Company’s fair value hierarchy for its warrant liabilities measured at fair value on a recurring basis as of September 30, 2024:

  

   Quoted             
   Market   Significant         
   Prices for   Other   Significant     
   Identical   Observable   Unobservable     
   Assets   Inputs   Inputs     
Common Stock Warrant Liabilities  (Level 1)   (Level 2)   (Level 3)   Total 
Balance as of December 31, 2023  $   $   $54,600   $54,600 
Granted           565,582    565,582 
Exercised                
Reclassified from equity           14,997    14,997 
Gain on change in fair value of warrant liabilities           (361,137)   (361,137)
Balance as of September 30, 2024  $   $   $274,042   $274,042 

SCHEDULE OF ASSUMPTIONS OF WARRANT LIABILITIES

The following are the weighted average and the range of assumptions used in estimating the fair value of warrant liabilities (weighted average calculated based on the number of outstanding warrants on each issuance) as of September 30, 2024 and 2023:

  

  

September 30,

2024

  

September 30,

2023

 
   Actual   Weighted Average   Range   Weighted Average 
Risk-free interest rate   3.61% — 3.61%   3.61%   4.523% — 5.401%   4.83%
Expected volatility (peer group)   119.5% — 119.5%   119.5%   57.9% — 134.5%   108.41%
Term of warrants (years)   4.414.41    4.41    0.144.73    3.16 
Expected dividend yield   0.00%   0.00%   0.00%   0.00%