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STOCKHOLDERS EQUITY (DEFICIT) (Tables)
12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Fair Value Measurement Inputs and Valuation Techniques
The Black-Scholes valuation model was used to estimate the fair value of the warrants with the following weighted-average assumptions:
(Initial Measurement)
May 17, 2022December 31, 2022
Volatility130.8 %133.3 %
Expected term in years2.52.5
Dividend rate0.0 %0.0 %
Risk-free interest rate2.665 %4.240 %
The Black-Scholes option-pricing model was used to estimate the fair value of the warrants with the following weighted-average assumptions:
Volatility85.0 %
Expected term in years2.5
Dividend rate0.0 %
Risk-free interest rate0.155 %
Schedule of Warrants Outstanding To Purchase Common Stock
As of December 31, 2022, the Company had the following warrants outstanding to purchase common stock.
Number of SharesExercise Price per ShareExpiration Date
112,500$10.00February 12, 2026
740,000$0.9382May 17, 2027