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CONVERTIBLE NOTES (Tables)
 12 Months Ended
Dec. 31, 2023
CONVERTIBLE NOTES [Abstract]  
Convertible Note Payable
   
December 31, 2023
    
December 31, 2022
  
Principal outstanding
  
$
23,000,000
    
$
24,000,000
  
Add: accrued interest
    
1,879,068
      
1,120,767
  
Less: unamortized debt issuance costs
    
(8,887
)
    
(14,220
)
Convertible note payable, net of debt issuance costs
  
$
24,870,181
    
$
25,106,547
  
Estimated Fair Value of the Conversion Option               The fair value of the Notes was calculated using the present value of the Notes and the estimated fair value of the conversion option calculated using the Black-Scholes model and the following Level 3 inputs:


  December 31, 2023     December 31, 2022  
Fair value of Company’s common stock
  
$
2.93
    
$
2.73
  
Dividend yield
    
0%
   
0%
Expected volatility
    
82.0%
   
84.0%
Risk Free interest rate
    
4.40%
   
4.30%
Expected life (years) remaining
    
1.67
      
2.67
  
Exercise price
  
$
11.98
    
$
11.98