STOCKHOLDERS’ EQUITY (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

SUMMARY OF WARRANTS ACTIVITY

A summary of activity during the six-month period ended June 30, 2023 follows:

	Warrants Outstanding				Weighted Average
	Number of		Weighted Average		Remaining life
	Warrants		Exercise Price		(years)
Outstanding, December 31, 2022		2,538,101	$	0.32		4.27
Granted		-		-		-
Exercised		-		-		-
Forfeited/canceled		-		-		-
Outstanding, June 30, 2023		2,538,101	$	0.32		3.77
Exercisable Warrants, June 30, 2023		2,538,101	$	0.32		3.77

SUMMARY OF INFORMATION RELATING TO OUTSTANDING AND EXERCISABLE WARRANTS

The following table summarizes information relating to outstanding and exercisable warrants as of June 30, 2023:

Warrants Outstanding					Warrants Exercisable
	Weighted Average Remaining
Number of Warrants	Contractual life (in years)		Weighted Average  Exercise Price		Number of Shares		Weighted Average Exercise Price
941,599		3.68	$	0.34		941,599	$	0.34
472,205		3.69		0.34		472,205		0.34
562,149		3.82		0.35		562,149		0.35
281,074		3.90		0.22		281,074		0.22
281,074		3.90		0.22		281,074		0.22
2,538,101		3.77	$	0.32		2,538,101	$	0.32

SCHEDULE OF ESTIMATED FAIR VALUES OF WARRANT LIABILITIES

For the period ended June 30, 2023, the estimated fair values of the warrant liabilities measured on a recurring basis are as follows:

	Six Months Ended
	June 30, 2023
Expected term		5.00 – 5.00 years
Expected average volatility		195 - 197%
Expected dividend yield		0	%
Risk-free interest rate		3.65 – 3.73%

SUMMARY OF STOCK OPTION ACTIVITY

The following summarizes the stock options activity for the six months ended June 30, 2023:

	Options Outstanding		Weighted-Average Exercise Price
Balance as of December 31, 2022		-	$	-
Grants		7,680,000		0.17
Exercised		-		-
Cancelled		-		-
Balance as of June 30, 2023		7,680,000	$	0.17

SUMMARY OF STOCK OPTION VESTED AND EXPECTED TO VEST

The following summarizes certain information about stock options vested and expected to vest as of June 30, 2023:

Options Outstanding					Options Exercisable
	Weighted Average Remaining
Number of Options	Contractual life (in years)		Weighted Average  Exercise Price		Number of  Shares		Weighted Average  Exercise Price
3,360,000		4.27	$	0.08		3,360,000	$	0.11
960,000		1.22		0.02		960,000		0.03
3,360,000		4.27		0.07		1,512,000		0.04
7,680,000		9.76	$	0.17		5,832,000