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WARRANT LIABILITY (Tables)
12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
SCHEDULE OF ESTIMATED FAIR VALUES OF WARRANT LIABILITIES MEASURED ON A RECURRING BASIS

For the year ended December 31, 2023, the estimated fair values of the warrant liabilities measured on a recurring basis are as follows:

 

 

   Year Ended 
   December 31, 2023 
Expected term   1.592.50 years 
Expected average volatility   177220% 
Expected dividend yield   8.33% 
Risk-free interest rate   1.505.46% 
SUMMARY OF CHANGES IN WARRANT LIABILITIES

The following table summarizes the changes in the warrant liabilities during the year ended December 31, 2022:

 

 

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Warrant liability as of December 31, 2021  $- 
Addition of new warrant liabilities   721,275 
Day-one loss   (28,043)
Change in fair value of warrant liability   (494,753)
Warrant liability as of December 31, 2022   198,479 
Addition of new warrant liabilities   - 
Change in fair value of warrant liability   (159,363)
Warrant liability as of December 31, 2023  $39,116