CAPITAL STOCK (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

SCHEDULE OF SHARE PURCHASE AGREEMENT

On April 28, 2024, the Company and the Purchaser entered into an Omnibus Amendment Agreement No. 1, which amended the SPA to, adjust the closings which were to take place under the SPA as follows:

#	Initial Stated Value of Preferred Stock to be issued by installment		Warrants to be issued		Closing Date	Aggregate Purchase Price by installment (USD)
Initial Closing	$	550,000		220,000	Initial Closing Date	$	500,000
Second Closing	$	275,000			On or before June 30, 2024	$	250,000
Third Closing	$	825,000		100,000	On or before June 30, 2024	$	750,000
Fourth Closing	$	1,100,000			Such date as is no later than 180 days after the shares of Common Stock issuable in respect of the Series B Preferred Stock sold in each of the Initial Closing, Second Closing, the Third Closing, and the Fourth Closing have been registered under the Securities Act, subject to any limitations pursuant to Rule 415	$	1,000,000.00
Total	$	2,750,000		320,000		$	2,500,000

SCHEDULE OF STOCK OPTION ACTIVITY

The following table summarizes common stock option activity:

	Options			Weighted Average Exercise Price
Outstanding, December 31, 2022		83,333		$	16.50
Granted		93,333		$	6.05
Exercised		-			-
Expired		-			-
Outstanding, December 31, 2023		176,666		$	10.98
Exercisable, December 31, 2023		120,833		$	8.43
Granted		13,333		$	5.55
Exercised		-			-
Expired / Forfeited		(33,333	)		16.50
Outstanding, September 30, 2024		156,666		$	9.34
Exercisable, September 30, 2024		135,833		$	8.25

SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE

The weighted average exercise prices, remaining lives for options granted, and exercisable as of September 30, 2024 were as follows:

		Outstanding Options				Exercisable Options
Options Exercise Price Per Share		Shares		Life (Years)		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
$	16.50		60,000		3.87	$	16.50		39,167	$	16.50
$	4.80		83,333		4.25	$	4.80		83,333	$	4.80
$	5.55		13,333		2.78	$	5.55		13,333	$	5.55

SCHEDULE OF OPTIONS FAIR VALUE ASSUMPTIONS

Fair Value of Common Stock on measurement date	$	14.85 – 4.35
Risk free interest rate		4.10% - 3.30	%
Volatility		232.05% - 92.54	%
Dividend Yield		0	%
Expected Term		6.0-3.0

(1)	The risk-free interest rate was determined by management using the market yield on U.S. Treasury securities with comparable terms as of the measurement date.
(2)	The trading volatility was determined by calculating the volatility of the Company’s peer group.
(3)	The Company does not expect to pay a dividend in the foreseeable future
(4)	The Company, in accordance with staff accounting bulletin (“SAB”)14-D.2, used the simplified method (plain vanilla) to determine the overall expected term

SCHEDULE OF WARRANT ACTIVITY

The following table summarizes common stock warrants activity:

	Warrants			Weighted Average Exercise Price Per Share
Outstanding, December 31, 2022		133,333		$	15.00
Granted		24,500			22.14
Exercised		(68,300	)		15.00
Expired		-			-
Cancelled		-			-
Outstanding, December 31, 2023		89,533			16.95
Exercisable, December 31, 2023		89,533			16.95
Granted		322,800			5.80
Exercised		-			-
Expired		-			-
Cancelled		-			-
Outstanding, September 30, 2024		412,333			8.23
Exercisable, September 30, 2024		412,333		$	8.23

SCHEDULE OF WARRANTS OUTSTANDING AND EXERCISABLE

The weighted average exercise prices, remaining lives for warrants granted, and exercisable as of September 30, 2024, were as follows:

		Outstanding and Vested Warrants
Weighted Average Warrant Exercise Price Per Share		Shares		Life (Years)
$	8.23		12,333		4.06

SCHEDULE OF WARRANTS FAIR VALUE ASSUMPTIONS

Fair Value of Common Stock on measurement date	$	3.15 - $10.95
Risk-free interest rate		From 2.95% to 4.38%
Volatility		From 81.92% to 239.06%
Dividend Yield		0	%
Expected Term		5 years

(1)	The risk-free interest rate was determined by management using the market yield on U.S. Treasury securities with comparable terms as of the measurement date.
(2)	The trading volatility was determined by calculating the volatility of the Company’s peer group.
(3)	The Company does not expect to pay a dividend in the foreseeable future.