SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2022

SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES

Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share for the three and six months ended June 30, 2022 and 2021 because the effect of their inclusion would have been anti-dilutive.

	For the three and six months ended June 30, 2022		For the three and six months ended June 30, 2021
Warrants to purchase shares of common stock		655,463		91,073
Restricted stock units - vested and unissued		56,071		—
Restricted stock units - unvested		94,550		51,930
Restricted stock awards - vested and unissued		909		—
Restricted stock awards - unvested		65		266
Options to purchase shares of common stock		22,829		4,512
Total potentially dilutive securities		829,887		147,781

SCHEDULE OF FAIR VALUE HIERARCHY OF VALUATION INPUTS ON RECURRING BASIS

The following table provides the financial liabilities measured on a recurring basis and reported at fair value on the balance sheet as of June 30, 2022 and indicates the fair value of the valuation inputs the Company utilized to determine such fair value of warrant liabilities and the derivative liability:

	Level		June 30, 2022		December 31, 2021
Warrant liabilities - January 2021 Warrants		3	$	15,138	$	333,471
Warrant liabilities - February 2021 Warrants		3		14,970		320,203
Warrant liabilities - February 2022 Warrants		3		1,973,095		—
Fair value as of June 30, 2022			$	2,003,203	$	653,674

	Level		June 30, 2022		December 31, 2021
Derivative liability - May 2022		3	$	455,000	$	—
Fair value as of June 30, 2022			$	455,000	$	—

SCHEDULE OF FAIR VALUE OF WARRANT LIABILITIES AND DERIVATIVE LIABILITY

The following table presents the changes in fair value of the warrant liabilities and derivative liability:

	Total Warrant Liabilities
Fair value as of December 31, 2021	$	653,674
Issuance of February 2022 warrants		3,595,420
Change in fair value		(2,245,891	)
Fair value as of June 30, 2022	$	2,003,203

	Total Derivative Liability
Fair value as of December 31, 2021	$	—
Issuance of May 2022 convertible preferred stock		402,000
Change in fair value		53,000
Fair value as of June 30, 2022	$	455,000

Initial Measurement [Member]

SCHEDULE OF BLACK SCHOLES VALUATION MODELS OF WARRANT LIABILITIES

The Company established the initial fair value of its warrant liabilities at the respective dates of issuance. The Company used a Black Scholes valuation model in order to determine their value. The key inputs into the Black Scholes valuation model for the initial valuations of the warrant liabilities are below:

	February 2022 Warrants
	February 15, 2022
Term (years)		5.0
Stock price	$	15.75
Exercise price	$	27.50
Dividend yield		—	%
Expected volatility		74.1	%
Risk free interest rate		1.9	%
Number of warrants		460,000
Value (per share)	$	8.00

The Company established the initial fair value of its derivative liability at the respective date of issuance. The Company used a Weighted Expected Return valuation model in order to determine their value. The key inputs into the Weighted Expected Return valuation model for the initial valuations of the warrant liabilities are below:

	May 2022 Derivative Liability
	May 5, 2022
Principal	$	1,000,000
Dividend rate		5.0	%
Market rate		4.4	%

Subsequent Measurement [Member]

SCHEDULE OF BLACK SCHOLES VALUATION MODELS OF WARRANT LIABILITIES

	January 2021 Warrants			February 2021 Warrants			February 2022 Warrants
Term (years)		3.5			3.6			4.6
Stock price	$	10.70		$	10.70		$	10.70
Exercise price	$	247.50		$	245.00		$	27.50
Dividend yield		—	%		—	%		—	%
Expected volatility		78.2	%		77.7	%		74.3	%
Risk free interest rate		3.00	%		3.00	%		3.01	%
Number of warrants		36,429			34,281			460,000
Value (per share)	$	0.42		$	0.44		$	4.29

The key inputs into the Weighted Expected Return valuation model for the Level 3 valuations of the derivative liability as of June 30, 2022 are below: 

	May 2022 Derivative Liability
Principal	$	1,000,000
Dividend rate		5.0	%
Market rate		6.8	%