Quarterly report pursuant to Section 13 or 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
SCHEDULE OF ESTIMATED FAIR VALUE OF WARRANTS
The Company calculated the estimated fair value of warrants on the date of issuance and at each subsequent reporting date using the following assumptions:
 
 
 
At September 30, 2023
 
 
At December 31, 2022
 
Risk-free interest rate
 
 
4.6
% -
5.03
%
 
 
 
4.06
% -
4.32
%
 
Contractual term
 
 
1.75
-
5
years
 
 
 
1.75
–
4.75
years
 
Dividend yield
 
 
0
%
 
 
0
%
Expected volatility
 
 
136.77
%–
155.63
%
 
 
 
88
%-
99.5
%
 
Schedule of Warrants Liabilities Measured at Fair Value Using Significant Unobservable Inputs
The table below provides a reconciliation of the balances for the warrant and preferred investment option liability which is measured at fair value using significant unobservable inputs (Level 3):
 
Balance, January 1, 2022
 
$
4,801,929
 
Fair Value of warrant and preferred investment option liability at issuance
 
 
33,098,789
 
Fair Value of warrant and preferred investment option liability upon exercise
 
 
(9,610,346
)
Change in fair value of warrant and preferred investment option liability
 
 
(23,111,029
)
Balance, September 30, 2022
 
$
5,179,343
 
 
Balance, June 30, 2022
 
$
2,960,853
 
Fair Value of warrant and preferred investment option liability at issuance
 
 
27,466,801
 
Fair Value of warrant and preferred investment option liability upon exercise
 
 
(6,183,014
)
Change in fair value of warrant and preferred investment option liability
 
 
(19,065,297
)
Balance, September 30, 2022
 
$
5,179,343
 
 
Balance, January 1, 2023
 
$
16,116,273
 
Fair Value of warrant and preferred investment option liability at issuance
 
 
9,916,393
 
Fair Value of warrant and preferred investment option liability at time of inducement
 
 
(2,530,760
 )
Change in fair value of warrant and preferred investment option liability
 
 
17,761,007
)
Balance, September 30, 2023
 
$
5,740,899
 
 
Balance, June 30, 2023
 
$
4,985,287
 
Fair Value of warrant and preferred investment option liability at issuance
 
 
6,319,909
 
Fair Value of warrant and preferred investment option liability at time of inducement
 
 
(2,530,760
 )
 
Change in fair value of warrant and preferred investment option liabilit
y
 
 
(3,033,537
 )
Balance, September 30, 2023
 
$
5,740,899
 
Schedule of Earnings Per Share
The Company computes net loss per share in accordance with ASC 260, “
Earnings per Share
.
”
ASC 260 requires presentation of both basic and diluted net earnings per share (“EPS”) on the face of the statement of operations. Basic EPS is computed by dividing loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of warrants, convertible preferred stock and convertible debentures. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.
 
 
 
Three Months Ended
 
 
Nine Months Ended
 
 
 
September 30,
 
 
September 30,
 
 
 
2023
 
 
2022
 
 
2023
 
 
2022
 
Net loss computation of basic and diluted net loss per common share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net  income (loss) attributable to common stockholders
 
$
(14,248,574
 )
 
$
539,230
 
 
$
(28,249,105
 )
 
$
(23,700,760
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic and diluted net loss per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic net income (loss) per common share
 
$
(0.46
 )
 
$
0.05
 
 
$
(1.37
 )
 
$
(5.42
)
 
Basic weighted average common shares outstanding
 
 
 
 
31,298,034
 
 
 
10,872,412
 
 
 
20,663,732
 
 
 
4,376,175
 
Diluted net income (loss) per common share
 
 
(0.46
 )
 
 
0.03
 
 
 
(1.37
 )
 
 
(5.42
)
Diluted weighted average common shares outstanding
 
 
31,298,034
 
 
 
19,721,339
 
 
 
20,663,732
 
 
 
4,376,175
 
Schedule of Potential Dilutive Securities
Potentially dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive are as foll
o
ws as of September 30, 2023 and 2022 (in common equivalent shares):
 
 
 
September 30,
 
 
 
2023
 
 
2022
 
Warrants and preferred investment options
 
 
34,142,455
 
 
 
8,847,473
 
Options and restricted stock units
 
 
1,351,271
 
 
 
1,354
 
Total anti-dilutive weighted average shares
 
 
34,142,455
 
 
 
8,848,827