FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

SUMMARY OF CHANGE IN FAIR VALUE WARRANT LIABILITY

The following table sets forth a summary of the change in the fair value of the warrant liability that is measured at fair value on a recurring basis:

					At Inception
			September 30,		August 10,
Description	Level		2023		2023
Liabilities:
Warrant liability (see Note 10)		3	$	20,065,440	$	9,969,480
Bifurcated embedded derivative liability (see Note 10)		3	$	1,931,000	$	5,147,000

SUMMARY OF CHANGE IN FAIR VALUE OF DERIVATIVE LIABILITY

The following table sets forth a summary of the change in the fair value of the bifurcated embedded derivative liability that is measured at fair value on a recurring basis:

	September 30, 2023
Balance on December 31, 2022	$	-
Issuance of warrants		9,969,480
Change in fair value of warrant liability		10,095,960
Balance on September 30, 2023	$	20,065,440

The following table sets forth a summary of the change in the fair value of the bifurcated embedded derivative liability that is measured at fair value on a recurring basis:

	September 30, 2023
Balance on December 31, 2022	$	-
Issuance of convertible preferred stock with bifurcated embedded derivative		5,147,000
Change in fair value of bifurcated embedded derivative		(3,216,000	)
Balance on September 30, 2023	$	1,931,000