Derivative Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

DERIVATIVE LIABILITIES

Summary of Inputs valuation to be Level 3 in Fair Value

The Company considered the inputs in this valuation to be level 3 in the fair value hierarchy under ASC 820 and used the Black-Scholes model to determine the value of conversion feature of the Warrants issued with the notes convertible into Series D Preferred Stock based on the assumptions below:

	2023			2022
Annual volatility rate		123	%		116	%
Risk free rate		4.23	%		4.41	%
Remaining term	6.37 years			7.37 years
Fair value of common stock	$	2.02		$	2.44

Summary of Change in the Fair Value of the Derivative Liability

The below table represents the change in the fair value of the derivative liability during the years ended December 31, 2023 and 2022.

Year Ended	2023			2022
Fair value of derivative (warrants), beginning of year	$	2,172,417		$	1,559,103
Exercise of warrants		—			—
Change in fair value of derivative		(375,076	)		613,314
Fair value of derivative (warrants), end of year	$	1,797,341		$	2,172,417