SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Equity [Abstract] |
|
| SCHEDULE OF STOCK OPTION |
A
summary of the stock option activity under the Company’s incentive plan for the years ended December 31, 2023 and 2022 is presented
below:
SCHEDULE OF STOCK OPTION
| | |
Number of Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Grant Date Fair Value | | |
Weighted Average Remaining Contractual Term (years) | | |
Aggregate Intrinsic Value | |
| Outstanding at January 1, 2022 | |
| 23,829 | | |
$ | 79.00 | | |
$ | 103.50 | | |
| 5.3 | | |
$ | 34,333 | |
| Granted | |
| 25,500 | | |
$ | 3.07 | | |
$ | 2.58 | | |
|
| | |
$ | — | |
| Forfeited | |
| (1,000 | ) | |
$ | 175.00 | | |
$ | 140.50 | | |
| | | |
$ | — | |
| Outstanding at December 31, 2022 | |
| 48,329 | | |
$ | 37.05 | | |
$ | 44.82 | | |
| 4.1 | | |
$ | — | |
| Granted | |
| — | | |
$ | — | | |
$ | — | | |
| | | |
| — | |
| Forfeited | |
| (18,000 | ) | |
$ | 3.07 | | |
$ | 2.58 | | |
| | | |
| — | |
| Outstanding at December 31, 2023 | |
| 30,329 | | |
$ | 57.17 | | |
$ | 77.22 | | |
| 3.4 | | |
$ | — | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Exercisable at December 31, 2023 | |
| 25,677 | | |
$ | 64.45 | | |
$ | 88.72 | | |
| 2.9 | | |
$ | — | |
|
| SCHEDULE OF STOCK OPTION ASSUMPTION |
Options
granted during the years ended December 31, 2022 were valued using the Black Scholes model with the following assumptions:
SCHEDULE OF STOCK OPTION ASSUMPTION
| | |
December 31, 2022 | |
| Term (years) | |
| 5.5 | |
| Stock price | |
$ | 3.07 | |
| Exercise price | |
$ | 3.07 | |
| Dividend yield | |
| — | |
| Expected volatility | |
| 112.0 | % |
| Risk free interest rate | |
| 3.9 | % |
|
| SCHEDULE OF RESTRICTED STOCK UNITS AND AWARDS ACTIVITY |
The
Company’s activity in restricted stock units was as follows for the year ended December 31, 2023:
SCHEDULE OF RESTRICTED STOCK UNITS AND AWARDS ACTIVITY
| | |
Number of shares | | |
Weighted average
fair value | |
| Non-vested at January 1, 2022 | |
| 62,013 | | |
$ | 126.00 | |
| Granted | |
| 37,445 | | |
$ | 33.50 | |
| Forfeited | |
| (26,772 | ) | |
$ | 79.64 | |
| Vested | |
| (8,633 | ) | |
$ | 130.55 | |
| Non-vested at December 31, 2022 | |
| 64,053 | | |
$ | 92.57 | |
| Granted | |
| 182,500 | | |
$ | 2.73 | |
| Forfeited | |
| (43,426 | ) | |
$ | 25.72 | |
| Vested | |
| (62,636 | ) | |
$ | 19.80 | |
| Non-vested at December 31, 2023 | |
| 140,491 | | |
$ | 28.97 | |
|
| SCHEDULE OF STOCK-BASED COMPENSATION FOR RESTRICTED STOCK UNITS |
The
following table summarizes the Company’s recognition of stock-based compensation for restricted stock units for the following periods:
SCHEDULE OF STOCK-BASED COMPENSATION FOR RESTRICTED STOCK UNITS
| | |
2023 | | |
2022 | |
| | |
Year ended December 31, | |
| | |
2023 | | |
2022 | |
| Stock-based compensation expense for RSUs: | |
| | | |
| | |
| General and administrative | |
$ | 1,085,791 | | |
$ | 1,389,359 | |
| Research and development | |
| 908,294 | | |
| 1,026,907 | |
| Total | |
$ | 1,994,085 | | |
$ | 2,416,266 | |
| Stock-based compensation expense for RSUs | |
$ | 1,994,085 | | |
$ | 2,416,266 | |
|
| SCHEDULE OF WARRANTS OUTSTANDING |
The
following table summarizes information about shares issuable under warrants outstanding at December 31, 2023 and 2022:
SCHEDULE
OF WARRANTS OUTSTANDING
| | |
Warrant shares outstanding | | |
Weighted average exercise price | | |
Weighted average remaining life | | |
Intrinsic value | |
| Outstanding at January 1, 2022 | |
| 195,463 | | |
$ | 131.00 | | |
| 3.4 | | |
$ | 801,024 | |
| Issued | |
| 1,227,500 | | |
$ | 10.31 | | |
| | | |
$ | — | |
| Exercised | |
| (767,500 | ) | |
$ | — | | |
| | | |
$ | — | |
| Exchanged for common stock | |
| — | | |
$ | — | | |
| | | |
$ | — | |
| Outstanding at December 31, 2022 | |
| 655,463 | | |
$ | 58.36 | | |
| 3.6 | | |
$ | 5,514 | |
| Issued | |
| 2,311,320 | | |
$ | 1.37 | | |
| | | |
$ | — | |
| Exercised | |
| (122,000 | ) | |
$ | 1.37 | | |
| | | |
$ | — | |
| Forfeited | |
| (45,570 | ) | |
$ | 111.50 | | |
| | | |
$ | — | |
| Outstanding at December 31, 2023 | |
| 2,799,213 | | |
$ | 11.79 | | |
| 4.6 | | |
$ | — | |
| | |
| | | |
| | | |
| | | |
| | |
| Exercisable at December 31, 2023 | |
| 2,799,213 | | |
$ | 11.79 | | |
| 4.6 | | |
$ | — | |
|
| SCHEDULE OF WARRANTS AND INVESTMENT OPTIONS |
The
following table summarizes information about investment options outstanding at December 31, 2023 and 2022:
SCHEDULE
OF WARRANTS AND INVESTMENT OPTIONS
| | |
Investment options outstanding | | |
Weighted average exercise price | | |
Weighted average remaining life | | |
Intrinsic value | |
| Outstanding at January 1, 2022 | |
| — | | |
$ | — | | |
| — | | |
$ | — | |
| Issued | |
| 1,070,000 | | |
$ | 7.93 | | |
| — | | |
| — | |
| Outstanding at December 31, 2022 | |
| 1,070,000 | | |
$ | 7.93 | | |
| 5.1 | | |
$ | — | |
| Exercised | |
| (1,000,000 | ) | |
$ | 1.37 | | |
| — | | |
| — | |
| Outstanding at December 31, 2023 | |
| 70,000 | | |
$ | 10.00 | | |
| 4.1 | | |
$ | — | |
| | |
| | | |
| | | |
| | | |
| | |
| Exercisable at December 31, 2023 | |
| 70,000 | | |
$ | 10.00 | | |
| 4.1 | | |
$ | — | |
|
| SCHEDULE OF BLACK SCHOLES VALUATION MODEL FOR VALUATION OF WARRANTS |
The
Company established the initial fair value of its equity classified Inducement Warrants at the date of issuance on December 28, 2023.
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 valuation of the warrants are below:
SCHEDULE
OF BLACK SCHOLES VALUATION MODEL FOR VALUATION OF WARRANTS
| | |
Roth and Inducement Warrants | |
| | |
December 28, 2023 | |
| Term (years) | |
| 5.0 | |
| Stock price | |
$ | 1.56 | |
| Exercise price | |
$ | 1.37 | |
| Dividend yield | |
| — | % |
| Expected volatility | |
| 92.0 | % |
| Risk free interest rate | |
| 3.80 | % |
| | |
| | |
| Number of warrants | |
| 2,311,320 | |
| Value (per share) | |
$ | 1.16 | |
|