STOCKHOLDERS’ EQUITY (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Equity [Abstract] |
|
| SUMMARY OF AGGREGATE COMMON STOCK SHARES ISSUED |
SUMMARY OF AGGREGATE COMMON STOCK SHARES ISSUED
| Nature |
|
Shares |
| Shares issued in connection with
stock-based compensation |
|
|
359,042 |
|
| Sales of common stock (ATM
process) |
|
|
2,468,502 |
(*) |
| Total |
|
|
2,827,544 |
|
| (*) |
2,468,502 shares of Common
Stock were sold through the ATM Agreement for proceeds of $11.9 million, net of commissions and fees. |
|
| SCHEDULE OF BLACK-SCHOLES OPTION PRICING MODEL |
SCHEDULE OF BLACK-SCHOLES OPTION PRICING MODEL
| |
|
June
30, 2025 |
|
|
June
30, 2024 |
|
| Expected volatility |
|
|
84,01% – 84.01 |
% |
|
|
90.41% – 136.11 |
% |
| Risk-free interest rate |
|
|
4.57% - 4.57 |
% |
|
|
3.78% – 4.79 |
% |
| Stock price on date
of grant |
|
$ |
6.97 – $6.97 |
|
|
$ |
31.28 – $31.28 |
|
| Dividend
yield |
|
|
0.00 |
% |
|
|
0.00 |
% |
| Expected term |
|
|
1 year |
|
|
|
1 to 5 years |
|
|
| SCHEDULE OF COMMON STOCK OUTSTANDING |
Changes
in common stock options for the six months ended June 30, 2025 and 2024 were as follows:
SCHEDULE OF COMMON STOCK OUTSTANDING
| | |
Number of Options Outstanding and Vested | | |
Weighted Average Exercise Price | | |
Remaining Contractual Life (Years) | | |
Aggregated Intrinsic Value | |
| Outstanding and vested, January 1, 2025 | |
| 40,667 | | |
$ | 0.2041 | | |
| 3.44 | | |
$ | 249,122 | |
| Issued (1) | |
| 439,996 | | |
| 0.0077 | | |
| | | |
| | |
| Outstanding and vested, June 30, 2025 | |
| 480,663 | | |
$ | 0.0243 | | |
| 4.88 | | |
| 1,804,206 | |
| | |
Number of Options Outstanding and Vested | | |
Weighted Average Exercise Price | | |
Remaining Contractual Life (Years) | | |
Aggregated Intrinsic Value | |
| Outstanding and vested, January 1, 2024 | |
| 50,667 | | |
$ | 15.9474 | | |
| 2.40 | | |
$ | 776,864 | |
| Issued (2) | |
| 429,996 | | |
| 0.0077 | | |
| | | |
| | |
| Outstanding and vested, June 30, 2024 | |
| 480,664 | | |
$ | 1.6879 | | |
| 8.16 | | |
$ | 4,562,782 | |
| 1) |
In the six months ended
June 30, 2025, 439,996 common stock options were issued with a grant date fair value of $3,066,772. |
| 2) |
In the six months ended
June 30, 2024, 429,996 common stock options were issued with a grant date fair value of $13,447,502. |
|
| SCHEDULE OF WARRANT ASSUMPTION |
SCHEDULE OF WARRANT ASSUMPTION
| |
|
June
30, 2025 |
|
| Expected volatility |
|
|
85.43% - 85.43% |
|
| Risk-free interest rate |
|
|
4.54%
- 4.54% |
|
| Stock price on date of grant |
|
$ |
6.45 - $6.45 |
|
| Dividend yield |
|
|
0.00% |
|
| Expected term |
|
|
2 years |
|
|
| SCHEDULE OF WARRANT ACTIVITY |
Changes
in common stock purchase warrants for the six months ended June 30, 2025 were as follows:
SCHEDULE OF WARRANT ACTIVITY
| | |
Number of Warrants Outstanding and Vested | | |
Weighted Average Exercise Price | | |
Weighted Average Contractual Life (Years) | | |
Aggregated Intrinsic Value | |
| Outstanding and vested, January 1, 2025 | |
| 16,668 | | |
$ | 10.4999 | | |
| 0.79 | | |
$ | - | |
| Warrants Issued (1) | |
| 75,000 | | |
$ | 8.1250 | | |
| | | |
| | |
| Outstanding and vested, June 30, 2025 | |
| 91,668 | | |
$ | 8.5568 | | |
| 1.84 | | |
$ | - | |
| 1) |
The warrants issued in
the Six months ended June 30, 2025 had a total grant date fair value of $200,981. |
|
| SCHEDULE OF CHANGE IN RESTRICTED STOCK UNITS |
Changes
in RSUs for the six months ended June 30, 2025 and June 30, 2024 were as follows:
SCHEDULE OF CHANGE IN RESTRICTED STOCK UNITS
| | |
Number of
RSUs Outstanding | |
| Outstanding at January 1, 2025 | |
| 572,476 | |
| Granted (1) | |
| 351,042 | |
| Vested (2) | |
| (379,042 | ) |
| Forfeited (3) | |
| (8,750 | ) |
| Outstanding at June 30, 2025 | |
| 535,726 | |
| |
|
Number
of
RSUs Outstanding |
|
| Outstanding
at January 1, 2024 |
|
1,040,017 |
|
| Granted (4) |
|
|
45,306 |
|
| Vested
(5) |
|
|
(188,461 |
) |
| Expired
or cancelled (6) |
|
|
(10,000 |
) |
| Outstanding at June 30,
2024 |
|
|
886,862 |
|
| 1) |
In the six months ended
June 30, 2025, 351,042 RSUs were granted to officers and consultants of the Company, with a total grant date fair value of $1,915,753
as measured at an average $5.46/share trailing to the date the RSU was granted, as follows: (i) 326,042 RSUs which immediately vested
upon grant and (ii) 25,000 RSUs with time-based vesting of four years. |
| 2) |
In the six months ended
June 30, 2025, 379,042 RSUs vested and were settled through the issuance of 379,042 shares of common stock. |
| 3) |
In the six months ended
June 30, 2025, 8,750 RSUs were forfeited upon termination of employment and service agreements with former executives and consultants
of the Company. |
| 4) |
45,306
RSUs were granted to officers and consultants of the Company, with a total grant date fair value of $895,236
as measured at $19.76
per share using the Company’s 20-day volume weighted average price trailing to the date the RSU was granted, as follows: (i) 27,980
RSUs which immediately vested upon grant and (ii) 17,326
RSUs with time-based vesting in equal monthly installments over six months. |
| 5) |
188,461 RSUs vested and
were settled through the issuance of 188,461 shares of common stock. |
| 6) |
10,000 RSUs were cancelled
without vesting because the performance conditions for vesting were not met. |
|