CONVERTIBLE DEBENTURE PAYABLE (Details Narrative) - USD ($) |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 28, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Oct. 12, 2022 |
Aug. 03, 2022 |
May 19, 2022 |
|
Debt face amount | $ 3,048,781 | $ 3,048,781 | ||||
Warrant to purchase shares | 406,504 | |||||
Debenture conversion description | The Debenture is convertible voluntarily by the Purchaser at any time into shares of our common stock, at the lesser of $7.50, representing 100% of the closing price of our common stock on the trading day immediately prior to the Closing Date, or 75% of the average VWAP of our common stock during the 5 trading day period immediately prior to the conversion date (the “Conversion Price”), or automatically upon the occurrence of a single public offering of our common stock which results in the listing of our common stock on a national securities exchange as defined in the Exchange Act (the “Qualified Offering”) into shares of our common stock at the lesser of the Conversion Price, or 75% of the offering price of the securities offered in the Qualified Offering | |||||
Proceeds from financing transition | $ 2,500,000 | |||||
OID percentage | 18.00% | |||||
Exercise price | $ 6 | |||||
Adjusted exercise price | $ 3 | |||||
Partial liquidated damages description | Company shall pay to the Purchaser as partial liquidated damages equal to the product of 2% of the principal amount not to exceed 24% of the aggregate principal. If the Company fails to pay the liquidated damages within seven days after the date payable, the Company will pay interest at 18% until such amounts are paid in full | |||||
Unamortized discount and issuance costs | $ 0 | $ 402,465 | ||||
Outstanding warrants | 2,258,355 | 406,504 | ||||
Fair market value of stock warrants | $ 4,359,583 | $ 847,048 | ||||
Conversion feature debt discount | 980,000 | 980,000 | ||||
Interest expense related to debt issuance costs | 5,443 | 5,443 | ||||
Interest expense | 402,465 | 444,583 | ||||
Debt issuance cost | 0 | 0 | ||||
Accrued expenses | 189,700 | 189,700 | ||||
General and administrative expenses | $ 7,606,218 | 3,882,706 | ||||
Outstanding principal amount of debenture, percentage | 130.00% | |||||
Accrued and unpaid interest, percentage | 100.00% | |||||
Default penalties included in general and administrative expense | $ 915,000 | |||||
Warrant to purchase additional shares of common stock | 101,626 | |||||
Warrant to purchase additional shares of common stock, expiry date | Mar. 29, 2029 | |||||
Gain on extinguishment | $ 1,109,105 | |||||
Debt issuance costs | $ 275,000 | |||||
Warrant issued | 4,054,055 | 60,000 | 10,000 | |||
Amortization Of Interest | $ 465,635 | 514,365 | ||||
Interest Expense Related To The Original Issue Discount And Debt Issuance Costs | $ 423,782 | $ 399,999 | ||||
Registration Rights Agreement [Member] | Securities Purchase Agreement [Member] | ||||||
Warrant exercisable per share | $ 1.35 | |||||
Armistice Warrants [Member] | ||||||
Warrant issued | 1,750,225 | |||||
Original Warrant | 1,400,180 | |||||
New Warrants | 350,045 |