Marizyme (MRZM) 10-Q 15 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 15, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	000-53223
Entity Registrant Name	MARIZYME, INC.
Entity Central Index Key	0001413754
Entity Tax Identification Number	82-5464863
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	555 Heritage Drive
Entity Address, Address Line Two	Suite 205
Entity Address, City or Town	Jupiter
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33458
City Area Code	(561)
Local Phone Number	935-9955
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,420,350

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current
Cash	$ 329,805	$ 510,865
Accounts receivable	78,169	87,801
Other receivables	35,226	15,310
Prepaid expenses	1,259,230	1,125,761
Inventory	176,527	215,566
Total current assets	1,878,957	1,955,303
Non-current
Property, plant and equipment, net	12,500	12,545
Operating lease right-of-use assets, net	1,390,042	1,485,023
Intangible assets, net	27,464,727	27,675,020
Prepaid royalties, non-current	302,908	339,091
Deposits	30,000	30,000
Goodwill	7,190,656	7,190,656
Total non-current assets	36,390,833	36,732,335
Total assets	38,269,790	38,687,638
Current
Accounts payable and accrued expenses	1,873,019	1,365,443
Note payable	2,123,211	1,132,829
Due to related parties	$ 89,016
Other Liability, Current, Related and Nonrelated Party Status [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Convertible notes	$ 3,515,600
Operating lease obligations	426,142	423,495
Total current liabilities	8,026,988	2,921,767
Non-current
Operating lease obligations, net of current portion	963,900	1,061,528
Convertible notes, net of current portion	792,210	2,751,633
Derivative liabilities	4,823,725	4,823,725
Contingent liabilities	8,431,000	9,707,000
Total non-current liabilities	15,010,835	18,343,886
Total liabilities	23,037,823	21,265,653
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.001 par value, 25,000,000 shares authorized, no shares issued and outstanding as of March 31, 2023 and December 31, 2022
Common stock, par value $0.001, 300,000,000 shares authorized, issued and outstanding shares - 40,768,191 at March 31, 2023 and 40,528,191 at December 31, 2022	40,768	40,528
Additional paid-in capital	103,735,216	103,370,890
Accumulated deficit	(88,544,017)	(85,989,433)
Total stockholders’ equity	15,231,967	17,421,985
Total liabilities and stockholders’ equity	$ 38,269,790	$ 38,687,638

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	40,768,191	40,528,191
Common stock, shares outstanding	40,768,191	40,528,191

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 128,974
Direct cost of revenue	39,275
Gross profit	89,699
Operating expenses:
Professional fees (includes related party amounts of $161,000 and $103,200 respectively)	384,806	544,040
Salary expenses	266,968	915,640
Research and development	605,997	1,218,296
Stock-based compensation	210,966	716,432
Depreciation and amortization	210,338	210,361
Royalty expense	36,183
Other general and administrative expenses	507,324	390,572
Total operating expenses	2,222,582	3,995,341
Total operating loss	(2,132,883)	(3,995,341)
Other income (expense)
Interest and accretion expenses	(1,697,701)	(299,544)
Change in fair value of contingent liabilities	1,276,000	(1,830,000)
Total other income (expense)	(421,701)	(2,129,544)
Net loss	$ (2,554,584)	$ (6,124,885)
Loss per share – basic and diluted	$ (0.06)	$ (0.15)
Weighted average number of shares of common stock outstanding – basic and diluted	40,757,524	40,628,188

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Professional fees related paty	$ 384,806	$ 544,040
Related Party [Member]
Related Party Transaction [Line Items]
Professional fees related paty	$ 161,000	$ 103,200

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2021	$ 40,528	$ 95,473,367	$ (47,823,563)	$ 47,690,332
Balance, shares at Dec. 31, 2021	40,528,188
Stock-based compensation expense		716,432		716,432
Issuance of warrants		2,969,916		2,969,916
Exercise of warrants	$ 300	2,700		3,000
Exercise of warrants, shares	300,000
Net loss			(6,124,885)	(6,124,885)
Balance at Mar. 31, 2022	$ 40,828	99,162,415	(53,948,448)	45,254,795
Balance, shares at Mar. 31, 2022	40,828,188
Balance at Dec. 31, 2022	$ 40,528	103,370,890	(85,989,433)	17,421,985
Balance, shares at Dec. 31, 2022	40,528,191
Stock-based compensation expense		210,966		210,966
Net loss			(2,554,584)	(2,554,584)
Issuance of shares	$ 240	153,360		153,600
Issuance of shares, shares	240,000
Balance at Mar. 31, 2023	$ 40,768	$ 103,735,216	$ (88,544,017)	$ 15,231,967
Balance, shares at Mar. 31, 2023	40,768,191

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (2,554,584)	$ (6,124,885)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation and amortization	210,338	210,361
Stock-based compensation	210,966	716,432
Interest and accretion on convertible notes and notes payable	1,697,701	299,544
Issuance of warrants for services		568,679
Change in fair value of contingent liabilities	(1,276,000)	1,830,000
Shares issued for a legal settlement	153,600
Change in operating assets and liabilities:
Accounts and other receivable	(10,284)	20,501
Prepaid expense	(133,469)	(212,744)
Inventory	39,039	6,818
Accounts payable and accrued expenses	453,521	(767,187)
Due to related parties	89,016	(861,263)
Net cash used in operating activities	(1,120,156)	(4,313,744)
Cash flows from financing activities:
Proceeds from financing, net of issuance cost		3,411,372
Shares issued for exercise of warrants		3,000
Proceeds from promissory notes, net of repayments	939,096
Net cash provided by financing activities	939,096	3,414,372
Net change in cash	(181,060)	(899,372)
Cash at beginning of period	510,865	4,072,339
Cash at end of period	329,805	3,172,967
Supplemental disclosure of cash flow information:
Cash paid for interest
Cash paid for taxes
Non-cash investing and financing activities:
Derivative liabilities and debt discount issued in connection with convertible notes		1,336,218
Warrants and debt discount issued in connection with convertible notes		2,401,237
Settlement of notes payable with convertible notes		$ 326,083

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	NOTE 1 – DESCRIPTION OF BUSINESS Marizyme, Inc. (the “Company” or “Marizyme”) is a Nevada March 20, 2007 On March 21, 2018, the Company’s name was changed to Marizyme, Inc., to reflect the new life sciences focus. Marizyme’s common stock is currently quoted on the OTCQB tier of OTC Markets Group, Inc. under the symbol “MRZM”.

GOING CONCERN

GOING CONCERN	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 2 – GOING CONCERN The Company’s unaudited condensed consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company does not have an established source of revenues sufficient to cover its operating costs, which require the Company to rely on investing and financing activities in order to continue as a going concern. The Company, since its inception, has incurred recurring operating losses and negative cash flows from operations and has an accumulated deficit of $ 88,544,017 85,989,433 6,148,031 966,464 329,805 510,865 Under the going concern assumption, an entity is ordinarily viewed as continuing its business for the foreseeable future with neither the intention or necessity of liquidation, ceasing trading, or seeking protection from creditors pursuant to the laws and regulations. Accordingly, assets and liabilities are recorded on the basis that the entity will be able to realize its assets and discharge its liabilities in the normal course of business. The ability of the Company to continue as a going concern is dependent upon its ability to continue to successfully develop its intangible assets, receive an approval from the U.S. Food and Drug Administration (“FDA”) to extend the selling of the products into the U.S. market which may result in the Company attaining profitable operations. During the next twelve months from the date the unaudited condensed consolidated financial statements were issued, the Company’s foreseeable cash requirements will relate to continuous operations of its business, maintaining its good standing and making the required filing with the SEC, and the payment of expenses associated with its product development. The Company may experience a cash shortfall and be required to raise additional capital. Management intends to raise additional funds by way of a private or public offering. While the Company believes in the viability of its strategy to continue to develop and expand its products and generate sufficient revenue and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds by way of a public or private offering. The unaudited condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the consolidated accounts of the Company and its wholly owned subsidiaries: My Health Logic Inc (“My Health Logic” or “MHL”), Somahlution, Inc. (“Somahlution”), Somaceutica, Inc. (“Somaceutica”), (collectively – “Somahlution”), and Marizyme Sciences, Inc. (“Marizyme Sciences”). All intercompany transactions have been eliminated on consolidation. The accompanying unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The unaudited condensed consolidated financial statements presented in this Quarterly Report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 24, 2023 (the “2022 Form 10-K”). The condensed consolidated balance sheet as of December 31, 2022 was derived from audited consolidated financial statements included in the 2022 Form 10-K but does not include all disclosures required by U.S. GAAP for complete financial statements. The Company’s significant accounting policies are described in Note 1 to those consolidated financial statements. Interim results may not be indicative of the results that may be expected for the full year or any future periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from these interim financial statements. The unaudited condensed consolidated financial statements reflect all adjustments which in the opinion of management are necessary to fairly present the results of operations, financial condition, cash flows and stockholders’ equity for the periods indicated. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. Deferred Offering Cost The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process capital stock financings as deferred offering costs until such financings are consummated. After consummation of the financing, these costs are recorded in stockholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the offering. Should a planned equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations. As of March 31, 2023, the Company had recorded deferred offering costs of $ 549,795 387,412 Use of Estimates The preparation of the unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make use of certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenue and expenses during the reported periods. The Company bases its estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. Significant estimates are related to the recoverability of long-term assets including intangible assets and goodwill, amortization expense, valuation of warrants, stock-based compensation, derivative liabilities and contingent liabilities. Fair Value Measurements The Company uses the fair value hierarchy to measure the value of its financial instruments. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. The basis for fair value measurements for each level within the hierarchy is described below: ● Level 1 – Quoted prices for identical assets or liabilities in active markets. ● Level 2 – Quoted prices for identical or similar assets and liabilities in markets that are not active; or other model-derived valuations whose inputs are directly or indirectly observable or whose significant value drivers are observable. ● Level 3 – Valuations derived from valuation techniques in which one or more significant inputs to the valuation model are unobservable and for which assumptions are used based on management estimates. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value. The carrying amounts of certain accounts and other receivables, accounts payable and accrued expenses, note payable, and amounts due to related parties approximate fair value due to the short-term nature of these instruments. The fair value of lease obligations is determined using discounted cash flows based on the expected amounts and timing of the cash flows discounted using a market rate of interest adjusted for appropriate credit risk. The contingent liabilities assumed on the acquisition of Somahlution in 2020 consist of present values of royalty payments, performance warrants and pediatric voucher warrants, future rare pediatric voucher sales, and liquidation preference. Management measured these contingencies in accordance with Level 3 of the fair value hierarchy. i. The performance warrants and pediatric vouchers warrants liabilities were valued using a Monte Carlo simulation model utilizing the following weighted average assumptions: risk free rate of 1.19 69.62 0 5.96 624,000 803,000 1,427,000 ii. The present value of royalty payments was measured using the scenario-based methodology. In assessing the value attributed to the royalty payments, the estimated future cash flows were discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the revenue from net sales of the product. The cash flows derived from the Company’s fifteen-year strategic plan are based on managements’ expectations of market growth, industry reports and trends, and past performances. These projections are inherently uncertain due to the evolving impact of the COVID-19 pandemic. The discounted cash flow model included projections surrounding revenue, discount rates, and growth rates. The discount rates used to calculate the present value of royalty payments reflect specific risks of the Company and market conditions and the mid-range was estimated at 20.6 667,000 4,735,000 5,402,000 iii. Rare pediatric voucher sales liability was valued based on the scenario-based methodology where the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset – 20.6 15,000 1,070,000 1,055,000 iv. The present value of liquidation preference liability, included in the contingent consideration, was determined using the Black-Scholes option pricing method and represents the fair value of the maximum payment amount according to the agreement. The following assumptions were used in the Black-Scholes option pricing model: risk free rate of 0.21 78.93 0 5 years No 1,823,000 1,823,000 The derivative liabilities consist of optional and automatic conversion features and the share redemption feature attached to the convertible notes, issued pursuant to the convertible promissory notes and warrants transactions as described in Note 7 . The Company has no financial assets measured at fair value on a recurring basis. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented. Marizyme measures the following financial instruments at fair value on a recurring basis. As of March 31, 2023, and December 31, 2022, the fair values of these financial instruments were as follows: SCHEDULE OF FAIR VALUES OF FINANCIAL INSTRUMENTS March 31, 2023 Level 1 Level 2 Level 3 Fair Value Hierarchy March 31, 2023 Level 1 Level 2 Level 3 Liabilities Derivative liabilities $ - $ - $ 4,823,725 Contingent liabilities - - 8,431,000 Total $ - $ - $ 13,254,725 December 31, 2022 Level 1 Level 2 Level 3 Fair Value Hierarchy December 31, 2022 Level 1 Level 2 Level 3 Liabilities Derivative liabilities $ - $ - $ 4,823,725 Contingent liabilities - - 9,707,000 Total $ - $ - $ 14,530,725 The following table provides a roll forward of all liabilities measured at fair value using Level 3 significant unobservable inputs: SCHEDULE OF LIABILITIES FAIR VALUE MEASURED Derivative and Contingent Liabilities Balance at December 31, 2022 $ 14,530,725 Change in fair value of contingent liabilities (1,276,000 ) Balance at March 31, 2023 $ 13,254,725 Research and Development Expenses and Accruals All research and development costs are expensed in the period incurred and consist primarily of salaries, payroll taxes, and employee benefits, for individuals involved in research and development efforts, external research and development costs incurred under agreements with contract research organizations and consultants to conduct and support the Company’s ongoing clinical trials of DuraGraft, and costs related to manufacturing DuraGraft for clinical trials. The Company has entered into various research and development contracts with various organizations. Payments of these activities are based on the terms of the individual agreements which matches to the pattern of costs incurred. Payments made in advance are reflected in the accompanying balance sheets as prepaid expenses. The Company records accruals for estimated costs incurred for ongoing research and development activities. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the services, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be required in determining the prepaid or accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. Stock-Based Compensation Stock-based compensation expense for employees and directors is recognized in the Condensed Consolidated Statements of Operations based on estimated amounts, including the grant date fair value and the expected service period. For stock options, the Company estimates the grant date fair value using a Black-Scholes valuation model, which requires the use of multiple subjective inputs including estimated future volatility, expected forfeitures and the expected term of the awards. The Company estimates the expected future volatility based on the stock’s historical price volatility. The stock’s future volatility may differ from the estimated volatility at the grant date. For restricted stock unit (“RSU”) equity awards, the Company estimates the grant date fair value using its closing stock price on the date of grant. The Company recognizes the effect of forfeitures in compensation expense when the forfeitures occur. The estimated forfeiture rates may differ from actual forfeiture rates which would affect the amount of expense recognized during the period. The Company recognizes the value of the awards over the awards’ requisite service or performance periods. The requisite service period is generally the time over which share-based awards vest. New Accounting Standards and Updates from the Securities and Exchange Commission (“SEC”) In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326). The new standard amends guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. In February 2020, the FASB issued ASU 2020-02, Financial Instruments-Credit Losses (Topic 326) and Leases (Topic 842) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842), which amends the effective date of the original pronouncement for smaller reporting companies. ASU 2016-13 and its amendments will be effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2022. CECL estimates of expected credit losses on trade receivables over their life will be required to be recorded at inception, based on historical information, current conditions, and reasonable and supportable forecasts. The Company adopted the standard in its first quarter of 2023. There was no material impact on the results of operations.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2023
Leases
LEASES	NOTE 4 – LEASES On December 11, 2020, the Company entered into a five-and-a-half-year lease agreement 10,300 10,800 2.5 12,000 Effective April 1, 2022, the Company amended its lease agreement for administrative office and laboratories to add an additional 3,053 15,260 15,641 2.5 12,000 17,500 3.33 The assets and liabilities from the lease were recognized at the lease commencement date based on the present value of remaining lease payments over the lease term using the discount rate of 3.95 The total rent expense for the three months ended March 31, 2023 was $ 154,828 110,900 The following table summarizes supplemental balance sheet information related to the operating lease as of March 31, 2023, and December 31, 2022: SCHEDULE OF RIGHT-OF-USE ASSET AND RELATED LEASE LIABILITIES March 31, 2023 December 31, 2022 Right-of-use asset $ 1,390,042 $ 1,485,023 Operating lease liabilities, current $ 426,142 $ 423,495 Operating lease liabilities, non-current 963,900 1,061,528 Total operating lease liabilities $ 1,390,042 $ 1,485,023 As of March 31, 2023, the maturities of the lease liabilities for the periods ending December 31, are as follows: SCHEDULE OF MATURITIES OF THE LEASE LIABILITIES 2023 $ 317,621 2024 434,082 2025 444,934 2026 266,034 Total lease payments $ 1,462,671 Less: Present value discount (72,629 ) Total $ 1,390,042

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	NOTE 5 – INTANGIBLE ASSETS Krillase As part of the asset acquisition of ACB Holding AB, Reg. No. 559119-5762, completed on September 12, 2018, Marizyme acquired all rights, titles, and interest in the Krillase technology, a group of intangible assets worth $ 28,600,000 At December 31, 2022, management determined that the carrying value of Krillase exceeded its recoverable amount. Impairment of $ 24,350,000 no DuraGraft As part of Somahlution acquisition in 2020, Marizyme purchased $ 18,170,000 No My Health Logic As part of My Health Logic acquisition completed on December 22, 2021, Marizyme purchased MHL’s lab-on-chip technology platform and its patient-centric, digital point-of-care diagnostic device, MATLOC, fair valued at an aggregate amount of $ 6,600,000 No SCHEDULE OF INTANGIBLE ASSETS AMORTIZATION EXPENSE March 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Krillase intangible assets $ 4,250,000 $ - $ 4,250,000 Patents in process 122,745 - 122,745 DuraGraft patent 5,256,000 (1,078,153 ) 4,177,847 DuraGraft - Distributor relationship 308,000 (82,133 ) 225,867 DuraGraft IPR&D - Cyto Protectant Life Sciences 12,606,000 - 12,606,000 My Health Logic - Trade name 450,000 (40,983 ) 409,017 My Health Logic - Biotechnology 4,600,000 (345,000 ) 4,255,000 My Health Logic - Software 1,550,000 (131,749 ) 1,418,251 Total intangibles $ 29,142,745 $ (1,678,018 ) $ 27,464,727 December 31, 2022 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Krillase intangible assets $ 28,600,000 $ - $ (24,350,000 ) $ 4,250,000 Patents in process 122,745 - - 122,745 DuraGraft patent 5,256,000 (977,076 ) - 4,278,924 DuraGraft - Distributor relationship 308,000 (74,433 ) - 233,567 DuraGraft IPR&D - Cyto Protectant Life Sciences 12,606,000 - - 12,606,000 My Health Logic - Trade name 450,000 (32,947 ) - 417,053 My Health Logic - Biotechnology 4,600,000 (277,353 ) - 4,322,647 My Health Logic - Software 1,550,000 (105,916 ) - 1,444,084 Total intangibles $ 53,492,745 $ (1,467,725 ) $ (24,350,000 ) $ 27,675,020 SCHEDULE OF GOODWILL Goodwill DuraGraft My Health Logic Total Balance, December 31, 2022 and March 31, 2023 $ 5,416,000 $ 1,774,656 $ 7,190,656 The following changes to the Company’s intangible assets had taken place in the periods indicated: SCHEDULE OF INTANGIBLE ASSETS Balance, December 31, 2021 $ 52,866,192 Impairment (24,350,000 ) Amortization expense (841,172 ) Balance, December 31, 2022 $ 27,675,020 Amortization expense (210,293 ) Balance, March 31, 2023 $ 27,464,727 Future amortizations for DuraGraft and My Health Logic intangible assets for the next five years will be $ 841,172 6,280,120

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Mar. 31, 2023
Notes Payable
NOTES PAYABLE	NOTE 6 – NOTES PAYABLE a) On October 23, 2022, the Company issued a note payable to Hub International for $ 204,050 6.75 September 23, 2023 103,824 164,729 b) On December 28, 2022, the Company issued a promissory note for $ 750,000 20 June 28, 2023 38,219 Nil 788,219 750,000 The Company agreed to issue to the lender warrants to purchase common stock equal to $ 1,500,000 Default in the payment of principal or interest or other material covenant under the note triggers a default penalty equal to 0.666% of $750,000 per month during the period of default, and other lender rights, including the demand of immediate payment of all amounts due including accrued but unpaid interest, and recovery of all costs, fees including attorney’s fees and disbursements, and expenses relating to collection and enforcement of the promissory note c) On February 2, 2023, the Company issued an unsecured promissory note to Walleye Opportunities Master Fund Ltd. for $ 1,000,000 May 7, 2023 1,250,000 d) As part of the My Health Logic acquisition, Marizyme assumed an aggregate of $ 468,137 9 278,678 13,068 6,085 231,168 218,100

CONVERTIBLE PROMISSORY NOTES AN

CONVERTIBLE PROMISSORY NOTES AND WARRANTS	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
CONVERTIBLE PROMISSORY NOTES AND WARRANTS	NOTE 7 - CONVERTIBLE PROMISSORY NOTES AND WARRANTS May 2021 Unit Purchase Agreement On May 27, 2021, Marizyme entered into a Unit Purchase Agreement to sell up to 4,000,000 2.50 Each Unit is comprised of (i) a convertible promissory note convertible into common stock of the Company, (ii) a warrant to purchase one share of common stock of the Company (the “Class A Warrant”); and (iii) a second warrant to purchase common stock of the Company (the “Class B Warrant”). In May 2021, the Company issued and sold 29,978 2.50 74,945 74,945 29,978 29,978 6,745 In July 2021, the Company issued and sold 440,000 1,100,000 1,100,000 440,000 440,000 September 2021 Amended Unit Purchase Agreement On September 29, 2021, due to a lower common stock price, the Company, with the consent of all Unit holders, amended the May, 2021, Unit Agreements. By rescinding their investment, the Unit holders agreed to amend the Unit Purchase Agreement resulted in the following significant changes to the offering: (i) Decreased the offering price under the Unit Purchase Agreement from $ 2.50 2.25 (ii) Decreased the conversion price from $ 2.50 2.25 (iii) Cancelled all Class A Warrants and Class B Warrants and replaced them with Class C Warrants. December 2021 Unit Purchase Agreement On December 21, 2021, the Company entered into a Unit Purchase Agreement (the “December UPA”) to sell up to 9,714,286 1.75 Each Unit is comprised of (i) a convertible promissory note convertible into common stock of the Company at an initial conversion price of $1.75 and, (ii) a warrant to purchase two shares of Common Stock at an initial purchase price of $2.25 per share (the new Class C Warrant) 3,438,572 1.75 6,000,000 December 2021 Exchange Agreements On December 21, 2021, in conjunction with a $6.0 million investment, the Company and the existing Unit holders agreed to exchange the original securities (“Old Securities”) held by the current investors/unit holders for New Securities, consisting of (i) a New Note in the principal amount equal to the original principal amount of the Original Note, plus all accrued interest through the day prior to December 21, 2021, and (ii) a New Warrant (new Class C Warrants) in exchange for the original Class C Warrants. The Exchange of the Original Securities for the New Securities included the following significant changes: (i) Decreased the offering price under the Unit Purchase Agreement from $ 2.25 1.75 (ii) Extended the maturity date of the notes to December 21, 2023 (iii) Decreased the conversion price from $ 2.25 1.75 (iv) Original Class C Warrants were exchanged for New Class C warrants with an exercise price of $ 2.25 200 The Company determined that the terms of the New Securities were substantially different from the Original Securities, and, as such the exchange of the Original Securities for the New Securities was accounted for as an extinguishment of debt on December 21, 2021, and the New Securities accounted for as a new debt issuance. As a result of this substantial modification, the total of 621,087 832,022 In 2022, the Company issued additional 4,180,071 6,500,743 Additionally, on October 28, 2022, following a letter agreement entered into between the Company, Bradley Richmond, and Univest Securities, LLC (“Univest”), dated October 28, 2022, addressed and submitted to the Corporate Financing Department of the Financial Industry Regulatory Authority, Inc. (the “October 2022 Letter Agreement”), the Company extinguished convertible promissory notes held by Univest and Mr. Richmond, as well as Class C Warrants, attached to them. The parties agreed to forgo compensation previously received for no consideration in exchange. As the result of extinguishment of these obligations, the Company recorded $ 338,181 The Company determined that the optional and automatic conversion feature and the share redemption feature attached to the convertible notes meet the definition of derivative liabilities and that the detachable warrants issued do not meet the definition of a liability and therefore will be accounted for as an equity instrument. The fair value of the warrants issued and the fair value of derivative liabilities issued have been recorded as debt discount and are being amortized to interest and accretion expense using the effective interest method over the term of the Convertible Notes. During the three months ended March 31, 2023, the Company recognized interest and accretion expense of $ 1,556,177 291,997 The following table summarizes supplemental balance sheet information related to the convertible notes, net of debt discount outstanding, as of March 31, 2023, and December 31, 2022: SCHEDULE OF CONVERTIBLE NOTES Convertible Notes, Net of Debt Discount Balance, December 31, 2021 $ 26,065 Convertible notes issued - new securities 7,315,138 Issuance costs (535,717 ) Debt discount (6,479,421 ) Debt accretion 2,763,749 Debt extinguishment (338,181 ) Balance, December 31, 2022 2,751,633 Debt accretion 1,556,177 Balance, March 31, 2023 $ 4,307,810 SCHEDULE OF CONVERTIBLE NOTES NET OF DEBT DISCOUNT March 31, 2023 December 31, 2022 Convertible notes - total principal $ 14,432,996 $ 14,432,996 Unamortized issuance costs and discount (10,125,186 ) (11,681,363 ) Convertible Notes, Net of Debt Discount $ 4,307,810 $ 2,751,633 March 31, 2023 December 31, 2022 Current portion $ 3,515,600 $ - Non-current portion 792,210 2,751,633 Convertible Notes, Net of Debt Discount $ 4,307,810 $ 2,751,633 Convertible Notes Terms The Convertible Notes mature in 24 months from the initial closing date and accrue 10% of simple interest per annum on the outstanding principal amount. The Convertible Notes principal and accrued interest can be converted at any time at the option of the holder at a conversion price of $1.75 per share (previously $2.25 per the September 2021 Amendment and originally $2.50 per the May Unit Purchase Agreement) 10,000,000 75 1.75 In the event that the Company consummates, while the Convertible Note is outstanding, an equity financing with a gross aggregate amount of securities sold less than $ 10,000,000 New Class C Warrants Terms ● Exercise price is the lower of (i) $ 2.25 75 2.25 ● Exercisable for a period of 5 ● Warrant Coverage: 200

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 8 – STOCKHOLDERS’ EQUITY a) Preferred stock The Company is authorized to issue a total number of 25,000,000 0.001 no b) Common stock The Company is authorized to issue a total number of 300,000,000 0.001 As of March 31, 2023, there were 40,768,191 40,528,191 240,000 c) Options On May 18, 2021, the Company’s Board of Directors approved the Marizyme, Inc. Amended and Restated 2021 Stock Incentive Plan (“SIP”). The SIP incorporates stock options issued prior to May 18, 2021. The SIP authorized 5,300,000 On December 27, 2022, the Board of Directors requested that stockholders ratify an amendment to the SIP to increase the maximum number of shares of common stock available for issuance pursuant to awards granted under the SIP by 1,900,000 7,200,000 2,924,057 2,924,057 During the three months ended March 31, 2022, the Company granted Nil 400,000 The summary of option activity for the three months ended March 31, 2023, is as follows: SCHEDULE OF STOCK OPTION ACTIVITY Number of Options Weighted Average Exercise Price Weighted Average Contractual Life Total Intrinsic Value Outstanding at December 31, 2021 3,650,943 $ 1.24 8.34 Granted 400,000 2.20 Expired (62,502 ) 1.25 Forfeited (62,498 ) 1.25 Outstanding at December 31, 2022 3,925,943 $ 1.33 6.06 $ - Granted/forfeited - - - - Outstanding at March 31, 2023 3,925,943 1.33 5.81 - Exercisable at March 31, 2023 3,336,775 $ 1.23 5.27 $ - As of March 31, 2023, the Company had the following options outstanding: SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE Exercise Price Number of Options Outstanding Number of Options Exercisable Weighted Average Remaining Contractual Years Intrinsic Value $ 1.01 1,985,943 1,985,943 3.25 $ - 1.25 540,000 530,832 7.91 - 1.37 200,000 200,000 7.39 - 1.75 800,000 440,000 8.66 - 2.20 400,000 180,000 9.19 - $ 1.33 3,925,943 3,336,775 5.81 $ - d) Restricted Share Units During the year ended December 31, 2021, the Company granted restricted share awards for an aggregate of 350,000 As of March 31, 2023, only two out of four performance conditions have been achieved. Compensation cost of $ Nil 295,750 e) Warrants As of March 31, 2023 and December 31, 2022, there were 20,048,487 SCHEDULE OF WARRANTS OUTSTANDING Number Weighted Average Price December 31, 2021 12,144,834 $ 2.90 Issued pursuant to Unit Purchase Agreement 8,360,147 2.25 Issued 878,398 1.16 Exercised (300,000 ) 0.01 Expired (113,637 ) 3.00 Cancelled pursuant to FINRA (578,398 ) 1.75 Cancelled as part of debt extinguishment (342,857 ) 2.25 December 31, 2022 and March 31, 2023 20,048,487 $ 2.64 Issued - - December 31, 2022 and March 31, 2023 20,048,487 $ 2.64 f) Stock-based compensation During the three months ended March 31, 2023, the Company recorded $ 210,966 716,432

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 9 – RELATED PARTY TRANSACTIONS As at March 31, 2023, the Company owed an aggregate of $ 89,016 Nil related parties In the three months ended March 31, 2023, the Company incurred and settled $ 72,000 60,000 related parties 7,405 The Company also incurred $ 332,750 243,750 43,200 Additionally, as part of the Somahlution acquisition in 2020, the Company recorded a prepaid royalty to the shareholders of Somahlution. The former primary beneficial owner is Dr. Vithal Dhaduk, currently a director, and significant shareholder of the Company. During the three months ended March 31, 2023, the Company accrued $ 36,183 302,908 339,091

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 10 – COMMITMENTS AND CONTINGENCIES Legal Matters Under a Confidential Settlement Agreement, dated November 18, 2022, the Company and Nicholas DeVito agreed that Mr. DeVito would dismiss a Complaint that Mr. DeVito filed on June 7, 2022 in the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County, Florida, Case No. 50-2022-CA-005437. The parties also agreed that following an anticipated reverse split, the Company was required to issue Mr. DeVito 16,000 60,000 240,000 Contingencies a. On July 13, 2019, the Company signed a consulting agreement, whereby the individual will receive: ● $ 30,000 ● Option to purchase 250,000 1.50 ● Royalties based on sales of Krillase assets, equal to 10 b. As part of the DuraGraft Acquisition, completed on July 31, 2020, the Company entered into the Agreement with Somahlution stockholders, whereby Marizyme is legally obligated to pay royalties on all net sales for Somahlution, Inc. The royalties associated with the Agreement are calculated as follows: Royalties on U.S. sales equal to: ● 5 ● 4 ● 2 Royalties on sales outside of the U.S.: ● 6 ● 4 ● 2 The royalties are in perpetuity. During the three months ended March 31, 2023, the Company had not earned any revenues from Krillase, however the Company did incur sales of the DuraGraft products outside of the U.S., on which $ 36,183 Upon receiving FDA clearance for the DuraGraft product, the Company will: ● Issue performance warrants with a strike price determined based on the average of the closing prices of the Company’s common stock for the 30 calendar days following the date of the public announcement of the FDA approval; and ● Upon liquidation of all or substantially all of the assets relating to DuraGraft, the Company will pay 15% 20 c. The Company has entered into arrangements for office and laboratories spaces. As of March 31, 2023, minimum lease payments in relation to lease commitments are payable as described in Note 4. Risks and Uncertainties Starting in late 2019, a novel strain of the coronavirus, or COVID-19, began to rapidly spread around the world and every state in the United States. At this time, there continues to be significant volatility and uncertainty relating to the full extent to which the COVID-19 pandemic and the various responses to it will impact the Company’s business, operations and financial results. Most states and cities have at various times instituted quarantines, restrictions on travel, “stay at home” rules, social distancing measures and restrictions on the types of businesses that could continue to operate, as well as guidance in response to the pandemic and the need to contain it. As a result, the COVID-19 pandemic may affect the operations of the FDA and other health authorities, including such authorities in Europe, which could result in delays of reviews and approvals. While there have been no specific notices of delay from federal or foreign government authorities, potential interruptions, delays, or changes to the operations of the FDA, or of any foreign authority with which the Company might interact, might impact the approval of any applications the Company plans and will need to file in the future. In addition, the Company is dependent upon certain contract manufacturers and suppliers and their ability to reliably and efficiently fulfill its orders is critical to the Company’s business success. The COVID-19 pandemic has impacted and may continue to impact certain of the Company’s manufacturers and suppliers. As a result, the Company has faced and may continue to face delays or difficulty sourcing certain products, which could negatively affect the Company’s business and financial results. The spread of COVID-19 has also adversely impacted global economic activity and has contributed to significant volatility and negative pressure in financial markets. The pandemic has resulted, and may continue to result, in a significant disruption of global financial markets, which may reduce the Company’s ability to access capital in the future, which could negatively affect the Company’s liquidity. If the COVID-19 pandemic does not continue to slow and the spread of COVID-19 is not contained, the Company’s business operations, including those of contract manufacturers, could be further delayed or interrupted. The duration of any business disruption cannot be reasonably estimated at this time but may materially affect the Company’s ability to operate the Company’s business and result in additional costs. It is not possible to reliably measure or quantify the impact COVID-19 has had on the financial results of the Company. If the COVID-19 pandemic continues for an extended period, it may materially adversely impact business operations and, consequently, future financial results.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 11 - SUBSEQUENT EVENTS Exercise of Somahlution Warrants with Reduced Exercise Price As part of the Somahlution acquisition, completed on July 30, 2020, the Company issued a total of 10,000,000 five 2,999,955 5.00 the “Somahlution Warrant Offer Letter Agreements”) 5.00 0.10 299,996 2,652,159 265,216 (the “Warrant Exercise”) Adjustment to Conversion Price of Convertible Notes and Exercise Price of Class C Warrants As described in Note 7, from May 2021 to August 2022, the Company conducted a series of Units Private Placements of units consisting of 10% secured convertible promissory notes and accompanying warrants, as were modified or amended from time to time. At the time of the Warrant Exercise, the Convertible Notes were convertible at a conversion price of $ 1.75 2.25 14,471,177 16,538,473 4,471,177 5,109,904 0.10 2,554,944 44,711,770 5,109,904 114,972,840 Promissory Note Repayment Default The Company did not repay the unsecured promissory note to Walleye Opportunities Master Fund Ltd. on the maturity date of May 7, 2023. Therefore, subsequently to the quarter end, on May 7, 2023, the principal amount was increased to $ 1,250,000

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the consolidated accounts of the Company and its wholly owned subsidiaries: My Health Logic Inc (“My Health Logic” or “MHL”), Somahlution, Inc. (“Somahlution”), Somaceutica, Inc. (“Somaceutica”), (collectively – “Somahlution”), and Marizyme Sciences, Inc. (“Marizyme Sciences”). All intercompany transactions have been eliminated on consolidation. The accompanying unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The unaudited condensed consolidated financial statements presented in this Quarterly Report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 24, 2023 (the “2022 Form 10-K”). The condensed consolidated balance sheet as of December 31, 2022 was derived from audited consolidated financial statements included in the 2022 Form 10-K but does not include all disclosures required by U.S. GAAP for complete financial statements. The Company’s significant accounting policies are described in Note 1 to those consolidated financial statements. Interim results may not be indicative of the results that may be expected for the full year or any future periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from these interim financial statements. The unaudited condensed consolidated financial statements reflect all adjustments which in the opinion of management are necessary to fairly present the results of operations, financial condition, cash flows and stockholders’ equity for the periods indicated. Except as otherwise disclosed, all such adjustments are of a normal recurring nature.
Deferred Offering Cost	Deferred Offering Cost The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process capital stock financings as deferred offering costs until such financings are consummated. After consummation of the financing, these costs are recorded in stockholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the offering. Should a planned equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations. As of March 31, 2023, the Company had recorded deferred offering costs of $ 549,795 387,412
Use of Estimates	Use of Estimates The preparation of the unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make use of certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenue and expenses during the reported periods. The Company bases its estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. Significant estimates are related to the recoverability of long-term assets including intangible assets and goodwill, amortization expense, valuation of warrants, stock-based compensation, derivative liabilities and contingent liabilities.
Fair Value Measurements	Fair Value Measurements The Company uses the fair value hierarchy to measure the value of its financial instruments. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. The basis for fair value measurements for each level within the hierarchy is described below: ● Level 1 – Quoted prices for identical assets or liabilities in active markets. ● Level 2 – Quoted prices for identical or similar assets and liabilities in markets that are not active; or other model-derived valuations whose inputs are directly or indirectly observable or whose significant value drivers are observable. ● Level 3 – Valuations derived from valuation techniques in which one or more significant inputs to the valuation model are unobservable and for which assumptions are used based on management estimates. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value. The carrying amounts of certain accounts and other receivables, accounts payable and accrued expenses, note payable, and amounts due to related parties approximate fair value due to the short-term nature of these instruments. The fair value of lease obligations is determined using discounted cash flows based on the expected amounts and timing of the cash flows discounted using a market rate of interest adjusted for appropriate credit risk. The contingent liabilities assumed on the acquisition of Somahlution in 2020 consist of present values of royalty payments, performance warrants and pediatric voucher warrants, future rare pediatric voucher sales, and liquidation preference. Management measured these contingencies in accordance with Level 3 of the fair value hierarchy. i. The performance warrants and pediatric vouchers warrants liabilities were valued using a Monte Carlo simulation model utilizing the following weighted average assumptions: risk free rate of 1.19 69.62 0 5.96 624,000 803,000 1,427,000 ii. The present value of royalty payments was measured using the scenario-based methodology. In assessing the value attributed to the royalty payments, the estimated future cash flows were discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the revenue from net sales of the product. The cash flows derived from the Company’s fifteen-year strategic plan are based on managements’ expectations of market growth, industry reports and trends, and past performances. These projections are inherently uncertain due to the evolving impact of the COVID-19 pandemic. The discounted cash flow model included projections surrounding revenue, discount rates, and growth rates. The discount rates used to calculate the present value of royalty payments reflect specific risks of the Company and market conditions and the mid-range was estimated at 20.6 667,000 4,735,000 5,402,000 iii. Rare pediatric voucher sales liability was valued based on the scenario-based methodology where the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset – 20.6 15,000 1,070,000 1,055,000 iv. The present value of liquidation preference liability, included in the contingent consideration, was determined using the Black-Scholes option pricing method and represents the fair value of the maximum payment amount according to the agreement. The following assumptions were used in the Black-Scholes option pricing model: risk free rate of 0.21 78.93 0 5 years No 1,823,000 1,823,000 The derivative liabilities consist of optional and automatic conversion features and the share redemption feature attached to the convertible notes, issued pursuant to the convertible promissory notes and warrants transactions as described in Note 7 . The Company has no financial assets measured at fair value on a recurring basis. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented. Marizyme measures the following financial instruments at fair value on a recurring basis. As of March 31, 2023, and December 31, 2022, the fair values of these financial instruments were as follows: SCHEDULE OF FAIR VALUES OF FINANCIAL INSTRUMENTS March 31, 2023 Level 1 Level 2 Level 3 Fair Value Hierarchy March 31, 2023 Level 1 Level 2 Level 3 Liabilities Derivative liabilities $ - $ - $ 4,823,725 Contingent liabilities - - 8,431,000 Total $ - $ - $ 13,254,725 December 31, 2022 Level 1 Level 2 Level 3 Fair Value Hierarchy December 31, 2022 Level 1 Level 2 Level 3 Liabilities Derivative liabilities $ - $ - $ 4,823,725 Contingent liabilities - - 9,707,000 Total $ - $ - $ 14,530,725 The following table provides a roll forward of all liabilities measured at fair value using Level 3 significant unobservable inputs: SCHEDULE OF LIABILITIES FAIR VALUE MEASURED Derivative and Contingent Liabilities Balance at December 31, 2022 $ 14,530,725 Change in fair value of contingent liabilities (1,276,000 ) Balance at March 31, 2023 $ 13,254,725
Research and Development Expenses and Accruals	Research and Development Expenses and Accruals All research and development costs are expensed in the period incurred and consist primarily of salaries, payroll taxes, and employee benefits, for individuals involved in research and development efforts, external research and development costs incurred under agreements with contract research organizations and consultants to conduct and support the Company’s ongoing clinical trials of DuraGraft, and costs related to manufacturing DuraGraft for clinical trials. The Company has entered into various research and development contracts with various organizations. Payments of these activities are based on the terms of the individual agreements which matches to the pattern of costs incurred. Payments made in advance are reflected in the accompanying balance sheets as prepaid expenses. The Company records accruals for estimated costs incurred for ongoing research and development activities. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the services, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be required in determining the prepaid or accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense for employees and directors is recognized in the Condensed Consolidated Statements of Operations based on estimated amounts, including the grant date fair value and the expected service period. For stock options, the Company estimates the grant date fair value using a Black-Scholes valuation model, which requires the use of multiple subjective inputs including estimated future volatility, expected forfeitures and the expected term of the awards. The Company estimates the expected future volatility based on the stock’s historical price volatility. The stock’s future volatility may differ from the estimated volatility at the grant date. For restricted stock unit (“RSU”) equity awards, the Company estimates the grant date fair value using its closing stock price on the date of grant. The Company recognizes the effect of forfeitures in compensation expense when the forfeitures occur. The estimated forfeiture rates may differ from actual forfeiture rates which would affect the amount of expense recognized during the period. The Company recognizes the value of the awards over the awards’ requisite service or performance periods. The requisite service period is generally the time over which share-based awards vest.
New Accounting Standards and Updates from the Securities and Exchange Commission (“SEC”)	New Accounting Standards and Updates from the Securities and Exchange Commission (“SEC”) In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326). The new standard amends guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. In February 2020, the FASB issued ASU 2020-02, Financial Instruments-Credit Losses (Topic 326) and Leases (Topic 842) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842), which amends the effective date of the original pronouncement for smaller reporting companies. ASU 2016-13 and its amendments will be effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2022. CECL estimates of expected credit losses on trade receivables over their life will be required to be recorded at inception, based on historical information, current conditions, and reasonable and supportable forecasts. The Company adopted the standard in its first quarter of 2023. There was no material impact on the results of operations.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
SCHEDULE OF FAIR VALUES OF FINANCIAL INSTRUMENTS	Marizyme measures the following financial instruments at fair value on a recurring basis. As of March 31, 2023, and December 31, 2022, the fair values of these financial instruments were as follows: SCHEDULE OF FAIR VALUES OF FINANCIAL INSTRUMENTS March 31, 2023 Level 1 Level 2 Level 3 Fair Value Hierarchy March 31, 2023 Level 1 Level 2 Level 3 Liabilities Derivative liabilities $ - $ - $ 4,823,725 Contingent liabilities - - 8,431,000 Total $ - $ - $ 13,254,725 December 31, 2022 Level 1 Level 2 Level 3 Fair Value Hierarchy December 31, 2022 Level 1 Level 2 Level 3 Liabilities Derivative liabilities $ - $ - $ 4,823,725 Contingent liabilities - - 9,707,000 Total $ - $ - $ 14,530,725
SCHEDULE OF LIABILITIES FAIR VALUE MEASURED	The following table provides a roll forward of all liabilities measured at fair value using Level 3 significant unobservable inputs: SCHEDULE OF LIABILITIES FAIR VALUE MEASURED Derivative and Contingent Liabilities Balance at December 31, 2022 $ 14,530,725 Change in fair value of contingent liabilities (1,276,000 ) Balance at March 31, 2023 $ 13,254,725

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2023
Leases
SCHEDULE OF RIGHT-OF-USE ASSET AND RELATED LEASE LIABILITIES	The following table summarizes supplemental balance sheet information related to the operating lease as of March 31, 2023, and December 31, 2022: SCHEDULE OF RIGHT-OF-USE ASSET AND RELATED LEASE LIABILITIES March 31, 2023 December 31, 2022 Right-of-use asset $ 1,390,042 $ 1,485,023 Operating lease liabilities, current $ 426,142 $ 423,495 Operating lease liabilities, non-current 963,900 1,061,528 Total operating lease liabilities $ 1,390,042 $ 1,485,023
SCHEDULE OF MATURITIES OF THE LEASE LIABILITIES	As of March 31, 2023, the maturities of the lease liabilities for the periods ending December 31, are as follows: SCHEDULE OF MATURITIES OF THE LEASE LIABILITIES 2023 $ 317,621 2024 434,082 2025 444,934 2026 266,034 Total lease payments $ 1,462,671 Less: Present value discount (72,629 ) Total $ 1,390,042

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
SCHEDULE OF INTANGIBLE ASSETS AMORTIZATION EXPENSE	SCHEDULE OF INTANGIBLE ASSETS AMORTIZATION EXPENSE March 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Krillase intangible assets $ 4,250,000 $ - $ 4,250,000 Patents in process 122,745 - 122,745 DuraGraft patent 5,256,000 (1,078,153 ) 4,177,847 DuraGraft - Distributor relationship 308,000 (82,133 ) 225,867 DuraGraft IPR&D - Cyto Protectant Life Sciences 12,606,000 - 12,606,000 My Health Logic - Trade name 450,000 (40,983 ) 409,017 My Health Logic - Biotechnology 4,600,000 (345,000 ) 4,255,000 My Health Logic - Software 1,550,000 (131,749 ) 1,418,251 Total intangibles $ 29,142,745 $ (1,678,018 ) $ 27,464,727 December 31, 2022 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Krillase intangible assets $ 28,600,000 $ - $ (24,350,000 ) $ 4,250,000 Patents in process 122,745 - - 122,745 DuraGraft patent 5,256,000 (977,076 ) - 4,278,924 DuraGraft - Distributor relationship 308,000 (74,433 ) - 233,567 DuraGraft IPR&D - Cyto Protectant Life Sciences 12,606,000 - - 12,606,000 My Health Logic - Trade name 450,000 (32,947 ) - 417,053 My Health Logic - Biotechnology 4,600,000 (277,353 ) - 4,322,647 My Health Logic - Software 1,550,000 (105,916 ) - 1,444,084 Total intangibles $ 53,492,745 $ (1,467,725 ) $ (24,350,000 ) $ 27,675,020
SCHEDULE OF GOODWILL	SCHEDULE OF GOODWILL Goodwill DuraGraft My Health Logic Total Balance, December 31, 2022 and March 31, 2023 $ 5,416,000 $ 1,774,656 $ 7,190,656
SCHEDULE OF INTANGIBLE ASSETS	The following changes to the Company’s intangible assets had taken place in the periods indicated: SCHEDULE OF INTANGIBLE ASSETS Balance, December 31, 2021 $ 52,866,192 Impairment (24,350,000 ) Amortization expense (841,172 ) Balance, December 31, 2022 $ 27,675,020 Amortization expense (210,293 ) Balance, March 31, 2023 $ 27,464,727

CONVERTIBLE PROMISSORY NOTES _2

CONVERTIBLE PROMISSORY NOTES AND WARRANTS (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
SCHEDULE OF CONVERTIBLE NOTES	The following table summarizes supplemental balance sheet information related to the convertible notes, net of debt discount outstanding, as of March 31, 2023, and December 31, 2022: SCHEDULE OF CONVERTIBLE NOTES Convertible Notes, Net of Debt Discount Balance, December 31, 2021 $ 26,065 Convertible notes issued - new securities 7,315,138 Issuance costs (535,717 ) Debt discount (6,479,421 ) Debt accretion 2,763,749 Debt extinguishment (338,181 ) Balance, December 31, 2022 2,751,633 Debt accretion 1,556,177 Balance, March 31, 2023 $ 4,307,810
SCHEDULE OF CONVERTIBLE NOTES NET OF DEBT DISCOUNT	SCHEDULE OF CONVERTIBLE NOTES NET OF DEBT DISCOUNT March 31, 2023 December 31, 2022 Convertible notes - total principal $ 14,432,996 $ 14,432,996 Unamortized issuance costs and discount (10,125,186 ) (11,681,363 ) Convertible Notes, Net of Debt Discount $ 4,307,810 $ 2,751,633 March 31, 2023 December 31, 2022 Current portion $ 3,515,600 $ - Non-current portion 792,210 2,751,633 Convertible Notes, Net of Debt Discount $ 4,307,810 $ 2,751,633

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
SCHEDULE OF STOCK OPTION ACTIVITY	The summary of option activity for the three months ended March 31, 2023, is as follows: SCHEDULE OF STOCK OPTION ACTIVITY Number of Options Weighted Average Exercise Price Weighted Average Contractual Life Total Intrinsic Value Outstanding at December 31, 2021 3,650,943 $ 1.24 8.34 Granted 400,000 2.20 Expired (62,502 ) 1.25 Forfeited (62,498 ) 1.25 Outstanding at December 31, 2022 3,925,943 $ 1.33 6.06 $ - Granted/forfeited - - - - Outstanding at March 31, 2023 3,925,943 1.33 5.81 - Exercisable at March 31, 2023 3,336,775 $ 1.23 5.27 $ -
SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE	As of March 31, 2023, the Company had the following options outstanding: SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE Exercise Price Number of Options Outstanding Number of Options Exercisable Weighted Average Remaining Contractual Years Intrinsic Value $ 1.01 1,985,943 1,985,943 3.25 $ - 1.25 540,000 530,832 7.91 - 1.37 200,000 200,000 7.39 - 1.75 800,000 440,000 8.66 - 2.20 400,000 180,000 9.19 - $ 1.33 3,925,943 3,336,775 5.81 $ -
SCHEDULE OF WARRANTS OUTSTANDING	SCHEDULE OF WARRANTS OUTSTANDING Number Weighted Average Price December 31, 2021 12,144,834 $ 2.90 Issued pursuant to Unit Purchase Agreement 8,360,147 2.25 Issued 878,398 1.16 Exercised (300,000 ) 0.01 Expired (113,637 ) 3.00 Cancelled pursuant to FINRA (578,398 ) 1.75 Cancelled as part of debt extinguishment (342,857 ) 2.25 December 31, 2022 and March 31, 2023 20,048,487 $ 2.64 Issued - - December 31, 2022 and March 31, 2023 20,048,487 $ 2.64

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details Narrative)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Entity state of incorporation	NV
Entity date of incorporation	Mar. 20, 2007

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 88,544,017	$ 85,989,433
Working capital	6,148,031	966,464
Cash	$ 329,805	$ 510,865

SCHEDULE OF FAIR VALUES OF FINA

SCHEDULE OF FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Platform Operator, Crypto-Asset [Line Items]
Derivative liabilities	$ 4,823,725	$ 4,823,725
Contingent liabilities	8,431,000	9,707,000
Fair Value, Inputs, Level 1 [Member]
Platform Operator, Crypto-Asset [Line Items]
Derivative liabilities
Contingent liabilities
Total
Fair Value, Inputs, Level 2 [Member]
Platform Operator, Crypto-Asset [Line Items]
Derivative liabilities
Contingent liabilities
Total
Fair Value, Inputs, Level 3 [Member]
Platform Operator, Crypto-Asset [Line Items]
Derivative liabilities	4,823,725	4,823,725
Contingent liabilities	8,431,000	9,707,000
Total	$ 13,254,725	$ 14,530,725

SCHEDULE OF LIABILITIES FAIR VA

SCHEDULE OF LIABILITIES FAIR VALUE MEASURED (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Platform Operator, Crypto-Asset [Line Items]
Change in fair value of contingent liabilities	$ 1,276,000	$ (1,830,000)
Fair Value, Inputs, Level 3 [Member]
Platform Operator, Crypto-Asset [Line Items]
Beginning Balance	14,530,725
Change in fair value of contingent liabilities	(1,276,000)
Ending Balance	$ 13,254,725

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Deferred offering cost	$ 549,795	$ 387,412
Midrange average estimated interest rate	20.60%
Liabilities fair value adjustment	$ 667,000
Royalties payable	4,735,000	5,402,000
Scenario, Adjustment [Member]
Liabilities fair value adjustment	$ 15,000
Pre tax discount rate percentage	20.60%
Market value	$ 1,070,000	1,055,000
Warrants Liabilities [Member]
Risk free rate	1.19%
Expected volatility	69.62%
Expected dividend	$ 0
Expected life	5 years 11 months 15 days
Increase (Decrease) in Operating Liabilities	$ 624,000
Warrants liabilities	$ 803,000	1,427,000
Liquidation Preference [Member]
Risk free rate	0.21%
Expected volatility	78.93%
Expected dividend	$ 0
Expected life	5 years
Liquidation preference value	$ 0
Liquidation preference fair market value	$ 1,823,000	$ 1,823,000

SCHEDULE OF RIGHT-OF-USE ASSET

SCHEDULE OF RIGHT-OF-USE ASSET AND RELATED LEASE LIABILITIES (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Leases
Right-of-use asset	$ 1,390,042	$ 1,485,023
Operating lease liabilities, current	426,142	423,495
Operating lease liabilities, non-current	963,900	1,061,528
Total operating lease liabilities	$ 1,390,042	$ 1,485,023

SCHEDULE OF MATURITIES OF THE L

SCHEDULE OF MATURITIES OF THE LEASE LIABILITIES (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Leases
2023	$ 317,621
2024	434,082
2025	444,934
2026	266,034
Total lease payments	1,462,671
Less: Present value discount	(72,629)
Total	$ 1,390,042	$ 1,485,023

LEASES (Details Narrative)

LEASES (Details Narrative)		1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 11, 2020 ft²	Dec. 31, 2020 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Apr. 01, 2022 ft²
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Lease agreement, description	five-and-a-half-year lease agreement
Administrative office and laboratories space | ft²	10,300					3,053
Payments for rent			$ 154,828	$ 110,900
Operating expense			$ 2,222,582	$ 3,995,341
Lease term			3 years 3 months 29 days
Operating Lease Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments for rent		$ 10,800	$ 15,641		$ 15,260
Annually percentage		2.50%	2.50%
Operating expense		$ 12,000	$ 12,000
Increase in operating expense		$ 17,500
Operating lease discount rate			3.95%

SCHEDULE OF INTANGIBLE ASSETS A

SCHEDULE OF INTANGIBLE ASSETS AMORTIZATION EXPENSE (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 29,142,745	$ 53,492,745
Accumulated amortization	(1,678,018)	(1,467,725)
Net carrying amount	27,464,727	27,675,020
Impairment		(24,350,000)
Krillase Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	4,250,000	28,600,000
Accumulated amortization
Net carrying amount	4,250,000	4,250,000
Impairment		(24,350,000)
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	122,745	122,745
Accumulated amortization
Net carrying amount	122,745	122,745
Impairment
DuraGraft Patent [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	5,256,000	5,256,000
Accumulated amortization	(1,078,153)	(977,076)
Net carrying amount	4,177,847	4,278,924
Impairment
DuraGraft Distributor Relationship[Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	308,000	308,000
Accumulated amortization	(82,133)	(74,433)
Net carrying amount	225,867	233,567
Impairment
DuraGraft Cyto Protectant [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	12,606,000	12,606,000
Accumulated amortization
Net carrying amount	12,606,000	12,606,000
Impairment
My Health Logic - Trade Name [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	450,000	450,000
Accumulated amortization	(40,983)	(32,947)
Net carrying amount	409,017	417,053
Impairment
My Health Logic - Biotechnology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	4,600,000	4,600,000
Accumulated amortization	(345,000)	(277,353)
Net carrying amount	4,255,000	4,322,647
Impairment
My Health Logic - Software [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,550,000	1,550,000
Accumulated amortization	(131,749)	(105,916)
Net carrying amount	$ 1,418,251	1,444,084
Impairment

SCHEDULE OF GOODWILL (Details)

SCHEDULE OF GOODWILL (Details)	Mar. 31, 2023 USD ($)
Impairment Effects on Earnings Per Share [Line Items]
Balance, December 31, 2022 and March 31, 2023	$ 7,190,656
Duragraft [Member]
Impairment Effects on Earnings Per Share [Line Items]
Balance, December 31, 2022 and March 31, 2023	5,416,000
My Health Logic [Member]
Impairment Effects on Earnings Per Share [Line Items]
Balance, December 31, 2022 and March 31, 2023	$ 1,774,656

SCHEDULE OF INTANGIBLE ASSETS (

SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning Balance	$ 27,675,020	$ 52,866,192
Impairment		(24,350,000)
Amortization expense	(210,293)	(841,172)
Ending Balance	$ 27,464,727	$ 27,675,020

INTANGIBLE ASSETS (Details Narr

INTANGIBLE ASSETS (Details Narrative) - USD ($)		3 Months Ended		12 Months Ended
	Sep. 12, 2018	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Indefinite-Lived Intangible Assets [Line Items]
Impairment of intangible assets				$ 24,350,000
DuraGraft and My Health Logic [Member]
Indefinite-Lived Intangible Assets [Line Items]
2024 through 2028		$ 841,172
2029 and thereafter		6,280,120
Krillase [Member]
Indefinite-Lived Intangible Assets [Line Items]
Impairment of intangible assets		0	$ 0	$ 24,350,000
Duragraft [Member]
Indefinite-Lived Intangible Assets [Line Items]
Impairment of intangible assets		0	0
Intangible assets current		18,170,000
My Health Logic, Inc. [Member]
Indefinite-Lived Intangible Assets [Line Items]
Impairment of intangible assets		0	$ 0
Intangibles assets		$ 6,600,000
Krillase Technology [Member]
Indefinite-Lived Intangible Assets [Line Items]
Acquisition of intangible assets	$ 28,600,000

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) - USD ($)	Feb. 02, 2023	Dec. 28, 2022	Oct. 23, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Notes payable				$ 2,123,211	$ 1,132,829
Promissory Note [Member]
Notes payable				788,219	750,000
Debt interest rate		20%
Debt instrument, maturity date		Jun. 28, 2023
Promissory note		$ 750,000
Accrued interest				38,219
Warrants outstanding		$ 1,500,000
Debt description		Default in the payment of principal or interest or other material covenant under the note triggers a default penalty equal to 0.666% of $750,000 per month during the period of default, and other lender rights, including the demand of immediate payment of all amounts due including accrued but unpaid interest, and recovery of all costs, fees including attorney’s fees and disbursements, and expenses relating to collection and enforcement of the promissory note
Hub International Limited [Member]
Notes payable			$ 204,050	103,824	164,729
Debt interest rate			6.75%
Debt instrument, maturity date			Sep. 23, 2023
Walleye Opportunities Master Fund Ltd. [Member]
Notes payable	$ 1,000,000
Debt instrument, maturity date	May 07, 2023
Notes payable increased	$ 1,250,000
MyHealth Logic Acquisition [Member]
Notes payable				$ 468,137
Debt interest rate				9%
Accrued interest				$ 13,068		$ 6,085
Debt repurchase amount					278,678
Notes payable				$ 231,168	$ 218,100

SCHEDULE OF CONVERTIBLE NOTES (

SCHEDULE OF CONVERTIBLE NOTES (Details) - Convertible Notes Payable [Member] - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Short-Term Debt [Line Items]
Beginning balance	$ 2,751,633	$ 26,065
Convertible notes issued - new securities		7,315,138
Issuance costs		(535,717)
Debt discount		(6,479,421)
Debt accretion	1,556,177	2,763,749
Debt extinguishment		(338,181)
Ending balance	$ 4,307,810	$ 2,751,633

SCHEDULE OF CONVERTIBLE NOTES N

SCHEDULE OF CONVERTIBLE NOTES NET OF DEBT DISCOUNT (Details) - Convertible Notes Payable [Member] - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Convertible notes - total principal	$ 14,432,996	$ 14,432,996
Unamortized issuance costs and discount	(10,125,186)	(11,681,363)
Convertible Notes, Net of Debt Discount	4,307,810	2,751,633	$ 26,065
Current portion	3,515,600
Non-current portion	$ 792,210	$ 2,751,633

CONVERTIBLE PROMISSORY NOTES _3

CONVERTIBLE PROMISSORY NOTES AND WARRANTS (Details Narrative)				1 Months Ended		3 Months Ended		12 Months Ended
	Dec. 21, 2021 USD ($) $ / shares shares	Sep. 29, 2021 $ / shares	May 27, 2021 $ / shares shares	Jul. 31, 2021 USD ($) shares	May 31, 2021 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) shares
Convertible Notes Payable [Member]
Debt Instrument [Line Items]
Debt instrument conversion description						The Convertible Notes principal and accrued interest can be converted at any time at the option of the holder at a conversion price of $1.75 per share (previously $2.25 per the September 2021 Amendment and originally $2.50 per the May Unit Purchase Agreement)
Percentage of debt instrument of conversion price						0.75
Debt instrument conversion price						$ 1.75
Maximum [Member] | Convertible Notes Payable [Member]
Debt Instrument [Line Items]
Equity financing gross amount | $						$ 10,000,000
Minimum [Member] | Convertible Notes Payable [Member]
Debt Instrument [Line Items]
Equity financing gross amount | $						$ 10,000,000
New Class C Warrants [Member]
Debt Instrument [Line Items]
Percentage of warrant coverage						200%
Percentage of debt instrument of conversion price						0.75
Debt instrument conversion price						$ 2.25
Warrants exercise price per share						$ 2.25
Warrants exercisable term						5 years
Unit Purchase Agreement [Member]
Debt Instrument [Line Items]
Sale of stock, number of shares issued in transaction | shares	3,438,572		4,000,000		29,978
Sale of stock, price per share	$ 1.75		$ 2.50		$ 2.50
Debt description	Each Unit is comprised of (i) a convertible promissory note convertible into common stock of the Company at an initial conversion price of $1.75 and, (ii) a warrant to purchase two shares of Common Stock at an initial purchase price of $2.25 per share (the new Class C Warrant)		Each Unit is comprised of (i) a convertible promissory note convertible into common stock of the Company, (ii) a warrant to purchase one share of common stock of the Company (the “Class A Warrant”); and (iii) a second warrant to purchase common stock of the Company (the “Class B Warrant”).
Sale of stock, consideration received on transaction | $	$ 6,000,000				$ 74,945
Convertible notes | $					74,945
Issuance costs | $					$ 6,745
Unit Purchase Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Sale of stock, number of shares issued in transaction | shares	9,714,286
Sale of stock, price per share		$ 2.50
Debt conversion price per share		2.50
Unit Purchase Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
Sale of stock, price per share		2.25
Debt conversion price per share		$ 2.25
Unit Purchase Agreement [Member] | Class A Warrants [Member]
Debt Instrument [Line Items]
Warrants to purchase common shares | shares					29,978
Unit Purchase Agreement [Member] | Class B Warrants [Member]
Debt Instrument [Line Items]
Warrants to purchase common shares | shares					29,978
Unit Purchase Program [Member]
Debt Instrument [Line Items]
Sale of stock, number of shares issued in transaction | shares				440,000
Sale of stock, consideration received on transaction | $				$ 1,100,000
Convertible notes | $				$ 1,100,000
Unit Purchase Program [Member] | Class A Warrants [Member]
Debt Instrument [Line Items]
Warrants to purchase common shares | shares				440,000
Unit Purchase Program [Member] | Class B Warrants [Member]
Debt Instrument [Line Items]
Warrants to purchase common shares | shares				440,000
December 2021 Exchange Agreement [Member]
Debt Instrument [Line Items]
Sale of stock, number of shares issued in transaction | shares								4,180,071
Sale of stock, consideration received on transaction | $								$ 6,500,743
Debt instrument, maturity date	Dec. 21, 2023
Exercise price of warrants or rights	$ 2.25
Percentage of warrant coverage	200%
Pro-rata Units | shares	621,087
Aggregate pro rata units | shares	832,022
Gain on debt extinguishment | $								$ 338,181
Interest and acceration expenses | $						$ 1,556,177	$ 291,997
December 2021 Exchange Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Sale of stock, price per share	$ 2.25
Debt conversion price per share	2.25
December 2021 Exchange Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
Sale of stock, price per share	1.75
Debt conversion price per share	$ 1.75

SCHEDULE OF STOCK OPTION ACTIVI

SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Number of Options, Outstanding Ending Balance	3,925,943	3,650,943	3,650,943
Weighted Average Exercise Price, Outstanding Ending Balance	$ 1.33	$ 1.24	$ 1.24
Weighted average contractual life term, outstanding	5 years 9 months 21 days		6 years 21 days	8 years 4 months 2 days
Number of Options, Granted			400,000
Weighted Average Exercise Price, Granted			$ 2.20
Number of Options, Expired			(62,502)
Weighted Average Exercise Price, Expired			$ 1.25
Number of Options, Forfeited			(62,498)
Weighted Average Exercise Price, Forfeited			$ 1.25
Number of Options, Outstanding Ending Balance	3,925,943		3,925,943	3,650,943
Weighted Average Exercise Price, Outstanding Ending Balance	$ 1.33		$ 1.33	$ 1.24
Total Intrinsic Value, Ending Balance
Number of options, Exercisable	3,336,775
Weighted Average Exercise Price, Exercisable	$ 1.23
Weighted average contractual life term, exercisable	5 years 3 months 7 days
Total Intrinsic Value, exercisable

SCHEDULE OF OPTIONS OUTSTANDING

SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Intrinsic Value | $
Exercise Price Range 1.01 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price | $ / shares	$ 1.01
Number of Options Outstanding	1,985,943
Number of Options Exercisable	1,985,943
Weighted Average Remaining Contractual Years	3 years 3 months
Intrinsic Value | $
Exercise Price Range 1.25 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price | $ / shares	$ 1.25
Number of Options Outstanding	540,000
Number of Options Exercisable	530,832
Weighted Average Remaining Contractual Years	7 years 10 months 28 days
Intrinsic Value | $
Exercise Price Range 1.37 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price | $ / shares	$ 1.37
Number of Options Outstanding	200,000
Number of Options Exercisable	200,000
Weighted Average Remaining Contractual Years	7 years 4 months 20 days
Intrinsic Value | $
Exercise Price Range 1.75 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price | $ / shares	$ 1.75
Number of Options Outstanding	800,000
Number of Options Exercisable	440,000
Weighted Average Remaining Contractual Years	8 years 7 months 28 days
Intrinsic Value | $
Exercise Price Range 1.20 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price | $ / shares	$ 2.20
Number of Options Outstanding	400,000
Number of Options Exercisable	180,000
Weighted Average Remaining Contractual Years	9 years 2 months 8 days
Intrinsic Value | $
Exercise Price Range 1.33 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price | $ / shares	$ 1.33
Number of Options Outstanding	3,925,943
Number of Options Exercisable	3,336,775
Weighted Average Remaining Contractual Years	5 years 9 months 21 days
Intrinsic Value | $

SCHEDULE OF WARRANTS OUTSTANDIN

SCHEDULE OF WARRANTS OUTSTANDING (Details) - Warrant [Member] - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants outstanding, Ending balance	20,048,487	12,144,834
Warrants outstanding, Ending balance	$ 2.64	$ 2.90
Warrants outstanding, issued		878,398
Weighted average exercise price, issued		1.16
Warrants outstanding, Exercised		(300,000)
Weighted average exercise price, exercised		0.01
Warrants outstanding, Expired		(113,637)
Weighted average exercise price, expired		$ 3
Warrants outstanding, Ending balance	20,048,487	20,048,487
Warrants outstanding, Ending balance	$ 2.64	$ 2.64
Debt Extinguishment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants outstanding, Expired		(342,857)
Weighted average exercise price, Cancelled as part of debt extinguishment		$ 2.25
Financial Industry Regulatory Authority Inc [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants outstanding, Expired		(578,398)
Weighted average exercise price, Cancelled as part of debt extinguishment		$ 1.75
Unit Purchase Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants outstanding, issued		8,360,147
Weighted average exercise price, issued		2.25

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 27, 2022	Dec. 26, 2021	May 18, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized	25,000,000		25,000,000
Preferred stock, par value	$ 0.001		$ 0.001
Preferred stock, shares outstanding	0		0
Preferred stock, shares issued	0		0
Common stock, shares authorized	300,000,000		300,000,000
Common stock, par value	$ 0.001		$ 0.001
Common stock outstanding	40,768,191		40,528,191
Common stock issued	40,768,191		40,528,191
Share-based payment award, options, grants in period, gross			400,000
Compensation cost		$ 295,750
Non-cash share-based compensation	$ 210,966	$ 716,432
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants outstanding	20,048,487		20,048,487
Stock Incentive Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share authorized							5,300,000
Number of shares available for issuance	2,924,057		2,924,057		7,200,000	1,900,000
Nicholas DeVito [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares issued	240,000
Directors, Senior Officers and Consultants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of restricted share awards granted				350,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Related party transactions owned	$ 89,016
Other Liability, Current, Related and Nonrelated Party Status [Extensible Enumeration]	Related Party [Member]		Related Party [Member]
Related party transactions, professional expenses	$ 72,000	$ 60,000
Operating Cost and Expense, Related and Nonrelated Party Status [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Debt incurred	$ 7,405
Prepaid royalties	302,908		$ 339,091
Duragraft [Member]
Related Party Transaction [Line Items]
Prepaid royalties	36,183
Director and Executive Officers [Member]
Related Party Transaction [Line Items]
Debt incurred	332,750
Debt settled	$ 243,750	$ 43,200

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)					3 Months Ended		12 Months Ended
	Jan. 04, 2023	Dec. 12, 2022	Nov. 18, 2022	Jul. 13, 2019	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Loss Contingencies [Line Items]
Salary and wages					$ 266,968	$ 915,640
Issuance of stock options							400,000
Royalties percentage				10%
Prepaid royalties					302,908		$ 339,091
Duragraft [Member]
Loss Contingencies [Line Items]
Prepaid royalties					$ 36,183
Sale of asset percentage					15%
Duragraft [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Net proceeds from sale of asset					$ 20,000,000
UNITED STATES | First 50,000,000 [Member]
Loss Contingencies [Line Items]
Royalties percentage					5%
UNITED STATES | 50,000,001 up to 200,000,000 [Member]
Loss Contingencies [Line Items]
Royalties percentage					4%
UNITED STATES | Over 200,000,000 [Member]
Loss Contingencies [Line Items]
Royalties percentage					2%
Non-US [Member] | First 50,000,000 [Member]
Loss Contingencies [Line Items]
Royalties percentage					6%
Non-US [Member] | 50,000,001 up to 200,000,000 [Member]
Loss Contingencies [Line Items]
Royalties percentage					4%
Non-US [Member] | Over 200,000,000 [Member]
Loss Contingencies [Line Items]
Royalties percentage					2%
July 13, 2022 [Member]
Loss Contingencies [Line Items]
Salary and wages				$ 30,000
July 13, 2021 [Member]
Loss Contingencies [Line Items]
Issuance of stock options				250,000
Shares issued, price per share				$ 1.50
Nicholas DeVito [Member]
Loss Contingencies [Line Items]
Number of shares issued					240,000
Confidential Settlement Agreement [Member] | Nicholas DeVito [Member]
Loss Contingencies [Line Items]
Number of shares issued	240,000	60,000	16,000

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)					3 Months Ended
	May 15, 2023	May 07, 2023	Apr. 21, 2023	Jul. 30, 2020	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event [Line Items]
Proceeds from warrant exercise						$ 3,000
Class C Warrants [Member]
Subsequent Event [Line Items]
Exercise price of warrants or rights					$ 2.25
Number of warrants exercised					16,538,473
Convertible Notes Payable [Member]
Subsequent Event [Line Items]
Debt description					$ 1.75
Outstanding principal					$ 14,471,177
Somahlution Warrant Offer Letter Agreements [Member] | Class C Warrants [Member]
Subsequent Event [Line Items]
Exercise price of warrants or rights					$ 0.10
Number of warrants exercised					5,109,904
Somahlution Warrant Offer Letter Agreements [Member] | Convertible Notes Payable [Member]
Subsequent Event [Line Items]
Conversion rights to convertible notes					$ 4,471,177
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from warrant exercise	$ 265,216
Number of warrants exercised	2,652,159
Principal amount increased		$ 1,250,000
Subsequent Event [Member] | Somahlution Warrant Offer Letter Agreements [Member]
Subsequent Event [Line Items]
Proceeds from warrant exercise			$ 299,996
Maximum [Member] | Somahlution Warrant Offer Letter Agreements [Member]
Subsequent Event [Line Items]
Convertible notes converted adjustment					44,711,770
Maximum [Member] | Somahlution Warrant Offer Letter Agreements [Member] | Class C Warrants [Member]
Subsequent Event [Line Items]
Number of warrants exercised					114,972,840
Maximum [Member] | Subsequent Event [Member] | Somahlution Warrant Offer Letter Agreements [Member]
Subsequent Event [Line Items]
Exercise price of warrants or rights			$ 5
Minimum [Member] | Somahlution Warrant Offer Letter Agreements [Member]
Subsequent Event [Line Items]
Convertible notes converted adjustment					2,554,944
Minimum [Member] | Subsequent Event [Member] | Somahlution Warrant Offer Letter Agreements [Member]
Subsequent Event [Line Items]
Exercise price of warrants or rights			$ 0.10
Somahlution [Member]
Subsequent Event [Line Items]
Number of restricted stock issued				10,000,000
Warrants term				5 years
Warrants to purchase common stock				2,999,955
Exercise price of warrants or rights				$ 5