Marizyme (MRZM) 10-Q 28 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 28, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
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		131,793,088

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current
Cash	$ 6,146	$ 148,465
Accounts receivable		60,284
Other receivables	35,823	35,797
Prepaid expenses	677,811	699,377
Inventory	15,209	24,855
Total current assets	734,989	968,778
Non-current
Property, plant and equipment, net	12,500	12,500
Operating lease right-of-use assets, net	1,000,702	1,101,211
Intangible assets, net	14,255,352	14,364,129
Prepaid royalties, non-current	120,500	122,457
Deposits	30,000	30,000
Goodwill	5,416,000	5,416,000
Total non-current assets	20,835,054	21,046,297
Total assets	21,570,043	22,015,075
Current
Accounts payable and accrued expenses	2,584,044	2,322,064
Notes payable	1,300,532	633,692
Convertible notes - Units Private Placement	15,807,061	14,288,335
Convertible notes - OID	5,448,468	2,694,256
Operating lease obligations	436,795	434,082
Total current liabilities	25,847,800	20,602,582
Non-current
Operating lease obligations, net of current portion	563,907	667,129
Contingent liabilities	5,991,000	5,406,000
Total non-current liabilities	6,554,907	6,073,129
Total liabilities	32,402,707	26,675,711
Commitments and contingencies (Note 10)
Stockholders’ equity (deficit):
Preferred stock, $0.001 par value, 25,000,000 shares authorized, no shares issued and outstanding as of March 31, 2024 and December 31, 2023
Common stock, par value $0.001, 2,000,000,000 shares authorized, issued and outstanding shares - 131,793,088 at March 31, 2024 and December 31, 2023	131,792	131,792
Additional paid-in capital	146,598,185	146,543,921
Accumulated deficit	(157,562,641)	(151,336,349)
Total stockholders’ equity (deficit)	(10,832,664)	(4,660,636)
Total liabilities and stockholders’ equity (deficit)	21,570,043	22,015,075
Related Party [Member]
Current
Due to related parties	$ 270,900	$ 230,153

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	2,000,000,000	2,000,000,000
Common stock, shares issued	131,793,088	131,793,088
Common stock, shares outstanding	131,793,088	131,793,088

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 32,855	$ 128,974
Direct cost of revenue	9,647	39,275
Gross profit	23,208	89,699
Operating expenses:
Professional fees (includes related party amounts of $148,500 and $161,000 respectively)	264,096	384,806
Salary expenses	310,159	266,968
Research and development	321,867	605,997
Stock-based compensation	54,264	210,966
Depreciation and amortization	108,777	210,338
Royalty expense	1,957	36,183
Other general and administrative expenses	334,180	507,324
Total operating expenses	1,395,300	2,222,582
Total operating loss	(1,372,092)	(2,132,883)
Other income (expense)
Interest and accretion expenses	(4,161,830)	(1,697,701)
Change in fair value of contingent liabilities	(585,000)	1,276,000
Loss on debt extinguishment	(107,370)
Total other income (expense)	(4,854,200)	(421,701)
Net loss	$ (6,226,292)	$ (2,554,584)
Loss per share - basic	$ (0.05)	$ (0.06)
Loss per share - diluted	$ (0.05)	$ (0.06)
Weighted average number of shares of common stock outstanding - basic	131,793,088	40,757,524
Weighted average number of shares of common stock outstanding - diluted	131,793,088	40,757,524

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party [Member]
Related Party Transaction [Line Items]
Professional fees related paty	$ 148,500	$ 161,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
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
Issuance of shares	$ 240	153,360		153,600
Issuance of shares, shares	240,000
Net loss			(2,554,584)	(2,554,584)
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
Balance at Dec. 31, 2023	$ 131,792	146,543,921	(151,336,349)	(4,660,636)
Balance, shares at Dec. 31, 2023	131,793,088
Stock-based compensation expense		54,264		54,264
Net loss			(6,226,292)	(6,226,292)
Balance at Mar. 31, 2024	$ 131,792	$ 146,598,185	$ (157,562,641)	$ (10,832,664)
Balance, shares at Mar. 31, 2024	131,793,088

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (6,226,292)	$ (2,554,584)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	108,777	210,338
Amortization of ROU asset	100,509	94,981
Stock-based compensation	54,264	210,966
Interest and accretion on convertible notes and notes payable	4,161,830	1,697,701
Change in fair value of contingent liabilities	585,000	(1,276,000)
Loss on debt extinguishment	107,370
Shares issued for a legal settlement		153,600
Change in operating assets and liabilities:
Accounts and other receivable	60,258	(10,284)
Prepaid expenses	21,566	(133,469)
Inventory	9,646	39,039
Accounts payable and accrued expenses	167,374	358,540
Due to related parties	40,747	89,016
Net cash used in operating activities	(808,951)	(1,120,156)
Cash flows from financing activities:
Proceeds from promissory notes	755,000	1,000,000
Repayments of promissory notes	(88,368)	(60,904)
Net cash provided by financing activities	666,632	939,096
Net change in cash	(142,319)	(181,060)
Cash at beginning of period	148,465	510,865
Cash at end of period	6,146	329,805
Supplemental disclosure of cash flow information:
Cash paid for interest
Cash paid for taxes

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	NOTE 1 – DESCRIPTION OF BUSINESS Maryzime, Inc. (the “Company” or “Marizyme”) is a Nevada corporation originally incorporated on March 20, 2007, under the name SWAV Enterprises, Ltd. On September 6, 2010, the Company name was changed to GBS Enterprises Inc. and from 2010 to September 2018 the Company was in the software products and advisory services business for email and instant messaging applications. The Company divested that business between December 2016 and September 2018 and focused on the acquisition of life science technologies.   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, 2024
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 $ 157,562,641 151,336,349 25,112,811 19,633,804 6,146 148,465 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, meet its debt obligations until such time future profitable revenues are achieved, and raise funds beyond its working capital balance in order to finance future development of its intangible assets. During the next twelve months from the date the 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. In April of 2024, the Company engaged in a Co-Development Agreement with Qualigen Therapeutics, Inc. (“Qualigen”) aimed at furthering the commercialization efforts of DuraGraft™. Pursuant to the Agreement, Qualigen has committed to providing up to $ 1,500,000 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, 2024
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 May 13, 2024 (the “2023 Form 10-K”). The condensed consolidated balance sheet as of December 31, 2023 was derived from audited consolidated financial statements included in the 2023 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 (deficit) for the periods indicated. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. 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, 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 initially valued using a Monte Carlo simulation model utilizing the following weighted average assumptions: risk free rate of 1.19 69.62 0 5.96 42,000 183,000 225,000 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 initially estimated at 20.6 627,000 3,985,000 3,358,000 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 Nil, 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 No 1,823,000 1,823,000 The detachable warrants attached to the OID Convertible Notes (see Note 7) are classified as equity. These warrants were valued using the Black-Scholes pricing model. The following weighted average assumptions were used in the Black-Scholes model: a risk-free rate of 4.25 %, expected volatility of 349.95 %, expected dividend yield of $ Nil , and an expected life of 0.17 years. During the three months ended March 31, 2024, the Company extended the maturity dates of certain OID Warrants (see Note 7), as part of modification of OID Convertible Notes that resulted in a substantive modification and extinguishment of old debt. As a result, the Company recognized an incremental fair value increase of $ 1,128,078 as a change in the fair value of warrants, which was recorded as debt discount and is being amortized to interest and accretion expense using the effective interest method over the term of the OID Convertible Notes. 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, 2024, and December 31, 2023, the fair values of these financial instruments were as follows: SCHEDULE OF FAIR VALUES OF FINANCIAL INSTRUMENTS March 31, 2024 Level 1 Level 2 Level 3 Fair Value Hierarchy March 31, 2024 Level 1 Level 2 Level 3 Liabilities Contingent liabilities $ - $ - $ 5,991,000 Total $ - $ - $ 5,991,000 December 31, 2023 Level 1 Level 2 Level 3 Fair Value Hierarchy December 31, 2023 Level 1 Level 2 Level 3 Liabilities Contingent liabilities $ - $ - $ 5,406,000 Total $ - $ - $ 5,406,000 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 Contingent Liabilities Balance at December 31, 2023 $ 5,406,000 Change in fair value of contingent liabilities 585,000 Balance at March 31, 2024 $ 5,991,000 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 condensed consolidated 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 August 2020, the FASB issued ASU No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). ASU 2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (i) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (ii) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 will be effective for the Company for fiscal years beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company has fully adopted ASU 2020-06 as of January 1, 2024, and this adoption does not have a material impact on the way the Company is accounting for its debt.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2024
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 15,641 16,032 2.5 12,000 17,500 2.33 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, 2024 was $ 97,173 154,828 The following table summarizes supplemental balance sheet information related to the operating lease as of March 31, 2024, and December 31, 2023: SCHEDULE OF RIGHT-OF-USE ASSET AND RELATED LEASE LIABILITIES March 31, December 31, Right-of-use asset $ 1,000,702 $ 1,101,211 Operating lease liabilities, current $ 436,795 $ 434,082 Operating lease liabilities, non-current 563,907 667,129 Total operating lease liabilities $ 1,000,702 $ 1,101,211 As of March 31, 2024, the maturities of the lease liabilities for the periods ending December 31, are as follows: SCHEDULE OF MATURITIES OF LEASE LIABILITIES 2024 $ 325,562 2025 444,934 2026 266,034 Total lease payments $ 1,036,530 Less: Present value discount (35,828 ) Total $ 1,000,702

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2024
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, 2023, management determined that the carrying value of Krillase exceeded its estimated recoverable amount of $ Nil 4,250,000 There have been no DuraGraft As part of the Somahlution acquisition in 2020, Marizyme purchased $ 18,170,000 At December 31, 2023, management determined that the carrying value of DuraGraft intangible assets exceeded its recoverable amount. Impairment of $ 2,442,000 14,241,384 no My Health Logic As part of the My Health Logic acquisition in 2021 6,600,000 5,777,720 no Additionally, as part of the My Health Logic acquisition in 2021 1,774,656 1,774,656 SCHEDULE OF INTANGIBLE ASSETS AMORTIZATION EXPENSE March 31, 2024 Gross Carrying Accumulated Net Carrying Patents in process $ 122,745 $ - $ 122,745 DuraGraft patent 5,256,000 (1,482,460 ) 3,773,540 DuraGraft - Distributor relationship 308,000 (112,933 ) 195,067 DuraGraft IPR&D - Cyto Protectant Life Sciences 10,164,000 - 10,164,000 $ 15,850,745 $ (1,595,393 ) $ 14,255,352 December 31, 2023 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Krillase intangible assets $ 4,250,000 $ - $ (4,250,000 ) $ - Patents in process 122,745 - - 122,745 DuraGraft patent 5,256,000 (1,381,383 ) - 3,874,617 DuraGraft - Distributor relationship 308,000 (105,233 ) - 202,767 DuraGraft IPR&D - Cyto Protectant Life Sciences 12,606,000 - (2,442,000 ) 10,164,000 My Health Logic - Trade name 450,000 (65,090 ) (384,910 ) - My Health Logic - Biotechnology 4,600,000 (547,941 ) (4,052,059 ) - My Health Logic - Software 1,550,000 (209,249 ) (1,340,751 ) - Total intangibles $ 29,142,745 $ (2,308,896 ) $ (12,469,720 ) $ 14,364,129 SCHEDULE OF GOODWILL Goodwill DuraGraft My Health Logic Total Balance, December 31, 2023 and March 31, 2024 $ 5,416,000 $ - $ 5,416,000 The following changes to the Company’s intangible assets had taken place in the periods indicated: SCHEDULE OF INTANGIBLE ASSETS Balance, December 31, 2022 $ 27,675,020 Impairment (12,469,720 ) Amortization expense (841,171 ) Balance, December 31, 2023 $ 14,364,129 Amortization expense (108,777 ) Balance, March 31, 2024 $ 14,255,352 Future amortizations for DuraGraft intangible assets for the next five years will be $ 435,108 1,793,066

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Mar. 31, 2024
Notes Payable
NOTES PAYABLE	NOTE 6 – NOTES PAYABLE a) On October 23, 2023, the Company issued a note payable to Hub International for $ 165,469 8 August 23, 2024 72,102 (December 31, 2023 - $ 130,122 . b) On December 28, 2022, the Company issued a promissory note to Hexin for the principal amount of $ 750,000 bearing interest at the annual rate of 20 % per annum, due June 28, 2023 (the “Hexin Promissory Note”). For the year ended December 31, 2023, the Company accrued $ 64,133 in interest on the promissory note. Hexin agreed to cancel the Hexin Promissory Note with the outstanding balance of $ 814,133 (the aggregate amount of principal plus accrued and unpaid interest as of May 30, 2023) in exchange for the issuance of 9,578,040 OID Units (see Note 7), which the Company issued to Hexin on May 30, 2023. c) On February 2, 2023, the Company issued an unsecured promissory note to Walleye Opportunities Master Fund Ltd. (the “Walleye Promissory Note”) for $ 1,000,000 May 7, 2023 1,250,000 1,000,000 1,250,000 250,000 1,250,000 14,705,890 d) As part of the My Health Logic Inc. acquisition, completed in November 2021, Marizyme assumed an aggregate of $ 468,137 9 278,678 5,540 13,068 252,430 252,223 ). e) As of March 31, 2024, the Company has outstanding borrowings under a note payable to Mr. Richmond in the principal amount of $ 151,000 (December 31, 2023 - $ 151,000 ) f) As of March 31, 2024, the Company has outstanding borrowings under a note payable to Santander Bank: Sullivan & Worcester LLP in the principal amount of $ 65,000 (December 31, 2023 - $ 65,000 ) g) As of March 31, 2024, the Company has outstanding borrowings under a note payable in the principal amount of $ 755,000 (December 31, 2023 - $ Nil )

CONVERTIBLE PROMISSORY NOTES AN

CONVERTIBLE PROMISSORY NOTES AND WARRANTS	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
CONVERTIBLE PROMISSORY NOTES AND WARRANTS	NOTE 7 - CONVERTIBLE PROMISSORY NOTES AND WARRANTS From May 2021 to August 2022, the Company conducted a private placement (the “Units Private Placement”) of units (the “Units”) consisting of 10% secured convertible promissory notes (the “Convertible Notes”) and accompanying warrants (the “Class C Warrants”), as were modified or amended from time to time. In 2021, the Company issued an aggregate of 4,260,594 6,692,765 4,180,071 6,500,743 In 2023, the Company amended the conversion price of the Convertible Notes and the exercise price of the Class C Warrants to $ 0.10 The Company determined that the terms of the new securities were substantially different from the original securities, and, as such the transaction was accounted for as an extinguishment of debt and the new securities accounted for as a new debt issuance. As a result of this substantial modification, a total of 8,269,237 190,584,260 684,682 Additionally, in 2023 due to the non-repayment of the initial principal amount of $ 1,000,000 May 7, 2023 the Company also defaulted under the Convertible Notes on the same date. As the result, the Company accreted a default amount of $7,378,993 to the value of the Convertible Notes in 2023. Additionally, in 2023, the Company issued an aggregate of 4,207,828 344,959 9,340,774 During the three months ended March 31, 2024, the Company amended certain Convertible Note with original maturity dates of March 24, 2024, to extend their term until March 24, 2025. In connection with the extension of the maturity date for the outstanding Convertible Notes, the Company executed a substantial modification that led to the extinguishment of the existing Convertible Notes and the issuance of new Convertible Notes. This modification resulted in a gain on extinguishment of $ 572,764 Nil During the three months ended March 31, 2024, the Company recognized interest and accretion expense of $ 2,091,490 2,763,749 The Company determined that the optional conversion feature attached to the Convertible Notes did not meet the definition of derivative liability and that the detachable warrants issued did not meet the definition of a liability and therefore was accounted for as an equity instrument. The fair value of the warrants issued have been recorded as debt discount and is being amortized to interest and accretion expense using the effective interest method over the term of the Convertible Notes. The following table summarizes supplemental balance sheet information related to the convertible notes, net of debt discount outstanding, as of March 31, 2024 and December 31, 2023: SCHEDULE OF CONVERTIBLE NOTES Balance, December 31, 2022 $ 2,751,633 Debt accretion on Original securities 1,835,741 Debt extinguishment (4,587,374 ) Convertible notes issued - new securities 19,403,385 Debt discount (19,403,385 ) Debt accretion on New Securities 17,792,071 Mandatory Default Amount 7,378,993 Conversion of debt (9,426,260 ) Extinguishment of debt (10,518,069 ) Convertible notes issued with extended maturity date 10,518,069 Debt discount (1,520,047 ) Debt accretion 63,578 Balance, December 31, 2023 $ 14,288,335 Debt accretion 2,091,490 Extinguishment of debt (3,952,573 ) Convertible notes issued with extended maturity date 4,366,512 Debt discount (986,703 ) Balance, March 31, 2024 $ 15,807,061 SCHEDULE OF CONVERTIBLE NOTES NET OF DEBT DISCOUNT March 31, December 31, Convertible notes - total principal $ 19,400,891 $ 18,955,174 Unamortized issuance costs and discount (3,593,830 ) (4,666,839 ) Convertible Notes, Net of Debt Discount $ 15,807,061 $ 14,288,335 March 31, December 31, Current portion $ 15,807,061 $ 14,288,335 Non-current portion - - Convertible Notes, Net of Debt Discount $ 15,807,061 $ 14,288,335 2023 Convertible Notes and Warrants In 2023, the Company conducted five separate closings (the “2023 OID Units Closings”) of a private placement of up to $ 10,000,000 100,000,000 15 0.10 0.10 0.20 Pursuant to the 2023 OID Units Closings, the company issued 69,876,060 5,404,452 The Company determined that the optional conversion feature attached to the OID Convertible Notes did not meet the definition of derivative liability and that the detachable warrants originally issued met the definition of a liability and therefore was accounted for as a derivative liability instrument. The warrants were fair valued at $ 12,292,635 and recorded as derivative liabilities on the condensed consolidated balance sheets. As a result of the warrant liability exceeding the value of the debt principal, the Company recorded a $ 6,888,475 loss on issuance of debt in the consolidated statements of operations for the year ended December 31, 2023. These warrants were valued using the Black-Scholes pricing method. The changes in the assumptions used to value the warrants as of December 11, 2023, resulted in a $ 795,934 decrease in fair value of this liability. At December 11, 2023, the fair market value of detachable warrant liability was $ 11,496,701 . Additionally, on December 11, 2023, the Company amended the OID Convertible Notes contracts, resulting in a change in the accounting treatment for the detachable warrants. Following the amendment, the warrants no longer met the definition of liability and were consequently accounted for as equity instruments. This adjustment led to a reclassification of $ 11,496,701 from derivative liabilities to equity in the Company’s condensed consolidated financial statements. During the three months ended March 31, 2024, the Company extended the maturity date of certain OID Convertible Notes. Four out of five extensions did not result in a significant modification. However, one extension contract executed on February 12, 2024, extended the maturity date by one year to February 12, 2025, and was deemed substantive. This triggered the extinguishment of the existing OID Convertible Note and the issuance of a new Convertible Note. Additionally, the detachable warrants attached to the OID Convertible Notes had their maturity extended by two years. As a result, the Company recognized an incremental fair value increase of $ 1,128,078 680,135 Nil During the three months ended March 31, 2024, the Company recognized interest and accretion expense of $ 2,074,078 Nil The following table summarizes supplemental balance sheet information related to the OID Convertible Notes, net of debt discount outstanding, as of March 31, 2024 and December 31, 2023: SCHEDULE OF CONVERTIBLE NOTES OID Convertible Notes, Net of Debt Discount Balance, December 31, 2022 $ - Issuance of convertible notes 6,987,606 Issuance cost (1,583,154 ) Debt discount (5,404,452 ) Debt accretion 2,694,256 Balance, December 31, 2023 $ 2,694,256 Debt accretion 2,074,078 Extinguishment of debt (1,268,481 ) Convertible note issued with extended maturity date 2,529,786 Debt discount (581,171 ) Balance, March 31, 2024 $ 5,448,468 SCHEDULE OF CONVERTIBLE NOTES NET OF DEBT DISCOUNT March 31, December 31, Convertible notes - total principal $ 7,667,742 $ 6,987,606 Unamortized issuance costs and discount (2,219,274 ) (4,293,350 ) Convertible Notes, Net of Debt Discount $ 5,448,468 $ 2,694,256 March 31, December 31, Current portion $ 5,448,468 $ 2,694,256 Non-current portion $ - $ - Convertible Notes, Net of Debt Discount $ 5,448,468 $ 2,694,256 2023 Convertible Notes Terms The OID Convertible Notes will mature in nine months from the date of the OID Units Initial Closing and accrue 10% of interest per annum on the outstanding principal amount. The OID Convertible Notes will be unsecured and subordinated to any senior indebtedness of the Company. The OID Convertible Notes’ principal and accrued interest may generally be converted at any time at a conversion price of $0.10 per share, subject to adjustment, at the option of the holder, into shares of common stock, subject to certain limitations: (i) conversion would not cause the holder to beneficially own more than 4.99% of the Company’s common stock, or more than 9.99% if the holder beneficially owns more than 4.99% of common stock based on ownership of equity securities of the Company other than the OID Convertible Notes or the respective warrants; and (ii) the Company’s articles of incorporation have been amended to increase the number of authorized shares of common stock to a sufficient amount to permit the full conversion of the OID Convertible Notes (the “Capital Event Amendment”). 2023 Warrants Terms The Class E Warrants and Class F Warrants are generally exercisable for a period from the date of the Capital Event Amendment until five years from the date of issue. The exercise right is subject to a similar beneficial ownership limitation that applies to conversion of the OID Convertible Notes above, i.e., exercise is permitted only if it would not cause the holder to beneficially own more than 4.99% of the Company’s common stock, or more than 9.99% if the holder beneficially owns more than 4.99% of common stock based on ownership of equity securities of the Company other than the OID Convertible Notes or the Class E Warrants and Class F Warrants.

STOCKHOLDERS_ EQUITY (DEFICIT)

STOCKHOLDERS’ EQUITY (DEFICIT)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
STOCKHOLDERS’ EQUITY (DEFICIT)	NOTE 8 – STOCKHOLDERS’ EQUITY (DEFICIT) 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 2,000,000,000 0.001 As of March 31, 2024, there were 131,793,088 131,793,088 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, 2024, the Company granted Nil Nil The summary of option activity for the three months ended March 31, 2024, is as follows: SCHEDULE OF STOCK OPTION ACTIVITY Number of Weighted Weighted Total Outstanding at December 31, 2022 3,925,943 $ 1.33 6.06 $ - Granted/forfeited - - - - Outstanding at December 31, 2023 3,925,943 1.33 5.06 - Forfeited (165,000 ) 1.48 - - Outstanding at March 31, 2024 3,760,943 1.33 4.70 - Exercisable at March 31, 2024 3,570,943 $ 1.29 4.53 $ - As of March 31, 2024, the Company had the following options outstanding: SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE Exercise Number of Number of Weighted Average Intrinsic Value $ 1.01 1,985,943 1,985,943 2.24 $ - 1.25 415,000 415,000 6.90 - 1.37 200,000 200,000 6.38 - 1.75 800,000 710,000 7.66 - 2.20 360,000 260,000 8.19 - $ 1.33 3,760,943 3,570,943 4.70 $ - d) Restricted Share Units During the year ended December 31, 2021, the Company granted restricted share awards totaling 350,000 No Nil The following performance conditions attached to the restricted share awards were achieved: ● The Company will raise financing for the gross proceeds that equal or exceed $ 5,000,000 ● The Company will complete valuation reports for acquisition of Somahlution and My Health Logic. e) Warrants As of March 31, 2024 and December 31, 2023, there were 636,483,634 SCHEDULE OF WARRANTS OUTSTANDING Number Weighted Average Balance, December 31, 2022 20,048,497 $ 2.64 Warrants modified pursuant to debt extinguishment (Note 7) 355,577,447 0.1 Issued pursuant to debt agreements (Note 7) 183,560,497 0.15 Issued 79,949,352 0.11 Exercised (2,652,159 ) 0.10 Exercised - - Balance, December 31, 2023 and March 31, 2024 636,483,634 $ 0.12 The detachable warrants attached to the OID Convertible Notes (see Note 7) are classified as equity. These warrants were valued using the Black-Scholes pricing model. During the three months ended March 31, 2024, the Company extended the maturity dates of certain OID Warrants (see Note 7), resulting in a substantive modification. As a result, the Company recognized an incremental fair value increase of $ 1,128,078 as a debt discount, which is being amortized to interest and accretion expense using the effective interest method over the term of the OID Convertible Notes. f) Stock-based compensation During the three months ended March 31, 2024, the Company recorded $ 54,264 210,966

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 9 – RELATED PARTY TRANSACTIONS As at March 31, 2024, the Company owed an aggregate of $ 270,900 230,153 In the three months ended March 31, 2024, the Company incurred and settled $ 336,000 72,100 404,750 243,750 During the three months ended March 31, 2024, the Company also incurred $ 243,500 332,750 187,500 243,750 Additionally, as part of the Somahlution acquisition in 2020, the Company recorded a prepaid royalty to the stockholders of Somahlution. The former primary beneficial owner is Dr. Vithal Dhaduk, currently a director, and significant stockholder of the Company. During the three months ended March 31, 2024, the Company accrued $ 1,957 36,183 During the year ended December 31, 2023, the Company and stockholders of Somahlution agreed to reduce the prepaid royalty balance by 50% or by $ 151,000 120,500 122,457

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 10 – COMMITMENTS AND CONTINGENCIES Contingencies a) 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, 2024, 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 $ 1,957 Upon receiving FDA clearance for the DuraGraft product and insurance reimbursement approval on the products pursuant to section 2(b) of the Asset Purchase Agreement dated December 15, 2019, 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 The Company has entered into arrangements for office and laboratories spaces. As at March 31, 2024, minimum lease payments in relation to lease commitments are payable as described in Note 4.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 11 - SUBSEQUENT EVENTS Composition of Board of Directors On April 12, 2024, Michael Stewart submitted written notice of his resignation from the Board of Directors, effective the same date. Concurrently, the independent director agreement between the Company and Mr. Stewart, dated June 7, 2022, expired in accordance with its terms. Mr. Stewart’s decision to resign from the Board of Directors was not the result of any disagreement relating to the Company’s operations, policies, or practices. Co-Development Agreement Subsequent to the quarter ended March 31, 2024, the Company engaged in a Co-Development Agreement (the “Agreement”) with Qualigen Therapeutics, Inc. (“Qualigen”) aimed at furthering the commercialization efforts of DuraGraft™. Pursuant to the Agreement, Qualigen has committed to providing up to $ 1,500,000 OID Convertible Notes Amendment After the quarter ended March 31, 2024, the Company extended the maturity date of OID Convertible Notes with an aggregate amount of $ 3,781,335

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
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 May 13, 2024 (the “2023 Form 10-K”). The condensed consolidated balance sheet as of December 31, 2023 was derived from audited consolidated financial statements included in the 2023 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 (deficit) for the periods indicated. Except as otherwise disclosed, all such adjustments are of a normal recurring nature.
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, 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 initially valued using a Monte Carlo simulation model utilizing the following weighted average assumptions: risk free rate of 1.19 69.62 0 5.96 42,000 183,000 225,000 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 initially estimated at 20.6 627,000 3,985,000 3,358,000 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 Nil, 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 No 1,823,000 1,823,000 The detachable warrants attached to the OID Convertible Notes (see Note 7) are classified as equity. These warrants were valued using the Black-Scholes pricing model. The following weighted average assumptions were used in the Black-Scholes model: a risk-free rate of 4.25 %, expected volatility of 349.95 %, expected dividend yield of $ Nil , and an expected life of 0.17 years. During the three months ended March 31, 2024, the Company extended the maturity dates of certain OID Warrants (see Note 7), as part of modification of OID Convertible Notes that resulted in a substantive modification and extinguishment of old debt. As a result, the Company recognized an incremental fair value increase of $ 1,128,078 as a change in the fair value of warrants, which was recorded as debt discount and is being amortized to interest and accretion expense using the effective interest method over the term of the OID Convertible Notes. 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, 2024, and December 31, 2023, the fair values of these financial instruments were as follows: SCHEDULE OF FAIR VALUES OF FINANCIAL INSTRUMENTS March 31, 2024 Level 1 Level 2 Level 3 Fair Value Hierarchy March 31, 2024 Level 1 Level 2 Level 3 Liabilities Contingent liabilities $ - $ - $ 5,991,000 Total $ - $ - $ 5,991,000 December 31, 2023 Level 1 Level 2 Level 3 Fair Value Hierarchy December 31, 2023 Level 1 Level 2 Level 3 Liabilities Contingent liabilities $ - $ - $ 5,406,000 Total $ - $ - $ 5,406,000 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 Contingent Liabilities Balance at December 31, 2023 $ 5,406,000 Change in fair value of contingent liabilities 585,000 Balance at March 31, 2024 $ 5,991,000
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 condensed consolidated 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 August 2020, the FASB issued ASU No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). ASU 2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (i) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (ii) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 will be effective for the Company for fiscal years beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company has fully adopted ASU 2020-06 as of January 1, 2024, and this adoption does not have a material impact on the way the Company is accounting for its debt.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024, and December 31, 2023, the fair values of these financial instruments were as follows: SCHEDULE OF FAIR VALUES OF FINANCIAL INSTRUMENTS March 31, 2024 Level 1 Level 2 Level 3 Fair Value Hierarchy March 31, 2024 Level 1 Level 2 Level 3 Liabilities Contingent liabilities $ - $ - $ 5,991,000 Total $ - $ - $ 5,991,000 December 31, 2023 Level 1 Level 2 Level 3 Fair Value Hierarchy December 31, 2023 Level 1 Level 2 Level 3 Liabilities Contingent liabilities $ - $ - $ 5,406,000 Total $ - $ - $ 5,406,000
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 Contingent Liabilities Balance at December 31, 2023 $ 5,406,000 Change in fair value of contingent liabilities 585,000 Balance at March 31, 2024 $ 5,991,000

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024, and December 31, 2023: SCHEDULE OF RIGHT-OF-USE ASSET AND RELATED LEASE LIABILITIES March 31, December 31, Right-of-use asset $ 1,000,702 $ 1,101,211 Operating lease liabilities, current $ 436,795 $ 434,082 Operating lease liabilities, non-current 563,907 667,129 Total operating lease liabilities $ 1,000,702 $ 1,101,211
SCHEDULE OF MATURITIES OF LEASE LIABILITIES	As of March 31, 2024, the maturities of the lease liabilities for the periods ending December 31, are as follows: SCHEDULE OF MATURITIES OF LEASE LIABILITIES 2024 $ 325,562 2025 444,934 2026 266,034 Total lease payments $ 1,036,530 Less: Present value discount (35,828 ) Total $ 1,000,702

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
SCHEDULE OF INTANGIBLE ASSETS AMORTIZATION EXPENSE	SCHEDULE OF INTANGIBLE ASSETS AMORTIZATION EXPENSE March 31, 2024 Gross Carrying Accumulated Net Carrying Patents in process $ 122,745 $ - $ 122,745 DuraGraft patent 5,256,000 (1,482,460 ) 3,773,540 DuraGraft - Distributor relationship 308,000 (112,933 ) 195,067 DuraGraft IPR&D - Cyto Protectant Life Sciences 10,164,000 - 10,164,000 $ 15,850,745 $ (1,595,393 ) $ 14,255,352 December 31, 2023 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Krillase intangible assets $ 4,250,000 $ - $ (4,250,000 ) $ - Patents in process 122,745 - - 122,745 DuraGraft patent 5,256,000 (1,381,383 ) - 3,874,617 DuraGraft - Distributor relationship 308,000 (105,233 ) - 202,767 DuraGraft IPR&D - Cyto Protectant Life Sciences 12,606,000 - (2,442,000 ) 10,164,000 My Health Logic - Trade name 450,000 (65,090 ) (384,910 ) - My Health Logic - Biotechnology 4,600,000 (547,941 ) (4,052,059 ) - My Health Logic - Software 1,550,000 (209,249 ) (1,340,751 ) - Total intangibles $ 29,142,745 $ (2,308,896 ) $ (12,469,720 ) $ 14,364,129
SCHEDULE OF GOODWILL	SCHEDULE OF GOODWILL Goodwill DuraGraft My Health Logic Total Balance, December 31, 2023 and March 31, 2024 $ 5,416,000 $ - $ 5,416,000
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, 2022 $ 27,675,020 Impairment (12,469,720 ) Amortization expense (841,171 ) Balance, December 31, 2023 $ 14,364,129 Amortization expense (108,777 ) Balance, March 31, 2024 $ 14,255,352

CONVERTIBLE PROMISSORY NOTES _2

CONVERTIBLE PROMISSORY NOTES AND WARRANTS (Tables)	3 Months Ended
	Mar. 31, 2024
Short-Term Debt [Line Items]
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, 2024 and December 31, 2023: SCHEDULE OF CONVERTIBLE NOTES Balance, December 31, 2022 $ 2,751,633 Debt accretion on Original securities 1,835,741 Debt extinguishment (4,587,374 ) Convertible notes issued - new securities 19,403,385 Debt discount (19,403,385 ) Debt accretion on New Securities 17,792,071 Mandatory Default Amount 7,378,993 Conversion of debt (9,426,260 ) Extinguishment of debt (10,518,069 ) Convertible notes issued with extended maturity date 10,518,069 Debt discount (1,520,047 ) Debt accretion 63,578 Balance, December 31, 2023 $ 14,288,335 Debt accretion 2,091,490 Extinguishment of debt (3,952,573 ) Convertible notes issued with extended maturity date 4,366,512 Debt discount (986,703 ) Balance, March 31, 2024 $ 15,807,061
SCHEDULE OF CONVERTIBLE NOTES NET OF DEBT DISCOUNT	SCHEDULE OF CONVERTIBLE NOTES NET OF DEBT DISCOUNT March 31, December 31, Convertible notes - total principal $ 19,400,891 $ 18,955,174 Unamortized issuance costs and discount (3,593,830 ) (4,666,839 ) Convertible Notes, Net of Debt Discount $ 15,807,061 $ 14,288,335 March 31, December 31, Current portion $ 15,807,061 $ 14,288,335 Non-current portion - - Convertible Notes, Net of Debt Discount $ 15,807,061 $ 14,288,335
OID Convertible Notes [Member]
Short-Term Debt [Line Items]
SCHEDULE OF CONVERTIBLE NOTES	The following table summarizes supplemental balance sheet information related to the OID Convertible Notes, net of debt discount outstanding, as of March 31, 2024 and December 31, 2023: SCHEDULE OF CONVERTIBLE NOTES OID Convertible Notes, Net of Debt Discount Balance, December 31, 2022 $ - Issuance of convertible notes 6,987,606 Issuance cost (1,583,154 ) Debt discount (5,404,452 ) Debt accretion 2,694,256 Balance, December 31, 2023 $ 2,694,256 Debt accretion 2,074,078 Extinguishment of debt (1,268,481 ) Convertible note issued with extended maturity date 2,529,786 Debt discount (581,171 ) Balance, March 31, 2024 $ 5,448,468
SCHEDULE OF CONVERTIBLE NOTES NET OF DEBT DISCOUNT	SCHEDULE OF CONVERTIBLE NOTES NET OF DEBT DISCOUNT March 31, December 31, Convertible notes - total principal $ 7,667,742 $ 6,987,606 Unamortized issuance costs and discount (2,219,274 ) (4,293,350 ) Convertible Notes, Net of Debt Discount $ 5,448,468 $ 2,694,256 March 31, December 31, Current portion $ 5,448,468 $ 2,694,256 Non-current portion $ - $ - Convertible Notes, Net of Debt Discount $ 5,448,468 $ 2,694,256

STOCKHOLDERS_ EQUITY (DEFICIT)

STOCKHOLDERS’ EQUITY (DEFICIT) (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
SCHEDULE OF STOCK OPTION ACTIVITY	The summary of option activity for the three months ended March 31, 2024, is as follows: SCHEDULE OF STOCK OPTION ACTIVITY Number of Weighted Weighted Total Outstanding at December 31, 2022 3,925,943 $ 1.33 6.06 $ - Granted/forfeited - - - - Outstanding at December 31, 2023 3,925,943 1.33 5.06 - Forfeited (165,000 ) 1.48 - - Outstanding at March 31, 2024 3,760,943 1.33 4.70 - Exercisable at March 31, 2024 3,570,943 $ 1.29 4.53 $ -
SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE	As of March 31, 2024, the Company had the following options outstanding: SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE Exercise Number of Number of Weighted Average Intrinsic Value $ 1.01 1,985,943 1,985,943 2.24 $ - 1.25 415,000 415,000 6.90 - 1.37 200,000 200,000 6.38 - 1.75 800,000 710,000 7.66 - 2.20 360,000 260,000 8.19 - $ 1.33 3,760,943 3,570,943 4.70 $ -
SCHEDULE OF WARRANTS OUTSTANDING	SCHEDULE OF WARRANTS OUTSTANDING Number Weighted Average Balance, December 31, 2022 20,048,497 $ 2.64 Warrants modified pursuant to debt extinguishment (Note 7) 355,577,447 0.1 Issued pursuant to debt agreements (Note 7) 183,560,497 0.15 Issued 79,949,352 0.11 Exercised (2,652,159 ) 0.10 Exercised - - Balance, December 31, 2023 and March 31, 2024 636,483,634 $ 0.12

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	Apr. 12, 2024	Mar. 31, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Accumulated deficit		$ (157,562,641)	$ (151,336,349)
Working capital		(25,112,811)	(19,633,804)
Cash		$ 6,146	$ 148,465
Co-Development Agreement [Member] | Subsequent Event [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Investment capital	$ 1,500,000

SCHEDULE OF FAIR VALUES OF FINA

SCHEDULE OF FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Platform Operator, Crypto Asset [Line Items]
Contingent liabilities	$ 5,991,000	$ 5,406,000
Fair Value, Inputs, Level 1 [Member]
Platform Operator, Crypto Asset [Line Items]
Contingent liabilities
Total
Fair Value, Inputs, Level 2 [Member]
Platform Operator, Crypto Asset [Line Items]
Contingent liabilities
Total
Fair Value, Inputs, Level 3 [Member]
Platform Operator, Crypto Asset [Line Items]
Contingent liabilities	5,991,000	5,406,000
Total	$ 5,991,000	$ 5,406,000

SCHEDULE OF LIABILITIES FAIR VA

SCHEDULE OF LIABILITIES FAIR VALUE MEASURED (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Platform Operator, Crypto Asset [Line Items]
Change in fair value of contingent liabilities	$ (585,000)	$ 1,276,000
Fair Value, Inputs, Level 3 [Member] | Derivative and Contingent Liabilities [Member]
Platform Operator, Crypto Asset [Line Items]
Beginning Balance	5,406,000
Change in fair value of contingent liabilities	585,000
Ending Balance	$ 5,991,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Midrange average estimated interest rate	20.60%
Liabilities fair value adjustment	$ 627,000
Royalty payments	3,985,000	$ 3,358,000
Fair Value Adjustment of Warrants	$ 1,128,078
Scenario, Adjustment [Member]
Pre tax discount rate percentage		20.60%
Market value
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	$ 42,000
Warrants liabilities	$ 183,000	225,000
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
OID Convertible Notes [Member]
Risk free rate	4.25%
Expected volatility	349.95%
Expected dividend

SCHEDULE OF RIGHT-OF-USE ASSET

SCHEDULE OF RIGHT-OF-USE ASSET AND RELATED LEASE LIABILITIES (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Leases
Right-of-use asset	$ 1,000,702	$ 1,101,211
Operating lease liabilities, current	436,795	434,082
Operating lease liabilities, non-current	563,907	667,129
Total operating lease liabilities	$ 1,000,702	$ 1,101,211

SCHEDULE OF MATURITIES OF LEASE

SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Leases
2024	$ 325,562
2025	444,934
2026	266,034
Total lease payments	1,036,530
Less: Present value discount	(35,828)
Total	$ 1,000,702	$ 1,101,211

LEASES (Details Narrative)

LEASES (Details Narrative)			1 Months Ended	3 Months Ended
	Apr. 01, 2022 USD ($) ft²	Dec. 11, 2020 ft²	Dec. 31, 2020 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
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	3,053	10,300
Payments for rent				$ 97,173	$ 154,828
Operating expense				$ 1,395,300	$ 2,222,582
Lease term				2 years 3 months 29 days
Operating Lease Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments for rent	$ 15,641		$ 10,800	$ 16,032
Annually percentage			2.50%	2.50%
Operating expense			$ 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 ($)	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2024	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 29,142,745	$ 15,850,745
Accumulated amortization	(2,308,896)	(1,595,393)
Net carrying amount	14,364,129	14,255,352	$ 27,675,020
Impairment	(12,469,720)
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	(1,381,383)	(1,482,460)
Net carrying amount	3,874,617	3,773,540
Impairment
DuraGraft Distributor Relationship [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	308,000	308,000
Accumulated amortization	(105,233)	(112,933)
Net carrying amount	202,767	195,067
Impairment
DuraGraft Cyto Protectant [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	12,606,000	10,164,000
Accumulated amortization
Net carrying amount	10,164,000	$ 10,164,000
Impairment	(2,442,000)
Krillase Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	4,250,000
Accumulated amortization
Net carrying amount
Impairment	(4,250,000)
My Health Logic - Trade Name [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	450,000
Accumulated amortization	(65,090)
Net carrying amount
Impairment	(384,910)
My Health Logic - Biotechnology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	4,600,000
Accumulated amortization	(547,941)
Net carrying amount
Impairment	(4,052,059)
My Health Logic - Software [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,550,000
Accumulated amortization	(209,249)
Net carrying amount
Impairment	$ (1,340,751)

SCHEDULE OF GOODWILL (Details)

SCHEDULE OF GOODWILL (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Impairment Effects on Earnings Per Share [Line Items]
Balance	$ 5,416,000	$ 5,416,000
Duragraft [Member]
Impairment Effects on Earnings Per Share [Line Items]
Balance	5,416,000	5,416,000
My Health Logic [Member]
Impairment Effects on Earnings Per Share [Line Items]
Balance

SCHEDULE OF INTANGIBLE ASSETS (

SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning Balance	$ 14,364,129	$ 27,675,020
Impairment		(12,469,720)
Amortization expense	(108,777)	(841,171)
Ending Balance	$ 14,255,352	$ 14,364,129

INTANGIBLE ASSETS (Details Narr

INTANGIBLE ASSETS (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 12, 2018
Finite-Lived Intangible Assets [Line Items]
Net carrying amount	$ 14,255,352	$ 14,364,129	$ 27,675,020
Impairment of intangible assets		12,469,720
Intangible assets impairment		(12,469,720)
Goodwill	5,416,000	5,416,000
DuraGraft and My Health Logic [Member]
Finite-Lived Intangible Assets [Line Items]
2025	435,108
2026	1,793,066
2027	1,793,066
2028	1,793,066
2029	1,793,066
2030 and thereafter	1,793,066
Krillase Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Intangibles assets						$ 28,600,000
Net carrying amount
Impairment of intangible assets		4,250,000
Intangible assets impairment	0
Duragraft [Member]
Finite-Lived Intangible Assets [Line Items]
Intangibles assets					$ 18,170,000
Intangible assets impairment	0	14,241,384
Intangible assets impairment		2,442,000
My Health Logic, Inc. [Member]
Finite-Lived Intangible Assets [Line Items]
Intangibles assets				$ 6,600,000
Impairment of intangible assets		5,777,720
Intangible assets impairment	$ 0
Goodwill		1,774,656
Impairment charges		$ 1,774,656

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) - USD ($)				12 Months Ended
	Oct. 23, 2023	Feb. 02, 2023	Dec. 28, 2022	Dec. 31, 2022	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Feb. 01, 2023	Nov. 30, 2021
Notes payable					$ 755,000
Mr Richamond [Member]
Notes payable					151,000	151,000
Hexin Promissory Note [Member]
Notes payable			$ 750,000
Debt Instrument, Interest Rate, Stated Percentage			20%
Interest expenses						64,133
Debt outstanding			$ 814,133
Conversion units			9,578,040
Hub International Limited [Member]
Notes payable	$ 165,469				72,102	130,122
Debt Instrument, Interest Rate, Stated Percentage	8%
Debt instrument, maturity date	Aug. 23, 2024
Walleye Opportunities Master Fund Ltd. [Member]
Notes payable		$ 1,000,000
Debt instrument, maturity date		May 07, 2023
Interest expenses		$ 250,000
Debt outstanding		$ 1,250,000
Conversion units		14,705,890
Notes payable increased		$ 1,250,000
Principal amount		$ 1,250,000						$ 1,000,000
MyHealth Logic Acquisition [Member]
Notes payable									$ 468,137
Debt Instrument, Interest Rate, Stated Percentage									9%
Interest expenses					5,540		$ 13,068
Debt outstanding					252,430	252,223
Aggregate amount settled				$ 278,678
Santander Bank Sullivan and Worcester LLP [Member]
Notes payable					$ 65,000	$ 65,000

SCHEDULE OF CONVERTIBLE NOTES (

SCHEDULE OF CONVERTIBLE NOTES (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Short-Term Debt [Line Items]
Debt accretion	$ 2,074,078
Convertible Notes Payable [Member]
Short-Term Debt [Line Items]
Beginning balance	14,288,335	2,751,633	$ 2,751,633
Debt accretion on Original securities			1,835,741
Debt extinguishment			(4,587,374)
Convertible notes issued - new securities			19,403,385
Debt discount			(19,403,385)
Debt accretion new sercurities			17,792,071
Mandatory Default Amount			7,378,993
Conversion of debt			(9,426,260)
Extinguishment of debt	(3,952,573)		(10,518,069)
Convertible notes issued with extended maturity date	4,366,512		10,518,069
Debt discount	(986,703)		(1,520,047)
Debt accretion	2,091,490		63,578
Ending balance	15,807,061		14,288,335
OID Convertible Notes [Member]
Short-Term Debt [Line Items]
Beginning balance	2,694,256
Debt discount	(581,171)		(5,404,452)
Ending balance	5,448,468		2,694,256
Convertible notes			6,987,606
Issuance costs			(1,583,154)
Debt accretion	2,074,078		$ 2,694,256
Extinguishment of debt	(1,268,481)
Convertible note issued with extended maturity date	$ 2,529,786

SCHEDULE OF CONVERTIBLE NOTES N

SCHEDULE OF CONVERTIBLE NOTES NET OF DEBT DISCOUNT (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Convertible Notes Payable [Member]
Short-Term Debt [Line Items]
Convertible notes - total principal	$ 19,400,891	$ 18,955,174
Unamortized issuance costs and discount	(3,593,830)	(4,666,839)
Convertible Notes, Net of Debt Discount	15,807,061	14,288,335	$ 2,751,633
Current portion	15,807,061	14,288,335
Non-current portion
OID Convertible Notes [Member]
Short-Term Debt [Line Items]
Convertible notes - total principal	7,667,742	6,987,606
Unamortized issuance costs and discount	(2,219,274)	(4,293,350)
Convertible Notes, Net of Debt Discount	5,448,468	2,694,256
Current portion	5,448,468	2,694,256
Non-current portion

CONVERTIBLE PROMISSORY NOTES _3

CONVERTIBLE PROMISSORY NOTES AND WARRANTS (Details Narrative) - USD ($)		3 Months Ended		12 Months Ended
	Dec. 11, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Shares issued in aggregate				4,207,828	4,180,071	4,260,594
Proceeds from Issuance of Common Stock				$ 344,959	$ 6,500,743	$ 6,692,765
Loss on extinguishment of debt				684,682
Convertible Debt				$ 9,340,774
Gain on debt extinguishment		$ (107,370)
Interest and accretion expenses		2,091,490	2,763,749
Fair Value Adjustment of Warrants		1,128,078
Loss on extinguishment of debt		680,135
Interest and acceration expenses		2,074,078
Class E Warrant [Member]
Short-Term Debt [Line Items]
Conertible warrants				$ 0.10
Class F Warrant [Member]
Short-Term Debt [Line Items]
Conertible warrants				0.20
Private Placement [Member]
Short-Term Debt [Line Items]
Conertible warrants				$ 0.10
Warrants outstanding				$ 10,000,000
Warrants outstanding				100,000,000
Percentage of original issue discount				15%
Convertible Notes [Member]
Short-Term Debt [Line Items]
Principal amount				$ 1,000,000
Maturity date				May 07, 2023
Mandatory default description				the Company also defaulted under the Convertible Notes on the same date. As the result, the Company accreted a default amount of $7,378,993 to the value of the Convertible Notes in 2023.
Gain on debt extinguishment		572,764
Loss on issuance of debt				$ 6,888,475
OID Convertible Notes [Member]
Short-Term Debt [Line Items]
Principal amount		7,667,742		$ 6,987,606
Conversion into shares				69,876,060
Debt discount		$ 581,171		$ 5,404,452
Convertible Debt [Member]
Short-Term Debt [Line Items]
Shares, Outstanding				8,269,237
Shares replacement units				190,584,260
2023 Convertible Notes Payable [Member]
Short-Term Debt [Line Items]
Debt instrument conversion description		The OID Convertible Notes will mature in nine months from the date of the OID Units Initial Closing and accrue 10% of interest per annum on the outstanding principal amount. The OID Convertible Notes will be unsecured and subordinated to any senior indebtedness of the Company. The OID Convertible Notes’ principal and accrued interest may generally be converted at any time at a conversion price of $0.10 per share, subject to adjustment, at the option of the holder, into shares of common stock, subject to certain limitations: (i) conversion would not cause the holder to beneficially own more than 4.99% of the Company’s common stock, or more than 9.99% if the holder beneficially owns more than 4.99% of common stock based on ownership of equity securities of the Company other than the OID Convertible Notes or the respective warrants; and (ii) the Company’s articles of incorporation have been amended to increase the number of authorized shares of common stock to a sufficient amount to permit the full conversion of the OID Convertible Notes (the “Capital Event Amendment”).
2023 Warrants Terms [Member]
Short-Term Debt [Line Items]
Class of warrant description		The Class E Warrants and Class F Warrants are generally exercisable for a period from the date of the Capital Event Amendment until five years from the date of issue. The exercise right is subject to a similar beneficial ownership limitation that applies to conversion of the OID Convertible Notes above, i.e., exercise is permitted only if it would not cause the holder to beneficially own more than 4.99% of the Company’s common stock, or more than 9.99% if the holder beneficially owns more than 4.99% of common stock based on ownership of equity securities of the Company other than the OID Convertible Notes or the Class E Warrants and Class F Warrants.
Class C Warrant [Member]
Short-Term Debt [Line Items]
Conertible warrants				$ 0.10
Warrant [Member]
Short-Term Debt [Line Items]
Warrants outstanding		636,483,634		636,483,634
Derivative Liability, Noncurrent	$ 795,934
Fair Value Adjustment of Warrants	$ 11,496,701
Warrant [Member] | Convertible Notes [Member]
Short-Term Debt [Line Items]
Derivative Liability, Noncurrent				$ 12,292,635

SCHEDULE OF STOCK OPTION ACTIVI

SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Number of Options, Outstanding Beginning Balance	3,925,943	3,925,943
Weighted Average Exercise Price, Outstanding Beginning Balance	$ 1.33	$ 1.33
Weighted average contractual life term, outstanding	4 years 8 months 12 days	5 years 21 days	6 years 21 days
Total Intrinsic Value, Beginning balance
Number of Options, Forfeited	(165,000)
Weighted Average Exercise Price, Forfeited	$ 1.48
Number of Options, Outstanding Ending Balance	3,760,943	3,925,943	3,925,943
Weighted Average Exercise Price, Outstanding Ending Balance	$ 1.33	$ 1.33	$ 1.33
Total Intrinsic Value, Ending balance
Number of options, Exercisable	3,570,943
Weighted Average Exercise Price, Exercisable	$ 1.29
Weighted average contractual life term, exercisable	4 years 6 months 10 days
Total Intrinsic Value, exercisable

SCHEDULE OF OPTIONS OUTSTANDING

SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
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	$ 1.01
Number of Options Outstanding	1,985,943
Number of Options Exercisable	1,985,943
Weighted Average Remaining Contractual Years	2 years 2 months 26 days
Intrinsic Value
Exercise Price Range 1.25 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 1.25
Number of Options Outstanding	415,000
Number of Options Exercisable	415,000
Weighted Average Remaining Contractual Years	6 years 10 months 24 days
Intrinsic Value
Exercise Price Range 1.37 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 1.37
Number of Options Outstanding	200,000
Number of Options Exercisable	200,000
Weighted Average Remaining Contractual Years	6 years 4 months 17 days
Intrinsic Value
Exercise Price Range 1.75 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 1.75
Number of Options Outstanding	800,000
Number of Options Exercisable	710,000
Weighted Average Remaining Contractual Years	7 years 7 months 28 days
Intrinsic Value
Exercise Price Range 2.20 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 2.20
Number of Options Outstanding	360,000
Number of Options Exercisable	260,000
Weighted Average Remaining Contractual Years	8 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	$ 1.33
Number of Options Outstanding	3,760,943
Number of Options Exercisable	3,570,943
Weighted Average Remaining Contractual Years	4 years 8 months 12 days
Intrinsic Value

SCHEDULE OF WARRANTS OUTSTANDIN

SCHEDULE OF WARRANTS OUTSTANDING (Details) - Warrant [Member] - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants outstanding, Ending balance	636,483,634	20,048,497
Weighted Average Price, Warrants outstanding, beginning balance	$ 0.12	$ 2.64
Warrants outstanding, Warrants modified pursuant to debt extinguishment		$ 355,577,447
Weighted average exercise price, Warrants modified pursuant to debt extinguishment		$ 0.1
Warrants outstanding, issued		79,949,352
Weighted average exercise price, issued		0.11
Warrants outstanding, Exercised		(2,652,159)
Weighted average exercise price, exercised		0.10
Warrants outstanding, Ending balance	636,483,634	636,483,634
Weighted Average Price, Warrants outstanding, Ending balance	$ 0.12	$ 0.12
Unit Purchase Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants outstanding, issued		183,560,497
Weighted average exercise price, issued		0.15

STOCKHOLDERS_ EQUITY (DEFICIT_2

STOCKHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($)		3 Months Ended		12 Months Ended
	Dec. 11, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2021	Dec. 27, 2022	Dec. 26, 2022	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 issued		0		0
Preferred stock, shares outstanding		0		0
Common stock, shares authorized		2,000,000,000		2,000,000,000
Common stock, par value		$ 0.001		$ 0.001
Common stock, shares issued		131,793,088		131,793,088
Common stock, shares outstanding		131,793,088		131,793,088
Share-based payment award, options, grants in period, gross
Compensation cost		$ 0
Gross proceeds from sale of equity		5,000,000
Fair Value Adjustment of Warrants		1,128,078
Non-cash share-based compensation		$ 54,264	$ 210,966
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Purchase of warrants		636,483,634		636,483,634
Fair Value Adjustment of Warrants	$ 11,496,701
Directors, Senior Officers and Consultants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of restricted share awards granted					350,000
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

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 72,100	$ 243,750
Related Party [Member]
Related Party Transaction [Line Items]
Related party transactions owned	270,900		$ 230,153
Professional fees related paty	336,000	404,750
Director and Executive Officers [Member]
Related Party Transaction [Line Items]
Professional fees related paty		332,750
Compensation	243,500
Repayments to related party	187,500	243,750
Somahlution [Member]
Related Party Transaction [Line Items]
Accrued royalties	1,957	$ 36,183
Decrease in prepaid royalties			151,000
Prepaid royalties	$ 120,500		$ 122,457

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative)	3 Months Ended
	Mar. 31, 2024 USD ($)
Duragraft [Member]
Loss Contingencies [Line Items]
Prepaid royalties	$ 1,957
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%

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Apr. 12, 2024	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
OID Convertible Notes [Member]
Subsequent Event [Line Items]
Aggregate amount		$ 5,448,468	$ 2,694,256
Subsequent Event [Member] | OID Convertible Notes [Member]
Subsequent Event [Line Items]
Aggregate amount	$ 3,781,335
Co-Development Agreement [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Investment capital	$ 1,500,000