BioRestorative Therapies (BRTX) 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 12, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-37603
Entity Registrant Name	BIORESTORATIVE THERAPIES, INC.
Entity Central Index Key	0001505497
Entity Tax Identification Number	30-1341024
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	40 Marcus Drive
Entity Address, City or Town	Melville
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11747
City Area Code	(631)
Local Phone Number	760-8100
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	BRTX
Security Exchange Name	NASDAQ
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 Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		6,919,919

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 1,489,444	$ 884,377
Investments held in marketable securities	11,598,417	10,181,618
Accounts receivable	165,000	19,300
Prepaid expenses and other current assets	233,697	305,231
Deferred offering costs	22,381
Total Current Assets	13,508,939	11,390,526
Property and equipment, net	378,434	356,055
Right-of-use assets	39,697	151,447
Intangible assets, net	646,381	713,692
Total Assets	14,573,451	12,611,720
Current Liabilities:
Accounts payable	401,379	189,389
Accrued expenses and other current liabilities	682,237	711,686
Lease liability	42,414	162,317
Warrant liabilities	3,455,505	1,543,953
Total Current Liabilities	4,581,535	2,607,345
Total Liabilities	4,581,535	2,607,345
Commitments and contingencies
Stockholders’ Equity:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; Series B Convertible Preferred Stock; 1,543,158 shares designated, 1,398,158 shares issued and outstanding at September 30, 2024 and December 31, 2023	13,982	13,982
Common stock, $0.0001 par value; 75,000,000 shares authorized; 6,919,919 and 4,706,917 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	692	471
Additional paid-in capital	164,019,809	156,689,256
Accumulated deficit	(154,042,567)	(146,699,334)
Total Stockholders’ Equity	9,991,916	10,004,375
Total Liabilities and Stockholders’ Equity	$ 14,573,451	$ 12,611,720

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000,000	20,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	6,919,919	4,706,917
Common stock, shares outstanding	6,919,919	4,706,917
Series B Convertible Preferred Stock [Member]
Preferred stock, shares authorized	1,543,158	1,543,158
Preferred stock, shares issued	1,398,158	1,398,158
Preferred stock, shares outstanding	1,398,158	1,398,158

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 233,600	$ 30,700	$ 357,700	$ 126,500
Cost of goods sold	18,243		24,733
Gross profit	215,357	30,700	332,967	126,500
Operating Expenses:
Research and development	1,320,030	809,824	3,690,495	2,944,460
General and administrative	1,182,320	2,325,319	5,507,524	9,182,132
Total Operating Expenses	2,502,350	3,135,143	9,198,019	12,126,592
Loss From Operations	(2,286,993)	(3,104,443)	(8,865,052)	(12,000,092)
Other (Income) Expense:
Interest income	(158,547)	(61,667)	(497,089)	(176,070)
Grant income		(83,333)		(83,333)
Other income	(566)	(33,951)	(150,498)	(150,423)
Gain on exchange of warrants			(1,711,698)
Change in fair value of warrant liabilities	(1,036,464)	(7,693,753)	837,466	(3,476,556)
Total Other (Income) Expense	(1,195,577)	(7,872,704)	(1,521,819)	(3,886,382)
Net (Loss) Income	$ (1,091,416)	$ 4,768,261	$ (7,343,233)	$ (8,113,710)
Net (Loss) Income Per Share - Basic	$ (0.13)	$ 1.04	$ (0.96)	$ (2)
Net (Loss) Income Per Share - Diluted	$ (0.13)	$ 0.39	$ (0.96)	$ (2)
Weighted Average Common Shares Outstanding - Basic	8,121,499	4,570,843	7,643,437	4,061,975
Weighted Average Common Shares Outstanding - Diluted	8,121,499	12,324,766	7,643,437	4,061,975

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)		Preferred Stock [Member] Series B Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2022		$ 15,182	$ 369	$ 146,556,418	$ (136,281,630)	$ 10,290,339
Balance, shares at Dec. 31, 2022		1,518,158	3,677,775
Return and cancellation of shares in lieu of payroll tax withholding			$ (1)	(39,307)		(39,308)
Return and cancellation of shares in lieu of payroll tax withholding, shares			(10,058)
Stock-based compensation:
Restricted share units			$ 10	1,188,060		1,188,070
Restricted share units, shares			99,898
Options				2,190,428		2,190,428
Net income (loss) (as restated)					(7,172,572)	(7,172,572)
Balance at Mar. 31, 2023		$ 15,182	$ 378	149,895,599	(143,454,202)	6,456,957
Balance, shares at Mar. 31, 2023		1,518,158	3,767,615
Balance at Dec. 31, 2022		$ 15,182	$ 369	146,556,418	(136,281,630)	10,290,339
Balance, shares at Dec. 31, 2022		1,518,158	3,677,775
Stock-based compensation:
Net income (loss) (as restated)						(8,113,710)
Balance at Sep. 30, 2023		$ 13,982	$ 468	155,141,781	(144,395,340)	10,760,891
Balance, shares at Sep. 30, 2023		1,398,158	4,667,641
Balance at Mar. 31, 2023		$ 15,182	$ 378	149,895,599	(143,454,202)	6,456,957
Balance, shares at Mar. 31, 2023		1,518,158	3,767,615
Stock-based compensation:
Restricted share units				1,164,134		1,164,134
Restricted share units, shares			1,442
Options				321,534		321,534
Net income (loss) (as restated)					(5,709,399)	(5,709,399)
Issuance of common stock			$ 9	411,701		411,710
Issuance of common stock, shares			93,551
Conversion of Series B preferred to common stock		$ (1,200)	$ 12	1,188
Conversion of Series B preferred to common stock, shares		(120,000)	120,000
Balance at Jun. 30, 2023		$ 13,982	$ 399	151,794,156	(149,163,601)	2,644,936
Balance, shares at Jun. 30, 2023		1,398,158	3,982,608
Stock-based compensation:
Restricted share units				1,164,134		1,164,134
Options				329,570		329,570
Net income (loss) (as restated)					4,768,261	4,768,261
Issuance of common stock			$ 69	1,853,921		1,853,990
Issuance of common stock, shares			685,033
Balance at Sep. 30, 2023		$ 13,982	$ 468	155,141,781	(144,395,340)	10,760,891
Balance, shares at Sep. 30, 2023		1,398,158	4,667,641
Balance at Dec. 31, 2023		$ 13,982	$ 471	156,689,256	(146,699,334)	10,004,375
Balance, shares at Dec. 31, 2023		1,398,158	4,706,917
Common stock issued in connection with warrant exchange	[1]		$ 200	4,742,043		4,742,243
Common stock issued in connection with warrant exchange, shares	[1]		2,000,000
Return and cancellation of shares in lieu of payroll tax withholding			$ (4)	(48,406)		(48,410)
Return and cancellation of shares in lieu of payroll tax withholding, shares			(34,825)
Stock-based compensation:
Restricted share units			$ 10	985,028		985,038
Restricted share units, shares			97,827
Options				1,043,336		1,043,336
Net income (loss) (as restated)					(2,223,255)	(2,223,255)
Balance at Mar. 31, 2024		$ 13,982	$ 677	163,411,257	(148,922,589)	14,503,327
Balance, shares at Mar. 31, 2024		1,398,158	6,769,919
Balance at Dec. 31, 2023		$ 13,982	$ 471	156,689,256	(146,699,334)	10,004,375
Balance, shares at Dec. 31, 2023		1,398,158	4,706,917
Stock-based compensation:
Net income (loss) (as restated)						(7,343,233)
Balance at Sep. 30, 2024		$ 13,982	$ 692	164,019,809	(154,042,567)	9,991,916
Balance, shares at Sep. 30, 2024		1,398,158	6,919,919
Balance at Mar. 31, 2024		$ 13,982	$ 677	163,411,257	(148,922,589)	14,503,327
Balance, shares at Mar. 31, 2024		1,398,158	6,769,919
Stock-based compensation:
Options				324,322		324,322
Net income (loss) (as restated)					(4,028,562)	(4,028,562)
Common stock issued in connection with abeyance shares			$ 15	(15)
Common stock issued in connection with abeyance shares, shares			150,000
Balance at Jun. 30, 2024		$ 13,982	$ 692	163,735,564	(152,951,151)	10,799,087
Balance, shares at Jun. 30, 2024		1,398,158	6,919,919
Stock-based compensation:
Options				284,245		284,245
Net income (loss) (as restated)					(1,091,416)	(1,091,416)
Balance at Sep. 30, 2024		$ 13,982	$ 692	$ 164,019,809	$ (154,042,567)	$ 9,991,916
Balance, shares at Sep. 30, 2024		1,398,158	6,919,919
[1]Represents the aggregate fair value of 3,351,580 2,150,000 1,201,580

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - shares	Sep. 30, 2024	Mar. 31, 2024
Warrants exercisable		3,351,580
Shares held in abeyance	1,201,580	1,201,580
Common Stock [Member]
Warrants exercisable	2,150,000	2,150,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities:
Net loss		$ (7,343,233)	$ (8,113,710)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		138,687	123,022
Dividend and interest income		(492,476)	(166,866)
Stock-based compensation		2,636,941	6,318,562
Non-cash lease expense		111,750	87,034
Gain on exchange of warrants		(1,711,698)
Change in fair value of warrant liabilities		837,466	(3,476,556)
Changes in operating assets and liabilities:
Accounts receivable		(145,700)	(23,300)
Prepaid expenses and other current assets		23,124	37,151
Accounts payable		211,990	56,453
Accrued expenses and other current liabilities		(29,449)	418,882
Lease liability		(119,903)	(102,921)
Net Cash Used In Operating Activities		(5,882,501)	(4,842,249)
Cash Flows From Investing Activities:
Sale of marketable securities		17,370,243	18,089,372
Purchase of marketable securities		(18,294,566)	(14,651,512)
Purchases of equipment		(93,755)	(101,019)
Net Cash (Used In) Provided By Investing Activities		(1,018,078)	3,336,841
Cash Flows From Financing Activities:
Net proceeds from issuance of common stock in at-the-market offering			411,710
Net proceeds from issuance of common stock in direct-offering			1,853,990
Proceeds from exchange and issuance of warrants, net	[1]	7,528,027
Deferred offering costs		(22,381)
Net Cash Provided By Financing Activities		7,505,646	2,265,700
Net Increase In Cash and Cash Equivalents		605,067	760,292
Cash and Cash Equivalents - Beginning of the Period		884,377	1,676,577
Cash and Cash Equivalents - End of the Period		1,489,444	2,436,869
Supplemental Disclosures of Cash Flow Information:
Interest
Income taxes
Non-cash investing and financing activities:
Issuance of common stock held in abeyance		15
Return and cancellation of shares in lieu of payroll tax withholding		$ 48,410	$ 39,308
[1]Includes gross proceeds of $ 8,123,391 595,364

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical)	9 Months Ended
	Sep. 30, 2024 USD ($)
Statement of Cash Flows [Abstract]
Proceeds from debt issuance costs	$ 8,123,391
Issuance costs	$ 595,364

BUSINESS ORGANIZATION, NATURE O

BUSINESS ORGANIZATION, NATURE OF OPERATIONS, BASIS OF PRESENTATION AND LIQUIDITY	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS ORGANIZATION, NATURE OF OPERATIONS, BASIS OF PRESENTATION AND LIQUIDITY	BUSINESS ORGANIZATION, NATURE OF OPERATIONS, BASIS OF PRESENTATION AND LIQUIDITY Corporate History BioRestorative Therapies, Inc. has one wholly-owned subsidiary, Stem Pearls, LLC (“Stem Pearls”). BioRestorative Therapies, Inc. and its subsidiary are referred to collectively as “BRT” or the “Company”. On December 23, 2022, the Company reincorporated from Delaware to Nevada by filing Articles of Incorporation with the state of Nevada. The reincorporation was structured as a statutory merger. Business Operations BRT develops therapeutic products and medical therapies using cell and tissue protocols, primarily involving adult stem cells. BRT’s website is at www.biorestorative.com. The information contained in the website or connected thereto is not intended to be incorporated by reference into this Quarterly Report. BRT is currently developing a Disc/Spine Program referred to as “brtxDISC”. Its lead cell therapy candidate, BRTX-100 Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. The December 31, 2023 consolidated balance sheet data were derived from audited financial statements but do not include all disclosures required by U.S. GAAP. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) that are considered necessary for a fair presentation of the unaudited condensed consolidated financial statements of the Company as of September 30, 2024 and for the three and nine months then ended. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the operating results for the full year ending December 31, 2024 or any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related disclosures of the Company as of December 31, 2023 and for the year then ended, which were filed with the Securities and Exchange Commission (“SEC”) on June 11, 2024 as part of the Company’s Amendment No. 1 to the Annual Report on Form 10-K/A (the “Form 10-K/A”), which includes the restatement of the Company’s consolidated financial statements, including periods that are included in this Quarterly Report on Form 10-Q. Refer to Note 2 - Summary of Significant Accounting Policies - Restatement of Previously Issued Consolidated Financial Statements and Note 3 - Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements in the Form 10-K/A for additional information. Liquidity For the nine months ended September 30, 2024, the Company had a net loss of $ 7.3 5.9 8.9 7.5 6, of stock 3,614,170 Based on cash on hand and investments as of the date these unaudited condensed consolidated financial statements were issued, which includes $ 7.5 However, the Company’s current funds will not be sufficient to enable the Company to fully complete its development activities or attain profitable operations. If the Company is unable to obtain such needed additional financing on a timely basis, the Company may have to curtail its development, marketing and promotional activities, which would have a material adverse effect on the Company’s business, financial condition and results of operations, and ultimately the Company could be forced to discontinue its operations and liquidate. The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. GAAP, which contemplate continuation of the Company as a going concern and the realization of assets and satisfaction of liabilities in the normal course of business. The carrying amounts of assets and liabilities presented in the unaudited condensed consolidated financial statements do not necessarily purport to represent realizable or settlement values. The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES See Amendment No. 1 to Reclassifications Certain prior period statements of operations, changes in stockholders’ equity and cash flows amounts have been reclassified to conform to the Company’s fiscal 2024 presentation. These reclassifications have no impact on the Company’s previously reported net (loss) income. Cash and Cash Equivalents Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution. The Company maintains deposits in its accounts that hold cash and cash equivalents in excess of the Federal Depository Insurance Corporation (“FDIC”) coverage of $ 250,000 1,220,350 604,226 Customer and Revenue Concentrations All of the Company’s contract service revenue is derived from one customer. Additionally, all of the Company’s product sales revenue is derived from one customer. Accounts Receivable Accounts receivable are carried at their contractual amounts, less an estimate for credit losses. As of September 30, 2024 and 2023, no allowances for credit losses were determined to be necessary. Management estimates the allowance for credit losses based on existing economic conditions, the financial conditions of the customers, and the amount and age of past due accounts. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are generally written off against the allowance for credit losses only after all collection attempts have been exhausted. Deferred Contract Costs The Company defers costs associated with fulfilling its contracts if those costs meet all of the following criteria: (i) the costs relate directly to a contract, (ii) the costs generate or enhance resources of the Company that will be used in satisfying performance obligations in the future, and (iii) the costs are expected to be recovered. Deferred contract costs are recognized as cost of revenues in the period when the related revenue is recognized. Deferred contract costs consist of consumables and labor costs and are included in prepaid and other current assets in the unaudited condensed consolidated balance sheets. The Company had $ 8,333 0 Derivative Financial Instruments The Company evaluates all of its agreements to determine if such instruments have derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a weighted-average Black-Scholes option pricing model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Fair Value of Financial Instruments Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured using inputs in one of the following three categories: Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities. Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. The Company considers cash and cash equivalents, investments held in marketable securities, accounts receivable, accounts payable and warrant liabilities to meet the definition of financial instruments. As of September 30, 2024 and December 31, 2023, the carrying amount of cash and cash equivalents, investments held in marketable securities, accounts receivable, and accounts payable approximate their fair value due to the relatively short period of time between their origination and their expected realization or payment. The warrant liabilities are measured at fair value (see Note 6 – Fair Value Measurement for additional details). Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers” (“ASC 606”). The core principle of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASC 606 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The Company recognizes revenue primarily from the following different types of contracts: ● Product sales ● Royalty revenue The Company recognizes bill-and-hold revenue from its sale of cosmetic vials warehoused at a Company location for a specified period of time in accordance with directions received from the Company’s customer. Even though the vials are held at a Company location, a sale is recognized at the point in time when the customer obtains control of the product. Control is transferred to the customer in a bill-and-hold arrangement when: (i) customer acceptance specifications have been met, (ii) legal title has transferred, (iii) the customer has a present obligation to pay for the product and (iv) the risks and rewards of ownership have transferred to the customer. Additionally, all the following bill-and-hold criteria have to be met in order for control to be transferred to the customer: ● the reason for the bill-and-hold arrangement is substantive ● the customer has requested the product be warehoused ● the product has been identified as separately belonging to the customer ● the product is currently ready for physical transfer to the customer ● the Company does not have the ability to use the product or direct it to another customer. The following table summarizes the Company’s revenue recognized in its unaudited condensed consolidated statements of operations: SCHEDULE OF REVENUE RECOGNIZED 2024 2023 2024 2023 For the Three Months Ended For the Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Product revenue $ 230,700 $ - $ 300,000 $ - Royalty revenue 2,900 30,700 57,700 126,500 Revenues $ 233,600 $ 30,700 $ 357,700 $ 126,500 Net (Loss) Income Per Common Share Net (loss) income per share is computed by dividing net (loss) income by the weighted average number of shares of common stock outstanding during the year. All outstanding options and warrants are considered potential common stock. The Company has 1,201,580 The following table summarizes the securities that were excluded from the diluted per share calculation because the effect of including these potential shares was antidilutive due to the Company’s net loss position even though the exercise or conversion price could be less than the average market price of the common shares: SCHEDULE OF WEIGHTED AVERAGE DILUTIVE COMMON SHARES For the Three Months Ended For the Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Stock options 3,401,608 - 3,401,608 1,466,890 Warrants 3,952,504 - 3,952,504 4,791,048 Unvested RSUs - - - 97,827 Convertible Preferred Stock 1,398,158 - 1,398,158 1,398,158 8,752,270 - 8,752,270 7,753,923 Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Improvements to Reportable Segments Disclosures (Topic 280)” (“ASU 2023-07”), which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on both an annual and interim basis. The guidance becomes effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Since this new ASU addresses only disclosures, the Company does not expect the adoption of this ASU to have any material effects on its financial condition, results of operations or cash flows. The Company is currently evaluating any new disclosures that may be required upon adoption of ASU 2023-07. In December 2023, the FASB issued ASU No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” (“ASU 2023-09”). The amendments in ASU 2023-09 are designed to enhance the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” (“ASU 2024-03”), which is intended to require more detailed disclosures about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of ASU 2024-03 or (2) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the potential impact of this update on its consolidated financial statements and related disclosures.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	NOTE 3 - ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of: SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES September 30, December 31, 2024 2023 Accrued bonuses $ 584,250 $ 638,000 Accrued general and administrative expenses 97,987 73,686 Total accrued expenses and other current liabilities $ 682,237 $ 711,686

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 4 - STOCKHOLDERS’ EQUITY 2021 Stock Incentive Plan On July 23, 2024, the Company’s Board of Directors approved an amendment to the Company’s 2021 Stock Incentive Plan (the “2021 Plan”) to increase the number of shares of common stock authorized to be issued under the 2021 Plan from 3,850,000 6,850,000 Warrant Exercise and Issuance On February 6, 2024, the Company entered into agreements with certain holders of its existing warrants exercisable for an aggregate of 3,351,580 2.33 8.1 595,364 3,351,580 2,150,000 1,201,580 (the “Abeyance Shares”) In consideration for the immediate exercise of the Existing Warrants for cash and the payment of $ 0.125 2,513,686 2.43 In connection with the transaction described above, the Company entered into a financial advisory services agreement, dated February 5, 2024, with Roth Capital Partners, LLC (“Roth”), pursuant to which the Company has paid Roth a cash fee of approximately $ 528,000 595,364 Prior to the Warrant Exercise and Issuance, the Existing Warrants were classified as derivative liabilities. Additionally, the Company analyzed the form of the New Warrants and determined that they should be classified as derivative liabilities in accordance with ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity. Under the New Warrants, the Company does not control the occurrence of events, such as a tender offer or exchange, that may trigger cash settlement of the New Warrants and not result in a change of control of the Company. As a result, such New Warrants do not meet the criteria for equity treatment. Additionally, certain New Warrants contain adjustments to the settlement amount based on a variable that is not an input to the fair value of a “fixed-for-fixed” option as defined under ASC 815-40 and, accordingly, such New Warrants are not considered indexed to the Company’s own stock and are not eligible for an exception from derivative accounting. See Note 6 – Fair Value Measurement for details regarding the valuation of the Existing Warrants and New Warrants. The Company determined the Warrant Exercise and Issuance to be an exchange by investors of Existing Warrants with an aggregate fair value of $ 1,115,334 8,123,392 7,809,181 314,211 3,351,580 4,742,244 2,189,420 595,364 1,711,698 Warrants See Note 6 – Fair Value of Financial Instruments for details regarding the valuation of the New Warrants. A summary of the Company’s warrant activity and related information follows: SCHEDULE OF WARRANT ACTIVITY Weighted Weighted Average Average Remaining Number of Exercise Life Warrants Price In Years Outstanding, January 1, 2024 4,791,019 $ 10.57 Granted 2,513,686 2.43 Exercised (3,351,580 ) 2.33 Expired (622 ) 3,126 Outstanding, September 30, 2024 3,952,504 $ 3.84 3.55 Exercisable, September 30, 2024 3,952,504 $ 3.84 3.55 As of September 30, 2024, the warrants exercisable and outstanding had an intrinsic value of $ 0 Stock Options On February 13, 2024, the Company granted options to purchase an aggregate 1,934,716 1.45 2,140,000 513,663 1,421,053 50% In applying the Black-Scholes option pricing model to stock options granted, the Company used the following assumptions: SCHEDULE OF STOCK OPTION GRANTED ASSUMPTIONS For the Nine Months Ended September 30, 2024 2023 Risk free interest rate 4.14 4.30% 4.22% Expected term (years) 2.77 5.38 3.5 Expected volatility 101 102% 175% Expected dividends 0.00% 0.00% There were no $ 1.11 2.77 A summary of the stock option activity during the nine months ended September 30, 2024 is presented below: SCHEDULE OF STOCK OPTION ACTIVITY Weighted Weighted Average Average Remaining Number of Exercise Life Intrinsic Options Price In Years Value Outstanding, January 1, 2024 1,466,892 $ 4.11 Granted 1,934,716 1.45 Exercised - - Forfeited - - Outstanding, September 30, 2024 3,401,608 $ 2.60 7.8 $ - Exercisable, September 30, 2024 2,351,081 $ 3.03 7.4 $ - Restricted Stock Units (“RSUs”) Pursuant to the 2021 Plan, the Company may grant RSUs to employees, consultants or non-employee directors (“Eligible Individuals”). The number, terms and conditions of the RSUs that are granted to Eligible Individuals are determined on an individual basis by the 2021 Plan administrator. On the distribution date, the Company shall issue to the Eligible Individual one unrestricted, fully transferable share of the Company’s common stock (or the fair market value of one such share in cash) for each vested and nonforfeitable RSU. A summary of the Company’s unvested RSUs as of September 30, 2024 is as follows: SCHEDULE OF UNVESTED RESTRICTED STOCK UNITS Number of Shares Non-vested at January 1, 2024 97,827 Granted - Vested (97,827 ) Forfeited - Non-vested at September 30, 2024 - Stock-Based Compensation Expense The following table presents information related to stock-based compensation expense: SCHEDULE OF STOCK OPTION EXPENSE For the Three Months Ended For the Nine Months Ended Unrecognized at Weighted Average Remaining Amortization September 30, September 30, September 30, Period 2024 2023 2024 2023 2024 (Years) General and administrative $ 284,245 $ 1,493,704 $ 2,636,941 $ 6,318,562 $ 1,060,129 1.64 Total $ 284,245 $ 1,493,704 $ 2,636,941 $ 6,318,562 $ 1,060,129 1.64 The following table presents stock-based compensation by award type: SCHEDULE OF STOCK COMPENSATION BY AWARD TYPE For the Three Months Ended For the Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Options $ 284,245 $ 329,570 $ 1,651,903 $ 2,802,224 RSUs - 1,164,134 985,038 3,516,338 Total $ 284,245 $ 1,493,704 $ 2,636,941 $ 6,318,562

LEASES

LEASES	9 Months Ended
	Sep. 30, 2024
Leases
LEASES	NOTE 5 - LEASES The Company is a party to a lease for 6,800 132,600 149,260 the Company exercised its option to extend the Melville Lease and entered into a lease amendment with the lessor whereby the five-year extension term commenced on January 1, 2020 with annual base rent ranging between $ 153,748 173,060 When measuring lease liabilities for leases that were classified as operating leases, the Company discounted lease payments using its estimated incremental borrowing rate at August 1, 2019. The weighted average incremental borrowing rate applied was 12% The following table presents net lease cost and other supplemental lease information: SCHEDULE OF NET LEASE COST AND OTHER SUPPLEMENTAL LEASE INFORMATION 2024 2023 For the Nine Months Ended September 30, 2024 2023 Lease Costs Operating lease cost (cost resulting from lease payments) $ 129,795 $ 126,021 Net lease costs $ 129,795 $ 126,021 Operating lease - operating cash flows (fixed payments) $ 129,795 $ 126,021 Operating lease - operating cash flows (liability reduction) $ 119,903 $ 102,921 Non-current leases - right of use assets $ 39,697 $ 154,726 Current liabilities - operating lease liabilities $ 42,414 $ 156,310 Non-current liabilities - operating lease liabilities $ - $ 42,414 Future minimum payments under non-cancellable leases for operating leases for the remaining terms of the leases as of September 30, 2024: SCHEDULE OF FUTURE MINIMUM PAYMENTS UNDER NON-CANCELABLE LEASES FOR OPERATING LEASES Fiscal Year Operating Leases 2024 $ 43,265 Total future minimum lease payments 43,265 Amount representing interest (851 ) Present value of net future minimum lease payments $ 42,414

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
FAIR VALUE MEASUREMENT	NOTE 6 – FAIR VALUE MEASUREMENT On February 8, 2024, in connection with the Warrant Exercise and Issuance, the Company estimated the aggregate fair value of the Existing Warrants (see Note 4 - Stockholders’ Equity for details) to be $ 1,115,334 SCHEDULE OF FAIR VALUE VALUATION ASSUMPTIONS February 8, 2024 Risk free interest rate 4.20 4.28% Expected term (years) 2.75 2.76 Expected volatility 102% Expected dividends 0.00% On February 8, 2024, the Company estimated the aggregate issuance date fair value of the warrant liability related to the New Warrants (see Note 4 - Stockholders’ Equity for details) as $ 2,189,420 The following table shows the detail of the valuation assumptions used: February 8, 2024 Risk free interest rate 4.12% Expected term (years) 5.00 Expected volatility 101% Expected dividends 0.00% On September 30, 2024, the Company estimated the aggregate fair value of warrants that are accounted for as warrant liabilities to be $ 3,455,505 837,466 September 30, 2024 Risk free interest rate 3.58% 3.64% Expected term (years) 2.11 4.36 Expected volatility 99% 109% Expected dividends 0.00% The following table sets forth a summary of the changes in the fair value of Level 3 liabilities that are measured at fair value on a recurring basis during the nine months ended September 30, 2024: SCHEDULE OF FAIR VALUE MEASURED ON RECURRING BASIS Balance, January 1, 2024 (as restated) $ 1,543,953 Issuance of warrants 2,189,420 Exercise of warrants (1,115,334 ) Change in fair value of warrant liability 837,466 Balance, September 30, 2024 $ 3,455,505 Assets and liabilities measured at fair value on a recurring basis are as follows: SCHEDULE OF FAIR VALUE RECURRING BASIS Fair value measurements at reporting date using: Quoted prices in active markets for identical liabilities (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total Fair Value Assets: Marketable securities as of September 30, 2024 $ 11,598,417 $ - $ - $ 11,598,417 Marketable securities as of December 31, 2023 $ 10,181,618 $ - $ - $ 10,181,618 Liabilities: Warrant liabilities as of September 30, 2024 $ - $ - $ 3,455,505 $ 3,455,505 Warrant liabilities as of December 31, 2023 (as restated) $ - $ - $ 1,543,953 $ 1,543,953

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 7 – SUBSEQUENT EVENTS On November 6, 2024, the Company entered into an at-the-market offering agreement pursuant to which the Company has an ability to issue and sell shares of its common stock up to an aggregate offering price of $ 3,614,170

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Reclassifications	Reclassifications Certain prior period statements of operations, changes in stockholders’ equity and cash flows amounts have been reclassified to conform to the Company’s fiscal 2024 presentation. These reclassifications have no impact on the Company’s previously reported net (loss) income.
Cash and Cash Equivalents	Cash and Cash Equivalents Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution. The Company maintains deposits in its accounts that hold cash and cash equivalents in excess of the Federal Depository Insurance Corporation (“FDIC”) coverage of $ 250,000 1,220,350 604,226
Customer and Revenue Concentrations	Customer and Revenue Concentrations All of the Company’s contract service revenue is derived from one customer. Additionally, all of the Company’s product sales revenue is derived from one customer.
Accounts Receivable	Accounts Receivable Accounts receivable are carried at their contractual amounts, less an estimate for credit losses. As of September 30, 2024 and 2023, no allowances for credit losses were determined to be necessary. Management estimates the allowance for credit losses based on existing economic conditions, the financial conditions of the customers, and the amount and age of past due accounts. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are generally written off against the allowance for credit losses only after all collection attempts have been exhausted.
Deferred Contract Costs	Deferred Contract Costs The Company defers costs associated with fulfilling its contracts if those costs meet all of the following criteria: (i) the costs relate directly to a contract, (ii) the costs generate or enhance resources of the Company that will be used in satisfying performance obligations in the future, and (iii) the costs are expected to be recovered. Deferred contract costs are recognized as cost of revenues in the period when the related revenue is recognized. Deferred contract costs consist of consumables and labor costs and are included in prepaid and other current assets in the unaudited condensed consolidated balance sheets. The Company had $ 8,333 0
Derivative Financial Instruments	Derivative Financial Instruments The Company evaluates all of its agreements to determine if such instruments have derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a weighted-average Black-Scholes option pricing model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured using inputs in one of the following three categories: Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities. Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. The Company considers cash and cash equivalents, investments held in marketable securities, accounts receivable, accounts payable and warrant liabilities to meet the definition of financial instruments. As of September 30, 2024 and December 31, 2023, the carrying amount of cash and cash equivalents, investments held in marketable securities, accounts receivable, and accounts payable approximate their fair value due to the relatively short period of time between their origination and their expected realization or payment. The warrant liabilities are measured at fair value (see Note 6 – Fair Value Measurement for additional details).
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers” (“ASC 606”). The core principle of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASC 606 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The Company recognizes revenue primarily from the following different types of contracts: ● Product sales ● Royalty revenue The Company recognizes bill-and-hold revenue from its sale of cosmetic vials warehoused at a Company location for a specified period of time in accordance with directions received from the Company’s customer. Even though the vials are held at a Company location, a sale is recognized at the point in time when the customer obtains control of the product. Control is transferred to the customer in a bill-and-hold arrangement when: (i) customer acceptance specifications have been met, (ii) legal title has transferred, (iii) the customer has a present obligation to pay for the product and (iv) the risks and rewards of ownership have transferred to the customer. Additionally, all the following bill-and-hold criteria have to be met in order for control to be transferred to the customer: ● the reason for the bill-and-hold arrangement is substantive ● the customer has requested the product be warehoused ● the product has been identified as separately belonging to the customer ● the product is currently ready for physical transfer to the customer ● the Company does not have the ability to use the product or direct it to another customer. The following table summarizes the Company’s revenue recognized in its unaudited condensed consolidated statements of operations: SCHEDULE OF REVENUE RECOGNIZED 2024 2023 2024 2023 For the Three Months Ended For the Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Product revenue $ 230,700 $ - $ 300,000 $ - Royalty revenue 2,900 30,700 57,700 126,500 Revenues $ 233,600 $ 30,700 $ 357,700 $ 126,500
Net (Loss) Income Per Common Share	Net (Loss) Income Per Common Share Net (loss) income per share is computed by dividing net (loss) income by the weighted average number of shares of common stock outstanding during the year. All outstanding options and warrants are considered potential common stock. The Company has 1,201,580 The following table summarizes the securities that were excluded from the diluted per share calculation because the effect of including these potential shares was antidilutive due to the Company’s net loss position even though the exercise or conversion price could be less than the average market price of the common shares: SCHEDULE OF WEIGHTED AVERAGE DILUTIVE COMMON SHARES For the Three Months Ended For the Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Stock options 3,401,608 - 3,401,608 1,466,890 Warrants 3,952,504 - 3,952,504 4,791,048 Unvested RSUs - - - 97,827 Convertible Preferred Stock 1,398,158 - 1,398,158 1,398,158 8,752,270 - 8,752,270 7,753,923
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Improvements to Reportable Segments Disclosures (Topic 280)” (“ASU 2023-07”), which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on both an annual and interim basis. The guidance becomes effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Since this new ASU addresses only disclosures, the Company does not expect the adoption of this ASU to have any material effects on its financial condition, results of operations or cash flows. The Company is currently evaluating any new disclosures that may be required upon adoption of ASU 2023-07. In December 2023, the FASB issued ASU No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” (“ASU 2023-09”). The amendments in ASU 2023-09 are designed to enhance the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” (“ASU 2024-03”), which is intended to require more detailed disclosures about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of ASU 2024-03 or (2) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the potential impact of this update on its consolidated financial statements and related disclosures.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
SCHEDULE OF REVENUE RECOGNIZED	SCHEDULE OF REVENUE RECOGNIZED 2024 2023 2024 2023 For the Three Months Ended For the Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Product revenue $ 230,700 $ - $ 300,000 $ - Royalty revenue 2,900 30,700 57,700 126,500 Revenues $ 233,600 $ 30,700 $ 357,700 $ 126,500
SCHEDULE OF WEIGHTED AVERAGE DILUTIVE COMMON SHARES	The following table summarizes the securities that were excluded from the diluted per share calculation because the effect of including these potential shares was antidilutive due to the Company’s net loss position even though the exercise or conversion price could be less than the average market price of the common shares: SCHEDULE OF WEIGHTED AVERAGE DILUTIVE COMMON SHARES For the Three Months Ended For the Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Stock options 3,401,608 - 3,401,608 1,466,890 Warrants 3,952,504 - 3,952,504 4,791,048 Unvested RSUs - - - 97,827 Convertible Preferred Stock 1,398,158 - 1,398,158 1,398,158 8,752,270 - 8,752,270 7,753,923

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	Accrued expenses and other current liabilities consist of: SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES September 30, December 31, 2024 2023 Accrued bonuses $ 584,250 $ 638,000 Accrued general and administrative expenses 97,987 73,686 Total accrued expenses and other current liabilities $ 682,237 $ 711,686

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
SCHEDULE OF WARRANT ACTIVITY	A summary of the Company’s warrant activity and related information follows: SCHEDULE OF WARRANT ACTIVITY Weighted Weighted Average Average Remaining Number of Exercise Life Warrants Price In Years Outstanding, January 1, 2024 4,791,019 $ 10.57 Granted 2,513,686 2.43 Exercised (3,351,580 ) 2.33 Expired (622 ) 3,126 Outstanding, September 30, 2024 3,952,504 $ 3.84 3.55 Exercisable, September 30, 2024 3,952,504 $ 3.84 3.55
SCHEDULE OF STOCK OPTION GRANTED ASSUMPTIONS	In applying the Black-Scholes option pricing model to stock options granted, the Company used the following assumptions: SCHEDULE OF STOCK OPTION GRANTED ASSUMPTIONS For the Nine Months Ended September 30, 2024 2023 Risk free interest rate 4.14 4.30% 4.22% Expected term (years) 2.77 5.38 3.5 Expected volatility 101 102% 175% Expected dividends 0.00% 0.00%
SCHEDULE OF STOCK OPTION ACTIVITY	A summary of the stock option activity during the nine months ended September 30, 2024 is presented below: SCHEDULE OF STOCK OPTION ACTIVITY Weighted Weighted Average Average Remaining Number of Exercise Life Intrinsic Options Price In Years Value Outstanding, January 1, 2024 1,466,892 $ 4.11 Granted 1,934,716 1.45 Exercised - - Forfeited - - Outstanding, September 30, 2024 3,401,608 $ 2.60 7.8 $ - Exercisable, September 30, 2024 2,351,081 $ 3.03 7.4 $ -
SCHEDULE OF UNVESTED RESTRICTED STOCK UNITS	A summary of the Company’s unvested RSUs as of September 30, 2024 is as follows: SCHEDULE OF UNVESTED RESTRICTED STOCK UNITS Number of Shares Non-vested at January 1, 2024 97,827 Granted - Vested (97,827 ) Forfeited - Non-vested at September 30, 2024 -
SCHEDULE OF STOCK OPTION EXPENSE	The following table presents information related to stock-based compensation expense: SCHEDULE OF STOCK OPTION EXPENSE For the Three Months Ended For the Nine Months Ended Unrecognized at Weighted Average Remaining Amortization September 30, September 30, September 30, Period 2024 2023 2024 2023 2024 (Years) General and administrative $ 284,245 $ 1,493,704 $ 2,636,941 $ 6,318,562 $ 1,060,129 1.64 Total $ 284,245 $ 1,493,704 $ 2,636,941 $ 6,318,562 $ 1,060,129 1.64
SCHEDULE OF STOCK COMPENSATION BY AWARD TYPE	The following table presents stock-based compensation by award type: SCHEDULE OF STOCK COMPENSATION BY AWARD TYPE For the Three Months Ended For the Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Options $ 284,245 $ 329,570 $ 1,651,903 $ 2,802,224 RSUs - 1,164,134 985,038 3,516,338 Total $ 284,245 $ 1,493,704 $ 2,636,941 $ 6,318,562

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2024
Leases
SCHEDULE OF NET LEASE COST AND OTHER SUPPLEMENTAL LEASE INFORMATION	The following table presents net lease cost and other supplemental lease information: SCHEDULE OF NET LEASE COST AND OTHER SUPPLEMENTAL LEASE INFORMATION 2024 2023 For the Nine Months Ended September 30, 2024 2023 Lease Costs Operating lease cost (cost resulting from lease payments) $ 129,795 $ 126,021 Net lease costs $ 129,795 $ 126,021 Operating lease - operating cash flows (fixed payments) $ 129,795 $ 126,021 Operating lease - operating cash flows (liability reduction) $ 119,903 $ 102,921 Non-current leases - right of use assets $ 39,697 $ 154,726 Current liabilities - operating lease liabilities $ 42,414 $ 156,310 Non-current liabilities - operating lease liabilities $ - $ 42,414
SCHEDULE OF FUTURE MINIMUM PAYMENTS UNDER NON-CANCELABLE LEASES FOR OPERATING LEASES	Future minimum payments under non-cancellable leases for operating leases for the remaining terms of the leases as of September 30, 2024: SCHEDULE OF FUTURE MINIMUM PAYMENTS UNDER NON-CANCELABLE LEASES FOR OPERATING LEASES Fiscal Year Operating Leases 2024 $ 43,265 Total future minimum lease payments 43,265 Amount representing interest (851 ) Present value of net future minimum lease payments $ 42,414

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
SCHEDULE OF FAIR VALUE VALUATION ASSUMPTIONS	SCHEDULE OF FAIR VALUE VALUATION ASSUMPTIONS February 8, 2024 Risk free interest rate 4.20 4.28% Expected term (years) 2.75 2.76 Expected volatility 102% Expected dividends 0.00% February 8, 2024 Risk free interest rate 4.12% Expected term (years) 5.00 Expected volatility 101% Expected dividends 0.00% September 30, 2024 Risk free interest rate 3.58% 3.64% Expected term (years) 2.11 4.36 Expected volatility 99% 109% Expected dividends 0.00%
SCHEDULE OF FAIR VALUE MEASURED ON RECURRING BASIS	The following table sets forth a summary of the changes in the fair value of Level 3 liabilities that are measured at fair value on a recurring basis during the nine months ended September 30, 2024: SCHEDULE OF FAIR VALUE MEASURED ON RECURRING BASIS Balance, January 1, 2024 (as restated) $ 1,543,953 Issuance of warrants 2,189,420 Exercise of warrants (1,115,334 ) Change in fair value of warrant liability 837,466 Balance, September 30, 2024 $ 3,455,505
SCHEDULE OF FAIR VALUE RECURRING BASIS	SCHEDULE OF FAIR VALUE RECURRING BASIS Fair value measurements at reporting date using: Quoted prices in active markets for identical liabilities (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total Fair Value Assets: Marketable securities as of September 30, 2024 $ 11,598,417 $ - $ - $ 11,598,417 Marketable securities as of December 31, 2023 $ 10,181,618 $ - $ - $ 10,181,618 Liabilities: Warrant liabilities as of September 30, 2024 $ - $ - $ 3,455,505 $ 3,455,505 Warrant liabilities as of December 31, 2023 (as restated) $ - $ - $ 1,543,953 $ 1,543,953

BUSINESS ORGANIZATION, NATURE_2

BUSINESS ORGANIZATION, NATURE OF OPERATIONS, BASIS OF PRESENTATION AND LIQUIDITY (Details Narrative) - USD ($)		3 Months Ended						9 Months Ended
	Nov. 06, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Subsequent Event [Line Items]
Net loss		$ (1,091,416)	$ (4,028,562)	$ (2,223,255)	$ 4,768,261	$ (5,709,399)	$ (7,172,572)	$ (7,343,233)	$ (8,113,710)
Net cash provided by operating activities								(5,882,501)	$ (4,842,249)
Working capital		$ 8,900,000						8,900,000
Proceeds from warrant exercise								$ 7,500,000
Offering price					$ 1,853,990	$ 411,710
Subsequent Event [Member]
Subsequent Event [Line Items]
Offering price	$ 3,614,170

SCHEDULE OF REVENUE RECOGNIZED

SCHEDULE OF REVENUE RECOGNIZED (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Product Information [Line Items]
Revenues	$ 233,600	$ 30,700	$ 357,700	$ 126,500
Product [Member]
Product Information [Line Items]
Revenues	230,700		300,000
Royalty [Member]
Product Information [Line Items]
Revenues	$ 2,900	$ 30,700	$ 57,700	$ 126,500

SCHEDULE OF WEIGHTED AVERAGE DI

SCHEDULE OF WEIGHTED AVERAGE DILUTIVE COMMON SHARES (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	8,752,270		8,752,270	7,753,923
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	3,401,608		3,401,608	1,466,890
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	3,952,504		3,952,504	4,791,048
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total				97,827
Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,398,158		1,398,158	1,398,158

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Sep. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
FDIC insured limit	$ 250,000
FDIC amount	1,220,350		$ 604,226
Deferred contract costs	$ 8,333		$ 0
Shares held in abeyance	1,201,580	1,201,580

SCHEDULE OF ACCRUED EXPENSES AN

SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued bonuses	$ 584,250	$ 638,000
Accrued general and administrative expenses	97,987	73,686
Total accrued expenses and other current liabilities	$ 682,237	$ 711,686

SCHEDULE OF WARRANT ACTIVITY (D

SCHEDULE OF WARRANT ACTIVITY (Details) - Warrant [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Warrants, Outstanding Beginning | shares	4,791,019
Weighted Average Exercise Price, Outstanding beginning balance | $ / shares	$ 10.57
Number of Warrants, Granted | shares	2,513,686
Weighted Average Exercise Price, Granted | $ / shares	$ 2.43
Number of Warrants, Exercised | shares	(3,351,580)
Weighted Average Exercise Price, Exercised | $ / shares	$ 2.33
Number of Warrants, Expired | shares	(622)
Weighted Average Exercise Price, Expired | $ / shares	$ 3,126
Number of Warrants, Outstanding Ending | shares	3,952,504
Weighted Average Exercise Price, Outstanding ending balance | $ / shares	$ 3.84
Weighted Average Remaining Life In Years, Outstanding	3 years 6 months 18 days
Number of Warrants, Exercisable Ending | shares	3,952,504
Weighted Average Exercise Price, Exercisable | $ / shares	$ 3.84
Weighted Average Remaining Life In Years, Exercisable	3 years 6 months 18 days

SCHEDULE OF STOCK OPTION GRANTE

SCHEDULE OF STOCK OPTION GRANTED ASSUMPTIONS (Details) - Equity Option [Member]	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Offsetting Assets [Line Items]
Risk free interest rate		4.22%
Expected term (years)		3 years 6 months
Expected volatility		175%
Expected dividends	0%	0%
Minimum [Member]
Offsetting Assets [Line Items]
Risk free interest rate	4.14%
Expected term (years)	2 years 9 months 7 days
Expected volatility	101%
Maximum [Member]
Offsetting Assets [Line Items]
Risk free interest rate	4.30%
Expected term (years)	5 years 4 months 17 days
Expected volatility	102%

SCHEDULE OF STOCK OPTION ACTIVI

SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
Equity [Abstract]
Number of Options, Outstanding beginning			1,466,892
Weighted Average Exercise Price, Outstanding Beginning			$ 4.11
Number of Options, Granted	0	0	1,934,716
Weighted Average Exercise Price, Granted			$ 1.45
Number of Options, Exercised
Weighted Average Exercise Price, Exercised
Number of Options, Forfeited
Weighted Average Exercise Price, Forfeited
Number of Options, Outstanding ending	3,401,608		3,401,608
Weighted Average Exercise Price, Outstanding Ending	$ 2.60		$ 2.60
Weighted Average Remaining Life in Years Outstanding Ending			7 years 9 months 18 days
Intrinsic Value, Outstanding Ending
Number of Options, Exercisable Ending	2,351,081		2,351,081
Weighted Average Exercise Price Exercisable Ending	$ 3.03		$ 3.03
Weighted Average Remaining Life in Years Exercisable Ending			7 years 4 months 24 days
Intrinsic Value, Outstanding Ending

SCHEDULE OF UNVESTED RESTRICTED

SCHEDULE OF UNVESTED RESTRICTED STOCK UNITS (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares outstanding beginning	97,827
Number of shares granted
Number of shares vested	(97,827)
Number of shares forfeited
Number of shares outstanding ending

SCHEDULE OF STOCK OPTION EXPENS

SCHEDULE OF STOCK OPTION EXPENSE (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-based compensation expense	$ 284,245	$ 1,493,704	$ 2,636,941	$ 6,318,562
Unrecognized expense	1,060,129		$ 1,060,129
Weighted average remaining amortization period (years)			1 year 7 months 20 days
Share-Based Payment Arrangement, Option [Member]
Stock-based compensation expense	284,245	329,570	$ 1,651,903	2,802,224
General and Administrative Expense [Member] | Share-Based Payment Arrangement, Option [Member]
Stock-based compensation expense	284,245	$ 1,493,704	2,636,941	$ 6,318,562
Unrecognized expense	$ 1,060,129		$ 1,060,129
Weighted average remaining amortization period (years)			1 year 7 months 20 days

SCHEDULE OF STOCK COMPENSATION

SCHEDULE OF STOCK COMPENSATION BY AWARD TYPE (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation award	$ 284,245	$ 1,493,704	$ 2,636,941	$ 6,318,562
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation award	284,245	329,570	1,651,903	2,802,224
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation award		$ 1,164,134	$ 985,038	$ 3,516,338

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)					3 Months Ended			9 Months Ended
	Jul. 23, 2024	Feb. 13, 2024	Feb. 06, 2024	Feb. 05, 2024	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants exercisable										3,351,580
Proceeds from issuance of warrants								$ 2,189,420
Issuance costs								$ 595,364
Shares held in abeyance					1,201,580			1,201,580		1,201,580
Stock issued during period value new issues						$ 1,853,990	$ 411,710
Gain on exchange of warrants								$ 1,711,698
Warrants exercisable and outstanding					$ 0			$ 0
Stock options granted					0	0		1,934,716
Weighted average grant date fair value of stock options granted								$ 1.11	$ 2.77
Equity Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Grant options shares, fair value		$ 2,140,000
Equity Option [Member] | Monthly Over One Year [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Purchase of common shares		513,663
Equity Option [Member] | Quarterly Over Two Years [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Purchase of common shares		1,421,053
Purchase of common shares		50%
Employees [Member] | Equity Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Purchase of common shares		1,934,716
Exercise price		$ 1.45
Existing Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants exercisable			3,351,580		3,351,580			3,351,580
New Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise price			$ 2.33
Proceeds from issuance of warrants			$ 8,100,000					$ 314,211
Issuance costs			$ 595,364
New Warrants [Member] | Investor [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance costs								595,364
Stock issued during period value warrants								2,189,420
Gain on exchange of warrants								$ 1,711,698
New Warrants [Member] | Private Placement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants exercisable			2,513,686
Exercise price			$ 2.43
Warrants for cash and the payment			$ 0.125
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued during period shares new issues						685,033	93,551
Warrants exercisable					2,150,000			2,150,000		2,150,000
Stock issued during period value new issues						$ 69	$ 9
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares held in abeyance			1,201,580
Warrant [Member] | Roth Capital Partners LLC [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance costs				$ 528,000				$ 595,364
Existing Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Proceeds from issuance of warrants								$ 7,809,181
Existing Warrant [Member] | Investor [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued during period shares new issues								3,351,580
Proceeds from issuance of warrants								$ 8,123,392
Fair value of adjustment								1,115,334
Stock issued during period value new issues								$ 4,742,244
Two Thousand And Twenty One Stock Incentive Plan [Member] | Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued during period shares new issues	3,850,000
Two Thousand And Twenty One Stock Incentive Plan [Member] | Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued during period shares new issues	6,850,000

SCHEDULE OF NET LEASE COST AND

SCHEDULE OF NET LEASE COST AND OTHER SUPPLEMENTAL LEASE INFORMATION (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Leases
Operating lease cost (cost resulting from lease payments)	$ 129,795	$ 126,021
Net lease costs	129,795	126,021
Operating lease - operating cash flows (fixed payments)	129,795	126,021
Operating lease - operating cash flows (liability reduction)	119,903	102,921
Non-current leases - right of use assets	39,697	154,726	$ 151,447
Current liabilities - operating lease liabilities	42,414	156,310	$ 162,317
Non-current liabilities - operating lease liabilities		$ 42,414

SCHEDULE OF FUTURE MINIMUM PAYM

SCHEDULE OF FUTURE MINIMUM PAYMENTS UNDER NON-CANCELABLE LEASES FOR OPERATING LEASES (Details)	Sep. 30, 2024 USD ($)
Leases
2024	$ 43,265
Total future minimum lease payments	43,265
Amount representing interest	(851)
Present value of net future minimum lease payments	$ 42,414

LEASES (Details Narrative)

LEASES (Details Narrative)	1 Months Ended	9 Months Ended
	Jun. 30, 2019 USD ($)	Sep. 30, 2024 USD ($) ft²
Weighted average incremental borrowing rate		12%
Melville Lease [Member]
Area of land | ft²		6,800
Lease extension description	the Company exercised its option to extend the Melville Lease and entered into a lease amendment with the lessor whereby the five-year extension term commenced on January 1, 2020 with annual base rent ranging between $153,748 and $173,060.
Melville Lease [Member] | Minimum [Member]
Rent expense	$ 153,748	$ 132,600
Melville Lease [Member] | Maximum [Member]
Rent expense	$ 173,060	$ 149,260

SCHEDULE OF FAIR VALUE VALUATIO

SCHEDULE OF FAIR VALUE VALUATION ASSUMPTIONS (Details)		9 Months Ended
	Feb. 08, 2024	Sep. 30, 2024
Measurement Input, Risk Free Interest Rate [Member]
Risk free interest rate, Minimum		3.58%
Risk free interest rate, Maximum		3.64%
Measurement Input, Risk Free Interest Rate [Member] | Fair Value, Inputs, Level 3 [Member]
Risk free interest rate	4.12%
Measurement Input, Risk Free Interest Rate [Member] | Existing Warrant [Member]
Risk free interest rate, Minimum	4.20%
Risk free interest rate, Maximum	4.28%
Measurement Input, Expected Term [Member] | Fair Value, Inputs, Level 3 [Member]
Expected term (years)	5 years
Measurement Input, Expected Term [Member] | Minimum [Member]
Expected term (years)		2 years 1 month 9 days
Measurement Input, Expected Term [Member] | Maximum [Member]
Expected term (years)		4 years 4 months 9 days
Measurement Input, Expected Term [Member] | Existing Warrant [Member] | Minimum [Member]
Expected term (years)	2 years 9 months
Measurement Input, Expected Term [Member] | Existing Warrant [Member] | Maximum [Member]
Expected term (years)	2 years 9 months 3 days
Measurement Input, Price Volatility [Member] | Fair Value, Inputs, Level 3 [Member]
Expected volatility	101%
Measurement Input, Price Volatility [Member] | Minimum [Member]
Expected volatility		99%
Measurement Input, Price Volatility [Member] | Maximum [Member]
Expected volatility		109%
Measurement Input, Price Volatility [Member] | Existing Warrant [Member]
Expected volatility	102%
Measurement Input, Expected Dividend Rate [Member]
Expected dividends		0%
Measurement Input, Expected Dividend Rate [Member] | Fair Value, Inputs, Level 3 [Member]
Expected dividends	0%
Measurement Input, Expected Dividend Rate [Member] | Existing Warrant [Member]
Expected dividends	0%

SCHEDULE OF FAIR VALUE MEASURED

SCHEDULE OF FAIR VALUE MEASURED ON RECURRING BASIS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, All Other Investments [Abstract]
Balance, January 1, 2024			$ 1,543,953
Issuance of warrants			2,189,420
Exercise of warrants			(1,115,334)
Change in fair value of derivative liability	$ (1,036,464)	$ (7,693,753)	837,466	$ (3,476,556)
Balance, June 30, 2024	$ 3,455,505		$ 3,455,505

SCHEDULE OF FAIR VALUE RECURRIN

SCHEDULE OF FAIR VALUE RECURRING BASIS (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Platform Operator, Crypto Asset [Line Items]
Marketable securities	$ 11,598,417	$ 10,181,618
Warrant liabilities	3,455,505	1,543,953
Fair Value, Inputs, Level 1 [Member]
Platform Operator, Crypto Asset [Line Items]
Marketable securities, fair value	11,598,417	10,181,618
Warrant liabilities, fair value
Fair Value, Inputs, Level 2 [Member]
Platform Operator, Crypto Asset [Line Items]
Marketable securities, fair value
Warrant liabilities, fair value
Fair Value, Inputs, Level 3 [Member]
Platform Operator, Crypto Asset [Line Items]
Marketable securities, fair value
Warrant liabilities, fair value	$ 3,455,505	$ 1,543,953

FAIR VALUE MEASUREMENT (Details

FAIR VALUE MEASUREMENT (Details Narrative) - USD ($)		9 Months Ended
	Feb. 08, 2024	Sep. 30, 2024
Derivative liabilities	$ 2,189,420
Black Scholes Option [Member]
Fair value of adjustment		$ 3,455,505
Fair value of derivative liabilitiy		$ 837,466
Existing Warrant [Member] | Black Scholes Option [Member]
Fair value of adjustment	$ 1,115,334

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)		3 Months Ended
	Nov. 06, 2024	Sep. 30, 2023	Jun. 30, 2023
Subsequent Event [Line Items]
Offering price		$ 1,853,990	$ 411,710
Subsequent Event [Member]
Subsequent Event [Line Items]
Offering price	$ 3,614,170