Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 10, 2023 | |
Document Type | 10-Q/A | |
Amendment Flag | true | |
Amendment Description | to restate financials | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-39669 | |
Entity Registrant Name | COEPTIS THERAPEUTICS HOLDINGS, INC. | |
Entity Central Index Key | 0001759186 | |
Entity Tax Identification Number | 98-1465952 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 105 Bradford Rd | |
Entity Address, Address Line Two | Suite 420 | |
Entity Address, City or Town | Wexford | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15090 | |
City Area Code | 724 | |
Local Phone Number | 934-6467 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 25,141,036 | |
Common Stock, par value $0.0001 per share [Member] | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | COEP | |
Security Exchange Name | NASDAQ | |
Warrants, each whole warrant exercisable for one-half of one share of Common Stock for $11.50 per whole share | ||
Title of 12(b) Security | Warrants, each whole warrant exercisable for one-half of one share of Common Stock for $11.50 per whole share | |
Trading Symbol | COEPW | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash | $ 3,244,812 | $ 3,791,302 |
Accounts receivable | 0 | 8,075 |
Note receivable | 350,000 | 0 |
Prepaid assets, current portion | 202,476 | 142,356 |
TOTAL CURRENT ASSETS | 3,797,288 | 3,941,733 |
PROPERTY AND EQUIPMENT | ||
Furniture and fixtures | 25,237 | 25,237 |
Less: accumulated depreciation | 13,313 | 12,695 |
Furniture and fixtures, net | 11,924 | 12,542 |
OTHER ASSETS | ||
Prepaid insurance | 253,333 | 348,333 |
License right, net of accumulated amortization | 3,054,167 | 3,554,167 |
Right of use asset, net of accumulated amortization | 38,987 | 58,914 |
Total other assets | 3,346,487 | 3,961,414 |
TOTAL ASSETS | 7,155,699 | 7,915,689 |
CURRENT LIABILITIES | ||
Accounts payable | 395,232 | 99,021 |
Accrued expenses | 426,520 | 181,998 |
Notes payable, current portion | 2,200,000 | 1,850,000 |
Right of use liability, current portion | 21,276 | 41,618 |
TOTAL CURRENT LIABILITIES | 3,043,028 | 2,172,637 |
LONG TERM LIABILITIES | ||
Notes payable | 150,000 | 150,000 |
Derivative liability warrants | 1,987,500 | 1,125,000 |
Right of use liability, non-current portion | 14,723 | 14,723 |
TOTAL LONG TERM LIABILITIES | 2,152,223 | 1,289,723 |
TOTAL LIABILITIES | 5,195,251 | 3,462,360 |
COMMITMENTS AND CONTINGENCIES (NOTE 6) | ||
STOCKHOLDERS’ EQUITY | ||
Series B preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding, respectively | 0 | 0 |
Common stock, $0.0001 par value, 150,000,000 shares authorized, 24,396,036 shares issued and outstanding at June 30, 2023, and 19,566,839 shares outstanding at December 31, 2022 | 2,440 | 1,957 |
Additional paid-in capital | 79,208,185 | 70,541,095 |
Accumulated deficit | (77,250,177) | (66,089,723) |
TOTAL STOCKHOLDERS’ EQUITY | 1,960,448 | 4,453,329 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 7,155,699 | $ 7,915,689 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Preferred Stock, Shares Issued | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 24,396,036 | 19,566,839 |
Common stock, shares outstanding | 24,396,036 | 19,566,839 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
SALES | ||||
Total sales | $ 0 | $ 0 | $ 0 | $ 0 |
Cost of goods, including inventory obsolesence | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
COST OF OPERATIONS | ||||
Research and development | 466,629 | 0 | 581,959 | 0 |
General and administrative expenses | 3,218,055 | 9,744,976 | 9,641,677 | 25,460,292 |
Selling and marketing | 300 | 4,052 | 300 | 4,052 |
Interest expense | 42,636 | 63,826 | 74,053 | 119,644 |
Total operating expensesTotal operating expenses | 3,727,620 | 9,812,854 | 10,297,989 | 25,583,988 |
LOSS FROM OPERATIONS | (3,727,620) | (9,812,854) | (10,297,989) | (25,583,988) |
OTHER INCOME (EXPENSE) | ||||
Royalties and licensing fees | 0 | (5,000) | 0 | (5,000) |
Other income | 0 | 0 | 35 | 0 |
Gain (Loss) on change in fair value of derivative liability warrants | 525,000 | 0 | (862,500) | 0 |
Gain (loss) on extinguishment of debt | 0 | 15,017 | 0 | (3,393,542) |
TOTAL OTHER INCOME (EXPENSE) | 525,000 | 10,017 | (862,465) | (3,398,542) |
LOSS BEFORE INCOME TAXES | (3,202,620) | (9,802,837) | (11,160,454) | (28,982,530) |
PROVISION (BENEFIT) FOR INCOME TAXES | 0 | 0 | 0 | 0 |
NET LOSS | (3,202,620) | (9,802,837) | (11,160,454) | (28,982,530) |
Consulting Services [Member] | ||||
SALES | ||||
Total sales | 0 | 0 | 0 | 0 |
Other Sales [Member] | ||||
SALES | ||||
Total sales | $ 0 | $ 0 | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Earnings Per Share, Basic | $ (0.15) | $ (0.75) | $ (0.53) | $ (2.26) |
Earnings Per Share, Diluted | $ (0.15) | $ (0.75) | $ (0.53) | $ (2.26) |
Weighted Average Number of Shares Outstanding, Basic | 21,808,563 | 13,022,492 | 21,080,395 | 12,815,445 |
Weighted Average Number of Shares Outstanding, Diluted | 21,808,563 | 13,022,492 | 21,080,395 | 12,815,445 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) | Series B Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock Subscribed [Member] | Treasury Stock, Common [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2021 | $ 1 | $ 1,196 | $ 30,146,728 | $ (247,165) | $ (27,550,126) | $ 2,350,634 | |
Balance at beginning, shares at Dec. 31, 2021 | 8,000 | 12,492,050 | |||||
Shares issued for cash | $ 14 | 1,265,986 | 1,266,000 | ||||
Shares issued for cash, shares | 142,158 | ||||||
Shares issued for services | $ 40 | 3,539,960 | 3,540,000 | ||||
Shares issued for services, shares | 397,505 | ||||||
Retirement of shares | (247,165) | 247,165 | |||||
Retirement of shares, shares | (110,762) | ||||||
Warrants converted to shares | $ 2 | 107,498 | 2,500 | 110,000 | |||
Warrants converted to shares, shares | 24,704 | ||||||
Warrants issued for services | 10,841,695 | 10,841,695 | |||||
Warrants issued for extinguishment of debt | 3,408,559 | 3,408,559 | |||||
Net loss (as restated) | (19,179,693) | (19,179,693) | |||||
BALANCE AT JUNE 30, 2023 (as restated) at Mar. 31, 2022 | $ 1 | $ 1,252 | 49,063,261 | 2,500 | (46,729,819) | 2,337,195 | |
Balance at ending, shares at Mar. 31, 2022 | 8,000 | 12,945,654 | |||||
Beginning balance, value at Dec. 31, 2021 | $ 1 | $ 1,196 | 30,146,728 | (247,165) | (27,550,126) | 2,350,634 | |
Balance at beginning, shares at Dec. 31, 2021 | 8,000 | 12,492,050 | |||||
Net loss (as restated) | (28,982,530) | ||||||
BALANCE AT JUNE 30, 2023 (as restated) at Jun. 30, 2022 | $ 1 | $ 1,272 | 58,589,917 | 2,500 | (56,532,656) | 2,061,034 | |
Balance at ending, shares at Jun. 30, 2022 | 8,000 | 13,142,216 | |||||
Beginning balance, value at Mar. 31, 2022 | $ 1 | $ 1,252 | 49,063,261 | 2,500 | (46,729,819) | 2,337,195 | |
Balance at beginning, shares at Mar. 31, 2022 | 8,000 | 12,945,654 | |||||
Shares issued for cash | $ 8 | 685,477 | 685,485 | ||||
Shares issued for cash, shares | 76,974 | ||||||
Shares issued for services | $ 2 | 179,998 | 180,000 | ||||
Shares issued for services, shares | 20,212 | ||||||
Warrants converted to shares | $ 10 | 382,490 | 382,500 | ||||
Warrants converted to shares, shares | 99,376 | ||||||
Warrants issued for services | 8,278,691 | 8,278,691 | |||||
Net loss (as restated) | (9,802,837) | (9,802,837) | |||||
BALANCE AT JUNE 30, 2023 (as restated) at Jun. 30, 2022 | $ 1 | $ 1,272 | 58,589,917 | 2,500 | (56,532,656) | 2,061,034 | |
Balance at ending, shares at Jun. 30, 2022 | 8,000 | 13,142,216 | |||||
Beginning balance, value at Dec. 31, 2022 | $ 1,957 | 70,541,095 | (66,089,723) | 4,453,329 | |||
Balance at beginning, shares at Dec. 31, 2022 | 0 | 19,566,839 | |||||
Shares issued for services | $ 137 | 2,396,677 | 720,000 | 3,116,814 | |||
Shares issued for services, shares | 1,374,197 | ||||||
Warrants issued for services | 1,111,706 | 1,111,706 | |||||
Stock based compensation | 122,391 | 122,391 | |||||
Net loss (as restated) | (7,957,833) | (7,957,833) | |||||
BALANCE AT JUNE 30, 2023 (as restated) at Mar. 31, 2023 | $ 2,094 | 74,171,869 | 720,000 | (74,047,557) | 846,407 | ||
Balance at ending, shares at Mar. 31, 2023 | 0 | 20,941,036 | |||||
Beginning balance, value at Dec. 31, 2022 | $ 1,957 | 70,541,095 | (66,089,723) | 4,453,329 | |||
Balance at beginning, shares at Dec. 31, 2022 | 0 | 19,566,839 | |||||
Net loss (as restated) | (11,160,454) | ||||||
BALANCE AT JUNE 30, 2023 (as restated) at Jun. 30, 2023 | $ 2,440 | 79,208,185 | (77,250,177) | 1,960,448 | |||
Balance at ending, shares at Jun. 30, 2023 | 0 | 24,396,036 | |||||
Beginning balance, value at Mar. 31, 2023 | $ 2,094 | 74,171,869 | 720,000 | (74,047,557) | 846,407 | ||
Balance at beginning, shares at Mar. 31, 2023 | 0 | 20,941,036 | |||||
Shares issued for services | $ 70 | 1,070,930 | (720,000) | 351,000 | |||
Shares issued for services, shares | 700,000 | ||||||
Warrants issued for services | 811,500 | 811,500 | |||||
Stock based compensation | 113,301 | 113,301 | |||||
Issuance of common stock and warrants, net of issuance costs | $ 276 | 3,040,585 | 3,040,861 | ||||
Issuance of common stock and warrants, net of issuance costs, shares | 2,755,000 | ||||||
Net loss (as restated) | (3,202,620) | (3,202,620) | |||||
BALANCE AT JUNE 30, 2023 (as restated) at Jun. 30, 2023 | $ 2,440 | $ 79,208,185 | $ (77,250,177) | $ 1,960,448 | |||
Balance at ending, shares at Jun. 30, 2023 | 0 | 24,396,036 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING ACTIVITIES | ||
Net loss | $ (11,160,454) | $ (28,982,530) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 500,618 | 500,692 |
Loss on change in value of warrant liability | 862,500 | 0 |
Stock based compensation | 235,692 | 0 |
Shares issued for non-employee services | 3,467,814 | 3,720,000 |
Warrants issued for extinguishment of debt | 0 | 3,408,559 |
Warrants issued for services | 1,923,206 | 19,120,386 |
Debt discount from modification of debt | 0 | (4,298) |
(Increase) decrease in: | ||
Accounts receivable | 8,075 | 0 |
Prepaid assets | 34,880 | 0 |
Right of use asset/liability | (415) | 1,043 |
Increase (decrease) in: | ||
Accounts payable | 296,211 | 134,372 |
Accrued expenses | 244,521 | 106,526 |
NET CASH USED IN OPERATING ACTIVITIES | (3,587,351) | (1,995,250) |
INVESTING ACTIVITIES | ||
Note receivable | (350,000) | 0 |
NET CASH USED IN INVESTING ACTIVITIES | (350,000) | 0 |
FINANCING ACTIVITIES | ||
Proceeds from notes payable | 350,000 | 0 |
Proceeds from issuance of common stock and warrants, net of issuance costs | 3,040,861 | 0 |
Repayment of notes payable | 0 | (250,000) |
Shares issued for cash | 0 | 1,951,486 |
Shares issued for cash for the conversion warrants | 0 | 490,000 |
Cash received for stock subscription | 0 | 2,500 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 3,390,861 | 2,193,986 |
NET INCREASE (DECREASE) IN CASH | (546,490) | 198,736 |
CASH AT BEGINNING OF PERIOD | 3,791,302 | 2,179,558 |
CASH AT END OF PERIOD | 3,244,812 | 2,378,294 |
SUPPLEMENTAL DISCLOSURES | ||
Interest paid | 0 | 0 |
Taxes paid (refunded) | $ 0 | $ 0 |
DESCRIPTION OF BUSINESS AND BAS
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | NOTE 1 – DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Nature of Business General The Merger Transaction About the Company’s Subsidiaries Our current business model is designed around furthering the development of our current product portfolio. We are continually exploring partnership opportunities with companies that have novel therapies in various stages of development or companies with technologies that improve the way that drugs are delivered to patients. We seek the best strategic relationships, which relationships could include in-license agreements, out-license agreements, co-development arrangements and other strategic partnerships in new and exciting therapeutic areas such as auto-immune disease and oncology. Basis of Presentation – As a result of the Merger, the accompanying condensed consolidated financial statements included in this report reflect (1) the historical operating results of Coeptis prior to the Merger; (2) the combined results of the Company and Coeptis following the closing of the Merger; (3) the assets and liabilities of Coeptis at their historical cost; and (4) the Company’s equity structure for all periods presented. Principles of Consolidation Risks and Uncertainties |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Restatement of Previously Issued Financial Statements Subsequent to the issuance of the condensed consolidated financial statements as of and for the three and six months ended June 30, 2023, the Company performed an evaluation of its accounting for a convertible promissory note agreement with an unrelated third party in the amount of $350,000 with no accruing interest issued for legal services rendered in connection with the Merger on October 28, 2022, and the accounting for the corporate research agreement with the University of Pittsburgh entered into on January 25, 2023, where the Company committed to paying $716,714 for performance-based milestones over a two year period. Management determined the previously issued condensed consolidated financial statements do not give effect to the issuance of the note payable nor the corporate research agreement. On March 19, 2024, Management concluded its evaluation and determined that the identified errors required the restatement of the accompanying condensed consolidated financial statements. The following table sets forth the effects of the adjustments on affected items within the Company’s previously reported condensed consolidated balance sheets and condensed consolidated statements of operations for the period ended June 30, 2023. As Reported Adjustment As Restated Consolidated Balance Sheets as of June 30, 2023 Accrued expenses $ 247,341 $ 179,179 $ 426,520 Notes payable, current portion $ 1,850,000 $ 350,000 $ 2,200,000 Total current liabilities $ 2,513,849 $ 529,179 $ 3,043,028 Total liabilities $ 4,666,072 $ 529,179 $ 5,195,251 Accumulated deficit $ (76,720,998 ) $ (529,179 ) $ (77,250,177 ) Total stockholders’ equity $ 2,489,627 $ (529,179 ) $ 1,960,448 Consolidated Statements of Operations for the 3 months ended June 30, 2023 Research and development $ 377,040 $ 89,589 $ 466,629 Total operating expenses $ 3,638,031 $ 89,589 $ 3,727,620 Loss from operations $ (3,638,031 ) $ (89,589 ) $ (3,727,620 ) Loss before income taxes $ (3,113,031 ) $ (89,589 ) $ (3,202,620 ) Net loss $ (3,113,031 ) $ (89,589 ) $ (3,202,620 ) Loss per share, basic and fully diluted $ (0.14 ) $ (0.01 ) $ (0.15 ) Consolidated Statements of Operations for the 6 months ended June 30, 2023 Research and development $ 402,780 $ 179,179 $ 581,959 Total operating expenses $ 10,118,810 $ 179,179 $ 10,297,989 Loss from operations $ (10,118,810 ) $ (179,179 ) $ (10,297,989 ) Loss before income taxes $ (10,981,275 ) $ (179,179 ) $ (11,160,454 ) Net loss $ (10,981,275 ) $ (179,179 ) $ (11,160,454 ) Loss per share, basic and fully diluted $ (0.52 ) $ (0.01 ) $ (0.53 ) Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2023 Accumulated deficit (Net loss) $ (3,113,031 ) $ (89,589 ) $ (3,202,620 ) Accumulated deficit (Balance at June 30, 2023) $ (76,720,998 ) $ (529,179 ) $ (77,250,177 ) Total (Net loss) $ (3,113,031 ) $ (89,589 ) $ (3,202,620 ) Total (Balance at June 30, 2023) $ 2,489,627 $ (529,179 ) $ 1,960,448 Consolidated Statements of Cash Flows for the 6 months ended June 30, 2023 Net loss $ (10,981,275 ) $ (179,179 ) $ (11,160,454 ) Accrued expenses $ 65,343 $ 179,179 $ 244,521 Additionally, please refer to Note 4, Debt, where the Company has included additional disclosure related to the convertible promissory note, and Note 6, Commitments and Contingencies, where the Company included additional disclosure related to the corporate research agreement. The Company’s significant accounting policies are described in Note 2 “Summary of Significant Accounting Policies,” in the Company’s Annual Report on Form 10-K filed with the SEC on March 29, 2023. There have been no material changes to the significant accounting policies during the three-month and six-month periods ended June 30, 2023, except for items mentioned below. Use of Estimates Employee and Non-Employee Share-Based Compensation The Company applies Accounting Standards Codification (“ASC”) 718-10, “Share-Based Payment,” which requires the measurement and recognition of compensation expenses for all share- based payment awards made to employees and directors including employee stock options equity awards issued to employees and non-employees based on estimated fair values. ASC 718-10 requires companies to estimate the fair value of equity-based option awards on the date of grant using an option-pricing model. The fair value of the award is recognized as an expense on a straight-line basis over the requisite service periods in the Company’s condensed consolidated statements of operations. The Company recognizes share-based award forfeitures as they occur. The Company estimates the fair value of granted option equity awards using a Black-Scholes option pricing model. The option-pricing model requires a number of assumptions, of which the most significant are share price, expected volatility and the expected option term (the time from the grant date until the options are exercised or expire). Expected volatility is estimated based on volatility of the Company. The Company has historically not paid dividends and has no foreseeable plans to issue dividends. The risk-free interest rate is based on the yield from governmental zero-coupon bonds with an equivalent term. The expected option term is calculated for options granted to employees and directors using the “simplified” method. Changes in the determination of each of the inputs can affect the fair value of the options granted and the results of operations of the Company. Adoption of New Accounting Pronouncements During the three months and six months ended June 30, 2023 and 2022, there were several new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”). Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s condensed consolidated financial statements. Going Concern 77,250,177 |
LICENSE RIGHT
LICENSE RIGHT | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
LICENSE RIGHT | NOTE 3 – LICENSE RIGHT Prior to 2022, the Company entered into an agreement with a foreign entity to market, distribute, and sell the Consensi product (“Product”) on an exclusive basis within the United States and Puerto Rico. Upon execution of the Agreement the Company paid $1,000,000 to the foreign entity. Milestone payments were due as follows; (1) $1,500,000 upon completion of the CMC Plan as reimbursements of costs incurred by the foreign entity, (2) $1,000,000 was due upon first commercial sale of the Product which occurred in June 2020. Milestones were met and paid in 2020. In September of 2021, the Company executed a license termination agreement with the foreign entity to cease all efforts for sales and promotion of the product in the United States and Puerto Rico. The termination included (i) issuance of $1,500,000 of convertible debt due in 2023 to satisfy amounts owed for the license, (ii) the issue of warrants (See NOTE 5) and (iii) transfer of inventory ownership back to the foreign entity. In conjunction with this termination, the Company also terminated its marketing agreement with a third party for the Product’s sales and promotion. During the year ended December 31, 2021, the Company and VyGen-Bio, Inc. (“Vy-Gen”) entered into agreements to jointly develop and commercialize two Vy-Gen product candidates, CD38-GEAR-NK and CD38-Diagnostic (the “CD38 Assets”). The Company paid $ 1,750,000 3,250,000 5,000,000 250,000 1,500,000 no The Company made certain judgements as the basis in determining the accounting treatment of these options. The CD38 Assets represent a platform technology and a diagnostic tool which have multiple applications and uses. Both projects are intended to be used in more than one therapy or diagnostic option. For example, GEAR-NK is a technology which allows for the gene editing of human natural killer cells, so that these cells can no longer bind and be destroyed by targeted monoclonal antibody treatments. The GEAR-NK technology can be modified to work concomitantly with many different monoclonal antibody treatments in which there are currently over 100 approved by the FDA. Anti-CD38 is only the first class of monoclonal antibody treatments being developed under the GEAR-NK platform. Therefore, the pursuit of FDA approval for the use of CD38 assets for at least one indication or medical device approval is at least reasonably expected. Further, as the diagnostic asset may be used as an in vitro technology, it could be classified as a medical device, and therefore toxicity studies would not be a contingency to be resolved before reasonably establishing future value assumptions. In addition, there is perceived value in the CD38 assets, based on publicly disclosed current business deals in cell therapies, the developing market for these innovative technologies, and current interest from third parties in these technologies. The Company may sell or license its right to another party, with the written consent of VyGen Bio, which cannot be unreasonably withheld. Furthermore, the Company believes that any negative results from ongoing development of a single therapy or use, would not result in abandoning the project. Given these considerations, The Company has determined that these options have alternative future use and should be recorded as assets pursuant to ASC 730-10-25-2, Research and Development Related to the joint development, the Company, under the direction of the joint steering committee, is assessing market opportunities, intellectual property protection, and potential regulatory strategies for the CD38 Assets. VyGen Bio is responsible for development activities conducted and overseen by the scientists at Karolinska Institute. The agreement does not currently require additional payments for R&D costs by the Company and no additional payments are required upon development or regulatory milestones. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | NOTE 4 – DEBT In January 2020, the Company entered into a Senior Secured Note agreement with an unrelated party. The principal amount of $ 500,000 8 July 31, 2022 400,000 500,000 135,671 In January 2020, the Company entered into a Senior Secured Note agreement with an unrelated party. The principal amount of $ 167,000 8 July 31, 2022 250,000 50,000 117,000 42,893 In September 2021, as part of a termination of a license agreement with Purple BioTech (“Purple”), the Company issued a convertible note in the principal amount of $ 1,500,000 5 In October 2022, as a result of the Merger, the Company entered into a convertible promissory note agreement with an unrelated third party in the principal amount of $ 350,000 no accruing interest and is due on October 28, 2023 350,000 In May 2023, the Company entered into a Senior Secured Note agreement with an unrelated party. The principal amount of $ 200,000 4.5 In June 2023, the Company entered into a Senior Secured Note agreement with an unrelated party. The principal amount of $ 150,000 10.0 Loans under the CARES Act 150,000 3.75 150,000 Maturities of long-term debt are as follows for the years ended December 31, Schedule of maturities for long-term debt 2023 $ – 2024 – 2025 – 2026 – 2027 1,687 Thereafter 148,313 Total long-term debt $ 150,000 Derivative Liability Warrants - At June 30, 2023, there were (i) 7,500,000 3,750,000 The Company may call the Public Warrants for redemption, in whole and not in part, at a price of $0.01 per warrant: · at any time while the Public Warrants are exercisable, · upon not less than 30 days’ prior written notice of redemption to each Public Warrant holder, · if, and only if, the reported last sale price of the ordinary shares equals or exceeds $16.50 per share, for any 20 trading days within a 30-trading day period ending on the third trading day prior to the notice of redemption to Public Warrant holders, and · if, and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described above, the warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such warrants. Accordingly, the warrants may expire worthless. The Private Placement Warrants are identical to the Public Warrants, except that the Private Placement Warrants only allow the holder thereof to one ordinary share. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. Within ASC 815, “Derivative and Hedging,” Section 815-40-15 addresses equity versus liability treatment and classification of equity-linked financial instruments, including warrants, and states that a warrant may be classified as a component of equity only if, among other things, the warrant is indexed to the issuer’s ordinary share. Under ASC Section 815-40-15, a warrant is not indexed to the issuer’s ordinary share if the terms of the warrant require an adjustment to the exercise price upon a specified event and that event is not an input to the fair value of the warrant. Based on management’s evaluation, the Company’s audit committee, in consultation with management, concluded that the Company’s Private Placement Warrants and Public Warrants are not indexed to the Company’s ordinary share in the manner contemplated by ASC Section 815-40-15 because the holder of the instrument is not an input into the pricing of a fixed-for-fixed option on equity shares. In addition, based on management’s evaluation, the Company’s audit committee, in consultation with management, concluded that certain warrant provisions preclude equity treatment as by ASC Section 815-10-15. The Company accounts for its Public Warrants and Private Placement Warrants as liabilities as set forth in ASC 815-40-15-7D and 7F. See below for details over the methodology and valuation of the Warrants. The Company follows the guidance in ASC Topic 820, Fair Value Measurement The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at June 30, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Schedule of fair value of warrants Description Level June 30, December 31, Warrant Liability – Public Warrants 1 $ 525,000 $ 750,000 Warrant Liability – Private Placement Warrants 3 $ 1,462,500 $ 375,000 The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities in the accompanying condensed consolidated balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented in the condensed consolidated statements of operations. The Warrants were valued using a binomial lattice model, which is considered to be a Level 3 fair value measurement. The binomial lattice model’s primary unobservable input utilized in determining the fair value of the Warrants is the expected volatility of the ordinary shares. The expected volatility as of the Initial Public Offering date was derived from observable public warrant pricing on comparable ‘blank-check’ companies without an identified target. For periods subsequent to the detachment of the Public Warrants from the Units, the close price of the Public Warrant price will be used as the fair value as of each relevant date. The following table provides quantitative information regarding Level 3 fair value measurements: Schedule of fair value assumptions June 30, December 31, Risk-free interest rate 4.13% 3.97% Expected volatility 82.5% 67.1% Exercise price $ 11.50 $ 11.50 Stock Price $ 1.55 $ 1.53 The following table presents the changes in the fair value of warrant liabilities: Schedule of changes in fair value of warrant liabilities Private Placement Public Warrant Liabilities Fair value as of December 31, 2022 $ 375,000 $ 750,000 $ 1,125,000 Change in valuation inputs 1,012,500 375,000 1,387,500 Fair value as of March 31, 2023 1,387,500 1,125,000 2,512,500 Change in valuation inputs 75,000 (600,000 ) (525,000 ) Fair value as of June 30, 2023 $ 1,462,500 $ 525,000 $ 1,987,500 There were no |
CAPITAL STRUCTURE
CAPITAL STRUCTURE | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
CAPITAL STRUCTURE | NOTE 5 – CAPITAL STRUCTURE The total number of shares of stock which the corporation shall have authority to issue is 160,000,000 shares, of which 150,000,000 0.0001 10,000,000 0.0001 Common Stock 24,396,036 19,566,839 In 2022, and again in 2023, Coeptis Therapeutics Holdings, Inc., raised capital by issuance of common stock above the stated par value. The contributed capital recognized as additional paid in capital during the six months ended June 30, 2023 and 2022 was $ 3,040,585 1,951,463 no On June 16, 2023, the Company completed a public offering issuing 2,150,000 1,350,000 3,062,500 3,062,500 3.0 0.0001 605,000 2,755,000 1.65 Treasury Stock 110,762 247,165 110,762 no Preferred Stock no 8,000 Stock Based Compensation – Stock Based Compensation A summary of the Company’s stock option activity is as follows: Schedule of option activity Shares Underlying Options Weighted Average Exercise Price Weighted Average Contractual Life (Years) Intrinsic Value Outstanding at December 31, 2022 – – Granted 1,457,500 $ 2.20 8.53 $ – Forfeited – – Exercised – – Outstanding at June 30, 2023 1,457,500 $ 2.20 8.11 $ – For the three months ended June 30, 2023 and 2022, the Company recorded $ 113,301 0 235,692 0 1,206,749 The options granted during the six months ended June 30, 2023 were valued using the Black-Scholes option pricing model using the following weighted average assumptions: Options assumptions For the six months ended June 30, 2023 Expected term, in years 5.38 Expected volatility 79.35% Risk-free interest rate 3.66% Dividend yield - Common Stock Warrants As a result of the Merger on October 28, 2022, all surviving warrants from Coeptis Therapeutics, Inc. were converted using a 2.9685:1 ratio, and became exercisable to acquire shares of the Company’s common stock. On November 23, 2020, Coeptis Therapeutics, Inc. (under its prior name Vinings Holdings Inc.) issued a class A and a class B warrant to Coral Investment Partners, LP (“CIP”), with each warrant granting CIP the right to purchase 500,000 2 5 November 30, 2023 336,869 Warrant Holder 1 500,000 1 500,000 2 500,000 5 June 1, 2026 2,500 504,461 Warrant Holder 2 200,000 1 100,000 2 100,000 5 July 26, 2026 5,000 195,000 75,000 25,000 33,687 On September 22, 2021, Coeptis Therapeutics, Inc. issued a warrant in conjunction with the termination of the license right (see Note 3) with Purple, granting Purple the right to purchase 300,000 5 1,897,585 101,061 Warrant Holder 3 600,000 1 300,000 175,000 115,000 10,000 no Warrant Holder 4 300,000 300,000 no Warrant Holder 5 175,000 200,000 126,326 Warrant Holder 6 250,000 1.50 January 31, 2024 84,217 Warrant Holder 7 400,000 1.50 January 31, 2024 134,747 Warrant Holder 8 775,000 1.50 January 31, 2024 775,000 no Warrant Holder 9 200,000 1.50 January 31, 2024 200,000 no Warrant Holder 10 350,000 1.50 January 31, 2024 53,334 50,000 246,666 no Warrant Holder 11 150,000 1 150,000 2 January 31, 2024 170,000 1.50 January 31, 2024 158,328 Warrant Holder 12 1,018,050 1.50 January 31, 2024 100,000 918,050 no Warrant Holder 13 225,000 1.50 January 31, 2024 15,000 210,000 no Warrant Holder 14 - 100,000 1 January 31, 2024 100,000 no Warrant Holder 15 - 100,000 1.50 January 31, 2024 100,000 no Warrant Holder 16 - 100,000 1.50 January 31, 2024 25,000 75,000 no Warrant Holder 17 - 52,050 1.50 January 31, 2024 52,050 no Warrant Holder 18 - 250,000 3 March 30, 2024 84,217 Warrant Holder 19 - 300,000 1.50 April 1, 2027 300,000 no Warrant Holder 20 - 100,000 2.50 January 2, 2027 Warrant Holder 21 - 250,000 1.90 January 19, 2027 The warrants issued since May 28, 2021 and as of June 30, 2023 were valued using the Black-Scholes option pricing model using the following assumptions: 1) exercise price ranging from $1.00 to $5.00 per share, 2) fair value ranging from $4.80 to $6.00 per share, 3) discount rate ranging from 1.15% to 2.31%, 3) dividend rate of 0%, and 4) a term ranging from 2 to 5 years. On April 19, 2022, Coeptis Therapeutics, Inc. initiated a warrant conversion call for certain warrants and on April 20, 2022, for additional warrants. The original expiration for the warrant conversions was set as May 19, 2022, and May 20, 2022. The expiration date was extended and moved to June 30, 2022. A second extension moved the expiration to July 15, 2022, and the third extension moved the expiration date for the warrant conversions to August 1, 2022. The final extension was extended and moved to September 13, 2022. Warrants that were part of the call and not exercised by this date expired. Schedule of warrant outstanding $ 0.0001 $ 1.00 $ 1.50 $ 1.65 $ 1.90 $ 2.00 $ 2.50 $ 3.00 $ 5.00 Warrant contract # Shares $ 2.97 $ 4.45 $ 5.94 $ 8.91 $ 14.84 Coral Investment Partners Warrants 1,000,000 – – – – – 500,000 – – 500,000 Coral Investment Partners Warrants, as converted 336,869 – – – – – 168,434 – – 168,434 Warrant Holder 1 1,500,000 – 500,000 – – – 500,000 – – 500,000 July 28, 2022 (2,500 ) – (2,500 ) – – – – – – – 1,497,500 – 497,500 – – – 500,000 – – 500,000 Warrant Holder 1, as converted 504,461 – 167,592 – – – 168,434 – – 168,434 Warrant Holder 2 400,000 – 200,000 – – – 100,000 – – 100,000 March 1, 2022 (5,000 ) – (5,000 ) – – – – – – – June 27, 2022 (270,000 ) – (195,000 ) – – – (75,000 ) – – – Expired - September 13, 2022 (25,000 ) – – – – – (25,000 ) – – – 100,000 – – – – – – – – 100,000 Warrant Holder 2, as converted 33,687 – – – – – – – – 33,687 Purple BioTech 300,000 – – – – – – – – 300,000 Purple BioTech, as converted 101,061 – – – – – – – – 101,061 Warrant Holder 3 600,000 – 600,000 – – – – – – – Transfer to Warrant Holder 4 (300,000 ) – (300,000 ) – – – – – – – Transfer to Warrant Holder 5 (175,000 ) – (175,000 ) – – – – – – – August 19, 2022 (115,000 ) – (115,000 ) – – – – – – – Expired - September 13, 2022 (10,000 ) – (10,000 ) – – – – – – – – – – – – – – – – – Warrant Holder 3, as converted – – – – – – – – – – $ 0.0001 $ 1.00 $ 1.50 $ 1.65 $ 1.90 $ 2.00 $ 2.50 $ 3.00 $ 5.00 Warrant contract # Shares $ 2.97 $ 4.45 $ 5.94 $ 8.91 $ 14.84 Warrant Holder 4 Transfer from Warrant Holder 3 300,000 – 300,000 – – – – – – – August 19, 2022 (300,000 ) – (300,000 ) – – – – – – – – – – – – – – – – – Warrant Holder 4, as converted – – – – – – – – – – Warrant Holder 5 Transfer from Warrant Holder 3 175,000 – 175,000 – – – – – – – Transfer from Warrant Holder 9 200,000 – – 200,000 – – – – – – 375,000 – 175,000 200,000 – – – – – – Warrant Holder 5, as converted 126,326 – 58,952 67,374 – – – – – – Warrant Holder 6 250,000 – – 250,000 – – – – – – Warrant Holder 6, as converted 84,217 – – 84,217 – – – – – – Warrant Holder 7 400,000 – – 400,000 – – – – – – Warrant Holder 7, as converted 134,747 – – 134,747 – – – – – – Warrant Holder 8 775,000 – – 775,000 – – – – – – September 14, 2022 (775,000 ) – – (775,000 ) – – – – – – – – – – – – – – – – Warrant Holder 8, as converted – – – – – – – – – – Warrant Holder 9 200,000 – – 200,000 – – – – – – Transfer to Warrant Holder 5 (200,000 ) – – (200,000 ) – – – – – – – – – – – – – – – – Warrant Holder 9, as converted – – – – – – – – – – Warrant Holder 10 350,000 – – 350,000 – – – – – – March 1, 2022 (53,334 ) – – (53,334 ) – – – – – – August 19, 2022 (50,000 ) – – (50,000 ) – – – – – – September 14, 2022 (246,666 ) – – (246,666 ) – – – – – – – – – – – – – – – – Warrant Holder 10, as converted – – – – – – – – – – $ 0.0001 $ 1.00 $ 1.50 $ 1.65 $ 1.90 $ 2.00 $ 2.50 $ 3.00 $ 5.00 Warrant contract # Shares $ 2.97 $ 4.45 $ 5.94 $ 8.91 $ 14.84 Warrant Holder 11 300,000 – 150,000 – – – 150,000 – – – April 14, 2022 170,000 – – 170,000 – – – – – – 470,000 – 150,000 170,000 – – 150,000 – – – Warrant Holder 11, as converted 158,328 – 50,530 57,268 – – 50,530 – – – Warrant Holder 12 1,018,050 – – 1,018,050 – – – – – – August 19, 2022 (100,000 ) – – (100,000 ) – – – – – – September 14, 2022 (918,050 ) – – (918,050 ) – – – – – – – – – – – – – – – – Warrant Holder 12, as converted – – – – – – – – – – Warrant Holder 13 225,000 – – 225,000 – – – – – – March 1, 2022 (15,000 ) – – (15,000 ) – – – – – – September 14, 2022 (210,000 ) – – (210,000 ) – – – – – – – – – – – – – – – – Warrant Holder 13, as converted – – – – – – – – – – Warrant Holder 14 100,000 – 100,000 – – – – – – – August 19, 2022 (100,000 ) – (100,000 ) – – – – – – – – – – – – – – – – – Warrant Holder 14, as converted – – – – – – – – – – Warrant Holder 15 100,000 – – 100,000 – – – – – – September 14, 2022 (100,000 ) – – (100,000 ) – – – – – – – – – – – – – – – – Warrant Holder 15, as converted – – – – – – – – – – Warrant Holder 16 100,000 – – 100,000 – – – – – – June 27, 2022 (25,000 ) – – (25,000 ) – – – – – – September 14, 2022 (75,000 ) – – (75,000 ) – – – – – – – – – – – – – – – – Warrant Holder 16, as converted – – – – – – – – – – Warrant Holder 17 52,050 – – 52,050 – – – – – – September 14, 2022 (52,050 ) – – (52,050 ) – – – – – – – – – – – – – – – – Warrant Holder 17, as converted – – – – – – – – – – $ 0.0001 $ 1.00 $ 1.50 $ 1.65 $ 1.90 $ 2.00 $ 2.50 $ 3.00 $ 5.00 Warrant contract # Shares $ 2.97 $ 4.45 $ 5.94 $ 8.91 $ 14.84 Warrant Holder 18 250,000 – – – – – – – 250,000 – Warrant Holder 18, as converted 84,217 – – – – – – – 84,217 – Warrant Holder 19 300,000 – – 300,000 – – – – – – (300,000 ) – – (300,000 ) – – – – – – – – – – – – – – – – Warrant Holder 19, as converted – – – – – – – – – – Warrant Holder 20 – – – – – – – – – – January 3, 2023 100,000 – – – – – – 100,000 – – Warrant Holder 20 100,000 – – – – – – 100,000 – – Warrant Holder 21 – – – – – – – – – – January 20, 2023 250,000 – – – – 250,000 – – – – Warrant Holder 21 250,000 – – – – 250,000 – – – – Pre-Funded Warrant 1,350,000 1,350,000 – – – – – – – – June 21, 2023 (605,000 ) (605,000 ) – – – – – – – – Pre-Funded Warrant 745,000 745,000 – – – – – – – – Series A - Warrant – – – – – – – – – – June 16, 2023 3,062,500 – – – 3,062,500 – – – – – Series A - Warrant 3,062,500 – – – 3,062,500 – – – – – Series B - Warrant – – – – – – – – – – June 16, 2023 3,062,500 – – – 3,062,500 – – – – – Series B - Warrant 3,062,500 – – – 3,062,500 – – – – – Total warrants outstanding for purchase of shares: 11,862,500 745,000 822,500 1,020,000 6,125,000 250,000 1,150,000 100,000 250,000 1,400,000 Total warrants outstanding for purchase of shares, as converted: 8,783,912 745,000 277,074 343,606 6,125,000 250,000 387,399 100,000 84,217 471,616 Options/Stock Awards – the Company granted options to purchase an aggregate of 1,357,500 shares of our common stock under the 2022 Equity Incentive Plan, to various officers, directors, employees and consultants, at an average exercise price of . The Company has also granted a stand-alone option to a former employee to purchase up to 100,000 shares of our common stock at an exercise price of $10 per share. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 – COMMITMENTS AND CONTINGENCIES Leases Leases 22,500 Future minimum rental payments required under the lease are as follows: Schedule of future minimum rental payments 2023 $ 22,500 2024 18,750 Total minimum lease payments: 41,250 Less amount representing interest (5,251 ) Present value of minimum lease payments: $ 35,999 As of June 30, 2023, the Company had recorded a right of use asset of $ 38,987 21,276 14,723 Legal Matters Potential Asset Acquisition University of Pittsburgh Option Agreement CAR T License 75,000 annual maintenance fees ranging between $15,000 and $25,000 716,714 Deverra Therapeutics, Inc. Deverra 4,000,000 350,000 We believe that the acquisition of these assets or right to these assets would allow us to expand our current portfolio by adding two clinical stage programs to our asset base which we could use to develop multiple novel approaches to pairing cell- and immuno-therapies. The closing of the transaction is subject to numerous conditions, including: (a) due diligence review of Deverra and the targeted assets; (b) the negotiation, execution and delivery of definitive agreements; (c) approvals of all requisite parties to the transaction; (d) modification or restructuring of contracted milestone or other payments due or potentially due at any future time from Deverra in a satisfactory manner; (e) agreement by those certain key persons identified during due diligence review to join Coeptis as employees; (f) Deverra’s completion and delivery of its financial statements for the fiscal years ended December 31, 2021 and 2022, as well as for the three months ended March 31, 2023; (g) Deverra’s delivery of all third party consents; and (h) either (x) the consummation of the proposed public offering to which this prospectus is a part or (y) our determination that we otherwise have sufficient cash on hand. No assurance can be given that that we will be able to reach a definitive agreement with either of these parties, or that, even if we were to reach a definitive agreement, that either or both of these potential transactions would be consummated. Accordingly, there can be no certainty that either of the opportunities will be completed, or that if they are completed that we will experience any benefits that we believe that we could achieve through the addition of these assets. In all cases, any such proposed transaction remains subject to our satisfactory due diligence as well as numerous other closing conditions, including in the case of the Deverra opportunity certain rights of first refusal in place that others may possess and exercise. Registration Rights Pursuant to a registration rights agreement entered into on October 29, 2020, the holders of the founder shares, the Private Placement Warrants and underlying securities, and any securities issued upon conversion of Working Capital Loans (and underlying securities) would be entitled to registration rights pursuant to a registration rights agreement. The holders of at least a majority in interest of the then-outstanding number of these securities were entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination. Notwithstanding the foregoing, Imperial, I-Bankers and Northland did not exercise their demand and “piggyback” registration rights after five (5) and seven (7) years after the effective date of the registration statement and did not exercise its demand rights on more than one occasion. The registration rights agreement did not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company would bear the expenses incurred in connection with the filing of any such registration statements. |
401(k) PROFIT-SHARING PLAN
401(k) PROFIT-SHARING PLAN | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
401(k) PROFIT-SHARING PLAN | NOTE 7 - 401(k) PROFIT-SHARING PLAN The Company sponsors a qualified profit-sharing plan with a 401(k) feature that covers all eligible employees. Participation in the 401(k) feature of the plan is voluntary. Participating employees may defer up to 100% of their compensation up to the maximum prescribed by the Internal Revenue Code. The plan permits for employee elective deferrals but has no contribution requirements for the Company. During the three and six month periods ended June 30, 2023 and 2022, no |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 8 – INCOME TAXES no income tax expense or benefit was recognized. The Company’s deferred tax assets are comprised primarily of net operating loss carryforwards. The Company maintains a full valuation allowance on its deferred tax assets since it has not yet achieved sustained profitable operations. As a result, the Company has not recorded any income tax benefit since its inception. |
NOTE RECEIVABLE
NOTE RECEIVABLE | 6 Months Ended |
Jun. 30, 2023 | |
Credit Loss [Abstract] | |
NOTE RECEIVABLE | NOTE 9 – NOTE RECEIVABLE On July 19, 2023 the Company (“Lender”) entered into a Senior Secured Note agreement with Deverra (“Borrower”). The Company agreed to make advances of principal to the Borrower of up to an aggregate amount equal to $572,000. Any advances are at the sole discretion of the Company. The outstanding unpaid principal balance of the Note bears interest at 3% per annum and is due and payable on the Maturity Date, September 30, 2023. In the event that a certain business transaction between the Lender and Borrower as contemplated by that certain binding term sheet dated April 13, 2023, and referenced in Note 6, is consummated prior to the Maturity Date, the full amounts due under this Note shall be applied against the cash portion of any closing payment due from the Lender in connection with such transaction and any excess amounts under this Note shall be treated as additional purchase price in connection with the transaction. As of June 30, 2023, $ 350,000 461,905 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 – SUBSEQUENT EVENTS Management has performed a review of items and transactions occurring after June 30, 2023 to determine if there were any that would require adjustment to or disclosure in the accompanying condensed consolidated financial statements, noting no such items or transactions other than the following item. On July 14, 2023, the Company and Purple BioTech (“Purple”) executed an amendment to revise the note’s payment schedule. The revised payment schedule has four milestone payments with the first due and paid on July 17, 2023, and on the three calendar quarter-end dates thereafter. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Restatement of Previously Issued Financial Statements | Restatement of Previously Issued Financial Statements Subsequent to the issuance of the condensed consolidated financial statements as of and for the three and six months ended June 30, 2023, the Company performed an evaluation of its accounting for a convertible promissory note agreement with an unrelated third party in the amount of $350,000 with no accruing interest issued for legal services rendered in connection with the Merger on October 28, 2022, and the accounting for the corporate research agreement with the University of Pittsburgh entered into on January 25, 2023, where the Company committed to paying $716,714 for performance-based milestones over a two year period. Management determined the previously issued condensed consolidated financial statements do not give effect to the issuance of the note payable nor the corporate research agreement. On March 19, 2024, Management concluded its evaluation and determined that the identified errors required the restatement of the accompanying condensed consolidated financial statements. The following table sets forth the effects of the adjustments on affected items within the Company’s previously reported condensed consolidated balance sheets and condensed consolidated statements of operations for the period ended June 30, 2023. As Reported Adjustment As Restated Consolidated Balance Sheets as of June 30, 2023 Accrued expenses $ 247,341 $ 179,179 $ 426,520 Notes payable, current portion $ 1,850,000 $ 350,000 $ 2,200,000 Total current liabilities $ 2,513,849 $ 529,179 $ 3,043,028 Total liabilities $ 4,666,072 $ 529,179 $ 5,195,251 Accumulated deficit $ (76,720,998 ) $ (529,179 ) $ (77,250,177 ) Total stockholders’ equity $ 2,489,627 $ (529,179 ) $ 1,960,448 Consolidated Statements of Operations for the 3 months ended June 30, 2023 Research and development $ 377,040 $ 89,589 $ 466,629 Total operating expenses $ 3,638,031 $ 89,589 $ 3,727,620 Loss from operations $ (3,638,031 ) $ (89,589 ) $ (3,727,620 ) Loss before income taxes $ (3,113,031 ) $ (89,589 ) $ (3,202,620 ) Net loss $ (3,113,031 ) $ (89,589 ) $ (3,202,620 ) Loss per share, basic and fully diluted $ (0.14 ) $ (0.01 ) $ (0.15 ) Consolidated Statements of Operations for the 6 months ended June 30, 2023 Research and development $ 402,780 $ 179,179 $ 581,959 Total operating expenses $ 10,118,810 $ 179,179 $ 10,297,989 Loss from operations $ (10,118,810 ) $ (179,179 ) $ (10,297,989 ) Loss before income taxes $ (10,981,275 ) $ (179,179 ) $ (11,160,454 ) Net loss $ (10,981,275 ) $ (179,179 ) $ (11,160,454 ) Loss per share, basic and fully diluted $ (0.52 ) $ (0.01 ) $ (0.53 ) Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2023 Accumulated deficit (Net loss) $ (3,113,031 ) $ (89,589 ) $ (3,202,620 ) Accumulated deficit (Balance at June 30, 2023) $ (76,720,998 ) $ (529,179 ) $ (77,250,177 ) Total (Net loss) $ (3,113,031 ) $ (89,589 ) $ (3,202,620 ) Total (Balance at June 30, 2023) $ 2,489,627 $ (529,179 ) $ 1,960,448 Consolidated Statements of Cash Flows for the 6 months ended June 30, 2023 Net loss $ (10,981,275 ) $ (179,179 ) $ (11,160,454 ) Accrued expenses $ 65,343 $ 179,179 $ 244,521 Additionally, please refer to Note 4, Debt, where the Company has included additional disclosure related to the convertible promissory note, and Note 6, Commitments and Contingencies, where the Company included additional disclosure related to the corporate research agreement. The Company’s significant accounting policies are described in Note 2 “Summary of Significant Accounting Policies,” in the Company’s Annual Report on Form 10-K filed with the SEC on March 29, 2023. There have been no material changes to the significant accounting policies during the three-month and six-month periods ended June 30, 2023, except for items mentioned below. |
Use of Estimates | Use of Estimates |
Employee and Non-Employee Share-Based Compensation | Employee and Non-Employee Share-Based Compensation The Company applies Accounting Standards Codification (“ASC”) 718-10, “Share-Based Payment,” which requires the measurement and recognition of compensation expenses for all share- based payment awards made to employees and directors including employee stock options equity awards issued to employees and non-employees based on estimated fair values. ASC 718-10 requires companies to estimate the fair value of equity-based option awards on the date of grant using an option-pricing model. The fair value of the award is recognized as an expense on a straight-line basis over the requisite service periods in the Company’s condensed consolidated statements of operations. The Company recognizes share-based award forfeitures as they occur. The Company estimates the fair value of granted option equity awards using a Black-Scholes option pricing model. The option-pricing model requires a number of assumptions, of which the most significant are share price, expected volatility and the expected option term (the time from the grant date until the options are exercised or expire). Expected volatility is estimated based on volatility of the Company. The Company has historically not paid dividends and has no foreseeable plans to issue dividends. The risk-free interest rate is based on the yield from governmental zero-coupon bonds with an equivalent term. The expected option term is calculated for options granted to employees and directors using the “simplified” method. Changes in the determination of each of the inputs can affect the fair value of the options granted and the results of operations of the Company. |
Adoption of New Accounting Pronouncements | Adoption of New Accounting Pronouncements During the three months and six months ended June 30, 2023 and 2022, there were several new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”). Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s condensed consolidated financial statements. |
Going Concern | Going Concern 77,250,177 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | As Reported Adjustment As Restated Consolidated Balance Sheets as of June 30, 2023 Accrued expenses $ 247,341 $ 179,179 $ 426,520 Notes payable, current portion $ 1,850,000 $ 350,000 $ 2,200,000 Total current liabilities $ 2,513,849 $ 529,179 $ 3,043,028 Total liabilities $ 4,666,072 $ 529,179 $ 5,195,251 Accumulated deficit $ (76,720,998 ) $ (529,179 ) $ (77,250,177 ) Total stockholders’ equity $ 2,489,627 $ (529,179 ) $ 1,960,448 Consolidated Statements of Operations for the 3 months ended June 30, 2023 Research and development $ 377,040 $ 89,589 $ 466,629 Total operating expenses $ 3,638,031 $ 89,589 $ 3,727,620 Loss from operations $ (3,638,031 ) $ (89,589 ) $ (3,727,620 ) Loss before income taxes $ (3,113,031 ) $ (89,589 ) $ (3,202,620 ) Net loss $ (3,113,031 ) $ (89,589 ) $ (3,202,620 ) Loss per share, basic and fully diluted $ (0.14 ) $ (0.01 ) $ (0.15 ) Consolidated Statements of Operations for the 6 months ended June 30, 2023 Research and development $ 402,780 $ 179,179 $ 581,959 Total operating expenses $ 10,118,810 $ 179,179 $ 10,297,989 Loss from operations $ (10,118,810 ) $ (179,179 ) $ (10,297,989 ) Loss before income taxes $ (10,981,275 ) $ (179,179 ) $ (11,160,454 ) Net loss $ (10,981,275 ) $ (179,179 ) $ (11,160,454 ) Loss per share, basic and fully diluted $ (0.52 ) $ (0.01 ) $ (0.53 ) Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2023 Accumulated deficit (Net loss) $ (3,113,031 ) $ (89,589 ) $ (3,202,620 ) Accumulated deficit (Balance at June 30, 2023) $ (76,720,998 ) $ (529,179 ) $ (77,250,177 ) Total (Net loss) $ (3,113,031 ) $ (89,589 ) $ (3,202,620 ) Total (Balance at June 30, 2023) $ 2,489,627 $ (529,179 ) $ 1,960,448 Consolidated Statements of Cash Flows for the 6 months ended June 30, 2023 Net loss $ (10,981,275 ) $ (179,179 ) $ (11,160,454 ) Accrued expenses $ 65,343 $ 179,179 $ 244,521 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of maturities for long-term debt | Schedule of maturities for long-term debt 2023 $ – 2024 – 2025 – 2026 – 2027 1,687 Thereafter 148,313 Total long-term debt $ 150,000 |
Schedule of fair value of warrants | Schedule of fair value of warrants Description Level June 30, December 31, Warrant Liability – Public Warrants 1 $ 525,000 $ 750,000 Warrant Liability – Private Placement Warrants 3 $ 1,462,500 $ 375,000 |
Schedule of fair value assumptions | Schedule of fair value assumptions June 30, December 31, Risk-free interest rate 4.13% 3.97% Expected volatility 82.5% 67.1% Exercise price $ 11.50 $ 11.50 Stock Price $ 1.55 $ 1.53 |
Schedule of changes in fair value of warrant liabilities | Schedule of changes in fair value of warrant liabilities Private Placement Public Warrant Liabilities Fair value as of December 31, 2022 $ 375,000 $ 750,000 $ 1,125,000 Change in valuation inputs 1,012,500 375,000 1,387,500 Fair value as of March 31, 2023 1,387,500 1,125,000 2,512,500 Change in valuation inputs 75,000 (600,000 ) (525,000 ) Fair value as of June 30, 2023 $ 1,462,500 $ 525,000 $ 1,987,500 |
CAPITAL STRUCTURE (Tables)
CAPITAL STRUCTURE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of option activity | Schedule of option activity Shares Underlying Options Weighted Average Exercise Price Weighted Average Contractual Life (Years) Intrinsic Value Outstanding at December 31, 2022 – – Granted 1,457,500 $ 2.20 8.53 $ – Forfeited – – Exercised – – Outstanding at June 30, 2023 1,457,500 $ 2.20 8.11 $ – |
Options assumptions | Options assumptions For the six months ended June 30, 2023 Expected term, in years 5.38 Expected volatility 79.35% Risk-free interest rate 3.66% Dividend yield - |
Schedule of warrant outstanding | Schedule of warrant outstanding $ 0.0001 $ 1.00 $ 1.50 $ 1.65 $ 1.90 $ 2.00 $ 2.50 $ 3.00 $ 5.00 Warrant contract # Shares $ 2.97 $ 4.45 $ 5.94 $ 8.91 $ 14.84 Coral Investment Partners Warrants 1,000,000 – – – – – 500,000 – – 500,000 Coral Investment Partners Warrants, as converted 336,869 – – – – – 168,434 – – 168,434 Warrant Holder 1 1,500,000 – 500,000 – – – 500,000 – – 500,000 July 28, 2022 (2,500 ) – (2,500 ) – – – – – – – 1,497,500 – 497,500 – – – 500,000 – – 500,000 Warrant Holder 1, as converted 504,461 – 167,592 – – – 168,434 – – 168,434 Warrant Holder 2 400,000 – 200,000 – – – 100,000 – – 100,000 March 1, 2022 (5,000 ) – (5,000 ) – – – – – – – June 27, 2022 (270,000 ) – (195,000 ) – – – (75,000 ) – – – Expired - September 13, 2022 (25,000 ) – – – – – (25,000 ) – – – 100,000 – – – – – – – – 100,000 Warrant Holder 2, as converted 33,687 – – – – – – – – 33,687 Purple BioTech 300,000 – – – – – – – – 300,000 Purple BioTech, as converted 101,061 – – – – – – – – 101,061 Warrant Holder 3 600,000 – 600,000 – – – – – – – Transfer to Warrant Holder 4 (300,000 ) – (300,000 ) – – – – – – – Transfer to Warrant Holder 5 (175,000 ) – (175,000 ) – – – – – – – August 19, 2022 (115,000 ) – (115,000 ) – – – – – – – Expired - September 13, 2022 (10,000 ) – (10,000 ) – – – – – – – – – – – – – – – – – Warrant Holder 3, as converted – – – – – – – – – – $ 0.0001 $ 1.00 $ 1.50 $ 1.65 $ 1.90 $ 2.00 $ 2.50 $ 3.00 $ 5.00 Warrant contract # Shares $ 2.97 $ 4.45 $ 5.94 $ 8.91 $ 14.84 Warrant Holder 4 Transfer from Warrant Holder 3 300,000 – 300,000 – – – – – – – August 19, 2022 (300,000 ) – (300,000 ) – – – – – – – – – – – – – – – – – Warrant Holder 4, as converted – – – – – – – – – – Warrant Holder 5 Transfer from Warrant Holder 3 175,000 – 175,000 – – – – – – – Transfer from Warrant Holder 9 200,000 – – 200,000 – – – – – – 375,000 – 175,000 200,000 – – – – – – Warrant Holder 5, as converted 126,326 – 58,952 67,374 – – – – – – Warrant Holder 6 250,000 – – 250,000 – – – – – – Warrant Holder 6, as converted 84,217 – – 84,217 – – – – – – Warrant Holder 7 400,000 – – 400,000 – – – – – – Warrant Holder 7, as converted 134,747 – – 134,747 – – – – – – Warrant Holder 8 775,000 – – 775,000 – – – – – – September 14, 2022 (775,000 ) – – (775,000 ) – – – – – – – – – – – – – – – – Warrant Holder 8, as converted – – – – – – – – – – Warrant Holder 9 200,000 – – 200,000 – – – – – – Transfer to Warrant Holder 5 (200,000 ) – – (200,000 ) – – – – – – – – – – – – – – – – Warrant Holder 9, as converted – – – – – – – – – – Warrant Holder 10 350,000 – – 350,000 – – – – – – March 1, 2022 (53,334 ) – – (53,334 ) – – – – – – August 19, 2022 (50,000 ) – – (50,000 ) – – – – – – September 14, 2022 (246,666 ) – – (246,666 ) – – – – – – – – – – – – – – – – Warrant Holder 10, as converted – – – – – – – – – – $ 0.0001 $ 1.00 $ 1.50 $ 1.65 $ 1.90 $ 2.00 $ 2.50 $ 3.00 $ 5.00 Warrant contract # Shares $ 2.97 $ 4.45 $ 5.94 $ 8.91 $ 14.84 Warrant Holder 11 300,000 – 150,000 – – – 150,000 – – – April 14, 2022 170,000 – – 170,000 – – – – – – 470,000 – 150,000 170,000 – – 150,000 – – – Warrant Holder 11, as converted 158,328 – 50,530 57,268 – – 50,530 – – – Warrant Holder 12 1,018,050 – – 1,018,050 – – – – – – August 19, 2022 (100,000 ) – – (100,000 ) – – – – – – September 14, 2022 (918,050 ) – – (918,050 ) – – – – – – – – – – – – – – – – Warrant Holder 12, as converted – – – – – – – – – – Warrant Holder 13 225,000 – – 225,000 – – – – – – March 1, 2022 (15,000 ) – – (15,000 ) – – – – – – September 14, 2022 (210,000 ) – – (210,000 ) – – – – – – – – – – – – – – – – Warrant Holder 13, as converted – – – – – – – – – – Warrant Holder 14 100,000 – 100,000 – – – – – – – August 19, 2022 (100,000 ) – (100,000 ) – – – – – – – – – – – – – – – – – Warrant Holder 14, as converted – – – – – – – – – – Warrant Holder 15 100,000 – – 100,000 – – – – – – September 14, 2022 (100,000 ) – – (100,000 ) – – – – – – – – – – – – – – – – Warrant Holder 15, as converted – – – – – – – – – – Warrant Holder 16 100,000 – – 100,000 – – – – – – June 27, 2022 (25,000 ) – – (25,000 ) – – – – – – September 14, 2022 (75,000 ) – – (75,000 ) – – – – – – – – – – – – – – – – Warrant Holder 16, as converted – – – – – – – – – – Warrant Holder 17 52,050 – – 52,050 – – – – – – September 14, 2022 (52,050 ) – – (52,050 ) – – – – – – – – – – – – – – – – Warrant Holder 17, as converted – – – – – – – – – – $ 0.0001 $ 1.00 $ 1.50 $ 1.65 $ 1.90 $ 2.00 $ 2.50 $ 3.00 $ 5.00 Warrant contract # Shares $ 2.97 $ 4.45 $ 5.94 $ 8.91 $ 14.84 Warrant Holder 18 250,000 – – – – – – – 250,000 – Warrant Holder 18, as converted 84,217 – – – – – – – 84,217 – Warrant Holder 19 300,000 – – 300,000 – – – – – – (300,000 ) – – (300,000 ) – – – – – – – – – – – – – – – – Warrant Holder 19, as converted – – – – – – – – – – Warrant Holder 20 – – – – – – – – – – January 3, 2023 100,000 – – – – – – 100,000 – – Warrant Holder 20 100,000 – – – – – – 100,000 – – Warrant Holder 21 – – – – – – – – – – January 20, 2023 250,000 – – – – 250,000 – – – – Warrant Holder 21 250,000 – – – – 250,000 – – – – Pre-Funded Warrant 1,350,000 1,350,000 – – – – – – – – June 21, 2023 (605,000 ) (605,000 ) – – – – – – – – Pre-Funded Warrant 745,000 745,000 – – – – – – – – Series A - Warrant – – – – – – – – – – June 16, 2023 3,062,500 – – – 3,062,500 – – – – – Series A - Warrant 3,062,500 – – – 3,062,500 – – – – – Series B - Warrant – – – – – – – – – – June 16, 2023 3,062,500 – – – 3,062,500 – – – – – Series B - Warrant 3,062,500 – – – 3,062,500 – – – – – Total warrants outstanding for purchase of shares: 11,862,500 745,000 822,500 1,020,000 6,125,000 250,000 1,150,000 100,000 250,000 1,400,000 Total warrants outstanding for purchase of shares, as converted: 8,783,912 745,000 277,074 343,606 6,125,000 250,000 387,399 100,000 84,217 471,616 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum rental payments | Schedule of future minimum rental payments 2023 $ 22,500 2024 18,750 Total minimum lease payments: 41,250 Less amount representing interest (5,251 ) Present value of minimum lease payments: $ 35,999 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accrued Liabilities, Current | $ 426,520 | $ 426,520 | $ 181,998 | |||||
Notes Payable, Current | 2,200,000 | 2,200,000 | 1,850,000 | |||||
Liabilities, Current | 3,043,028 | 3,043,028 | 2,172,637 | |||||
Liabilities | 5,195,251 | 5,195,251 | 3,462,360 | |||||
Retained Earnings (Accumulated Deficit) | (77,250,177) | (77,250,177) | (66,089,723) | |||||
Equity, Attributable to Parent | 1,960,448 | $ 846,407 | $ 2,061,034 | $ 2,337,195 | 1,960,448 | $ 2,061,034 | 4,453,329 | $ 2,350,634 |
Research and Development Expense | 466,629 | 0 | 581,959 | 0 | ||||
Operating Expenses | 3,727,620 | 9,812,854 | 10,297,989 | 25,583,988 | ||||
Operating Income (Loss) | (3,727,620) | (9,812,854) | (10,297,989) | (25,583,988) | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (3,202,620) | (9,802,837) | (11,160,454) | (28,982,530) | ||||
Net Income (Loss) Attributable to Parent | $ (3,202,620) | (7,957,833) | $ (9,802,837) | (19,179,693) | $ (11,160,454) | $ (28,982,530) | ||
Earnings Per Share, Basic | $ (0.15) | $ (0.75) | $ (0.53) | $ (2.26) | ||||
Earnings Per Share, Diluted | $ (0.15) | $ (0.75) | $ (0.53) | $ (2.26) | ||||
Merger | $ (3,202,620) | |||||||
Restated Merger | (3,202,620) | |||||||
Retained Earnings (Accumulated Deficit) | $ (77,250,177) | (77,250,177) | ||||||
BALANCE AT JUNE 30, 2023 (as restated) | 1,960,448 | $ 846,407 | $ 2,061,034 | $ 2,337,195 | 1,960,448 | $ 2,061,034 | ||
Restated Accumulated Deficit | (77,250,177) | |||||||
Note Payable Issued in Connection With Merger | (11,160,454) | |||||||
Increase (Decrease) in Accrued Liabilities | 244,521 | $ 106,526 | ||||||
Retained Earnings (Accumulated Deficit) | 77,250,177 | 77,250,177 | $ 66,089,723 | |||||
Previously Reported [Member] | ||||||||
Accrued Liabilities, Current | 247,341 | 247,341 | ||||||
Notes Payable, Current | 1,850,000 | 1,850,000 | ||||||
Liabilities, Current | 2,513,849 | 2,513,849 | ||||||
Liabilities | 4,666,072 | 4,666,072 | ||||||
Retained Earnings (Accumulated Deficit) | (76,720,998) | (76,720,998) | ||||||
Equity, Attributable to Parent | 2,489,627 | 2,489,627 | ||||||
Research and Development Expense | 377,040 | 402,780 | ||||||
Operating Expenses | 3,638,031 | 10,118,810 | ||||||
Operating Income (Loss) | (3,638,031) | (10,118,810) | ||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (3,113,031) | (10,981,275) | ||||||
Net Income (Loss) Attributable to Parent | $ (3,113,031) | $ (10,981,275) | ||||||
Earnings Per Share, Basic | $ (0.14) | $ (0.52) | ||||||
Earnings Per Share, Diluted | $ (0.14) | $ (0.52) | ||||||
Merger | $ (3,113,031) | |||||||
Retained Earnings (Accumulated Deficit) | $ (76,720,998) | (76,720,998) | ||||||
BALANCE AT JUNE 30, 2023 (as restated) | 2,489,627 | 2,489,627 | ||||||
Total Merger | (3,113,031) | |||||||
Note Payable Issued in Connection With Merger | (10,981,275) | |||||||
Increase (Decrease) in Accrued Liabilities | 65,343 | |||||||
Retained Earnings (Accumulated Deficit) | 76,720,998 | 76,720,998 | ||||||
Revision of Prior Period, Adjustment [Member] | ||||||||
Accrued Liabilities, Current | 179,179 | 179,179 | ||||||
Notes Payable, Current | 350,000 | 350,000 | ||||||
Liabilities, Current | 529,179 | 529,179 | ||||||
Liabilities | 529,179 | 529,179 | ||||||
Retained Earnings (Accumulated Deficit) | (529,179) | (529,179) | ||||||
Equity, Attributable to Parent | (529,179) | (529,179) | ||||||
Research and Development Expense | 89,589 | 179,179 | ||||||
Operating Expenses | 89,589 | 179,179 | ||||||
Operating Income (Loss) | (89,589) | (179,179) | ||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (89,589) | (179,179) | ||||||
Net Income (Loss) Attributable to Parent | $ (89,589) | $ (179,179) | ||||||
Earnings Per Share, Basic | $ (0.01) | $ (0.01) | ||||||
Earnings Per Share, Diluted | $ (0.01) | $ (0.01) | ||||||
Merger | $ (89,589) | |||||||
Retained Earnings (Accumulated Deficit) | $ (529,179) | (529,179) | ||||||
BALANCE AT JUNE 30, 2023 (as restated) | (529,179) | (529,179) | ||||||
Total Merger | (89,589) | |||||||
Note Payable Issued in Connection With Merger | (179,179) | |||||||
Increase (Decrease) in Accrued Liabilities | 179,179 | |||||||
Retained Earnings (Accumulated Deficit) | $ 529,179 | $ 529,179 |
LICENSE RIGHT (Details Narrativ
LICENSE RIGHT (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Nov. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Repayments of notes payable | $ 0 | $ 250,000 | |||
Vy Gen [Member] | CD38 Assets [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Payments to acquire intangible assets | $ 1,750,000 | ||||
Notes issued | $ 3,250,000 | ||||
Capitalized contract cost, gross | 5,000,000 | ||||
Repayments of notes payable | $ 1,500,000 | $ 250,000 | |||
Notes payable, noncurrent | $ 0 |
DEBT (Details - Debt maturities
DEBT (Details - Debt maturities) | Jun. 30, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 1,687 |
Thereafter | 148,313 |
Total long-term debt | $ 150,000 |
DEBT (Details - Fair value)
DEBT (Details - Fair value) - Fair Value, Recurring [Member] - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Public Warrants [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Offsetting Assets [Line Items] | ||
Financial liabilities fair value disclosure | $ 525,000 | $ 750,000 |
Private Placement Warrants [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Offsetting Assets [Line Items] | ||
Financial liabilities fair value disclosure | $ 1,462,500 | $ 375,000 |
DEBT (Details - Assumptions)
DEBT (Details - Assumptions) - Fair Value, Inputs, Level 3 [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Measurement Input, Risk Free Interest Rate [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Derivatives, determination of fair value | 4.13% | 3.97% |
Measurement Input, Price Volatility [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Derivatives, determination of fair value | 82.5% | 67.1% |
Measurement Input, Exercise Price [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Derivatives, determination of fair value | 11.50 | 11.50 |
Measurement Input, Share Price [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Derivatives, determination of fair value | 1.55 | 1.53 |
DEBT (Details - Changes in fair
DEBT (Details - Changes in fair value of warrant liabilities) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | |
Private Placement Warrants [Member] | ||
Offsetting Assets [Line Items] | ||
Fair value warrant liabilities at beginning | $ 1,387,500 | $ 375,000 |
Change in valuation inputs | 75,000 | 1,012,500 |
Fair value warrant liabilities at ending | 1,462,500 | 1,387,500 |
Public Warrants [Member] | ||
Offsetting Assets [Line Items] | ||
Fair value warrant liabilities at beginning | 1,125,000 | 750,000 |
Change in valuation inputs | (600,000) | 375,000 |
Fair value warrant liabilities at ending | 525,000 | 1,125,000 |
Warrant Liabilities [Member] | ||
Offsetting Assets [Line Items] | ||
Fair value warrant liabilities at beginning | 2,512,500 | 1,125,000 |
Change in valuation inputs | (525,000) | 1,387,500 |
Fair value warrant liabilities at ending | $ 1,987,500 | $ 2,512,500 |
DEBT (Details Narrative)
DEBT (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | |||||||||
Feb. 28, 2023 | Apr. 14, 2022 | Jul. 08, 2020 | Dec. 31, 2022 | Nov. 30, 2022 | Oct. 31, 2022 | Jul. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | May 31, 2023 | Jan. 31, 2020 | |
Debt Instrument [Line Items] | |||||||||||
Repayments of Notes Payable | $ 0 | $ 250,000 | |||||||||
Fair value transfer | 0 | ||||||||||
Unrelated Third Party [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Issued, Principal | $ 350,000 | ||||||||||
Short-Term Debt, Description | no accruing interest and is due on October 28, 2023 | ||||||||||
Convertible Debt, Current | $ 350,000 | ||||||||||
License Agreement [Member] | Purple Bio Tech [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 1,500,000 | ||||||||||
Debt Instrument, Interest Rate During Period | 5% | ||||||||||
Public Warrants [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Warrants outstanding | 7,500,000 | ||||||||||
Private Warrants [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Warrants outstanding | 3,750,000 | ||||||||||
Note Payable 1 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 500,000 | ||||||||||
Debt stated interest rate | 8% | ||||||||||
Debt maturity date | Jul. 31, 2022 | ||||||||||
Repayments of Notes Payable | $ 500,000 | ||||||||||
Interest Expense, Debt | $ 135,671 | ||||||||||
Note Payable 1 [Member] | Debt Extension [Member] | Warrant [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 400,000 | ||||||||||
Note Payable 2 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 167,000 | ||||||||||
Debt stated interest rate | 8% | ||||||||||
Debt maturity date | Jul. 31, 2022 | ||||||||||
Repayments of Notes Payable | $ 117,000 | $ 50,000 | |||||||||
Interest Expense, Debt | $ 42,893 | ||||||||||
Note Payable 2 [Member] | Debt Extension [Member] | Warrant [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 250,000 | ||||||||||
Senior Secured Note [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 150,000 | $ 200,000 | |||||||||
Debt stated interest rate | 10% | 4.50% | |||||||||
EIDL Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt stated interest rate | 3.75% | ||||||||||
Proceeds from Loans | $ 150,000 | ||||||||||
Notes Payable | $ 150,000 |
CAPITAL STRUCTURE (Details - Op
CAPITAL STRUCTURE (Details - Option activity) - Stock Options [Member] | 6 Months Ended |
Jun. 30, 2023 USD ($) $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Options outstanding, beginning shares | shares | 0 |
Weighted average exercise price, beginning balance outstanding | $ / shares | $ 0 |
Options granted, shares | shares | 1,457,500 |
Weighted average exercise price, options granted | $ / shares | $ 2.20 |
Weighted average contractual life, options granted | 8 years 6 months 10 days |
Options forfeited, shares | shares | 0 |
Weighted average exercise price, options forfeited | $ / shares | $ 0 |
Options exercised, shares | shares | 0 |
Weighted average exercise price, options exercised | $ / shares | $ 0 |
Options outstanding, ending shares | shares | 1,457,500 |
Weighted average exercise price, ending balance outstanding | $ / shares | $ 2.20 |
Weighted average contractual life, options outstanding | 8 years 1 month 9 days |
Intrinsic value, options outstanding | $ | $ 0 |
CAPITAL STRUCTURE (Details - _2
CAPITAL STRUCTURE (Details - Option assumptions) - Stock Options [Member] | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Expected term, in years | 5 years 4 months 17 days |
Expected volatility | 79.35% |
Risk-free interest rate | 3.66% |
Dividend yield | (0.00%) |
CAPITAL STRUCTURE (Details)
CAPITAL STRUCTURE (Details) - shares | Jun. 30, 2023 | Jun. 21, 2023 | Jun. 16, 2023 | Jan. 20, 2023 | Jan. 03, 2023 | Sep. 14, 2022 | Sep. 13, 2022 | Aug. 19, 2022 | Jul. 28, 2022 | Jun. 28, 2022 | Jun. 27, 2022 | Apr. 14, 2022 | Mar. 02, 2022 |
Price 0. 0001 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 745,000 | ||||||||||||
Coral Investment Partners Warrants [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 1,000,000 | ||||||||||||
Coral Investment Partners Warrants [Member] | Price 2 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 500,000 | ||||||||||||
Coral Investment Partners Warrants [Member] | Price 5 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 500,000 | ||||||||||||
Coral Investment Partners Warrants Converted [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 336,869 | ||||||||||||
Coral Investment Partners Warrants Converted [Member] | Price 2 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 168,434 | ||||||||||||
Coral Investment Partners Warrants Converted [Member] | Price 5 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 168,434 | ||||||||||||
Warrant Holder 1 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 1,497,500 | ||||||||||||
Class of Warrant or Right, Outstanding Gross | 1,500,000 | ||||||||||||
Class of Warrant or Right, Outstanding | (2,500) | ||||||||||||
Warrant Holder 1 [Member] | Price 2 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 500,000 | ||||||||||||
Class of Warrant or Right, Outstanding Gross | 500,000 | ||||||||||||
Warrant Holder 1 [Member] | Price 5 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 500,000 | ||||||||||||
Class of Warrant or Right, Outstanding Gross | 500,000 | ||||||||||||
Warrant Holder 1 [Member] | Price 1 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 497,500 | ||||||||||||
Class of Warrant or Right, Outstanding Gross | 500,000 | ||||||||||||
Class of Warrant or Right, Outstanding | (2,500) | ||||||||||||
Coral Investment Partners Warrants Converted 1 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 504,461 | ||||||||||||
Coral Investment Partners Warrants Converted 1 [Member] | Price 2 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 168,434 | ||||||||||||
Coral Investment Partners Warrants Converted 1 [Member] | Price 5 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 168,434 | ||||||||||||
Coral Investment Partners Warrants Converted 1 [Member] | Price 1 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 167,592 | ||||||||||||
Warrant Holder 2 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 100,000 | ||||||||||||
Class of Warrant or Right, Outstanding Gross | 400,000 | (25,000) | (270,000) | (5,000) | |||||||||
Warrant Holder 2 [Member] | Price 2 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 100,000 | (25,000) | (75,000) | ||||||||||
Warrant Holder 2 [Member] | Price 5 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 100,000 | ||||||||||||
Class of Warrant or Right, Outstanding Gross | 100,000 | ||||||||||||
Warrant Holder 2 [Member] | Price 1 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 200,000 | (195,000) | (5,000) | ||||||||||
Coral Investment Partners Warrants Converted 2 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 33,687 | ||||||||||||
Coral Investment Partners Warrants Converted 2 [Member] | Price 5 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 33,687 | ||||||||||||
Coral Investment Partners Warrants Converted 2 [Member] | Price 1 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Purple Bio Tech Warrant [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 300,000 | ||||||||||||
Purple Bio Tech Warrant [Member] | Price 5 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 300,000 | ||||||||||||
Purple Bio Tech Warrant Converted [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 101,061 | ||||||||||||
Warrant Holder 3 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 600,000 | (10,000) | (115,000) | ||||||||||
Warrant Holder 3 [Member] | Transfer To Warrant Holder 4 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | (300,000) | ||||||||||||
Warrant Holder 3 [Member] | Transfer To Warrant Holder 5 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | (175,000) | ||||||||||||
Warrant Holder 3 [Member] | Price 1 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 600,000 | (10,000) | (115,000) | ||||||||||
Coral Investment Partners Warrants Converted 3 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Coral Investment Partners Warrants Converted 3 [Member] | Price 1 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Warrant Holder 4 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | (300,000) | ||||||||||||
Warrant Holder 4 [Member] | Transfer From Warrant Holder 3 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 300,000 | ||||||||||||
Warrant Holder 4 [Member] | Price 1 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | (300,000) | ||||||||||||
Warrant Holder 4 [Member] | Price 1 [Member] | Transfer From Warrant Holder 3 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 300,000 | ||||||||||||
Coral Investment Partners Warrants Converted 4 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Coral Investment Partners Warrants Converted 4 [Member] | Price 1 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Warrant Holder 5 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 375,000 | ||||||||||||
Warrant Holder 5 [Member] | Transfer From Warrant Holder 3 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 175,000 | ||||||||||||
Warrant Holder 5 [Member] | Transfer From Warrant Holder 9 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 200,000 | ||||||||||||
Warrant Holder 5 [Member] | Price 1 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 175,000 | ||||||||||||
Warrant Holder 5 [Member] | Price 1 [Member] | Transfer From Warrant Holder 3 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 175,000 | ||||||||||||
Warrant Holder 5 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 200,000 | ||||||||||||
Class of Warrant or Right, Outstanding Gross | 200,000 | ||||||||||||
Coral Investment Partners Warrants Converted 5 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 126,326 | ||||||||||||
Coral Investment Partners Warrants Converted 5 [Member] | Price 1 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 58,952 | ||||||||||||
Coral Investment Partners Warrants Converted 5 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 67,374 | ||||||||||||
Warrant Holder 6 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 250,000 | ||||||||||||
Warrant Holder 6 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 250,000 | ||||||||||||
Coral Investment Partners Warrants Converted 6 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 84,217 | ||||||||||||
Coral Investment Partners Warrants Converted 6 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 84,217 | ||||||||||||
Warrant Holder 7 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 400,000 | ||||||||||||
Warrant Holder 7 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 400,000 | ||||||||||||
Coral Investment Partners Warrants Converted 7 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 134,747 | ||||||||||||
Coral Investment Partners Warrants Converted 7 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 134,747 | ||||||||||||
Warrant Holder 8 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 775,000 | (775,000) | |||||||||||
Warrant Holder 8 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 775,000 | (775,000) | |||||||||||
Coral Investment Partners Warrants Converted 8 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Coral Investment Partners Warrants Converted 8 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Warrant Holder 9 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 200,000 | ||||||||||||
Warrant Holder 9 [Member] | Transfer To Warrant Holder 5 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | (200,000) | ||||||||||||
Warrant Holder 9 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 200,000 | ||||||||||||
Warrant Holder 9 [Member] | Price 150 [Member] | Transfer From Warrant Holder 5 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | (200,000) | ||||||||||||
Coral Investment Partners Warrants Converted 9 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Coral Investment Partners Warrants Converted 9 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Warrant Holder 10 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 350,000 | (246,666) | (50,000) | (53,334) | |||||||||
Warrant Holder 10 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 350,000 | (246,666) | (50,000) | (53,334) | |||||||||
Coral Investment Partners Warrants Converted 10 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Coral Investment Partners Warrants Converted 10 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Warrant Holder 11 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 470,000 | ||||||||||||
Class of Warrant or Right, Outstanding Gross | 300,000 | 170,000 | |||||||||||
Warrant Holder 11 [Member] | Price 2 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 150,000 | ||||||||||||
Class of Warrant or Right, Outstanding Gross | 150,000 | ||||||||||||
Warrant Holder 11 [Member] | Price 1 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 150,000 | ||||||||||||
Class of Warrant or Right, Outstanding Gross | 150,000 | ||||||||||||
Warrant Holder 11 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 170,000 | ||||||||||||
Class of Warrant or Right, Outstanding Gross | 170,000 | ||||||||||||
Coral Investment Partners Warrants Converted 11 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 158,328 | ||||||||||||
Coral Investment Partners Warrants Converted 11 [Member] | Price 2 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 50,530 | ||||||||||||
Coral Investment Partners Warrants Converted 11 [Member] | Price 1 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 50,530 | ||||||||||||
Coral Investment Partners Warrants Converted 11 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 57,268 | ||||||||||||
Warrant Holder 12 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 1,018,050 | (918,050) | (100,000) | ||||||||||
Warrant Holder 12 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 1,018,050 | (918,050) | (100,000) | ||||||||||
Coral Investment Partners Warrants Converted 12 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Coral Investment Partners Warrants Converted 12 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Warrant Holder 13 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 225,000 | (210,000) | (15,000) | ||||||||||
Warrant Holder 13 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 225,000 | (210,000) | (15,000) | ||||||||||
Coral Investment Partners Warrants Converted 13 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Coral Investment Partners Warrants Converted 13 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Warrant Holder 14 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 100,000 | (100,000) | |||||||||||
Warrant Holder 14 [Member] | Price 1 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 100,000 | (100,000) | |||||||||||
Coral Investment Partners Warrants Converted 14 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Coral Investment Partners Warrants Converted 14 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Warrant Holder 15 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 100,000 | (100,000) | |||||||||||
Warrant Holder 15 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 100,000 | (100,000) | |||||||||||
Coral Investment Partners Warrants Converted 15 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Coral Investment Partners Warrants Converted 15 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Warrant Holder 16 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 100,000 | (75,000) | (25,000) | ||||||||||
Warrant Holder 16 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 100,000 | (75,000) | (25,000) | ||||||||||
Coral Investment Partners Warrants Converted 16 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Coral Investment Partners Warrants Converted 16 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Warrant Holder 17 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 52,050 | (52,050) | |||||||||||
Warrant Holder 17 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 52,050 | (52,050) | |||||||||||
Coral Investment Partners Warrants Converted 17 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Coral Investment Partners Warrants Converted 17 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Warrant Holder 18 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 250,000 | ||||||||||||
Warrant Holder 18 [Member] | Price 3 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 250,000 | ||||||||||||
Coral Investment Partners Warrants Converted 18 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 84,217 | ||||||||||||
Coral Investment Partners Warrants Converted 18 [Member] | Price 3 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 84,217 | ||||||||||||
Warrant Holder 19 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 300,000 | (300,000) | |||||||||||
Warrant Holder 19 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 300,000 | (300,000) | |||||||||||
Coral Investment Partners Warrants Converted 19 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Coral Investment Partners Warrants Converted 19 [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Warrant Holder 20 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 100,000 | ||||||||||||
Class of Warrant or Right, Outstanding Gross | 100,000 | ||||||||||||
Warrant Holder 20 [Member] | Price 250 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 100,000 | ||||||||||||
Class of Warrant or Right, Outstanding Gross | 100,000 | ||||||||||||
Warrant Holder 21 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 250,000 | ||||||||||||
Class of Warrant or Right, Outstanding Gross | 250,000 | ||||||||||||
Warrant Holder 21 [Member] | Price 190 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 250,000 | ||||||||||||
Class of Warrant or Right, Outstanding Gross | 250,000 | ||||||||||||
Pre Funded Warrant [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 745,000 | ||||||||||||
Class of Warrant or Right, Outstanding Gross | 1,350,000 | (605,000) | 3,062,500 | ||||||||||
Pre Funded Warrant [Member] | Price 0. 0001 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding Gross | 1,350,000 | (605,000) | |||||||||||
Series A Warrant [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 3,062,500 | ||||||||||||
Class of Warrant or Right, Outstanding Gross | 0 | 3,062,500 | |||||||||||
Series A Warrant [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Series A Warrant [Member] | Price 165 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 3,062,500 | ||||||||||||
Class of Warrant or Right, Outstanding Gross | 3,062,500 | ||||||||||||
Series B Warrant [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 3,062,500 | ||||||||||||
Class of Warrant or Right, Outstanding Gross | 0 | 3,062,500 | |||||||||||
Series B Warrant [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 0 | ||||||||||||
Series B Warrant [Member] | Price 165 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 3,062,500 | ||||||||||||
Class of Warrant or Right, Outstanding Gross | 3,062,500 | ||||||||||||
Warrant [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 11,862,500 | ||||||||||||
Warrant [Member] | Price 2 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 1,150,000 | ||||||||||||
Warrant [Member] | Price 5 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 1,400,000 | ||||||||||||
Warrant [Member] | Price 1 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 822,500 | ||||||||||||
Warrant [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 1,020,000 | ||||||||||||
Warrant [Member] | Price 3 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 250,000 | ||||||||||||
Warrant [Member] | Price 250 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 100,000 | ||||||||||||
Warrant [Member] | Price 190 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 250,000 | ||||||||||||
Warrant [Member] | Price 0. 0001 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 745,000 | ||||||||||||
Warrant [Member] | Price 165 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 6,125,000 | ||||||||||||
Warrant Converted [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 8,783,912 | ||||||||||||
Warrant Converted [Member] | Price 2 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 387,399 | ||||||||||||
Warrant Converted [Member] | Price 5 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 471,616 | ||||||||||||
Warrant Converted [Member] | Price 1 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 277,074 | ||||||||||||
Warrant Converted [Member] | Price 150 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 343,606 | ||||||||||||
Warrant Converted [Member] | Price 3 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 84,217 | ||||||||||||
Warrant Converted [Member] | Price 250 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 100,000 | ||||||||||||
Warrant Converted [Member] | Price 190 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 250,000 | ||||||||||||
Warrant Converted [Member] | Price 0. 0001 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 745,000 | ||||||||||||
Warrant Converted [Member] | Price 165 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Class of Warrant or Right, Outstanding | 6,125,000 |
CAPITAL STRUCTURE (Details Narr
CAPITAL STRUCTURE (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Jun. 16, 2023 | Jun. 30, 2023 | Feb. 18, 2022 | Feb. 28, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 21, 2023 | Jan. 03, 2023 | Dec. 31, 2022 | Dec. 20, 2022 | Sep. 14, 2022 | Sep. 13, 2022 | Sep. 06, 2022 | Aug. 19, 2022 | Jul. 28, 2022 | Jul. 13, 2022 | Jun. 27, 2022 | Apr. 14, 2022 | Mar. 30, 2022 | Mar. 02, 2022 | Jan. 28, 2022 | Dec. 20, 2021 | Sep. 22, 2021 | Jul. 30, 2021 | May 28, 2021 | Nov. 23, 2020 | |
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Common stock, shares authorized | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | |||||||||||||||||||||||||
Common stock, par or stated value per share | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||||||||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |||||||||||||||||||||||||
Preferred stock, par or stated value per share | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||||||||||||||
Common stock, shares, issued | 24,396,036 | 24,396,036 | 24,396,036 | 19,566,839 | |||||||||||||||||||||||||
Common stock, shares, outstanding | 24,396,036 | 24,396,036 | 24,396,036 | 19,566,839 | |||||||||||||||||||||||||
Adjustments to additional paid in capital, other | $ 3,040,585 | $ 1,951,463 | |||||||||||||||||||||||||||
Capital distributions | 0 | 0 | |||||||||||||||||||||||||||
Warrants issued | 2,150,000 | ||||||||||||||||||||||||||||
Treasury stock | $ 0 | $ 0 | $ 0 | $ 0 | 0 | ||||||||||||||||||||||||
Preferred Stock, Shares Issued | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
Preferred Stock, Shares Outstanding | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
Share based compensation | $ 235,692 | 0 | |||||||||||||||||||||||||||
Unamortized stock-based compensation | $ 1,206,749 | $ 1,206,749 | 1,206,749 | ||||||||||||||||||||||||||
Stock Options [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Share based compensation | $ 113,301 | $ 0 | $ 235,692 | $ 0 | |||||||||||||||||||||||||
Preferred Stock [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Preferred Stock, Shares Issued | 0 | 0 | 0 | ||||||||||||||||||||||||||
Preferred Stock, Shares Outstanding | 0 | 0 | 0 | ||||||||||||||||||||||||||
Held By Vinings Shareholders [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Stock Repurchased During Period, Shares | 110,762 | ||||||||||||||||||||||||||||
Stock Repurchased During Period, Value | $ 247,165 | ||||||||||||||||||||||||||||
Treasury Stock, Shares, Retired | 110,762 | ||||||||||||||||||||||||||||
Coral Investment Partners [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 336,869 | 336,869 | 336,869 | 500,000 | |||||||||||||||||||||||||
Maturity date | Nov. 30, 2023 | ||||||||||||||||||||||||||||
Warrant Holder 1 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 504,461 | 504,461 | 504,461 | ||||||||||||||||||||||||||
Maturity date | Jun. 01, 2026 | ||||||||||||||||||||||||||||
Warrant Holder 1 [Member] | $1 per share price [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 500,000 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 1 | ||||||||||||||||||||||||||||
Warrants exercised shares | 2,500 | ||||||||||||||||||||||||||||
Warrant Holder 1 [Member] | Per Share 2 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 500,000 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 2 | ||||||||||||||||||||||||||||
Warrant Holder 1 [Member] | $5 per share price [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 500,000 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 5 | ||||||||||||||||||||||||||||
Warrant Holder 2 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 33,687 | 33,687 | 33,687 | ||||||||||||||||||||||||||
Maturity date | Jul. 26, 2026 | ||||||||||||||||||||||||||||
Warrant Holder 2 [Member] | $1 per share price [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 200,000 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 1 | ||||||||||||||||||||||||||||
Warrants exercised shares | 195,000 | 5,000 | |||||||||||||||||||||||||||
Warrant Holder 2 [Member] | Per Share 2 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 100,000 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 2 | ||||||||||||||||||||||||||||
Warrants exercised shares | 75,000 | ||||||||||||||||||||||||||||
Warrants expired shares | 25,000 | ||||||||||||||||||||||||||||
Warrant Holder 2 [Member] | $5 per share price [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 100,000 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 5 | ||||||||||||||||||||||||||||
Purple Bio Tech [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 101,061 | 101,061 | 101,061 | 300,000 | |||||||||||||||||||||||||
Exercise price of warrants | $ 5 | ||||||||||||||||||||||||||||
Purple Bio Tech [Member] | Common Stock Purchase Warrants [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Share based compensation | $ 1,897,585 | ||||||||||||||||||||||||||||
Warrant Holder 3 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 600,000 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 1 | ||||||||||||||||||||||||||||
Warrants exercised shares | 115,000 | ||||||||||||||||||||||||||||
Warrants expired shares | 10,000 | ||||||||||||||||||||||||||||
Warrants outstanding | 0 | 0 | 0 | ||||||||||||||||||||||||||
Warrant Holder 3 [Member] | Transferred To Warrant Holder 4 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants transferred | 300,000 | ||||||||||||||||||||||||||||
Warrant Holder 3 [Member] | Transferred To Warrant Holder 5 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants transferred | 175,000 | ||||||||||||||||||||||||||||
Warrant Holder 4 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 300,000 | ||||||||||||||||||||||||||||
Warrants exercised shares | 300,000 | ||||||||||||||||||||||||||||
Warrants outstanding | 0 | 0 | 0 | ||||||||||||||||||||||||||
Warrant Holder 5 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 126,326 | 126,326 | 126,326 | 175,000 | |||||||||||||||||||||||||
Warrant Holder 9 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 200,000 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 1.50 | ||||||||||||||||||||||||||||
Maturity date | Jan. 31, 2024 | ||||||||||||||||||||||||||||
Warrants outstanding | 0 | 0 | 0 | ||||||||||||||||||||||||||
Warrant Holder 9 [Member] | Transferred To Warrant Holder 5 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants transferred | 200,000 | ||||||||||||||||||||||||||||
Warrant Holder 6 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 84,217 | 84,217 | 84,217 | 250,000 | |||||||||||||||||||||||||
Exercise price of warrants | $ 1.50 | ||||||||||||||||||||||||||||
Maturity date | Jan. 31, 2024 | ||||||||||||||||||||||||||||
Warrant Holder 7 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 134,747 | 134,747 | 134,747 | 400,000 | |||||||||||||||||||||||||
Exercise price of warrants | $ 1.50 | ||||||||||||||||||||||||||||
Maturity date | Jan. 31, 2024 | ||||||||||||||||||||||||||||
Warrant Holder 8 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 775,000 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 1.50 | ||||||||||||||||||||||||||||
Maturity date | Jan. 31, 2024 | ||||||||||||||||||||||||||||
Warrants exercised shares | 775,000 | ||||||||||||||||||||||||||||
Warrants outstanding | 0 | 0 | 0 | ||||||||||||||||||||||||||
Warrant Holder 10 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 350,000 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 1.50 | ||||||||||||||||||||||||||||
Maturity date | Jan. 31, 2024 | ||||||||||||||||||||||||||||
Warrants exercised shares | 246,666 | 50,000 | 53,334 | ||||||||||||||||||||||||||
Warrants outstanding | 0 | 0 | 0 | ||||||||||||||||||||||||||
Warrant Holder 11 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 158,328 | 158,328 | 158,328 | ||||||||||||||||||||||||||
Maturity date | Jan. 31, 2024 | ||||||||||||||||||||||||||||
Warrant Holder 11 [Member] | $1 per share price [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 150,000 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 1 | ||||||||||||||||||||||||||||
Warrant Holder 11 [Member] | Per Share 2 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 150,000 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 2 | ||||||||||||||||||||||||||||
Warrant Holder 11 [Member] | $1.50 per share price [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 170,000 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 1.50 | ||||||||||||||||||||||||||||
Maturity date | Jan. 31, 2024 | ||||||||||||||||||||||||||||
Warrant Holder 12 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 1,018,050 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 1.50 | ||||||||||||||||||||||||||||
Maturity date | Jan. 31, 2024 | ||||||||||||||||||||||||||||
Warrants exercised shares | 918,050 | 100,000 | |||||||||||||||||||||||||||
Warrants outstanding | 0 | 0 | 0 | ||||||||||||||||||||||||||
Warrant Holder 13 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 225,000 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 1.50 | ||||||||||||||||||||||||||||
Maturity date | Jan. 31, 2024 | ||||||||||||||||||||||||||||
Warrants exercised shares | 210,000 | 15,000 | |||||||||||||||||||||||||||
Warrants outstanding | 0 | 0 | 0 | ||||||||||||||||||||||||||
Warrant Holder 14 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 100,000 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 1 | ||||||||||||||||||||||||||||
Maturity date | Jan. 31, 2024 | ||||||||||||||||||||||||||||
Warrants exercised shares | 100,000 | ||||||||||||||||||||||||||||
Warrants outstanding | 0 | 0 | 0 | ||||||||||||||||||||||||||
Warrant Holder 15 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 100,000 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 1.50 | ||||||||||||||||||||||||||||
Maturity date | Jan. 31, 2024 | ||||||||||||||||||||||||||||
Warrants exercised shares | 100,000 | ||||||||||||||||||||||||||||
Warrants outstanding | 0 | 0 | 0 | ||||||||||||||||||||||||||
Warrant Holder 16 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 100,000 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 1.50 | ||||||||||||||||||||||||||||
Maturity date | Jan. 31, 2024 | ||||||||||||||||||||||||||||
Warrants exercised shares | 75,000 | 25,000 | |||||||||||||||||||||||||||
Warrants outstanding | 0 | 0 | 0 | ||||||||||||||||||||||||||
Warrant Holder 17 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 52,050 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 1.50 | ||||||||||||||||||||||||||||
Maturity date | Jan. 31, 2024 | ||||||||||||||||||||||||||||
Warrants exercised shares | 52,050 | ||||||||||||||||||||||||||||
Warrants outstanding | 0 | 0 | 0 | ||||||||||||||||||||||||||
Warrant Holder 18 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 84,217 | 84,217 | 84,217 | 250,000 | |||||||||||||||||||||||||
Exercise price of warrants | $ 3 | ||||||||||||||||||||||||||||
Maturity date | Mar. 30, 2024 | ||||||||||||||||||||||||||||
Warrant Holder 19 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 300,000 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 1.50 | ||||||||||||||||||||||||||||
Maturity date | Apr. 01, 2027 | ||||||||||||||||||||||||||||
Warrants exercised shares | 300,000 | ||||||||||||||||||||||||||||
Warrants outstanding | 0 | 0 | 0 | ||||||||||||||||||||||||||
Warrant Holder 20 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 100,000 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 2.50 | ||||||||||||||||||||||||||||
Maturity date | Jan. 02, 2027 | ||||||||||||||||||||||||||||
Warrant Holder 21 [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 250,000 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 1.90 | ||||||||||||||||||||||||||||
Maturity date | Jan. 19, 2027 | ||||||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Common stock, shares authorized | 150,000,000 | 150,000,000 | 150,000,000 | ||||||||||||||||||||||||||
Common stock, par or stated value per share | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||||||||||||||||||
Pre Funded Warrant [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Warrants outstanding | 1,350,000 | ||||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding Gross | 3,062,500 | 1,350,000 | 1,350,000 | 1,350,000 | (605,000) | ||||||||||||||||||||||||
Net proceeds WARRANT | $ 3,000,000 | ||||||||||||||||||||||||||||
Exercise price of warrants | $ 0.0001 | ||||||||||||||||||||||||||||
Shares converted | 605,000 | ||||||||||||||||||||||||||||
Shares issued | 2,755,000 | ||||||||||||||||||||||||||||
Warrants outstanding | 745,000 | 745,000 | 745,000 | ||||||||||||||||||||||||||
Series A Warrant [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding Gross | 3,062,500 | 0 | 0 | 0 | |||||||||||||||||||||||||
Warrants outstanding | 3,062,500 | 3,062,500 | 3,062,500 | ||||||||||||||||||||||||||
Series B Warrant [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding Gross | 3,062,500 | 0 | 0 | 0 | |||||||||||||||||||||||||
Exercise price of warrants | $ 1.65 | ||||||||||||||||||||||||||||
Warrants outstanding | 3,062,500 | 3,062,500 | 3,062,500 | ||||||||||||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Preferred Stock, Shares Issued | 8,000 | 8,000 | |||||||||||||||||||||||||||
Preferred Stock, Shares Outstanding | 8,000 | 8,000 | |||||||||||||||||||||||||||
Common Class A [Member] | Coral Investment Partners [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Exercise price of warrants | $ 2 | ||||||||||||||||||||||||||||
Common Class B [Member] | Coral Investment Partners [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Exercise price of warrants | $ 5 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) | Jun. 30, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 22,500 |
2024 | 18,750 |
Total minimum lease payments: | 41,250 |
Less amount representing interest | (5,251) |
Present value of minimum lease payments: | $ 35,999 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | ||||
Apr. 13, 2023 | Aug. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jan. 25, 2023 | Dec. 31, 2022 | |
Offsetting Assets [Line Items] | ||||||
Operating lease, expense | $ 22,500 | $ 22,500 | ||||
Right of use asset | 38,987 | $ 58,914 | ||||
Current lease liabilities | 21,276 | 41,618 | ||||
Non-current lease liabilities | $ 14,723 | $ 14,723 | ||||
Exchange for shares | 4,000,000 | |||||
Cash payment | $ 350,000 | |||||
CAR T License [Member] | ||||||
Offsetting Assets [Line Items] | ||||||
Initial license fee | $ 75,000 | |||||
Annual maintenance fee description | annual maintenance fees ranging between $15,000 and $25,000 | |||||
Milestone payable | $ 716,714 |
401(k) PROFIT-SHARING PLAN (Det
401(k) PROFIT-SHARING PLAN (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Retirement Benefits [Abstract] | ||||
Employer contributions | $ 0 | $ 0 | $ 0 | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense or benefit | $ 0 | $ 0 | $ 0 | $ 0 |
NOTE RECEIVABLE (Details Narrat
NOTE RECEIVABLE (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Credit Loss [Abstract] | ||
Payments to Acquire Notes Receivable | $ 350,000 | $ 0 |
Accounts and Financing Receivable, after Allowance for Credit Loss | $ 461,905 |