Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' EQUITY (Tables)

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STOCKHOLDERS' EQUITY (Tables)
 6 Months Ended
Jun. 30, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Common Warrants Exercised The following table reflects the common warrants exercised, including the proceeds received for such exercises. As of June 30, 2024, there remained 78,200 exercisable common warrants.
Common Warrants Exercise Price Proceeds Received
Exercisable, December 31, 2022 19,107,793 $ 0.80 
Exercised (4,517,427) 0.80  $ 3,613,941 
Exercisable, March 31, 2023 14,590,366 $ 0.80 
Exercised (1)
(14,512,166) 0.62  $ 8,997,543 
Exercisable, June 30, 2023 78,200 $ 0.80 
Exercisable, December 31, 2023 78,200 $ 0.80 
Exercised — 0.80  $ — 
Exercisable, March 31, 2024 78,200 $ 0.80 
Exercised — 0.80  $ — 
Exercisable, June 30, 2024 78,200 $ 0.80 
(1) On April 11 and 12, 2023, the Company and certain holders of the common warrants (the “Participating Holders”) entered into a form of Warrant Amendment and Exercise Agreement (the “Exercise Agreement”) pursuant to which the Company agreed to reduce the exercise price of an aggregate of 14,512,166 common warrants held by such Participating Holders from $0.80 to $0.62 per share (the “Reduced Exercise Price”) in consideration for the immediate exercise of the common warrants held by such Participating Holders in full at the Reduced Exercise Price in cash. The Company received aggregate gross proceeds of $8,997,543 from the exercise of the common warrants by the Participating Holders pursuant to the Exercise Agreement, which was recognized as an equity issuance cost in accordance with ASC 815-40-35-17(a). In the Condensed Statements of Stockholders' Equity, the net impact to Stockholders' Equity was $8,687,655, which was net of $309,888 in advisory fees.