Ayro (AYRO) 10-Q14 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 11, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-34643
Entity Registrant Name	AYRO, INC.
Entity Central Index Key	0001086745
Entity Tax Identification Number	98-0204758
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	900 E. Old Settlers Boulevard
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Round Rock
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78664
City Area Code	(512)
Local Phone Number	994-4917
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	AYRO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,812,141

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 2,729,904	$ 33,440,867
Restricted cash	10,022,700	10,000,000
Marketable securities	16,127,434
Accounts receivable, net of allowance for credit losses of $0 and $53,696 at September 30, 2024, and December 31, 2023, respectively		219,000
Inventory	3,209,892	3,431,982
Prepaid expenses and other current assets	1,287,553	1,887,782
Total current assets	33,377,483	48,979,631
Property and equipment, net	1,973,465	3,117,164
Operating lease – right-of-use asset	521,236	671,451
Deposits and other assets	53,368	95,532
Total assets	35,925,552	52,863,778
Current liabilities:
Accounts payable	1,382,260	2,456,258
Accrued expenses and other current liabilities	1,332,991	1,656,541
Accrued preferred stock redemption payable (H-7)	2,166,268
Current portion lease obligation – operating lease	211,766	196,682
Total current liabilities	5,093,285	4,309,481
Derivative liability	4,365,000	9,400,000
Warranty liability	4,182,900	13,319,800
Lease obligation - operating lease, net of current portion	340,959	502,831
Total liabilities	13,982,144	27,532,112
Mezzanine equity:
Redeemable Series H-7 Convertible Preferred Stock, ($0.0001 par value per share and $1,000 face value per share; authorized - 22,000 shares; issued and outstanding – 14,500 and 22,000 shares, at September 30, 2024, and December 31, 2023, respectively). Liquidation preference of $16,857,966, as of September 30, 2024	10,485,122	11,193,939
Stockholders’ equity:
Preferred Stock, value
Common Stock, ($0.0001 par value; authorized – 200,000,000 shares; issued and outstanding – 7,004,952 and 4,913,907 shares as of September 30, 2024, and December 31, 2023, respectively)	700	492
Additional paid-in capital	122,961,200	129,467,274
Accumulated deficit	(111,503,614)	(115,330,039)
Total stockholders’ equity	11,458,286	14,137,727
Total liabilities, mezzanine equity and stockholders’ equity	35,925,552	52,863,778
Convertible Preferred Stock Series H [Member]
Stockholders’ equity:
Preferred Stock, value
Convertible Preferred Stock Series H-3 [Member]
Stockholders’ equity:
Preferred Stock, value

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Allowance for credit losses	$ 0	$ 53,696
Preferred stock, shares authorized	20,000,000	20,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	7,004,952	4,913,907
Common stock, shares outstanding	7,004,952	4,913,907
Series H-7 Convertible Preferred Stock [Member]
Temporary stock, par value	$ 0.0001	$ 0.0001
Temporary stock, face value	$ 1,000	$ 1,000
Temporary stock, shares authorized	22,000	22,000
Temporary stock, shares issued	14,500	22,000
Temporary stock, shares outstanding	14,500	22,000
Temporary stock, liquidation preference	$ 16,857,966
Convertible Preferred Stock Series H [Member]
Preferred stock, shares authorized	8,500	8,500
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares issued	8	8
Preferred stock, shares outstanding	8	8
Preferred stock, liquidation preference	$ 1
Convertible Preferred Stock Series H-3 [Member]
Preferred stock, shares authorized	8,461	8,461
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares issued	1,234	1,234
Preferred stock, shares outstanding	1,234	1,234
Preferred stock, liquidation preference	$ 108
Convertible Preferred Stock Series H-6 [Member]
Preferred stock, shares authorized	50,000	50,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares issued	50	50
Preferred stock, shares outstanding	50	50
Preferred stock, liquidation preference	$ 525

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 5,426	$ 88,395	$ 63,777	$ 341,023
Cost of goods sold	286,028	231,837	2,544,131	783,656
Gross loss	(280,602)	(143,442)	(2,480,354)	(442,633)
Operating expenses:
Research and development	14,776	1,335,167	1,397,760	5,870,555
Sales and marketing	216,605	390,684	769,995	1,529,637
General and administrative	1,414,026	4,370,684	6,453,710	10,461,733
Total operating expenses	1,645,407	6,096,535	8,621,465	17,861,925
Loss from operations	(1,926,009)	(6,239,977)	(11,101,819)	(18,304,558)
Other income (expense):
Interest income	89,060	35,557	382,925	370,387
Change in fair value - warrant liability	126,600	(10,095,960)	9,136,900	(10,095,960)
Change in fair value - derivative liability	2,408,000	3,216,000	5,035,000	3,216,000
Unrealized gain (loss) on marketable securities	(240,743)	403,996	26,159	602,211
Realized gain on marketable securities	562,627	90,812	1,014,748	143,344
Other income (expense), net	(468,978)		(667,488)
Total other income (expense), net	2,476,566	(6,349,595)	14,928,244	(5,764,018)
Net income (loss) prior to provision for income taxes	550,557	(12,589,572)	3,826,425	(24,068,576)
Provision for income taxes
Net income (loss)	550,557	(12,589,572)	3,826,425	(24,068,576)
Dividends earned on Series H-7 convertible preferred stock	(741,172)	(244,000)	(1,739,906)	(244,000)
Accretion of discounts to redemption value of Series H-7 convertible preferred stock	(1,506,979)	(1,165,635)	(6,601,588)	(1,165,635)
Deemed dividend (Series H-5 warrants)		(199,000)		(199,000)
Net loss attributable to common stockholders	$ (1,697,594)	$ (14,198,207)	$ (4,515,069)	$ (25,677,211)
Net loss per share basic	$ (0.25)	$ (2.99)	$ (0.78)	$ (5.47)
Net loss per share diluted	$ (0.25)	$ (2.99)	$ (0.78)	$ (5.47)
Basic weighted average Common Stock outstanding	6,863,234	4,744,229	5,807,416	4,698,104
Diluted weighted average Common Stock outstanding	6,863,234	4,744,229	5,807,416	4,698,104

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Changes in Mezzanine Equity and Stockholders' Equity (Unaudited) - USD ($)	Series H 7 Preferred Stock [Member] Preferred Stock [Member]	Series H 7 Preferred Stock [Member]	Series H Preferred Stock [Member] Preferred Stock [Member]	Series H-3 Preferred Stock [Member] Preferred Stock [Member]	Series H-6 Preferred Stock [Member] Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance, value at Dec. 31, 2022						$ 466	$ 133,227,507	$ (81,169,584)	$ 52,058,389
Temporary equity, balance, shares at Dec. 31, 2022
Temporary equity, balance at Dec. 31, 2022
Balance, shares at Dec. 31, 2022			8	1,234	50	4,655,205
Stock based compensation							20,116		20,116
Vested restricted stock						$ 1	246,624		246,625
Vested Restricted Stock, shares						13,858
Net income (loss)								(5,475,769)	(5,475,769)
Balance, Value at Mar. 31, 2023						$ 467	133,494,247	(86,645,353)	46,849,361
Temporary equity, balance, shares at Mar. 31, 2023
Temporary equity, balance at Mar. 31, 2023
Balance, shares at Mar. 31, 2023			8	1,234	50	4,669,063
Balance, value at Dec. 31, 2022						$ 466	133,227,507	(81,169,584)	52,058,389
Temporary equity, balance, shares at Dec. 31, 2022
Temporary equity, balance at Dec. 31, 2022
Balance, shares at Dec. 31, 2022			8	1,234	50	4,655,205
Net income (loss)									(24,068,576)
Balance, Value at Sep. 30, 2023	$ 7,925,309					$ 489	133,959,253	(106,647,793)	27,311,949
Temporary equity, balance, shares at Sep. 30, 2023	22,000
Balance, shares at Sep. 30, 2023			8	1,234	50	4,890,137
Balance, value at Mar. 31, 2023						$ 467	133,494,247	(86,645,353)	46,849,361
Temporary equity, balance, shares at Mar. 31, 2023
Temporary equity, balance at Mar. 31, 2023
Balance, shares at Mar. 31, 2023			8	1,234	50	4,669,063
Stock based compensation							11,417		11,417
Vested restricted stock						$ 2	230,711		230,713
Vested Restricted Stock, shares						23,569
Net income (loss)								(6,003,233)	(6,003,233)
Balance, Value at Jun. 30, 2023						$ 469	133,736,375	(92,648,586)	41,088,258
Temporary equity, balance, shares at Jun. 30, 2023
Temporary equity, balance at Jun. 30, 2023	$ 7,925,309
Balance, shares at Jun. 30, 2023			8	1,234	50	4,692,632
Stock based compensation							15,165		15,165
Vested restricted stock						$ 3	207,730		207,733
Vested Restricted Stock, shares						23,975
Accretion of discounts to redemption value of H-7 convertible preferred stock	1,165,635							(1,165,635)	(1,165,635)
Net income (loss)								(12,589,572)	(12,589,572)
Issuance of convertible preferred stock, net of discounts and transaction costs	$ 6,515,674
Issuance of convertible preferred stock, net of discounts and transaction costs, shares	22,000
Issuance of rounded shares as a result of the reverse stock split.						$ 17	(17)
Issuance of rounded shares as a result of the reverse stock split., shares						173,530
Dividends (accrued Series H-7 Preferred)	244,000							(244,000)	(244,000)
Balance, Value at Sep. 30, 2023	$ 7,925,309					$ 489	133,959,253	(106,647,793)	27,311,949
Temporary equity, balance, shares at Sep. 30, 2023	22,000
Balance, shares at Sep. 30, 2023			8	1,234	50	4,890,137
Balance, value at Dec. 31, 2023	$ 11,193,939					$ 492	129,467,274	(115,330,039)	14,137,727
Temporary equity, balance, shares at Dec. 31, 2023	22,000
Temporary equity, balance at Dec. 31, 2023	$ 11,193,939								11,193,939
Balance, shares at Dec. 31, 2023			8	1,234	50	4,913,907
Stock based compensation							12,398		12,398
Vested restricted stock						$ 2	48,312		48,314
Vested Restricted Stock, shares						23,771
Dividends (accrued Series H-7 Preferred)	452,086						(452,086)		(452,086)
Accretion of discounts to redemption value of H-7 convertible preferred stock	3,095,473						(3,095,473)		(3,095,473)
Net income (loss)								(3,638,752)	(3,638,752)
Balance, Value at Mar. 31, 2024	$ 14,741,498					$ 494	125,980,425	(118,968,791)	7,012,128
Temporary equity, balance, shares at Mar. 31, 2024	22,000
Temporary equity, balance at Mar. 31, 2024	$ 14,741,498
Balance, shares at Mar. 31, 2024			8	1,234	50	4,937,678
Balance, value at Dec. 31, 2023	$ 11,193,939					$ 492	129,467,274	(115,330,039)	14,137,727
Temporary equity, balance, shares at Dec. 31, 2023	22,000
Temporary equity, balance at Dec. 31, 2023	$ 11,193,939								11,193,939
Balance, shares at Dec. 31, 2023			8	1,234	50	4,913,907
Net income (loss)									3,826,425
Deemed dividend		$ 5,104,889
Balance, Value at Sep. 30, 2024	$ 10,485,122					$ 700	122,961,200	(111,503,614)	11,458,286
Temporary equity, balance, shares at Sep. 30, 2024	14,500
Temporary equity, balance at Sep. 30, 2024	$ 10,485,122								10,485,122
Balance, shares at Sep. 30, 2024			8	1,234	50	7,004,952
Balance, value at Mar. 31, 2024	$ 14,741,498					$ 494	125,980,425	(118,968,791)	7,012,128
Temporary equity, balance, shares at Mar. 31, 2024	22,000
Temporary equity, balance at Mar. 31, 2024	$ 14,741,498
Balance, shares at Mar. 31, 2024			8	1,234	50	4,937,678
Stock based compensation							(4,319)		(4,319)
Accretion of discounts to redemption value of H-7 convertible preferred stock	1,999,136						(1,999,136)		(1,999,136)
Net income (loss)								6,914,620	6,914,620
Preferred stock redemptions and conversions including cash premium	$ (3,065,973)					$ 163	1,454,741		1,454,904
Preferred stock redemptions and conversions including cash premium shares	(2,667)					1,634,940
Deemed dividend							(80,553)		(80,553)
Preferred stock dividends	466,095						(466,095)		(466,095)
Balance, Value at Jun. 30, 2024	$ 14,140,756					$ 657	124,885,063	(112,054,171)	12,831,549
Temporary equity, balance, shares at Jun. 30, 2024	19,333
Temporary equity, balance at Jun. 30, 2024	$ 14,140,756
Balance, shares at Jun. 30, 2024			8	1,234	50	6,572,618
Stock based compensation							81		81
Accretion of discounts to redemption value of H-7 convertible preferred stock	1,506,979						(1,506,979)		(1,506,979)
Net income (loss)								550,557	550,557
Preferred stock redemptions and conversions including cash premium	$ (5,638,092)					$ 43	324,207		324,250
Preferred stock redemptions and conversions including cash premium shares	(4,833)					432,334
Deemed dividend							(265,693)		(265,693)
Preferred stock dividends	475,479						(475,479)		(475,479)
Balance, Value at Sep. 30, 2024	$ 10,485,122					$ 700	$ 122,961,200	$ (111,503,614)	11,458,286
Temporary equity, balance, shares at Sep. 30, 2024	14,500
Temporary equity, balance at Sep. 30, 2024	$ 10,485,122								$ 10,485,122
Balance, shares at Sep. 30, 2024			8	1,234	50	7,004,952

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 550,557	$ (12,589,572)	$ 3,826,425	$ (24,068,576)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			1,300,148	781,852
Loss on disposal of fixed asset			337,847
Stock-based compensation			56,472	731,768
Change in fair value - derivative liability	(2,408,000)	(3,216,000)	(5,035,000)	(3,216,000)
Change in fair value - warrant liability	(126,600)	10,095,960	(9,136,900)	10,095,960
Amortization of right-of-use asset			150,215	123,885
Bad debt expense			189,092	292,010
Unrealized gain on marketable securities	240,743	(403,996)	(26,159)	(602,211)
Realized gain on marketable securities	(562,627)	(90,812)	(1,014,748)	(143,344)
Impairment of inventory			1,709,449
Change in operating assets and liabilities:
Accounts receivable			29,908	74,072
Inventory			(1,737,510)	(3,376,229)
Prepaid expenses and other current assets			887,184	(1,606,457)
Deposits and other assets			22,491	(500)
Accounts payable			(1,135,637)	(280,291)
Accrued expenses and other current liabilities			(610,503)	28,027
Lease obligations - operating leases			(146,788)	(136,086)
Net cash used in operating activities			(10,334,014)	(21,302,120)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment			(162,833)	(2,076,070)
Change in marketable securities, net			(15,086,527)	(24,033,422)
Purchase of intangible assets				(29,204)
Net cash used in investing activities			(15,249,360)	(26,138,696)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from private placement of preferred stock, net of transaction costs				21,632,156
Payment of preferred stock redemption (Series H-7)			(5,104,889)
Net cash provided (used) by financing activities			(5,104,889)	21,632,156
Net change in cash, cash equivalents and restricted cash			(30,688,263)	(25,808,660)
Cash, cash equivalents and restricted cash, beginning of period			43,440,867	39,096,562
Cash, cash equivalents and restricted cash, end of period	12,752,604	13,287,902	12,752,604	13,287,902
Supplemental disclosure of cash and non-cash transactions:
Fixed asset additions included in accounts payable and accrued expenses			61,639
Accrual of Series H-7 convertible preferred stock dividends			1,393,660	244,000
Accretion of discounts to redemption value of H-7 convertible preferred stock	1,506,979	1,165,635	6,601,588	1,165,635
Accrued Series H-7 preferred stock redemption payable			2,166,268
Non-cash redemption of Series H-7 preferred stock			1,779,154
Prepaid insurance financed through accrued expenses			286,955
Initial fair value of warrant liability				9,969,480
Initial fair value of derivative liability				5,147,000
Deemed dividend Series H-5 Warrants				199,000
Supplemental disclosure of restricted cash:
Cash and cash equivalents	2,729,904	3,287,902	2,729,904	3,287,902
Restricted cash	10,022,700	10,000,000	10,022,700	10,000,000
Total cash, cash equivalents and restricted cash	$ 12,752,604	$ 13,287,902	$ 12,752,604	$ 13,287,902

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	9 Months Ended
ORGANIZATION AND NATURE OF OPERATIONS	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND NATURE OF OPERATIONS	NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS AYRO, Inc. (“AYRO” or the “Company”), a Delaware corporation formerly known as DropCar, Inc. (“DropCar”), a corporation headquartered outside Austin, Texas, is the merger successor of AYRO Operating Company, Inc. (“AYRO Operating”), which was formed under the laws of the State of Texas on May 17, 2016 as Austin PRT Vehicle, Inc. and subsequently changed its name to Austin EV, Inc. under an Amended and Restated Certificate of Formation filed with the State of Texas on March 9, 2017. On July 24, 2019, the Company changed its name to AYRO, Inc. and converted its corporate domicile to Delaware. The Company was founded on the basis of promoting resource sustainability. The Company, and its wholly-owned subsidiaries, are principally engaged in manufacturing and sales of environmentally conscious, minimal-footprint electric vehicles. The all-electric vehicles are typically sold both directly to customers and to dealers in the United States. Strategic Review For the past several years, AYRO’s primary supplier for the AYRO 411x has been Cenntro Automotive Group, Ltd. (“Cenntro”), which operates a large electric vehicle factory in the automotive district in Hangzhou, China. As a result of rising shipping costs, quality issues with certain components and persistent delays, the Company ceased production of the AYRO 411x from Cenntro in September 2022 in order to focus its resources on the development and launch of the new 411 fleet vehicle model year 2023 refresh, the Vanish (the “Vanish”). The Company began the design and development of the Vanish in December 2021, including updates to its supply chain, the offshoring/onshoring mix, and its manufacturing strategy. The Company commenced low-rate initial production of the Vanish in the second quarter of 2023 and commenced initial sales and delivery of the Vanish in the third quarter of 2023. On January 31, 2024, the Company began to implement an internal restructuring to achieve greater efficiency in pursuit of its strategic goals. As part of the restructuring, the Company eliminated a substantial number of positions and re-evaluated its sales, marketing, and manufacturing functions. Additionally, in connection with its internal restructuring, the Company appointed Gilbert Villarreal as President of its subsidiary, Ayro Operating Company, Inc. on August 21, 2024, to lead a thorough review of the Vanish, working closely with third-party consultants to achieve the Company’s objectives of lowering the bill of materials (“BOM”) and overall manufacturing expenses. These efforts aim to lower the Manufacturer’s Suggested Retail Price (“MSRP”) of the Vanish, with additional updates expected in the near term.

LIQUIDITY AND OTHER UNCERTAINTI

LIQUIDITY AND OTHER UNCERTAINTIES	9 Months Ended
LIQUIDITY AND OTHER UNCERTAINTIES	Sep. 30, 2024
Liquidity And Other Uncertainties
LIQUIDITY AND OTHER UNCERTAINTIES	NOTE 2. LIQUIDITY AND OTHER UNCERTAINTIES Liquidity and Other Uncertainties The unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”), which contemplates continuation of the Company as a going concern. The Company is subject to a number of risks similar to those of earlier stage commercial companies, including dependence on key individuals and products, the difficulties inherent in the development of a commercial market, the potential need to obtain additional capital, competition from larger companies, other technology companies and other technologies. The Company has a limited operating history and the sales and income potential of its business and market are unproven. The Company incurred net income of $ 3,826,425 10,334,014 2,729,904 10,022,700 16,127,434 16,385,952 On July 18, 2024, the Company received a letter from the Listing Qualifications Department of the Nasdaq Stock Market indicating that, based upon the closing bid price of the Company’s common stock for the 30 consecutive business days between June 3, 2024, to July 17, 2024, the Company did not meet the minimum bid price of $ 1.00 On August 7, 2023, the Company entered into a Securities Purchase Agreement (the “Series H-7 Purchase Agreement”), pursuant to which it agreed to sell to certain existing investors (the “Series H-7 Investors”) in a private placement (the “Series H-7 Private Placement”) (i) an aggregate of 22,000 0.0001 1,000 2,750,000 $22,000,000 The certificate of designations for the Series H-7 Preferred Shares (the “Series H-7 Certificate of Designations”) contains certain restrictive provisions, including (i) a requirement to maintain unencumbered, unrestricted cash and cash equivalents on hand in an amount equal to (a) until December 31, 2023, at least $20,000,000 plus the net proceeds from the sale of the Series H-7 Preferred Shares pursuant to the Series H-7 Purchase Agreement, and (b) from January 1, 2024 and until an aggregate of eighty percent (80%) of the Series H-7 Preferred Shares have been converted into shares of common stock, at least $21,000,000, and (ii) a requirement to deposit an amount equal to $ 10,000,000 The Company may experience increases in the cost or a sustained interruption in the supply or shortage of raw materials, including lithium-ion battery cells, semiconductors, and integrated circuits. Any such increase or supply interruption could materially and negatively impact the business, prospects, financial condition, and operating results. Certain production-ready components may be delayed in shipment to Company facilities which has and may continue to cause delays in validation and testing for these components, which would in turn create a delay in the availability of saleable vehicles. The Company uses various raw materials, including aluminum, steel, carbon fiber, non-ferrous metals (such as copper), and cobalt. The prices for these raw materials fluctuate depending on market conditions, and global demand and could adversely affect business and operating results. For instance, the Company is exposed to multiple risks relating to price fluctuations for lithium-ion cells. These risks include: ● the inability or unwillingness of current battery manufacturers to build or operate battery cell manufacturing plants to supply the number of lithium-ion cells required to support the growth of the electric vehicle industry as demand for such cells increases; ● disruption in the supply of cells due to quality issues or recalls by the battery cell manufacturers; and ● an increase in the cost of raw materials, such as cobalt, used in lithium-ion cells. Any disruption in the supply of lithium-ion battery cells, semiconductors, or integrated circuits could temporarily disrupt production of the Company’s vehicles until a different supplier is fully qualified. Moreover, battery cell manufacturers may refuse to supply electric vehicle manufacturers if they determine that the vehicles are not sufficiently safe. Furthermore, fluctuations or shortages in petroleum and other economic conditions may cause the Company to experience significant increases in freight charges and raw material costs. Substantial increases in the prices for raw materials would increase operating costs and could reduce margins if the increased costs cannot be recouped through increased electric vehicle prices. There can be no assurance that the Company will be able to recoup the increasing costs of raw materials by increasing vehicle prices. The Company has made certain indemnities, under which the Company may be required to make payments to an indemnified party, in relation to certain transactions. The Company indemnifies their directors and officers to the maximum extent permitted under the laws of the State of Delaware. In connection with the Company’s facility leases, the Company has indemnified their lessors for certain claims arising from the use of the facilities. The duration of the indemnities vary and, in many cases, are indefinite. These indemnities do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. Historically, the Company has not been obligated to make any payments for these obligations and no liabilities have been recorded for these indemnities.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and in conformity with the instructions on Form 10-Q and Rule 8-03 of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (the “SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals, which are, in the opinion of management, necessary for a fair presentation of such statements. The results of operations for the three and nine months ended September 30, 2024, are not necessarily indicative of the results that may be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the accompanying notes for the fiscal year ended December 31, 2023, which are included in the Company’s Annual Report on Form 10-K, filed with the SEC on April 1, 2024, and amended on April 26, 2024. Use of Estimates The preparation of the unaudited condensed consolidated financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company’s most significant estimates include marketable securities, revenue recognition, fair value measurements of warrant and derivative liabilities, accretion of preferred stock and the measurement of stock-based compensation expenses. Actual results could differ from these estimates. Restricted Cash As of September 30, 2024, and December 31, 2023, $ 10,022,700 10,000,000 Marketable Securities Marketable securities include investment in fixed income bonds and U.S. Treasury securities that are considered to be highly liquid and easily tradeable. The marketable securities are considered trading securities and are measured at fair value and are accounted for in accordance with ASC 320 Investments—Debt and Equity Securities 16,127,434 0 Derivative Financial Instruments The Company evaluates all its financial instruments to determine if such instruments contain features that qualify as embedded derivatives. Embedded derivatives must be separately measured from the host contract if all the requirements for bifurcation are met. The assessment of the conditions surrounding the bifurcation of embedded derivatives depends on the nature of the host contract. Bifurcated embedded derivatives are recognized at fair value, with changes in fair value recognized in the statement of operations each period. Bifurcated embedded derivatives are classified with the related host contract in the Company’s balance sheet. These particular derivatives are assessed under ASC 480, Distinguishing Liabilities from Equity Derivatives and Hedging Fair Value Measurements In accordance with ASC 820 (Topic 820, Fair Value Measurements and Disclosures), the Company uses a three-level hierarchy for fair value measurements of certain assets and liabilities for financial reporting purposes that distinguishes between market participant assumptions developed from market data obtained from outside sources (observable inputs) and the Company’s own assumptions about market participant assumptions developed from the best information available to the Company under the circumstances (unobservable inputs). The fair value hierarchy is divided into three levels based on the source of inputs as follows: ● Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; ● Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability other than quoted prices, either directly or indirectly including inputs in markets that are not considered to be active; and ● Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Warrants and Preferred Shares The accounting treatment of warrants and preferred share series issued is determined pursuant to the guidance provided by ASC 480, Distinguishing Liabilities from Equity Derivatives and Hedging Redeemable Preferred Stock Applicable accounting guidance requires an equity instrument that is redeemable for cash or other assets to be classified outside of permanent equity if it is redeemable (a) at a fixed or determinable price on a fixed or determinable date, (b) at the option of the holder, or (c) upon the occurrence of an event that is not solely within the control of the issuer. Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers To achieve this core principle, five basic criteria must be met before revenue can be recognized: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to performance obligations in the contract; and (5) recognize revenue when or as the Company satisfies a performance obligation. Nature of Goods and Services The following is a description of the Company’s products and services from which the Company generates revenue, as well as the nature, timing of satisfaction of performance obligations, and significant payment terms for each: Inventory Inventory consists of purchased chassis, cabs, batteries, truck beds and component parts which includes cost of raw materials, freight, direct labor, and related production overhead and are stated at the lower of cost or net realizable value, as determined using a first-in, first-out method. Inventory also includes a fleet of internally manufactured vehicles that serve demonstration and other purposes, the balance of which is being depreciated over their useful lives. Management compares the cost of inventory with the net realizable value and, if applicable, an allowance is made for writing down the inventory to its net realizable value, if lower than cost. On an ongoing basis, inventory is reviewed for potential write-down for estimated obsolescence or unmarketable inventory based upon forecasts for future demand and market conditions. Product revenue Product revenue from customer contracts is recognized on the sale of each electric vehicle as vehicles are shipped to customers. The majority of the Company’s vehicle sales orders generally have only one performance obligation: the sale and delivery of complete vehicles. Ownership and risk of loss transfers to the customer based on FOB shipping point and freight charges are the responsibility of the customer. Revenue is typically recognized at the point control transfers or in accordance with payment terms customary to the business. The Company provides product warranties to assure that the product assembly complies with agreed upon specifications. The Company’s product warranty is similar in all material respects to the product warranties provided by the Company’s suppliers, therefore minimizing the warranty liability to the standard labor rates associated with the defective part replacement. Customers do not have the option to purchase a warranty separately; as such, a warranty is not accounted for as a separate performance obligation. The Company’s policy is to exclude taxes collected from a customer from the transaction price of automotive contracts. Shipping revenue Amounts billed to customers related to shipping and handling are classified as shipping revenue. The Company has elected to recognize the cost for freight and shipping when control over vehicles has been transferred to the customer as an operating expense. The Company has reported shipping expenses of $ 0 15,148 21,699 56,482 Services and other revenue Services and other revenue consist of non-warranty after-sales vehicle services. Revenue is typically recognized at a point in time when services and replacement parts are provided. Miscellaneous income Miscellaneous income consists of late fees charged for receivables not paid within the terms of the customer agreement based upon the outstanding customer receivable balance. This revenue is earned when a customer’s receivable balance becomes delinquent, and its collection is reasonably assured and is calculated using a stated late fee rate multiplied by the outstanding balance that is subject to a late fee charge. Basic and Diluted Net Loss Per Share Basic earnings per share excludes dilution for common stock equivalents and is computed by dividing net income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is calculated based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period. Potentially dilutive securities consist of common stock options, restricted stock units, contingently issuable shares, and convertible preferred securities. The dilutive effect of stock options, restricted stock units and contingently issuable shares is reflected in diluted EPS by application of the treasury stock method. The dilutive effect of convertible preferred securities is reflected in the diluted EPS by application of the “if-converted” method. The “if-converted” method is only assumed in periods where such application would be dilutive. Basic and diluted net income (loss) per share is determined by dividing income (loss) by the weighted average ordinary shares outstanding during the period. For all periods presented with a net loss, the shares underlying the ordinary share options and warrants have been excluded from the calculation because their effect would be anti-dilutive. Therefore, the weighted-average shares outstanding used to calculate both basic and diluted loss per share is the same for periods with a net loss. For all periods presented with a net loss, the shares underlying the common stock options and warrants have been excluded from the calculation because their effect would be anti-dilutive. Therefore, the weighted-average shares outstanding used to calculate both basic and diluted loss per share are the same for periods with a net loss. The following potentially dilutive securities have been excluded from the computation of diluted weighted average shares outstanding as they would be anti-dilutive: SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE 2024 2023 2024 2023 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Options to purchase common stock 9,213 38,696 9,213 38,696 Restricted stock unvested — 116,293 — 116,293 Warrants outstanding 11,586,075 11,605,759 11,586,075 11,605,759 Preferred stock outstanding 8,429,738 11,122,696 8,429,738 11,122,696 Totals 20,025,026 22,883,444 20,025,026 22,883,444 Recently Adopted Accounting Pronouncements In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”), which clarifies the guidance in Accounting Standards Codification Topic 820, Fair Value Measurement (“Topic 820”), when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and early adoption is permitted. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s unaudited condensed consolidated financial statements. Recent Accounting Pronouncements In November 2023, the FASB issued Update 2023-07-Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”), an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources, and disclosure of significant expenses regularly provided to the CODM that are included within the reported measure of segment profit or loss. The amendments of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and should be applied retrospectively to all periods presented. The Company is currently evaluating the impact of this standard. In December 2023, the FASB issued Update 2023-09-Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the disclosure requirements for income tax rate reconciliation, domestic and foreign income taxes paid, and unrecognized tax benefits. The amendments of ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted and should be applied prospectively. The Company is currently evaluating the impact of this standard, including timing of adoption. In March 2024, the FASB issued ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements, to remove references to various FASB Concepts Statements based on suggestions received from stakeholders on the Accounting Standards Codification and other incremental improvements to GAAP. ASU 2024-02 is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact that adopting this new accounting standard would have on the Company’s unaudited condensed consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses to disclose additional information about specific expense categories. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, with early adoption permitted and should be applied either prospectively or retroactively. The Company is currently evaluating the impact of this standard.

REVENUES

REVENUES	9 Months Ended
REVENUES	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUES	NOTE 4. REVENUES Disaggregation of Revenue Revenue by type was as follows: SCHEDULE OF DISAGGREGATION OF REVENUE 2024 2023 2024 2023 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue type: Product revenue $ 5,426 $ 80,475 $ 43,200 $ 327,863 Service revenue — — 19,511 — Miscellaneous income — — — 9,390 Shipping revenue — 7,920 1,066 3,770 Total revenue $ 5,426 $ 88,395 $ 63,777 $ 341,023 Warranty Reserve The Company records a reserve for warranty repairs upon the initial delivery of vehicles to its dealer network. The Company provides a product warranty on each vehicle including powertrain, battery pack and electronics package. Such warranty matches the product warranty provided by its supply chain for warranty parts for all unaltered vehicles and is not considered a separate performance obligation. The supply chain warranty does not cover warranty-based labor needed to replace a part under warranty. Warranty reserves include management’s best estimate of the projected cost of labor to repair/replace all items under warranty. The Company reserves a percentage of all dealer-based sales to cover an industry-standard warranty fund to support dealer labor warranty repairs. The warranty reserve is recorded as a component of cost of revenues in the statement of operations. As of September 30, 2024, and December 31, 2023, warranty reserves were recorded within accrued expenses of $ 403,778 401,440

INVENTORY

INVENTORY	9 Months Ended
INVENTORY	Sep. 30, 2024
Inventory Disclosure [Abstract]
INVENTORY	NOTE 5. INVENTORY Inventory, net of any inventory allowances, consisted of the following: SCHEDULE OF INVENTORY September 30, December 31, 2024 2023 Raw materials $ 2,808,219 $ 3,252,280 Work-in-progress 251,583 179,702 Finished goods 150,090 — Total inventory, net $ 3,209,892 $ 3,431,982 During the three and nine months ended September 30, 2024, depreciation for fleet inventory was $ 50,030 250,151 no During the three and nine months ended September 30, 2024, $ 86,840 1,709,449 0 476,340 No

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	9 Months Ended
PREPAID EXPENSES AND OTHER CURRENT ASSETS	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	NOTE 6. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following: SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS September 30, December 31, 2024 2023 Prepayments for inventory $ 878,814 $ 1,524,831 Prepayments for insurance 219,546 227,945 Prepayments for software 115,402 37,203 Prepaid other 73,791 97,803 Total prepaid expenses and other current assets $ 1,287,553 $ 1,887,782

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	9 Months Ended
PROPERTY AND EQUIPMENT, NET	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	NOTE 7. PROPERTY AND EQUIPMENT, NET Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT, NET September 30, December 31, 2024 2023 Computer and equipment $ 3,677,124 $ 3,619,041 Lease improvements 1,094,025 1,094,025 Computer software 112,365 495,295 Furniture and fixtures 357,280 395,703 Property and equipment, gross 5,240,794 5,604,064 Less: Accumulated depreciation (3,267,329 ) (2,486,900 ) Total property and equipment, net $ 1,973,465 $ 3,117,164 Depreciation expense for the three months ended September 30, 2024, and 2023 was $ 347,787 324,052 1,030,324 769,108 During the three and nine months ended September 30, 2024, the Company disposed of certain fixed assets, net of accumulated depreciation, of $ 29,809 337,846 0 0

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	9 Months Ended
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	Sep. 30, 2024
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	NOTE 8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES SCHEDULE OF ACCRUED EXPENSES September 30, December 31, 2024 2023 Accrued professional and consulting fees $ 293,387 $ 497,719 Accrued payroll 356,406 575,111 Accrued warranty reserve 403,778 401,440 Accrued expenses other 15,683 77,802 Accrued current liabilities 263,737 104,469 Total accrued expenses and other current liabilities $ 1,332,991 $ 1,656,541

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	9 Months Ended
STOCKHOLDERS’ EQUITY	Sep. 30, 2024
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 9. STOCKHOLDERS’ EQUITY Common Stock For the three months ended September 30, 2024, and 2023, the Company issued 432,334 197,505 For the nine months ended September 30, 2024, and 2023, the Company issued 2,091,045 234,932 Series H-7 Preferred Stock On August 7, 2023, the Company entered into the Series H-7 Purchase Agreement with the Series H-7 Investors, pursuant to which it agreed to sell to the Series H 7 Investors (i) an aggregate of 22,000 1,000 2,750,000 8.00 2,750,000 The Series H-7 Preferred Shares are convertible into common stock (the “Conversion Shares”) at the election of the holder at any time at an initial conversion price of $ 8.00 2.00 The Company is required to redeem the Series H-7 Preferred Shares in 12 equal monthly installments from, and including, the applicable Installment Date (as defined in the Series H-7 Certificate of Designations). On February 9, 2024, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment of Certificate of Designations of Series H-7 Convertible Preferred Stock, which became effective upon filing, which amended the commencement of the monthly installment dates, to be between May 7, 2024, and August 7, 2025. The first such installment date was May 7, 2024 and August 7, 2024, as elected by the applicable investor. The amortization payments due upon redemption of the Series H-7 Preferred Shares are payable, at the Company’s election, in cash at 105% of the Installment Redemption Amount (as defined in the Series H-7 Certificate of Designations), or subject to certain limitations, in shares of common stock valued at the lower of (i) the Conversion Price then in effect and (ii) the greater of (A) 80% of the average of the three lowest closing prices of the Company’s common stock during the thirty consecutive trading day period immediately prior to the date the amortization payment is due and (B) $0.744 (as adjusted for the Company’s Reverse Stock Split and subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar events) or, in any case, such lower amount as permitted, from time to time, by the Nasdaq Stock Market. The holders of the Series H-7 Preferred Shares are entitled to dividends of 8.0% per annum, compounded monthly, which are payable in cash or shares of common stock at the Company’s option, in accordance with the terms of the Series H-7 Certificate of Designations. Upon the occurrence and during the continuance of a Triggering Event (as defined in the Series H-7 Certificate of Designations), the Series H-7 Preferred Shares will accrue dividends at the rate of 15% per annum. Upon conversion or redemption, the holders of the Series H-7 Preferred Shares are also entitled to receive a dividend make-whole payment. The Series H-7 Certificate of Designations provides that, except as required by applicable law, the holders of the Series H-7 Preferred Shares will be entitled to vote with holders of the Common Stock on an as converted basis, with the number of votes to which each holder of Series H-7 Preferred Shares is entitled to be determined by dividing the Stated Value by a conversion price equal to $ 5.76 Notwithstanding the foregoing, the Company’s ability to settle conversions and make amortization and dividend make-whole payments using shares of common stock is subject to certain limitations set forth in the Series H-7 Certificate of Designations. Further, the Series H-7 Certificate of Designations contains a certain beneficial ownership limitation after giving effect to the issuance of shares of common stock issuable upon conversion of, or as part of any amortization payment or dividend make-whole payment under, the Series H-7 Certificate of Designations or Series H-7 Warrants. The Series H-7 Certificate of Designations includes certain triggering events including, among other things, the suspension from trading or the failure of the common stock to be trading or listed (as applicable) on an eligible market for a period of five (5) consecutive trading days, the Company’s failure to pay any amounts due to the holders of the Series H-7 Preferred Shares when due. In connection with a triggering event, each holder of Series H-7 Preferred Shares will be able to require the Company to redeem in cash any or all of the holder’s Series H-7 Preferred Shares at a premium set forth in the Series H-7 Certificate of Designations. The Series H-7 Preferred Shares were determined to be more akin to a debt-like host than an equity-like host. The Company identified the following embedded features that are not clearly and closely related to the debt host instrument: 1) make-whole interest upon a contingent redemption event, 2) make-whole interest upon a conversion event, 3) an installment redemption upon an Equity Conditions Failure (as defined in the Series H-7 Certificate of Designations), and 4) variable share-settled installment conversion see Note 13. These features were bundled together, assigned probabilities of being affected and measured at fair value. Subsequent changes in fair value of these features are recognized in the Unaudited Condensed Consolidated Statement of Operations. As of September 30, 2024, the Company has notified the investors of its intention to redeem the upcoming installments due in cash and recorded a liability of $ 2,166,268 1,771,185 291,927 103,156 7,500 5,104,889 2,067,274 1,779,154 741,172 1,739,906 475,479 1,393,660 265,693 346,246 Common Stock Warrants A summary of the Company’s warrants to purchase common stock activity is as follows: SCHEDULE OF WARRANT ACTIVITY Shares Underlying Weighted Average Weighted Average Outstanding at December 31, 2023 11,605,758 $ 3.42 4.42 Granted — — — Expired (19,683 ) $ 58.68 — Outstanding at September 30, 2024 11,586,075 $ 3.29 3.68

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
STOCK-BASED COMPENSATION	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	NOTE 10. STOCK-BASED COMPENSATION Stock-based compensation, including restricted stock awards and stock options is included in the unaudited condensed consolidated statement of operations as follows: SCHEDULE OF STOCK BASED COMPENSATION Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Research and development $ — $ 6,219 $ 3,810 $ 18,017 Sales and marketing — 1,999 453 7,488 General and administrative 81 214,681 52,209 706,263 Total $ 81 $ 222,899 $ 56,472 $ 731,768 Options The following table reflects a summary of stock option activity: SCHEDULE OF STOCK BASED COMPENSATION, STOCK OPTIONS, ACTIVITY Number of Shares Weighted Average Exercise Price Contractual Life (Years) Outstanding at December 31, 2023 38,696 $ 90.99 6.53 Forfeitures (29,483 ) $ 15.64 — Outstanding at September 30, 2024 9,213 $ 318.20 4.39 Of the outstanding options, stock options to purchase up to 9,213 0 The Company recognized $ 81 15,165 8,158 46,698 Restricted Stock SCHEDULE OF RESTRICTED STOCK Number of Shares Weighted Average Outstanding at December 31, 2023 36,235 $ 4.01 Vested (23,771 ) $ 6.00 Forfeited (12,464 ) $ — Outstanding at September 30, 2024 — $ — The Company recognized compensation expense related to all restricted stock during the three months ended September 30, 2024, and 2023 of $ 0 207,716 48,314 686,869

CONCENTRATIONS AND CREDIT RISK

CONCENTRATIONS AND CREDIT RISK	9 Months Ended
CONCENTRATIONS AND CREDIT RISK	Sep. 30, 2024
Risks and Uncertainties [Abstract]
CONCENTRATIONS AND CREDIT RISK	NOTE 11. CONCENTRATIONS AND CREDIT RISK Revenues There were no significant revenue concentrations for the three and nine months ended September 30, 2024. Two customers accounted for approximately 65 12 36 31 12 Accounts Receivable There were no significant accounts receivable concentrations as of September 30, 2024. As of December 31, 2023, the Company’s accounts receivable for four significant customers were approximately 32 27 12 11 Purchasing There were no significant supplier concentrations for the three and nine months ended September 30, 2024. During the three months ended September 30, 2023, four suppliers accounted for 16 14 12 10 10

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 12. COMMITMENTS AND CONTINGENCIES Manufacturing Agreements On July 28, 2022, the Company partnered with Linamar Corporation (“Linamar”) a Canadian manufacturer, in a manufacturing agreement (the “Linamar MLA”) to provide certain sub assembly and assembly parts, including the cabin frame and skate for the Vanish (collectively, the “Products”). During the term of the Linamar MLA, Linamar has the exclusive right to supply the Products to the Company, subject to certain exceptions. The Linamar MLA has an initial term of three years and will automatically renew for successive two-year terms unless either party has given at least 12 months’ written notice of nonrenewal. Either party may terminate the Linamar MLA at any time upon 12 months’ written notice, and in the event of a change in control of the Company prior to the end of the initial term, the Company may terminate upon written notice within three days of completion of such change in control. On June 21, 2024, the Company notified Linamar of its intention not to renew the Linamar MLA. As a result, the Linamar MLA will terminate in accordance with its terms on July 28, 2025. On August 27, 2024, the Company partnered with Lithion Battery Inc. (“Lithion”), a manufacturer of certain iron phosphate and lithium-ion battery cells, modules and battery packs, and entered into a purchase agreement with Lithion, pursuant to which, the Company agreed to purchase batteries from Lithion for an aggregate of $ 1,211,150 Supply Chain Agreements On November 2, 2023, the Company entered into a supply agreement with Sirris Inc. (“Sirris”), a provider of motor vehicle parts for innovative vehicle types. Sirris has agreed to supply rear and front shocks to support the manufacturing of the Company’s electric vehicle fleet. Sirris is committed to meeting the Company’s upside demand for these products in the event production increases. On December 21, 2023, the Company entered into a supply agreement with Athena Manufacturing, LP, a provider of customizable sophisticated metal products. As part of the agreement, the Company is able to submit requests for devices, component, component assembly, material part, or piece that is custom to AYRO. This is a non-exclusive agreement in which the Company is able to engage other suppliers for these products. Litigation The Company is subject to various legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business, that it believes are incidental to the operation of its business. While the outcome of these claims cannot be predicted with certainty, management does not believe that the outcome of any of these legal matters will have a material adverse effect on its results of operations, financial positions, or cash flows. On March 23, 2018, DropCar was made aware of an audit being conducted by the New York State Department of Labor (the “DOL”) regarding a claim filed by an employee. The DOL is investigating whether DropCar properly paid overtime, for which DropCar has raised several defenses. In addition, the DOL is conducting its audit to determine whether the Company owes spread of hours pay (non-exempt worker whose workday is longer than ten hours must receive an extra hour of pay at the basic minimum hourly rate). Management believes the case has no merit. On October 20, 2023, Club Car filed a complaint against the Company in the Superior Court of Columbia County, Georgia (Civil Action File No.2023ECV0838) (the “Club Car Complaint”), alleging that the Company had breached its contractual obligations to Club Car under a master procurement agreement (the “MPA”) entered into by and among AYRO Operating Company, Inc., the Company’s subsidiary (“AYRO Operating”), and Club Car on March 5, 2019 due to alleged defects in the vehicles sold to Club Car and the Company’s termination of warranty support following termination of the MPA. Club Car seeks unspecified damages and indemnification for past and future customer claims with respect to the vehicles sold to Club Car under the MPA. The Company intends to vigorously contest these allegations. In February of 2024, Inventus Power, Inc. sued AYRO in the Circuit Court of the Eighteenth Judicial Circuit, County of DuPage, Illinois, alleging that AYRO failed to pay invoices for certain battery packs and related equipment. In April of 2024, AYRO filed counterclaims asserting that the battery packs in question were defective and not in compliance with contractual specifications. In August of 2024, the parties entered into a confidential settlement agreement, pursuant to which they agreed to dismiss with prejudice the claims and counterclaims in this lawsuit. The settlement agreement did not have a material impact on the company’s results of operations or financial condition.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 13. FAIR VALUE MEASUREMENTS Fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of and during the nine months ended September 30, 2024. The carrying amounts of cash equivalents, accounts receivable, other current assets, other assets, accounts payable, and accrued expenses approximated their fair values as of the nine months ended September 30, 2024, due to their short-term nature. The fair value of the bifurcated embedded derivative related to the convertible preferred stock was estimated using a Monte Carlo simulation model, which uses as inputs the fair value of the Company’s common stock and estimates for the equity volatility and traded volume volatility of the Company’s common stock, the time to maturity of the convertible preferred stock, the risk-free interest rate for a period that approximates the time to maturity, dividend rate, a penalty dividend rate, and the Company’s probability of default. The fair value of the warrant liability was estimated using the Black Scholes Model which uses as inputs the following weighted average assumptions, as noted above: dividend yield, expected term in years, equity volatility, and risk-free interest rate. Fair Value on a Recurring Basis The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The estimated fair value of marketable securities and money market accounts represents a Level 1 measurement. The estimated fair value of the warrant liability and bifurcated embedded derivatives represent Level 3 measurements. The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis as of September 30, 2024, and December 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: The following table sets forth a summary of the Company’s assets and liabilities that are measured at fair value on a recurring basis: SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS September 30, December 31, Description Level 2024 2023 Assets: Marketable securities 1 $ 16,127,434 $ - Cash and cash equivalent - money market account 1 $ 53,665 $ 1,805,597 Liabilities: - Warrant liability 3 $ 4,182,900 $ 13,319,800 Derivative liability 3 $ 4,365,000 $ 9,400,000 The following table sets forth a summary of the change in the fair value of the warrant liability, which is considered a Level 3 investment, which is measured at fair value on a recurring basis: SCHEDULE OF CHANGE IN FAIR VALUE WARRANT LIABILITY September 30, 2024 Balance on December 31, 2023 $ 13,319,800 Change in fair value of warrant liability (9,136,900 ) Balance on September 30, 2024 $ 4,182,900 During the three months and nine months ended September 30, 2024, the Company recorded income of $ 126,600 9,136,900 4,182,900 0.84 2.00 0 3.86 85.00 3.58 The following table sets forth a summary of the change in the fair value of the derivative liability, which is considered a Level 3 investment, that is measured at fair value on a recurring basis: SCHEDULE OF CHANGE IN FAIR VALUE OF DERIVATIVE LIABILITY September 30, 2024 Balance on December 31, 2023 $ 9,400,000 Issuance of warrants - Change in fair value of derivative liability (5,035,000 ) Balance on September 30, 2024 $ 4,365,000 During the three and nine months ended September 30, 2024, the Company recorded income of approximately $ 2,408,000 5,035,000 4,365,000 60.0 0.83 5.6 8.0 15.0 4.8 8,428,983

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 14. SUBSEQUENT EVENTS On October 29, 2024, the Company entered into a Stock Repurchase Agreement with a certain beneficial owner (the “Seller”) to repurchase a total of 418,478 0.90 376,630

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and in conformity with the instructions on Form 10-Q and Rule 8-03 of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (the “SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals, which are, in the opinion of management, necessary for a fair presentation of such statements. The results of operations for the three and nine months ended September 30, 2024, are not necessarily indicative of the results that may be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the accompanying notes for the fiscal year ended December 31, 2023, which are included in the Company’s Annual Report on Form 10-K, filed with the SEC on April 1, 2024, and amended on April 26, 2024.
Use of Estimates	Use of Estimates The preparation of the unaudited condensed consolidated financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company’s most significant estimates include marketable securities, revenue recognition, fair value measurements of warrant and derivative liabilities, accretion of preferred stock and the measurement of stock-based compensation expenses. Actual results could differ from these estimates.
Restricted Cash	Restricted Cash As of September 30, 2024, and December 31, 2023, $ 10,022,700 10,000,000
Marketable Securities	Marketable Securities Marketable securities include investment in fixed income bonds and U.S. Treasury securities that are considered to be highly liquid and easily tradeable. The marketable securities are considered trading securities and are measured at fair value and are accounted for in accordance with ASC 320 Investments—Debt and Equity Securities 16,127,434 0
Derivative Financial Instruments	Derivative Financial Instruments The Company evaluates all its financial instruments to determine if such instruments contain features that qualify as embedded derivatives. Embedded derivatives must be separately measured from the host contract if all the requirements for bifurcation are met. The assessment of the conditions surrounding the bifurcation of embedded derivatives depends on the nature of the host contract. Bifurcated embedded derivatives are recognized at fair value, with changes in fair value recognized in the statement of operations each period. Bifurcated embedded derivatives are classified with the related host contract in the Company’s balance sheet. These particular derivatives are assessed under ASC 480, Distinguishing Liabilities from Equity Derivatives and Hedging
Fair Value Measurements	Fair Value Measurements In accordance with ASC 820 (Topic 820, Fair Value Measurements and Disclosures), the Company uses a three-level hierarchy for fair value measurements of certain assets and liabilities for financial reporting purposes that distinguishes between market participant assumptions developed from market data obtained from outside sources (observable inputs) and the Company’s own assumptions about market participant assumptions developed from the best information available to the Company under the circumstances (unobservable inputs). The fair value hierarchy is divided into three levels based on the source of inputs as follows: ● Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; ● Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability other than quoted prices, either directly or indirectly including inputs in markets that are not considered to be active; and ● Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
Warrants and Preferred Shares	Warrants and Preferred Shares The accounting treatment of warrants and preferred share series issued is determined pursuant to the guidance provided by ASC 480, Distinguishing Liabilities from Equity Derivatives and Hedging
Redeemable Preferred Stock	Redeemable Preferred Stock Applicable accounting guidance requires an equity instrument that is redeemable for cash or other assets to be classified outside of permanent equity if it is redeemable (a) at a fixed or determinable price on a fixed or determinable date, (b) at the option of the holder, or (c) upon the occurrence of an event that is not solely within the control of the issuer.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers To achieve this core principle, five basic criteria must be met before revenue can be recognized: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to performance obligations in the contract; and (5) recognize revenue when or as the Company satisfies a performance obligation. Nature of Goods and Services The following is a description of the Company’s products and services from which the Company generates revenue, as well as the nature, timing of satisfaction of performance obligations, and significant payment terms for each: Inventory Inventory consists of purchased chassis, cabs, batteries, truck beds and component parts which includes cost of raw materials, freight, direct labor, and related production overhead and are stated at the lower of cost or net realizable value, as determined using a first-in, first-out method. Inventory also includes a fleet of internally manufactured vehicles that serve demonstration and other purposes, the balance of which is being depreciated over their useful lives. Management compares the cost of inventory with the net realizable value and, if applicable, an allowance is made for writing down the inventory to its net realizable value, if lower than cost. On an ongoing basis, inventory is reviewed for potential write-down for estimated obsolescence or unmarketable inventory based upon forecasts for future demand and market conditions. Product revenue Product revenue from customer contracts is recognized on the sale of each electric vehicle as vehicles are shipped to customers. The majority of the Company’s vehicle sales orders generally have only one performance obligation: the sale and delivery of complete vehicles. Ownership and risk of loss transfers to the customer based on FOB shipping point and freight charges are the responsibility of the customer. Revenue is typically recognized at the point control transfers or in accordance with payment terms customary to the business. The Company provides product warranties to assure that the product assembly complies with agreed upon specifications. The Company’s product warranty is similar in all material respects to the product warranties provided by the Company’s suppliers, therefore minimizing the warranty liability to the standard labor rates associated with the defective part replacement. Customers do not have the option to purchase a warranty separately; as such, a warranty is not accounted for as a separate performance obligation. The Company’s policy is to exclude taxes collected from a customer from the transaction price of automotive contracts. Shipping revenue Amounts billed to customers related to shipping and handling are classified as shipping revenue. The Company has elected to recognize the cost for freight and shipping when control over vehicles has been transferred to the customer as an operating expense. The Company has reported shipping expenses of $ 0 15,148 21,699 56,482 Services and other revenue Services and other revenue consist of non-warranty after-sales vehicle services. Revenue is typically recognized at a point in time when services and replacement parts are provided. Miscellaneous income Miscellaneous income consists of late fees charged for receivables not paid within the terms of the customer agreement based upon the outstanding customer receivable balance. This revenue is earned when a customer’s receivable balance becomes delinquent, and its collection is reasonably assured and is calculated using a stated late fee rate multiplied by the outstanding balance that is subject to a late fee charge.
Basic and Diluted Net Loss Per Share	Basic and Diluted Net Loss Per Share Basic earnings per share excludes dilution for common stock equivalents and is computed by dividing net income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is calculated based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period. Potentially dilutive securities consist of common stock options, restricted stock units, contingently issuable shares, and convertible preferred securities. The dilutive effect of stock options, restricted stock units and contingently issuable shares is reflected in diluted EPS by application of the treasury stock method. The dilutive effect of convertible preferred securities is reflected in the diluted EPS by application of the “if-converted” method. The “if-converted” method is only assumed in periods where such application would be dilutive. Basic and diluted net income (loss) per share is determined by dividing income (loss) by the weighted average ordinary shares outstanding during the period. For all periods presented with a net loss, the shares underlying the ordinary share options and warrants have been excluded from the calculation because their effect would be anti-dilutive. Therefore, the weighted-average shares outstanding used to calculate both basic and diluted loss per share is the same for periods with a net loss. For all periods presented with a net loss, the shares underlying the common stock options and warrants have been excluded from the calculation because their effect would be anti-dilutive. Therefore, the weighted-average shares outstanding used to calculate both basic and diluted loss per share are the same for periods with a net loss. The following potentially dilutive securities have been excluded from the computation of diluted weighted average shares outstanding as they would be anti-dilutive: SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE 2024 2023 2024 2023 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Options to purchase common stock 9,213 38,696 9,213 38,696 Restricted stock unvested — 116,293 — 116,293 Warrants outstanding 11,586,075 11,605,759 11,586,075 11,605,759 Preferred stock outstanding 8,429,738 11,122,696 8,429,738 11,122,696 Totals 20,025,026 22,883,444 20,025,026 22,883,444
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”), which clarifies the guidance in Accounting Standards Codification Topic 820, Fair Value Measurement (“Topic 820”), when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and early adoption is permitted. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s unaudited condensed consolidated financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued Update 2023-07-Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”), an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources, and disclosure of significant expenses regularly provided to the CODM that are included within the reported measure of segment profit or loss. The amendments of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and should be applied retrospectively to all periods presented. The Company is currently evaluating the impact of this standard. In December 2023, the FASB issued Update 2023-09-Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the disclosure requirements for income tax rate reconciliation, domestic and foreign income taxes paid, and unrecognized tax benefits. The amendments of ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted and should be applied prospectively. The Company is currently evaluating the impact of this standard, including timing of adoption. In March 2024, the FASB issued ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements, to remove references to various FASB Concepts Statements based on suggestions received from stakeholders on the Accounting Standards Codification and other incremental improvements to GAAP. ASU 2024-02 is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact that adopting this new accounting standard would have on the Company’s unaudited condensed consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses to disclose additional information about specific expense categories. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, with early adoption permitted and should be applied either prospectively or retroactively. The Company is currently evaluating the impact of this standard.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Sep. 30, 2024
Accounting Policies [Abstract]
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE	The following potentially dilutive securities have been excluded from the computation of diluted weighted average shares outstanding as they would be anti-dilutive: SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE 2024 2023 2024 2023 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Options to purchase common stock 9,213 38,696 9,213 38,696 Restricted stock unvested — 116,293 — 116,293 Warrants outstanding 11,586,075 11,605,759 11,586,075 11,605,759 Preferred stock outstanding 8,429,738 11,122,696 8,429,738 11,122,696 Totals 20,025,026 22,883,444 20,025,026 22,883,444

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
REVENUES (Tables)	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
SCHEDULE OF DISAGGREGATION OF REVENUE	Revenue by type was as follows: SCHEDULE OF DISAGGREGATION OF REVENUE 2024 2023 2024 2023 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue type: Product revenue $ 5,426 $ 80,475 $ 43,200 $ 327,863 Service revenue — — 19,511 — Miscellaneous income — — — 9,390 Shipping revenue — 7,920 1,066 3,770 Total revenue $ 5,426 $ 88,395 $ 63,777 $ 341,023

INVENTORY (Tables)

INVENTORY (Tables)	9 Months Ended
INVENTORY (Tables)	Sep. 30, 2024
Inventory Disclosure [Abstract]
SCHEDULE OF INVENTORY	Inventory, net of any inventory allowances, consisted of the following: SCHEDULE OF INVENTORY September 30, December 31, 2024 2023 Raw materials $ 2,808,219 $ 3,252,280 Work-in-progress 251,583 179,702 Finished goods 150,090 — Total inventory, net $ 3,209,892 $ 3,431,982

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	9 Months Ended
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS	Prepaid expenses and other current assets consisted of the following: SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS September 30, December 31, 2024 2023 Prepayments for inventory $ 878,814 $ 1,524,831 Prepayments for insurance 219,546 227,945 Prepayments for software 115,402 37,203 Prepaid other 73,791 97,803 Total prepaid expenses and other current assets $ 1,287,553 $ 1,887,782

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	9 Months Ended
PROPERTY AND EQUIPMENT, NET (Tables)	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT, NET	Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT, NET September 30, December 31, 2024 2023 Computer and equipment $ 3,677,124 $ 3,619,041 Lease improvements 1,094,025 1,094,025 Computer software 112,365 495,295 Furniture and fixtures 357,280 395,703 Property and equipment, gross 5,240,794 5,604,064 Less: Accumulated depreciation (3,267,329 ) (2,486,900 ) Total property and equipment, net $ 1,973,465 $ 3,117,164

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	9 Months Ended
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	Sep. 30, 2024
Payables and Accruals [Abstract]
SCHEDULE OF ACCRUED EXPENSES	SCHEDULE OF ACCRUED EXPENSES September 30, December 31, 2024 2023 Accrued professional and consulting fees $ 293,387 $ 497,719 Accrued payroll 356,406 575,111 Accrued warranty reserve 403,778 401,440 Accrued expenses other 15,683 77,802 Accrued current liabilities 263,737 104,469 Total accrued expenses and other current liabilities $ 1,332,991 $ 1,656,541

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	9 Months Ended
STOCKHOLDERS’ EQUITY (Tables)	Sep. 30, 2024
Equity [Abstract]
SCHEDULE OF WARRANT ACTIVITY	A summary of the Company’s warrants to purchase common stock activity is as follows: SCHEDULE OF WARRANT ACTIVITY Shares Underlying Weighted Average Weighted Average Outstanding at December 31, 2023 11,605,758 $ 3.42 4.42 Granted — — — Expired (19,683 ) $ 58.68 — Outstanding at September 30, 2024 11,586,075 $ 3.29 3.68

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
STOCK-BASED COMPENSATION (Tables)	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
SCHEDULE OF STOCK BASED COMPENSATION	Stock-based compensation, including restricted stock awards and stock options is included in the unaudited condensed consolidated statement of operations as follows: SCHEDULE OF STOCK BASED COMPENSATION Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Research and development $ — $ 6,219 $ 3,810 $ 18,017 Sales and marketing — 1,999 453 7,488 General and administrative 81 214,681 52,209 706,263 Total $ 81 $ 222,899 $ 56,472 $ 731,768
SCHEDULE OF STOCK BASED COMPENSATION, STOCK OPTIONS, ACTIVITY	The following table reflects a summary of stock option activity: SCHEDULE OF STOCK BASED COMPENSATION, STOCK OPTIONS, ACTIVITY Number of Shares Weighted Average Exercise Price Contractual Life (Years) Outstanding at December 31, 2023 38,696 $ 90.99 6.53 Forfeitures (29,483 ) $ 15.64 — Outstanding at September 30, 2024 9,213 $ 318.20 4.39
SCHEDULE OF RESTRICTED STOCK	SCHEDULE OF RESTRICTED STOCK Number of Shares Weighted Average Outstanding at December 31, 2023 36,235 $ 4.01 Vested (23,771 ) $ 6.00 Forfeited (12,464 ) $ — Outstanding at September 30, 2024 — $ —

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS	The following table sets forth a summary of the Company’s assets and liabilities that are measured at fair value on a recurring basis: SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS September 30, December 31, Description Level 2024 2023 Assets: Marketable securities 1 $ 16,127,434 $ - Cash and cash equivalent - money market account 1 $ 53,665 $ 1,805,597 Liabilities: - Warrant liability 3 $ 4,182,900 $ 13,319,800 Derivative liability 3 $ 4,365,000 $ 9,400,000
SCHEDULE OF CHANGE IN FAIR VALUE WARRANT LIABILITY	The following table sets forth a summary of the change in the fair value of the warrant liability, which is considered a Level 3 investment, which is measured at fair value on a recurring basis: SCHEDULE OF CHANGE IN FAIR VALUE WARRANT LIABILITY September 30, 2024 Balance on December 31, 2023 $ 13,319,800 Change in fair value of warrant liability (9,136,900 ) Balance on September 30, 2024 $ 4,182,900
SCHEDULE OF CHANGE IN FAIR VALUE OF DERIVATIVE LIABILITY	The following table sets forth a summary of the change in the fair value of the derivative liability, which is considered a Level 3 investment, that is measured at fair value on a recurring basis: SCHEDULE OF CHANGE IN FAIR VALUE OF DERIVATIVE LIABILITY September 30, 2024 Balance on December 31, 2023 $ 9,400,000 Issuance of warrants - Change in fair value of derivative liability (5,035,000 ) Balance on September 30, 2024 $ 4,365,000

LIQUIDITY AND OTHER UNCERTAIN_2

LIQUIDITY AND OTHER UNCERTAINTIES (Details Narrative) - USD ($)		3 Months Ended						9 Months Ended
	Aug. 10, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Jul. 18, 2024	Dec. 31, 2023	Aug. 07, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net loss		$ 550,557	$ 6,914,620	$ (3,638,752)	$ (12,589,572)	$ (6,003,233)	$ (5,475,769)	$ 3,826,425	$ (24,068,576)
Net cash flows used in operations								10,334,014	21,302,120
Cash and cash equivalent		2,729,904			3,287,902			2,729,904	3,287,902		$ 33,440,867
Restricted Cash		10,022,700			$ 10,000,000			10,022,700	10,000,000		10,000,000
Marketable securities		16,127,434						16,127,434
Working capital		$ 16,385,952						16,385,952
Shares issued price										$ 1
Proceeds from sale of convertible preferred stock									$ 21,632,156
Purchase agreement description								The certificate of designations for the Series H-7 Preferred Shares (the “Series H-7 Certificate of Designations”) contains certain restrictive provisions, including (i) a requirement to maintain unencumbered, unrestricted cash and cash equivalents on hand in an amount equal to (a) until December 31, 2023, at least $20,000,000 plus the net proceeds from the sale of the Series H-7 Preferred Shares pursuant to the Series H-7 Purchase Agreement, and (b) from January 1, 2024 and until an aggregate of eighty percent (80%) of the Series H-7 Preferred Shares have been converted into shares of common stock, at least $21,000,000, and (ii) a requirement to deposit an amount equal to $10,000,000 from the Private Placement proceeds into a newly established segregated deposit account of the Company (“Segregated Cash”), and to use such Segregated Cash solely for the purpose of performing the Company’s monetary obligations to the holders of the Series H-7 Preferred Shares, provided, however, that the Company may use the Segregated Cash for any purpose, including general corporate purposes, with the prior written consent of holders of at least 75% of the outstanding Series H-7 Preferred Shares. As of September 30, 2024, the Company was in compliance with the restrictive provisions discussed above.
Series H-7 Convertible Preferred Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Temporary equity shares issued		14,500						14,500			22,000
Temporary equity stated value		$ 1,000						$ 1,000			$ 1,000
Securities Purchase Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deposit amount	$ 10,000,000
Securities Purchase Agreement [Member] \| Series H-7 Convertible Preferred Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Temporary equity shares issued												22,000
Preferred stock, shares par value												$ 0.0001
Temporary equity stated value												$ 1,000
Aggregate exercisable shares of coomon stock												2,750,000
Proceeds from sale of convertible preferred stock	$ 22,000,000

SCHEDULE OF ANTIDILUTIVE SECURI

SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Totals	20,025,026	22,883,444	20,025,026	22,883,444
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Totals	9,213	38,696	9,213	38,696
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Totals		116,293		116,293
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Totals	11,586,075	11,605,759	11,586,075	11,605,759
Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Totals	8,429,738	11,122,696	8,429,738	11,122,696

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounting Policies [Abstract]
Restricted cash	$ 10,022,700	$ 10,000,000	$ 10,022,700	$ 10,000,000	$ 10,000,000
Marketable securities	16,127,434		16,127,434
Shipping expenses	$ 0	$ 15,148	$ 21,699	$ 56,482

SCHEDULE OF DISAGGREGATION OF R

SCHEDULE OF DISAGGREGATION OF REVENUE (Details) - USD ($)	3 Months Ended		9 Months Ended
SCHEDULE OF DISAGGREGATION OF REVENUE (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 5,426	$ 88,395	$ 63,777	$ 341,023
Product [Member]
Disaggregation of Revenue [Line Items]
Total revenue	5,426	80,475	43,200	327,863
Service [Member]
Disaggregation of Revenue [Line Items]
Total revenue			19,511
Miscellaneous Income [Member]
Disaggregation of Revenue [Line Items]
Total revenue				9,390
Shipping and Handling [Member]
Disaggregation of Revenue [Line Items]
Total revenue		$ 7,920	$ 1,066	$ 3,770

REVENUES (Details Narrative)

REVENUES (Details Narrative) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Warranty reserves	$ 403,778	$ 401,440

SCHEDULE OF INVENTORY (Details)

SCHEDULE OF INVENTORY (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 2,808,219	$ 3,252,280
Work-in-progress	251,583	179,702
Finished goods	150,090
Total inventory, net	$ 3,209,892	$ 3,431,982

INVENTORY (Details Narrative)

INVENTORY (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
INVENTORY (Details Narrative) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Depreciation	$ 347,787	$ 324,052	$ 1,030,324	$ 769,108
Impairment of inventory	86,840		1,709,449
Inventory adjustments	0	0	476,340	0
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Depreciation	$ 50,030	$ 0	$ 250,151	$ 0

SCHEDULE OF PREPAID EXPENSES AN

SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepayments for inventory	$ 878,814	$ 1,524,831
Prepayments for insurance	219,546	227,945
Prepayments for software	115,402	37,203
Prepaid other	73,791	97,803
Total prepaid expenses and other current assets	$ 1,287,553	$ 1,887,782

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT, NET (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,240,794	$ 5,604,064
Less: Accumulated depreciation	(3,267,329)	(2,486,900)
Total property and equipment, net	1,973,465	3,117,164
Computer and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,677,124	3,619,041
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,094,025	1,094,025
Computer Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	112,365	495,295
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 357,280	$ 395,703

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 347,787	$ 324,052	$ 1,030,324	$ 769,108
Accumulated depreciation	$ 29,809	$ 0	$ 337,846	$ 0

SCHEDULE OF ACCRUED EXPENSES (D

SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued professional and consulting fees	$ 293,387	$ 497,719
Accrued payroll	356,406	575,111
Accrued warranty reserve	403,778	401,440
Accrued expenses other	15,683	77,802
Accrued current liabilities	263,737	104,469
Total accrued expenses and other current liabilities	$ 1,332,991	$ 1,656,541

SCHEDULE OF WARRANT ACTIVITY (D

SCHEDULE OF WARRANT ACTIVITY (Details) - $ / shares	9 Months Ended	12 Months Ended
SCHEDULE OF WARRANT ACTIVITY (Details) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Shares Underlying Warrants Outstanding, Beginning balance	11,605,758
Weighted Average Exercise Price, Beginning balance	$ 3.42
Weighted Average Remaining Contractual Life	3 years 8 months 4 days	4 years 5 months 1 day
Shares Underlying Warrants Granted
Weighted Average Exercise Price Granted
Shares Underlying Warrants Expired	(19,683)
Weighted Average Exercise Price Expired	$ 58.68
Shares Underlying Warrants Outstanding, Ending balance	11,586,075	11,605,758
Weighted Average Exercise Price, Ending balance	$ 3.29	$ 3.42

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)				3 Months Ended			9 Months Ended
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)	Feb. 09, 2024	Sep. 15, 2023	Aug. 07, 2023	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, convertible, shares issuable				8,428,983			8,428,983
Number of stock redeemed, value				$ (265,693)	$ (80,553)
Preferred dividends				741,172			$ 1,739,906
Preferred dividends at stated dividend rate				475,479			1,393,660
Accrued deemed dividends				265,693			$ 346,246
Common Stock [Member]
Class of Stock [Line Items]
Number of stock redeemed, value
Number of stock issued							2,067,274
Number of stock issued, value							$ 1,779,154
Investors [Member]
Class of Stock [Line Items]
Payable to investors				2,166,268			2,166,268
Investors [Member] \| Accrued Dividends Payable [Member]
Class of Stock [Line Items]
Payable to investors				291,927			291,927
Investors [Member] \| Deemed Dividends [Member]
Class of Stock [Line Items]
Payable to investors				$ 103,156			$ 103,156
Series H-7 Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Temporary stock, shares authorized				14,500			14,500		22,000
Temporary stock, par value				$ 1,000			$ 1,000		$ 1,000
Conversion price		$ 2
Reverse stock split terms		The amortization payments due upon redemption of the Series H-7 Preferred Shares are payable, at the Company’s election, in cash at 105% of the Installment Redemption Amount (as defined in the Series H-7 Certificate of Designations), or subject to certain limitations, in shares of common stock valued at the lower of (i) the Conversion Price then in effect and (ii) the greater of (A) 80% of the average of the three lowest closing prices of the Company’s common stock during the thirty consecutive trading day period immediately prior to the date the amortization payment is due and (B) $0.744 (as adjusted for the Company’s Reverse Stock Split and subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar events) or, in any case, such lower amount as permitted, from time to time, by the Nasdaq Stock Market.
Series H 7 Preferred Stock [Member]
Class of Stock [Line Items]
Number of stock redeemed							7,500
Number of stock redeemed, value							$ 5,104,889
Series H 7 Preferred Stock [Member] \| Investors [Member]
Class of Stock [Line Items]
Payable to investors				$ 1,771,185			$ 1,771,185
Securities Purchase Agreement [Member] \| Series H-7 Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Temporary stock, shares authorized			22,000
Temporary stock, par value			$ 1,000
Preferred stock, convertible, shares issuable			2,750,000
Conversion price		$ 5.76	$ 8
Warrant exercisable, shares			2,750,000
Stock redemption terms	The Company is required to redeem the Series H-7 Preferred Shares in 12 equal monthly installments from, and including, the applicable Installment Date (as defined in the Series H-7 Certificate of Designations). On February 9, 2024, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment of Certificate of Designations of Series H-7 Convertible Preferred Stock, which became effective upon filing, which amended the commencement of the monthly installment dates, to be between May 7, 2024, and August 7, 2025. The first such installment date was May 7, 2024 and August 7, 2024, as elected by the applicable investor.
Dividend payment terms			The holders of the Series H-7 Preferred Shares are entitled to dividends of 8.0% per annum, compounded monthly, which are payable in cash or shares of common stock at the Company’s option, in accordance with the terms of the Series H-7 Certificate of Designations. Upon the occurrence and during the continuance of a Triggering Event (as defined in the Series H-7 Certificate of Designations), the Series H-7 Preferred Shares will accrue dividends at the rate of 15% per annum. Upon conversion or redemption, the holders of the Series H-7 Preferred Shares are also entitled to receive a dividend make-whole payment.
Restricted Stock [Member]
Class of Stock [Line Items]
Number of shares vested				432,334		197,505	2,091,045	234,932

SCHEDULE OF STOCK BASED COMPENS

SCHEDULE OF STOCK BASED COMPENSATION (Details) - USD ($)	3 Months Ended		9 Months Ended
SCHEDULE OF STOCK BASED COMPENSATION (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 81	$ 222,899	$ 56,472	$ 731,768
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total		6,219	3,810	18,017
Selling and Marketing Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total		1,999	453	7,488
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 81	$ 214,681	$ 52,209	$ 706,263

SCHEDULE OF STOCK BASED COMPE_2

SCHEDULE OF STOCK BASED COMPENSATION, STOCK OPTIONS, ACTIVITY (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Number of stock options outstanding, beginning balance	38,696
Weighted average exercise price outstanding, beginning balance	$ 90.99
Weighted average remaining contractual life (years)	4 years 4 months 20 days	6 years 6 months 10 days
Number of stock options, forfeitures	(29,483)
Weighted average exercise price outstanding, forfeitures	$ 15.64
Number of stock options outstanding, ending balance	9,213	38,696
Weighted average exercise price outstanding, ending balance	$ 318.20	$ 90.99

SCHEDULE OF RESTRICTED STOCK (D

SCHEDULE OF RESTRICTED STOCK (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, outstanding, beginning balance \| shares	36,235
Weighted average grant price, outstanding, beginning balance \| $ / shares	$ 4.01
Number of shares, vested \| shares	(23,771)
Weighted average grant price, vested \| $ / shares	$ 6
Number of shares, forfeited \| shares	(12,464)
Weighted average grant price, forfeited \| $ / shares
Number of shares, outstanding, ending balance \| shares
Weighted average grant price, outstanding, ending balance \| $ / shares

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
STOCK-BASED COMPENSATION (Details Narrative) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense	$ 81	$ 222,899	$ 56,472	$ 731,768
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of stock options vested and exercisable			9,213
Aggregate intrinsic value of stock options vested and exercisable	0		$ 0
Stock compensation expense	$ 81	$ 15,165	$ 8,158	$ 46,698
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of stock options vested and exercisable	432,334	197,505	2,091,045	234,932
Stock compensation expense	$ 0	$ 207,716	$ 48,314	$ 686,869

CONCENTRATIONS AND CREDIT RISK

CONCENTRATIONS AND CREDIT RISK (Details Narrative)	3 Months Ended	9 Months Ended	12 Months Ended
CONCENTRATIONS AND CREDIT RISK (Details Narrative)	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2023
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| One Customers [Member]
Concentration Risk [Line Items]
Concentration risk percentage	65%	36%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Two Customers [Member]
Concentration Risk [Line Items]
Concentration risk percentage	12%	31%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Three Customers [Member]
Concentration Risk [Line Items]
Concentration risk percentage		12%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer One [Member]
Concentration Risk [Line Items]
Concentration risk percentage			32%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer Two [Member]
Concentration Risk [Line Items]
Concentration risk percentage			27%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer Three [Member]
Concentration Risk [Line Items]
Concentration risk percentage			12%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Four Customer [Member]
Concentration Risk [Line Items]
Concentration risk percentage			11%
Cost of Goods and Service, Product and Service Benchmark [Member] \| Supplier Concentration Risk [Member] \| Supplier One [Member]
Concentration Risk [Line Items]
Concentration risk percentage	16%	10%
Cost of Goods and Service, Product and Service Benchmark [Member] \| Supplier Concentration Risk [Member] \| Supplier Two [Member]
Concentration Risk [Line Items]
Concentration risk percentage	14%
Cost of Goods and Service, Product and Service Benchmark [Member] \| Supplier Concentration Risk [Member] \| Supplier Three [Member]
Concentration Risk [Line Items]
Concentration risk percentage	12%
Cost of Goods and Service, Product and Service Benchmark [Member] \| Supplier Concentration Risk [Member] \| Supplier Four [Member]
Concentration Risk [Line Items]
Concentration risk percentage	10%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative)	Aug. 27, 2024 USD ($)
Purchase Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Purchase batteries	$ 1,211,150

SCHEDULE OF FAIR VALUE, ASSETS

SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Assets:
Marketable securities	$ 16,127,434
Liabilities:
Warrant liability	4,182,900	13,319,800
Derivative liability	4,365,000	9,400,000
Fair Value, Inputs, Level 1 [Member]
Assets:
Marketable securities	16,127,434
Cash and cash equivalent - money market account	53,665	1,805,597
Fair Value, Inputs, Level 3 [Member]
Liabilities:
Warrant liability	4,182,900	13,319,800
Derivative liability	$ 4,365,000	$ 9,400,000

SCHEDULE OF CHANGE IN FAIR VALU

SCHEDULE OF CHANGE IN FAIR VALUE WARRANT LIABILITY (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance on December 31, 2023			$ 13,319,800
Change in fair value of warrant liability	$ (126,600)	$ 10,095,960	(9,136,900)	$ 10,095,960
Balance on September 30, 2024	4,182,900		4,182,900
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance on December 31, 2023			13,319,800
Change in fair value of warrant liability			(9,136,900)
Balance on September 30, 2024	$ 4,182,900		$ 4,182,900

SCHEDULE OF CHANGE IN FAIR VA_2

SCHEDULE OF CHANGE IN FAIR VALUE OF DERIVATIVE LIABILITY (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Change in fair value of derivative liability	$ 2,408,000	$ 5,035,000
Balance on September 30, 2024	4,365,000	4,365,000
Derivative Liability [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Balance on December 31, 2023		9,400,000
Issuance of warrants
Change in fair value of derivative liability		(5,035,000)
Balance on September 30, 2024	$ 4,365,000	$ 4,365,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details Narrative)	3 Months Ended		9 Months Ended
FAIR VALUE MEASUREMENTS (Details Narrative)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Change in fair value of warrant liability	$ (126,600)	$ 10,095,960	$ (9,136,900)	$ 10,095,960
Warrant liability	4,182,900		4,182,900		$ 13,319,800
Change in fair value derivative liability	2,408,000		5,035,000
Bifurcated embedded derivative	$ 4,365,000		$ 4,365,000
Series H-7 Convertible preferred shares \| shares	8,428,983		8,428,983
Black-Scholes-Merton Model [Member] \| Measurement Input, Share Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant measurement input	0.84		0.84
Black-Scholes-Merton Model [Member] \| Measurement Input, Exercise Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant measurement input	2		2
Black-Scholes-Merton Model [Member] \| Measurement Input, Expected Dividend Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant measurement input	0		0
Black-Scholes-Merton Model [Member] \| Measurement Input, Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant measurement input	3.86		3.86
Black-Scholes-Merton Model [Member] \| Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant measurement input	85		85
Black-Scholes-Merton Model [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant measurement input	3.58		3.58
Monte Carlo Pricing Model [Member] \| Measurement Input, Expected Dividend Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative measurement input	8		8
Monte Carlo Pricing Model [Member] \| Measurement Input, Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative measurement input	0.83		0.83
Monte Carlo Pricing Model [Member] \| Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative measurement input	60		60
Monte Carlo Pricing Model [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative measurement input	5.6		5.6
Monte Carlo Pricing Model [Member] \| Measurement Input, Expected Dividend Payment [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative measurement input	15		15
Monte Carlo Pricing Model [Member] \| Measurement Input, Default Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative measurement input	4.8		4.8

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - Stock Repurchase Agreement [Member]	Oct. 29, 2024 USD ($) $ / shares shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Repurchase shares of Common Stock \| shares	418,478
Purchase price \| $ / shares	$ 0.90
Aggregate cash purchase price \| $	$ 376,630