0001838163-24-000011 | 10-Q | XBRL Viewer | Brand Engagement Network INC

RESTATEMENT OF PREVIOUSLY ISSUED (UNAUDITED) INTERIM FINANCIAL STATEMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The following tables set forth the effects of the error corrections on affected items within the Company’s previously reported unaudited interim condensed consolidated statements of operations for the periods indicated had the adjustments been made in the corresponding period:


	Six Months Ended June 30, 2023
	As reported		Adjusted		As restated
Depreciation and amortization	$	247,414	$	(7,480)	$	239,934
Total expenses	$	5,722,238	$	(7,480)	$	5,714,758
Loss from operations	$	(5,722,238)	$	7,480	$	(5,714,758)
Loss before income taxes	$	(5,753,988)	$	7,480	$	(5,746,508)
Net loss	$	(5,753,988)	$	7,480	$	(5,746,508)
Net loss per common share - basic and diluted	$	(0.31)	$	—	$	(0.31)

The following tables set forth the effects of the error corrections on affected items within the Company’s previously reported unaudited interim condensed consolidated statements of cash flows for the periods indicated had the adjustments been made in the corresponding period:


	Six Months Ended June 30, 2023
	As reported		Adjusted		As restated
Net loss	$	(5,753,988)	$	7,480	$	(5,746,508)
Depreciation and amortization expense	$	247,414	$	(7,480)	$	239,934

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS AFG Reseller Agreement On August 19, 2023, the Company entered into Reseller Agreement, providing for, among other things, AFG to act as the Company’s exclusive reseller of certain products on terms and conditions set forth therein and, as partial consideration to AFG for such services, the Company issued 1,750,000 shares of Common Stock with an aggregate fair value of $13,475,000 based on the closing stock price on the date of the Merger. Additionally, the Company issued AFG a warrant to purchase up to 3,750,000 shares of Common Stock, with each warrant exercisable for one share of Common Stock at an exercise price of $10.00 and a fair value of $2.52 per warrant (Note K). During the six months ended June 30, 2024 there was no revenue recognized pursuant to the Reseller Agreement. Advances to Officers and Directors Certain officers and directors advanced funds to or were advanced from the Company on an undocumented, non-interested bearing, due on demand basis. As of June 30, 2024, $380,000 and $30,570 of amounts owed to related parties were included within accrued expenses and accounts payable, respectively, in the accompanying unaudited condensed consolidated balance sheet. As of December 31, 2023, $178,723 and $48,069 of amounts owed to related parties were included within accrued expenses and accounts payable, respectively, in the accompanying consolidated balance sheet. During the three months ended June 30, 2024 and 2023, the Company recorded professional and other fees and costs related to consulting services from related parties of $66,102 and $116,927, respectively, within general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations. During the six months ended June 30, 2024 and 2023, the Company recorded professional and other fees and cost related to consulting services from related parties of $124,887 and $157,217, respectively, within general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations. Promissory Note On June 30, 2023, the Company entered into a promissory note agreement with a related party for $620,000. The note bears interest at 7% per annum and matures on June 25, 2025. During the three and six months ended June 30, 2024, the Company issued 93,333 shares of Common Stock to extinguish the outstanding balance of $420,000, resulting in a gain on debt extinguishment of $97,992 in the accompanying unaudited condensed consolidated statements of operations. Related Party Advance The Company received non-interest bearing and payable upon demand related party advances from DHC’s Sponsor in connection with the Merger. As of June 30, 2024, the Company had $693,036 in related party advances in the accompanying unaudited consolidated balance sheets.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

INTANGIBLE ASSETS - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization	$ 626,452	$ 182,076	$ 661,513	$ 201,308

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Consolidation

The unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s unaudited condensed consolidated financial statements include the accounts of the Company and the accounts of the Company’s wholly owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

The accompanying unaudited condensed consolidated financial statements and related notes have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for unaudited condensed consolidated financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete consolidated financial statements. Certain information and footnote disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to instructions, rules, and regulations prescribed by the SEC.

Unaudited interim results

These unaudited condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual audited financial statements and the notes thereto as of and for the year ended December 31, 2023

filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K/A filed with the SEC on March 20, 2024. The accompanying unaudited condensed consolidated financial statements as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023 are unaudited but have been prepared on the same basis as the annual audited financial statements and include all normal, recurring adjustments that management believes to be necessary for a fair presentation of the periods presented. Interim results are not necessarily indicative of results for a full year. Balance sheet amounts as of December 31, 2023 have been derived from the audited financial statements filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K/A filed with the SEC on March 20, 2024.

Use of Estimates

The preparation of the accompanying unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. Actual results and outcomes could differ significantly from the Company’s estimates, judgments, and assumptions. Significant estimates in the Company’s consolidated financial statements include, but are not limited to, assumptions used to measure stock-based compensation, valuation of the intangible assets acquired from DM Lab (see Note E), useful life of intangible assets, warrant liabilities, and deferred customer acquisition costs.

These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. As future events and their effects cannot be determined with precision, actual results could materially differ from those estimates and assumptions.

Segment and geographic information

Operating segments are defined as components of an entity about which separate discrete financial information is available for evaluation by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The CODM for the Company is the Co-Chief Executive Officer, Paul Chang. The Company views its operations as, and manages its business in, one operating segment.

The Company has an office in the Republic of Korea dedicated to research and development activities.

Significant Risks and Uncertainties

There can be no assurance that the Company’s research and development will be successfully commercialized. Developing and commercializing goods and services require significant time and capital and is subject to regulatory review and approval as well as competition from other AI technology companies. The Company operates in an environment of rapid change and is dependent upon the continued services of its employees and consultants and obtaining and protecting intellectual property.

Revenue Recognition and Accounts Receivable

The Company accounts for revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”) for all periods presented. The core principle of ASC 606 is to recognize revenue for the transfer of promised goods or services to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. This principle is achieved by applying the following five-step approach:

1)Identification of the Contract, or Contracts, with a Customer.

2)Identification of the Performance Obligations in the Contract.

3)Determination of the Transaction Price.

4)Allocation of the Transaction Price to the Performance Obligations in the Contract.

5)Recognition of Revenue when, or as, Performance Obligations are Satisfied.

Trade receivables represent amounts due from customers and are stated net of the allowance for doubtful accounts. The allowance for doubtful accounts is based on management’s assessment of the collectability of specific customer accounts, the aging of the accounts receivable, historical experience, and other currently available evidence. If there is a deterioration of a major customer’s credit worthiness or actual defaults are higher than the historical experience, management’s estimates of the recoverability of amounts due the Company could be adversely affected. Trade receivables of the Company as of June 30, 2024 and December 31, 2023 are net of an allowance for expected credit losses amounting to $50,000 and $20,000, respectively.

The Company capitalizes the incremental costs of obtaining a contract with a customer. The Company’s incremental costs are related to the shares issued in connection with the Exclusive Reseller Agreement (“Reseller Agreement”) with AFG in August 2023 (Note K). Deferred customer acquisition costs, which are recorded within other assets on the unaudited condensed consolidated balance sheet, were $13,475,000 as of June 30, 2024. The Company had no such costs as of December 31, 2023. The deferred customer acquisition costs will be accounted for as a reduction in transaction price as the Company transfers goods and services to AFG over the term of the Reseller Agreement.

Impairment of Definite Lived Intangible Assets

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the carrying amount of the asset exceeds its estimated undiscounted net cash flows, before interest, the Company will recognize an impairment loss equal to the difference between its carrying amount and its estimated fair value. If impairment is recognized, the reduced carrying amount of the asset will be accounted for as its new cost. Generally, fair values are estimated using discounted cash flow, replacement cost or market comparison analyses. The process of evaluating for impairment requires estimates as to future events and conditions, which are subject to varying market and economic factors. Therefore, it is reasonably possible that a change in an estimate resulting from judgments as to future events could occur which would affect the recorded amounts of the asset. No impairment losses were recorded for the three or six months ended June 30, 2024 or 2023.

In-Process Research and Development

The fair value of in-process research and development (“IPR&D”) acquired in an asset acquisition, that has been determined to have alternative future uses in accordance with ASC Topic 350, Intangibles—Goodwill and Other (“ASC 350”), is capitalized as an indefinite-lived intangible asset until the completion of the related research and development activities in accordance with ASC 350 or the determination that impairment is necessary. If the related research and development is completed, the asset is reclassified as a definite-lived asset at the time of completion and is amortized over its estimated useful life as research and development costs in accordance with ASC 730-10-25-2(c) and ASC 350. During the three months ended June 30, 2024, the Company’s IPR&D was completed and reclassified as a definite-lived asset and began amortizing over its estimated useful life of 5 years.

During the three and six months ended June 30, 2024 and 2023, the Company did not recognize an impairment charge related to its indefinite-lived IPR&D.

Research and Development Costs

Costs incurred in connection with research and development activities are expensed as incurred. These costs include rent for facilities, hardware and software equipment costs, employee related costs, consulting fees for technical expertise, prototyping, and testing.

Stock-Based Compensation

The Company recognizes stock-based compensation for stock-based awards (including stock options, restricted stock units, and restricted stock awards) in accordance with ASC Topic 718, Compensation — Stock Compensation. Determining the appropriate fair value of stock-based awards requires numerous assumptions, some of which are highly complex and subjective. The Company estimates the fair value of its stock option and warrant awards on the grant date using the Black-Scholes option-pricing model. The fair value of each restricted stock award is measured as the fair value per share of the Company’s Common Stock at the date of grant.

Stock-based awards generally vest subject to the satisfaction of service requirements, or the satisfaction of both service requirements and achievement of certain performance conditions or market and service conditions. For stock-based awards that vest subject to the satisfaction of service requirements or market and service conditions, stock-based compensation is measured based on the fair value of the award on the date of grant and is recognized as stock-based compensation on a straight-line basis over the requisite service period. For stock-based awards that have a performance component, stock-based compensation is measured based on the fair value on the grant date and is recognized over the requisite service period as achievement of the performance objective becomes probable.

The Black-Scholes option-pricing model requires the use of judgments and assumptions, including fair value of its Common Stock, the option’s expected term, the expected price volatility of the underlying stock, risk free interest rates and the expected dividend yield.

The Black-Scholes model assumptions are further described below:

•Common stock — the fair value of the Company’s Common Stock.

•Expected Term — The expected term of employee options with service-based vesting is determined using the “simplified” method, as prescribed in the SEC’s Staff Accounting Bulletin No. 107, whereby the expected life equals the arithmetic average of the vesting term and the original contractual term of the option due to the Company’s lack of sufficient historical data. The expected term of nonemployee options is equal to the contractual term.

•Expected Volatility — The Company lacks its own historical stock data. Therefore, it estimates its expected stock volatility based primarily on the historical volatility of a publicly traded set of peer companies.

•Risk-Free Interest Rate — The Company bases the risk-free interest rate on the U.S. Treasury yield curve commensurate with the expected term of each option.

•Expected Dividend —The Company has never declared or paid any cash dividends on its Common Stock and does not plan to pay cash dividends in the foreseeable future, and, therefore, uses an expected dividend yield of zero in its valuation models.

Cash and Cash Equivalents

The Company considers all highly-liquid investments, readily convertible to cash, and which have a remaining maturity date of three months or less at the date of purchase, to be cash equivalents. Cash and cash equivalents are recorded at fair value and are held for the purpose of meeting short-term liquidity requirements, rather than for investment purposes. The Company maintains its cash and cash equivalent balances in the form of business checking accounts and money market accounts, the balances of which, at times, may exceed federally insured limits.

Capitalized Internal-Use Software Costs

Pursuant to ASC 350-40, Internal-Use Software, the Company capitalizes development costs for internal use software projects once the preliminary project stage is completed, management commits to funding the project, and it is probable that the project will be completed, and the software will be used to perform the function intended. The Company ceases capitalization at such time as the computer software project is substantially complete and ready for its intended use. The determination that a software project is eligible for capitalization and the ongoing assessment of recoverability of capitalized software development costs requires considerable judgment by management with respect to certain external factors, including, but not limited to, estimated economic life and changes in software and hardware technologies.

The Company capitalizes costs for internal-use software once project approval, funding, and feasibility are confirmed. These costs primarily consist of external consulting fees and direct labor costs. During the three months ended June 30, 2024, $645,683 of the Company’s internal-use software became ready for its intended use and, as a result, the Company reclassified this internal-use software to developed software intangible assets and began amortizing the intangible asset. The useful life of the developed software intangible asset ranges from 3 to 5 years. During the three and six months ended June 30, 2024, the Company recorded $16,364 in amortization expense related to the developed software. As of June 30, 2024, the cost of the Company’s capitalized internal-use software was $150,421, which is included within property and equipment, net of accumulated depreciation and amortization in the accompanying unaudited condensed consolidated balance sheet. No impairment losses were recorded for the three and six months ended June 30, 2024.

Leases

The Company’s accounting policy provides that leases with an initial term of 12 months or less will not be recognized as right-of-use assets and lease liabilities on its unaudited condensed consolidated balance sheet. Lease payments associated with short-term leases are recognized as an expense on a straight-line basis over the lease term.

Foreign Currency Transactions

Foreign currency transaction gains and losses are a result of the effect of exchange rate changes on transactions denominated in currencies other than the functional currency. Gains and losses arising from foreign currency transactions and the effects of remeasurements are captured within the net loss within statement of operations. Foreign currency transaction gains and losses were not material for the three and six months ended June 30, 2024 and 2023.

Warrant Liabilities

The Company evaluates all of its financial instruments, including issued share purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC Topic 480, Distinguishing Liabilities from Equity, ASC Topic 505, Equity, and ASC Topic 815, Derivatives and Hedging (“ASC 815”). The Company accounts for the Public Warrants and Private Placement Warrants in accordance with the guidance contained in ASC 815 under which the warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the Public Warrants and Private Placement Warrants as liabilities at their fair value and adjust the Public Warrants and Private Placement Warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s unaudited condensed consolidated statements of operations.

Fair Value of Financial Instruments

The Company accounts for financial instruments under ASC 820, Fair Value Measurements (“ASC 820”). This statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements, ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:

Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 — observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and

Level 3 — assets and liabilities whose significant value drivers are unobservable.

The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis:


	Fair value measurement at reporting date using
June 30, 2024	(Level 1)		(Level 2)		(Level 3)
Liabilities:
Warrant liabilities - Public Warrants	$	—	$	324,930	$	—
Warrant liabilities - Private Placement Warrants	$	—	$	192,969	$	—

The Public Warrants and Private Placement Warrants assumed in connection with the Business Combination were accounted for as liabilities in accordance with ASC 815 and are presented within warrant liabilities on the accompanying unaudited condensed consolidated balance sheets. The warrant liabilities are initially measured at fair value at the day of

the Business Combination and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the unaudited condensed consolidated statements of operations.

The fair value of the Public Warrants and Private Placement Warrants is estimated based on the closing price of the Public Warrants, an observable market quote but is classified as a Level 2 fair value measurement due to the lack of an active market.

Net Loss per Share

Basic loss per share is computed by dividing the net loss available to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted loss per share reflects the potential dilution, using the treasury stock method that could occur if securities or other contracts to issue Common Stock were exercised or converted into Common Stock or resulted in the issuance of Common Stock that then shared in the loss of the Company. In computing diluted loss per share, the treasury stock method assumes that outstanding instruments are exercised/converted, and the proceeds are used to purchase Common Stock at the average market price during the period. Instruments may have a dilutive effect under the treasury stock method only when the average market price of the Common Stock during the period exceeds the exercise price/conversion rate of the instruments. The Company accounts for stock issued in spin-out transactions and consummations of mergers of entities under common control retrospectively. For diluted net loss per share, the weighted-average number of shares of Common Stock is the same for basic net loss per share due to the fact that when a net loss exists, potentially dilutive securities are not included in the calculation when the impact is anti-dilutive.

The following potentially dilutive securities are excluded from the calculation of weighted average shares of Common Stock outstanding because their inclusion would have been anti-dilutive:


	June 30,
	2024	2023
Unvested restricted shares	35,461	—
Options	2,508,553	1,920,579
Warrants	22,931,826	1,066,895
Convertible note (as converted)	1,583,334	—
Total	27,059,174	2,987,474

Recently Issued but Not Yet Adopted Accounting Standards

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. The Company is currently evaluating the effect of this pronouncement on its disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands the disclosures required for income taxes. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendment should be applied on a prospective basis while retrospective application is permitted. The Company is currently evaluating the effect of this pronouncement on its disclosures.

EQUITY-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The following table provides the estimates included in the inputs to the Black-Scholes pricing model for the options granted:


	Six Months Ended June 30,
	2024		2023
Expected term	5.0 years		5.0 years
Risk-free interest rate	4.13	%	3.55	%
Dividend yield	0.00	%	0.00	%
Volatility	54.79	%	50.00	%

Share-Based Payment Arrangement, Option, Activity

A summary of option activity for the six months ended June 30, 2024 is as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (in years)
Outstanding as of December 31, 2023	2,430,900	$	4.19	$	—	—
Granted	108,040	$	8.10	$	4.18	—
Forfeited	(30,387)	$	3.70	$	—	—

Outstanding as of June 30, 2024	2,508,553	$	4.32	$	2.19	8.76
Vested and expected to vest as of June 30, 2024	2,508,553	$	4.32	$	2.19	8.76
Exercisable as of June 30, 2024	1,915,797	$	3.87	$	1.90	8.70

Fair Value Measurement Inputs and Valuation Techniques

The following table provides the estimates included in the inputs to the Black-Scholes pricing model for the AFG and compensatory warrants granted:


	Six Months Ended June 30,
	2024		2023
Expected term	3 years		10 years
Risk-free interest rate	4.46	%	3.74	%
Dividend yield	0.00	%	0.00	%
Volatility	55.14	%	45.86	%

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The Company has recorded stock-based compensation related to its options and warrants in the accompanying unaudited condensed consolidated statements of operations as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
General and administrative	$	159,387	$	1,841,767	$	493,436	$	4,284,468
Research and development	132,223		—		205,154		—
	$	291,610	$	1,841,767	$	698,590	$	4,284,468

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table summarizes activity related to restricted share awards:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2024	—	$	—
Granted	417,376	$	1.41
Vested	(381,915)	$	1.41
Outstanding at June 30, 2024	35,461	$	1.41

SHORT-TERM DEBT RELATED TO ACQUISITION OF DM LAB - Additional Information (Details)				3 Months Ended		6 Months Ended
	Dec. 14, 2024 loan $ / shares	Apr. 12, 2024 USD ($) shares	May 25, 2023 USD ($)	Jun. 30, 2024 USD ($) loan	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) loan	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Short-term debt				$ 891,974		$ 891,974		$ 223,300
DM Lab Transaction
Debt Instrument [Line Items]
Number of loans \| loan				4		4
Converted amount			$ 252,601
Interest expense				$ 11,404	$ 15,585	$ 27,020	$ 15,585
Debt, Long-Term and Short-Term, Combined Amount				891,974		891,974
Short term debt, extension amount				$ 668,674		$ 668,674
DM Lab Transaction \| Minimum
Debt Instrument [Line Items]
Stated interest rate (as a percent)				4.667%		4.667%
DM Lab Transaction \| Maximum
Debt Instrument [Line Items]
Stated interest rate (as a percent)				6.69%		6.69%
Convertible Promissory Note Due March 2025 \| Convertible Debt
Debt Instrument [Line Items]
Face amount		$ 1,900,000
Convertible Promissory Note Due March 2025 \| Convertible Debt \| Debt Conversion Terms One \| Subsequent Event
Debt Instrument [Line Items]
Conversion purchase price (as a percent)	0.9275
Convertible, threshold trading days \| loan	5
Convertible Promissory Note Due March 2025 \| Convertible Debt \| Additional Debt Conversion Terms \| Subsequent Event
Debt Instrument [Line Items]
Outstanding principle balance (as a percent)	20.00%
Convertible Promissory Note Due March 2025 \| Minimum \| Convertible Debt \| Debt Conversion Terms One \| Subsequent Event
Debt Instrument [Line Items]
Conversion price (in US dollars per share) \| $ / shares	$ 1.20
Convertible Promissory Note Due March 2025 \| Maximum \| Convertible Debt \| Debt Conversion Terms One \| Subsequent Event
Debt Instrument [Line Items]
Outstanding principle balance (as a percent)	40.00%
Convertible Promissory Note Due March 2025 \| Maximum \| Convertible Debt \| Additional Debt Conversion Terms
Debt Instrument [Line Items]
Shares issued upon conversion \| shares		1,583,334

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Consolidation

Use of Estimates

Segment and geographic information

Revenue Recognition and Accounts Receivable

1)Identification of the Contract, or Contracts, with a Customer.

2)Identification of the Performance Obligations in the Contract.

3)Determination of the Transaction Price.

4)Allocation of the Transaction Price to the Performance Obligations in the Contract.

5)Recognition of Revenue when, or as, Performance Obligations are Satisfied.

Impairment of Definite Lived Intangible Assets

In-Process Research and Development

Research and Development Costs

Stock Compensation

Stock-Based Compensation

The Black-Scholes model assumptions are further described below:

•Common stock — the fair value of the Company’s Common Stock.

•Risk-Free Interest Rate — The Company bases the risk-free interest rate on the U.S. Treasury yield curve commensurate with the expected term of each option.

Cash and Cash Equivalents

Capitalized Internal-Use Software Costs

Leases

Foreign Currency Transactions

Warrant Liabilities

Fair Value of Financial Instruments

Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 3 — assets and liabilities whose significant value drivers are unobservable.

The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis:


	Fair value measurement at reporting date using
June 30, 2024	(Level 1)		(Level 2)		(Level 3)
Liabilities:
Warrant liabilities - Public Warrants	$	—	$	324,930	$	—
Warrant liabilities - Private Placement Warrants	$	—	$	192,969	$	—

Net Loss per Share

Recently Adopted Accounting Standards

Recently Issued but Not Yet Adopted Accounting Standards

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Fair Value, Liabilities Measured on Recurring Basis

The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis:


	Fair value measurement at reporting date using
June 30, 2024	(Level 1)		(Level 2)		(Level 3)
Liabilities:
Warrant liabilities - Public Warrants	$	—	$	324,930	$	—
Warrant liabilities - Private Placement Warrants	$	—	$	192,969	$	—

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive securities are excluded from the calculation of weighted average shares of Common Stock outstanding because their inclusion would have been anti-dilutive:


	June 30,
	2024	2023
Unvested restricted shares	35,461	—
Options	2,508,553	1,920,579
Warrants	22,931,826	1,066,895
Convertible note (as converted)	1,583,334	—
Total	27,059,174	2,987,474

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Antidilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	27,059,174	2,987,474
Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	2,508,553	1,920,579
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	22,931,826	1,066,895
Convertible Notes Payable
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	1,583,334	0
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	35,461	0

PROPERTY AND EQUIPMENT, NET - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 682,244	$ 220,702	$ 799,591	$ 239,934
Equipment
Property, Plant and Equipment [Line Items]
Useful life	3 years		3 years
Furniture
Property, Plant and Equipment [Line Items]
Useful life	3 years		3 years
Capitalized software
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 16,364		$ 16,364
Capitalized software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years		10 years
Capitalized software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years		5 years
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 55,792	$ 38,626	$ 138,078	$ 38,626

NATURE OF OPERATIONS AND GOING CONCERN	6 Months Ended
NATURE OF OPERATIONS AND GOING CONCERN	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS AND GOING CONCERN	NATURE OF OPERATIONS AND GOING CONCERN Nature of Operations Brand Engagement Network Inc. (formerly Blockchain Exchange Network Inc.) (together with its subsidiaries, "BEN" or "the Company") was formed in Jackson, Wyoming on April 17, 2018, and was named in honor of the renowned Founding Father and inventor, Benjamin Franklin. In 2019, the Company became a wholly owned subsidiary of Datum Point Labs ("DPL"), and then was spun out of DPL in May 2021. BEN acquired DPL in December 2021. The Company is an innovative AI platform provider, designed to interface with emerging technologies, including blockchain, internet of things, and cloud computing, that drives digital transformation across various industries and provides businesses with unparalleled competitive edge. BEN offers a suite of configured and customizable applications, including natural language processing, anomaly detection, encryption, recommendation engines, sentiment analysis, image recognition, personalization, and real-time decision-making. These applications help companies improve customer experiences, optimize cost drivers, mitigate risks, and enhance operational efficiency. Business Combination with DHC On March 14, 2024, the Company consummated its previously announced business combination (the “Closing”) pursuant to the Business Combination Agreement, dated September 7, 2023 (as amended, the “Business Combination Agreement”), by and among DHC Acquisition Corp., a Cayman Islands exempted company (“DHC”), Brand Engagement Network Inc., a Wyoming corporation (“Prior BEN”), BEN Merger Subsidiary Corp., a Delaware corporation and a direct, wholly owned subsidiary of DHC (“Merger Sub”) and DHC Sponsor, LLC, a Delaware limited liability company (the “Sponsor”). The transactions contemplated by the Business Combination Agreement, including the Domestication and the Merger (each as defined below) are collectively referred to herein as the “Business Combination.” Prior to the Closing, as contemplated by the Business Combination Agreement, DHC became a Delaware corporation named “Brand Engagement Network Inc.” (the “Domestication”), and (i) each issued and outstanding Class A ordinary share, par value $0.0001 per share, of DHC (the “Class A Shares”) was automatically converted, on a one-for-one basis, into a share of common stock, par value $0.0001 per share (“Common Stock”), of BEN, (ii) each issued and outstanding Class B ordinary share, par value $0.0001 per share, of DHC was automatically converted, on a one-for-one basis, into a share of Common Stock of BEN, (iii) each then-issued and outstanding public warrant of DHC, each representing a right to acquire one Class A Share for $11.50 was automatically converted, on a one-for-one basis, into a public warrant of BEN (a “Public Warrant”), which represents a right to acquire one share of Common Stock for $11.50, pursuant to Section 4.5 of the Warrant Agreement, dated March 4, 2021, by and between DHC and Continental Stock Transfer and Trust Company (the “Warrant Agreement”), (iv) each then-issued and outstanding private placement warrant, each representing a right to acquire one Class A Share for $11.50 (a “Private Placement Warrant”), was automatically converted, on a one-for-one basis, into a private placement warrant of BEN, which represents a right to acquire one share of BEN Common Stock for $11.50, pursuant to Section 4.5 of the Warrant Agreement, (v) each then-issued and outstanding unit of DHC, each representing a Class A Share and one-third of a DHC Public Warrant (a “Unit”), that had not been previously separated into the underlying Class A Share and one-third of one DHC Public Warrant upon the request of the holder thereof, were separated and automatically converted into one share of BEN Common Stock and one-third of one Public Warrant. Following the Domestication, on March 14, 2024, pursuant to the Business Combination Agreement, Merger Sub merged with and into Prior BEN (the “Merger”), with Prior BEN surviving the Merger as a direct, wholly owned subsidiary of BEN. In connection with the Merger, (i) all outstanding shares of Prior BEN’s common stock were exchanged for shares of Common Stock of BEN at an exchange ratio of 0.2701 (the “Exchange Ratio”) shares of BEN Common Stock per one share of Prior BEN common stock, (ii) each then-issued and outstanding compensatory warrant of Prior BEN, each representing a right to acquire one share of Prior BEN common stock, were assumed by BEN and adjusted pursuant to the Exchange Ratio and in accordance with the terms of their agreements, into new compensatory warrants of BEN, and (iii) each then issued and outstanding option to purchase shares of Prior BEN common stock, each representing a right to acquire one share of Prior BEN common stock, were assumed by BEN and adjusted pursuant to the Exchange Ratio and in accordance with the terms of their agreements, into options to purchase BEN Common Stock. Except as otherwise indicated, references herein to “BEN,” the “Company,” or the “Combined Company,” refer to Brand Engagement Network Inc. Inc. on a post-Merger basis, and references to “Prior BEN” refer to the business of privately-held Brand Engagement Network Inc. prior to the completion of the Merger. References to “DHC” refer to DHC Acquisition Corp. prior to the completion of the Merger. In connection with the Business Combination, the Company assumed 10,314,952 Public Warrants and 6,126,010 Private Placement Warrants. Exchange Ratio As noted in Note D, the Business Combination was accounted for as a reverse recapitalization under which the historical financial statements of the Company prior to the Merger are Prior BEN. All common stock, per share and related information presented in the unaudited condensed consolidated financial statements and notes prior to the Merger have been retroactively adjusted to reflect the Exchange Ratio. Liquidity and Going Concern The accompanying unaudited condensed consolidated financial statements have been prepared as though the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As of June 30, 2024, the Company had an accumulated deficit of $23,235,833, a net loss of $9,934,113 and net cash used in operating activities of $8,612,872 during the six months ended June 30, 2024. Management expects to continue to incur operating losses and negative cash flows from operations for at least the next 12 months. The Company has financed its operations to date from proceeds from the sale of Common Stock, exercises of warrants, the issuance of promissory notes and convertible debt, and its transactions with AFG Companies Inc. (“AFG”). The Company’s current liquidity position raises substantial doubt about the Company’s ability to continue as a going concern. The Company believes that its existing cash and cash equivalents and proceeds from the May SPA (Note K) will be insufficient to meet its anticipated cash requirements for at least the next 12 months from the date the unaudited condensed consolidated financial statements are issued. The assumptions upon which the Company has based its estimates are routinely evaluated and may be subject to change. The actual amount of the Company’s expenditures will vary depending upon several factors including but not limited to the design, timing, and the progress of the Company’s research and development programs, and the level of financial resources available. The Company can adjust its operating plan spending based on available financial resources. The Company will need to raise additional capital to continue to fund operations and product research and development. The Company believes that it will be able to obtain additional working capital through equity financings, additional debt, or other arrangements to fund future operations. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The following table summarizes intangible assets included on the consolidated balance sheet:


	June 30, 2024
	Gross		Accumulated Amortization		Net
Amortizing intangible assets:
Patent portfolio	$	1,259,863	$	(447,838)	$	812,025
Developed technology	17,645,683		(591,391)		17,054,292


Total	$	18,905,546	$	(1,039,229)	$	17,866,317


	December 31, 2023
	Gross		Accumulated Amortization		Net
Amortizing intangible assets:
Patent portfolio	$	1,259,863	$	(377,716)	$	882,147
Indefinite-lived intangible assets:
In-process research and development	17,000,000		—		17,000,000
Total	$	18,259,863	$	(377,716)	$	17,882,147

Schedule of Indefinite-Lived Intangible Assets

The following table summarizes intangible assets included on the consolidated balance sheet:


	June 30, 2024
	Gross		Accumulated Amortization		Net
Amortizing intangible assets:
Patent portfolio	$	1,259,863	$	(447,838)	$	812,025
Developed technology	17,645,683		(591,391)		17,054,292


Total	$	18,905,546	$	(1,039,229)	$	17,866,317


	December 31, 2023
	Gross		Accumulated Amortization		Net
Amortizing intangible assets:
Patent portfolio	$	1,259,863	$	(377,716)	$	882,147
Indefinite-lived intangible assets:
In-process research and development	17,000,000		—		17,000,000
Total	$	18,259,863	$	(377,716)	$	17,882,147

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Future amortization of intangible assets are estimated to be as follows:


Years Ending December 31:
2024 (remaining 6 months)	$	1,844,293
2025	3,688,589
2026	3,688,589
2027	3,656,574
2028	3,640,566
Thereafter	1,347,706
	$	17,866,317

INTANGIBLE ASSETS - Summary of Future Amortization (Details)	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining 6 months)	$ 1,844,293
2025	3,688,589
2026	3,688,589
2027	3,656,574
2028	3,640,566
Thereafter	1,347,706
Net	$ 17,866,317

ACQUISITIONS - Additional Information (Details) - USD ($)		6 Months Ended
	May 03, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Payments for asset acquisitions		$ 0	$ 257,113
DM Lab Co., LTD
Business Acquisition [Line Items]
Consideration transferred (in shares)	16,012,750
Equity interest issued and issuable	$ 16,012,750
Consideration transferred	16,269,862
Payments for asset acquisitions	257,112
Asset acquisition, transaction cost	$ 107,112

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 09, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-40130
Entity Registrant Name	Brand Engagement Network Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1574798
Entity Address, Address Line One	145 E. Snow King Ave
Entity Address, Address Line Two	PO Box 1045
Entity Address, City or Town	Jackson
Entity Address, State or Province	WY
Entity Address, Postal Zip Code	83001
City Area Code	312
Local Phone Number	810-7422
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		35,963,169
Entity Central Index Key	0001838163
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	BNAI
Security Exchange Name	NASDAQ
Warrant
Document Information [Line Items]
Title of 12(b) Security	Redeemable Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
Trading Symbol	BNAIW
Security Exchange Name	NASDAQ

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Statement) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 0	$ 0	$ 49,790	$ 0
Cost of revenues	0	0	0	0
Gross profit	0	0	49,790	0
Operating expenses:
General and administrative	5,255,136	2,779,722	11,765,671	5,396,446
Depreciation and amortization	682,244	220,702	799,591	239,934
Research and development	355,565	76,378	606,236	78,378
Total operating expenses	6,292,945	3,076,802	13,171,498	5,714,758
Loss from operations	(6,292,945)	(3,076,802)	(13,121,708)	(5,714,758)
Other income (expenses):
Interest expense	(19,403)	0	(44,453)	0
Interest income	114	0	3,232	0
Gain on debt extinguishment	1,847,992	0	1,847,992	0
Change in fair value of warrant liabilities	1,456,661	0	1,395,838	0
Other	(42,123)	(31,750)	(15,014)	(31,750)
Other income (expenses), net	3,243,241	(31,750)	3,187,595	(31,750)
Loss before income taxes	(3,049,704)	(3,108,552)	(9,934,113)	(5,746,508)
Income taxes	0	0	0	0
Net loss	$ (3,049,704)	$ (3,108,552)	$ (9,934,113)	$ (5,746,508)
Net loss per common share- basic and diluted
Basic (in US dollars per share)	$ (0.09)	$ (0.15)	$ (0.34)	$ (0.31)
Diluted (in US dollars per share)	$ (0.09)	$ (0.15)	$ (0.34)	$ (0.31)
Weighted-average common shares - basic and diluted
Basic (in shares)	33,993,867	20,193,447	29,635,857	18,662,480
Diluted (in shares)	33,993,867	20,193,447	29,635,857	18,662,480

ACQUISITIONS

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

ACQUISITIONS

On May 3, 2023, in connection with the development the Company’s core technology, the Company entered into an Asset Purchase Agreement with DM Lab Co., LTD (“DM Lab”), to acquire certain assets and assume certain liabilities in exchange for 16,012,750 shares of Common Stock with a fair value of $16,012,750 and $257,112 in cash consideration including $107,112 in transaction-related costs.

The Company accounted for the transaction with DM Lab as an asset acquisition as the acquired set passed the screen test and as such did not meet the criteria to be considered a business according to ASC 805, Business Combinations. The total consideration paid including transaction-related costs was allocated to identifiable intangible and tangible assets acquired based on their acquisition date estimated fair values. The largest asset acquired was the in-process research and development intangible asset which the Company determined had alternative future uses and capitalized as an indefinite-lived intangible asset until the completion of the related research and development activities in accordance with ASC 350 or the determination that impairment is necessary. The in-process research and development intangible asset was valued using the multi-period excess earnings method which requires several judgements and assumptions to determine the fair value of intangible assets, including growth rates, EBITDA margins, and discount rates, among others. This nonrecurring fair value measurement is a Level 3 measurement within the fair value hierarchy. The following table summarizes the fair value of consideration transferred and its allocation to the assets acquired and liabilities assumed at their acquisition date fair values.


Assets Acquired	Amount Recognized
In-process research and development intangible asset	$	17,000,000
Property and equipment	721,916
Liabilities assumed
Accounts payable	(57,700)
Accrued expenses	(249,779)
Short-term debt	(1,144,575)
Total assets acquired and liabilities assumed	16,269,862
Total consideration	$	16,269,862

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

PROPERTY AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consists of the following:


	June 30, 2024		December 31, 2023
Equipment	$	447,800	$	426,000
Furniture	346,591		346,591


Capitalized software	150,421		569,923
Total	944,812		1,342,514
Accumulated depreciation and amortization	(678,035)		(539,957)
Property and equipment, net of accumulated depreciation and amortization	$	266,777	$	802,557

INTANGIBLE ASSETS - Summary of Intangible Assets (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule Of Intangible Assets [Line Items]
Accumulated Amortization	$ (1,039,229)	$ (377,716)
Net	17,866,317
Gross	18,905,546	18,259,863
Net	17,866,317	17,882,147
In-process research and development
Schedule Of Intangible Assets [Line Items]
Indefinite-lived intangible assets		17,000,000
Patent portfolio
Schedule Of Intangible Assets [Line Items]
Gross	1,259,863	1,259,863
Accumulated Amortization	(447,838)	(377,716)
Net	812,025	$ 882,147
Developed Technology Rights
Schedule Of Intangible Assets [Line Items]
Gross	17,645,683
Accumulated Amortization	(591,391)
Net	$ 17,054,292

EQUITY-BASED COMPENSATION - Summary of Stock Based Compensation Expenses (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 291,610	$ 1,841,767	$ 698,590	$ 4,284,468
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	159,387	1,841,767	493,436	4,284,468
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 132,223	$ 0	$ 205,154	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

NATURE OF OPERATIONS AND GOING CONCERN - Additional Information (Details)	3 Months Ended				6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Mar. 14, 2024 $ / shares shares	Dec. 31, 2023 USD ($) $ / shares
Business Acquisition [Line Items]
Common stock, par value (in USD per share)	$ 0.0001				$ 0.0001			$ 0.0001
Recapitalization Exchange Ratio							0.2701
Accumulated deficit \| $	$ (23,235,833)				$ (23,235,833)			$ (13,301,720)
Net loss \| $	$ (3,049,704)	$ (6,884,409)	$ (3,108,552)	$ (2,637,956)	(9,934,113)	$ (5,746,508)
Net cash used in operating activities \| $					$ (8,612,872)	$ (1,251,563)
Common Class A
Business Acquisition [Line Items]
Common stock conversion ratio							1
DHC \| Common Class A
Business Acquisition [Line Items]
Common stock, par value (in USD per share)							$ 0.0001
DHC \| Common Class B
Business Acquisition [Line Items]
Common stock, par value (in USD per share)							0.0001
BEN
Business Acquisition [Line Items]
Common stock, par value (in USD per share)							0.0001
Public Warrant
Business Acquisition [Line Items]
Warrant exercise price (in US dollars per share)	$ 11.50				$ 11.50		$ 11.50
Conversion ratio (in shares)							1
Warrants assumed (in shares) \| shares							10,314,952
Private Placement Warrant
Business Acquisition [Line Items]
Warrant exercise price (in US dollars per share)	$ 11.50				$ 11.50		$ 11.50
Warrants assumed (in shares) \| shares							6,126,010

MERGER WITH DHC - Narrative (Details) - USD ($)	Jun. 30, 2024	Mar. 14, 2024
Prior BEN \| Combined Company
Business Acquisition [Line Items]
Ownership percentage		76.00%
DHC
Business Acquisition [Line Items]
Cash and cash equivalents		$ 858,292
Due from Sponsor		3,000
Prepaid and other current assets		16,824
Accounts payable		(2,352,328)
Accrued expenses		(5,782,211)
Warrant liability		(1,913,737)
Net liabilities assumed		(9,863,196)
Transaction costs	$ 78,347	4,121,000
DHC \| General and administrative
Business Acquisition [Line Items]
Transaction costs	$ 3,262,708
DHC \| Additional Paid-in Capital
Business Acquisition [Line Items]
Transaction costs		858,292
DHC \| Related Party
Business Acquisition [Line Items]
Due to related parties		$ (693,036)

STOCKHOLDERS’ EQUITY - Additional Information (Details)				3 Months Ended		6 Months Ended
STOCKHOLDERS’ EQUITY - Additional Information (Details)	May 28, 2024 USD ($) tranche $ / shares shares	Mar. 14, 2024 USD ($) $ / shares shares	Aug. 31, 2023 USD ($) tranche $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Mar. 31, 2024 USD ($)	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 $ / shares shares
Class of Stock [Line Items]
Issuance of common stock pursuant to Reseller Agreement \| $				$ 1,993,750	$ 13,475,000
Number of shares issued in transaction (in shares)		7,885,220
Common stock authorized (in shares)				750,000,000		750,000,000	750,000,000
Common stock, par value (in USD per share) \| $ / shares				$ 0.0001		$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)				10,000,000		10,000,000	10,000,000
Preferred stock, par value (in USD per share) \| $ / shares				$ 0.0001		$ 0.0001	$ 0.0001
AFG Companies, Inc
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)		550,000
Sale of stock, consideration received on transaction \| $		$ 5,500,000
May SPA
Class of Stock [Line Items]
Additional capital raise, incomplete \| $	$ 3,250,000
2024 Long-Term Incentive Plan
Class of Stock [Line Items]
Share-based payment award, number of shares authorized (in shares)				2,942,245		2,942,245
Share-based payment award, number of shares authorized (in shares)				2,555,256		2,555,256
Public Warrant
Class of Stock [Line Items]
Warrants assumed (in shares)		10,314,952
Warrant exercise price (in US dollars per share) \| $ / shares		$ 11.50		$ 11.50		$ 11.50
Private Placement Warrant
Class of Stock [Line Items]
Warrants assumed (in shares)		6,126,010
Warrant exercise price (in US dollars per share) \| $ / shares		$ 11.50		$ 11.50		$ 11.50
Threshold to transfer, assign, or sell after completion of business combination				30 days		30 days
Reload Warranty
Class of Stock [Line Items]
Reload warranty (in shares)	2,600,000
AFG Companies, Inc \| Related Party
Class of Stock [Line Items]
Agreement term			5 years
Issuance of common stock pursuant to reseller agreement (in shares)		1,750,000	1,750,000
Issuance of common stock pursuant to Reseller Agreement \| $		$ 13,475,000	$ 13,475,000
AFG Companies, Inc \| Related Party \| Reseller Warrants
Class of Stock [Line Items]
Warrants assumed (in shares)		3,750,000	3,750,000
Warrant exercise price (in US dollars per share) \| $ / shares		$ 10.00	$ 10.00
Fair value of warrant (in USD per share) \| $ / shares		$ 2.52	$ 2.52
Number of tranches \| tranche			11
Expected term			3 years
Certain Investors \| May SPA
Class of Stock [Line Items]
Common stock authorized (in shares)	1,980,000
Price per share (in US dollars per share) \| $ / shares	$ 2.50
Certain Investors \| Private Placement Warrant
Class of Stock [Line Items]
Number of tranches \| tranche	2
Certain Investors \| Private Placement Warrant \| Five Year Tranche
Class of Stock [Line Items]
Warrants assumed (in shares)	1,980,000
Certain Investors \| Private Placement Warrant \| May SPA
Class of Stock [Line Items]
Warrants assumed (in shares)	3,960,000			877,500		877,500
Warrant exercise price (in US dollars per share) \| $ / shares				$ 2.50		$ 2.50
Number of shares issued in transaction (in shares)						877,500
Sale of stock, consideration received on transaction \| $						$ 1,993,750
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants \| $	$ 4,950,000
Certain Investors \| Private Placement Warrant \| May SPA \| One Year Tranche
Class of Stock [Line Items]
Warrants assumed (in shares)	1,980,000
Warrant exercise price (in US dollars per share) \| $ / shares	$ 2.50
Expected term	1 year
Certain Investors \| Private Placement Warrant \| May SPA \| Five Year Tranche
Class of Stock [Line Items]
Warrant exercise price (in US dollars per share) \| $ / shares	$ 2.50
Expected term	5 years
Investors \| Reload Warranty
Class of Stock [Line Items]
Warrant exercise price (in US dollars per share) \| $ / shares				2.50		$ 2.50
Investors \| May SPA Warrant
Class of Stock [Line Items]
Warrant exercise price (in US dollars per share) \| $ / shares				$ 2.50		$ 2.50
Class of Warrant or Right, Outstanding				1,755,000		1,755,000

INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

The following table summarizes intangible assets included on the consolidated balance sheet:


	June 30, 2024
	Gross		Accumulated Amortization		Net
Amortizing intangible assets:
Patent portfolio	$	1,259,863	$	(447,838)	$	812,025
Developed technology	17,645,683		(591,391)		17,054,292


Total	$	18,905,546	$	(1,039,229)	$	17,866,317


	December 31, 2023
	Gross		Accumulated Amortization		Net
Amortizing intangible assets:
Patent portfolio	$	1,259,863	$	(377,716)	$	882,147
Indefinite-lived intangible assets:
In-process research and development	17,000,000		—		17,000,000
Total	$	18,259,863	$	(377,716)	$	17,882,147

Total amortization expense was $626,452 and $182,076 for the three months ended June 30, 2024 and 2023, respectively. Total amortization expense was $661,513 and $201,308 for the six months ended June 30, 2024 and 2023, respectively.

Future amortization of intangible assets are estimated to be as follows:


Years Ending December 31:
2024 (remaining 6 months)	$	1,844,293
2025	3,688,589
2026	3,688,589
2027	3,656,574
2028	3,640,566
Thereafter	1,347,706
	$	17,866,317

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Statement)	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Cash flows from operating activities:
Net loss	$ (9,934,113)	$ (5,746,508)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	799,591	239,934
Allowance for uncollected receivables	30,000	0
Write off of deferred financing fees	1,427,729	0
Change in fair value of warrant liabilities	(1,395,838)	0
Gain on debt extinguishment	(1,847,992)	0
Stock based compensation, including the issuance of restricted shares	1,262,090	4,284,468
Changes in operating assets and liabilities:
Prepaid expense and other current assets	(793,008)	(124,153)
Accounts receivable	(20,000)	500
Accounts payable	3,591,279	(224,141)
Accrued expenses	(1,730,320)	250,967
Other assets	0	67,370
Deferred revenue	(2,290)	0
Net cash used in operating activities	(8,612,872)	(1,251,563)
Cash flows from investing activities:
Purchase of property and equipment	(26,316)	(7,359)
Purchase of patents	0	(172,220)
Capitalized internal-use software costs	(73,414)	(144,448)
Asset acquisition (Note E)	0	(257,113)
Net cash used in investing activities	(99,730)	(581,140)
Cash flows from financing activities:
Cash and cash equivalents acquired in connection with the reverse recapitalization	858,292	0
Proceeds from the sale of common stock	8,518,750	0
Proceeds from convertible notes	0	1,400,000
Proceeds from related party note	0	620,000
Proceeds received from option exercises	0	10,938
Proceeds received from warrant exercise	20,264	10,000
Payment of deferred financing costs	(858,292)	(36,934)
Payment of related party note	(80,000)	0
Advances to related parties	0	(31,565)
Proceeds received from related party advance repayments	0	146,337
Net cash provided by financing activities	8,459,014	2,118,776
Net (decrease) increase in cash and cash equivalents	(253,588)	286,073
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents at the beginning of the period	1,685,013	2,010
Cash and cash equivalents at the end of the period	1,431,425	288,083
Supplemental Cash Flow Information
Cash paid for interest	0	0
Cash paid for income taxes	0	0
Supplemental Non-Cash Information
Stock-based compensation capitalized as part of capitalized software costs	205,154	0
Convertible note	1,900,000
Warrants exercise through settlement of accounts payable	0	30,000
Financing Costs, Yet To Be Paid	200,000	0
Property, Plant and Equipment
Supplemental Non-Cash Information
Capital expenditures incurred but not yet paid	0	45,701
Capitalized Software Costs
Supplemental Non-Cash Information
Stock issued	322,008	432,963
Conversion Of Accounts Payable
Supplemental Non-Cash Information
Stock issued	0	1,400,000
Asset Acquisition
Supplemental Non-Cash Information
Stock issued	0	16,012,750
Reseller Agreement
Supplemental Non-Cash Information
Stock issued	$ 13,475,000	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Number of operating segments \| segment			1
Assets	$ 34,053,644		$ 34,053,644		$ 22,008,739
Contract with customer, asset	13,475,000		13,475,000
Impairment of intangible assets, finite-lived	0	$ 0	0	$ 0
Depreciation and amortization	(682,244)	(220,702)	(799,591)	(239,934)
Property and equipment, gross	944,812		944,812		1,342,514
Capitalized Computer Software, Additions	645,683
In-process research and development
Property, Plant and Equipment [Line Items]
Impairment of indefinite-lived intangible assets	$ 0	$ 0	$ 0	$ 0
Useful life	5 years		5 years
Trade Accounts Receivable
Property, Plant and Equipment [Line Items]
Accounts receivable, allowance for credit loss, current	$ 50,000		$ 50,000		20,000
Capitalized software
Property, Plant and Equipment [Line Items]
Depreciation and amortization	(16,364)		(16,364)
Property and equipment, gross	150,421		150,421		$ 569,923
Tangible asset impairment charges	$ 0		$ 0
Capitalized software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years		5 years
Capitalized software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years		10 years
Internal Use Software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years		3 years
Internal Use Software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	5 years		5 years

MERGER WITH DHC (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

As a result of the Merger, the net liabilities of DHC were recorded at their historical cost in the unaudited condensed consolidated financial statements and the reported operating results prior to the Merger are those of Prior BEN. The following table summarizes the assets acquired and liabilities assumed as part of the reverse recapitalization:


	March 14, 2024
Cash and cash equivalents	$	858,292
Due from Sponsor	3,000
Prepaid and other current assets	16,824
Accounts payable	(2,352,328)
Accrued expenses	(5,782,211)
Due to related parties	(693,036)
Warrant liability	(1,913,737)
Net liabilities assumed	$	(9,863,196)

Pay vs Performance Disclosure - USD ($)	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (3,049,704)	$ (6,884,409)	$ (3,108,552)	$ (2,637,956)	$ (9,934,113)	$ (5,746,508)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is subject to various legal and regulatory proceedings, claims, and assessments, as well as other contingencies, that arise in the ordinary course of business. The Company accrues for these contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company regularly reviews and updates its accruals for contingencies and makes adjustments as necessary based on changes in circumstances and the emergence of new information. Litigation Liabilities for loss contingencies, arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Employment contracts The Company has entered into employment contracts with its officers and certain employees that provide for severance and continuation benefits in the event of termination of employment either by the Company without cause or by the employee for good reason, both as defined in the agreements, along with any unpaid vested options, equity or earned bonuses. In addition, in the event of termination of employment following a change in control, as defined in each agreement the employee shall receive a prorated bonus payment and severance payments (as defined in each agreement). Korea University The Company is party to multiple research and development sponsorship agreement with Korea University. Pursuant to a sponsorship agreement entered into in November 2023, the Company agreed to pay 21.6 million Korean won (approximately $15,552) to Korea University during the period from November 1, 2023 through March 10, 2024. As of June 30, 2024, the Company paid the agreed upon funding of $15,552. The Company entered into another sponsorship agreement in December 2023 for total consideration of up to 528.0 million Korean won (approximately $380,160) from January 2024 through December 2024. The Company can terminate the agreement upon written notice to Korea University for a period of at least one month. As of June 30, 2024, the Company had paid 211.2 million Korean won (approximately $152,064) and owes the remaining 316.8 million Korean won (approximately $228,096) throughout the remainder of 2024.

PREPAID EXPENSES AND OTHER CURRENT ASSETS

6 Months Ended

Jun. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consisted of the following:


	June 30, 2024		December 31, 2023
Security deposits	$	47,150	$	71,300
Prepaid VAT	10,046		7,821
Prepaid professional fees	277,554		43,712
Prepaid insurance	554,675		—
Prepaid other	121,700		78,460
Prepaid expenses and other current assets	$	1,011,125	$	201,293

ACQUISITIONS (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Asset Acquisition

The following table summarizes the fair value of consideration transferred and its allocation to the assets acquired and liabilities assumed at their acquisition date fair values.


Assets Acquired	Amount Recognized
In-process research and development intangible asset	$	17,000,000
Property and equipment	721,916
Liabilities assumed
Accounts payable	(57,700)
Accrued expenses	(249,779)
Short-term debt	(1,144,575)
Total assets acquired and liabilities assumed	16,269,862
Total consideration	$	16,269,862

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

6 Months Ended

Jun. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	June 30, 2024		December 31, 2023
Security deposits	$	47,150	$	71,300
Prepaid VAT	10,046		7,821
Prepaid professional fees	277,554		43,712
Prepaid insurance	554,675		—
Prepaid other	121,700		78,460
Prepaid expenses and other current assets	$	1,011,125	$	201,293

SUBSEQUENT EVENTS (Details)	Dec. 14, 2024 loan $ / shares	Jul. 01, 2024 USD ($) $ / shares shares	Apr. 12, 2024 USD ($) shares	Mar. 14, 2024 shares	Jun. 30, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares)				7,885,220
Outstanding invoices amount \| $					$ 3,574,255	$ 1,282,974
Common stock, par value (in USD per share) \| $ / shares					$ 0.0001	$ 0.0001
Convertible Promissory Note Due March 2025 \| Convertible Debt
Subsequent Event [Line Items]
Face amount \| $			$ 1,900,000
Convertible Promissory Note Due March 2025 \| Convertible Debt \| Maximum \| Additional Debt Conversion Terms
Subsequent Event [Line Items]
Shares issued upon conversion			1,583,334
Subsequent Event \| The Williams Family Trust \| Securities Purchase Agreement
Subsequent Event [Line Items]
Price per share (in US dollars per share) \| $ / shares		$ 2.50
Number of shares issued in transaction (in shares)		120,000
Warrants assumed (in shares)		240,000
Proceeds from Issuance of Warrants \| $		$ 300,000
Subsequent Event \| The Williams Family Trust \| Securities Purchase Agreement \| Williams Family Trust One Year Tranche
Subsequent Event [Line Items]
Warrants assumed (in shares)		120,000
Expected term		1 year
Subsequent Event \| The Williams Family Trust \| Securities Purchase Agreement \| Williams Family Trust Five Year Tranche
Subsequent Event [Line Items]
Warrants assumed (in shares)		120,000
Expected term		5 years
Subsequent Event \| Convertible Promissory Note Due March 2025 \| Convertible Debt \| Debt Conversion Terms One
Subsequent Event [Line Items]
Conversion purchase price (as a percent)	0.9275
Convertible, threshold trading days \| loan	5
Subsequent Event \| Convertible Promissory Note Due March 2025 \| Convertible Debt \| Additional Debt Conversion Terms
Subsequent Event [Line Items]
Outstanding principle balance (as a percent)	20.00%
Subsequent Event \| Convertible Promissory Note Due March 2025 \| Convertible Debt \| Maximum \| Debt Conversion Terms One
Subsequent Event [Line Items]
Outstanding principle balance (as a percent)	40.00%
Subsequent Event \| Convertible Promissory Note Due March 2025 \| Convertible Debt \| Minimum \| Debt Conversion Terms One
Subsequent Event [Line Items]
Conversion price (in US dollars per share) \| $ / shares	$ 1.20

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)	10,000,000	10,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	750,000,000	750,000,000
Common stock issued (in shares)	36,096,269	23,270,404
Common stock outstanding (in shares)	36,096,269	23,270,404

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Security deposits	$ 47,150	$ 71,300
Prepaid VAT	10,046	7,821
Prepaid professional fees	277,554	43,712
Prepaid insurance	554,675	0
Prepaid other	121,700	78,460
Prepaid expenses and other current assets	$ 1,011,125	$ 201,293

ACCRUED EXPENSES - Summary of Accrued Expenses (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accrued professional fees	$ 4,390,068	$ 245,751
Accrued compensation and related expenses	974,996	1,146,435
Accrued expenses	5,834,362	1,637,048
Nonrelated Party
Related Party Transaction [Line Items]
Other accrued liabilities, current	$ 89,298	$ 66,139

ACCRUED EXPENSES (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued expenses consist of the following:


	June 30, 2024		December 31, 2023
Accrued professional fees	$	4,390,068	$	245,751
Accrued compensation and related expenses	974,996		1,146,435


Due to related party	380,000		178,723
Accrued other	89,298		66,139
Accrued expenses	$	5,834,362	$	1,637,048

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Warrants Fair Value (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	$ 517,899	$ 0
Fair Value, Inputs, Level 1 \| Fair Value, Recurring \| Public Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	0
Fair Value, Inputs, Level 1 \| Fair Value, Recurring \| Private Placement Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	0
Fair Value, Inputs, Level 2 \| Fair Value, Recurring \| Public Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	324,930
Fair Value, Inputs, Level 2 \| Fair Value, Recurring \| Private Placement Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	192,969
Fair Value, Inputs, Level 3 \| Fair Value, Recurring \| Public Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	0
Fair Value, Inputs, Level 3 \| Fair Value, Recurring \| Private Placement Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	$ 0

MERGER WITH DHC

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

MERGER WITH DHC

On March 14, 2024, Prior BEN completed the Merger with DHC as discussed in Note A. The Merger was accounted for as a reverse recapitalization under U.S. GAAP because the primary assets of DHC were cash and cash equivalents. For financial reporting purposes Prior BEN was determined to be the accounting acquirer based upon the terms of the Merger and other factors, including: (i) Prior BEN stockholders owned approximately 76% of the Combined Company and (ii) Prior BEN management held all key positions of management. Accordingly, the Merger was treated as the equivalent of Prior BEN issuing stock to assume the net liabilities of DHC. As a result of the Merger, the net liabilities of DHC were recorded at their historical cost in the unaudited condensed consolidated financial statements and the reported operating results prior to the Merger are those of Prior BEN. The following table summarizes the assets acquired and liabilities assumed as part of the reverse recapitalization:


	March 14, 2024
Cash and cash equivalents	$	858,292
Due from Sponsor	3,000
Prepaid and other current assets	16,824
Accounts payable	(2,352,328)
Accrued expenses	(5,782,211)
Due to related parties	(693,036)
Warrant liability	(1,913,737)
Net liabilities assumed	$	(9,863,196)

Total transaction costs were $4,121,000, of which $858,292 were charged directly to additional paid-in capital to the extent of cash received. The transaction costs in excess of cash acquired of $78,347 and $3,262,708 were charged to general and administrative expenses during the three and six months ended June 30, 2024, respectively.

EQUITY-BASED COMPENSATION - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)			108,040
Granted (in US dollars per share)			$ 8.10
Aggregate intrinsic value, outstanding	$ 623,931		$ 623,931
Exercisable intrinsic value	428,953		428,953
Share-based payment arrangement, expense	291,610	$ 1,841,767	698,590	$ 4,284,468
Warrant liabilities	517,899		517,899		$ 0
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Capitalized costs			205,154	0
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	132,223	0	205,154	0
Warrant
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	0	$ 61,691	$ 0	$ 1,815,496
Warrants exercised (in shares)			54,019
Weighted average exercise price Of warrants exercised (in US dollars per share)			$ 0.38
Warrant liabilities	$ 985,864		$ 985,864
Warrant exercise price (in US dollars per share)	$ 3.12		$ 3.12
Warrant \| AFG Companies, Inc
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrant exercise price (in US dollars per share)	$ 10.00		$ 10.00
Class of Warrant or Right, Outstanding	3,750,000		3,750,000
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)			108,040
Granted (in US dollars per share)			$ 8.10
Cost not yet recognized	$ 1,539,203		$ 1,539,203
Nonvested award, period for recognition (in years)			3 years 3 months 10 days
Stock Option \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights (as a percent)			25.00%
Award vesting period (in years)			1 year
Stock Option \| Tranche 2 - Monthly
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights (as a percent)			2.067%
Award vesting period (in years)			36 months
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 563,500		$ 563,500
Granted (in shares)			417,376
Vested (in shares)			(381,915)
Outstanding (in shares)	35,461		35,461		0

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On July 1, 2024, the Company entered into a separate Securities Purchase Agreement (the “July SPA”) with The Williams Family Trust for the issuance and sale of 120,000 shares of Common Stock at a price per share of $2.50 and an aggregate of 240,000 warrants, consisting of (i) 120,000 warrants with a term of one year and (ii) 120,000 warrants with a term of five years for an aggregate purchase price of $300,000. The warrants are immediately exercisable for Common Stock at a price of $2.50 per share.

RESTATEMENT OF PREVIOUSLY ISSUED (UNAUDITED) INTERIM FINANCIAL STATEMENTS

6 Months Ended

Jun. 30, 2024

Accounting Changes and Error Corrections [Abstract]

RESTATEMENT OF PREVIOUSLY ISSUED (UNAUDITED) INTERIM FINANCIAL STATEMENTS

During the first quarter of 2024, in connection with preparing its third amendment to its Registration Statement on Form S-4 related to the Business Combination, the Company restated previously issued unaudited interim financial statements.

The restatement was a result of the Company re-evaluating the application of ASC 805 and ASC 350 for the accounting classification of the acquired developed technology intangible asset from DM Lab (Note E). While the AI based software modules had completed development, the technology was not ready for commercialization. As such, the Company reclassified the acquired developed technology from an amortizing intangible asset to an indefinite-lived in-process research and development asset until the abandonment or completion of the associated development efforts. If abandoned, the asset will be expensed in the period of abandonment. If completed, the asset will begin to be amortized over its estimated useful life. Given the change in classification, the previously recorded amortization expense was reversed.

Additionally, the in-process research and development asset was recorded at its fair value of $17,000,000 and the excess consideration transferred was allocated to the acquired property and equipment which resulted in additional depreciation expense for the period.


	Six Months Ended June 30, 2023
	As reported		Adjusted		As restated
Depreciation and amortization	$	247,414	$	(7,480)	$	239,934
Total expenses	$	5,722,238	$	(7,480)	$	5,714,758
Loss from operations	$	(5,722,238)	$	7,480	$	(5,714,758)
Loss before income taxes	$	(5,753,988)	$	7,480	$	(5,746,508)
Net loss	$	(5,753,988)	$	7,480	$	(5,746,508)
Net loss per common share - basic and diluted	$	(0.31)	$	—	$	(0.31)

The following tables set forth the effects of the error corrections on affected items within the Company’s previously reported unaudited interim condensed consolidated statements of cash flows for the periods indicated had the adjustments been made in the corresponding period:


	Six Months Ended June 30, 2023
	As reported		Adjusted		As restated
Net loss	$	(5,753,988)	$	7,480	$	(5,746,508)
Depreciation and amortization expense	$	247,414	$	(7,480)	$	239,934

STOCKHOLDERS’ EQUITY	6 Months Ended
STOCKHOLDERS’ EQUITY	Jun. 30, 2024
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY In August 2023, the Company entered into the Reseller Agreement with AFG whereby AFG agreed to operate as the exclusive channel partner and reseller of the Company’s software as a service in the motor vehicle marketing and manufacturing industry for a term of five years. The Company issued to AFG 1,750,000 shares of Common Stock with an aggregate fair value of $13,475,000 based on the closing stock price on the date of the Merger which is recorded within other assets on the unaudited condensed consolidated balance sheet. This amount will be accounted for as a reduction in transaction price as the Company transfers goods and services to AFG over the term of the Reseller Agreement. Additionally, the Company issued a non-transferable warrant (“Reseller Warrant”) that entitles AFG to purchase up to 3,750,000 shares of Common Stock at an exercise price of $10.00 and a fair value of $2.52 per warrant. The Reseller Warrant is divided into eleven tranches and each warrant tranche will become exercisable for a three-year period if the amount actually paid by AFG during an annual period meets or exceeds the corresponding threshold. As of June 30, 2024, none of the warrant tranches were exercisable as the vesting condition was not yet probable. When the vesting condition becomes probable, the fair value of the warrant tranche will be accounted for as a reduction in transaction price as the Company transfers goods and services to AFG during the annual period. On March 14, 2024 in connection with the Closing, the issuance of 7,885,220 shares of Common Stock to DHC stockholders as consideration for the Merger was reflected on the unaudited condensed consolidated statements of stockholders’ equity (deficit). Further, upon completion of the Merger, the Company’s Certificate of Incorporation and Bylaws were adopted, authorizing the issuance of 750,000,000 shares of Common Stock, par value of $0.0001 per share and 10,000,000 shares of Preferred Stock, par value of $0.0001 per share. In March 2024, concurrent with the Merger, the Company sold 550,000 shares of Common Stock to AFG for gross proceeds of $5,500,000. On May 28, 2024, the Company entered into a Securities Purchase Agreement (the “May SPA”) with certain investors (the “Purchasers”), pursuant to which the Company agreed to issue and sell to the Purchasers an aggregate of 1,980,000 shares of Common Stock of the Company at a price per share of $2.50 and an aggregate of 3,960,000 warrants to purchase 3,960,000 shares of Common Stock, which was divided into two tranches consisting of (i) 1,980,000 warrants immediately exercisable for a term of one year from (the “May One-Year Warrants”) and (ii) 1,980,000 warrants immediately exercisable for a term of five years (the “May Five-Year Warrants,” together with the May One-Year Warrants, the “May Warrants”), each with an exercise price of $2.50 per share, subject to customary adjustments, for an aggregate purchase price of $4,950,000. Through June 30, 2024, the Company issued an aggregate 877,500 shares of Common Stock to the Purchasers for net proceeds of $1,993,750. Upon the issuances of such shares of Common Stock, an aggregate 877,500 May One-Year Warrants and 877,500 May Five-Year Warrants were issued to the Purchasers and are currently exercisable. The remaining unissued shares and May Warrants remain in escrow until the conditions in the May SPA are satisfied. The Purchaser shall be required to pay to the Company monthly cash installments in the amounts and on the dates as determined in the May SPA ending on October 29, 2024. For every $2.50 paid to the Company, the Company will release one share of Common Stock and two May Warrants from escrow to the Purchasers. If a Purchaser fails to pay its required funding by the respective deadline, the Purchaser’s entire commitment under the May SPA will become immediately due and payable. Common Stock Warrants In connection with the Business Combination, the Company assumed 10,314,952 Public Warrants and 6,126,010 Private Placement Warrants which are all outstanding as of June 30, 2024. Each whole Public Warrant and Private Placement Warrant entitles the holder to purchase one share of the Company’s Common Stock at an exercise price of $11.50 per share. The Public Warrants and Private Placement Warrants were exercisable beginning on April 13, 2024 and expire on April 14, 2029. The Private Placement Warrants are identical to the Public Warrants, except that (x) the Private Placement Warrants and the Common Stock issuable upon the exercise of the Private Placement Warrants were not transferable, assignable or salable until 30 days after the completion of a business combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable as described above so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. In connection with the May SPA, the Company also entered into a Letter Agreement to Exercise Warrants (“May Warrant Exercise Agreement”) with certain of the Purchasers (the “Required Warrant Parties”). Under the May Warrant Exercise Agreement, if the Company uses commercially reasonable efforts to raise an additional $3,250,000 in capital (excluding amounts raised under the May SPA) but is unable to do so by October 31, 2024, the Required Warrant Parties will be required to exercise for cash certain of their May Warrants on a monthly basis in the amounts and on the dates as determined in the May Warrant Exercise Agreement. For each May Warrant so exercised, the Company will issue one new May One-Year Warrant and one new May Five-Year Warrant (collectively, “May Reload Warrants”) each with an exercise price of $2.50 to the Required Warrant Party. A maximum of 2,600,000 May Reload Warrants may be issued pursuant to the May Warrant Exercise Agreement. As of June 30, 2024 there were 1,755,000 May Warrants outstanding at an exercise price of $2.50 per share. As of June 30, 2024, there were no May Reload Warrants issued. Equity Compensation Plans 2021 Incentive Stock Option Plan In May 2021, the Company adopted the 2021 Incentive Stock Option Plan (“2021 Option Plan”) that provides for the grant of the following types of stock awards: (i) incentive stock Options, (ii) non-statutory stock options, (iii) stock appreciation rights, (iv) restricted stock awards, (v) restricted stock unit awards, and (vi) other stock awards. The 2021 Option Plan was administered by the Company’s Board of Directors (the “Board of Directors”). In connection with the Closing, all outstanding awards were assumed by BEN pursuant to the terms of the Business Combination Agreement and the Board of Directors declared that there will be no further issuances under the 2021 Option Plan. 2023 Long-Term Incentive Plan In connection with the Closing, the 2023 Long-Term Incentive Plan (the “2023 Plan”) became effective. The 2023 Plan provides for the grant of the following types of stock awards: (i) incentive stock options, (ii) nonqualified stock options, (iii) stock appreciation rights, (iv) restricted stock, (v) restricted stock units, (vi) performance awards, (vii) dividend equivalent rights, (viii) performance awards, (ix) performance goals, (x) tandem awards, (xi) prior plan awards, and (xii) other awards. The 2023 Plan is administered by the Board of Directors. The 2023 Plan awards are available to employees, officers and contractors. The option grants authorized for issuance under the 2023 Plan may total up to 2,942,245 shares of Common Stock. As of June 30, 2024, 2,555,256 shares remained available for grant under the 2023 Plan.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT) (Statement) - USD ($)	Total	Accounts Payable	Preferred Stock	Common Stock	Common Stock Accounts Payable	Additional Paid-in Capital	Additional Paid-in Capital Accounts Payable	Accumulated Deficit
Beginning balance preferred stock outstanding (in shares) at Dec. 31, 2022			0
Beginning balance at Dec. 31, 2022	$ (40,107)		$ 0	$ 1,705		$ 1,528,642		$ (1,570,454)
Beginning balance common stock outstanding (in shares) at Dec. 31, 2022				17,057,085
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Warrants exercised (in shares)				81,030
Warrant exercises	30,000			$ 8		29,992
Stock issued in conversion of accounts payable and loans payable (in shares)					135,050
Stock issued in settlement of accounts payable and loans payable		$ 50,000			$ 14		$ 49,986
Stock-based compensation	2,442,701					2,442,701
Net loss	(2,637,956)							(2,637,956)
Ending balance preferred stock outstanding (in shares) at Mar. 31, 2023			0
Ending balance common stock outstanding (in shares) at Mar. 31, 2023				17,273,165
Ending balance at Mar. 31, 2023	(155,362)		$ 0	$ 1,727		4,051,321		(4,208,410)
Beginning balance preferred stock outstanding (in shares) at Dec. 31, 2022			0
Beginning balance at Dec. 31, 2022	(40,107)		$ 0	$ 1,705		1,528,642		(1,570,454)
Beginning balance common stock outstanding (in shares) at Dec. 31, 2022				17,057,085
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(5,746,508)
Ending balance preferred stock outstanding (in shares) at Jun. 30, 2023			0
Ending balance common stock outstanding (in shares) at Jun. 30, 2023				22,136,339
Ending balance at Jun. 30, 2023	16,394,504		$ 0	$ 2,218		23,709,248		(7,316,962)
Beginning balance preferred stock outstanding (in shares) at Mar. 31, 2023			0
Beginning balance at Mar. 31, 2023	(155,362)		$ 0	$ 1,727		4,051,321		(4,208,410)
Beginning balance common stock outstanding (in shares) at Mar. 31, 2023				17,273,165
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Sale of common stock (in shares)				4,325,043
Sale of common stock	16,012,750			$ 433		16,012,317
Warrants exercised (in shares)				56,552
Warrant exercises	20,938			$ 10		20,928
Stock issued in conversion of accounts payable and loans payable (in shares)				378,140	103,439
Stock issued in settlement of accounts payable and loans payable	1,400,000	$ 382,963		$ 38	$ 10	1,399,962	$ 382,953
Stock-based compensation	1,841,767					1,841,767
Net loss	(3,108,552)							(3,108,552)
Ending balance preferred stock outstanding (in shares) at Jun. 30, 2023			0
Ending balance common stock outstanding (in shares) at Jun. 30, 2023				22,136,339
Ending balance at Jun. 30, 2023	$ 16,394,504		$ 0	$ 2,218		23,709,248		(7,316,962)
Beginning balance preferred stock outstanding (in shares) at Dec. 31, 2023	0		0
Beginning balance at Dec. 31, 2023	$ 17,694,453		$ 0	$ 2,327		30,993,846		(13,301,720)
Beginning balance common stock outstanding (in shares) at Dec. 31, 2023	23,270,404			23,270,404
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued to DHC shareholders in reverse recapitalization (in shares)				7,885,220
Stock issued to DHC shareholders in reverse recapitalization	$ (10,721,488)			$ 789		(10,722,277)
Issuance of common stock pursuant to reseller agreement (in shares)				1,750,000
Issuance of common stock pursuant to Reseller Agreement	13,475,000			$ 175		13,474,825
Sale of common stock (in shares)				645,917
Sale of common stock	6,325,000			$ 65		6,324,935
Warrants exercised (in shares)				40,514
Warrant exercises	15,264			$ 4		15,260
Stock-based compensation	698,705					698,705
Net loss	(6,884,409)							(6,884,409)
Ending balance preferred stock outstanding (in shares) at Mar. 31, 2024			0
Ending balance common stock outstanding (in shares) at Mar. 31, 2024				33,592,055
Ending balance at Mar. 31, 2024	$ 20,602,525		$ 0	$ 3,360		40,785,294		(20,186,129)
Beginning balance preferred stock outstanding (in shares) at Dec. 31, 2023	0		0
Beginning balance at Dec. 31, 2023	$ 17,694,453		$ 0	$ 2,327		30,993,846		(13,301,720)
Beginning balance common stock outstanding (in shares) at Dec. 31, 2023	23,270,404			23,270,404
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (9,934,113)
Ending balance preferred stock outstanding (in shares) at Jun. 30, 2024	0		0
Ending balance common stock outstanding (in shares) at Jun. 30, 2024	36,096,269			34,958,308
Ending balance at Jun. 30, 2024	$ 20,642,118		$ 0	$ 3,610		43,874,341		(23,235,833)
Beginning balance preferred stock outstanding (in shares) at Mar. 31, 2024			0
Beginning balance at Mar. 31, 2024	20,602,525		$ 0	$ 3,360		40,785,294		(20,186,129)
Beginning balance common stock outstanding (in shares) at Mar. 31, 2024				33,592,055
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to reseller agreement (in shares)				877,500
Issuance of common stock pursuant to Reseller Agreement	1,993,750			$ 198		1,993,552
Warrants exercised (in shares)				13,505
Warrant exercises	5,000			$ 1		4,999
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period				381,915
Stock issued in conversion of accounts payable and loans payable (in shares)				93,333
Stock issued in settlement of accounts payable and loans payable	322,008			$ 9		321,999
Stock-based compensation	768,539			$ 42		768,497
Net loss	$ (3,049,704)							(3,049,704)
Ending balance preferred stock outstanding (in shares) at Jun. 30, 2024	0		0
Ending balance common stock outstanding (in shares) at Jun. 30, 2024	36,096,269			34,958,308
Ending balance at Jun. 30, 2024	$ 20,642,118		$ 0	$ 3,610		$ 43,874,341		$ (23,235,833)

EQUITY-BASED COMPENSATION - Valuation Assumptions of Warrants (Details) - Warrant	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term	3 years	10 years
Risk-free interest rate
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Measurement input	0.0446	0.0374
Dividend yield
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Measurement input	0.0000	0.0000
Volatility
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Measurement input	0.5514	0.4586

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

RELATED PARTY TRANSACTIONS (Details) - USD ($)			3 Months Ended			6 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Mar. 14, 2024	Aug. 31, 2023	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Issuance of common stock pursuant to Reseller Agreement			$ 1,993,750	$ 13,475,000
Accrued expenses			5,834,362			$ 5,834,362		$ 1,637,048
Gain on debt extinguishment			1,847,992		$ 0	1,847,992	$ 0
Related Party
Related Party Transaction [Line Items]
Long-term debt			$ 0			$ 0		500,000
Related Party \| June 2023 Promissory Note
Related Party Transaction [Line Items]
Face amount					$ 620,000		$ 620,000
Stated interest rate (as a percent)					7.00%		7.00%
Stock issued in conversion of accounts payable and loans payable (in shares)			93,333			93,333
Long-term debt			$ 420,000			$ 420,000
Gain on debt extinguishment			97,992			97,992
Related Party \| AFG Companies, Inc
Related Party Transaction [Line Items]
Issuance of common stock pursuant to reseller agreement (in shares)	1,750,000	1,750,000
Issuance of common stock pursuant to Reseller Agreement	$ 13,475,000	$ 13,475,000
Related Party \| AFG Companies, Inc \| Reseller Warrants
Related Party Transaction [Line Items]
Warrants assumed (in shares)	3,750,000	3,750,000
Number of securities called by each warrant (in shares)	1
Warrant exercise price (in US dollars per share)	$ 10.00	$ 10.00
Fair value of warrant (in USD per share)	$ 2.52	$ 2.52
Related Party \| Officers And Directors
Related Party Transaction [Line Items]
Accrued expenses			380,000			380,000		178,723
Accounts payable			30,570			30,570		$ 48,069
Related Party \| Consulting Services
Related Party Transaction [Line Items]
Professional fees			$ 66,102		$ 116,927	$ 124,887	$ 157,217

PROPERTY AND EQUIPMENT, NET - Summary of Property and Equipment (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 944,812	$ 1,342,514
Accumulated depreciation and amortization	(678,035)	(539,957)
Property and equipment, net of accumulated depreciation and amortization	266,777	802,557
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	447,800	426,000
Furniture
Property, Plant and Equipment [Line Items]
Property and equipment, gross	346,591	346,591
Capitalized software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 150,421	$ 569,923

EQUITY-BASED COMPENSATION - Summary of Restricted Stock Based Compensation Expenses (Details) - Restricted Stock	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	417,376
Vested (in shares) \| shares	(381,915)
Ending balance (in shares) \| shares	35,461
Weighted Average
Beginning balance (in US dollars per share) \| $ / shares	$ 0
Granted (in US dollars per share) \| $ / shares	1.41
Vested (in US dollars per share) \| $ / shares	1.41
Ending balance (in US dollars per share) \| $ / shares	$ 1.41

ACQUISITIONS - Summary of Acquisitions (Details) - DM Lab Co., LTD	May 03, 2023 USD ($)
Business Acquisition [Line Items]
In-process research and development intangible asset	$ 17,000,000
Property and equipment	721,916
Accounts payable	(57,700)
Accrued expenses	(249,779)
Short-term debt	(1,144,575)
Total assets acquired and liabilities assumed	16,269,862
Consideration transferred	$ 16,269,862

ACCRUED EXPENSES

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

ACCRUED EXPENSES

Accrued expenses consist of the following:


	June 30, 2024		December 31, 2023
Accrued professional fees	$	4,390,068	$	245,751
Accrued compensation and related expenses	974,996		1,146,435


Due to related party	380,000		178,723
Accrued other	89,298		66,139
Accrued expenses	$	5,834,362	$	1,637,048

COMMITMENTS AND CONTINGENCIES (Details) ₩ in Millions	1 Months Ended	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) ₩ in Millions	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 KRW (₩)	Jun. 30, 2024 KRW (₩)	Dec. 31, 2023 KRW (₩)	Nov. 30, 2023 USD ($)	Nov. 30, 2023 KRW (₩)
Additional Research and Development Sponsorship Agreement
Other Commitments [Line Items]
Other commitment to be paid, remainder of fiscal year						$ 15,552	₩ 21.6
Payments for other commitment		$ 15,552
Research and Development Agreement
Other Commitments [Line Items]
Other Commitment	$ 380,160				₩ 528.0
Other commitment to be paid, remainder of fiscal year		228,096		₩ 316.8
Payments for other commitment		$ 152,064	₩ 211.2
Minimum termination notice period	1 month

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Statement) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,431,425	$ 1,685,013
Accounts receivable, net of allowance	0	10,000
Due from Sponsor	3,000	0
Prepaid expenses and other current assets	1,011,125	201,293
Total current assets	2,445,550	1,896,306
Property and equipment, net	266,777	802,557
Intangible assets, net	17,866,317	17,882,147
Other assets	13,475,000	1,427,729
TOTAL ASSETS	34,053,644	22,008,739
Current liabilities:
Accounts payable	3,574,255	1,282,974
Accrued expenses	5,834,362	1,637,048
Due to related parties	693,036	0
Deferred revenue	0	2,290
Convertible note	1,900,000	0
Short-term debt	891,974	223,300
Total current liabilities	12,893,627	3,145,612
Warrant liabilities	517,899	0
Total liabilities	13,411,526	4,314,286
Commitments and contingencies (Note N)
Preferred Stock, Shares Designated	0	0
Stockholders’ equity:
Preferred stock par value $0.0001 per share, 10,000,000 shares authorized, none designated. There are no shares issued or outstanding as of June 30, 2024 or December 31, 2023	$ 0	$ 0
Common stock par value of $0.0001 per share, 750,000,000 shares authorized. As of June 30, 2024 and December 31, 2023, respectively, 36,096,269 and 23,270,404 shares issued and outstanding	3,610	2,327
Additional paid-in capital	43,874,341	30,993,846
Accumulated deficit	(23,235,833)	(13,301,720)
Total stockholders’ equity	20,642,118	17,694,453
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	34,053,644	22,008,739
Related Party
Current liabilities:
Long-term debt	0	500,000
Nonrelated Party
Current liabilities:
Long-term debt	$ 0	$ 668,674

SHORT-TERM DEBT RELATED TO ACQUISITION OF DM LAB	6 Months Ended
SHORT-TERM DEBT RELATED TO ACQUISITION OF DM LAB	Jun. 30, 2024
Debt Disclosure [Abstract]
SHORT-TERM DEBT RELATED TO ACQUISITION OF DM LAB	DEBT Convertible Notes On April 12, 2024, the Company issued a convertible promissory note to J.V.B. Financial Group, LLC, acting through its Cohen & Company Capital Markets division (“CCM”) in the principal amount of $1,900,000 (the “Cohen Convertible Note”), to settle outstanding invoices totaling $1,900,000 related to investment banking services rendered to the Company in connection with the Business Combination. Beginning on October 14, 2024, interest will accrue at the fixed rate of 8% per annum on the outstanding principal amount until the Cohen Convertible Note is paid in full. Interest is payable monthly in cash or in-kind at the election of the Company. The Company may prepay the Cohen Convertible Note in whole or in part at any time or from time to time without penalty or premium. The Company may be required to prepay all or a portion of the Cohen Convertible Note upon the consummation of certain capital raising activities as described therein. The maturity date of the Cohen Convertible Note is March 14, 2025. Beginning on December 14, 2024 (the “First Conversion Date”), the Cohen Convertible Note is convertible into shares of Common Stock of the Company equal to: (i) up to 40% of the outstanding principal balance plus accrued interest due under the Cohen Convertible Note divided by (ii) a price per share (the “Conversion Purchase Price”) equal to 92.75% of the arithmetic average of the Daily Volume-Weighted Average Price (“VWAP”) for the five VWAP Trading Days (as defined therein) ending on the VWAP Trading Day immediately preceding the applicable Conversion Date (as defined below); provided, that, if the Conversion Purchase Price is less than $1.20 per share (the “Floor Price”) on the Conversion Date, CCM may not convert any portion of the Cohen Convertible Note on such Conversion Date at a price less than the Floor Price. Additionally, on the 14th day of each successive month commencing with January 14, 2025 (each such day, an “Additional Conversion Date” and together with the First Conversion Date, the “Conversion Dates”), CCM may convert a portion of Cohen Convertible Note to a number of shares equal to (i) up to 20% of the outstanding principal balance of the Cohen Convertible Note plus accrued interest due under the Cohen Convertible Note divided by (ii) the Conversion Purchase Price (subject to the Floor Price). A maximum of 1,583,334 shares of Common Stock may be issued upon conversion of the Cohen Convertible Note. Short-term Debt Related to Acquisition of DM Lab As of June 30, 2024, the Company had four loans outstanding that were assumed in the DM Lab transaction, totaling $891,974, a decrease of $252,601 from the acquisition date due to the amount converted to equity on May 25, 2023. The loans carry varying interest rates ranging from 4.667% to 6.69%. During the three months ended June 30, 2024 and 2023 the Company incurred interest expense of $11,404 and $15,585, respectively, which is included in interest expense in the unaudited condensed consolidated statement of operations. During the six months ended June 30, 2024 and 2023, the Company incurred interest expense of $27,020 and $15,585, respectively. All loans are due within 12 months from the balance sheet date and have no optional or mandatory redemption or conversion features. These obligations have been classified as current liabilities on the balance sheet and the fair value of the loans approximates the carrying amount due to their short-term nature. Additionally, there are no associated restrictive covenants, third-party guarantees, or pledged collateral. As of the reporting date, there have been no defaults on these loans. In February 2024, the Company obtained a waiver to extend the due dates of $668,674 of its short-term debt to January 2025.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

EQUITY-BASED COMPENSATION - Fair Value of Stock Options Granted Using Black-Scholes Options Pricing Model (Details) - Stock Option	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term	5 years	5 years
Risk-free interest rate	4.13%	3.55%
Dividend yield	0.00%	0.00%
Volatility	54.79%	50.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

EQUITY-BASED COMPENSATION - Summary of Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Options Outstanding
Beginning balance (in shares) \| shares	2,430,900
Granted (in shares) \| shares	108,040
Forfeited (in shares) \| shares	(30,387)
Ending balance (in shares) \| shares	2,508,553
Vested and expected to vest (in shares) \| shares	2,508,553
Exercisable (in shares) \| shares	1,915,797
Weighted Average Exercise Price
Beginning balance (in US dollars per share)	$ 4.19
Granted (in US dollars per share)	8.10
Forfeited (in US dollars per share)	3.70
Ending balance (in US dollars per share)	4.32
Vested and expected to vest (in US dollars per share)	4.32
Exercisable (in US dollars per share)	3.87
Granted weighted average grant date fair value (in USD per share)	4.18
Weighted average exercise price (in US dollars per share)	2.19
Vested and expected to vest weighted average grant date fair value (in USD per share)	2.19
Exercisable weighted average grant date fair value (in USD per share)	$ 1.90
Outstanding weighted average remaining term (in years)	8 years 9 months 3 days
Vested and expected to vest weighted average remaining term (in years)	8 years 9 months 3 days
Exercisable weighted average remaining term (in years)	8 years 8 months 12 days

RESTATEMENT OF PREVIOUSLY ISSUED (UNAUDITED) INTERIM FINANCIAL STATEMENTS - Additional Information (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Statement [Abstract]
Depreciation and amortization	$ 682,244		$ 220,702		$ 799,591	$ 239,934
Total expenses	6,292,945		3,076,802		13,171,498	5,714,758
Loss from operations	(6,292,945)		(3,076,802)		(13,121,708)	(5,714,758)
Loss before income taxes	(3,049,704)		(3,108,552)		(9,934,113)	(5,746,508)
Net loss	$ (3,049,704)	$ (6,884,409)	$ (3,108,552)	$ (2,637,956)	$ (9,934,113)	$ (5,746,508)
Net loss per common share- basic and diluted
Diluted (in US dollars per share)	$ (0.09)		$ (0.15)		$ (0.34)	$ (0.31)
Basic (in US dollars per share)	$ (0.09)		$ (0.15)		$ (0.34)	$ (0.31)
In-process research and development
Net loss per common share- basic and diluted
Indefinite-lived intangible assets							$ 17,000,000
Previously Reported
Income Statement [Abstract]
Depreciation and amortization						$ 247,414
Total expenses						5,722,238
Loss from operations						(5,722,238)
Loss before income taxes						(5,753,988)
Net loss						$ (5,753,988)
Net loss per common share- basic and diluted
Diluted (in US dollars per share)						$ (0.31)
Basic (in US dollars per share)						$ (0.31)
Previously Reported \| In-process research and development
Net loss per common share- basic and diluted
Indefinite-lived intangible assets			$ 17,000,000			$ 17,000,000
Revision of Prior Period, Adjustment
Income Statement [Abstract]
Depreciation and amortization						(7,480)
Total expenses						(7,480)
Loss from operations						7,480
Loss before income taxes						7,480
Net loss						$ 7,480
Net loss per common share- basic and diluted
Diluted (in US dollars per share)						$ 0
Basic (in US dollars per share)						$ 0

PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment include equipment, furniture, and capitalized software. Furniture and equipment are depreciated using the straight-line method over estimated useful lives of three years. Capitalized software costs are amortized straight-line over an estimated useful life ranging from 5 to 10 years.

Property and equipment consists of the following:


	June 30, 2024		December 31, 2023
Equipment	$	447,800	$	426,000
Furniture	346,591		346,591


Capitalized software	150,421		569,923
Total	944,812		1,342,514
Accumulated depreciation and amortization	(678,035)		(539,957)
Property and equipment, net of accumulated depreciation and amortization	$	266,777	$	802,557

For the three months ended June 30, 2024 and 2023 depreciation and amortization of property and equipment totaled $55,792 and $38,626, respectively. For the six months ended June 30, 2024 and 2023 depreciation and amortization of property and equipment totaled $138,078 and $38,626, respectively.

EQUITY-BASED COMPENSATION

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION

Option Awards

2024 Activity

The Company granted options to acquire 108,040 shares of Common Stock of the Company at weighted average exercise price of $8.10 per share in the six months ended June 30, 2024. Generally, options have a service vesting condition of 25% cliff after 1 year and then monthly thereafter for 36 months (2.067% per month).

The following table provides the estimates included in the inputs to the Black-Scholes pricing model for the options granted:


	Six Months Ended June 30,
	2024		2023
Expected term	5.0 years		5.0 years
Risk-free interest rate	4.13	%	3.55	%
Dividend yield	0.00	%	0.00	%
Volatility	54.79	%	50.00	%

A summary of option activity for the six months ended June 30, 2024 is as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (in years)
Outstanding as of December 31, 2023	2,430,900	$	4.19	$	—	—
Granted	108,040	$	8.10	$	4.18	—
Forfeited	(30,387)	$	3.70	$	—	—

Outstanding as of June 30, 2024	2,508,553	$	4.32	$	2.19	8.76
Vested and expected to vest as of June 30, 2024	2,508,553	$	4.32	$	2.19	8.76
Exercisable as of June 30, 2024	1,915,797	$	3.87	$	1.90	8.70

The aggregate intrinsic value of options outstanding and options exercisable as of June 30, 2024 was $623,931 and $428,953, respectively. At June 30, 2024, future stock-based compensation for options granted and outstanding of $1,539,203 will be recognized over a remaining weighted-average requisite service period of 3.28 years.

The Company recorded stock-based compensation expense related to options of $291,610 and $1,841,767 in the three months ended June 30, 2024 and 2023, respectively, to the accompanying statements of operations. The Company recorded stock-based compensation expense related to options of $698,590 and $4,284,468 in the six months ended June 30, 2024 and 2023, respectively, to the accompanying statements of operations.

Common Stock Warrants

AFG Warrants

There were 3,750,000 warrants granted to AFG during the six months ended June 30, 2024 at an exercise price of $10.00 and a fair value of $2.52 per warrant (Note K).

Compensatory Warrants

There were 54,019 warrants exercised in the six months ended June 30, 2024 at a weighted average exercise price of $0.38 per share. As of June 30, 2024, there were 985,864 warrants outstanding at a weighted average exercise price of $3.12 per share, with expiration dates ranging from 2025 to 2033. The Company recorded $61,691 and $1,815,496 stock-based compensation expense related to warrants for the three and six months ended June 30, 2023. There was no such expense during the three and six months ended June 30, 2024.

The following table provides the estimates included in the inputs to the Black-Scholes pricing model for the AFG and compensatory warrants granted:


	Six Months Ended June 30,
	2024		2023
Expected term	3 years		10 years
Risk-free interest rate	4.46	%	3.74	%
Dividend yield	0.00	%	0.00	%
Volatility	55.14	%	45.86	%

The Company has recorded stock-based compensation related to its options and warrants in the accompanying unaudited condensed consolidated statements of operations as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
General and administrative	$	159,387	$	1,841,767	$	493,436	$	4,284,468
Research and development	132,223		—		205,154		—
	$	291,610	$	1,841,767	$	698,590	$	4,284,468

Stock-based compensation capitalized as part of capitalized software costs for the six months ended June 30, 2024 were $205,154 which is in addition to amounts included in the table above. No stock-based compensation costs were capitalized during the three or six months ended June 30, 2023.

Restricted share awards

During the six months ended June 30, 2024, the Company issued 417,376 restricted share awards to certain of its directors and officers. Of the restricted share awards granted, 381,915 shares vested immediately upon grant, while 35,461 shares vest in the third quarter of 2024. The fair value of a restricted share award is equal to the fair market value price of the Company's Common Stock on the date of grant. The Company recorded stock-based compensation expense of $563,500 for the three and six months ended June 30, 2024 related to these restricted share awards.

The following table summarizes activity related to restricted share awards:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2024	—	$	—
Granted	417,376	$	1.41
Vested	(381,915)	$	1.41
Outstanding at June 30, 2024	35,461	$	1.41