CONVERTIBLE NOTES (Tables)

12 Months Ended

Dec. 31, 2019

CONVERTIBLE NOTES

Schedule of convertible note

The notes are divided into three tranches and can be converted into a total of 11,695,513 shares of the Group’s ADS at any time as follows:

Convertible Notes	Principal Amount		Conversion Price
Tranche A	US$	22,250,000	US$	2.60
Tranche B	US$	13,350,000	US$	5.20
Tranche C	US$	4,450,000	US$	7.80

Schedule of convertible notes at net carrying value at date of issuance

The convertible notes are recorded at net carrying value at the date of issuance as follows:

Principal Amount	US$	40,050,000
Less:
Fair value allocated to warrants (Note 21)		8,821,883
Beneficial conversion feature		8,112,556
Issuance cost		3,200,000
Net carrying value	US$	19,915,561