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SHARE CAPITAL (Tables)
 12 Months Ended
Dec. 31, 2022
SCHEDULE OF INFORMATION ABOUT CLASSES OF SHARE CAPITAL

   As of December 31, 
   2022   2021 
   Number   US$   Number   US$ 
   of shares   ‘000   of shares   ‘000 
Authorized:                
Ordinary shares of US$0.024 each                    
    50,000,000    1,200    50,000,000    1,200 

 

  

As of December 31,

 
   2022   2021 
   Number   RMB   Number   RMB 
   of shares   ‘000   of shares   ‘000 
Issued:   8,057,847    1,288    5,976,098    943 
Outstanding and fully paid:                    
Ordinary shares of US$0.024 each                    
At January 1   5,976,098    943    3,674,370    591 
Issuance of new shares for equity financing   1,666,667    276    1,502,110    230 
Warrants exercised into shares   -    -    685,339    105 
Equity compensation   415,082    69    114,279    17 
At December 31   8,057,847    1,288(2)   5,976,098    943(1)

 

(1)Equivalent to US$143,000
(2)Equivalent to US$193,000
SCHEDULE OF PRINCIPAL ASSUMPTIONS USED IN VALUATION

 

Grant date   December 18, 2019 
Share price at date of grant (pre-reverse split)   US$0.68 
Exercise price at date of grant (investors and placement agent, respectively) (pre-reverse split)   US$0.82 & 0.9375 
Volatility    141%
Warrant life    5 years 
Dividend yield    0%
Risk-free interest rate    1.74%
Average fair value at grant date   US$0.598 
 
Grant date (investors and placement agent, respectively)   May 27 and May 25, 2020 
Share price at date of grant (investors and placement agent, respectively) (pre-reverse stock split)   US$0.59 & 0.64 
Exercise price at date of grant (investors and placement agent, respectively) (pre-reverse stock split)   US$0.79 & 0.85 
Volatility    100%
Warrant life    5 years 
Dividend yield    0%
Risk-free interest rate    0.34%
Average fair value at grant date   US$0.416 
  
Grant date (investors and placement agent, respectively)   February 17, 2021 
Share price at date of grant (investors and placement agent, respectively)   US$4.45 
Exercise price at date of grant (investors and placement agent, respectively)   US$3.57 & 4.46 
Volatility    107%
Warrant life    5 years 
Dividend yield    0%
Risk-free interest rate    0.57%
Average fair value at grant date   US$3.54 
  
Grant date (investors and placement agent, respectively)   June 14, 2021 
Share price at date of grant (investors and placement agent, respectively)   US$3.15 
Exercise price at date of grant (investors and placement agent, respectively)   US$3.42 & 4.35 
Volatility    115%
Warrant life    5 years 
Dividend yield    0%
Risk-free interest rate    0.80%
Average fair value at grant date   US$2.50 
  
Grant date (investors and placement agent, respectively)   October 4, 2022 
Share price at date of grant (investors and placement agent, respectively)   US$0.58 
Exercise price at date of grant (investors and placement agent, respectively)   US$0.82 & 0.75 
Volatility    104%
Warrant life    5 years 
Dividend yield    0%
Risk-free interest rate    3.96%
Average fair value at grant date   US$0.43 

 

SCHEDULE OF SUMMARY OF THE WARRANT ACTIVITY

 

           Weighted 
           Average 
           Remaining 
       Average   Contractual 
   Number of   Exercise   Term in 
   Warrants   Price   Years 
Outstanding at January 1, 2021   980,894   $1.21    3.85 
Exercisable at January 1, 2021   980,894   $1.21    3.85 
Granted   1,652,322    3.56    5.00 
Exercised   700,516    2.43    — 
Forfeited   —    —    — 
Expired   64,286    18.72    — 
Outstanding at December 31, 2021   1,868,414    3.50    4.14 
Exercisable at December 31, 2021   1,868,414    3.50    4.14 
Granted   1,833,334    0.81    5.00 
Exercised   —    —    — 
Forfeited   —    —    — 
Expired   —    —    — 
Outstanding at December 31, 2022   3,701,748   $2.17    4.02 
Exercisable at December 31, 2022   3,701,748   $2.17    4.02