CONVERTIBLE PROMISSORY NOTE AND WARRANT (Tables)

12 Months Ended

Dec. 31, 2022

Short-Term Debt [Line Items]

Movement of Note

The movement of Note during the year ended December 31, 2022 are as follows:

	Liability component
As of December 31, 2021	$	-
Convertible promissory notes issued during the year		38,966,261
Redemption of convertible promissory notes		(3,720,064	)
Fair value change recognized		22,126,630
As of December 31, 2022	$	57,372,827

Movement of Warrants

The movement of warrants during the year ended December 31, 2022 are as follows:

	Investor warrants component			Placement agent warrants component
As of December 31, 2021	$	-		$	-
Warrants issued during the year		19,333,739			1,358,336
Exercise of warrants		(18,549,865	)		-
Fair value change recognized		13,550,230			2,098,068
As of December 31, 2022		14,334,104			3,456,404

Warrant [Member]

Short-Term Debt [Line Items]

Fair Value Assumptions

The fair value for these two warrants were computed using the Binomial model with the following assumptions:

Fair Value Assumptions – Warrants	December 31, 2022			July 20, 2022
Expected term (years)		4.55			5.00
Volatility		77.72	%		75.85	%
Risk free rate		4.13	%		3.24	%

Convertible Promissory Note [Member]

Short-Term Debt [Line Items]

Fair Value Assumptions

We determined the fair value by using the following key inputs to the Monte Carlo Simulation Model:

Fair Value Assumptions - Convertible Promissory Note	December 31, 2022			July 20, 2022
Face value principal payable		57,488,000			61,215,000
Original conversion price		1.2375			1.2375
Interest Rate		8.00	%		8.00	%
Expected term (years)		0.55			1.00
Volatility		75.13	%		71.29	%
Market yield (range)		18.02	%		18.02	%
Risk free rate		4.69	%		2.96	%
Issue date	July 20, 2022			July 20, 2022
Maturity date	July 19, 2023			July 19, 2023