SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

For the year ended December 31, 2022 and 2021, the total share-based compensation expenses were comprised of the following:

	For the Years Ended December 31,
	2022		2021
Selling and marketing expenses	$	504,199	$	-
Research and development expenses		284,805		152,694
General and administrative expenses		3,242,625		975,631
Total	$	4,031,629	$	1,128,325

A summary of share options activity for the years ended December 31, 2022 and 2021 is as follows:

	Number of Share Options			Weighted Average Exercise Price US$		Weighted Average Remaining Contractual Years		Aggregate Intrinsic Value US$
Outstanding at January 1, 2021		18,976,130			0.98		3.56		24,410,306
Granted		-			-
Exercised		-			-
Forfeited		(5,492,000	)		1.42
Expired		(593,000	)		1.19
Modification of option as of 30/12/2021		9,225,271			1.10
Outstanding at December 31, 2021		9,225,271			1.10		2.60		42,799,081
Granted		12,797,063			1.68
Exercised		(51,468	)		0.28
Forfeited		(334,167	)		1.68
Expired		(33,333	)		1.68
Outstanding at December 31, 2022		21,603,366			1.44		5.99		721,210
Expected to vest at December 31, 2022		10,130,075			1.71		9.16		-
Exercisable as of December 31, 2022		11,473,291			1.20		3.19		721,210

The assumptions used in the valuation model are summarized in the following table.

	For the Years Ended December 31,
	2022	2021
		Modification	Before Modification
Expected volatility	86.28%~83.96%	58.09%-91.85%	82.33%-93.48%
Expected dividends yield	0%	0%	0%
Risk-free interest rate per annum	2.97%~3.01%	0.06%-1.36%	1.84%-2.40%
The fair value of underlying ordinary shares (per share)	$1.68	$5.74	$1.21-$2.92