CONVERTIBLE PROMISSORY NOTE AND WARRANT (Tables)

9 Months Ended

Sep. 30, 2023

Short-Term Debt [Line Items]

Movement of Note

The movement of Note during the nine months ended September 30, 2023 are as follows:

	Liability component
As of December 31, 2022	$	57,372,827
Convertible promissory notes issued during the year		-
Redemption of convertible promissory notes		(47,534,984	)
Fair value change recognized		115,719
As of September 30, 2023		9,953,562

Movement of Warrants

The movement of warrants during the nine months ended September 30, 2023 are as follows:

	Investor warrants component			Placement agent warrants component
As of December 31, 2022	$	14,334,104		$	3,456,404
Warrants issued during the year		-			-
Exercise of warrants		(1,939,436	)		-
Fair value change recognized		(203,211	)		(1,076	)
As of September 30, 2023		12,191,457			3,455,328

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	September 30, 2023			December 31, 2022
Expected term (years)		3.80			4.55
Volatility		77.97	%		77.72	%
Risk free rate		4.63	%		4.13	%

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	September 30, 2023			December 31, 2022
Face value principal payable		9,953,381			57,488,000
Original conversion price		1.2375			1.2375
Interest Rate		8.00	%		8.00	%
Expected term (years)		0.30			0.55
Volatility		55.25	%		75.13	%
Market yield (range)		15.42	%		18.02	%
Risk free rate		5.50	%		4.69	%
Issue date	July 20, 2022			July 20, 2022
Maturity date	January 19, 2024			July 19, 2023