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SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2023
SHARE-BASED COMPENSATION [Abstract]  
Share-based Compensation Expenses
For the year ended December 31, 2023 and 2022, the total share-based compensation expenses were comprised of the following:
   
For the Years Ended December 31,
  
   
2023
    
2022
  
General and administrative expenses
　
$
4,630,230
　
　
$
3,242,625
　
Selling and marketing expenses
    
193,939
      
504,199
  
Research and development expenses
  
　
406,103
    
　
284,805
  
Total
　
$
5,230,272
　
　
$
4,031,629
　
Share Options Activity
A summary of share options activity for the years ended December 31, 2023 and 2022 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, 2022
    
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  
Outstanding at December 31, 2022(After the “Share Consolidation”)*
    
2,160,351
      
14.38
      
5.99
      
721,210
  
Granted
    
-
      
-
                  
Exercised
    
-
      
-
                  
Forfeited
    
(116,125
)
    
16.80
                  
Expired
    
(19,111
)
    
13.09
                  
Outstanding at December 31, 2023
    
2,025,115
      
14.26
      
4.81
      
-
  
Expected to vest at December 31, 2023
    
591,600
      
17.05
      
8.13
      
-
  
Exercisable as of December 31, 2023
    
1,433,515
      
13.10
      
3.44
      
-
  

*On September 1, 2023 the Company held its annual general meeting of shareholders where among other proposals, the shareholders of the Company did approve the consolidation of the ordinary shares of the Company on a one-for-ten (1:10) basis with effect from December 8, 2023 (the “Share Consolidation”). The one-for-ten reverse stock split decreased the number of outstanding shares and increased net loss per common share. All per share and share amounts presented have been retroactively adjusted for the effect of this share consolidation for all periods presented.
Fair Value Assumptions The assumptions used in the valuation model are summarized in the following table.

   
For the Years Ended December 31,
    2023
  
2022
Expected volatility
　
 83.41%~86.57%  
86.28%-83.96%
Expected dividends yield
　
 0%
  
0%
Risk-free interest rate per annum
　
 2.97%~3.01%  
2.97%-3.01%
The fair value of underlying ordinary shares (per share)
   $16.80  
$1.68