CONVERTIBLE PROMISSORY NOTE AND WARRANT (Tables)

3 Months Ended

Mar. 31, 2024

Short-Term Debt [Line Items]

Movement of Note

The movement of Note during the three months ended March 31, 2024 are as follows:

	Liability component
As of December 31, 2023	$	9,956,000
Convertible promissory notes issued during the period		-
Redemption of convertible promissory notes		-
Fair value change recognized		2,000
As of March 31, 2024 (Unaudited)		9,958,000

Movement of Warrants

The movement of warrants during the three months ended March 31, 2024 are as follows:

	Investor warrants component			Placement agent warrants component
As of December 31, 2023	$	12,189,508		$	3,456,578
Warrants issued during the period		-			-
Exercise of warrants		-			-
Fair value change recognized		(993	)		(301	)
As of March 31, 2024		12,188,515			3,456,277

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	March 31, 2024			December 31, 2023
	(Unaudited)
Expected term (years)		3.30			3.55
Volatility		66.57	%		72.11	%
Risk free rate		4.08	%		3.91	%

Convertible Promissory Note [Member]

Short-Term Debt [Line Items]

Fair Value Assumptions

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

Fair Value Assumptions - Convertible Promissory Note	March 31, 2024			December 31, 2023
	(Unaudited)
Face value principal payable		9,953,381			9,953,381
Original conversion price		12.375			12.375
Interest Rate		8.00	%		8.00	%
Expected term (years)		0.81			1.05
Volatility		57.13	%		53.46	%
Market yield (range)		16.39	%		13.93	%
Risk free rate		4.99	%		4.69	%
Issue date	July 20, 2022			July 20, 2022
Maturity date	January 19, 2025			January 19, 2025