CONVERTIBLE PROMISSORY NOTE AND WARRANT (Tables)

9 Months Ended

Sep. 30, 2024

Short-Term Debt [Line Items]

Movement of Note

The movement of Note during the nine months ended September 30, 2024 are as follows:

	Liability component
As of December 31, 2023	$	9,956,000
Convertible promissory notes issued during the year		-
Redemption of convertible promissory notes		-
Fair value change recognized		(4,000	)
As of September 30, 2024 (Unaudited)		9,952,000

Movement of Warrants

The movement of warrants during the nine months ended September 30, 2024 are as follows:

	Investor warrants component						Placement agent warrants component
	Shares			Amount			Shares		Amount
As of December 31, 2023		873,810		$	12,189,508			247,333	$	3,456,578
Exercise of warrants		(3,583	)		(49,986	)		-		-
Fair value change recognized		-			1,719			-		474
As of September 30, 2024 (Unaudited)		870,227			12,141,241			247,333		3,457,052

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, 2024			December 31, 2023
Expected term (years)		2.80			3.55
Volatility		66.64	%		72.11	%
Risk free rate		3.57	%		3.91	%
Expected expiry date		July 19, 2027			July 19, 2027

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, 2024			December 31, 2023
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)		0.30			1.05
Volatility		60.09	%		53.46	%
Market yield (range)		12.47	%		13.93	%
Risk free rate		4.13	%		4.69	%
Issue date	July 20, 2022			July 20, 2022
Maturity date	January 19, 2025			January 19, 2025