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Warrants (Tables) | 12 Months Ended
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Dec. 31, 2020
Warrants [Abstract] |
Schedule of fair value of the outstanding warrants |
|  | December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Market price per share (USD/share) |  | $ | 4.15 |  |  | $ | 3.12 |  |  |  | 9.04 |
Exercise price (USD/share) |  |  | 17.60 |  |  |  | 17.60 |  |  |  | 17.60 |
Risk free rate |  |  | 0.41 | % |  |  | 1.81 | % |  |  | 2.60 | %
Dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Expected term/Contractual life (years) |  |  | 5.3 |  |  |  | 6.3 |  |  |  | 7.3 |
Expected volatility |  |  | 341.88 | % |  |  | 279.93 | % |  |  | 256.20 | %
Schedule of reconciliation of the beginning and ending balances of warrants liability |
|  | December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018- |
Beginning balance |  | $ | 389,630 |  |  | $ | 1,129,246 |  |  | $ | 1,729,111 |
Warrants issued to Hangzhou Lianluo |  |  | - |  |  |  | - |  |  |  | - |
Warrants redeemed |  |  | - |  |  |  | - |  |  |  | - |
Fair value change of the issued warrants included in earnings |  |  | 129,036 |  |  |  | (739,616 | ) |  |  | (599,865 | )
Ending balance |  | $ | 518,666 |  |  | $ | 389,630 |  |  |  | 1,129,246 |
Schedule of warrants activity |
|  | Number |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (Years) |
Outstanding as of January 1, 2019 |  |  | 125,000 |  |  | $ | 17.60 |  |  |  |  |
Granted |  |  | - |  |  |  |  |  |  |  |  |
Forfeited |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  |  |  |  |  |  |
Redeemed |  |  | - |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2019 |  |  | 125,000 |  |  | $ | 17.60 |  |  |  |  |
Granted |  |  | - |  |  |  |  |  |  |  |  |
Forfeited |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  |  |  |  |  |  |
Redeemed |  |  | - |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2020 |  |  | 125,000 |  |  | $ | 17.60 |  |  |  |  |
Schedule of class A common shares and concurrent private placements of warrants |
Amount of Underlying Class A Common Shares |  |  | 118,750 |
Exercise price |  | $ | 5.60 |
Floor Price |  | $ | 1.44 |
Expiration Date |  |  | September 2, 2025 |
Issuance Date |  |  | March 2, 2020 |

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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 + Details
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