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Warrants | 12 Months Ended
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Dec. 31, 2023
Warrants [Abstract] |
Warrants |
| 13. | Warrants
On April 28, 2016, LLIT signed a Share Purchase Agreement (“SPA”) with Hangzhou Lianluo. In this SPA, Hangzhou Lianluo was entitled with 125,000 warrants to acquire from the Company 125,000 common shares at a purchase price of $17.60 per share. The warrants are exercisable at any time. The Company recognized the warrants as a derivative liability because warrants can be settled in cash. Warrants are remeasured at fair value with changes in fair value recorded in earnings in each reporting period. There was a total of 125,000 warrants issued and outstanding as of December 31, 2023. The fair value of the outstanding warrants was calculated using the Black-Scholes model with the following assumptions:
|  | As of December 31, 2023 |  |  | As of December 31, 2022 |
Market price per share (USD/share) |  | $ | 1.26 |  |  | $ | 1.31 |
Exercise price (USD/share) |  |  | 17.60 |  |  |  | 17.60 |
Risk free rate |  |  | 4.16 | % |  |  | 4.18 | %
Dividend yield |  |  | 0 | % |  |  | 0 | %
Expected term/Contractual life (years) |  |  | 2.32 |  |  |  | 3.32 |
Expected volatility |  |  | 105.55 | % |  |  | 96.90 | %
The following is a reconciliation of the beginning and ending balances of warrants liability measured at fair value on a recurring basis using Level 3 inputs (in thousands):
Beginning balance, January 1, 2022 |  | $ | 1,091 |
Fair value change of the issued warrants included in earnings |  |  | (1,063 | )
Ending balance, December 31, 2022 |  | $ | 28 |
Beginning balance, January 1, 2023 |  | $ | 28 |
Fair value change of the issued warrants included in earnings |  |  | (11 | )
Ending balance, December 31, 2023 |  | $ | 17 |

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