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Share-Based Payment | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment [Abstract] |
Share-based payment | 15. Share-based payment
| a) | For the six months periods ended June 30, 2023 and 2022, the Company’s share-based payment transactions were as follow:
Type of arrangement |  | Grant date |  |  | Quantity granted (Units) (Note 1) |  |  | Contract period |  | Vesting conditions |
Employee share options |  |  | 2017.1.1 |  |  |  | 106,300 |  |  | 5 years |  | Note 2 |
Employee share options |  |  | 2018.1.1 |  |  |  | 34,000 |  |  | 5 years |  | Note 2 |
Employee share options |  |  | 2019.1.1 |  |  |  | 186,000 |  |  | 5 years |  | Note 2 |
Employee share options |  |  | 2021.10.5 |  |  |  | 207,412 |  |  | 5 years |  | Note 3 |
Employee share options |  |  | 2021.10.5 |  |  |  | 113,524 |  |  | 5 years |  | Note 2 |
Employee share options |  |  | 2022.2.23 |  |  |  | 274,682 |  |  | 5 years |  | Note 2 |
Note 1: | On the Closing Date, with capital recapitalization as provided in Note 15, each outstanding share option was converted with the conversion ratio approximately of 4.82 share options. Shares outstanding for the periods have been restated for the 10-to-1 reverse stock split effective April 15, 2024.
Note 2: | Employee share options granting period and exercise conditions are as follows:
Vesting period |  | Accumulated maximum exercisable employee share options |
After 1 year |  |  | 25 | %
After 2 years |  |  | 50 | %
After 3 years |  |  | 75 | %
After 4 years |  |  | 100 | %
Note 3: | Employee share options granting period and exercise conditions are as follows:
Vesting period |  | Accumulated maximum exercisable employee share options |
At the beginning of year 1 |  |  | 25 | %
At the beginning of year 2 |  |  | 50 | %
At the beginning of year 3 |  |  | 75 | %
At the beginning of year 4 |  |  | 100 | %
The share-based payment arrangements above are settled by equity.
| b) | For the year ended December 31, 2023, the Company offered non-employee share-based compensation to Innvotec Limited (“Innvotec”), an acquisition advisor, for its services related to procurement of SeeQuestor. The fee was set at $1,000,000, with 50% in cash and 50% in exchange for ordinary shares of the Company, issued at $9.28 per share, with piggy-back registration rights. The related share compensation was issued in January 2024.
|  |  |  |  | Quantity |  |  |  |
|  |  |  |  | granted |  |  |  |  |  |
|  |  |  |  | (Ordinary shares) |  |  | Contract |  | Vesting |
Type of arrangement |  | Grant date |  |  | (Note 1) |  |  | period |  | conditions |
Obtain professional service through share-based payment |  |  | 2022.12 |  |  |  | 5,388 |  |  | Upon completion of services |  | Upon completion of services |
Note 1: | Shares outstanding for the periods have been restated for the 10-to-1 reverse stock split effective April 15, 2024.
| c) | Details of the share-based payment arrangements are as follows:
|  | Six months ended June 30, 2024 (Note) |  |  | Six months ended June 30, 2023 (Note) |
|  | No. of options |  |  | Weighted average exercise price |  |  | No. of options |  |  | Weighted average exercise price |
Options outstanding at January 1 |  |  | 51,879 |  |  | $ | 11.66 |  |  |  | 255,164 |  |  | $ | 11.66 |
Options expired |  |  | - |  |  |  | 11.66 |  |  |  | (27,723 | ) |  |  | 11.66 |
Options cancelled |  |  | (1,458 | ) |  |  | 11.66 |  |  |  | (75,310 | ) |  |  | 11.66 |
Options outstanding at June 30 |  |  | 50,421 |  |  | $ | 11.66 |  |  |  | 152,131 |  |  | $ | 11.66 |
Options exercisable at June 30 |  |  | 50,421 |  |  | $ | 11.66 |  |  |  | 84,779 |  |  | $ | 11.66 |
Note: | Shares outstanding for the years have been restated for the 10-to-1 reverse stock split effective April 15, 2024.
| d) | No share options were exercised for the six months periods ended June 30, 2024 and 2023.
| e) | As of June 30, 2024 and 2023, the range of exercise prices of share options outstanding was $11.66 and $11.66, respectively; the weighted-average remaining contractual period was 1 years and 1.5 years, respectively.
| f) | The fair value of share options granted on grant date is measured using the Black-Scholes option- pricing model. Relevant information is as follows:
Type of arrangement |  | Grant date |  | Share price (par value) |  | Exercise price (Note 2) |  | Expected price volatility (Note 1) |  | Expected option life |  | Expected dividends |  | Risk-free interest rate |  |  | Fair value per share (Note 3) |
Employee share options |  |  | 2017.1.1 |  | $ | 0.0001 |  | $ | 5.62 |  | 32.11%~42.11% |  | 4.5 Years |  |  | - |  |  | 1.05 | % |  | $ | 5.73 |
Employee share options |  |  | 2018.1.1 |  | $ | 0.0001 |  | $ | 5.62 |  | 34.14%~40.79% |  | 4.5 Years |  |  | - |  |  | 0.96 | % |  | $ | 6.13 |
Employee share options |  |  | 2019.1.1 |  | $ | 0.0001 |  | $ | 5.62 |  | 33.35%~38.93% |  | 4.5 Years |  |  | - |  |  | 1.01 | % |  | $ | 6.86 |
Employee share options |  |  | 2021.10.5 |  | $ | 0.0001 |  | $ | 5.62 |  | 47.34%~52.14% |  | 3.5 Years |  |  | - |  |  | 1.01 | % |  | $ | 6.91 |
Employee share options |  |  | 2021.10.5 |  | $ | 0.0001 |  | $ | 5.62 |  | 45.32%~51.27% |  | 4.5 Years |  |  | - |  |  | 1.01 | % |  | $ | 6.91 |
Employee share options |  |  | 2022.2.23 |  | $ | 0.0001 |  | $ | 5.62 |  | 31.49%~46.31% |  | 4.5 Years |  |  | - |  |  | 0.72 | % |  | $ | 7.11 |
Note 1: | Expected price volatility rate was estimated by using the share prices of the most recent period with length of this period approximate to the length of the share options’ expected life, and the standard deviation of return on the share during this period.
Note 2: | The exercise price of share options is adjusted to $1.17 7 (or $11.66 reflective of the 10-to-1 reverse stock split effective April 15, 2024) with the conversion ratio approximately of 4.82 on the Closing Date due to capital recapitalization. Refer to Note 15 for more information on the capital recapitalization.
Note 3: | Share-based payment expenses are recorded over each vesting period based on the fair value of share options granted. Relevant information is as follows:
Grant date |  | Exercise price |  |  | Fair value of first year |  |  | Fair value of second year |  |  | Fair value of third year |  |  | Fair value of fourth year |
2017.1.1 |  | $ | 5.62 |  |  | $ | 0.90 |  |  | $ | 1.50 |  |  | $ | 1.70 |  |  | $ | 2.00 |
2018.1.1 |  | $ | 5.62 |  |  | $ | 1.20 |  |  | $ | 1.60 |  |  | $ | 2.00 |  |  | $ | 2.30 |
2019.1.1 |  | $ | 5.62 |  |  | $ | 1.70 |  |  | $ | 2.10 |  |  | $ | 2.40 |  |  | $ | 2.80 |
2021.10.5 |  | $ | 5.62 |  |  | $ | 1.90 |  |  | $ | 2.30 |  |  | $ | 2.70 |  |  | $ | 2.90 |
2021.10.5 |  | $ | 5.62 |  |  | $ | 2.30 |  |  | $ | 2.70 |  |  | $ | 2.90 |  |  | $ | 3.10 |
2022.2.23 |  | $ | 5.62 |  |  | $ | 1.90 |  |  | $ | 2.50 |  |  | $ | 3.00 |  |  | $ | 3.20 |
| g) | Expenses incurred on share-based payment transactions are shown below:
|  | Six months ended June 30, 2024 |  |  | Six months ended June 30, 2024 |
Expense recorded |  | $ | - |  |  | $ | 38,053 |

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