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Share-Based Payment (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment [Abstract]  
Schedule of Share-Based Payment 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:
          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  
Schedule of Employee Share Options Granting Period and Exercise Conditions 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 %
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%
Schedule of Share-Based Payment Arrangements 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.
Schedule of Fair Value of Share Options Granted on Grant Date 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:
Schedule of Share-Based Payment Expenses 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 
Schedule of Expenses Incurred on Share-Based Payment 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