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INVESTMENTS MEASURED AT FAIR VALUE | 9 Months Ended
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Sep. 30, 2023
Investments, All Other Investments [Abstract] |
INVESTMENTS MEASURED AT FAIR VALUE | 13. INVESTMENTS MEASURED AT FAIR VALUE Financial assets measured at fair value on a recurring basis are summarized below and disclosed on the condensed consolidated balance sheet as of September 30, 2023 and December 31, 2022: SCHEDULE OF FINANCIAL ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS
|  | Fair Value Measurement Using |  |  | Amount at |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Securities- Fair Value |  | $ | 270,253 |  |  | $ | - |  |  | $ | - |  |  | $ | 270,253 |
Investment Securities- Fair Value - Related Party |  |  | 15,594,980 |  |  |  | - |  |  |  | - |  |  |  | 15,594,980 |
Investment Securities- Trading |  |  | 1,711,616 |  |  |  | - |  |  |  | - |  |  |  | 1,711,616 |
Convertible Note Receivable |  |  | - |  |  |  | - |  |  |  | 88,599 |  |  |  | 88,599 |
Warrants - New Electric CV Corp. |  |  | - |  |  |  | - |  |  |  | 430 |  |  |  | 430 |
Warrants - VEII |  |  | - |  |  |  | - |  |  |  | 6,449,100 |  |  |  | 6,449,100 |
Total Investment in securities at Fair Value |  | $ | 17,576,849 |  |  | $ | - |  |  | $ | 6,538,129 |  |  | $ | 24,114,978 |
|  | Fair Value Measurement Using |  |  | Amount at |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Securities- Fair Value |  | $ | 884,432 |  |  | $ | - |  |  | $ | - |  |  | $ | 884,432 |
Investment Securities- Fair Value - Related Party |  |  | 12,865,525 |  |  |  | - |  |  |  | - |  |  |  | 12,865,525 |
Investment Securities- Trading |  |  | 5,315,204 |  |  |  | - |  |  |  | - |  |  |  | 5,315,204 |
Convertible Note Receivable |  |  | - |  |  |  | - |  |  |  | 88,599 |  |  |  | 88,599 |
Warrants - New Electric CV Corp. |  |  | - |  |  |  | - |  |  |  | 327,565 |  |  |  | 327,565 |
Total Investment in securities at Fair Value |  | $ | 19,065,161 |  |  | $ | - |  |  | $ | 416,164 |  |  | $ | 19,481,325 |
Realized loss on investment securities for the nine months ended September 30, 2023 was $11,291,166 and realized loss on investment securities for the nine months ended September 30, 2022 was $6,500,573. Unrealized loss on securities investment was $6,910,205 and $21,773,223 in the nine months ended September 30, 2023 and 2022, respectively. These gains and losses were recorded directly to net loss. The change in fair value of the convertible note receivable in the nine months ended September 30, 2023 and 2022 was $0 and $40,201, respectively, and was recorded in condensed consolidated statements of stockholders’ equity. For U.S. trading stocks, we use Bloomberg Market stock prices as the share prices to calculate fair value. For overseas stock, we use the stock price from the local stock exchange to calculate fair value. The following chart shows details of the fair value of equity security investment at September 30, 2023 and December 31, 2022, respectively. SCHEDULE OF FAIR VALUE OF EQUITY SECURITY INVESTMENT
|  | Share price |  |  |  |  |  | Market Value |  |  |
|  | 9/30/2023 |  |  | Shares |  |  | 9/30/2023 |  |  | Valuation
DSS (Related Party) |  | $ | 0.180 |  |  |  | 62,812,264 |  |  | $ | 11,306,208 |  |  | Investment in Securities at Fair Value
AMBS |  | $ | 0.001 |  |  |  | 20,000,000 |  |  | $ | 16,000 |  |  | Investment in Securities at Fair Value
Holista |  | $ | 0.006 |  |  |  | 39,376,205 |  |  | $ | 254,253 |  |  | Investment in Securities at Fair Value
New Electric CV (Related Party) |  | $ | 0.000 |  |  |  | 354,039,000 |  |  | $ | 0 |  |  | Investment in Securities at Fair Value
Value Exchange (Related Party) |  | $ | 0.176 |  |  |  | 21,179,275 |  |  | $ | 3,736,024 |  |  | Investment in Securities at Fair Value
Sharing Services (Related Party) |  | $ | 0.004 |  |  |  | 125,624,528 |  |  | $ | 552,748 |  |  | Investment in Securities at Fair Value
Trading Stocks |  |  |  |  |  |  |  |  |  | $ | 1,711,615 |  |  | Investment in Securities at Fair Value
|  |  | Total Level 1 Equity Securities |  |  | $ | 17,576,849 |  |  |
Nervotec |  |  | N/A |  |  |  | 1,666 |  |  | $ | 36,633 |  |  | Investment in Securities at Cost
HWH World Co. |  |  | N/A |  |  |  | 3,800 |  |  | $ | 42,562 |  |  | Investment in Securities at Cost
UBeauty |  |  | N/A |  |  |  | 3,600 |  |  | $ | 19,609 |  |  | Investment in Securities at Cost
|  |  | Total Equity Securities |  |  | $ | 17,675,653 |  |  |
|  | Share price |  |  |  |  |  | Market Value |  |  |
|  | 12/31/2022 |  |  | Shares |  |  | 12/31/2022 |  |  | Valuation
DSS (Related Party) |  | $ | 0.164 |  |  |  | 62,812,264 |  |  | $ | 10,301,211 |  |  | Investment in Securities at Fair Value
AMBS (Related Party) |  | $ | 0.002 |  |  |  | 20,000,000 |  |  | $ | 34,000 |  |  | Investment in Securities at Fair Value
Holista (Related Party) |  | $ | 0.020 |  |  |  | 42,999,621 |  |  | $ | 850,432 |  |  | Investment in Securities at Fair Value
New Electric CV (Related Party) |  | $ | 0.001 |  |  |  | 354,039,000 |  |  | $ | 212,423 |  |  | Investment in Securities at Fair Value
Value Exchange (Related Party) |  | $ | 0.170 |  |  |  | 13,834,643 |  |  | $ | 2,351,889 |  |  | Investment in Securities at Fair Value
Trading Stocks |  |  |  |  |  |  |  |  |  | $ | 5,315,204 |  |  | Investment in Securities at Fair Value
Total Level 1 Equity Securities |  |  |  |  |  |  |  |  |  | $ | 19,065,161 |  |  |
Nervotec |  |  | N/A |  |  |  | 1,666 |  |  | $ | 35,958 |  |  | Investment in Securities at Cost
HWH World Co. |  |  | N/A |  |  |  | 3,800 |  |  | $ | 42,562 |  |  | Investment in Securities at Cost
UBeauty |  |  | N/A |  |  |  | 3,600 |  |  | $ | 19,609 |  |  | Investment in Securities at Cost
|  |  | Total Equity Securities |  |  | $ | 19,163,290 |  |  |
Sharing Services Convertible Note The fair value of the Sharing Services Convertible Note under level 3 category was calculated using a Black-Scholes valuation model. We assumed dividend yield rate of 0.00% in Sharing Services. The volatility was based on the historical volatility of the Sharing Services’ common stock. Risk-free interest rates were obtained from U.S. Treasury rates for the applicable periods. The Sharing Services Convertible Note was redeemed in July 2022. Changes in the observable input values would likely cause material changes in the fair value of the Company’s Level 3 financial instruments. A significant increase (decrease) in this likelihood would result in a higher (lower) fair value measurement. The table below provides a summary of the changes in fair value which are recorded as other comprehensive income (loss), including net transfers in and/or out of all financial assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and nine months ended September 30, 2023 and 2022: SCHEDULE OF CHANGE IN FAIR VALUE
|  | Total |
Balance at January 1, 2023 |  | $ | 327,565 |
Total gains |  |  | 62,348 |
Balance at March 31, 2023 |  | $ | 389,913 |
Total losses |  |  | (342,798 | )
Balance at June 30, 2023 |  | $ | 47,115 |
Acquisition of VEII warrants |  |  | 6,488,457 |
Total gains |  |  | 2,557 |
Balance at September 30, 2023 |  | $ | 6,538,129 |
|  |  | Total |
Balance at January 1, 2022 |  | $ | 1,108,252 |
Total losses |  |  | (203,463 | )
Balance at March 31, 2022 |  | $ | 904,789 |
Total losses |  |  | (591 | )
Balance at June 30, 2022 |  | $ | 904,198 |
Total losses |  |  | 49,915 |
Balance at September 30, 2022 |  | $ | 954,113 |
Vector Com Convertible Bond On February 26, 2021, the Company invested approximately $88,599 in the convertible bond of Vector Com Co., Ltd (“Vector Com”), a private company in South Korea. The interest rate is 2% per annum and maturity is two years. The conversion price is approximately $21.26, per common share of Vector Com. As of September 30, 2023, the management estimated that the fair value of this note remained unchanged from its initial purchase price. Warrants AMRE On March 2, 2020 and October 29, 2021, the Company received warrants to purchase shares of AMRE, a related party private company, in conjunction with the Company lending two $200,000 promissory notes. For further details on this transaction, refer to Note 8 - Related Party Transactions, Note Receivable from a Related Party Company. As of September 30, 2022 and December 31, 2021, AMRE was a private company. Based the management’s analysis, the fair value of the warrants was $0 as of December 31, 2021. All warrants were converted into common shares in March 2022. NECV On July 17, 2020, the Company purchased 122,039,000 shares, approximately 9.99% ownership, and 1,220,390,000 warrants with an exercise price of $0.0001 per share, from NECV, for an aggregated purchase price of $122,039. During 2021, the Company exercised 232,000,000 of the warrants to purchase 232,000,000 shares of NECV for the total consideration of $232,000, leaving the balance of outstanding warrants of 988,390,000 at December 31, 2021 and 2022. The Company did not exercise any warrants during nine months ended September 30, 2023. We value NECV warrants under level 3 category through a Black Scholes option pricing model and the fair value of the warrants from NECV was $430 as of September 30, 2023 and $327,565 as of December 31, 2022. The fair value of the NECV warrants under level 3 category as of September 30, 2023 and December 31, 2022 was calculated using a Black-Scholes valuation model valued with the following weighted average assumptions: SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS
|  | September 30, 2023 |  |  | December 31, 2022 |
Stock Price |  | $ | 0.0001 |  |  | $ | 0.0006 |
Exercise price |  |  | 0.001 |  |  |  | 0.001 |
Risk free interest rate |  |  | 4.62 | % |  |  | 3.95 | %
Annualized volatility |  |  | 869.4 | % |  |  | 186.1 | %
Dividend Yield |  |  | 0.00 |  |  |  | 0.00 |
Year to maturity |  |  | 6.82 |  |  |  | 7.56 |
VEII On September 6, 2023, the Company received warrants to purchase shares of VEII, a related party listed company. For further details on this transaction, refer to Note 8 - Related Party Transactions, Note Receivable from a Related Party Company. As of September 30, 2023, the fair value of the warrants was $6,449,100. The Company did not exercise any warrants during nine months ended September 30, 2023. The Company values VEII warrants under level 3 category through a Black Scholes option pricing model. The fair value of the VEII warrants under level 3 category as of September 6, 2023, and September 30, 2023 was calculated using a Black-Scholes valuation model valued with the following weighted average assumptions: SCHEDULE OF SIGNIFICANT INPUTS AND ASSUMPTIONS
|  | September 30, 2023 |  |  | September 6, 2023 |
Stock price |  | $ | 0.1756 |  |  | $ | 0.1770 |
Exercise price |  |  | 0.1770 |  |  |  | 0.1770 |
Risk free interest rate |  |  | 8.50 | % |  |  | 8.50 | %
Annualized volatility |  |  | 270.02 | % |  |  | 273.79 | %
Dividend Yield |  | $ | 0.00 |  |  | $ | 0.00 |
Year to maturity |  |  | 4.94 |  |  |  | 5.00 |

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