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Warrants (Tables) | 6 Months Ended
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Jun. 30, 2023
Warrants [Abstract] |
Schedule of the Warrants Issued 2020 Financing | The fair value of the outstanding warrants was calculated using Binomial Model based on backward induction with the following assumptions:
Warrants holder |  | Investor Warrants |  |  | Placement Agent Warrants |
Appraisal Date |  | December 31, 2022 |  |  | December 31, 2022 |
Market price per share (USD/share) |  | $ | 0.99 |  |  | $ | 0.99 |
Exercise price (USD/price) |  |  | 6.46 |  |  |  | 6.475 |
Risk free rate |  |  | 4.7 | % |  |  | 4.6 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Expected term/ Contractual life (years) |  |  | 0.9 years |  |  |  | 1.4 years |
Expected volatility |  |  | 75.6 | % |  |  | 82.7 | %
Appraisal Date |  | June 30, 2023 |  |  | June 30, 2023 |
Market price per share (USD/share) |  | $ | 1.22 |  |  | $ | 1.22 |
Exercise price (USD/price) |  |  | 6.46 |  |  |  | 6.46 |
Risk free rate |  |  | 5.40 | % |  |  | 5.4 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Expected term/ Contractual life (years) |  |  | 0.4 years |  |  |  | 0.9 years |
Expected volatility |  |  | 61.4 | % |  |  | 59.7 | %
Warrants holder |  | Investor Warrants |  |  | Placement Agent Warrants |
Appraisal Date |  | Series A1 December 31, 2022 |  |  | December 31, 2022 |
Market price per share (USD/share) |  |  | 0.99 |  |  |  | 0.99 |
Exercise price (USD/price) |  |  | 7.67 |  |  |  | 9.204 |
Risk free rate |  |  | 4.5 | % |  |  | 4.5 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Expected term/ Contractual life (years) |  |  | 1.6 years |  |  |  | 1.6 years |
Expected volatility |  |  | 80.4 | % |  |  | 80.4 | %
Warrants holder |  | Investor Warrants |  |  | Placement Agent Warrants |
Appraisal Date |  | Series A1 June 30, 2023 |  |  | June 30, 2023 |
Market price per share (USD/share) |  |  | 1.22 |  |  |  | 1.22 |
Exercise price (USD/price) |  |  | 7.67 |  |  |  | 9.204 |
Risk free rate |  |  | 5.4 | % |  |  | 5.4 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Expected term/ Contractual life (years) |  |  | 1.1 years |  |  |  | 1.1 years |
Expected volatility |  |  | 66.1 | % |  |  | 66.1 | %
Schedule of Warrants Liability Measured at Fair Value on a Recurring Basis | 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:
|  | December 31, 2022 |  |  | June 30, 2023 |
Balance at the beginning of the year |  | $ | 5,846,000 |  |  | $ | 136,000 |
Warrants issued to institution investors |  |  | - |  |  |  | - |
Warrants issued to placement agent |  |  | - |  |  |  | - |
Warrants redeemed |  |  | - |  |  |  | - |
Fair value change of the issued warrants included in earnings |  |  | (5,710,000 | ) |  |  | (121,000 | )
Balance at end of year/ period |  |  | 136,000 |  |  |  | 15,000 |
Schedule of the Warrant Activity | The following is a summary of the warrant activity:
|  | Number of Warrants |  |  | Average Exercise Price |  |  | Weighted Average Remaining Contractual Term in Years |
Outstanding at January 1, 2023 |  |  | 9,092,499 |  |  | $ | 7.19 |  |  |  | 1.33 |
Exercisable at January 1, 2023 |  |  | 9,092,499 |  |  | $ | 7.19 |  |  |  | 1.33 |
Granted |  |  | - |  |  |  | - |  |  |  | - |
Exercised / surrendered |  |  | - |  |  |  | - |  |  |  | - |
Expired |  |  | - |  |  |  | - |  |  |  | - |
Outstanding at June 30, 2023 |  |  | 9,092,499 |  |  |  | 7.19 |  |  |  | 0.8 |
Exercisable at June 30, 2023 |  |  | 9,092,499 |  |  |  | 7.19 |  |  |  | 0.8 |

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- Definition Schedule of the outstanding warrants. + References No definition available. + Details
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- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph (a) -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 + Details
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