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Warrants | 6 Months Ended
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Jun. 30, 2023
Warrants [Abstract] |
Warrants | Note 27 – Warrants During the six months ended June 30, 2023, we issued a 5-year warrant to purchase 105,000 Class B Ordinary Shares to Revere Securities, LLC, the underwriter in our Initial Public Offering. In addition, during the 12 months ended December 31, 2022, we issued 5-year warrants to purchase 105,350 Class B Ordinary Shares to Boustead Securities, LLC. The warrant expires January 26, 2028. We valued the warrant using the Black-Scholes option pricing model $489,806 and a warrant liability of $194,321. The assumptions used in determining the fair value of the warrants were as follows:
|  | June 30, 2023 |
Expected term in years |  |  | 5 years |
Risk-free interest rate |  |  | 0.381 | %
Annual expected volatility |  |  | 125.0 | %
Dividend yield |  |  | 0.00 | %
Risk-free interest rate: We use the risk-free interest rate of a U.S. Treasury Bill with a similar term on the date of the option grant. Volatility: We estimate the expected volatility of the stock price based on the corresponding volatility of our historical stock price. Dividend yield: We use a 0% expected dividend yield as we have not paid dividends to date and do not anticipate declaring dividends in the near future. Remaining term: The remaining term is based on the remaining contractual term of the warrant. Activity related to the warrants for the six months ended June 30, 2023 is as follows:
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life in Years |  |  | Aggregate Intrinsic Value |
Outstanding, December 31, 2022 |  |  | 105,350 |  |  | $ | 1.00 |  |  |  |  |  |  |  |  |
Granted during six months ended June 30, 2023 |  |  | 105,000 |  |  | $ | 5.00 |  |  |  |  |  |  |  |  |
Outstanding, June 30, 2023 |  |  | 210,350 |  |  | $ | 3.00 |  |  |  |  |  |  |  |  |
Exercisable, end of period |  |  | 210,350 |  |  | $ | 3.00 |  |  |  | 4.4 |  |  | $ | 0 |

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- Definition The description of the entity's material accounting policy information for warrants. Warrants are financial instruments that give the holder the right to purchase ordinary shares. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 117 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_117&doctype=Standard -URIDate 2023-03-23 + Details
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