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Warrants
 6 Months Ended
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