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SHARE-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2021
SHARE-BASED COMPENSATION [Abstract] |
Share Options Activity | A summary of share options activity for the years ended December 31, 2021, 2020 and 2019 is as follows:
|  | Number of Share Options |  |  | Weighted Average Exercise Price US$ |  |  | Weighted Average Remaining Contractual Years |  |  | Aggregate Intrinsic Value US$ |
Outstanding at January 1, 2019 |  |  | 21,036,130 |  |  |  | 1.03 |  |  |  | 5.60 |  |  |  | 27,246,206 |
Granted |  |  | 580,000 |  |  |  | 2.21 |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Forfeited |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Expired |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2019 |  |  | 21,616,130 |  |  |  | 1.07 |  |  |  | 4.69 |  |  |  | 28,639,946 |
Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Forfeited |  |  | (2,640,000 | ) |  |  | 1.66 |  |  |  |  |  |  |  |  |
Expired |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2020 |  |  | 18,976,130 |  |  |  | 0.98 |  |  |  | 3.56 |  |  |  | 24,410,306 |
Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Forfeited |  |  | (5,492,000 | ) |  |  | 1.42 |  |  |  |  |  |  |  |  |
Expired |  |  | (593,000 | ) |  |  | 1.19 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2021 |  |  | 12,891,130 |  |  |  | 0.79 |  |  |  |  |  |  |  |  |
Modification of option as of 30/12/2021 |  |  | 9,225,271 |  |  |  | 1.10 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2021 |  |  | 9,225,271 |  |  |  | 1.10 |  |  |  | 2.60 |  |  |  | 42,799,081 |
Expected to vest at December 31, 2021 |  |  | 486,623 |  |  |  | 2.86 |  |  |  | 5.02 |  |  |  | 1,399,353 |
Exercisable as of December 31, 2021 |  |  | 8,738,648 |  |  |  | 1.00 |  |  |  | 2.46 |  |  |  | 41,399,727 |
Fair Value Assumptions | The assumptions used in the valuation model are summarized in the following table.
|  | For the Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
|  | Modification | Before Modification |  |  |  |
Expected volatility |  | 58.09%-91.85% | 82.33%-93.48% |  | 82.33%-93.48% |  | 82.33%-93.48%
Expected dividends yield |  | 0% | 0% |  | 0% |  | 0%
Risk-free interest rate per annum |  | 0.06%-1.36% | 1.84%-2.40% |  | 1.84%-2.40% |  | 1.84%-2.40%
The fair value of underlying ordinary shares (per share) |  | US$5.74 | US$1.21-US$2.92 |  | US$1.21-US$2.92 |  | US$1.21-US$2.92

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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