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CONVERTIBLE PROMISSORY NOTE AND WARRANT (Tables) | 6 Months Ended
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Jun. 30, 2023
Short-Term Debt [Line Items] |
Movement of Note | The movement of Note during the six months ended June 30, 2023 are as follows:
|  | Liability component |
As of December 31, 2022 |  | $ | 57,372,827 |
Convertible promissory notes issued during the year |  |  | - |
Redemption of convertible promissory notes |  |  | (45,583,220 | )
Fair value change recognized |  |  | 114,546 |
As of June 30, 2023 |  |  | 11,904,153 |
Movement of Warrants | The movement of warrants during the six months ended June 30, 2023 are as follows:
|  | Investor warrants component |  |  | Placement agent warrants component |
As of December 31, 2022 |  | $ | 14,334,104 |  |  | $ | 3,456,404 |
Warrants issued during the year |  |  | - |  |  |  | - |
Exercise of warrants |  |  | (1,940,570 | ) |  |  | - |
Fair value change recognized |  |  | (187,704 | ) |  |  | (267 | )
As of June 30, 2023 |  |  | 12,205,830 |  |  |  | 3,456,137 |
Warrant [Member] |
Short-Term Debt [Line Items] |
Fair Value Assumptions | The fair value for these two warrants were computed using the Binomial model with the following assumptions:
Fair Value Assumptions – Warrants |  | June 30, 2023 |  |  | December 31, 2022 |
Expected term (years) |  |  | 4.05 |  |  |  | 4.55 |
Volatility |  |  | 76.02 | % |  |  | 77.72 | %
Risk free rate |  |  | 4.19 | % |  |  | 4.13 | %
Convertible Promissory Note [Member] |
Short-Term Debt [Line Items] |
Fair Value Assumptions | We determined the fair value by using the following key inputs to the Monte Carlo Simulation Model:
Fair Value Assumptions - Convertible Promissory Note |  | June 30, 2023 |  |  | December 31, 2022 |
Face value principal payable |  |  | 11,904,179 |  |  |  | 57,488,000 |
Original conversion price |  |  | 1.2375 |  |  |  | 1.2375 |
Interest Rate |  |  | 8.00 | % |  |  | 8.00 | %
Expected term (years) |  |  | 0.05 |  |  |  | 0.55 |
Volatility |  |  | 63.10 | % |  |  | 75.13 | %
Market yield (range) |  |  | 9.63 | % |  |  | 18.02 | %
Risk free rate |  |  | 1.12 | % |  |  | 4.69 | %
Issue date |  | July 20, 2022 |  |  | July 20, 2022 |
Maturity date |  | July 19, 2023 |  |  | July 19, 2023 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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