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WARRANTS | 12 Months Ended
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Dec. 31, 2023
Warrants |
WARRANTS | Note 12 WARRANTS On April 1, 2021, the Company entered in a securities purchase agreement with certain investors for an aggregate of 80,000 shares of its preferred stock at a per share purchase price of $2.50. As part of the transaction, the investors received one Class C warrant and one Class D warrant for the subscription of each preferred share. The Class C warrants consist of the right to purchase up to 80,000 shares of the Company’s common stock at an exercise price of $2.50 per share exercisable for 36 months from the date of inception. The Class D warrants consist of the right to purchase up to 80,000 shares of the Company’s common stock at an exercise price of $5.00 per share exercisable for 36 months from the date of inception. The subscription was completed on August 10, 2021. On September 27, 2021 the Company entered into another securities purchase agreement with the same investors, pursuant to which the Company issued in a registered direct offering, an aggregate of 48,000 shares of common stock of the Company at a per share purchase price of $2.50. In addition, the investors also received one Class C warrant and one Class D warrant for the subscription of each preferred share. The Class C warrants consist of the right to purchase up to 80,000 shares of the Company’s common stock at an exercise price of $2.50 per share exercisable for 36 months from the date of inception. The Class D warrants consist of the right to purchase up to 80,000 shares of the Company’s common stock at an exercise price of $5.00 per share exercisable for 36 months from the date of inception. In connection with the Public Offering and pursuant to a registration statement on Form S-1, amended (File No. 333-264059), originally filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2022, and declared effective by the SEC on August 10, 2022 (the “Registration Statement”), the public offering price of each Unit was $3.50, and each unit consisting of one share of common stock and a warrant to purchase two shares of common stock from the date of issuance until the fifth anniversary of the date of issuance. The Shares and the Warrants comprising the Units were immediately separable and issued separately in the Offering, which closed on August 15, 2022. In connection with the Public Offering and pursuant to the underwriting agreement between us and the underwriters named therein, we granted the underwriters a 45-day option to purchase up to 282,000 additional shares of common stock and warrants, equivalent to 15% of the Units sold in the Public Offering, at the public offering price per Unit, less underwriting discounts and commissions, to cover over-allotments, if any. On September 23, 2022, the underwriters exercised their option to purchase an additional 282,000 warrants from us for gross proceeds of $2,820. The warrants were issued to the underwriters on September 26, 2022. The exercise price of the Warrants shall be decreased to the reset price, which means the greater of (i) 50% of the exercise price and (ii) 100% of the last volume weighted average price immediately preceding the 90th calendar day following the initial issuance date (the greater of (i) and (ii), the “Reset Price”) if, on the date that is 90 calendar days immediately following the initial issuance date, the Reset Price is less than the exercise price on that date.
Schedule of assumptions used |  |  |  |  |  |
Appraisal Date (Inception Date) |  | C Warrant August 10, 2021 |  |  | D Warrant August 10, 2021 |
|  | $ |  |  | $ |
Market price per share (USD/share) |  |  | 1.47 |  |  |  | 0.66 |
Exercise price (USD/price) |  |  | 2.50 |  |  |  | 5.00 |
Risk free rate |  |  | 0.14% |  |  |  | 0.14% |
Dividend yield |  |  | 0.00% |  |  |  | 0.00% |
Expected term/ Contractual life (years) |  |  | 1.39 |  |  |  | 1.39 |
Expected volatility |  |  | 56.36% |  |  |  | 56.36% |
Appraisal Date (Inception Date) |  | C Warrant September 27, 2021 |  |  | D Warrant September 27, 2021 |
|  | $ |  |  | $ |
Market price per share (USD/share) |  |  | 1.71 |  |  |  | 0.73 |
Exercise price (USD/price) |  |  | 2.50 |  |  |  | 5.00 |
Risk free rate |  |  | 0.15% |  |  |  | 0.15% |
Dividend yield |  |  | 0.00% |  |  |  | 0.00% |
Expected term/ Contractual life (years) |  |  | 1.26 |  |  |  | 1.26 |
Expected volatility |  |  | 52.93% |  |  |  | 52.93% |
Appraisal Date (Inception Date) |  | IPO Warrant September 26, 2022 |
|  | $ |
Market price per share (USD/share) |  |  | 1.28 |
Exercise price (USD/price) |  |  | 1.925 |
Risk free rate |  |  | 4.03% |
Dividend yield |  |  | 0.00% |
Expected term/ Contractual life (years) |  |  | 4.65 |
Expected volatility |  |  | 46.10% |
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:
Schedule of warranty liability activity |  |  |  |  |  |
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | $ |  |  | $ |
Balance at the beginning of period |  |  | 1,179,768 |  |  |  | 312,320 |
Warrants issued to investors |  |  | – |  |  |  | 754,303 |
Warrants issued to underwriter |  |  | – |  |  |  | 113,145 |
Fair value change of warrants included in earnings |  |  | – |  |  |  | – |
Total |  |  | 1,179,768 |  |  |  | 1,179,768 |
The following is a summary of the warrant activity:
Schedule of warrant activity |  |  |  |  |  |  |  |  |
|  | Number of Warrants |  |  | Average Exercise Price |  |  | Weighted Average Remaining Contractual Term in Years |
Outstanding at January 1, 2022 |  |  | 256,000 |  |  |  | 3.75 |  |  |  | 2.66 |
Exercisable at January 1, 2022 |  |  | 256,000 |  |  |  | 3.75 |  |  |  | 2.66 |
Granted |  |  | 2,162,000 |  |  |  | 1.93 |  |  |  | 4.98 |
Exercised / surrendered |  |  | – |  |  |  | – |  |  |  | – |
Expired |  |  | – |  |  |  | – |  |  |  | – |
Outstanding at December 31, 2022 |  |  | 2,418,000 |  |  |  | 2.12 |  |  |  | 4.73 |
Exercisable at December 31, 2022 |  |  | 2,418,000 |  |  |  | 2.12 |  |  |  | 4.73 |
Outstanding at January 1, 2023 |  |  | 2,418,000 |  |  |  | 2.12 |  |  |  | 4.73 |
Exercisable at January 1, 2023 |  |  | 2,418,000 |  |  |  | 2.12 |  |  |  | 4.73 |
Granted |  |  | – |  |  |  | – |  |  |  | – |
Exercised / surrendered |  |  | (162,854 | ) |  |  | 1.93 |  |  |  | – |
Expired |  |  | – |  |  |  | – |  |  |  | – |
Outstanding at December 31, 2023 |  |  | 2,255,146 |  |  |  | 2.14 |  |  |  | 3.65 |
Exercisable at December 31, 2023 |  |  | 2,255,146 |  |  |  | 2.14 |  |  |  | 3.65 |

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