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Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
Fair Value Measurements [Abstract]  
FAIR VALUE MEASUREMENTS

NOTE 11 — FAIR VALUE MEASUREMENTS

 

Fair value has been determined on a basis consistent with the requirements of FASB ASC Topic 825, Financial Instruments, and the Company adopted on a prospective basis required provisions of FASB ASC Topic 820, Fair Value Measurement.

 

Financial Items Measured at Fair Value on a Recurring Basis

 

The carrying amounts reported in the consolidated balance sheet for short-term financial instruments, including cash and cash equivalents, short-term loans, accounts receivable, prepaid expenses, short-term borrowings, accrued expense and other current liabilities due to the short maturities of these instruments.

 

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and December 31, 2022 are summarized in the table below.

 

   December 31, 2023 
   Level 1   Level 2   Level 3   Total 
Assets                
Investments  $
—
   $
—
   $
—
   $
—
 
Liabilities                    
Bonds with warrants  $
—
   $
—
   $3,489,995   $3,489,995 

 

   December 31, 2022 
   Level 1   Level 2   Level 3   Total 
Assets                
Investments  $
—
   $
—
   $
—
   $
—
 
Liabilities                    
Bonds with warrants  $
—
   $
—
   $3,550,856   $3,550,856 

 

Financial Items Measured at Fair Value on a Nonrecurring Basis

 

There are no financial assets or liabilities measured at fair value on a nonrecurring basis as of December 31, 2023 and December 31, 2022.

 

Nonfinancial Items Measured at Fair Value on a Recurring Basis

 

There are no nonfinancial assets measured at fair value on a recurring basis as of December 31, 2023 and December 31, 2022.

 

Nonfinancial Items Measured at Fair Value on a Nonrecurring Basis

 

The fair value of long-lived assets is measured whenever the carrying value of long-lived asset or asset group is not recoverable on an undiscounted cash flow basis. No impairment is recognized for long-lived assets as of as of December 31, 2023 and December 31, 2022.