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Bonds With Warrants (Tables)
12 Months Ended
Dec. 31, 2023
Bonds With Warrants [Line Items]  
Schedule of Outstanding Warrants to Purchase the Company’s Common Stock The following two tables summarizes information with regard to bonds with warrant outstanding as of December 31, 2023 and December 31, 2022.
Amount as of December 31, 2021  $3,795,867 
Translation adjustment   (245,011)
Amount as of December 31, 2022  $3,550,856 
Translation adjustment   (60,861)
Amount as of December 31, 2023  $3,489,995 

 

Schedule of Terms and Conditions of Bonds with Warrants Terms and conditions of bonds with warrants at the inception are as follows:
No.  Issue Date  Maturity  Amount   Nominal
Interest
Rate
   Interest
Rate of
Return
 
11  7/2/2021  7/2/2024  $3,489,995        0%      3%
Total        $3,489,995           

 

*Nominal interest rate and interest rate of return are waived by the separate agreements between the Company and the bondholders.
Schedule of Fair Value of the Issued Warrants were Determined using the Black Scholes Option Pricing The fair value of the issued warrants were determined using the Black Scholes option pricing model with the following assumptions:
Dividend yield:  0%
Volatility  43.36%
Risk free rate:  0.08%
Expected life:  1 – 2 years
Estimated fair value of the Company’s Common Stock  $0.47
Dividend yield:  0%
Volatility  43.36%
Risk free rate:  0.05 – 0.07%
Expected life:  0.5 – 3 years
Estimated fair value of the Company’s Common Stock  $0.47
Schedule of Outstanding Warrants to Purchase the Company’s Common Stock A summary of the warrant activity for the year ended December 31, 2023 and the year ended December 31, 2022 is as follows:
   Shares   Weighted- Average Exercise
Price
   Weighted Average Remaining Contractual Term 
Outstanding at December 31, 2021   11,404,121   $0.87    1.72 
Expired   537,455    0.42      
Exercised   3,671,156    0.72      
Outstanding at December 31, 2022   7,195,510   $0.98    0.58 
Expired   1,681,191    0.42      
Exercised   5,514,319    1.11      
Outstanding at December 31, 2023   
-
    1.27    0.42