v3.25.1
Share-Based Payment
 12 Months Ended
Dec. 31, 2024
Share-Based Payment [Abstract]  
Share-based payment
20.Share-based payment

 

  a) For the years ended December 31, 2024 and 2023, the Company’s share-based payment transactions were as follows:

 

      Quantity      
      granted      
      (Units)  Contract  Vesting
Type of arrangement  Grant date  (Note 1)  Period  Conditions
Employee share options  2017.1.1  10,630  5 years  Note 2
Employee share options  2018.1.1  3,400  5 years  Note 2
Employee share options  2019.1.1  18,600  5 years  Note 2
Employee share options  2021.10.5  20,741  5 years  Note 3
Employee share options  2021.10.5  11,352  5 years  Note 2
Employee share options  2022.2.23  27,468  5 years  Note 2

 

Note 1: Shares granted have been restated for the 10-to-1 reverse stock split effective April 15, 2024.

  

Note 2: Employee share options granting period and exercise conditions are as follows:

 

   Accumulated
maximum		 
   exercisable 
employee		 
Vesting period  share options 
After 1 year   25%
After 2 years   50%
After 3 years   75%
After 4 years   100%

 

Note 3: Employee share options granting period and exercise conditions are as follows:

 

   Accumulated
maximum		 
   exercisable
  employee		 
Vesting period  share options 
At the beginning of year 1   25%
At the beginning of year 2   50%
At the beginning of year 3   75%
At the beginning of year 4   100%

 

The share-based payment arrangements applied to Note 2 and 3 above are required to be settled by equity.

  b) For the year ended December 31, 2023, the Company offered non-employee share-based compensation to Innvotec Limited (“Innvotec”), an acquisition advisor, for its services related to procurement of SeeQuestor. The fee was set at $1,000,000, with 50% in cash and 50% in exchange for ordinary shares of the Company, issued at $9.28 per share (before effect of reverse split), with piggy-back registration rights. The related shares were issued to Innvotec in January 2024.

 

      Quantity       
      Granted       
      (Ordinary shares)   Contract  Vesting
Type of arrangement  Grant date  (Note 1)   Period  Conditions
Obtain professional service through share-based payment  2022.12   5,388   Upon completion of services  Upon completion of services

 

Note 1: Shares have been restated for the 10-to-1 reverse stock split effective April 15, 2024.

 

  c) For the year ended December 31, 2024, the Company offered non-employee share-based compensation to Outside The Box Capital LLC (“OTB”) as settlement and full and final payment owed to OTB under the Marketing Service Agreement. Pursuant to the settlement agreement 6,371 ordinary shares of the Company were issued at $4.30 per share (after effect of reverse split). The related shares were issued to OTB in November 2024.

 

      Quantity       
      Granted       
      (Ordinary
   Contract  Vesting
Type of arrangement  Grant date  shares)   Period  Conditions
Obtain professional service through share-based payment  2024.10   6,371   Upon completion of services  Upon completion of services

 

  d) Share option activity under the Group’s stock-based compensation plans for employees is shown below:

 

   2024 (Note 1)   2023 (Note 1) 
   No. of   Weighted
average
exercise		   No. of   Weighted
average
exercise		 
   options   price   Options   Price 
Options outstanding at January 1   51,879   $11.66    255,164   $11.66 
Options granted   
-
    
-
    
-
    
-
 
Options exercised   
-
    
-
    
-
    
-
 
Options expired   
-
    
-
    (123,395)   11.66 
Options cancelled   (1,458)   11.66    (79,890)   11.66 
Options forfeited   
-
    
-
    
-
    
-
 
Options outstanding at December 31   50,421   $11.66    51,879   $11.66 
Options exercisable at December 31   50,421   $11.66    41,879   $11.66 

 

Note 1: Shares options outstanding for the years and their exercise prices have been restated for the 10-to-1 reverse stock split effective April 15, 2024.

 

Note 2: As of December 31, 2024 and 2023, the weighted-average remaining contractual period was 0.50 years and 1.50 years, respectively.
  e) Restricted stock units (RSU’s) activity under the Group’s share-based compensation plans for employees is shown below:

 

   2024 (Note 1)   2023 (Note 1) 
   No. of   Weighted
average
fair Value 		   No. of   Weighted
average
fair Value		 
   Units   (Note 4)   Units   (Note 4) 
Outstanding at January 1   38,833   $3.03    
-
    
-
 
Granted   38,484    7.69    142,741   $5.93 
Vested (Note 2)   (76,719)   5.34    (103,908)   7.02 
Forfeited   (342)   7.02    
-
    
-
 
Outstanding at December 31   256   $7.02    38,833   $3.03 

 

Note 1: RSU’s outstanding for the years and their weighted average fair value have been restated for the 10-to-1 reverse stock split effective April 15, 2024.

 

Note 2: As of December 31, 2024 and 2023, restricted stock units vested for which the underlying ordinary shares is yet to be issued are 11,545 and 3,818, respectively. For the years ended December 31, 2024 and 2023, restricted stock units for which the underlying ordinary shares were issued were 68,992 and 100,090, respectively.

 

Note 3: As of December 31, 2024 and 2023, the weighted-average remaining contractual period was 1.90 years and 0.57 years, respectively.

 

Note 4: The fair value of restricted stock units is the market price of the Company’s ordinary shares on the date of grant.

 

  f) Expenses incurred on share-based compensation for employees is shown below:

 

   Year ended   Year ended   Year ended 
   December 31,
2024		   December 31,
2023		   December 31,
2022		 
Share option expenses  $
-
   $203,676   $346,122 
RSU expenses   201,908    873,500    
-
 
   $201,908   $1,077,176   $346,122