v3.26.1
MEZZANINE EQUITY AND WARRANT LIABILITIES (Tables)
12 Months Ended
Dec. 31, 2025
MEZZANINE EQUITY AND WARRANT LIABILITIES  
Schedule of fair value of the warrants calculated using the Black-Scholes pricing model

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As of December 31, 2025

 

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Series A Warrant

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Series C Warrant

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Risk-free rate of return

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3.47

%

 

3.47

%

Estimated volatility rate

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230.52

%

 

230.52

%

Dividend yield

​

 

0

%

 

0

%

Spot price of underling ordinary share

​

 

5.19

​

 

5.19

​

Exercise price

 

$

5,400

 

$

5,400

​

Fair value of warrant

 

$

0

 

$

0

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As of December 31, 2024

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Series A Warrant

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Series C Warrant

​

Risk-free rate of return

​

​

4.45

%

 

4.48

%

Estimated volatility rate

​

 

57.91

%

 

57.17

%

Dividend yield

​

 

0

%

 

0

%

Spot price of underling ordinary share

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45.6

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45.6

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Exercise price

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$

5,400

 

$

5,400

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Fair value of warrant

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$

9

 

$

13

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