Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 Amendments

Convertible loan (Tables)

v3.23.3
Convertible loan (Tables)
6 Months Ended
Jun. 30, 2023
Disclosure of detailed information about borrowings [abstract]  
Summary of changes in convertible debt

The following table summarizes the changes in the convertible debt instrument during the six month period to June 30, 2023:

 

    Residual loan     Embedded derivative     Total  
    £     £     £  
                   
Balance at December 31, 2022     653,484       2,439       655,923  
Accrued interest     50,975       -       50,975  
Modification of loan notes     (53,619 )     699,464       645,845  
Conversion of loan notes     (254,150 )     -       (254,150 )
Fair value adjustment     -       (578,877 )     (578,877 )
Currency adjustment     (31,525 )     -       (31,525 )
Balance at June 30, 2023     365,165       123,026       488,191  
Schedule of valuation assumption on convertible debt

Conversion option

 

    April 3, 2023     June 30, 2023  
Exercise price in USD   $ 1.00     $ 1.00  
Share price in USD   $ 1.70     $ 0.54  
Time to maturity     0.8 years       0.6 years  
Expected volatility     90 %     90 %
Risk free interest rate (US treasury bond)     4.1 %     4.1 %
Dividend yield     -       -  

 

Related share purchase warrants

 

    April 3, 2023     June 30, 2023  
Exercise price in USD   $ 5.00     $ 5.00  
Share price in USD   $ 1.700     $ 0.54  
Time to maturity     5 years       4.8 years  
Expected volatility     90 %     90 %
Risk free interest rate (US treasury bond)     4.5 %     4.5 %
Dividend yield     -       -