| SCHEDULE OF LEASE RELATED EXPENSE FROM THE TRANSITION FROM IFRS TO GAAP |
The
following table summarizes the changes for the year ended December 31, 2022:
SCHEDULE
OF LEASE RELATED EXPENSE FROM THE TRANSITION FROM IFRS TO GAAP
| |
|
IFRS |
|
|
Adjustments |
|
|
GAAP |
|
| Research and development expenses |
|
£ |
7,447,506 |
|
|
£ |
144,964 |
|
|
£ |
7,592,470 |
|
| Administrative expenses |
|
|
7,013,056 |
|
|
|
17,916 |
|
|
|
7,030,972 |
|
| Interest expense |
|
|
(6,994,423 |
) |
|
|
(238,985 |
) |
|
|
(6,755,438 |
) |
| Total Conversion Adjustments |
|
|
|
|
|
|
(76,105 |
) |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
£ |
(1,389,706 |
) |
|
£ |
(76,105 |
) |
|
£ |
(1,313,601 |
) |
| Weighted-average common shares outstanding,
basic and diluted |
|
|
687,199 |
|
|
|
- |
|
|
|
687,199 |
|
| Basic and diluted net loss per share |
|
£ |
(2.02 |
) |
|
£ |
0.08 |
|
|
£ |
(1.91 |
) |
The
following table summarizes the changes as of December 31, 2022:
| |
|
IFRS |
|
|
Adjustments |
|
|
GAAP |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
lease right of use assets |
|
£ |
1,188,947 |
|
|
£ |
341,327 |
|
|
£ |
1,530,274 |
|
| Total Conversion Adjustments |
|
|
|
|
|
£ |
341,327 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS’
(DEFICIT) |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-current operating lease liability |
|
£ |
1,812,450 |
|
|
£ |
(15,615 |
) |
|
£ |
1,796,835 |
|
| Accumulated deficit |
|
|
(33,731,738 |
) |
|
|
356,942 |
|
|
|
(33,374,796 |
) |
| Total Conversion Adjustments |
|
|
|
|
|
£ |
341,327 |
|
|
|
|
|
|