CONVERTIBLE LOAN |
12 Months Ended |
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Dec. 31, 2024 | |
| Debt Disclosure [Abstract] | |
| CONVERTIBLE LOAN |
NOTE 10. CONVERTIBLE LOAN
The Company entered into a $20 million convertible loan note instrument in April 2021. The note has a 5% annual interest rate. During the year ended December 31, 2023, the Company converted loan notes totaling $809,692 into ordinary shares and warrants. The convertible loan was recognized as a hybrid financial instrument and accounted for as two separate components: (i) a loan and (ii) an embedded conversion option derivative. As of December 31, 2023, the convertible loan had either been fully paid down or converted. As such, the balance of both the convertible loan and corresponding embedded derivative was $0 as of December 31, 2023 and December 31, 2024. See Note 8 for details regarding legal proceeding.
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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