Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Convertible loan (Tables)

v3.22.1
Convertible loan (Tables)
 12 Months Ended
Dec. 31, 2021
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 period ended December 31, 2021

 

    Host     Embedded derivative     Total  
    loan     £     £  
                   
Balance at December 31, 2020     -       -       -  
Loan notes issued in the period     3,540,349       2,744,109       6,284,458  
Accrued interest     3,183,894       -       3,183,894  
Fair value adjustment     -       4,181,545       4,181,545  
Currency adjustment     81,967       -       81,967  
Balance at December 30, 2021     6,806,210       6,925,654       13,731,864  
Schedule of valuation assumption on convertible debt

 

The model inputs were as follows:      
    2021  
Exercise price in USD   $ 4.82  
Share price in USD     8.00  
Time to maturity     1 to 7 months  
Expected volatility     71% - 80 %
Risk free interest rate (US treasury bond)     0.08 %
Dividend yield     -  
Probability, as at the reporting date, of IPO completion     75 %