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CONVERTIBLE NOTE (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Summary of the convertible notes | The net carrying amount of the liability of the Notes as of March 31, 2024 and December 31, 2023 are as follows:
| March 31, 2024 |  |  |  | December 31, 2023
| Unaudited |  |  |  | Audited
Liability component, net: |  |  |  |  |
Principal amount | $ | 575,000 |  |  |  |  | $ | 575,000 |
Unamortized issuance costs | (5,348) |  |  |  |  | (6,178) |
Net carrying amount of liability component (1) | $ | 569,652 |  |  |  |  | $ | 568,822 |
(1) An effective interest rate determines the fair value of the Notes, therefore they are categorized as Level 3 in accordance with ASC 820. The estimated fair value of the net carrying amount of liability component of the Notes as of March 31, 2024 and December 31, 2023 were $525,865 and $515,962, respectively. Finance expense related to the Notes was as follows:
|  |  | Three months ended March 31, |  | Year ended December 31, 2023
|  |  |  |  | 2024 |  | 2023 |
|  |  | Unaudited |  | Audited
Amortization of debt issuance costs |  |  |  |  | 830 |  |  | 815 |  |  | 3,313 |
Total finance expense recognized |  |  |  |  | $ | 830 |  |  | $ | 815 |  |  | $ | 3,313 |

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- Definition Tabular disclosure of convertible debt instrument. Includes, but is not limited to, principal amount and amortized premium or discount. + References No definition available. + Details
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- References No definition available. + Details
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