XML 44 R19.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Short-Term and Long-Term Financial Liabilities | 12 Months Ended
--- | ---
Dec. 31, 2023
Short-Term and Long-Term Financial Liabilities [Abstract] |
SHORT-TERM AND LONG-TERM FINANCIAL LIABILITIES | 13 - SHORT-TERM AND LONG-TERM FINANCIAL LIABILITIES On July 10, 2023 pre-funded notes, previously classified within long-term financial liabilities amounting to US$17,000,000, transitioned into convertible notes with a total value of US$19,274,415. Additionally, on the same date, the Group received net proceeds of US$35,500,000 from private investment in public equity (“PIPE”) financing, as convertible notes. As of December 31, 2023, the short-term portion of the convertible notes amounts to US$5,484,089, while the long-term portion is US$53,254,218. As of December 31, 2023 and 2022 the details of the borrowings are as follows:
|  | Contractual interest rate % |  |  | Maturity date |  | 2023 |  |  | 2022 |
Short Term Loan, net |  |  | 10.25 | % |  | July 10, 2024 |  |  | 5,359,454 |  |  |  | -- |
Convertible note, long term |  |  | 15.00 | % |  | July 10, 2028 |  |  | 34,514,741 |  |  |  | -- |
Convertible note, long term |  |  | 15.00 | % |  | July 10, 2028 |  |  | 15,940,386 |  |  |  | -- |
Convertible note, long term |  |  | 15.00 | % |  | July 10, 2028 |  |  | 1,160,766 |  |  |  | -- |
Convertible note, long term |  |  | 15.00 | % |  | July 10, 2028 |  |  | 1,092,217 |  |  |  | -- |
Convertible note, long term |  |  | 15.00 | % |  | July 10, 2028 |  |  | 546,109 |  |  |  | -- |
Short-term loan, net |  |  | 15.70 | % |  | March 1, 2023 |  |  | -- |  |  |  | 298,838 |
Prefunded convertible note, long term |  |  | 20.00 | % |  | August 18, 2024 |  |  | -- |  |  |  | 2,151,128 |
Prefunded convertible note, long term |  |  | 20.00 | % |  | October 9, 2024 |  |  | -- |  |  |  | 3,136,796 |
Prefunded convertible note, long term |  |  | 20.00 | % |  | December 8, 2024 |  |  | -- |  |  |  | 5,115,616 |
Term loan, net |  |  | 10.25 | % |  | January 21, 2024 |  |  | 133,036 |  |  |  | 1,731,730 |
Term loan, net |  |  | 10.25 | % |  | December 17, 2024 |  |  | 3,260,290 |  |  |  | 6,521,082 |
Term loan, net |  |  | 10.25 | % |  | December 11, 2025 |  |  | 1,351,265 |  |  |  | 1,947,063 |
Term loan, net |  |  | 10.25 | % |  | October 11, 2025 |  |  | 1,892,433 |  |  |  | 2,771,901 |
Total financial liabilities, net |  |  |  |  |  |  |  |  | 65,250,697 |  |  |  | 23,674,154 |
Of which classified as Current Financial Liabilities, net |  |  |  |  |  |  |  |  | 10,447,906 |  |  |  | 7,293,982 |
Of which classified as Non-Current Financial Liabilities, net |  |  |  |  |  |  |  |  | 54,802,791 |  |  |  | 16,380,172 |
As at December 31, maturity profile of financial liabilities comprised the following:
Year ending December 31: |  | Dec 31, 2023 |  |  | Dec 31, 2022 |
2023 |  |  | -- |  |  |  | 7,293,982 |
2024 |  |  | 10,447,906 |  |  |  | 14,903,496 |
2025 |  |  | 6,447,769 |  |  |  | 1,476,676 |
2026 |  |  | 4,448,513 |  |  |  | -- |
2027 |  |  | 4,039,287 |  |  |  | -- |
2028 |  |  | 39,867,222 |  |  |  | -- |
Total |  |  | 65,250,697 |  |  |  | 23,674,154 |
Prefunded convertible notes: Prefunded convertible notes are presented as a financial liability in the consolidated financial statements. On issuance of the prefunded convertible notes, the liability is measured at fair value, and subsequently were carried at amortized cost (net of transaction costs) until it is extinguished on conversion or redemption. Prefunded convertible notes were classified as long-term liabilities based on the expected conversion date in accordance with the prefunded convertible note agreements. Maturity of the convertible note agreements are two-years. The rate of interest on the convertible notes was20% compound per annum. These prefunded convertible notes were all converted as of July 10, 2023. Convertible notes: Convertible notes are presented as a financial liability in the consolidated financial statements. On issuance of the convertible notes, the liability is measured at fair value, and subsequently carried at amortized cost (net of transaction costs) until it is extinguished on conversion or redemption. Convertible notes are classified as long-term liabilities based on the expected conversion date in accordance with the convertible note agreements. Maturity of the convertible note agreements are five-years. Convertible notes will accrue interest at the rate of fifteen percent (15.00%) per annum; provided that interest shall be payable (a) at a rate per annum equal to ten percent (10.00%) with respect to interest paid in cash (“Cash Interest”) and (b) at a rate per annum equal to five percent (5.00%) with respect to PIK Interest.

X
- 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtLongtermAndShorttermCombinedAmountAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration