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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.