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GOVERNMENT GRANTS | 12 Months Ended
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Dec. 31, 2024
Notes and other explanatory information [abstract] |
GOVERNMENT GRANTS | NOTE 24 - GOVERNMENT GRANTS The Government of Israel encourages research and development projects oriented towards products for export or projects which will otherwise benefit the Israeli economy. This is conducted via the Israel Innovation Authority (IIA), which replaced the former Office of the Chief Scientist (OCS). The Group has an approved project with the IIA under which it received a total of $162 in prior years. The Group is subject to paying 3% of its relevant revenues until repayment of the entire grant. As of December 31, 2023 and 2024, the Group has not paid any royalties to IIA. The difference between the consideration received and the liability recognized at inception (present value) was treated as a government grant according to IAS 20 and recognized as a reimbursement of research expenses. Until October 25, 2023, the interest was calculated at a rate based on 12-month London Interbank Offered Rate, or LIBOR applicable to US Dollar deposits. However, on October 25, 2023, the IIA published a directive concerning changes in royalties to address the expiration of the LIBOR. Under such directive, regarding IIA grants approved by the IIA prior to January 1, 2024 but which are outstanding thereafter, as of January 1, 2024 the annual interest will be calculated at a rate based on 12-month Secured Overnight Financing Rate, the SOFR, or at an alternative rate published by the Bank of Israel plus 0.71513%; and, for grants approved on or following January 1, 2024 the annual interest will be the higher of (i) the 12 months SOFR interest rate, plus 1%, or (ii) a fixed annual interest rate of 4%. SCHEDULE OF GOVERNMENT GRANTS
|  | December 31, 2024 |  |  | December 31, 2023 |
Short term liability at year end |  |  | 146 |  |  |  | 153 |
Total |  |  | 146 |  |  |  | 153 |
SMX (SECURITY MATTERS) PUBLIC LIMITED COMPANY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (US$ in thousands) |

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- Definition The entire disclosure for government grants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 20 -IssueDate 2024-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=20&code=ifrs-tx-2024-en-r&doctype=Standard&dita_xref=IAS20_g39-39_TI -URIDate 2024-03-27 + Details
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