Convertible Promissory Notes

6 Months Ended

Jun. 30, 2025

Convertible Promissory Notes [Abstract]

12.	CONVERTIBLE PROMISSORY NOTES

	Group
	June 30			December 31
	2025			2024
	US$			US$
Convertible promissory notes:
Face value of convertible promissory note issued in November 2023 (note i)		15,000,000			15,000,000
Face value of convertible promissory note issued in July 2024 (note ii)		350,000			350,000
Derivatives embedded in the convertible promissory note issued (Note 11)		(1,879,279	)		(1,879,279	)
Liability component on initial recognition		13,470,721			13,470,721
Interest accrued		1,392,762			929,900
Carrying value as at end of period		14,863,483			14,400,621

Note i

In November 2023, the Company issued a US$15 million convertible promissory note (“2311 Note”). The 2311 Note is redeemable in 2 years and bears no interest. The holder of the 2311 Note has the right to convert the principal amount to shares in the Company at a fixed conversion price of US$1.42 per share, subject to adjustment, over the term of the Note. The holder of the 2311 Note cannot convert the shares in the Company if such conversion would take the noteholder over 19.99% shareholding in the Company. In September 2025, the Company redeemed this 2311 Note by assigning the equipment deposit of equal value to the holder of 2311 Note (see Note 9).

Note ii

In July 2024, the Company issued a US$350,000 convertible promissory note (“2407 Note”). The 2407 Note is redeemable in 2 years and has an interest rate of 6% per annum. The holder of the 2407 Note has the right to convert the principal amount to shares in the Company at a fixed conversion price of US$1.25 per share, subject to adjustment, over the term of the Note. The holder of the 2407 Note cannot convert the shares in the Company if such conversion would take the noteholder over 19.99% shareholding in the Company. At the date of this report, there was no conversion of the 2407 Note.