Debt and other liabilities (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Debt Instrument [Line Items] |
|
| Schedule of Short-Term Debt and Other Liabilities |
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
December 31, 2023 |
|
Short-term debt and other liabilities |
|
|
|
|
|
|
Short-term debt to related parties (7.1) |
$ |
|
5,102,211 |
|
$ |
|
6,225,815 |
|
Ordinary shares payable (7.2) |
|
|
1,206,609 |
|
|
|
8,223,928 |
|
Convertible debt (7.3) |
|
|
10,288,123 |
|
|
|
31,088,259 |
|
Short term convertible debt to related party (7.4) |
|
|
95,309 |
|
|
|
132,269 |
|
Share-based payment liability (7.5) |
|
|
1,400,000 |
|
|
|
1,311,028 |
|
Convertible promissory notes (7.6) |
|
|
6,428,825 |
|
|
|
— |
|
Advisors loans (7.7) |
|
|
12,812,366 |
|
|
|
— |
|
Total |
$ |
|
37,333,443 |
|
$ |
|
46,981,299 |
|
|
| Schedule of (Gain)/loss on extinguishment |
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
December 31, 2023 |
|
(Gain)/loss on extinguishment |
|
|
|
|
|
|
Convertible Notes (7.3) |
$ |
|
39,658,290 |
|
$ |
|
— |
|
Senior secured convertible debt (7.3) |
|
|
(1,306,077 |
) |
|
|
|
Convertible promissory notes (7.6) |
|
|
4,175,791 |
|
|
|
— |
|
Advisors loans (7.7) |
|
|
1,804,814 |
|
|
|
— |
|
Total |
$ |
|
44,332,819 |
|
$ |
|
— |
|
|
| Schedule of Convertible debt |
The carrying amount of the convertible debt was as follows:
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
December 31, 2023 |
|
Convertible debt |
|
|
|
|
|
|
Short term convertible debt to related party |
$ |
|
95,309 |
|
$ |
|
132,269 |
|
Debt issuance costs |
|
|
(1,590,572 |
) |
|
|
— |
|
Accrued interest |
|
|
7,176,741 |
|
|
|
— |
|
Discount on convertible debt |
|
|
(7,401,611 |
) |
|
|
— |
|
Convertible debt under troubled debt restructuring |
|
|
12,103,565 |
|
|
|
31,088,259 |
|
Total convertible debt under troubled debt restructuring |
$ |
|
10,383,432 |
|
$ |
|
31,220,528 |
|
|
| Schedule of convertible promissory notes |
7.6Convertible Promissory notes
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
December 31, 2023 |
|
Convertible promissory notes |
|
|
|
|
|
|
YA notes |
$ |
|
2,250,245 |
|
$ |
|
— |
|
Convertible promissory notes |
|
|
1,146,966 |
|
|
|
— |
|
Promissory note from sponsor |
|
|
3,031,614 |
|
|
|
— |
|
Total |
$ |
|
6,428,825 |
|
$ |
|
— |
|
|
| Schedule of the senior secured convertible note and secured convertible loans |
The following table sets forth the interest expense recognized related to the senior secured convertible notes and unsecured convertible loans:
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
December 31, 2023 |
|
Convertible debt |
|
|
|
|
|
|
Accrued interest |
$ |
|
4,872,506 |
|
$ |
|
3,067,309 |
|
Amortization of debt discount |
|
|
2,113,742 |
|
|
|
491,928 |
|
Total |
$ |
|
6,986,248 |
|
$ |
|
3,559,237 |
|
|
| Armada Acquisition Corp I [Member] |
|
| Debt Instrument [Line Items] |
|
| Schedule of convertible promissory notes |
The following amounts for advisors loans remain outstanding as of December 31, 2024:
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
December 31, 2023 |
|
Advisors loans |
|
|
|
|
|
|
Northland Securities |
$ |
|
5,491,806 |
|
$ |
|
— |
|
J.V.B Financial Group |
|
|
7,320,560 |
|
|
|
— |
|
Total |
$ |
|
12,812,366 |
|
$ |
|
— |
|
|