Convertible Notes, Promissory Notes, Derivative Liability and Warrants (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Convertible Notes, Promissory Notes, Derivative Liability and Warrants [Abstract] |
|
| Schedule of Convertible Notes |
Convertible Notes
| | |
December 31, | |
| | |
2024 | | |
2023 | |
| Convertible notes, at amortised cost are as follows: | |
| | |
| |
| Convertible notes at amortised cost | |
$ | 3,059,595 | | |
| - | |
| Less: Deferred debt issuance cost | |
$ | 648,232 | | |
| - | |
| Convertible notes, net | |
$ | 2,411,363 | | |
| - | |
| | |
December 31, | |
| | |
2024 | | |
2023 | |
| The convertible notes are repayable as follows: | |
| | |
| |
| Current liability | |
$ | 82,447 | | |
| - | |
| Non-current liability | |
| 2,328,916 | | |
| - | |
| Total | |
$ | 2,411,363 | | |
| | |
|
| Schedule of Outstanding Convertible Notes |
As of December 31, 2024, the Company had the following
outstanding convertible notes:
| | | Principal | | | Conversion | | | Coupon | | | Issuance | | Maturity | | Note Holders | | Amount | | | Price | | | Rate | | | Date | | Date | | JAK & affiliated holders | | $ | 50,000 | | | | 0.830 | | | | 14.75 | % | | April 3, 2024 | | October 2, 2028 | | JAK & affiliated holders | | | 1,100,000 | | | | 0.830 | | | | 14.75 | % | | August 3, 2024 | | February 2, 2029 | | JAK & affiliated holders | | | 500,000 | | | | 0.950 | | | | 14.75 | % | | August 30, 2024 | | March 1, 2029 | | JAK & affiliated holders | | | 1,500,000 | | | | 0.686 | | | | 14.75 | % | | November 11, 2024 | | May 10, 2029 | | Total | | | 3,150,000 | | | | | | | | | | | | | |
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| Schedule of Transaction Costs on Issuance of Notes |
Transaction costs on issuance of Notes
| | |
December 31, | |
| | |
2024 | | |
2023 | |
| Balance at beginning of the year | |
$ | - | | |
$ | - | |
| Add: capitalized during the year | |
| 929,500 | | |
| - | |
| Less: amortized during the year | |
| (281,268 | ) | |
| - | |
| Ending balance | |
$ | 648,232 | | |
$ | - | |
|
| Schedule of Contractual Obligations |
The following table sets
forth the Company’s contractual obligations as of December 31, 2024 relating to the convertible notes:
| | |
2024 | |
| Convertible bonds- | |
| |
| 2025 | |
| 516,250 | |
| 2026 | |
| 457,250 | |
| 2027 | |
| 457,250 | |
| 2028 | |
| 507,250 | |
| 2029 | |
| 3,269,625 | |
| Total | |
| 5,207,625 | |
|
| Schedule of Promissory Notes |
Promissory Notes
| | |
December 31, | |
| | |
2024 | | |
2023 | |
| Balance at beginning of the year | |
$ | - | | |
$ | - | |
| Issued during the year | |
| 1,453,861 | | |
| - | |
| Waiver of liability | |
| 953,861 | | |
| - | |
| Ending balance | |
$ | 500,000 | | |
$ | - | |
|