DEBT |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEBT | Note 6 - DEBT
The following table summarizes debt:
The sections below describe the Company’s principal borrowing arrangements outstanding during the periods presented, beginning with the secured convertible loan notes issued in 2023.
Legacy third-party loan arrangement (PIK facility)
On February 10, 2023, the Company entered into a note agreement with a third party investor for an aggregate principal amount of £200,000, followed by an add-on investment of £15,499. The advances bear interest at rates of 1.5% and 2.0% per month, respectively. Following the first anniversary of each advance, unpaid accrued interest is capitalized to the principal balance and thereafter accrues on a paid-in-kind (“PIK”) basis.
As of June 30, 2026, amounts outstanding under this loan arrangement totaled £217,654, consisting of £196,497 of principal (including capitalized £81,426 PIK interest) and £21,157 of accrued interest.
365-day third-party loan facility
During the year ended December 31, 2025, the Company entered into a loan facility with a third-party lender pursuant to which it received an advance of £100,000. This facility has a contractual terms of 365 days from the respective date of drawdown.
As of June 30, 2026, accrued interest at 12% per annum outstanding in relation to this facility which totaled £7,430.
Related-party loan facilities
During the year ended December 31, 2025, the Company entered into loan facilities with related-party lenders pursuant to which it received advances totaling £2,266,666. Please refer to Note 7 – Related Parties for further details of these loans.
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