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Convertible Promissory Notes
6 Months Ended
Jun. 30, 2024
Convertible Promissory Notes  
Convertible Promissory Notes

11.     Convertible Promissory Notes

Interest amounting to $10 was accrued for the six months ended June 30, 2024 (June 30, 2023: $9).

Principal amount outstanding as of June 30, 2024 and December 31, 2023 was $480. At both reporting dates, the entire balance was current.

All notes maturing prior to the date of this report are outstanding.

Derivative liability

During the six months ended June 30, 2024, there were no conversion of principal balance of convertible promissory notes (June 30, 2023: $nil). The Company recorded and fair valued the derivative liability as follows:

    

Derivative

    

Conversions /

    

    

    

Derivative

liability as at

Redemption

liability as at

December 31, 

during the

Change due to

Fair value

June 30, 

2023

period

Issuances

adjustment

2024

$

$

$

$

$

Note D

 

841

 

 

 

781

1,622

Note F

 

5,268

 

 

 

5,404

10,672

Note G

 

1,912

 

 

 

1,964

3,876

 

8,021

 

 

 

8,149

 

16,170

Key assumptions used for the valuation of convertible notes

Derivative element of the convertible notes was fair valued using a multinomial lattice model. Following assumptions were used to fair value these notes as of June 30, 2024:

Projected annual volatility of 199% to 399%;
Risk free interest rate of 5.00%;
Stock price of $0.003;
Liquidity term of 0.25 to 0.50 years;
Dividend yield of 0%; and
Exercise price of $0.0011 to $0.0151.