Convertible Note (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Summary of the Convertible Notes

The net carrying amount of the liability and equity components of the Notes as of September 30, 2021 and December 31, 2020 are as follows:

	September 30, 2021		December 31, 2020
	Unaudited		Audited
Liability component, net:
Principal amount	$	575,000	$	575,000
Unamortized discount	—		(132,797)
Unamortized issuance costs	(13,612)		(12,298)
Net carrying amount of liability component (1)	$	561,388	$	429,905
Equity component, net:
Conversion feature	$	—	$	136,402
Issuance costs	—		(3,928)
Net carrying amount of equity component	$	—	$	132,474

(1) An effective interest rate determines the fair value of the Notes, therefore they are categorized as Level 3 in accordance with ASC 820, "Fair Value Measurements and Disclosures." The estimated fair value of the Net carrying amount of liability component of the Notes as of September 30, 2021 and December 31, 2020 were $476,789 and $450,437, respectively.

Finance expense related to the Notes was as follows:

	Three months ended September 30,				Nine months ended September 30,				Year ended December 31, 2020
	2021		2020		2021		2020
	Unaudited				Unaudited				Audited
Amortization of debt discount	$	—	$	—	$	—	$	—	$	3,605
Amortization of debt issuance costs	826		—		2,511		—		333
Total finance expense recognized	$	826	$	—	$	2,511	$	—	$	3,938