CONVERTIBLE NOTE

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Convertible note

CONVERTIBLE NOTE

On November 5, 2020, the Company issued $575,000 aggregate principal amount of 0% Convertible Senior Notes due 2025 (the “Notes”).

The Notes mature on November 1, 2025, unless earlier repurchased, redeemed or converted as set forth in the Notes. As of June 30, 2023, the conditions allowing holders of the Notes to convert were not met. The Notes are therefore not convertible as of June 30, 2023 and are classified as long-term liability.

The net carrying amount of the liability of the Notes as of June 30, 2023 and December 31, 2022 are as follows:

	June 30, 2023		December 31, 2022
	Unaudited		Audited
Liability component, net:
Principal amount	$	575,000	$	575,000
Unamortized issuance costs	(7,850)		(9,491)
Net carrying amount of liability component (1)	$	567,150	$	565,509

(1) An effective interest rate determines the fair value of the Notes, therefore they are categorized as Level 3 in accordance with ASC 820. The estimated fair value of the net carrying amount of liability component of the Notes as of June 30, 2023 and December 31, 2022 were $473,001 and $455,091, respectively.

Finance expense related to the Notes was as follows:

	Three months ended June 30,				Six months ended June 30,				Year ended December 31, 2022
	2023		2022		2023		2022
	Unaudited				Unaudited				Audited
Amortization of debt issuance costs	826		820		1,641		1,630		3,293
Total finance expense recognized	$	826	$	820	$	1,641	$	1,630	$	3,293