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CONVERTIBLE NOTE
 9 Months Ended
Sep. 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 September 30, 2023, the conditions allowing holders of the Notes to convert were not met. The Notes are therefore not convertible as of September 30, 2023 and are classified as long-term liability.
The net carrying amount of the liability of the Notes as of September 30, 2023 and December 31, 2022 are as follows:
September 30,
2023		December 31,
2022
UnauditedAudited
Liability component, net:
Principal amount$575,000 $575,000 
Unamortized issuance costs (7,014)(9,491)
Net carrying amount of liability component (1)$567,986 $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 September 30, 2023 and December 31, 2022 were $480,791 and $455,091, respectively.
The net carrying amount of the liability is represented by the principal amount of the Notes, less total issuance costs plus any amortization of issuance costs. The total issuance costs upon issuance of the Notes were $16,561 and are amortized to interest expense using the effective interest rate method over the contractual term of the Notes. Interest expense is recognized at an annual effective interest rate of 0.59% over the contractual term of the Notes.

Finance expense related to the Notes was as follows:
Three months ended September 30,Nine months ended September 30,Year ended December 31,
2022
2023202220232022
UnauditedUnauditedAudited
Amortization of debt issuance costs
836 831 2,477 2,461 3,293 
Total finance expense recognized
$836 $831 $2,477 $2,461 $3,293