v3.24.3
CONDENSED BALANCE SHEETS - USD ($)
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Assets            
Cash $ 60,298   $ 10,441   $ 39,380  
Prepaid expenses     130,309   214,514  
Accounts receivable 11,434   12,534   8,855  
Prepayments and other current assets 430,691   299,013   440,846  
Loans receivable (net of credit loss provision of $785,000 and nil as at December 31, 2023 and 2022)     0   598,414  
Total current assets 502,423   321,988   1,087,495  
Property and equipment, net 61,542   79,593   110,998  
Intangible assets, net 3,396,489   2,134,903   450,446  
Total non-current assets 3,458,031   2,214,496   561,444  
Total assets 3,960,454   2,536,484   1,648,939  
Current liabilities:            
Accounts payable 4,055,537   4,569,703   3,728,974  
Due to related party 1,093,471   777,576   621,791  
Excise tax payable     188,766   11,515  
Accrued expenses and other payables 4,708,590   4,492,790   2,640,384  
Ordinary shares payable [1] 10,236,655   8,223,928      
Short term convertible debt to related party 0   132,269      
Short term debt to related party 860,778   6,225,815   697,067  
Share-based payment liability [2] 1,383,298   1,311,028      
Promissory loan note 437,956   0      
Convertible debt (current) 0   31,088,259    
Total current liabilities 22,776,285   56,821,368   7,688,216  
Non-current liabilities            
Convertible debt 38,737,594   0   25,302,709  
Convertible promissory notes 5,395,702   0      
Share-based payment liability (long-term)     0   1,177,617  
Total non-current liabilities 44,133,296   0   26,480,326  
Total liabilities 66,909,581   56,821,368   34,168,542  
Commitments and contingencies 0   0      
Stockholders' Deficit:            
Series A shares 3,868   3,868   3,868  
Ordinary shares 127,313   127,310   126,677  
Additional paid-in capital 176,274,941   172,204,832   163,165,083  
Share subscription receivable (178,720)   (178,720) [3]   (178,720) [3]  
Accumulated deficit (239,133,876)   (226,291,430)   (195,555,332)  
Accumulated other comprehensive loss (42,653)   (150,744)   (81,179)  
Total shareholders' deficit (62,949,127)   (54,284,884)   (32,519,603)  
Total liabilities and shareholders' deficit 3,960,454   2,536,484   1,648,939  
Related Party [Member]            
Non-current liabilities            
Convertible debt 6,291,581   6,291,581      
Convertible promissory notes 1,565,007   1,565,007      
Stockholders' Deficit:            
Share subscription receivable     (119,844)   (119,844)  
Armada Acquisition Corp I [Member]            
Assets            
Cash 13,242 $ 107,722 54,405 $ 60,284   $ 177,578
Prepaid expenses 41,788 3,781 13,534 33,605   61,942
Total current assets 55,030 111,503 67,939 93,889   239,520
Cash held in Trust Account 16,126,337 15,771,190 25,871,565 25,324,028   150,844,925
Total assets 16,181,367 15,882,693 25,939,504 25,417,917   151,084,445
Current liabilities:            
Accounts payable 6,035,757 5,392,262 5,132,351 4,708,050   3,137,535
Franchise tax payable 46,000 22,600 23,919 12,100   150,000
Income tax payable 50,026 54,544 78,617 10,783   145,621
Subscription agreements liability, net 354,503 129,738 6,752 0    
Excise tax payable 1,395,596 1,395,596 1,291,751 1,291,751   0
Total current liabilities 10,938,608 9,771,340 9,309,990 8,587,123   3,684,910
Non-current liabilities            
Commitments and contingencies  
Common stock subject to possible redemption 16,040,786 15,747,446 25,784,690 25,316,806   150,548,862
Stockholders' Deficit:            
Series A shares 0 0 0 0   0
Ordinary shares 570 570 570 570   570
Additional paid-in capital 261,161 0 159,034 0   941,796
Accumulated deficit (11,059,758) (9,636,663) (9,314,780) (8,486,582)   (4,091,693)
Total shareholders' deficit (10,798,027) (9,636,093) (9,155,176) (8,486,012) (4,993,680) (3,149,327)
Total liabilities and shareholders' deficit 16,181,367 15,882,693 25,939,504 25,417,917   151,084,445
Armada Acquisition Corp I [Member] | Related Party [Member]            
Current liabilities:            
Promissory Notes-Related Party $ 3,056,726 $ 2,776,600 2,776,600 $ 2,564,439   $ 251,754
As filed [Member]            
Assets            
Cash         41,709  
Accounts receivable         607,726  
Total current assets         1,926,755  
Property and equipment, net         139,560  
Intangible assets, net         6,237,443  
Total non-current assets         7,738,766  
Total assets         9,365,521  
Current liabilities:            
Accounts payable     $ 4,569,703   4,262,476  
Due to related party         225,120  
Accrued expenses and other payables         3,488,909  
Ordinary shares payable         0  
Share-based payment liability          
Total current liabilities         8,673,572  
Non-current liabilities            
Convertible debt         25,302,709  
Share-based payment liability (long-term)         1,177,616  
Total non-current liabilities         28,006,947  
Total liabilities         36,680,519  
Stockholders' Deficit:            
Series A shares         3,868  
Ordinary shares         126,677  
Share subscription receivable         (178,720)  
Accumulated deficit         (189,171,542)  
Accumulated other comprehensive loss         (1,260,364)  
Total shareholders' deficit         (27,314,998)  
Total liabilities and shareholders' deficit         $ 9,365,521  
[1] On May 25, 2023, the Company offered to all existing investors and employees of the Company an advanced subscription agreement for ordinary shares of the Company at a discount from the pre-close equity value of the Company per share (“the Rights Issue”) in connection with its business combination with Armada Acquisition Corp I (refer to note 5.3). The Company expects prior to the close of the business combination to complete a reorganization under the Demerger, such that the existing shares transferred from Rezolve Limited to Rezolve AI Limited would result in a transfer of shares of approximately 6.13 ordinary shares of Rezolve Limited for one share of Rezolve AI Limited. In connection with the funding received through advanced subscription agreements as of June 30, 2023, the number of ordinary shares to be issued as part of the Rights Issue post re-organization is fixed at 1,115,217 and will not fluctuate with the Company’s pre-close equity value of the Company or that of Armada Acquisition Corp I. The Company may received additional funding under advanced subscription agreements which would increase the number of Ordinary shares to issue post-reorganization.
[2] On October 7th, 2021, the Group acquired Jaymax International Service Inc. (“Jaymax”) (later renamed to “Rezolve Taiwan Limited”). As part of the acquisition of Jaymax, the Company agreed to issue $1,400,000 in Rezolve common stock to Jaymax’s former owner for completion of a 3-year noncompete period which began on the October 7th, 2021. The share-based payment is to be settled by a fixed dollar amount of shares and therefore represents a liability in accordance with ASC 480. The liability was been measured at fair value using a discounted cash-flow model using the Company’s cost of capital of 10.8%.
[3] Includes related party balances of $(119,844) as at December 31, 2023 and 2022, refer to note 14.