v3.26.1
Convertible Promissory Notes
 3 Months Ended
Mar. 31, 2026
Convertible Promissory Notes  
Convertible Promissory Notes

10.   Convertible Promissory Notes

Interest amounting to $9 was accrued for the three months ended March 31, 2026 (March 31, 2025: $9).

Principal amount outstanding as of March 31, 2026 and December 31, 2025 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 three months ended March 31, 2026, there were no conversion of principal balance of convertible promissory notes (March 31, 2025: $nil). The Company recorded and fair valued the derivative liability as follows:

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Derivative

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Conversions /

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Derivative

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liability as at

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Redemption

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liability as at

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December 31, 

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during the

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Change due to

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Fair value

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March 31, 

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2025

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period

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Issuances

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adjustment

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2026

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$

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$

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$

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$

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$

Note D

 

902

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—

 

—

 

12

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914

Note F

 

5,248

 

—

 

—

 

23

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5,271

Note G

 

1,907

 

—

 

—

 

8

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1,915

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8,057

 

—

 

—

 

43

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8,100

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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 March 31, 2026:

●Projected annual volatility of 157% to 157%;
●Risk free interest rate of 3.69% to 3.69%;
●Stock price of $0.002;
●Liquidity term of 0.25 years;
●Dividend yield of 0%; and
●Exercise price of $0.0018 to $0.0151.