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"value": "Note 1: Accoun\ue001ng Policies Agilyx ASA is a Norwegian company, located in Oslo, Norway and the parent and ul\ue001mate parent company in the Agilyx Group. The Agilyx Group headquarters are located in Portsmouth, New Hampshire and Tigard, Oregon (U.S.) with satellite o\ufb03ces located in Switzerland and Denmark. Agilyx ASA was incorporated on November 22, 2019 as a shelf company and there was no ac\ue001vity in 2019. Agilyx ASA became the parent of the Agilyx Group through a reorganiza\ue001on in early January 2020. The Group was reorganized such that the shareholders of Agilyx Corpora\ue001on contributed their shares in Agilyx Corpora\ue001on for shares in Agilyx ASA resul\ue001ng in Agilyx Corpora\ue001on becoming a 100% owned subsidiary of Agilyx ASA. The transac\ue001on was accounted for as an inverse acquisi\ue001on using con\ue001nuity on Agilyx Corpora\ue001on book values in the consolidated Group statements. However, the underlying business of the Agilyx Group has been in existence since 2004. The Agilyx Group has developed comprehensive systems, proven technologies and a unique chemistry knowledge base to give post- use plas\ue001cs new purpose. We have the proprietary technology for iden\ue001fying, managing and preprocessing waste into feedstock. Our integrated solu\ue001ons can take waste polymers and produce discreet monomers that can be fully recycled back into virgin-equivalent products. Agilyx is commi\ue002ed to using innova\ue001ve technology for good and helping solve the immense global problem of plas\ue001c waste. These \ufb01nancial statements have been prepared in accordance with Interna\ue001onal Financial Repor\ue001ng Standards and Interna\ue001onal Accoun\ue001ng Standards and Interpreta\ue001ons as approved by the European Union (collec\ue001vely IFRSs). The U.S. Dollar is the presenta\ue001on currency of the Agilyx Group. All foreign opera\ue001ons use U.S. Dollar as their func\ue001onal currency. The consolidated \ufb01nancial statements have been prepared on a historical cost basis, except for warrants, which have been measured at fair value (see note 14). The parent accounts are separate \ufb01nancial statements prepared in accordance with IFRS. The \ufb01nancial statements of Agilyx ASA, for the \ufb01scal year 2022, were approved in the board mee\ue001ng at 24.04.2023. Principles of Consolida\ue001on The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue001on, Agilyx GmbH, Agilyx ApS and Cyclyx Interna\ue001onal, LLC. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue001on holds 50% interest in Regenyx LLP, which has been accounted for under the equity method. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, the Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., exis\ue001ng rights that give it the current ability to direct the relevant ac\ue001vi\ue001es of the investee) \u2022 Exposure, or rights, to variable returns from its involvement with the investee \u2022 The ability to use its power over the investee to a\ufb00ect its returns Generally, there is a presump\ue001on that a majority of vo\ue001ng rights results in control. To support this presump\ue001on and when Agilyx Group has less than a majority of the vo\ue001ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee \u2022 Rights arising from other contractual arrangements \u2022 The Agilyx Group\u2019s vo\ue001ng rights and poten\ue001al vo\ue001ng rights Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue001on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. All intra-group assets and liabili\ue001es, equity, income, expenses and cash \ufb02ows rela\ue001ng to transac\ue001ons between members of the Group are eliminated in full on consolida\ue001on. Revenue Performance Obliga\ue001ons and \ue001ming of revenue recogni\ue001on Agilyx Group\u2019s revenues can be divided into three main streams, as analyzed numerically in note 2: Project Development Revenues related to project developments are recognized over the contract period using percentage of comple\ue001on as the method for measuring the revenue. This is because the projects created have no alterna\ue001ve use for Agilyx Group and the contracts require payment to be received for the \ue001me and e\ufb00ort spent by the Group on progressing the contracts in the event of the customer canceling the contract prior to comple\ue001on for any reason other than the Group\u2019s failure to perform its obliga\ue001ons under the contract. On par\ue001ally complete design contracts, Agilyx Group recognizes revenue based on stage of comple\ue001on of the project which is es\ue001mated by comparing the number of hours actually spent on the project with the total number of hours expected to complete the project (i.e. an input based method). This is considered a faithful depic\ue001on of the transfer of services as the contracts are ini\ue001ally priced on the basis of an\ue001cipated hours to complete the projects and therefore also represents the amount to which the Group would be en\ue001tled based on its performance to date. License, membership and royalty fees License revenues are recognized when the license is delivered and the rights are transferred to the buyer. The rights relate to Agilyx Group\u2019s patented conversion technology which helps customers to take feedstock and turn it into a product. Once the rights are transferred to the buyer Agilyx Group usually has a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue001on. Sales of goods Revenues from the sale of goods are recognized at the point in \ue001me of the delivery, when control of the goods and risk of ownership has transferred to the customer. There is limited judgment needed in iden\ue001fying the point control passes: once physical delivery of the products to the agreed loca\ue001on has occurred, the Agilyx Group no longer has physical possession, usually will have a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue001on. Determining the transac\ue001on price Agilyx Group\u2019s revenue is derived from \ufb01xed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those \ufb01xed prices. There are no revenue contracts with signi\ufb01cant \ufb01nancing components. Alloca\ue001ng amounts to performance obliga\ue001ons For sales contracts there is a \ufb01xed unit price for each product sold. Therefore, there is no judgment involved in alloca\ue001ng the contract price to each unit ordered. Where a customer orders more than one product line, Agilyx Group is able to determine the split of the total contract price between each product line by reference to each product\u2019s standalone selling prices (all product lines are capable of being, and are, sold separately). Agilyx Group\u2019s contracts are for the delivery of goods within the next 12 months for which the prac\ue001cal expedient in paragraph 121(a) of IFRS 15 applies, related to the presenta\ue001on of remaining performance obliga\ue001ons. Research and Development Expenses Expenditure on internally developed product or technology is capitalized if it can be demonstrated that: \u2022 It is technically feasible to develop the product for it to be sold \u2022 Adequate resources are available to complete the development \u2022 There is an inten\ue001on to complete and sell the product \u2022 The Group is able to sell the product \u2022 Sale of the product will generate future economic bene\ufb01ts, and \u2022 Expenditure on the project can be measured reliably. Capitalized development costs are amor\ue001zed over the periods Agilyx Group expects to bene\ufb01t from selling the products developed. No projects have met this criteria for any of the periods presented. Development expenditure not sa\ue001sfying the above criteria and expenditure on the research phase of internal projects are recognized in the consolidated income statement as incurred. Income Tax Current income tax Current income tax assets and liabili\ue001es are measured at the amount expected to be recovered from or paid to the taxa\ue001on authori\ue001es. The tax rates and tax laws used to compute the amount are those that are enacted or substan\ue001vely enacted at the repor\ue001ng date in the countries where the Agilyx Group operates and generates taxable income. Deferred taxa\ue001on Deferred tax assets and liabili\ue001es are recognized where the carrying amount of an asset or liability in the consolidated balance sheet di\ufb00ers from its tax base, except for di\ufb00erences arising on: \u2022 The ini\ue001al recogni\ue001on of goodwill \u2022 The ini\ue001al recogni\ue001on of an asset or liability in a transac\ue001on which is not a business combina\ue001on and at the \ue001me of the transac\ue001on a\ufb00ects neither accoun\ue001ng or taxable pro\ufb01t, and \u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the \ue001ming of the reversal of the di\ufb00erence and it is probable that the di\ufb00erence will not reverse in the foreseeable future. Recogni\ue001on of deferred tax assets is restricted to those instances where it is probable that taxable pro\ufb01t will be available against which the di\ufb00erence can be u\ue001lized. The amount of the asset or liability is determined using tax rates that have been enacted or substan\ue001vely enacted by the repor\ue001ng date and are expected to apply when the deferred tax liabili\ue001es/(assets) are se\ue002led/(recovered). Deferred tax assets and liabili\ue001es are o\ufb00set when Agilyx Group has a legally enforceable right to o\ufb00set current tax assets and liabili\ue001es and the deferred tax assets and liabili\ue001es relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company, or \u2022 Di\ufb00erent group en\ue001\ue001es which intend either to se\ue002le current tax assets and liabili\ue001es on a net basis, or to realize the assets and se\ue002le the liabili\ue001es simultaneously, in each future period in which signi\ufb01cant amounts of deferred tax assets or liabili\ue001es are expected to be se\ue002led or recovered. Stock-based Compensa\ue001on The Company accounts for stock-based compensa\ue001on in accordance with IFRS 2 \u2013 Share-based payment. The grant-date fair value of equity-se\ue002led share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the ves\ue001ng period of the awards, using the accelerated method. The amount recognized as an expense, commences on the \ufb01rst of the month following the date of the grant and is adjusted to re\ufb02ect the number of awards for which the related service condi\ue001ons are expected to be met, such that the amount ul\ue001mately recognized is based on the number of awards that meet the related service condi\ue001ons at the ves\ue001ng date. Foreign Currency Transla\ue001on Certain transac\ue001ons of the Company and its subsidiaries are denominated in currencies other than their func\ue001onal currency. Foreign currency exchange gains and losses generated from the se\ue002lement and remeasurement of these transac\ue001ons are recognized in earnings and presented within \u201cOther \ufb01nancial income \u201d in the Company\u2019s Income Statement. Classi\ufb01ca\ue001on of Assets and Liabili\ue001es Assets intended for permanent ownership or use in the business are classi\ufb01ed as non-current assets. Other assets are classi\ufb01ed as current assets. Receivables due within one year are classi\ufb01ed as current assets. The classi\ufb01ca\ue001on of current and non-current liabili\ue001es is based on the contractual terms of the underlying agreements. Financial Instruments Financial assets Agilyx Group categorizes all of its \ufb01nancial assets as amor\ue001zed cost, due to the nature and purpose of the assets. These assets arise principally from the provision of goods and services to customers (e.g. accounts receivables), but also incorporate other types of \ufb01nancial assets where the objec\ue001ve is to hold these assets in order to collect contractual cash \ufb02ows and the contractual cash \ufb02ows are solely payments of principal and interest (principally cash and cash equivalents). They are ini\ue001ally recognized at fair value plus transac\ue001on costs that are directly a\ue002ributable to their acquisi\ue001on or issue, and are subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, less provision for impairment, as required. Impairment provisions for current and non-current trade receivables are recognized based on the simpli\ufb01ed approach within IFRS 9 see note 10 for further commentary on the applica\ue001on of this. Agilyx Group\u2019s \ufb01nancial assets measured at amor\ue001zed cost comprise accounts receivables and cash and cash equivalents in the consolidated balance sheet. Financial liabili\ue001es Agilyx Group classi\ufb01es its \ufb01nancial liabili\ue001es into one of two categories, depending on the purpose for which the liability was acquired Fair value through pro\ufb01t or loss This category comprises warrants and subscrip\ue001on rights which are deriva\ue001ve \ufb01nancial instruments. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these deriva\ue001ve \ufb01nancial instruments, the Group does not have any liabili\ue001es held for trading nor has it designated any \ufb01nancial liabili\ue001es as being at fair value through pro\ufb01t or loss. Other \ufb01nancial liabili\ue001es - measured at amor\ue001zed cost Other \ufb01nancial liabili\ue001es include notes payable, accounts payable, payables to Group companies and lease liabili\ue001es. These are ini\ue001ally recognized at fair value net of any transac\ue001on costs directly a\ue002ributable to the issue of the instrument. Any interest bearing liabili\ue001es are subsequently measured at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue001on. Accounts payables and other short-term monetary liabili\ue001es, are ini\ue001ally recognized at fair value and subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest method. Intangible Assets Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combina\ue001on are recognized at historical cost when the criteria for balance sheet recogni\ue001on have been met. Intangible assets with a limited economic life are amor\ue001zed on a systema\ue001c basis, based on the useful economic life as described in note 6. Intangible assets are wri\ue002en down to the recoverable amount if the expected economic bene\ufb01ts do not exceed the carrying amount and any remaining development costs. Property, Plant and Equipment Fixed assets are recorded in the balance sheet at acquisi\ue001on cost, less accumulated deprecia\ue001on and any impairment losses. Deprecia\ue001on is made from the \ue001me assets are put into regular opera\ue001ons and is calculated on straight line basis over the es\ue001mated economic asset life\ue001me. Deprecia\ue001on rates are set out in Note 7. This period\u2019s deprecia\ue001on is charged to this year\u2019s opera\ue001ng expenses in the income statement. Investment in Regenyx Where Agilyx Group has the power to par\ue001cipate in (but not control) the \ufb01nancial and opera\ue001ng policy decisions of another en\ue001ty, it is classi\ufb01ed as an equity method investment. This is the case with the investment in Regenyx (see note 9). Regenyx was ini\ue001ally recognized in the consolidated balance sheet at cost. Subsequently Regenyx is accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue001on pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss. See notes below and in note 9 related to the impairment loss recognized in rela\ue001on to this investment. Pro\ufb01ts and losses arising on transac\ue001ons between Agilyx Group and Regenyx are recognized only to the extent of unrelated investors\u2019 interests in Regenyx. The investor\u2019s share in Regenyx\u2019s pro\ufb01ts and losses resul\ue001ng from these transac\ue001ons is eliminated against the carrying value of the associate. In the income statement the pro\ufb01t or loss is shown in \ufb01nancial income. Subsidiaries Investments in subsidiaries are valued at cost in the Company accounts. The investments are valued at cost less any impairment losses. Impairment losses are reversed if the reason for the impairment loss disappears in a later period. Leases Iden\ue001fying leases Agilyx Group accounts for a contract, or a por\ue001on of a contract, as a lease when it conveys the right to use an asset for a period of \ue001me in exchange for considera\ue001on. Leases are those contracts that sa\ue001sfy the following criteria: 1. There is an iden\ue001\ufb01ed asset; 2. Agilyx Group obtains substan\ue001ally all the economic bene\ufb01ts from use of the asset; and 3. Agilyx Group has the right to direct use of the asset. Agilyx Group considers whether the supplier has substan\ue001ve subs\ue001tu\ue001on rights. If the supplier does have those rights, the contract is not iden\ue001\ufb01ed as giving rise to a lease. In determining whether Agilyx Group obtains substan\ue001ally all the economic bene\ufb01ts from use of the asset, Agilyx Group considers only the economic bene\ufb01ts that arise use of the asset, not those incidental to legal ownership or other poten\ue001al bene\ufb01ts. In determining whether Agilyx Group has the right to direct use of the asset, Agilyx Group considers whether it directs how and for what purpose the asset is used throughout the period of use. If there are no signi\ufb01cant decisions to be made because they are pre- determined due to the nature of the asset, Agilyx Group considers whether it was involved in the design of the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or por\ue001on of a contract does not sa\ue001sfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16. Ini\ue001al Measurement All leases are accounted for by recognizing a right-of-use asset and a lease liability except for: \u2022 Leases of low value assets; and \u2022 Leases with a dura\ue001on of 12 months or less. Lease liabili\ue001es are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the Group\u2019s incremental borrowing rate on commencement of the lease is used. The incremental borrowing rate is determined with reference to the current external borrowing rates of Agilyx Group, adjusted so as to arrive at the rate of interest that Agilyx Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. On ini\ue001al recogni\ue001on, the carrying value of the lease liability also includes: \u2022 amounts expected to be payable under any residual value guarantee; \u2022 the exercise price of any purchase op\ue001on granted in favor of the Group if it is reasonable certain to assess that op\ue001on; \u2022 any penal\ue001es payable for termina\ue001ng the lease, if the term of the lease has been es\ue001mated on the basis of termina\ue001on op\ue001on being exercised. Right of use assets are ini\ue001ally measured at the amount of the lease liability, reduced for any lease incen\ue001ves received, and increased for: \u2022 lease payments made at or before commencement of the lease; \u2022 ini\ue001al direct costs incurred; and \u2022 the amount of any provision recognized where the Group is contractually required to dismantle, remove or restore the leased asset. Subsequent measurement Subsequent to ini\ue001al measurement lease liabili\ue001es increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amor\ue001zed on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term. Impairment of Non-\ufb01nancial Assets Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue002en down accordingly. See note 9, for speci\ufb01c analysis performed on the investment in Regenyx. Where it is not possible to es\ue001mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue001\ufb01able cash \ufb02ows; its cash genera\ue001ng units (\u2018CGUs\u2019). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income. Receivables Trade receivables and other receivables are recognized at amor\ue001zed cost, less any provision for expected credit losses of receivables. See note 10 for further informa\ue001on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue002ed by IFRS 9. Cash and Cash Equivalents Cash and cash equivalents include cash, bank deposits and other monetary instruments with a maturity of less than three months at the date of purchase. Inventories Inventories are ini\ue001ally recognized at cost, and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present loca\ue001on and condi\ue001on. First in \ufb01rst out is used to determine the cost of ordinarily interchangeable items. Independent Subscrip\ue001on Rights - Deriva\ue001ve Liability Agilyx Corpora\ue001on has granted warrants in connec\ue001on with various debt and equity issuances that were exercisable into ordinary shares. In connec\ue001on to the share exchange that was completed January 7, 2020, these warrants were replaced with subscrip\ue001on rights where Agilyx ASA issued 36,925 (3,692,500 a\ufb05er share split 1:100) subscrip\ue001on rights exercisable by no\ue001ce to the Board of Directors. Upon exercise, a cash contribu\ue001on of $100 ($1 a\ufb05er share split) shall be paid for the warrants under the 2017 plan in Agilyx Corpora\ue001on, and $0.01 (0.00 a\ufb05er share split) for all other warrants. The subscrip\ue001on rights were issued by an extraordinary general mee\ue001ng held August 27, 2020. The warrant agreements include a cashless exercise op\ue001on, which introduces variability into the number of shares that could be issued. The instruments therefore fails the \ufb01xed for \ufb01xed requirement in IAS 32 and is classi\ufb01ed as a deriva\ue001ve liability. The instruments meets the de\ufb01ni\ue001on of a deriva\ue001ve because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue001al net investment and they will be se\ue002led at a future date. Such deriva\ue001ve \ufb01nancial instruments are ini\ue001ally recognized at fair value on the date on which a deriva\ue001ve contract is entered into and are subsequently remeasured at fair value. See note 14 for addi\ue001onal informa\ue001on on these instruments and the valua\ue001on approach. Government Grants Government grants are recognized where there is reasonable assurance that the grant will be received and all a\ue002ached condi\ue001ons will be complied with. When the grant relates to an expense item, it is recognized as income on a systema\ue001c basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset. See COVID-19 Pandemic sec\ue001on below for addi\ue001onal informa\ue001on related to the Government PPP loan which was forgiven during 2021. Cash Flow The cash \ufb02ow statement is prepared according to the indirect method. Cri\ue001cal Accoun\ue001ng Es\ue001mates and Judgments The prepara\ue001on of audited consolidated \ufb01nancial statements in conformity with IFRS requires management to make certain es\ue001mates and judgments that a\ufb00ect the reported amounts of assets and liabili\ue001es at the date of the audited consolidated \ufb01nancial statements and the reported amounts of revenue and expenses during the repor\ue001ng period. Es\ue001mates and judgments are con\ue001nually evaluated based on historical experience and other factors, including expecta\ue001ons of future events that are believed to be reasonable under the circumstances. Although the Company regularly assesses these es\ue001mates, actual results could di\ufb00er from those es\ue001mates. Changes in es\ue001mates are recorded in the period in which they occur and become known. Signi\ufb01cant es\ue001mates and judgments are applied in the following areas: \u2022 Es\ue001ma\ue001ng the amounts due for the ini\ue001al funding period provision related to the Regenyx investment (note 9) \u2022 Assump\ue001ons and es\ue001mates related to the impairment of the investment in Regenyx, including future cash \ufb02ows (note 9) \u2022 Recording accounts receivable, and considera\ue001on of any poten\ue001al allowance for expected credit losses (note 10) \u2022 Useful lives a\ue002ributed to property plant and equipment and intangible assets (notes 6 and 7) \u2022 Revenue recognized in accordance with the stage of comple\ue001on method (see accoun\ue001ng policy above and note 2) \u2022 Stock-based compensa\ue001on expense (note 15) \u2022 Warrant and stock subscrip\ue001on rights, valua\ue001on assump\ue001ons (note 14) \u2022 Assump\ue001ons related to the ini\ue001al recogni\ue001on of leases and the subsequent accoun\ue001ng for these agreements, including incremental borrowing rates and determina\ue001on of lease term applied when compu\ue001ng lease liabili\ue001es (see also accoun\ue001ng policy above and note 8) Fair value measurement Warrant and stock subscrip\ue001on rights and the stock compensa\ue001on expenses, all require measurement at, and/or disclosure of, fair value. The fair value measurement of Agilyx Group\u2019s \ufb01nancial and non-\ufb01nancial assets and liabili\ue001es u\ue001lizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into di\ufb00erent levels based on how observable the inputs used in the valua\ue001on technique u\ue001lized are (the \u2018fair value hierarchy\u2019): \u2022 Level 1: Quoted prices in ac\ue001ve markets for iden\ue001cal items (unadjusted) \u2022 Level 2: Observable direct or indirect inputs other than Level 1 inputs \u2022 Level 3: Unobservable inputs (i.e. not derived from market data). The classi\ufb01ca\ue001on of an item into the above levels is based on the lowest level of the inputs used that has a signi\ufb01cant e\ufb00ect on the fair value measurement of the item. Transfers of items between levels are recognized in the period they occur. Please refer to the applicable notes as referenced above, for addi\ue001onal informa\ue001on on the fair value measurements applied within these \ufb01nancial statements. New Standards Interpreta\ue001ons and Amendments Adopted January 1, 2022 Of the new standards that were e\ufb00ec\ue001ve for the \ufb01rst \ue001me for periods beginning on or a\ufb05er January 1, 2022 (primarily amendments to IAS 37 for Onerous contracts and amendments to IAS 16, IAS 41, IFRS 1, IFRS 3, IFRS 9 and IFRS 16), none of these had a speci\ufb01c impact on the results of the Agilyx Group. New Standards Interpreta\ue001ons And Amendments Not Yet E\ufb00ec\ue001ve There are a number of standards, amendments to standards, and interpreta\ue001ons which have been issued by the IASB that are e\ufb00ec\ue001ve in future accoun\ue001ng periods that the Group has decided not to adopt early. The following amendments are e\ufb00ec\ue001ve for the period beginning 1 January 2023: \u2022 Disclosure of Accoun\ue001ng Policies (Amendments to IAS 1 and IFRS Prac\ue001ce Statement 2); \u2022 De\ufb01ni\ue001on of Accoun\ue001ng Es\ue001mates (Amendments to IAS 8); and \u2022 Deferred Tax Related to Assets and Liabili\ue001es arising from a Single Transac\ue001on (Amendments to IAS 12). The following amendments are e\ufb00ec\ue001ve for the period beginning 1 January 2024: \u2022 IFRS 16 Leases (Amendment \u2013 Liability in a Sale and Leaseback) \u2022 IAS 1 Presenta\ue001on of Financial Statements (Amendment \u2013 Classi\ufb01ca\ue001on of Liabili\ue001es as Current or Non-current) \u2022 IAS 1 Presenta\ue001on of Financial Statements (Amendment \u2013 Non-current Liabili\ue001es with Covenants) Agilyx Group is currently assessing the impact of these new accoun\ue001ng standards and amendments, but does not expect any a material impact at this stage. COVID-19 Pandemic On January 30, 2020, the World Health Organiza\ue001on (WHO) announced a global health emergency because of a new strain of coronavirus origina\ue001ng in Wuhan, China (the COVID-19 outbreak) and the risks to the interna\ue001onal community as the virus spread globally beyond its point of origin. In March 2020, the WHO classi\ufb01ed the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak on the economy and the Company\u2019s opera\ue001ons is \ufb02uid and constantly evolving. Management is ac\ue001vely monitoring the global situa\ue001on and its impact on the Agilyx Group \ufb01nancial condi\ue001on, liquidity, opera\ue001ons, suppliers, customers, industry, and workforce. On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). The CARES Act, among other things, included provisions rela\ue001ng to refundable payroll tax credits, deferment of employer side social security payments, net opera\ue001ng loss carryback periods, alterna\ue001ve minimum tax credit refunds, modi\ufb01ca\ue001ons to the net interest deduc\ue001on limita\ue001ons, increased limita\ue001ons on quali\ufb01ed charitable contribu\ue001ons, and technical correc\ue001ons to tax deprecia\ue001on methods for quali\ufb01ed improvement property. The CARES Act also appropriated funds for the Small Business Administra\ue001on\u2019s (SBA) Paycheck Protec\ue001on Program loans (PPP loan), which are forgivable in certain situa\ue001ons to promote con\ue001nued employment, as well as Economic Injury Disaster Loans to provide liquidity to small businesses harmed by COVID-19. \u201cOn April 20, 2020, Agilyx Corpora\ue001on obtained a $779,400 PPP loan through Comerica Bank. The applica\ue001on for these funds required Agilyx Corpora\ue001on to, in good faith, cer\ue001fy that the current economic uncertainty made the loan request necessary to support the ongoing opera\ue001ons of Agilyx Corpora\ue001on. This cer\ue001\ufb01ca\ue001on further required Agilyx Corpora\ue001on to take into account current business ac\ue001vity at the \ue001me and its ability to access other sources of liquidity su\ufb03cient to support ongoing opera\ue001ons in a manner that was not signi\ufb01cantly detrimental to the business. As permi\ue002ed Under the terms of the CARES Act, the Agilyx Corpora\ue001on applied for forgiveness recipients of loans under the Paycheck Protec\ue001on Program and was granted forgiveness of the loan under no\ue001ce of forgiveness on May 31, 2021. The receipt of these funds, and the forgiveness of the loan a\ue002endant to these funds, was dependent on Agilyx Corpora\ue001on having ini\ue001ally quali\ufb01ed for the loan and qualifying for the forgiveness of such loan. Such forgiveness was determined, subject to limita\ue001ons, based on the use of loan proceeds for payment of payroll costs and certain other eligible costs. While outstanding the PPP loan has a two-year term and bore interest at a rate of 1.00% per annum. Monthly principal and interest payments under the PPP loan were originally deferred for six months. The Paycheck Protec\ue001on Flexibility Act of 2020 extended the deferral period for loan payments to either (a) the date that the Small Business Administra\ue001on remi\ue002ed the borrower\u2019s loan forgiveness amount to the lender or (b) if the borrower did not apply for loan forgiveness, ten months a\ufb05er the end of the borrower\u2019s loan forgiveness covered period. Agilyx Corpora\ue001on did not have to make any repayments as a result of this Act. \u201c ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f4594": {
"value": "Note 1: Accoun\ue001ng Policies Agilyx ASA is a Norwegian company, located in Oslo, Norway and the parent and ul\ue001mate parent company in the Agilyx Group. The Agilyx Group headquarters are located in Portsmouth, New Hampshire and Tigard, Oregon (U.S.) with satellite o\ufb03ces located in Switzerland and Denmark. Agilyx ASA was incorporated on November 22, 2019 as a shelf company and there was no ac\ue001vity in 2019. Agilyx ASA became the parent of the Agilyx Group through a reorganiza\ue001on in early January 2020. The Group was reorganized such that the shareholders of Agilyx Corpora\ue001on contributed their shares in Agilyx Corpora\ue001on for shares in Agilyx ASA resul\ue001ng in Agilyx Corpora\ue001on becoming a 100% owned subsidiary of Agilyx ASA. The transac\ue001on was accounted for as an inverse acquisi\ue001on using con\ue001nuity on Agilyx Corpora\ue001on book values in the consolidated Group statements. However, the underlying business of the Agilyx Group has been in existence since 2004. The Agilyx Group has developed comprehensive systems, proven technologies and a unique chemistry knowledge base to give post- use plas\ue001cs new purpose. We have the proprietary technology for iden\ue001fying, managing and preprocessing waste into feedstock. Our integrated solu\ue001ons can take waste polymers and produce discreet monomers that can be fully recycled back into virgin-equivalent products. Agilyx is commi\ue002ed to using innova\ue001ve technology for good and helping solve the immense global problem of plas\ue001c waste. These \ufb01nancial statements have been prepared in accordance with Interna\ue001onal Financial Repor\ue001ng Standards and Interna\ue001onal Accoun\ue001ng Standards and Interpreta\ue001ons as approved by the European Union (collec\ue001vely IFRSs). The U.S. Dollar is the presenta\ue001on currency of the Agilyx Group. All foreign opera\ue001ons use U.S. Dollar as their func\ue001onal currency. The consolidated \ufb01nancial statements have been prepared on a historical cost basis, except for warrants, which have been measured at fair value (see note 14). The parent accounts are separate \ufb01nancial statements prepared in accordance with IFRS. The \ufb01nancial statements of Agilyx ASA, for the \ufb01scal year 2022, were approved in the board mee\ue001ng at 24.04.2023. Principles of Consolida\ue001on The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue001on, Agilyx GmbH, Agilyx ApS and Cyclyx Interna\ue001onal, LLC. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue001on holds 50% interest in Regenyx LLP, which has been accounted for under the equity method. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, the Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., exis\ue001ng rights that give it the current ability to direct the relevant ac\ue001vi\ue001es of the investee) \u2022 Exposure, or rights, to variable returns from its involvement with the investee \u2022 The ability to use its power over the investee to a\ufb00ect its returns Generally, there is a presump\ue001on that a majority of vo\ue001ng rights results in control. To support this presump\ue001on and when Agilyx Group has less than a majority of the vo\ue001ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee \u2022 Rights arising from other contractual arrangements \u2022 The Agilyx Group\u2019s vo\ue001ng rights and poten\ue001al vo\ue001ng rights Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue001on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. All intra-group assets and liabili\ue001es, equity, income, expenses and cash \ufb02ows rela\ue001ng to transac\ue001ons between members of the Group are eliminated in full on consolida\ue001on. ",
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"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f4595": {
"value": "Note 1: Accoun\ue001ng Policies Agilyx ASA is a Norwegian company, located in Oslo, Norway and the parent and ul\ue001mate parent company in the Agilyx Group. The Agilyx Group headquarters are located in Portsmouth, New Hampshire and Tigard, Oregon (U.S.) with satellite o\ufb03ces located in Switzerland and Denmark. Agilyx ASA was incorporated on November 22, 2019 as a shelf company and there was no ac\ue001vity in 2019. Agilyx ASA became the parent of the Agilyx Group through a reorganiza\ue001on in early January 2020. The Group was reorganized such that the shareholders of Agilyx Corpora\ue001on contributed their shares in Agilyx Corpora\ue001on for shares in Agilyx ASA resul\ue001ng in Agilyx Corpora\ue001on becoming a 100% owned subsidiary of Agilyx ASA. The transac\ue001on was accounted for as an inverse acquisi\ue001on using con\ue001nuity on Agilyx Corpora\ue001on book values in the consolidated Group statements. However, the underlying business of the Agilyx Group has been in existence since 2004. The Agilyx Group has developed comprehensive systems, proven technologies and a unique chemistry knowledge base to give post- use plas\ue001cs new purpose. We have the proprietary technology for iden\ue001fying, managing and preprocessing waste into feedstock. Our integrated solu\ue001ons can take waste polymers and produce discreet monomers that can be fully recycled back into virgin-equivalent products. Agilyx is commi\ue002ed to using innova\ue001ve technology for good and helping solve the immense global problem of plas\ue001c waste. These \ufb01nancial statements have been prepared in accordance with Interna\ue001onal Financial Repor\ue001ng Standards and Interna\ue001onal Accoun\ue001ng Standards and Interpreta\ue001ons as approved by the European Union (collec\ue001vely IFRSs). The U.S. Dollar is the presenta\ue001on currency of the Agilyx Group. All foreign opera\ue001ons use U.S. Dollar as their func\ue001onal currency. The consolidated \ufb01nancial statements have been prepared on a historical cost basis, except for warrants, which have been measured at fair value (see note 14). The parent accounts are separate \ufb01nancial statements prepared in accordance with IFRS. The \ufb01nancial statements of Agilyx ASA, for the \ufb01scal year 2022, were approved in the board mee\ue001ng at 24.04.2023. Principles of Consolida\ue001on The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue001on, Agilyx GmbH, Agilyx ApS and Cyclyx Interna\ue001onal, LLC. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue001on holds 50% interest in Regenyx LLP, which has been accounted for under the equity method. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, the Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., exis\ue001ng rights that give it the current ability to direct the relevant ac\ue001vi\ue001es of the investee) \u2022 Exposure, or rights, to variable returns from its involvement with the investee \u2022 The ability to use its power over the investee to a\ufb00ect its returns Generally, there is a presump\ue001on that a majority of vo\ue001ng rights results in control. To support this presump\ue001on and when Agilyx Group has less than a majority of the vo\ue001ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee \u2022 Rights arising from other contractual arrangements \u2022 The Agilyx Group\u2019s vo\ue001ng rights and poten\ue001al vo\ue001ng rights Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue001on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. All intra-group assets and liabili\ue001es, equity, income, expenses and cash \ufb02ows rela\ue001ng to transac\ue001ons between members of the Group are eliminated in full on consolida\ue001on. Revenue Performance Obliga\ue001ons and \ue001ming of revenue recogni\ue001on Agilyx Group\u2019s revenues can be divided into three main streams, as analyzed numerically in note 2: Project Development Revenues related to project developments are recognized over the contract period using percentage of comple\ue001on as the method for measuring the revenue. This is because the projects created have no alterna\ue001ve use for Agilyx Group and the contracts require payment to be received for the \ue001me and e\ufb00ort spent by the Group on progressing the contracts in the event of the customer canceling the contract prior to comple\ue001on for any reason other than the Group\u2019s failure to perform its obliga\ue001ons under the contract. On par\ue001ally complete design contracts, Agilyx Group recognizes revenue based on stage of comple\ue001on of the project which is es\ue001mated by comparing the number of hours actually spent on the project with the total number of hours expected to complete the project (i.e. an input based method). This is considered a faithful depic\ue001on of the transfer of services as the contracts are ini\ue001ally priced on the basis of an\ue001cipated hours to complete the projects and therefore also represents the amount to which the Group would be en\ue001tled based on its performance to date. License, membership and royalty fees License revenues are recognized when the license is delivered and the rights are transferred to the buyer. The rights relate to Agilyx Group\u2019s patented conversion technology which helps customers to take feedstock and turn it into a product. Once the rights are transferred to the buyer Agilyx Group usually has a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue001on. Sales of goods Revenues from the sale of goods are recognized at the point in \ue001me of the delivery, when control of the goods and risk of ownership has transferred to the customer. There is limited judgment needed in iden\ue001fying the point control passes: once physical delivery of the products to the agreed loca\ue001on has occurred, the Agilyx Group no longer has physical possession, usually will have a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue001on. Determining the transac\ue001on price Agilyx Group\u2019s revenue is derived from \ufb01xed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those \ufb01xed prices. There are no revenue contracts with signi\ufb01cant \ufb01nancing components. Alloca\ue001ng amounts to performance obliga\ue001ons For sales contracts there is a \ufb01xed unit price for each product sold. Therefore, there is no judgment involved in alloca\ue001ng the contract price to each unit ordered. Where a customer orders more than one product line, Agilyx Group is able to determine the split of the total contract price between each product line by reference to each product\u2019s standalone selling prices (all product lines are capable of being, and are, sold separately). Agilyx Group\u2019s contracts are for the delivery of goods within the next 12 months for which the prac\ue001cal expedient in paragraph 121(a) of IFRS 15 applies, related to the presenta\ue001on of remaining performance obliga\ue001ons. Research and Development Expenses Expenditure on internally developed product or technology is capitalized if it can be demonstrated that: \u2022 It is technically feasible to develop the product for it to be sold \u2022 Adequate resources are available to complete the development \u2022 There is an inten\ue001on to complete and sell the product \u2022 The Group is able to sell the product \u2022 Sale of the product will generate future economic bene\ufb01ts, and \u2022 Expenditure on the project can be measured reliably. Capitalized development costs are amor\ue001zed over the periods Agilyx Group expects to bene\ufb01t from selling the products developed. No projects have met this criteria for any of the periods presented. Development expenditure not sa\ue001sfying the above criteria and expenditure on the research phase of internal projects are recognized in the consolidated income statement as incurred. Income Tax Current income tax Current income tax assets and liabili\ue001es are measured at the amount expected to be recovered from or paid to the taxa\ue001on authori\ue001es. The tax rates and tax laws used to compute the amount are those that are enacted or substan\ue001vely enacted at the repor\ue001ng date in the countries where the Agilyx Group operates and generates taxable income. Deferred taxa\ue001on Deferred tax assets and liabili\ue001es are recognized where the carrying amount of an asset or liability in the consolidated balance sheet di\ufb00ers from its tax base, except for di\ufb00erences arising on: \u2022 The ini\ue001al recogni\ue001on of goodwill \u2022 The ini\ue001al recogni\ue001on of an asset or liability in a transac\ue001on which is not a business combina\ue001on and at the \ue001me of the transac\ue001on a\ufb00ects neither accoun\ue001ng or taxable pro\ufb01t, and \u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the \ue001ming of the reversal of the di\ufb00erence and it is probable that the di\ufb00erence will not reverse in the foreseeable future. Recogni\ue001on of deferred tax assets is restricted to those instances where it is probable that taxable pro\ufb01t will be available against which the di\ufb00erence can be u\ue001lized. The amount of the asset or liability is determined using tax rates that have been enacted or substan\ue001vely enacted by the repor\ue001ng date and are expected to apply when the deferred tax liabili\ue001es/(assets) are se\ue002led/(recovered). Deferred tax assets and liabili\ue001es are o\ufb00set when Agilyx Group has a legally enforceable right to o\ufb00set current tax assets and liabili\ue001es and the deferred tax assets and liabili\ue001es relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company, or \u2022 Di\ufb00erent group en\ue001\ue001es which intend either to se\ue002le current tax assets and liabili\ue001es on a net basis, or to realize the assets and se\ue002le the liabili\ue001es simultaneously, in each future period in which signi\ufb01cant amounts of deferred tax assets or liabili\ue001es are expected to be se\ue002led or recovered. Stock-based Compensa\ue001on The Company accounts for stock-based compensa\ue001on in accordance with IFRS 2 \u2013 Share-based payment. The grant-date fair value of equity-se\ue002led share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the ves\ue001ng period of the awards, using the accelerated method. The amount recognized as an expense, commences on the \ufb01rst of the month following the date of the grant and is adjusted to re\ufb02ect the number of awards for which the related service condi\ue001ons are expected to be met, such that the amount ul\ue001mately recognized is based on the number of awards that meet the related service condi\ue001ons at the ves\ue001ng date. Foreign Currency Transla\ue001on Certain transac\ue001ons of the Company and its subsidiaries are denominated in currencies other than their func\ue001onal currency. Foreign currency exchange gains and losses generated from the se\ue002lement and remeasurement of these transac\ue001ons are recognized in earnings and presented within \u201cOther \ufb01nancial income \u201d in the Company\u2019s Income Statement. Classi\ufb01ca\ue001on of Assets and Liabili\ue001es Assets intended for permanent ownership or use in the business are classi\ufb01ed as non-current assets. Other assets are classi\ufb01ed as current assets. Receivables due within one year are classi\ufb01ed as current assets. The classi\ufb01ca\ue001on of current and non-current liabili\ue001es is based on the contractual terms of the underlying agreements. Financial Instruments Financial assets Agilyx Group categorizes all of its \ufb01nancial assets as amor\ue001zed cost, due to the nature and purpose of the assets. These assets arise principally from the provision of goods and services to customers (e.g. accounts receivables), but also incorporate other types of \ufb01nancial assets where the objec\ue001ve is to hold these assets in order to collect contractual cash \ufb02ows and the contractual cash \ufb02ows are solely payments of principal and interest (principally cash and cash equivalents). They are ini\ue001ally recognized at fair value plus transac\ue001on costs that are directly a\ue002ributable to their acquisi\ue001on or issue, and are subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, less provision for impairment, as required. Impairment provisions for current and non-current trade receivables are recognized based on the simpli\ufb01ed approach within IFRS 9 see note 10 for further commentary on the applica\ue001on of this. Agilyx Group\u2019s \ufb01nancial assets measured at amor\ue001zed cost comprise accounts receivables and cash and cash equivalents in the consolidated balance sheet. Financial liabili\ue001es Agilyx Group classi\ufb01es its \ufb01nancial liabili\ue001es into one of two categories, depending on the purpose for which the liability was acquired Fair value through pro\ufb01t or loss This category comprises warrants and subscrip\ue001on rights which are deriva\ue001ve \ufb01nancial instruments. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these deriva\ue001ve \ufb01nancial instruments, the Group does not have any liabili\ue001es held for trading nor has it designated any \ufb01nancial liabili\ue001es as being at fair value through pro\ufb01t or loss. Other \ufb01nancial liabili\ue001es - measured at amor\ue001zed cost Other \ufb01nancial liabili\ue001es include notes payable, accounts payable, payables to Group companies and lease liabili\ue001es. These are ini\ue001ally recognized at fair value net of any transac\ue001on costs directly a\ue002ributable to the issue of the instrument. Any interest bearing liabili\ue001es are subsequently measured at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue001on. Accounts payables and other short-term monetary liabili\ue001es, are ini\ue001ally recognized at fair value and subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest method. Intangible Assets Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combina\ue001on are recognized at historical cost when the criteria for balance sheet recogni\ue001on have been met. Intangible assets with a limited economic life are amor\ue001zed on a systema\ue001c basis, based on the useful economic life as described in note 6. Intangible assets are wri\ue002en down to the recoverable amount if the expected economic bene\ufb01ts do not exceed the carrying amount and any remaining development costs. Property, Plant and Equipment Fixed assets are recorded in the balance sheet at acquisi\ue001on cost, less accumulated deprecia\ue001on and any impairment losses. Deprecia\ue001on is made from the \ue001me assets are put into regular opera\ue001ons and is calculated on straight line basis over the es\ue001mated economic asset life\ue001me. Deprecia\ue001on rates are set out in Note 7. This period\u2019s deprecia\ue001on is charged to this year\u2019s opera\ue001ng expenses in the income statement. Investment in Regenyx Where Agilyx Group has the power to par\ue001cipate in (but not control) the \ufb01nancial and opera\ue001ng policy decisions of another en\ue001ty, it is classi\ufb01ed as an equity method investment. This is the case with the investment in Regenyx (see note 9). Regenyx was ini\ue001ally recognized in the consolidated balance sheet at cost. Subsequently Regenyx is accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue001on pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss. See notes below and in note 9 related to the impairment loss recognized in rela\ue001on to this investment. Pro\ufb01ts and losses arising on transac\ue001ons between Agilyx Group and Regenyx are recognized only to the extent of unrelated investors\u2019 interests in Regenyx. The investor\u2019s share in Regenyx\u2019s pro\ufb01ts and losses resul\ue001ng from these transac\ue001ons is eliminated against the carrying value of the associate. In the income statement the pro\ufb01t or loss is shown in \ufb01nancial income. Subsidiaries Investments in subsidiaries are valued at cost in the Company accounts. The investments are valued at cost less any impairment losses. Impairment losses are reversed if the reason for the impairment loss disappears in a later period. Leases Iden\ue001fying leases Agilyx Group accounts for a contract, or a por\ue001on of a contract, as a lease when it conveys the right to use an asset for a period of \ue001me in exchange for considera\ue001on. Leases are those contracts that sa\ue001sfy the following criteria: 1. There is an iden\ue001\ufb01ed asset; 2. Agilyx Group obtains substan\ue001ally all the economic bene\ufb01ts from use of the asset; and 3. Agilyx Group has the right to direct use of the asset. Agilyx Group considers whether the supplier has substan\ue001ve subs\ue001tu\ue001on rights. If the supplier does have those rights, the contract is not iden\ue001\ufb01ed as giving rise to a lease. In determining whether Agilyx Group obtains substan\ue001ally all the economic bene\ufb01ts from use of the asset, Agilyx Group considers only the economic bene\ufb01ts that arise use of the asset, not those incidental to legal ownership or other poten\ue001al bene\ufb01ts. In determining whether Agilyx Group has the right to direct use of the asset, Agilyx Group considers whether it directs how and for what purpose the asset is used throughout the period of use. If there are no signi\ufb01cant decisions to be made because they are pre- determined due to the nature of the asset, Agilyx Group considers whether it was involved in the design of the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or por\ue001on of a contract does not sa\ue001sfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16. Ini\ue001al Measurement All leases are accounted for by recognizing a right-of-use asset and a lease liability except for: \u2022 Leases of low value assets; and \u2022 Leases with a dura\ue001on of 12 months or less. Lease liabili\ue001es are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the Group\u2019s incremental borrowing rate on commencement of the lease is used. The incremental borrowing rate is determined with reference to the current external borrowing rates of Agilyx Group, adjusted so as to arrive at the rate of interest that Agilyx Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. On ini\ue001al recogni\ue001on, the carrying value of the lease liability also includes: \u2022 amounts expected to be payable under any residual value guarantee; \u2022 the exercise price of any purchase op\ue001on granted in favor of the Group if it is reasonable certain to assess that op\ue001on; \u2022 any penal\ue001es payable for termina\ue001ng the lease, if the term of the lease has been es\ue001mated on the basis of termina\ue001on op\ue001on being exercised. Right of use assets are ini\ue001ally measured at the amount of the lease liability, reduced for any lease incen\ue001ves received, and increased for: \u2022 lease payments made at or before commencement of the lease; \u2022 ini\ue001al direct costs incurred; and \u2022 the amount of any provision recognized where the Group is contractually required to dismantle, remove or restore the leased asset. Subsequent measurement Subsequent to ini\ue001al measurement lease liabili\ue001es increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amor\ue001zed on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term. Impairment of Non-\ufb01nancial Assets Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue002en down accordingly. See note 9, for speci\ufb01c analysis performed on the investment in Regenyx. Where it is not possible to es\ue001mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue001\ufb01able cash \ufb02ows; its cash genera\ue001ng units (\u2018CGUs\u2019). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income. Receivables Trade receivables and other receivables are recognized at amor\ue001zed cost, less any provision for expected credit losses of receivables. See note 10 for further informa\ue001on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue002ed by IFRS 9. Cash and Cash Equivalents Cash and cash equivalents include cash, bank deposits and other monetary instruments with a maturity of less than three months at the date of purchase. Inventories Inventories are ini\ue001ally recognized at cost, and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present loca\ue001on and condi\ue001on. First in \ufb01rst out is used to determine the cost of ordinarily interchangeable items. Independent Subscrip\ue001on Rights - Deriva\ue001ve Liability Agilyx Corpora\ue001on has granted warrants in connec\ue001on with various debt and equity issuances that were exercisable into ordinary shares. In connec\ue001on to the share exchange that was completed January 7, 2020, these warrants were replaced with subscrip\ue001on rights where Agilyx ASA issued 36,925 (3,692,500 a\ufb05er share split 1:100) subscrip\ue001on rights exercisable by no\ue001ce to the Board of Directors. Upon exercise, a cash contribu\ue001on of $100 ($1 a\ufb05er share split) shall be paid for the warrants under the 2017 plan in Agilyx Corpora\ue001on, and $0.01 (0.00 a\ufb05er share split) for all other warrants. The subscrip\ue001on rights were issued by an extraordinary general mee\ue001ng held August 27, 2020. The warrant agreements include a cashless exercise op\ue001on, which introduces variability into the number of shares that could be issued. The instruments therefore fails the \ufb01xed for \ufb01xed requirement in IAS 32 and is classi\ufb01ed as a deriva\ue001ve liability. The instruments meets the de\ufb01ni\ue001on of a deriva\ue001ve because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue001al net investment and they will be se\ue002led at a future date. Such deriva\ue001ve \ufb01nancial instruments are ini\ue001ally recognized at fair value on the date on which a deriva\ue001ve contract is entered into and are subsequently remeasured at fair value. See note 14 for addi\ue001onal informa\ue001on on these instruments and the valua\ue001on approach. Government Grants Government grants are recognized where there is reasonable assurance that the grant will be received and all a\ue002ached condi\ue001ons will be complied with. When the grant relates to an expense item, it is recognized as income on a systema\ue001c basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset. See COVID-19 Pandemic sec\ue001on below for addi\ue001onal informa\ue001on related to the Government PPP loan which was forgiven during 2021. Cash Flow The cash \ufb02ow statement is prepared according to the indirect method. Cri\ue001cal Accoun\ue001ng Es\ue001mates and Judgments The prepara\ue001on of audited consolidated \ufb01nancial statements in conformity with IFRS requires management to make certain es\ue001mates and judgments that a\ufb00ect the reported amounts of assets and liabili\ue001es at the date of the audited consolidated \ufb01nancial statements and the reported amounts of revenue and expenses during the repor\ue001ng period. Es\ue001mates and judgments are con\ue001nually evaluated based on historical experience and other factors, including expecta\ue001ons of future events that are believed to be reasonable under the circumstances. Although the Company regularly assesses these es\ue001mates, actual results could di\ufb00er from those es\ue001mates. Changes in es\ue001mates are recorded in the period in which they occur and become known. Signi\ufb01cant es\ue001mates and judgments are applied in the following areas: \u2022 Es\ue001ma\ue001ng the amounts due for the ini\ue001al funding period provision related to the Regenyx investment (note 9) \u2022 Assump\ue001ons and es\ue001mates related to the impairment of the investment in Regenyx, including future cash \ufb02ows (note 9) \u2022 Recording accounts receivable, and considera\ue001on of any poten\ue001al allowance for expected credit losses (note 10) \u2022 Useful lives a\ue002ributed to property plant and equipment and intangible assets (notes 6 and 7) \u2022 Revenue recognized in accordance with the stage of comple\ue001on method (see accoun\ue001ng policy above and note 2) \u2022 Stock-based compensa\ue001on expense (note 15) \u2022 Warrant and stock subscrip\ue001on rights, valua\ue001on assump\ue001ons (note 14) \u2022 Assump\ue001ons related to the ini\ue001al recogni\ue001on of leases and the subsequent accoun\ue001ng for these agreements, including incremental borrowing rates and determina\ue001on of lease term applied when compu\ue001ng lease liabili\ue001es (see also accoun\ue001ng policy above and note 8) Fair value measurement Warrant and stock subscrip\ue001on rights and the stock compensa\ue001on expenses, all require measurement at, and/or disclosure of, fair value. The fair value measurement of Agilyx Group\u2019s \ufb01nancial and non-\ufb01nancial assets and liabili\ue001es u\ue001lizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into di\ufb00erent levels based on how observable the inputs used in the valua\ue001on technique u\ue001lized are (the \u2018fair value hierarchy\u2019): \u2022 Level 1: Quoted prices in ac\ue001ve markets for iden\ue001cal items (unadjusted) \u2022 Level 2: Observable direct or indirect inputs other than Level 1 inputs \u2022 Level 3: Unobservable inputs (i.e. not derived from market data). The classi\ufb01ca\ue001on of an item into the above levels is based on the lowest level of the inputs used that has a signi\ufb01cant e\ufb00ect on the fair value measurement of the item. Transfers of items between levels are recognized in the period they occur. Please refer to the applicable notes as referenced above, for addi\ue001onal informa\ue001on on the fair value measurements applied within these \ufb01nancial statements. New Standards Interpreta\ue001ons and Amendments Adopted January 1, 2022 Of the new standards that were e\ufb00ec\ue001ve for the \ufb01rst \ue001me for periods beginning on or a\ufb05er January 1, 2022 (primarily amendments to IAS 37 for Onerous contracts and amendments to IAS 16, IAS 41, IFRS 1, IFRS 3, IFRS 9 and IFRS 16), none of these had a speci\ufb01c impact on the results of the Agilyx Group. New Standards Interpreta\ue001ons And Amendments Not Yet E\ufb00ec\ue001ve There are a number of standards, amendments to standards, and interpreta\ue001ons which have been issued by the IASB that are e\ufb00ec\ue001ve in future accoun\ue001ng periods that the Group has decided not to adopt early. The following amendments are e\ufb00ec\ue001ve for the period beginning 1 January 2023: \u2022 Disclosure of Accoun\ue001ng Policies (Amendments to IAS 1 and IFRS Prac\ue001ce Statement 2); \u2022 De\ufb01ni\ue001on of Accoun\ue001ng Es\ue001mates (Amendments to IAS 8); and \u2022 Deferred Tax Related to Assets and Liabili\ue001es arising from a Single Transac\ue001on (Amendments to IAS 12). The following amendments are e\ufb00ec\ue001ve for the period beginning 1 January 2024: \u2022 IFRS 16 Leases (Amendment \u2013 Liability in a Sale and Leaseback) \u2022 IAS 1 Presenta\ue001on of Financial Statements (Amendment \u2013 Classi\ufb01ca\ue001on of Liabili\ue001es as Current or Non-current) \u2022 IAS 1 Presenta\ue001on of Financial Statements (Amendment \u2013 Non-current Liabili\ue001es with Covenants) Agilyx Group is currently assessing the impact of these new accoun\ue001ng standards and amendments, but does not expect any a material impact at this stage. COVID-19 Pandemic On January 30, 2020, the World Health Organiza\ue001on (WHO) announced a global health emergency because of a new strain of coronavirus origina\ue001ng in Wuhan, China (the COVID-19 outbreak) and the risks to the interna\ue001onal community as the virus spread globally beyond its point of origin. In March 2020, the WHO classi\ufb01ed the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak on the economy and the Company\u2019s opera\ue001ons is \ufb02uid and constantly evolving. Management is ac\ue001vely monitoring the global situa\ue001on and its impact on the Agilyx Group \ufb01nancial condi\ue001on, liquidity, opera\ue001ons, suppliers, customers, industry, and workforce. On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). The CARES Act, among other things, included provisions rela\ue001ng to refundable payroll tax credits, deferment of employer side social security payments, net opera\ue001ng loss carryback periods, alterna\ue001ve minimum tax credit refunds, modi\ufb01ca\ue001ons to the net interest deduc\ue001on limita\ue001ons, increased limita\ue001ons on quali\ufb01ed charitable contribu\ue001ons, and technical correc\ue001ons to tax deprecia\ue001on methods for quali\ufb01ed improvement property. The CARES Act also appropriated funds for the Small Business Administra\ue001on\u2019s (SBA) Paycheck Protec\ue001on Program loans (PPP loan), which are forgivable in certain situa\ue001ons to promote con\ue001nued employment, as well as Economic Injury Disaster Loans to provide liquidity to small businesses harmed by COVID-19. \u201cOn April 20, 2020, Agilyx Corpora\ue001on obtained a $779,400 PPP loan through Comerica Bank. The applica\ue001on for these funds required Agilyx Corpora\ue001on to, in good faith, cer\ue001fy that the current economic uncertainty made the loan request necessary to support the ongoing opera\ue001ons of Agilyx Corpora\ue001on. This cer\ue001\ufb01ca\ue001on further required Agilyx Corpora\ue001on to take into account current business ac\ue001vity at the \ue001me and its ability to access other sources of liquidity su\ufb03cient to support ongoing opera\ue001ons in a manner that was not signi\ufb01cantly detrimental to the business. As permi\ue002ed Under the terms of the CARES Act, the Agilyx Corpora\ue001on applied for forgiveness recipients of loans under the Paycheck Protec\ue001on Program and was granted forgiveness of the loan under no\ue001ce of forgiveness on May 31, 2021. The receipt of these funds, and the forgiveness of the loan a\ue002endant to these funds, was dependent on Agilyx Corpora\ue001on having ini\ue001ally quali\ufb01ed for the loan and qualifying for the forgiveness of such loan. Such forgiveness was determined, subject to limita\ue001ons, based on the use of loan proceeds for payment of payroll costs and certain other eligible costs. While outstanding the PPP loan has a two-year term and bore interest at a rate of 1.00% per annum. Monthly principal and interest payments under the PPP loan were originally deferred for six months. The Paycheck Protec\ue001on Flexibility Act of 2020 extended the deferral period for loan payments to either (a) the date that the Small Business Administra\ue001on remi\ue002ed the borrower\u2019s loan forgiveness amount to the lender or (b) if the borrower did not apply for loan forgiveness, ten months a\ufb05er the end of the borrower\u2019s loan forgiveness covered period. Agilyx Corpora\ue001on did not have to make any repayments as a result of this Act. \u201c Note 3 OPERATING EXPENSES BY NATURE Agilyx presents the opera\ue001ng expenses by func\ue001on in the pro\ufb01t and loss statement. Below is the total opera\ue001ng expenses presented by nature. The parent company\u2019s opera\ue001ng expenses included fees related to it\u2019s func\ue001on as parent. OPERATING EXPENSES CLASSIFIED BY NATURE Group Parent 2021 2022 2021 2022 Raw materials and consumables 1,577,866 5,581,029 - - Salaries and related costs (note 4) 10,647,373 15,447,117 408,346 200,845 Deprecia\ue001on and amor\ue001za\ue001on 505,867 810,855 - - Professional fees 5,900,404 12,433,180 383,924 1,740,449 Insurance 482,033 514,781 - - O\ufb03ce expenses 835,401 1,191,869 - - Travel 298,961 561,109 - - Other opera\ue001ng expenses 1,100,538 1,800,640 - - Total expenses 21,348,443 38,340,580 792,270 1,941,294 Note 2 GEOGRAPHICAL DISTRIBUTION OF REVENUES Group 2021 2022 Europe 428,689 250,899 U.S. 3,894,758 9,511,791 APAC 463,826 6,694,629 Other 101,954 - Total sales by customers loca\ue001on 4,889,227 16,457,319 PRODUCT CATEGORY Group 2021 2022 Project development 2,786,855 609,695 License, membership and royalty fees 131,458 450,525 Sale of goods 1,970,914 15,397,099 Total sales by category 4,889,227 16,457,319 No sales was recognized in the parent company Agilyx ASA in 2021 and 2022. Note 4 SALARY AND SOCIAL COSTS Group Parent 2021 2022 2021 2022 Salaries 8,191,615 11,289,076 339,532 172,530 Social security and payroll tax costs (463,210) 972,623 50,230 22,315 Share-based compensa\ue001on (note 15) 1,739,995 1,548,815 - - Pension costs 136,681 171,875 18,584 6,000 Bene\ufb01ts and other expenses 1,042,292 1,464,728 - - Total salaries 10,647,373 15,447,117 408,346 200,845 Number of average full \ue001me employees 81 107 2 1 Agilyx ASA is required to provide an occupa\ue001onal pension scheme pursuant to the Act rela\ue001ng to Mandatory Occupa\ue001onal Pensions. The company\u2019s pension scheme complies with the requirements under that law. Agilyx GmbH, Switzerland has a mandatory pension arrangement for all employees through a state-run system. The arrangements are de\ufb01ned as contribu\ue001on plans. Agilyx has no pension arrangements in any of its other en\ue001\ue001es. This is in line with the corresponding local legisla\ue001on of its opera\ue001ons. SENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION - 2022 Salary Other bene\ufb01ts Share-based compensa\ue001on Total Timothy Stedman, Group CEO 433,177 231,410 211,066 875,653 Chris Faulkner, CTO 236,900 58,840 68,314 364,054 Russell Main, CFO 257,500 62,277 38,828 358,605 Mark Barranco, SVP Engineering & Educa\ue001on 262,649 57,328 119,274 439,251 Joe Vaillancourt, Cyclyx CEO 360,500 310,882 - 671,382 Louise Byrant, SVP Investor Rela\ue001ons 55,785 40,400 10,097 106,282 Isabel Charlo\ue002e Hacker, General Council 324,883 103,369 124,488 552,740 Carsten Larsen, CCO 268,152 29,497 268,817 566,466 Stephen Hamlet, VP Human Resources 78,269 8,065 11,682 98,016 Kate Ringier, VP Communica\ue001ons & Government A\ufb00airs 211,932 56,374 77,703 346,009 4,378,458 The CEO received his salary from Agilyx GmbH, Switzerland. The CEO has a severance agreement whereby he will receive 100% pay for 6 months for termina\ue001on by the Company without cause. SENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION - 2021 Salary Other bene\ufb01ts Share-based compensa\ue001on Total Timothy Stedman, CEO 405,225 156,534 511,701 1,073,460 Chris Faulkner, CTO 230,000 62,607 34,942 327,549 Russell Main, CFO 250,000 69,557 7,681 327,238 Mark Barranco, SVP Engineering & Educa\ue001on 255,000 10,681 144,774 410,455 Joe Vaillancourt, Cyclyx CEO 350,000 24,103 - 374,103 Kate Ringier, VP Communica\ue001ons & Government A\ufb00airs 207,621 39,257 152,767 399,645 2,912,450 The CEO received his salary from Agilyx GmbH, Switzerland. Note 5: Segment informa\ue001on Agilyx has two main segments: 1. Agilyx- this segment licenses its patented conversion technology and sells its patented equipment to industry players, whether they are exis\ue001ng strategic companies or newer entrepreneurial enterprises, to help them take feedstock and turn it into a product. We provide our partners with valuable know-how and robust technology that allows them to become part of the circular economy. 2. Cyclyx- is focused on ge\ue003ng the right feed for the conversion technology that a given customer is using. The aim is to do this while maximizing availability and lowering cost. The Cyclyx approach is an industry-wide answer, serving the en\ue001re market regardless of which conversion technology a company is using. Factors that management used to iden\ue001fy the reportable segments Both of these segments meet the quan\ue001ta\ue001ve thresholds to be a reportable segment. Management has concluded that these segments should be reported separately on the basis that: \u2022 Both segments are separate legal en\ue001\ue001es (see also note 17), that o\ufb00er di\ufb00ering products and services. \u2022 They are managed separately and each have their own Chief Execu\ue001ve O\ufb03cer and board of directors. \u2022 They are managed separately because each business requires di\ufb00erent technology and marke\ue001ng strategies. \u2022 Both prepare discrete \ufb01nancial informa\ue001on for the board and Chief Opera\ue001ng Decision Makers (CODM) to use in making decisions about resource alloca\ue001on and assess performance. \u2022 The Chief Opera\ue001ng Decision Maker of the consolidated Agilyx Group, is the Chief Execu\ue001ve O\ufb03cer, Tim Stedman. He is on the board of both segments and therefore reviews the results of the opera\ue001ng segments and uses that informa\ue001on to make decisions which a\ufb00ect the resources allocated to each segment individually, as well as on a consolidated basis. Measurement of opera\ue001ng segment pro\ufb01t or loss, assets and liabili\ue001es Segmental performance is measured in accordance with IFRS. Opera\ue001ng segments are presented using the management approach, where the informa\ue001on presented is on the same basis as the internal reports provided to the CODM. Inter-segment sales and balances are eliminated from the table below, which have a combined impact of improving 2022 income by $881,812 (improving 2021 income by $514,752). No tax bene\ufb01t is derived from these transac\ue001ons as all par\ue001es reside in the same tax jurisdic\ue001on. Segment assets exclude tax assets and assets used primarily for corporate purposes. Segment liabili\ue001es exclude tax, de\ufb01ned bene\ufb01t and warranty related liabili\ue001es. Loans and borrowings are not allocated as these are deemed to serve a group func\ue001on. REMUNERATION TO AUDITOR Group Parent 2021 2022 2021 2022 Audit fees 88,685 168,794 30,935 85,294 Con\ufb01rma\ue001on services 4,957 6,272 4,957 6,272 Tax services 3,206 6,856 3,206 6,856 Other non-audit services 15,442 11,751 15,442 11,751 Total fees 112,290 193,673 54,540 110,173 Audit fees to the parent auditor include VAT. PROFIT AND LOSS 2021 2022 Cyclyx Agilyx Total Cyclyx Agilyx Total Revenues from external customers 1,949,874 2,939,353 4,889,227 9,232,771 7,224,548 16,457,319 Deprecia\ue001on and amor\ue001za\ue001on 13,349 492,518 505,867 43,335 767,520 810,855 Segment loss (4,398,621) (12,060,595) (16,459,216) (4,692,176) (17,191,085) (21,883,261) Result from investment in Regenyx (948,272) (2,539,270) Fair value gain on warrant agreements 1,331,559 1,267,458 Interest expense (199,635) (104,277) Other \ufb01nancial income (expense), net 707,841 (125,304) Non-controlling interest 958,467 1,375,997 Group net loss (14,609,256) (22,008,657) BALANCE SHEET 2021 2022 Cyclyx Agilyx Total Cyclyx Agilyx Total Non-current asset addi\ue001ons 405,458 535,042 940,500 201,500 732,614 934,114 Reportable segment assets 6,707,612 21,302,136 28,009,748 9,614,712 14,975,949 24,590,661 Total group assets 28,009,748 24,590,661 Reportable segment liabili\ue001es 2,980,993 1,638,433 4,619,426 6,016,341 5,211,523 11,227,864 Loans and borrowings (excluding leases) 1,271,853 - Deriva\ue001ve \ufb01nancial liabili\ue001es 7,570,647 6,303,189 Total group liabili\ue001es 13,461,926 17,531,053 CASH FLOW 2021 2022 Cyclyx Agilyx Total Cyclyx Agilyx Total Net cash from opera\ue001ons (2,163,709) (13,509,096) (15,672,805) (4,233,146) (11,024,569) (15,257,715) Net cash from investments (280,458) (2,338,039 (2,618,497) - (3,473,384) (3,473,384) Net cash from \ufb01nancing - (1,037,472) (1,037,472) (1,000,000) 13,832,264 12,832,264 Revenue by geography - Revenue by geography is included in Note 2. The Cyclyx segment revenue is primarily derived from the US. Non-current assets by geography - All non-current assets reside in the US. The Group has the following major customers, which each accounted for at least 10% of revenues in 2022 or 2021: 2021 2022 Segment Customer A 1,767,950 8,792,620 Cyclyx Customer B 1,309,374 6,604,479 Agilyx Customer C 568,795 144,331 Agilyx Customer D 456,673 139,880 Agilyx In December 2019, the Company entered into an agreement to purchase technology under a license contract. The purchase price of the technology was $3,575,000, and it is being amor\ue001zed on a straight-line basis over the es\ue001mated life of the technology through December 2039. Amor\ue001za\ue001on expense under the license agreement totaled $178,750 for the years ended 2021 and 2022. In December 2019, the Company entered into a Technology Transfer and License Agreement with another vendor to develop customized ar\ue001\ufb01cial intelligence models (\u201cAI Models\u201d) and products rela\ue001ng to feedstock management and opera\ue001ng assets op\ue001miza\ue001on. Licenses for the models have been granted for 15 years with the \ufb01rst 4 years of exclusivity. Amor\ue001za\ue001on of the contract will start when the deliveries under the contract is completed and in service. Amor\ue001za\ue001on expense under the license agreement totaled $217,250 for the year ended 2022. Note 6 Intangible assets include the following contracts Licensed technology Exclusivity license Total (i) Cost Balance at January 1, 2021 3,575,000 1,188,378 4,763,378 Addi\ue001ons - - - Balance at December 31, 2021 3,575,000 1,188,378 4,763,378 Addi\ue001ons - - - Balance at December 31, 2022 3,575,000 1,188,378 4,763,378 (ii) Accumulated amor\ue001za\ue001on Balance at January 1, 2021 186,198 - 186,198 Amor\ue001za\ue001on charge 178,750 - 178,750 Balance at December 31, 2021 364,948 - 364,948 Amor\ue001za\ue001on charge 178,750 217,250 396,000 Balance at December 31, 2022 543,698 217,250 760,948 (iii) Net book value Balance at December 31, 2021 3,210,052 1,188,378 4,398,430 Balance at December 31, 2022 3,031,302 971,128 4,002,430 Economic life 20 4 Machinery and equipment include computers, furniture, \ufb01xtures and other equipment. Leasehold improvements relates to the lease of facili\ue001es in the U.S. which expires in 2029. All tangible assets are depreciated on a straight line basis over the expected useful life. Note 7 Property, plant and equipment Leasehold improvements Machinery and equipment Total Costs At cost January 1, 2021 227,488 427,853 655,341 Addi\ue001ons 488,381 151,843 640,224 At cost December 31, 2021 715,869 579,696 1,295,565 Addi\ue001ons 386,473 547,641 934,114 At cost December 31, 2022 1,102,342 1,127,337 2,229,679 Deprecia\ue001on Accumulated deprecia\ue001on January 1, 2021 218,001 166,348 384,349 Deprecia\ue001on for the year 4,002 72,097 76,099 Accumulated deprecia\ue001on December 31, 2021 222,003 238,445 460,448 Deprecia\ue001on for the year 27,317 121,926 149,243 Accumulated deprecia\ue001on December 31, 2022 249,320 360,371 609,691 Net book value December 31, 2021 493,866 341,251 835,117 Net book value December 31, 2022 853,022 766,966 1,619,988 Economic life Contract period 3-20 years Note 8 RIGHT OF USE ASSETS AND LEASE LIABILITIES Agilyx Group has four leases that are in the scope of IFRS 16: three property leases and one lease of computer equipment. None of these contracts have variable lease payments. One property contract includes an extension op\ue001on, which Agilyx Group management are reasonably certain will be exercised , due to signi\ufb01cant investment in the property, the extension period has therefore been included in the lease term. Right of use assets Property Equipment Total At January 1, 2021 852,044 78,296 930,340 Addi\ue001ons 300,276 - 300,276 Amor\ue001za\ue001on (234,224) (16,794) (251,018) Disposal/termina\ue001on of old lease (5,138) - (5,138) At December 31, 2021 912,958 61,502 974,460 Addi\ue001ons - - - Amor\ue001za\ue001on (248,529) (17,083) (265,612) Disposal/termina\ue001on of old lease - - - At December 31, 2022 664,429 44,419 708,848 Lease liability Lease liabili\ue001es at January 1, 2021 871,939 70,294 942,233 Addi\ue001ons 300,276 - 300,276 Lease payments (292,033) (19,789) (311,822) Interest expense 65,596 3,746 69,342 Disposal/termina\ue001on of old lease (5,618) - (5,618) Lease liabili\ue001es at December 31, 2021 940,160 54,251 994,411 Addi\ue001ons - - - Lease payments (312,033) (19,789) (331,822) Interest expense 66,674 2,767 69,441 Disposal/termina\ue001on of old lease - - - Lease liabili\ue001es at December 31, 2022 694,801 37,229 732,030 Useful Economic life 3-7 years 5 years The following is a presenta\ue001on of the undiscounted commi\ue002ed cash \ufb02ows related to the remaining lease liabili\ue001es: 0-12 months Between 1-2 years Between 2-5 years 5+ years Total As at December 31, 2021 298,622 245,054 438,873 155,411 1,137,960 As at December 31, 2022 245,054 228,777 210,096 155,411 839,338 Note 9: Investment in Regenyx Agilyx holds a 50% interest in Regenyx. Regenyx was formed in April 2019 and shares its opera\ue001on space with Agilyx and Cyclyx in Tigard, OR. Despite holding a 50% interest, Agilyx has assessed that it does not have control or joint control of Regenyx. This is driven by the other 50% shareholder controlling the purchases and sales of Regenyx, via various mechanisms within the opera\ue001ng agreements. Agilyx does have the power to par\ue001cipate in the \ufb01nancial and opera\ue001ng policy decisions of the investee, via its board posi\ue001on. Agilyx has therefore determined that it has signi\ufb01cant in\ufb02uence over Regenyx and its investment is therefore measured using the equity method as an investment in associate. In the period between April 2021 and April 2024 under certain condi\ue001ons Agilyx is subject to a contractual obliga\ue001on to purchase all of AmSty\u2019s equity investment in Regenyx at the op\ue001on of AmSty (\u201cput op\ue001on\u201d). The purchase price is based on the fair market value of the membership units held by AmSty at the date of exercise. The strike price of the op\ue001on is fair value. Hence, the value of considera\ue001on due upon exercise of the op\ue001on and the asset acquired (shares), would be equal and therefore no value has been a\ue002ributed to this put op\ue001on. At the date of this report, no events has occurred that will ini\ue001ate the purchase of AmSty\u2019s investment in Regenyx. Impairment of Investment Agilyx Group is split into two CGU\u2019s for impairment analysis purposes, Agilyx and Cyclyx, which is in alignment with the segments disclosed in note 5. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cash \ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. For the investment in Regenyx, objec\ue001ve evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted nega\ue001ve cash \ufb02ows being generated by the en\ue001ty, which would require capital contribu\ue001ons from Agilyx and AmSty in order to support its con\ue001nued opera\ue001on. Due to the projected nega\ue001ve cash \ufb02ows and the unique nature of the underlying plant, it was determined that the recoverable amount was zero under both the value in use and fair value less cost to sell methodology therefore the investment in Regenyx has been fully impaired at January 1, 2021. As can be seen in the tables below, subsequent capital investments by Agilyx, led to impairments for both balance sheet periods presented on the basis that the recoverable amount using the value in use and fair value less cost to sell methodologies would lead to a fully wri\ue002en o\ufb00 investment. Despite the impairment, Agilyx Group con\ue001nues to invest in Regenyx for the broader bene\ufb01ts that it brings to the Group, which include servicing an important customer in AmSty, as well as, providing R&D and marke\ue001ng value to demonstrate various new and current technologies being developed and implemented by the Group. CALCULATION OF BALANCE SHEET VALUE OF INVESTMENT IN REGENYX Balance sheet value December 31, 2020 - Investment during 2021 - above ini\ue001al es\ue001mated cash ou\ue005low 948,272 Impairment charge \u2013 fully impair balance (948,272) Balance sheet value December 31, 2021 - Investment during 2022 - above ini\ue001al es\ue001mated cash ou\ue005low 2,539,270 Impairment charge \u2013 fully impair balance (2,539,270) Balance sheet value December 31, 2022 - SUMMARIZED FINANCIAL INFORMATION OF REGENYX As at December 31 2021 2022 Current assets 584,772 776,403 Non-current assets 2,845,422 3,565,812 Current liabili\ue001es 406,311 2,233,063 Non-current liabili\ue001es 3,907 - Net assets (100%) 3,019,976 2,109,152 Period Ended December 31 Revenues 798,284 1,004,279 Total and other comprehensive loss (3,119,103) (4,451,216) Note 10 ACCOUNTS RECEIVABLE Group Parent 2021 2022 2021 2022 Trade accounts receivable 154,524 231,738 - - Related party receivables 350,371 1,815,159 - - Payroll tax refund receivable 1,164,995 396,556 - - Total accounts receivable 1,669,890 2,443,453 - - The carrying amount of accounts receivable is measured at amor\ue001zed cost, which approximates fair value. Agilyx applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses using a life\ue001me expected credit loss provision for all accounts receivables. To measure expected credit losses on a collec\ue001ve basis, accounts receivables are grouped based on similar credit risk and aging. The expected loss rates are based on Agilyx\u2019s historical credit losses experienced over the period since adop\ue001on of IFRS. Historically Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Given this context, the impact of any forward looking factors is not expected to adjust the conclusion that no allowance is required. Note 11 INVENTORY Inventories consist of the following: Group 2021 2022 Raw materials 5,969 184,165 Finished goods 151,801 1,502,961 Total inventories 157,770 1,687,126 Note 12 ACCOUNTS PAYABLE Group Parent 2021 2022 2021 2022 Accounts payable 1,241,420 2,640,756 - 424 Related party payables 205,728 - - - Total accounts payable 1,447,148 2,640,756 - 424 One of the main factors applied when concluding that no allowance is required, is the aging of the accounts receivable balances: Group 2021 2022 Non-overdue amounts - - 0-30 days past due 1,356,208 - 31-60 days past due 148,874 - 61-90 days past due - 81,283 Over 90 days past due 164,808 2,362,170 1,669,890 2,443,453 Note 13 ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Group Parent 2021 2022 2021 2022 Payroll and related accruals 278,761 438,707 84,438 93,063 Products and services 297,654 1,470,836 - - Current license payment 225,000 - - - Total accrued expenses and other current liabili\ue001es 801,415 1,909,543 84,438 93,063 The ordinary share warrants and subscrip\ue001on rights, are the only \ufb01nancial instruments measured at fair value through the pro\ufb01t and loss. This treatment is required for the Warrants because the terms of the Warrant include a cash less exercise op\ue001on, which triggers deriva\ue001ve treatment in accordance with IFRS 9. This is because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue001al net investment and they will be se\ue002led at a future date. All ordinary share warrants and subscrip\ue001on rights are measured using level 3 inputs on the fair value hierarchy. There were no transfers between the levels of the fair value hierarchy during any of the years presented. The valua\ue001on of the Warrant liability was performed using the Black Scholes Model, the following inputs were signi\ufb01cant in the computa\ue001on of fair values at each repor\ue001ng date: Note 14: Warrants The Company has granted warrants in connec\ue001on with various debt and equity issuances. The following table re\ufb02ects the total of outstanding warrants as of December 31, 2022 that are exercisable into ordinary shares: Number of ordinary shares Exercise price per share - USD Expira\ue001on Ordinary share warrants converted to subscrip\ue001on rights 2,447,100 1.00 2025 Group and parent December 31, 2021 Group and parent December 31, 2022 Warrant liabili\ue001es 7,570,647 6,303,189 The reconcilia\ue001on of the opening and closing fair value balance of level 3 \ufb01nancial instruments is provided below (this is applicable for both the Group and Parent only \ufb01nancial statements): Warrant liability At January 1, 2021 11,267,832 Warrants exercised (converted into 437,500 ordinary shares) (2,365,626) Gain on warrant value - presented as fair value through pro\ufb01t and loss (1,331,559) At December 31, 2021 7,570,647 Gain on warrant value - presented as fair value through pro\ufb01t and loss (1,267,458) At December 31, 2022 6,303,189 During 2022, the Board of Directors authorized an extension on all warrants now having an expira\ue001on date of August 7, 2025. This modi\ufb01ca\ue001on had no material impact on the 2021 valua\ue001on. As the outstanding warrants for Agilyx are well in the money as of the December 31, 2021, and 2022 repor\ue001ng dates, the valua\ue001ons performed determined that the preponderance of the amount, for each of the respec\ue001ve dates, was intrinsic value in nature. Hence there was very li\ue002le \ue001me value associated with the es\ue001mate of value calculated. As a result of this rela\ue001onship, the change in the value of the instruments is going to be more closely correlated with the change in the underlying equity price as opposed to a change in vola\ue001lity. This determina\ue001on was corroborated with the sensi\ue001vity calcula\ue001ons completed. During 2022, no warrants were exercised (2021: 437,500). Group and parent December 31, 2021 Group and parent December 31, 2022 Expected term Various 7-Aug-25 Equity vola\ue001lity 30.00 - 35.00% 30% Risk free rate 0.39 - 0.98% 4.34% The sensi\ue001vity analysis of a reasonably possible change in one signi\ufb01cant unobservable input, being the underlying equity value, holding other inputs constant would be: Equity value at expira\ue001on -5% Equity value at expira\ue001on + 5% At December 31, 2021 (378,160) 378,160 At December 31, 2022 (315,160) 315,159 The following informa\ue001on is relevant in the determina\ue001on of the fair value of op\ue001ons granted during the year under the equity share based remunera\ue001on schemes operated by the Group. All employees Key management personnel 2021 2022 2021 2022 Equity-Se\ue002led Op\ue001on pricing model used Black-Scholes Black-Scholes Black-Scholes Black-Scholes Share price at grant date (Weighted Average) $1.09 $1.02 $0.68 $1.05 Exercise Price (Weighted Average) $1.17 $2.62 $0.68 $2.75 Contractual Life (Weighted Average) 7.87 6.12 7.5 6.15 Expected Vola\ue001lity (Weighted Average) 33% 32% 35% 33% Expected Dividend Growth Rate 0% 0% 0% 0% Risk Free Interest Rate (Weighted Average) 1.07% 2.84% 1.03% 2.90% Note 15 STOCK OPTION PLAN Stock Op\ue001on Ac\ue001vity Number of shares Weighted average exercise price Weighted average contractual term (years) Aggregate intrinsic value Balance at January 1, 2021 12,182,400 $0.75 8.39 50,556,190 Share authorized Op\ue001ons granted 1,793,750 $3.52 Op\ue001ons exercised (2,192,946) $0.12 8,706,073 Op\ue001ons forfeited/expired (350,580) $ 4.94 Balance at December 31, 2021 11,432,624 $1.17 7.81 33,223,561 Share authorized Op\ue001ons granted 1,815,000 2.62 Op\ue001ons exercised (769,509) 0.28 Op\ue001ons forfeited/expired (188,899) 2.30 Balance at December 31, 2022 12,289,216 $1.40 7.71 26,343,495 Op\ue001ons vested and expected to vest at December 31, 2022 12,289,216 $1.40 7.71 26,343,495 Op\ue001ons Exercisable 7,078,142 $0.83 5.62 18,231,441 The 2020 plan became e\ufb00ec\ue001ve as of June 4, 2020. Prior to this date Agilyx Corp had implemented a 2009 Stock Incen\ue001ve plan. The 2009 plan was considered null and void a\ufb05er the e\ufb00ec\ue001ve date of the 2020 plan, but were replaced with new op\ue001ons in the new plan. The result was a modi\ufb01ca\ue001on of the op\ue001ons granted to each relevant counterparty which resulted in accelerated ves\ue001ng. The result was bene\ufb01cial (i.e. a higher fair value) to the employees since the service condi\ue001ons were shortened for each counterparty. The total value of the modi\ufb01ed grants was $216,535. Management calculated the total compensa\ue001on cost for each new tranche and will be recognizing the new compensa\ue001on cost straight-lined over the new ves\ue001ng periods. Es\ue001mated vola\ue001lity is calculated based on the historical vola\ue001lity of similar en\ue001\ue001es whose share prices are publicly traded. The total number of shares that may be issued under this plan are 15,000,000 shares. If an op\ue001on expires, terminates or is canceled, the unissued shares subject to that op\ue001on shall again be available under the Plan. The op\ue001ons outstanding have a range of exercise prices from $0.06 to $4.68 Note 16 SHAREHOLDERS AS OF DECEMBER 31, AND SHARES HELD BY THE CEO AND BOARD MEMBERS 2022 Ci\ue001bank 41,599,027 49.2 % SIX SIS AG 6,220,419 7.4 % Morgan Stanley & Co. Int. Plc. 5,222,872 6.2 % Clearstream Banking S.A. 4,236,359 5.0 % Merrill Lynch 3,746,671 4.4 % BNP Paribas Securi\ue001es Services 2,495,817 3.0 % Verdipapirfondet First Generator 1,485,374 1.8 % MP Pension PK 1,455,251 1.7 % Pictet & Cie (Europe) S.A. 1,310,809 1.6 % Sundt AS 1,240,000 1.5 % UFI Capital AS 1,043,981 1.2 % Verdipapirfondet DMB SMB 1,008,704 1.2 % Verdipapirfondet First Globalt 933,786 1.1 % Verdipapirfondet Fonds\ufb01nas Norge 919,292 1.1 % DNB Markets Aksjehandel 864,808 1.0 % Others 10,746,788 12.7 % Total 84,529,958 100.0 % Ordinary shares include 84,529,958 shares at par value NOK 0.02, all issued and fully paid. 2021 Ci\ue001bank 39,550,040 51.0 % SIX SIS AG 6,342,165 8.2 % Clearstream Banking S.A. 4,557,699 5.9 % Merrill Lynch 3,642,400 4.7 % MP Pension PK 1,870,351 2.4 % Sundt AS 1,806,700 2.3 % Morgan Stanley & Co. Int. Plc. 1,437,798 1.9 % BNP Paribas Securi\ue001es Services 1,296,246 1.7 % JPMorgan Chase Bank 1,146,177 1.5 % Caceis Bank 1,057,477 1.4 % DNB Markets Aksjehandel 1,042,640 1.3 % UFI Capital AS 846,981 1.1 % Others 12,936,272 16.7 % Total 77,532,946 100.0 % Ordinary shares include 74,902,500 shares at par value NOK 0.02, all issued and fully paid. As at January 1, 2021 there were 74,902,500 Ordinary Shares. Within the statement of changes in equity the share capital column provides a reconcilia\ue001on of the par value of the Ordinary shares during 2021 and 2022. The tables above present the year end balances in total, the movements can be computed using the share capital column and adjus\ue001ng for the NOK exchange rate at the relevant transac\ue001on dates. There are no special rights or restric\ue001ons with regards the Ordinary shares, each is en\ue001tled to one vote and a propor\ue001onal share any remaining assets in the event of a liquida\ue001on. The total number of authorized shares was 87,705,500 at December 31, 2021 and December 31, 2022. The di\ufb00erence between the authorized number of shares and those that are fully issued and paid relates to shares reserved by Agilyx Group to be issued under Stock Op\ue001on contracts. THE FOLLOWING DESCRIBES THE NATURE AND PURPOSE OF EACH RESERVE WITHIN EQUITY: Reserve Descrip\ue001on and purpose Share premium Amount subscribed for share capital in excess of nominal value, in the post inversion period Addi\ue001onal paid in capital Pre inversion amounts related to the exercise of stock op\ue001ons and post inversion transac\ue001ons related to stock op\ue001ons and warrants. Uncovered loss All other net gains and losses and transac\ue001ons with owners (e.g. dividends) not recognized elsewhere. SHARES AND OPTIONS HELD BY THE CEO AND MEMBERS OF THE BOARD OF DIRECTORS Name Title Op\ue001ons and Warrants Granted Shares Owned Note Timothy Stedman CEO 2,893,900 86,842 1) Ranjeet Bha\ue001a GM and board member - 92,700 2) Jan Secher Board member 100,000 - 3) Steen Jakobsen Board member 75,000 - 4) Peter Norris Board member 100,000 156,645 5) Martha Crawford Board member 75,000 - 6) Carolyn Clarke Board member 75,000 - 7) Catherine Keenan Board member 75,000 - 8) Note 1. The CEO has received op\ue001ons to purchase shares as a part of the total compensa\ue001on package. The exercise price for each share is $1.06. Addi\ue001onally, Mr. Stedman has personally acquired 86,842 shares. The op\ue001ons granted expire on August 17, 2030. 2. Mr. Bha\ue001a is a member of the board, represents Sa\ufb00ron Hill Ventures and controls 92,700 shares. 3. Mr. Secher is the chair of the board and was granted 100,000 op\ue001ons with an exercise price of $2.19. 4. Mr. Jakobsen is a member of the board, represents Saxo Bank and was granted 75,000 op\ue001ons with an exercise price of $2.19. 5. Mr. Norris is a member of the board, represents Vigin Group Holdings Limited, controls 156,645 shares and was granted 75,000 op\ue001ons with an exercise price of $2.19 and has 25,000 warrants exercisable as ordinary shares having a calculated fair value of $2.58 per share. 6. Mrs. Crawford is a member of the board and was granted 75,000 op\ue001ons with an exercise price of $2.19. 7. Mrs. Clarke is a member of the board and was granted 75,000 op\ue001ons with an exercise price of $2.19. 8. Mrs. Keenan is a member of the board and was granted 75,000 op\ue001ons with an exercise price of $2.19. Note 17 SHARES IN SUBSIDIARIES AND RELATED PARTY TRANSACTIONS Agilyx ASA has the following shares in subsidiaries as of December 31 Subsidiary O\ufb03ce Share Vo\ue001ng rights Equity Book value - 2021 Book value - 2022 Agilyx Corp Portland, OR, U.S. 100% 100% 11,207,032 31,321,462 52,034,717 Agilyx GmbH Zurich, Switzerland 100% 100% 402,980 163,005 163,005 Agilyx ApS Stuckenbergs, Denmark 100% 100% 37,347 - - Cyclyx Interna\ue001onal, LLC Portsmouth, NH, U.S. 75% 75% 2,786,560 - - 31,484,467 52,197,722 Related party transac\ue001ons: Group level - During 2022, Cyclyx had $8.8M of product sales to ExxonMobil Chemical Co. (2021 $1.7M), a minority holder in Cyclyx. Included within Related party receivables in note 10, is $1,361,527 due from Regenyx at December 31, 2022 ($350,371 at December 31, 2021) and $453,632 due from ExxonMobile at December 31, 2022. Included within Related party payables in note 12, is $198,500 due to ExxonMobile Chemical Co., at December 31, 2021, and $7,228 due to board members at December 31, 2021. Parent level - At December 31, 2022 the parent company, Agilyx ASA, has an intercompany payable of $1,783,485 to Agilyx Corp (December 31, 2021: $453,563) and $1,140,209 payable to Agilyx GmbH (December 31, 2021: $568,857) net of an intercompany receivable of $408,346 to Agilyx Corp. These inter-group payables represent opera\ue001ng and management costs incurred and or paid at the subsidiary and subsequently recharged to the parent. Speci\ufb01c parent related costs included: 2021 2022 Management charges from Agilyx GmbH 431,000 577,000 Salary related cross-charges to Agilyx Corp (408,000) - Subsidiary Informa\ue001on: Agilyx Corp- Agilyx Corp was formed in 2004 in Oregon, United States of America. Agilyx Corp became a subsidiary of Agilyx ASA by way of a share inversion that took place on January, 2020. The share inversion e\ufb00ec\ue001vely converted all the shares of Agilyx Corp into shares of Agilyx ASA. Agilyx GmbH- Agilyx GmbH was formed in August, 2020 in Zurich, Switzerland. The subsidiary was created to provide addi\ue001onal reach into European markets. Cyclyx Interna\ue001onal, LLC- Cyclyx Interna\ue001onal, LLC is a partnership o\ufb03cially formed in the state of Delaware, United States of America on December, 2020. Since incep\ue001on, Agilyx Group has owned 75% of the en\ue001ty, with 25% owned by ExxonMobil Chemical Corpora\ue001on (\u201cEMCC\u201d). The Partnership was formed to develop low cost pathways to recycle plas\ue001cs. EMCC contributed opera\ue001onal funds of $8,000,000 while Agilyx Corp contributed technology and know-how that was not revalued due to consolida\ue001on within the Group accounts. EMCC\u2019s cash contribu\ue001on was recognized 75% to the equity holders of the parent and 25% to the non-controlling interest. Summarized \ufb01nancial informa\ue001on in rela\ue001on to Cyclyx Interna\ue001onal, LLC, before intra group elimina\ue001ons, is presented below: 2021 2022 As at December 31 Current assets 7,390,312 8,104,571 Non-current assets 753,132 598,102 Current liabili\ue001es 3,977,439 5,652,162 Non-current liabili\ue001es 276,133 263,409 For the period ended December 31 Revenue 2,201,245 10,512,034 Loss (3,833,889) (5,503,883) Loss allocated to non-controlling interest (958,467) (1,375,997) Addi\ue001onal informa\ue001on regarding the Cyclyx opera\ue001on can be seen in note 5. Note 18 INCOME TAXES Components of the income tax expense There was no provision for income taxes recorded at both the Group and parent level for the years ended December 31, 2021 and 2022, respec\ue001vely. Group Parent 2021 2022 2021 2022 Basis for income tax expense Result before taxes (15,567,723) (23,384,655) 523,532 (787,412) Issue costs shares - - - - State bene\ufb01t (1,300) (17,035) - - Permanent di\ufb00erences (4,671,248) (13,427) (3,908,695) (1,112,081) Changes in temporary di\ufb00erences (2,638,969) 1,091,933 - - Basis for payable taxes in the income statement (22,879,240) (22,323,184) (3,385,163) (1,899,493) Deferred tax asset: Loss carried forward 45,444,321 50,289,598 744,736 1,162,624 Research & other credits 2,640,341 2,764,993 - - Capitalized R&D - 539,265 - - Reserves and accruals 13,433 - - - Stock based compensa\ue001on 60,685 239,015 - - Unrealized gain/loss 1,495,815 1,329,598 - - Lease liability 219,267 159,729 - - Investment in partnership 871,584 912,848 - - Total deferred tax assets 50,745,446 56,235,046 744,736 1,162,624 Deferred tax liabili\ue001es: - - Other intangibles (43,920) (23,527) - - Fixed assets (26,815) (235,382) - - Prepayments (33,762) (38,247) - - Right of use assets (214,869) (154,671) - - Investment in partnership - - - - Total deferred tax liabili\ue001es (319,366) (451,827) - - Net deferred tax assets 50,426,080 55,783,219 744,736 1,162,624 Recognized deferred tax assets - - - - Statutory tax rate 21% 21% 22% 22% Tax rate 0% 0% 0% 0% Note 19 NOTES PAYABLE During 2021 there was a Note Payable outstanding, with a maturity date during 2022. The agreed interest rate over the period is 8% p.a. The note was repaid in 2022. The current por\ue001on of this notes payable amounted to $1,271,853 at December 31, 2021 and is classi\ufb01ed as current liabili\ue001es. Realiza\ue001on of deferred tax assets is dependent upon future earnings, if any, the \ue001ming and amount of which are uncertain. Unrecognized deferred tax assets totaled $55.8 million (2021: $50.4 million) and in Norway $1.2 million (2021: $0.7 million). As of December 31, 2022, net opera\ue001ng loss for federal income tax purposes in U.S. of approximately $182.4 million, por\ue001ons of which will begin expire in 2030. Total state net opera\ue001ng loss carryforward in U.S. of approximately $141.9 million, which will begin to expire in 2031. U\ue001liza\ue001on of some of the federal and state net opera\ue001ng loss and credit carryforwards are subject to annual limita\ue001ons due to the \u201cchange of ownership\u201d provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limita\ue001ons may result in the expira\ue001on of net opera\ue001ng losses and credits before u\ue001liza\ue001on. As of the date of the report, such an analysis is s\ue001ll under prepara\ue001on. Agilyx Corp also has federal credits for approximately $2 million, which will begin to expire in 2030 and state research credits of approximately $0.7 million whose expira\ue001on date is not determined. These tax credits are subject to the same limita\ue001ons discussed above. Loss carried forward in Norway as of December 31, 2022, of approximately $5.3 million has no expira\ue001on date. Note 20 CONTRACT LIABILITY The Company\u2019s Contract liability balances at December 31, 2021 and 2022 was $1,376,452 and $5,945,535, respec\ue001vely. These balances represents billings in excess of revenue recognized on project related ac\ue001vi\ue001es that are recognized on a percent complete basis and product shipments billed in advance. The Company has classi\ufb01ed this amount as current as it expects to recognize the revenues over the next twelve months. An accoun\ue001ng roll forward for the periods presented are as follows: Balance at January 1, 2021 1,896,848 Billings deferred 4,193,881 Revenue recognized (4,714,277) Ending balance as of December 31, 2021 1,376,452 Billings deferred 20,878,829 Revenue recognized (16,309,746) Ending balance as of December 31, 2022 5,945,535 Group - as at Parent - as at December 31, 2021 December 31, 2022 December 31, 2021 December 31, 2022 Accounts receivable 1,669,890 2,443,453 - - Cash and cash equivalents 19,570,154 13,671,319 11,307,524 5,007,823 Total Financial Assets 21,240,044 16,114,772 11,307,524 5,007,823 Notes payable 1,271,853 - - - Accounts payable 1,447,148 2,640,756 - 424 Payable to Group Companies - - 1,022,420 2,515,348 Lease liabili\ue001es 994,411 732,030 - - Financial liabili\ue001es at amor\ue001zed cost 3,713,412 3,372,786 1,022,420 2,515,772 Warrant liability 7,570,647 6,303,189 7,570,647 6,303,189 Total Financial Liabili\ue001es 11,284,059 9,675,975 8,593,067 8,818,961 Note 21: Financial Instruments - Risk Management Agilyx Group is exposed through its opera\ue001ons to the following \ufb01nancial risks: \u2022 Credit risk \u2022 Interest rate risk \u2022 Liquidity risk. In common with all other businesses, Agilyx Group is exposed to risks that arise from its use of \ufb01nancial instruments. This note describes Agilyx Group\u2019s objec\ue001ves, policies and processes for managing those risks and the methods used to measure them. Further quan\ue001ta\ue001ve informa\ue001on in respect of these risks is presented throughout these \ufb01nancial statements. There have been no substan\ue001ve changes in the Group\u2019s exposure to \ufb01nancial instrument risks, its objec\ue001ves, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. (i) Principal \ufb01nancial instruments, by category The principal \ufb01nancial instruments used by Agilyx Group are listed those listed in the table below, all of which are measured at amor\ue001zed cost, plus the Warrant/Subscrip\ue001on rights, which are measured at fair value through the pro\ufb01t and loss: (ii) Financial instruments not measured at fair value Financial instruments not measured at fair value includes all the instruments listed in the table above (except the warrants). Due to the short term nature of Accounts receivable, Accounts payable and the Payable to Group Companies, amounts, the amor\ue001zed cost is considered to approximate fair value. The Notes payable and Lease liabili\ue001es both carry market rates of interest, for these amounts the amor\ue001zed cost is also considered to approximate fair value, measured using level 1 of the fair value hierarchy. (iii) Financial instruments measured at fair value The only \ufb01nancial instruments measured at fair value through pro\ufb01t and loss are the Warrants and Subscrip\ue001on rights, described in more detail in note 14. (iv) General objec\ue001ves, policies and processes The Board has overall responsibility for the determina\ue001on of Agilyx Group\u2019s risk management objec\ue001ves and policies and, while retaining ul\ue001mate responsibility for them, it has delegated the authority for designing and opera\ue001ng processes that ensure the e\ufb00ec\ue001ve implementa\ue001on of the objec\ue001ves and policies to the Agilyx Group \ufb01nance func\ue001on. The Board receives monthly reports from the V.P. and Corporate Controller through which it reviews the e\ufb00ec\ue001veness of the processes put in place and the appropriateness of the objec\ue001ves and policies it sets. The overall objec\ue001ve of the Board is to set policies that seek to reduce risk as far as possible without unduly a\ufb00ec\ue001ng the Group\u2019s compe\ue001\ue001veness and \ufb02exibility. Further details regarding these policies are set out below: Credit risk Credit risk is the risk of \ufb01nancial loss to Agilyx Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obliga\ue001ons. The Agilyx Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ra\ue001ngs are taken into account by local business prac\ue001ces. As noted in Note 1, historically Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Credit risk also arises from cash and cash equivalents and deposits with banks and \ufb01nancial ins\ue001tu\ue001ons. Agilyx Group only deals with highly reputable banks and \ufb01nancial ins\ue001tu\ue001ons. At \ue001mes, Agilyx Group does hold funds with certain banks that are beyond federally insured levels, however, management regularly monitor the banking rela\ue001onships to minimize any risk that may arise in this respect. Interest rate risk Agilyx Group is exposed to interest rate risk from long-term borrowings. Management has chosen to mi\ue001gate the exposure to movements in interest rates by lending via the Note payable at a \ufb01xed rate of interest. While using only a \ufb01xed rate note payable, Agilyx Group does limit any poten\ue001al upside, that could be achieved by having a variable interest rate during \ue001mes of falling rates, however, given the Agilyx Group\u2019s current growth mindset, it is more valuable to the Group to have certainty over interest payment amounts, in order to be able to properly budget and forecast future expenditures. Liquidity risk Liquidity risk arises from Agilyx Group\u2019s management of working capital and the \ufb01nance charges and principal repayments on its debt instruments. It is the risk that Agilyx Group will encounter di\ufb03culty in mee\ue001ng its \ufb01nancial obliga\ue001ons as they fall due. The current policy is to ensure that it will always have su\ufb03cient cash to allow it to meet its liabili\ue001es when they become due. To achieve this aim, it seeks to maintain cash balances (or agreed facili\ue001es) to meet expected requirements for a period of at least 45 days. The Group also seeks to reduce liquidity risk by \ufb01xing interest rates (and hence cash \ufb02ows) on its long-term borrowings, this is further discussed in the \u2018interest rate risk\u2019 sec\ue001on above. The Board regularly receives cash \ufb02ow projec\ue001ons as well as informa\ue001on regarding cash balances. At the end of the \ufb01nancial year, these projec\ue001ons indicated that the Group expected to have su\ufb03cient liquid resources to meet its obliga\ue001ons under all reasonably expected circumstances. The budgets are set by management and agreed by the board in advance, enabling the Agilyx Group\u2019s cash requirements to be an\ue001cipated. The following table sets out the contractual maturi\ue001es (represen\ue001ng undiscounted contractual cash-\ufb02ows) of \ufb01nancial liabili\ue001es: See note 9 for undiscounted contractual cash \ufb02ow informa\ue001on in rela\ue001on to the lease liabili\ue001es. Group - as at Parent - as at Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total As at December, 31 2021 Notes payable 1,373,601 - - 1,373,601 - - - - Accounts payable 1,447,148 - - 1,447,148 - - - - Payable to Group Companies - - - - 1,022,420 - - 1,022,420 2,820,749 - - 2,820,749 1,022,420 - - 1,022,420 Group - as at Parent - as at Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total As at December, 31 2022 Notes payable - - - - - - - - Accounts payable 2,640,756 - - 2,640,756 424 - - 424 Payable to Group Companies - - - - 2,515,348 - - 2,515,348 2,640,756 - - 2,640,756 2,515,772 - - 2,515,772 In addi\ue001on to the \ufb01nancial liabili\ue001es noted above, there are other poten\ue001al cash ou\ue005lows in rela\ue001on to the investment in Regenyx, which may a\ufb00ect liquidity. During the ini\ue001al funding period, Agilyx was responsible for funding the opera\ue001ons of Regenyx, this resulted in cash ou\ue005lows, for 2022 of $1,776,393 (2021: $1,978,272) as reported on the cash \ufb02ow statement. Furthermore, the Regenyx contribu\ue001on agreement includes a put op\ue001on as de\ufb01ned in note 9, which could result in a cash ou\ue005low ,should the op\ue001on be exercised by AmSty. The cash ou\ue005low would be based on the fair market value of the membership units held by AmSty at the date of exercise. The strike price of the op\ue001on is fair value. Hence, the value of considera\ue001on due upon exercise of the op\ue001on and the asset acquired (shares), would be equal and therefore no value has been a\ue002ributed to this put op\ue001on. At the date of this report, no events has occurred that will ini\ue001ate the purchase of AmSty\u2019s investment in Regenyx. Capital Disclosures Agilyx Group\u2019s managed capital includes equity and debt. The objec\ue001ves for Agilyx Group when maintaining capital are: \u2022 to safeguard the en\ue001ty\u2019s ability to con\ue001nue as a going concern, so that it can con\ue001nue to provide returns for shareholders and bene\ufb01ts for other stakeholders, and \u2022 to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. Agilyx Group sets the amount of capital it requires in propor\ue001on to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic condi\ue001ons and the risk characteris\ue001cs of the underlying assets. In order to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares, or sell assets to reduce debt. Due to recent market uncertainty, the Group\u2019s strategy is to preserve a strong cash base and ensure compliance with any covenants a\ue002ached to the bank and borrowing facili\ue001es. Note 22 EARNINGS PER SHARE Net Loss Per Share- is computed under the provisions of IAS 33, Earnings Per Share. Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. The following table sets forth the reconcilia\ue001on of the numerator and denominator used in the computa\ue001on of basic net loss per common share for the years ended December 31, 2022 and 2021: Years Ended December 31 2021 2022 Numerator: Net loss (15,567,723) (23,384,654) Net loss a\ue002ributable to ordinary shareholders (14,609,256) (22,008,657) Denominator: Weighted average shares outstanding - basic 76,537,046 79,993,661 Net loss per common share - basic (0.19) (0.28) Since Agilyx Group incurred an opera\ue001ng loss in both periods, the outstanding warrants and stock op\ue001ons would have an an\ue001-dilu\ue001ve impact on the Earnings per Share calcula\ue001on, therefore the Diluted Earnings per Share is equal to the Basic Earnings per share. Note 23: Subsequent events The Company has no material subsequent events a\ufb05er the balance sheet date. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f4597": {
"value": "Agilyx ASA is a Norwegian company, located in Oslo, Norway and the parent and ul\ue001mate parent company in the Agilyx Group. The Agilyx Group headquarters are located in Portsmouth, New Hampshire and Tigard, Oregon (U.S.) with satellite o\ufb03ces located in Switzerland and Denmark. Agilyx ASA was incorporated on November 22, 2019 as a shelf company and there was no ac\ue001vity in 2019. Agilyx ASA became the parent of the Agilyx Group through a reorganiza\ue001on in early January 2020. The Group was reorganized such that the shareholders of Agilyx Corpora\ue001on contributed their shares in Agilyx Corpora\ue001on for shares in Agilyx ASA resul\ue001ng in Agilyx Corpora\ue001on becoming a 100% owned subsidiary of Agilyx ASA. The transac\ue001on was accounted for as an inverse acquisi\ue001on using con\ue001nuity on Agilyx Corpora\ue001on book values in the consolidated Group statements. However, the underlying business of the Agilyx Group has been in existence since 2004. The Agilyx Group has developed comprehensive systems, proven technologies and a unique chemistry knowledge base to give post- use plas\ue001cs new purpose. We have the proprietary technology for iden\ue001fying, managing and preprocessing waste into feedstock. Our integrated solu\ue001ons can take waste polymers and produce discreet monomers that can be fully recycled back into virgin-equivalent products. Agilyx is commi\ue002ed to using innova\ue001ve technology for good and helping solve the immense global problem of plas\ue001c waste. These \ufb01nancial statements have been prepared in accordance with Interna\ue001onal Financial Repor\ue001ng Standards and Interna\ue001onal Accoun\ue001ng Standards and Interpreta\ue001ons as approved by the European Union (collec\ue001vely IFRSs). The U.S. Dollar is the presenta\ue001on currency of the Agilyx Group. All foreign opera\ue001ons use U.S. Dollar as their func\ue001onal currency. The consolidated \ufb01nancial statements have been prepared on a historical cost basis, except for warrants, which have been measured at fair value (see note 14). Principles of Consolida\ue001on The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue001on, Agilyx GmbH, Agilyx ApS and Cyclyx Interna\ue001onal, LLC. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue001on holds 50% interest in Regenyx LLP, which has been accounted for under the equity method. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, the Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., exis\ue001ng rights that give it the current ability to direct the relevant ac\ue001vi\ue001es of the investee) \u2022 Exposure, or rights, to variable returns from its involvement with the investee \u2022 The ability to use its power over the investee to a\ufb00ect its returns Generally, there is a presump\ue001on that a majority of vo\ue001ng rights results in control. To support this presump\ue001on and when Agilyx Group has less than a majority of the vo\ue001ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee \u2022 Rights arising from other contractual arrangements \u2022 The Agilyx Group\u2019s vo\ue001ng rights and poten\ue001al vo\ue001ng rights Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue001on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. All intra-group assets and liabili\ue001es, equity, income, expenses and cash \ufb02ows rela\ue001ng to transac\ue001ons between members of the Group are eliminated in full on consolida\ue001on. Cri\ue001cal Accoun\ue001ng Es\ue001mates and Judgments The prepara\ue001on of audited consolidated \ufb01nancial statements in conformity with IFRS requires management to make certain es\ue001mates and judgments that a\ufb00ect the reported amounts of assets and liabili\ue001es at the date of the audited consolidated \ufb01nancial statements and the reported amounts of revenue and expenses during the repor\ue001ng period. Es\ue001mates and judgments are con\ue001nually evaluated based on historical experience and other factors, including expecta\ue001ons of future events that are believed to be reasonable under the circumstances. Although the Company regularly assesses these es\ue001mates, actual results could di\ufb00er from those es\ue001mates. Changes in es\ue001mates are recorded in the period in which they occur and become known. Signi\ufb01cant es\ue001mates and judgments are applied in the following areas: \u2022 Es\ue001ma\ue001ng the amounts due for the ini\ue001al funding period provision related to the Regenyx investment (note 9) \u2022 Assump\ue001ons and es\ue001mates related to the impairment of the investment in Regenyx, including future cash \ufb02ows (note 9) \u2022 Recording accounts receivable, and considera\ue001on of any poten\ue001al allowance for expected credit losses (note 10) \u2022 Useful lives a\ue002ributed to property plant and equipment and intangible assets (notes 6 and 7) \u2022 Revenue recognized in accordance with the stage of comple\ue001on method (see accoun\ue001ng policy above and note 2) \u2022 Stock-based compensa\ue001on expense (note 15) \u2022 Warrant and stock subscrip\ue001on rights, valua\ue001on assump\ue001ons (note 14) \u2022 Assump\ue001ons related to the ini\ue001al recogni\ue001on of leases and the subsequent accoun\ue001ng for these agreements, including incremental borrowing rates and determina\ue001on of lease term applied when compu\ue001ng lease liabili\ue001es (see also accoun\ue001ng policy above and note 8) Fair value measurement Warrant and stock subscrip\ue001on rights and the stock compensa\ue001on expenses, all require measurement at, and/or disclosure of, fair value. The fair value measurement of Agilyx Group\u2019s \ufb01nancial and non-\ufb01nancial assets and liabili\ue001es u\ue001lizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into di\ufb00erent levels based on how observable the inputs used in the valua\ue001on technique u\ue001lized are (the \u2018fair value hierarchy\u2019): \u2022 Level 1: Quoted prices in ac\ue001ve markets for iden\ue001cal items (unadjusted) \u2022 Level 2: Observable direct or indirect inputs other than Level 1 inputs \u2022 Level 3: Unobservable inputs (i.e. not derived from market data). The classi\ufb01ca\ue001on of an item into the above levels is based on the lowest level of the inputs used that has a signi\ufb01cant e\ufb00ect on the fair value measurement of the item. Transfers of items between levels are recognized in the period they occur. Please refer to the applicable notes as referenced above, for addi\ue001onal informa\ue001on on the fair value measurements applied within these \ufb01nancial statements. New Standards Interpreta\ue001ons and Amendments Adopted January 1, 2022 Of the new standards that were e\ufb00ec\ue001ve for the \ufb01rst \ue001me for periods beginning on or a\ufb05er January 1, 2022 (primarily amendments to IAS 37 for Onerous contracts and amendments to IAS 16, IAS 41, IFRS 1, IFRS 3, IFRS 9 and IFRS 16), none of these had a speci\ufb01c impact on the results of the Agilyx Group. New Standards Interpreta\ue001ons And Amendments Not Yet E\ufb00ec\ue001ve There are a number of standards, amendments to standards, and interpreta\ue001ons which have been issued by the IASB that are e\ufb00ec\ue001ve in future accoun\ue001ng periods that the Group has decided not to adopt early. The following amendments are e\ufb00ec\ue001ve for the period beginning 1 January 2023: \u2022 Disclosure of Accoun\ue001ng Policies (Amendments to IAS 1 and IFRS Prac\ue001ce Statement 2); \u2022 De\ufb01ni\ue001on of Accoun\ue001ng Es\ue001mates (Amendments to IAS 8); and \u2022 Deferred Tax Related to Assets and Liabili\ue001es arising from a Single Transac\ue001on (Amendments to IAS 12). The following amendments are e\ufb00ec\ue001ve for the period beginning 1 January 2024: \u2022 IFRS 16 Leases (Amendment \u2013 Liability in a Sale and Leaseback) \u2022 IAS 1 Presenta\ue001on of Financial Statements (Amendment \u2013 Classi\ufb01ca\ue001on of Liabili\ue001es as Current or Non-current) \u2022 IAS 1 Presenta\ue001on of Financial Statements (Amendment \u2013 Non-current Liabili\ue001es with Covenants) Agilyx Group is currently assessing the impact of these new accoun\ue001ng standards and amendments, but does not expect any a material impact at this stage. COVID-19 Pandemic On January 30, 2020, the World Health Organiza\ue001on (WHO) announced a global health emergency because of a new strain of coronavirus origina\ue001ng in Wuhan, China (the COVID-19 outbreak) and the risks to the interna\ue001onal community as the virus spread globally beyond its point of origin. In March 2020, the WHO classi\ufb01ed the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak on the economy and the Company\u2019s opera\ue001ons is \ufb02uid and constantly evolving. Management is ac\ue001vely monitoring the global situa\ue001on and its impact on the Agilyx Group \ufb01nancial condi\ue001on, liquidity, opera\ue001ons, suppliers, customers, industry, and workforce. On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). The CARES Act, among other things, included provisions rela\ue001ng to refundable payroll tax credits, deferment of employer side social security payments, net opera\ue001ng loss carryback periods, alterna\ue001ve minimum tax credit refunds, modi\ufb01ca\ue001ons to the net interest deduc\ue001on limita\ue001ons, increased limita\ue001ons on quali\ufb01ed charitable contribu\ue001ons, and technical correc\ue001ons to tax deprecia\ue001on methods for quali\ufb01ed improvement property. The CARES Act also appropriated funds for the Small Business Administra\ue001on\u2019s (SBA) Paycheck Protec\ue001on Program loans (PPP loan), which are forgivable in certain situa\ue001ons to promote con\ue001nued employment, as well as Economic Injury Disaster Loans to provide liquidity to small businesses harmed by COVID-19. \u201cOn April 20, 2020, Agilyx Corpora\ue001on obtained a $779,400 PPP loan through Comerica Bank. The applica\ue001on for these funds required Agilyx Corpora\ue001on to, in good faith, cer\ue001fy that the current economic uncertainty made the loan request necessary to support the ongoing opera\ue001ons of Agilyx Corpora\ue001on. This cer\ue001\ufb01ca\ue001on further required Agilyx Corpora\ue001on to take into account current business ac\ue001vity at the \ue001me and its ability to access other sources of liquidity su\ufb03cient to support ongoing opera\ue001ons in a manner that was not signi\ufb01cantly detrimental to the business. As permi\ue002ed Under the terms of the CARES Act, the Agilyx Corpora\ue001on applied for forgiveness recipients of loans under the Paycheck Protec\ue001on Program and was granted forgiveness of the loan under no\ue001ce of forgiveness on May 31, 2021. The receipt of these funds, and the forgiveness of the loan a\ue002endant to these funds, was dependent on Agilyx Corpora\ue001on having ini\ue001ally quali\ufb01ed for the loan and qualifying for the forgiveness of such loan. Such forgiveness was determined, subject to limita\ue001ons, based on the use of loan proceeds for payment of payroll costs and certain other eligible costs. While outstanding the PPP loan has a two-year term and bore interest at a rate of 1.00% per annum. Monthly principal and interest payments under the PPP loan were originally deferred for six months. The Paycheck Protec\ue001on Flexibility Act of 2020 extended the deferral period for loan payments to either (a) the date that the Small Business Administra\ue001on remi\ue002ed the borrower\u2019s loan forgiveness amount to the lender or (b) if the borrower did not apply for loan forgiveness, ten months a\ufb05er the end of the borrower\u2019s loan forgiveness covered period. Agilyx Corpora\ue001on did not have to make any repayments as a result of this Act. \u201c The valua\ue001on of the Warrant liability was performed using the Black Scholes Model, the following inputs were signi\ufb01cant in the computa\ue001on of fair values at each repor\ue001ng date: warrants now having an expira\ue001on date of August 7, 2025. This modi\ufb01ca\ue001on had no material impact on the 2021 valua\ue001on. As the outstanding warrants for Agilyx are well in the money as of the December 31, 2021, and 2022 repor\ue001ng dates, the valua\ue001ons performed determined that the preponderance of the amount, for each of the respec\ue001ve dates, was intrinsic value in nature. Hence there was very li\ue002le \ue001me value associated with the es\ue001mate of value calculated. As a result of this rela\ue001onship, the change in the value of the instruments is going to be more closely correlated with the change in the underlying equity price as opposed to a change in vola\ue001lity. This determina\ue001on was corroborated with the sensi\ue001vity calcula\ue001ons completed. During 2022, no warrants were exercised (2021: 437,500). Group and parent December 31, 2021 Group and parent December 31, 2022 Expected term Various 7-Aug-25 Equity vola\ue001lity 30.00 - 35.00% 30% Risk free rate 0.39 - 0.98% 4.34% ",
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"value": "Agilyx ASASENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION - 2022 Salary Other bene\ufb01ts Share-based compensa\ue001on Total Timothy Stedman, Group CEO 433,177 231,410 211,066 875,653 Chris Faulkner, CTO 236,900 58,840 68,314 364,054 Russell Main, CFO 257,500 62,277 38,828 358,605 Mark Barranco, SVP Engineering & Educa\ue001on 262,649 57,328 119,274 439,251 Joe Vaillancourt, Cyclyx CEO 360,500 310,882 - 671,382 Louise Byrant, SVP Investor Rela\ue001ons 55,785 40,400 10,097 106,282 Isabel Charlo\ue002e Hacker, General Council 324,883 103,369 124,488 552,740 Carsten Larsen, CCO 268,152 29,497 268,817 566,466 Stephen Hamlet, VP Human Resources 78,269 8,065 11,682 98,016 Kate Ringier, VP Communica\ue001ons & Government A\ufb00airs 211,932 56,374 77,703 346,009 4,378,458 The CEO received his salary from Agilyx GmbH, Switzerland. The CEO has a severance agreement whereby he will receive 100% pay for 6 months for termina\ue001on by the Company without cause. SENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION - 2021 Salary Other bene\ufb01ts Share-based compensa\ue001on Total Timothy Stedman, CEO 405,225 156,534 511,701 1,073,460 Chris Faulkner, CTO 230,000 62,607 34,942 327,549 Russell Main, CFO 250,000 69,557 7,681 327,238 Mark Barranco, SVP Engineering & Educa\ue001on 255,000 10,681 144,774 410,455 Joe Vaillancourt, Cyclyx CEO 350,000 24,103 - 374,103 Kate Ringier, VP Communica\ue001ons & Government A\ufb00airs 207,621 39,257 152,767 399,645 2,912,450 The CEO received his salary from Agilyx GmbH, Switzerland. SHARES AND OPTIONS HELD BY THE CEO AND MEMBERS OF THE BOARD OF DIRECTORS Name Title Op\ue001ons and Warrants Granted Shares Owned Note Timothy Stedman CEO 2,893,900 86,842 1) Ranjeet Bha\ue001a GM and board member - 92,700 2) Jan Secher Board member 100,000 - 3) Steen Jakobsen Board member 75,000 - 4) Peter Norris Board member 100,000 156,645 5) Martha Crawford Board member 75,000 - 6) Carolyn Clarke Board member 75,000 - 7) Catherine Keenan Board member 75,000 - 8) Note 1. The CEO has received op\ue001ons to purchase shares as a part of the total compensa\ue001on package. The exercise price for each share is $1.06. Addi\ue001onally, Mr. Stedman has personally acquired 86,842 shares. The op\ue001ons granted expire on August 17, 2030. 2. Mr. Bha\ue001a is a member of the board, represents Sa\ufb00ron Hill Ventures and controls 92,700 shares. 3. Mr. Secher is the chair of the board and was granted 100,000 op\ue001ons with an exercise price of $2.19. 4. Mr. Jakobsen is a member of the board, represents Saxo Bank and was granted 75,000 op\ue001ons with an exercise price of $2.19. 5. Mr. Norris is a member of the board, represents Vigin Group Holdings Limited, controls 156,645 shares and was granted 75,000 op\ue001ons with an exercise price of $2.19 and has 25,000 warrants exercisable as ordinary shares having a calculated fair value of $2.58 per share. 6. Mrs. Crawford is a member of the board and was granted 75,000 op\ue001ons with an exercise price of $2.19. 7. Mrs. Clarke is a member of the board and was granted 75,000 op\ue001ons with an exercise price of $2.19. Related party transac\ue001ons: Group level - During 2022, Cyclyx had $8.8M of product sales to ExxonMobil Chemical Co. (2021 $1.7M), a minority holder in Cyclyx. Included within Related party receivables in note 10, is $1,361,527 due from Regenyx at December 31, 2022 ($350,371 at December 31, 2021) and $453,632 due from ExxonMobile at December 31, 2022. Included within Related party payables in note 12, is $198,500 due to ExxonMobile Chemical Co., at December 31, 2021, and $7,228 due to board members at December 31, 2021. Parent level - At December 31, 2022 the parent company, Agilyx ASA, has an intercompany payable of $1,783,485 to Agilyx Corp (December 31, 2021: $453,563) and $1,140,209 payable to Agilyx GmbH (December 31, 2021: $568,857) net of an intercompany receivable of $408,346 to Agilyx Corp. These inter-group payables represent opera\ue001ng and management costs incurred and or paid at the subsidiary and subsequently recharged to the parent. Speci\ufb01c parent related costs included: 2021 2022 Management charges from Agilyx GmbH 431,000 577,000 Salary related cross-charges to Agilyx Corp (408,000) - Subsidiary Informa\ue001on: Agilyx Corp- Agilyx Corp was formed in 2004 in Oregon, United States of America. Agilyx Corp became a subsidiary of Agilyx ASA by way of a share inversion that took place on January, 2020. The share inversion e\ufb00ec\ue001vely converted all the shares of Agilyx Corp into shares of Agilyx ASA. Agilyx GmbH- Agilyx GmbH was formed in August, 2020 in Zurich, Switzerland. The subsidiary was created to provide addi\ue001onal reach into European markets. Cyclyx Interna\ue001onal, LLC- Cyclyx Interna\ue001onal, LLC is a partnership o\ufb03cially formed in the state of Delaware, United States of America on December, 2020. Since incep\ue001on, Agilyx Group has owned 75% of the en\ue001ty, with 25% owned by ExxonMobil Chemical Corpora\ue001on (\u201cEMCC\u201d). The Partnership was formed to develop low cost pathways to recycle plas\ue001cs. EMCC contributed opera\ue001onal funds of $8,000,000 while Agilyx Corp contributed technology and know-how that was not revalued due to consolida\ue001on within the Group accounts. EMCC\u2019s cash contribu\ue001on was recognized 75% to the equity holders of the parent and 25% to the non-controlling interest. Summarized \ufb01nancial informa\ue001on in rela\ue001on to Cyclyx Interna\ue001onal, LLC, before intra group elimina\ue001ons, is presented below: 2021 2022 As at December 31 Current assets 7,390,312 8,104,571 Non-current assets 753,132 598,102 Current liabili\ue001es 3,977,439 5,652,162 Non-current liabili\ue001es 276,133 263,409 For the period ended December 31 Revenue 2,201,245 10,512,034 Loss (3,833,889) (5,503,883) Loss allocated to non-controlling interest (958,467) (1,375,997) Addi\ue001onal informa\ue001on regarding the Cyclyx opera\ue001on can be seen in note 5. ",
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"value": "Agilyx ASA",
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"f4604": {
"value": "Norwegian company",
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"value": "Oslo, Norway",
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"f4606": {
"value": "Norway ",
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"f4608": {
"value": "The Agilyx Group headquarters are located in Portsmouth, New Hampshire and Tigard, Oregon (U.S.) with satellite o\ufb03ces located in Switzerland and Denmark. ",
"dimensions": {
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"f4617": {
"value": "The Agilyx Group has developed comprehensive systems, proven technologies and a unique chemistry knowledge base to give post- use plas\ue001cs new purpose. We have the proprietary technology for iden\ue001fying, managing and preprocessing waste into feedstock.",
"dimensions": {
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"value": "These \ufb01nancial statements have been prepared in accordance with Interna\ue001onal Financial Repor\ue001ng Standards and Interna\ue001onal Accoun\ue001ng Standards and Interpreta\ue001ons as approved by the European Union (collec\ue001vely IFRSs). ",
"dimensions": {
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"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f4626": {
"value": "The U.S. Dollar is the presenta\ue001on currency of the Agilyx Group. All foreign opera\ue001ons use U.S. Dollar as their func\ue001onal currency. ",
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"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f4628": {
"value": "The consolidated \ufb01nancial statements have been prepared on a historical cost basis, except for warrants, which have been measured at fair value (see note 14). ",
"dimensions": {
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"language": "en",
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"f4634": {
"value": "Principles of Consolida\ue001on The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue001on, Agilyx GmbH, Agilyx ApS and Cyclyx Interna\ue001onal, LLC. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue001on holds 50% interest in Regenyx LLP, which has been accounted for under the equity method. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, the Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., exis\ue001ng rights that give it the current ability to direct the relevant ac\ue001vi\ue001es of the investee) \u2022 Exposure, or rights, to variable returns from its involvement with the investee \u2022 The ability to use its power over the investee to a\ufb00ect its returns Generally, there is a presump\ue001on that a majority of vo\ue001ng rights results in control. To support this presump\ue001on and when Agilyx Group has less than a majority of the vo\ue001ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee \u2022 Rights arising from other contractual arrangements \u2022 The Agilyx Group\u2019s vo\ue001ng rights and poten\ue001al vo\ue001ng rights Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue001on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. All intra-group assets and liabili\ue001es, equity, income, expenses and cash \ufb02ows rela\ue001ng to transac\ue001ons between members of the Group are eliminated in full on consolida\ue001on. ",
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"f4636": {
"value": "The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue001on, Agilyx GmbH, Agilyx ApS and Cyclyx Interna\ue001onal, LLC. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue001on holds 50% interest in Regenyx LLP, which has been accounted for under the equity method. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, the Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., exis\ue001ng rights that give it the current ability to direct the relevant ac\ue001vi\ue001es of the investee) \u2022 Exposure, or rights, to variable returns from its involvement with the investee \u2022 The ability to use its power over the investee to a\ufb00ect its returns Generally, there is a presump\ue001on that a majority of vo\ue001ng rights results in control. To support this presump\ue001on and when Agilyx Group has less than a majority of the vo\ue001ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee \u2022 Rights arising from other contractual arrangements \u2022 The Agilyx Group\u2019s vo\ue001ng rights and poten\ue001al vo\ue001ng rights Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue001on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. All intra-group assets and liabili\ue001es, equity, income, expenses and cash \ufb02ows rela\ue001ng to transac\ue001ons between members of the Group are eliminated in full on consolida\ue001on. Investment in Regenyx Where Agilyx Group has the power to par\ue001cipate in (but not control) the \ufb01nancial and opera\ue001ng policy decisions of another en\ue001ty, it is classi\ufb01ed as an equity method investment. This is the case with the investment in Regenyx (see note 9). Regenyx was ini\ue001ally recognized in the consolidated balance sheet at cost. Subsequently Regenyx is accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue001on pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss. See notes below and in note 9 related to the impairment loss recognized in rela\ue001on to this investment. Pro\ufb01ts and losses arising on transac\ue001ons between Agilyx Group and Regenyx are recognized only to the extent of unrelated investors\u2019 interests in Regenyx. The investor\u2019s share in Regenyx\u2019s pro\ufb01ts and losses resul\ue001ng from these transac\ue001ons is eliminated against the carrying value of the associate. In the income statement the pro\ufb01t or loss is shown in \ufb01nancial income. Subsidiaries Investments in subsidiaries are valued at cost in the Company accounts. The investments are valued at cost less any impairment losses. Impairment losses are reversed if the reason for the impairment loss disappears in a later period. Impairment of Non-\ufb01nancial Assets Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue002en down accordingly. See note 9, for speci\ufb01c analysis performed on the investment in Regenyx. Where it is not possible to es\ue001mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue001\ufb01able cash \ufb02ows; its cash genera\ue001ng units (\u2018CGUs\u2019). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income. Note 9: Investment in Regenyx Agilyx holds a 50% interest in Regenyx. Regenyx was formed in April 2019 and shares its opera\ue001on space with Agilyx and Cyclyx in Tigard, OR. Despite holding a 50% interest, Agilyx has assessed that it does not have control or joint control of Regenyx. This is driven by the other 50% shareholder controlling the purchases and sales of Regenyx, via various mechanisms within the opera\ue001ng agreements. Agilyx does have the power to par\ue001cipate in the \ufb01nancial and opera\ue001ng policy decisions of the investee, via its board posi\ue001on. Agilyx has therefore determined that it has signi\ufb01cant in\ufb02uence over Regenyx and its investment is therefore measured using the equity method as an investment in associate. In the period between April 2021 and April 2024 under certain condi\ue001ons Agilyx is subject to a contractual obliga\ue001on to purchase all of AmSty\u2019s equity investment in Regenyx at the op\ue001on of AmSty (\u201cput op\ue001on\u201d). The purchase price is based on the fair market value of the membership units held by AmSty at the date of exercise. The strike price of the op\ue001on is fair value. Hence, the value of considera\ue001on due upon exercise of the op\ue001on and the asset acquired (shares), would be equal and therefore no value has been a\ue002ributed to this put op\ue001on. At the date of this report, no events has occurred that will ini\ue001ate the purchase of AmSty\u2019s investment in Regenyx. Impairment of Investment Agilyx Group is split into two CGU\u2019s for impairment analysis purposes, Agilyx and Cyclyx, which is in alignment with the segments disclosed in note 5. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cash \ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. For the investment in Regenyx, objec\ue001ve evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted nega\ue001ve cash \ufb02ows being generated by the en\ue001ty, which would require capital contribu\ue001ons from Agilyx and AmSty in order to support its con\ue001nued opera\ue001on. Due to the projected nega\ue001ve cash \ufb02ows and the unique nature of the underlying plant, it was determined that the recoverable amount was zero under both the value in use and fair value less cost to sell methodology therefore the investment in Regenyx has been fully impaired at January 1, 2021. As can be seen in the tables below, subsequent capital investments by Agilyx, led to impairments for both balance sheet periods presented on the basis that the recoverable amount using the value in use and fair value less cost to sell methodologies would lead to a fully wri\ue002en o\ufb00 investment. Despite the impairment, Agilyx Group con\ue001nues to invest in Regenyx for the broader bene\ufb01ts that it brings to the Group, which include servicing an important customer in AmSty, as well as, providing R&D and marke\ue001ng value to demonstrate various new and current technologies being developed and implemented by the Group. CALCULATION OF BALANCE SHEET VALUE OF INVESTMENT IN REGENYX Balance sheet value December 31, 2020 - Investment during 2021 - above ini\ue001al es\ue001mated cash ou\ue005low 948,272 Impairment charge \u2013 fully impair balance (948,272) Balance sheet value December 31, 2021 - Investment during 2022 - above ini\ue001al es\ue001mated cash ou\ue005low 2,539,270 Impairment charge \u2013 fully impair balance (2,539,270) Balance sheet value December 31, 2022 - SUMMARIZED FINANCIAL INFORMATION OF REGENYX As at December 31 2021 2022 Current assets 584,772 776,403 Non-current assets 2,845,422 3,565,812 Current liabili\ue001es 406,311 2,233,063 Non-current liabili\ue001es 3,907 - Net assets (100%) 3,019,976 2,109,152 Period Ended December 31 Revenues 798,284 1,004,279 Total and other comprehensive loss (3,119,103) (4,451,216) Cyclyx Interna\ue001onal, LLC- Cyclyx Interna\ue001onal, LLC is a partnership o\ufb03cially formed in the state of Delaware, United States of America on December, 2020. Since incep\ue001on, Agilyx Group has owned 75% of the en\ue001ty, with 25% owned by ExxonMobil Chemical Corpora\ue001on (\u201cEMCC\u201d). The Partnership was formed to develop low cost pathways to recycle plas\ue001cs. EMCC contributed opera\ue001onal funds of $8,000,000 while Agilyx Corp contributed technology and know-how that was not revalued due to consolida\ue001on within the Group accounts. EMCC\u2019s cash contribu\ue001on was recognized 75% to the equity holders of the parent and 25% to the non-controlling interest. Summarized \ufb01nancial informa\ue001on in rela\ue001on to Cyclyx Interna\ue001onal, LLC, before intra group elimina\ue001ons, is presented below: 2021 2022 As at December 31 Current assets 7,390,312 8,104,571 Non-current assets 753,132 598,102 Current liabili\ue001es 3,977,439 5,652,162 Non-current liabili\ue001es 276,133 263,409 For the period ended December 31 Revenue 2,201,245 10,512,034 Loss (3,833,889) (5,503,883) Loss allocated to non-controlling interest (958,467) (1,375,997) Addi\ue001onal informa\ue001on regarding the Cyclyx opera\ue001on can be seen in note 5. Realiza\ue001on of deferred tax assets is dependent upon future earnings, if any, the \ue001ming and amount of which are uncertain. Unrecognized deferred tax assets totaled $55.8 million (2021: $50.4 million) and in Norway $1.2 million (2021: $0.7 million). As of December 31, 2022, net opera\ue001ng loss for federal income tax purposes in U.S. of approximately $182.4 million, por\ue001ons of which will begin expire in 2030. Total state net opera\ue001ng loss carryforward in U.S. of approximately $141.9 million, which will begin to expire in 2031. U\ue001liza\ue001on of some of the federal and state net opera\ue001ng loss and credit carryforwards are subject to annual limita\ue001ons due to the \u201cchange of ownership\u201d provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limita\ue001ons may result in the expira\ue001on of net opera\ue001ng losses and credits before u\ue001liza\ue001on. As of the date of the report, such an analysis is s\ue001ll under prepara\ue001on. Agilyx Corp also has federal credits for approximately $2 million, which will begin to expire in 2030 and state research credits of approximately $0.7 million whose expira\ue001on date is not determined. These tax credits are subject to the same limita\ue001ons discussed above. Loss carried forward in Norway as of December 31, 2022, of approximately $5.3 million has no expira\ue001on date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4637": {
"value": "The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue001on, Agilyx GmbH, Agilyx ApS and Cyclyx Interna\ue001onal, LLC. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue001on holds 50% interest in Regenyx LLP, which has been accounted for under the equity method. Investment in Regenyx Where Agilyx Group has the power to par\ue001cipate in (but not control) the \ufb01nancial and opera\ue001ng policy decisions of another en\ue001ty, it is classi\ufb01ed as an equity method investment. This is the case with the investment in Regenyx (see note 9). Regenyx was ini\ue001ally recognized in the consolidated balance sheet at cost. Subsequently Regenyx is accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue001on pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss. See notes below and in note 9 related to the impairment loss recognized in rela\ue001on to this investment. Pro\ufb01ts and losses arising on transac\ue001ons between Agilyx Group and Regenyx are recognized only to the extent of unrelated investors\u2019 interests in Regenyx. The investor\u2019s share in Regenyx\u2019s pro\ufb01ts and losses resul\ue001ng from these transac\ue001ons is eliminated against the carrying value of the associate. In the income statement the pro\ufb01t or loss is shown in \ufb01nancial income. Impairment of Non-\ufb01nancial Assets Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue002en down accordingly. See note 9, for speci\ufb01c analysis performed on the investment in Regenyx. Where it is not possible to es\ue001mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue001\ufb01able cash \ufb02ows; its cash genera\ue001ng units (\u2018CGUs\u2019). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income. Note 9: Investment in Regenyx Agilyx holds a 50% interest in Regenyx. Regenyx was formed in April 2019 and shares its opera\ue001on space with Agilyx and Cyclyx in Tigard, OR. Despite holding a 50% interest, Agilyx has assessed that it does not have control or joint control of Regenyx. This is driven by the other 50% shareholder controlling the purchases and sales of Regenyx, via various mechanisms within the opera\ue001ng agreements. Agilyx does have the power to par\ue001cipate in the \ufb01nancial and opera\ue001ng policy decisions of the investee, via its board posi\ue001on. Agilyx has therefore determined that it has signi\ufb01cant in\ufb02uence over Regenyx and its investment is therefore measured using the equity method as an investment in associate. In the period between April 2021 and April 2024 under certain condi\ue001ons Agilyx is subject to a contractual obliga\ue001on to purchase all of AmSty\u2019s equity investment in Regenyx at the op\ue001on of AmSty (\u201cput op\ue001on\u201d). The purchase price is based on the fair market value of the membership units held by AmSty at the date of exercise. The strike price of the op\ue001on is fair value. Hence, the value of considera\ue001on due upon exercise of the op\ue001on and the asset acquired (shares), would be equal and therefore no value has been a\ue002ributed to this put op\ue001on. At the date of this report, no events has occurred that will ini\ue001ate the purchase of AmSty\u2019s investment in Regenyx. Impairment of Investment Agilyx Group is split into two CGU\u2019s for impairment analysis purposes, Agilyx and Cyclyx, which is in alignment with the segments disclosed in note 5. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cash \ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. For the investment in Regenyx, objec\ue001ve evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted nega\ue001ve cash \ufb02ows being generated by the en\ue001ty, which would require capital contribu\ue001ons from Agilyx and AmSty in order to support its con\ue001nued opera\ue001on. Due to the projected nega\ue001ve cash \ufb02ows and the unique nature of the underlying plant, it was determined that the recoverable amount was zero under both the value in use and fair value less cost to sell methodology therefore the investment in Regenyx has been fully impaired at January 1, 2021. As can be seen in the tables below, subsequent capital investments by Agilyx, led to impairments for both balance sheet periods presented on the basis that the recoverable amount using the value in use and fair value less cost to sell methodologies would lead to a fully wri\ue002en o\ufb00 investment. Despite the impairment, Agilyx Group con\ue001nues to invest in Regenyx for the broader bene\ufb01ts that it brings to the Group, which include servicing an important customer in AmSty, as well as, providing R&D and marke\ue001ng value to demonstrate various new and current technologies being developed and implemented by the Group. CALCULATION OF BALANCE SHEET VALUE OF INVESTMENT IN REGENYX Balance sheet value December 31, 2020 - Investment during 2021 - above ini\ue001al es\ue001mated cash ou\ue005low 948,272 Impairment charge \u2013 fully impair balance (948,272) Balance sheet value December 31, 2021 - Investment during 2022 - above ini\ue001al es\ue001mated cash ou\ue005low 2,539,270 Impairment charge \u2013 fully impair balance (2,539,270) Balance sheet value December 31, 2022 - SUMMARIZED FINANCIAL INFORMATION OF REGENYX As at December 31 2021 2022 Current assets 584,772 776,403 Non-current assets 2,845,422 3,565,812 Current liabili\ue001es 406,311 2,233,063 Non-current liabili\ue001es 3,907 - Net assets (100%) 3,019,976 2,109,152 Period Ended December 31 Revenues 798,284 1,004,279 Total and other comprehensive loss (3,119,103) (4,451,216) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4638": {
"value": "The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue001on, Agilyx GmbH, Agilyx ApS and Cyclyx Interna\ue001onal, LLC. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue001on holds 50% interest in Regenyx LLP, which has been accounted for under the equity method. Investment in Regenyx Where Agilyx Group has the power to par\ue001cipate in (but not control) the \ufb01nancial and opera\ue001ng policy decisions of another en\ue001ty, it is classi\ufb01ed as an equity method investment. This is the case with the investment in Regenyx (see note 9). Regenyx was ini\ue001ally recognized in the consolidated balance sheet at cost. Subsequently Regenyx is accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue001on pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss. See notes below and in note 9 related to the impairment loss recognized in rela\ue001on to this investment. Pro\ufb01ts and losses arising on transac\ue001ons between Agilyx Group and Regenyx are recognized only to the extent of unrelated investors\u2019 interests in Regenyx. The investor\u2019s share in Regenyx\u2019s pro\ufb01ts and losses resul\ue001ng from these transac\ue001ons is eliminated against the carrying value of the associate. In the income statement the pro\ufb01t or loss is shown in \ufb01nancial income. Impairment of Non-\ufb01nancial Assets Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue002en down accordingly. See note 9, for speci\ufb01c analysis performed on the investment in Regenyx. Where it is not possible to es\ue001mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue001\ufb01able cash \ufb02ows; its cash genera\ue001ng units (\u2018CGUs\u2019). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income. Note 9: Investment in Regenyx Agilyx holds a 50% interest in Regenyx. Regenyx was formed in April 2019 and shares its opera\ue001on space with Agilyx and Cyclyx in Tigard, OR. Despite holding a 50% interest, Agilyx has assessed that it does not have control or joint control of Regenyx. This is driven by the other 50% shareholder controlling the purchases and sales of Regenyx, via various mechanisms within the opera\ue001ng agreements. Agilyx does have the power to par\ue001cipate in the \ufb01nancial and opera\ue001ng policy decisions of the investee, via its board posi\ue001on. Agilyx has therefore determined that it has signi\ufb01cant in\ufb02uence over Regenyx and its investment is therefore measured using the equity method as an investment in associate. In the period between April 2021 and April 2024 under certain condi\ue001ons Agilyx is subject to a contractual obliga\ue001on to purchase all of AmSty\u2019s equity investment in Regenyx at the op\ue001on of AmSty (\u201cput op\ue001on\u201d). The purchase price is based on the fair market value of the membership units held by AmSty at the date of exercise. The strike price of the op\ue001on is fair value. Hence, the value of considera\ue001on due upon exercise of the op\ue001on and the asset acquired (shares), would be equal and therefore no value has been a\ue002ributed to this put op\ue001on. At the date of this report, no events has occurred that will ini\ue001ate the purchase of AmSty\u2019s investment in Regenyx. Impairment of Investment Agilyx Group is split into two CGU\u2019s for impairment analysis purposes, Agilyx and Cyclyx, which is in alignment with the segments disclosed in note 5. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cash \ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. For the investment in Regenyx, objec\ue001ve evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted nega\ue001ve cash \ufb02ows being generated by the en\ue001ty, which would require capital contribu\ue001ons from Agilyx and AmSty in order to support its con\ue001nued opera\ue001on. Due to the projected nega\ue001ve cash \ufb02ows and the unique nature of the underlying plant, it was determined that the recoverable amount was zero under both the value in use and fair value less cost to sell methodology therefore the investment in Regenyx has been fully impaired at January 1, 2021. As can be seen in the tables below, subsequent capital investments by Agilyx, led to impairments for both balance sheet periods presented on the basis that the recoverable amount using the value in use and fair value less cost to sell methodologies would lead to a fully wri\ue002en o\ufb00 investment. Despite the impairment, Agilyx Group con\ue001nues to invest in Regenyx for the broader bene\ufb01ts that it brings to the Group, which include servicing an important customer in AmSty, as well as, providing R&D and marke\ue001ng value to demonstrate various new and current technologies being developed and implemented by the Group. CALCULATION OF BALANCE SHEET VALUE OF INVESTMENT IN REGENYX Balance sheet value December 31, 2020 - Investment during 2021 - above ini\ue001al es\ue001mated cash ou\ue005low 948,272 Impairment charge \u2013 fully impair balance (948,272) Balance sheet value December 31, 2021 - Investment during 2022 - above ini\ue001al es\ue001mated cash ou\ue005low 2,539,270 Impairment charge \u2013 fully impair balance (2,539,270) Balance sheet value December 31, 2022 - SUMMARIZED FINANCIAL INFORMATION OF REGENYX As at December 31 2021 2022 Current assets 584,772 776,403 Non-current assets 2,845,422 3,565,812 Current liabili\ue001es 406,311 2,233,063 Non-current liabili\ue001es 3,907 - Net assets (100%) 3,019,976 2,109,152 Period Ended December 31 Revenues 798,284 1,004,279 Total and other comprehensive loss (3,119,103) (4,451,216) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4639": {
"value": "The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue001on, Agilyx GmbH, Agilyx ApS and Cyclyx Interna\ue001onal, LLC. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue001on holds 50% interest in Regenyx LLP, which has been accounted for under the equity method. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, the Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., exis\ue001ng rights that give it the current ability to direct the relevant ac\ue001vi\ue001es of the investee) \u2022 Exposure, or rights, to variable returns from its involvement with the investee \u2022 The ability to use its power over the investee to a\ufb00ect its returns Generally, there is a presump\ue001on that a majority of vo\ue001ng rights results in control. To support this presump\ue001on and when Agilyx Group has less than a majority of the vo\ue001ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee \u2022 Rights arising from other contractual arrangements \u2022 The Agilyx Group\u2019s vo\ue001ng rights and poten\ue001al vo\ue001ng rights Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue001on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. All intra-group assets and liabili\ue001es, equity, income, expenses and cash \ufb02ows rela\ue001ng to transac\ue001ons between members of the Group are eliminated in full on consolida\ue001on. Subsidiaries Investments in subsidiaries are valued at cost in the Company accounts. The investments are valued at cost less any impairment losses. Impairment losses are reversed if the reason for the impairment loss disappears in a later period. Cyclyx Interna\ue001onal, LLC- Cyclyx Interna\ue001onal, LLC is a partnership o\ufb03cially formed in the state of Delaware, United States of America on December, 2020. Since incep\ue001on, Agilyx Group has owned 75% of the en\ue001ty, with 25% owned by ExxonMobil Chemical Corpora\ue001on (\u201cEMCC\u201d). The Partnership was formed to develop low cost pathways to recycle plas\ue001cs. EMCC contributed opera\ue001onal funds of $8,000,000 while Agilyx Corp contributed technology and know-how that was not revalued due to consolida\ue001on within the Group accounts. EMCC\u2019s cash contribu\ue001on was recognized 75% to the equity holders of the parent and 25% to the non-controlling interest. Summarized \ufb01nancial informa\ue001on in rela\ue001on to Cyclyx Interna\ue001onal, LLC, before intra group elimina\ue001ons, is presented below: 2021 2022 As at December 31 Current assets 7,390,312 8,104,571 Non-current assets 753,132 598,102 Current liabili\ue001es 3,977,439 5,652,162 Non-current liabili\ue001es 276,133 263,409 For the period ended December 31 Revenue 2,201,245 10,512,034 Loss (3,833,889) (5,503,883) Loss allocated to non-controlling interest (958,467) (1,375,997) Addi\ue001onal informa\ue001on regarding the Cyclyx opera\ue001on can be seen in note 5. Realiza\ue001on of deferred tax assets is dependent upon future earnings, if any, the \ue001ming and amount of which are uncertain. Unrecognized deferred tax assets totaled $55.8 million (2021: $50.4 million) and in Norway $1.2 million (2021: $0.7 million). As of December 31, 2022, net opera\ue001ng loss for federal income tax purposes in U.S. of approximately $182.4 million, por\ue001ons of which will begin expire in 2030. Total state net opera\ue001ng loss carryforward in U.S. of approximately $141.9 million, which will begin to expire in 2031. U\ue001liza\ue001on of some of the federal and state net opera\ue001ng loss and credit carryforwards are subject to annual limita\ue001ons due to the \u201cchange of ownership\u201d provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limita\ue001ons may result in the expira\ue001on of net opera\ue001ng losses and credits before u\ue001liza\ue001on. As of the date of the report, such an analysis is s\ue001ll under prepara\ue001on. Agilyx Corp also has federal credits for approximately $2 million, which will begin to expire in 2030 and state research credits of approximately $0.7 million whose expira\ue001on date is not determined. These tax credits are subject to the same limita\ue001ons discussed above. Loss carried forward in Norway as of December 31, 2022, of approximately $5.3 million has no expira\ue001on date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4645": {
"value": "Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, the Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., exis\ue001ng rights that give it the current ability to direct the relevant ac\ue001vi\ue001es of the investee) \u2022 Exposure, or rights, to variable returns from its involvement with the investee \u2022 The ability to use its power over the investee to a\ufb00ect its returns Generally, there is a presump\ue001on that a majority of vo\ue001ng rights results in control. To support this presump\ue001on and when Agilyx Group has less than a majority of the vo\ue001ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee \u2022 Rights arising from other contractual arrangements \u2022 The Agilyx Group\u2019s vo\ue001ng rights and poten\ue001al vo\ue001ng rights Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue001on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. All intra-group assets and liabili\ue001es, equity, income, expenses and cash \ufb02ows rela\ue001ng to transac\ue001ons between members of the Group are eliminated in full on consolida\ue001on. Subsidiaries Investments in subsidiaries are valued at cost in the Company accounts. The investments are valued at cost less any impairment losses. Impairment losses are reversed if the reason for the impairment loss disappears in a later period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4680": {
"value": "Revenue Performance Obliga\ue001ons and \ue001ming of revenue recogni\ue001on Agilyx Group\u2019s revenues can be divided into three main streams, as analyzed numerically in note 2: Project Development Revenues related to project developments are recognized over the contract period using percentage of comple\ue001on as the method for measuring the revenue. This is because the projects created have no alterna\ue001ve use for Agilyx Group and the contracts require payment to be received for the \ue001me and e\ufb00ort spent by the Group on progressing the contracts in the event of the customer canceling the contract prior to comple\ue001on for any reason other than the Group\u2019s failure to perform its obliga\ue001ons under the contract. On par\ue001ally complete design contracts, Agilyx Group recognizes revenue based on stage of comple\ue001on of the project which is es\ue001mated by comparing the number of hours actually spent on the project with the total number of hours expected to complete the project (i.e. an input based method). This is considered a faithful depic\ue001on of the transfer of services as the contracts are ini\ue001ally priced on the basis of an\ue001cipated hours to complete the projects and therefore also represents the amount to which the Group would be en\ue001tled based on its performance to date. License, membership and royalty fees License revenues are recognized when the license is delivered and the rights are transferred to the buyer. The rights relate to Agilyx Group\u2019s patented conversion technology which helps customers to take feedstock and turn it into a product. Once the rights are transferred to the buyer Agilyx Group usually has a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue001on. Sales of goods Revenues from the sale of goods are recognized at the point in \ue001me of the delivery, when control of the goods and risk of ownership has transferred to the customer. There is limited judgment needed in iden\ue001fying the point control passes: once physical delivery of the products to the agreed loca\ue001on has occurred, the Agilyx Group no longer has physical possession, usually will have a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue001on. Determining the transac\ue001on price Agilyx Group\u2019s revenue is derived from \ufb01xed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those \ufb01xed prices. There are no revenue contracts with signi\ufb01cant \ufb01nancing components. Alloca\ue001ng amounts to performance obliga\ue001ons For sales contracts there is a \ufb01xed unit price for each product sold. Therefore, there is no judgment involved in alloca\ue001ng the contract price to each unit ordered. Where a customer orders more than one product line, Agilyx Group is able to determine the split of the total contract price between each product line by reference to each product\u2019s standalone selling prices (all product lines are capable of being, and are, sold separately). Agilyx Group\u2019s contracts are for the delivery of goods within the next 12 months for which the prac\ue001cal expedient in paragraph 121(a) of IFRS 15 applies, related to the presenta\ue001on of remaining performance obliga\ue001ons. Note 2 GEOGRAPHICAL DISTRIBUTION OF REVENUES Group 2021 2022 Europe 428,689 250,899 U.S. 3,894,758 9,511,791 APAC 463,826 6,694,629 Other 101,954 - Total sales by customers loca\ue001on 4,889,227 16,457,319 PRODUCT CATEGORY Group 2021 2022 Project development 2,786,855 609,695 License, membership and royalty fees 131,458 450,525 Sale of goods 1,970,914 15,397,099 Total sales by category 4,889,227 16,457,319 No sales was recognized in the parent company Agilyx ASA in 2021 and 2022. Note 20 CONTRACT LIABILITY The Company\u2019s Contract liability balances at December 31, 2021 and 2022 was $1,376,452 and $5,945,535, respec\ue001vely. These balances represents billings in excess of revenue recognized on project related ac\ue001vi\ue001es that are recognized on a percent complete basis and product shipments billed in advance. The Company has classi\ufb01ed this amount as current as it expects to recognize the revenues over the next twelve months. An accoun\ue001ng roll forward for the periods presented are as follows: Balance at January 1, 2021 1,896,848 Billings deferred 4,193,881 Revenue recognized (4,714,277) Ending balance as of December 31, 2021 1,376,452 Billings deferred 20,878,829 Revenue recognized (16,309,746) Ending balance as of December 31, 2022 5,945,535 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4681": {
"value": "Revenue Performance Obliga\ue001ons and \ue001ming of revenue recogni\ue001on Agilyx Group\u2019s revenues can be divided into three main streams, as analyzed numerically in note 2: Project Development Revenues related to project developments are recognized over the contract period using percentage of comple\ue001on as the method for measuring the revenue. This is because the projects created have no alterna\ue001ve use for Agilyx Group and the contracts require payment to be received for the \ue001me and e\ufb00ort spent by the Group on progressing the contracts in the event of the customer canceling the contract prior to comple\ue001on for any reason other than the Group\u2019s failure to perform its obliga\ue001ons under the contract. On par\ue001ally complete design contracts, Agilyx Group recognizes revenue based on stage of comple\ue001on of the project which is es\ue001mated by comparing the number of hours actually spent on the project with the total number of hours expected to complete the project (i.e. an input based method). This is considered a faithful depic\ue001on of the transfer of services as the contracts are ini\ue001ally priced on the basis of an\ue001cipated hours to complete the projects and therefore also represents the amount to which the Group would be en\ue001tled based on its performance to date. License, membership and royalty fees License revenues are recognized when the license is delivered and the rights are transferred to the buyer. The rights relate to Agilyx Group\u2019s patented conversion technology which helps customers to take feedstock and turn it into a product. Once the rights are transferred to the buyer Agilyx Group usually has a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue001on. Sales of goods Revenues from the sale of goods are recognized at the point in \ue001me of the delivery, when control of the goods and risk of ownership has transferred to the customer. There is limited judgment needed in iden\ue001fying the point control passes: once physical delivery of the products to the agreed loca\ue001on has occurred, the Agilyx Group no longer has physical possession, usually will have a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue001on. Determining the transac\ue001on price Agilyx Group\u2019s revenue is derived from \ufb01xed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those \ufb01xed prices. There are no revenue contracts with signi\ufb01cant \ufb01nancing components. Alloca\ue001ng amounts to performance obliga\ue001ons For sales contracts there is a \ufb01xed unit price for each product sold. Therefore, there is no judgment involved in alloca\ue001ng the contract price to each unit ordered. Where a customer orders more than one product line, Agilyx Group is able to determine the split of the total contract price between each product line by reference to each product\u2019s standalone selling prices (all product lines are capable of being, and are, sold separately). Agilyx Group\u2019s contracts are for the delivery of goods within the next 12 months for which the prac\ue001cal expedient in paragraph 121(a) of IFRS 15 applies, related to the presenta\ue001on of remaining performance obliga\ue001ons. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4682": {
"value": "Revenue Performance Obliga\ue001ons and \ue001ming of revenue recogni\ue001on Agilyx Group\u2019s revenues can be divided into three main streams, as analyzed numerically in note 2: Project Development Revenues related to project developments are recognized over the contract period using percentage of comple\ue001on as the method for measuring the revenue. This is because the projects created have no alterna\ue001ve use for Agilyx Group and the contracts require payment to be received for the \ue001me and e\ufb00ort spent by the Group on progressing the contracts in the event of the customer canceling the contract prior to comple\ue001on for any reason other than the Group\u2019s failure to perform its obliga\ue001ons under the contract. On par\ue001ally complete design contracts, Agilyx Group recognizes revenue based on stage of comple\ue001on of the project which is es\ue001mated by comparing the number of hours actually spent on the project with the total number of hours expected to complete the project (i.e. an input based method). This is considered a faithful depic\ue001on of the transfer of services as the contracts are ini\ue001ally priced on the basis of an\ue001cipated hours to complete the projects and therefore also represents the amount to which the Group would be en\ue001tled based on its performance to date. License, membership and royalty fees License revenues are recognized when the license is delivered and the rights are transferred to the buyer. The rights relate to Agilyx Group\u2019s patented conversion technology which helps customers to take feedstock and turn it into a product. Once the rights are transferred to the buyer Agilyx Group usually has a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue001on. Sales of goods Revenues from the sale of goods are recognized at the point in \ue001me of the delivery, when control of the goods and risk of ownership has transferred to the customer. There is limited judgment needed in iden\ue001fying the point control passes: once physical delivery of the products to the agreed loca\ue001on has occurred, the Agilyx Group no longer has physical possession, usually will have a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue001on. Determining the transac\ue001on price Agilyx Group\u2019s revenue is derived from \ufb01xed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those \ufb01xed prices. There are no revenue contracts with signi\ufb01cant \ufb01nancing components. Alloca\ue001ng amounts to performance obliga\ue001ons For sales contracts there is a \ufb01xed unit price for each product sold. Therefore, there is no judgment involved in alloca\ue001ng the contract price to each unit ordered. Where a customer orders more than one product line, Agilyx Group is able to determine the split of the total contract price between each product line by reference to each product\u2019s standalone selling prices (all product lines are capable of being, and are, sold separately). Agilyx Group\u2019s contracts are for the delivery of goods within the next 12 months for which the prac\ue001cal expedient in paragraph 121(a) of IFRS 15 applies, related to the presenta\ue001on of remaining performance obliga\ue001ons. Note 2 GEOGRAPHICAL DISTRIBUTION OF REVENUES Group 2021 2022 Europe 428,689 250,899 U.S. 3,894,758 9,511,791 APAC 463,826 6,694,629 Other 101,954 - Total sales by customers loca\ue001on 4,889,227 16,457,319 PRODUCT CATEGORY Group 2021 2022 Project development 2,786,855 609,695 License, membership and royalty fees 131,458 450,525 Sale of goods 1,970,914 15,397,099 Total sales by category 4,889,227 16,457,319 No sales was recognized in the parent company Agilyx ASA in 2021 and 2022. Note 20 CONTRACT LIABILITY The Company\u2019s Contract liability balances at December 31, 2021 and 2022 was $1,376,452 and $5,945,535, respec\ue001vely. These balances represents billings in excess of revenue recognized on project related ac\ue001vi\ue001es that are recognized on a percent complete basis and product shipments billed in advance. The Company has classi\ufb01ed this amount as current as it expects to recognize the revenues over the next twelve months. An accoun\ue001ng roll forward for the periods presented are as follows: Balance at January 1, 2021 1,896,848 Billings deferred 4,193,881 Revenue recognized (4,714,277) Ending balance as of December 31, 2021 1,376,452 Billings deferred 20,878,829 Revenue recognized (16,309,746) Ending balance as of December 31, 2022 5,945,535 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4716": {
"value": "Research and Development Expenses Expenditure on internally developed product or technology is capitalized if it can be demonstrated that: \u2022 It is technically feasible to develop the product for it to be sold \u2022 Adequate resources are available to complete the development \u2022 There is an inten\ue001on to complete and sell the product \u2022 The Group is able to sell the product \u2022 Sale of the product will generate future economic bene\ufb01ts, and \u2022 Expenditure on the project can be measured reliably. Capitalized development costs are amor\ue001zed over the periods Agilyx Group expects to bene\ufb01t from selling the products developed. No projects have met this criteria for any of the periods presented. Development expenditure not sa\ue001sfying the above criteria and expenditure on the research phase of internal projects are recognized in the consolidated income statement as incurred. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4717": {
"value": "Research and Development Expenses Expenditure on internally developed product or technology is capitalized if it can be demonstrated that: \u2022 It is technically feasible to develop the product for it to be sold \u2022 Adequate resources are available to complete the development \u2022 There is an inten\ue001on to complete and sell the product \u2022 The Group is able to sell the product \u2022 Sale of the product will generate future economic bene\ufb01ts, and \u2022 Expenditure on the project can be measured reliably. Capitalized development costs are amor\ue001zed over the periods Agilyx Group expects to bene\ufb01t from selling the products developed. No projects have met this criteria for any of the periods presented. Development expenditure not sa\ue001sfying the above criteria and expenditure on the research phase of internal projects are recognized in the consolidated income statement as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4745": {
"value": "Income Tax Current income tax Current income tax assets and liabili\ue001es are measured at the amount expected to be recovered from or paid to the taxa\ue001on authori\ue001es. The tax rates and tax laws used to compute the amount are those that are enacted or substan\ue001vely enacted at the repor\ue001ng date in the countries where the Agilyx Group operates and generates taxable income. Deferred taxa\ue001on Deferred tax assets and liabili\ue001es are recognized where the carrying amount of an asset or liability in the consolidated balance sheet di\ufb00ers from its tax base, except for di\ufb00erences arising on: \u2022 The ini\ue001al recogni\ue001on of goodwill \u2022 The ini\ue001al recogni\ue001on of an asset or liability in a transac\ue001on which is not a business combina\ue001on and at the \ue001me of the transac\ue001on a\ufb00ects neither accoun\ue001ng or taxable pro\ufb01t, and \u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the \ue001ming of the reversal of the di\ufb00erence and it is probable that the di\ufb00erence will not reverse in the foreseeable future. Recogni\ue001on of deferred tax assets is restricted to those instances where it is probable that taxable pro\ufb01t will be available against which the di\ufb00erence can be u\ue001lized. The amount of the asset or liability is determined using tax rates that have been enacted or substan\ue001vely enacted by the repor\ue001ng date and are expected to apply when the deferred tax liabili\ue001es/(assets) are se\ue002led/(recovered). Deferred tax assets and liabili\ue001es are o\ufb00set when Agilyx Group has a legally enforceable right to o\ufb00set current tax assets and liabili\ue001es and the deferred tax assets and liabili\ue001es relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company, or \u2022 Di\ufb00erent group en\ue001\ue001es which intend either to se\ue002le current tax assets and liabili\ue001es on a net basis, or to realize the assets and se\ue002le the liabili\ue001es simultaneously, in each future period in which signi\ufb01cant amounts of deferred tax assets or liabili\ue001es are expected to be se\ue002led or recovered. Note 18 INCOME TAXES Components of the income tax expense There was no provision for income taxes recorded at both the Group and parent level for the years ended December 31, 2021 and 2022, respec\ue001vely. Group Parent 2021 2022 2021 2022 Basis for income tax expense Result before taxes (15,567,723) (23,384,655) 523,532 (787,412) Issue costs shares - - - - State bene\ufb01t (1,300) (17,035) - - Permanent di\ufb00erences (4,671,248) (13,427) (3,908,695) (1,112,081) Changes in temporary di\ufb00erences (2,638,969) 1,091,933 - - Basis for payable taxes in the income statement (22,879,240) (22,323,184) (3,385,163) (1,899,493) Deferred tax asset: Loss carried forward 45,444,321 50,289,598 744,736 1,162,624 Research & other credits 2,640,341 2,764,993 - - Capitalized R&D - 539,265 - - Reserves and accruals 13,433 - - - Stock based compensa\ue001on 60,685 239,015 - - Unrealized gain/loss 1,495,815 1,329,598 - - Lease liability 219,267 159,729 - - Investment in partnership 871,584 912,848 - - Total deferred tax assets 50,745,446 56,235,046 744,736 1,162,624 Deferred tax liabili\ue001es: - - Other intangibles (43,920) (23,527) - - Fixed assets (26,815) (235,382) - - Prepayments (33,762) (38,247) - - Right of use assets (214,869) (154,671) - - Investment in partnership - - - - Total deferred tax liabili\ue001es (319,366) (451,827) - - Net deferred tax assets 50,426,080 55,783,219 744,736 1,162,624 Recognized deferred tax assets - - - - Statutory tax rate 21% 21% 22% 22% Tax rate 0% 0% 0% 0% Realiza\ue001on of deferred tax assets is dependent upon future earnings, if any, the \ue001ming and amount of which are uncertain. Unrecognized deferred tax assets totaled $55.8 million (2021: $50.4 million) and in Norway $1.2 million (2021: $0.7 million). As of December 31, 2022, net opera\ue001ng loss for federal income tax purposes in U.S. of approximately $182.4 million, por\ue001ons of which will begin expire in 2030. Total state net opera\ue001ng loss carryforward in U.S. of approximately $141.9 million, which will begin to expire in 2031. U\ue001liza\ue001on of some of the federal and state net opera\ue001ng loss and credit carryforwards are subject to annual limita\ue001ons due to the \u201cchange of ownership\u201d provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limita\ue001ons may result in the expira\ue001on of net opera\ue001ng losses and credits before u\ue001liza\ue001on. As of the date of the report, such an analysis is s\ue001ll under prepara\ue001on. Agilyx Corp also has federal credits for approximately $2 million, which will begin to expire in 2030 and state research credits of approximately $0.7 million whose expira\ue001on date is not determined. These tax credits are subject to the same limita\ue001ons discussed above. Loss carried forward in Norway as of December 31, 2022, of approximately $5.3 million has no expira\ue001on date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4746": {
"value": "Income Tax Current income tax Current income tax assets and liabili\ue001es are measured at the amount expected to be recovered from or paid to the taxa\ue001on authori\ue001es. The tax rates and tax laws used to compute the amount are those that are enacted or substan\ue001vely enacted at the repor\ue001ng date in the countries where the Agilyx Group operates and generates taxable income. Deferred taxa\ue001on Deferred tax assets and liabili\ue001es are recognized where the carrying amount of an asset or liability in the consolidated balance sheet di\ufb00ers from its tax base, except for di\ufb00erences arising on: \u2022 The ini\ue001al recogni\ue001on of goodwill \u2022 The ini\ue001al recogni\ue001on of an asset or liability in a transac\ue001on which is not a business combina\ue001on and at the \ue001me of the transac\ue001on a\ufb00ects neither accoun\ue001ng or taxable pro\ufb01t, and \u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the \ue001ming of the reversal of the di\ufb00erence and it is probable that the di\ufb00erence will not reverse in the foreseeable future. Recogni\ue001on of deferred tax assets is restricted to those instances where it is probable that taxable pro\ufb01t will be available against which the di\ufb00erence can be u\ue001lized. The amount of the asset or liability is determined using tax rates that have been enacted or substan\ue001vely enacted by the repor\ue001ng date and are expected to apply when the deferred tax liabili\ue001es/(assets) are se\ue002led/(recovered). Deferred tax assets and liabili\ue001es are o\ufb00set when Agilyx Group has a legally enforceable right to o\ufb00set current tax assets and liabili\ue001es and the deferred tax assets and liabili\ue001es relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company, or \u2022 Di\ufb00erent group en\ue001\ue001es which intend either to se\ue002le current tax assets and liabili\ue001es on a net basis, or to realize the assets and se\ue002le the liabili\ue001es simultaneously, in each future period in which signi\ufb01cant amounts of deferred tax assets or liabili\ue001es are expected to be se\ue002led or recovered. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4752": {
"value": "Deferred taxa\ue001on Deferred tax assets and liabili\ue001es are recognized where the carrying amount of an asset or liability in the consolidated balance sheet di\ufb00ers from its tax base, except for di\ufb00erences arising on: \u2022 The ini\ue001al recogni\ue001on of goodwill \u2022 The ini\ue001al recogni\ue001on of an asset or liability in a transac\ue001on which is not a business combina\ue001on and at the \ue001me of the transac\ue001on a\ufb00ects neither accoun\ue001ng or taxable pro\ufb01t, and \u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the \ue001ming of the reversal of the di\ufb00erence and it is probable that the di\ufb00erence will not reverse in the foreseeable future. Recogni\ue001on of deferred tax assets is restricted to those instances where it is probable that taxable pro\ufb01t will be available against which the di\ufb00erence can be u\ue001lized. The amount of the asset or liability is determined using tax rates that have been enacted or substan\ue001vely enacted by the repor\ue001ng date and are expected to apply when the deferred tax liabili\ue001es/(assets) are se\ue002led/(recovered). Deferred tax assets and liabili\ue001es are o\ufb00set when Agilyx Group has a legally enforceable right to o\ufb00set current tax assets and liabili\ue001es and the deferred tax assets and liabili\ue001es relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company, or \u2022 Di\ufb00erent group en\ue001\ue001es which intend either to se\ue002le current tax assets and liabili\ue001es on a net basis, or to realize the assets and se\ue002le the liabili\ue001es simultaneously, in each future period in which signi\ufb01cant amounts of deferred tax assets or liabili\ue001es are expected to be se\ue002led or recovered. Note 18 INCOME TAXES Components of the income tax expense There was no provision for income taxes recorded at both the Group and parent level for the years ended December 31, 2021 and 2022, respec\ue001vely. Group Parent 2021 2022 2021 2022 Basis for income tax expense Result before taxes (15,567,723) (23,384,655) 523,532 (787,412) Issue costs shares - - - - State bene\ufb01t (1,300) (17,035) - - Permanent di\ufb00erences (4,671,248) (13,427) (3,908,695) (1,112,081) Changes in temporary di\ufb00erences (2,638,969) 1,091,933 - - Basis for payable taxes in the income statement (22,879,240) (22,323,184) (3,385,163) (1,899,493) Deferred tax asset: Loss carried forward 45,444,321 50,289,598 744,736 1,162,624 Research & other credits 2,640,341 2,764,993 - - Capitalized R&D - 539,265 - - Reserves and accruals 13,433 - - - Stock based compensa\ue001on 60,685 239,015 - - Unrealized gain/loss 1,495,815 1,329,598 - - Lease liability 219,267 159,729 - - Investment in partnership 871,584 912,848 - - Total deferred tax assets 50,745,446 56,235,046 744,736 1,162,624 Deferred tax liabili\ue001es: - - Other intangibles (43,920) (23,527) - - Fixed assets (26,815) (235,382) - - Prepayments (33,762) (38,247) - - Right of use assets (214,869) (154,671) - - Investment in partnership - - - - Total deferred tax liabili\ue001es (319,366) (451,827) - - Net deferred tax assets 50,426,080 55,783,219 744,736 1,162,624 Recognized deferred tax assets - - - - Statutory tax rate 21% 21% 22% 22% Tax rate 0% 0% 0% 0% Realiza\ue001on of deferred tax assets is dependent upon future earnings, if any, the \ue001ming and amount of which are uncertain. Unrecognized deferred tax assets totaled $55.8 million (2021: $50.4 million) and in Norway $1.2 million (2021: $0.7 million). As of December 31, 2022, net opera\ue001ng loss for federal income tax purposes in U.S. of approximately $182.4 million, por\ue001ons of which will begin expire in 2030. Total state net opera\ue001ng loss carryforward in U.S. of approximately $141.9 million, which will begin to expire in 2031. U\ue001liza\ue001on of some of the federal and state net opera\ue001ng loss and credit carryforwards are subject to annual limita\ue001ons due to the \u201cchange of ownership\u201d provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limita\ue001ons may result in the expira\ue001on of net opera\ue001ng losses and credits before u\ue001liza\ue001on. As of the date of the report, such an analysis is s\ue001ll under prepara\ue001on. Agilyx Corp also has federal credits for approximately $2 million, which will begin to expire in 2030 and state research credits of approximately $0.7 million whose expira\ue001on date is not determined. These tax credits are subject to the same limita\ue001ons discussed above. Loss carried forward in Norway as of December 31, 2022, of approximately $5.3 million has no expira\ue001on date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4753": {
"value": "Deferred taxa\ue001on Deferred tax assets and liabili\ue001es are recognized where the carrying amount of an asset or liability in the consolidated balance sheet di\ufb00ers from its tax base, except for di\ufb00erences arising on: \u2022 The ini\ue001al recogni\ue001on of goodwill \u2022 The ini\ue001al recogni\ue001on of an asset or liability in a transac\ue001on which is not a business combina\ue001on and at the \ue001me of the transac\ue001on a\ufb00ects neither accoun\ue001ng or taxable pro\ufb01t, and \u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the \ue001ming of the reversal of the di\ufb00erence and it is probable that the di\ufb00erence will not reverse in the foreseeable future. Recogni\ue001on of deferred tax assets is restricted to those instances where it is probable that taxable pro\ufb01t will be available against which the di\ufb00erence can be u\ue001lized. The amount of the asset or liability is determined using tax rates that have been enacted or substan\ue001vely enacted by the repor\ue001ng date and are expected to apply when the deferred tax liabili\ue001es/(assets) are se\ue002led/(recovered). Deferred tax assets and liabili\ue001es are o\ufb00set when Agilyx Group has a legally enforceable right to o\ufb00set current tax assets and liabili\ue001es and the deferred tax assets and liabili\ue001es relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company, or \u2022 Di\ufb00erent group en\ue001\ue001es which intend either to se\ue002le current tax assets and liabili\ue001es on a net basis, or to realize the assets and se\ue002le the liabili\ue001es simultaneously, in each future period in which signi\ufb01cant amounts of deferred tax assets or liabili\ue001es are expected to be se\ue002led or recovered. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4777": {
"value": "Stock-based Compensa\ue001on The Company accounts for stock-based compensa\ue001on in accordance with IFRS 2 \u2013 Share-based payment. The grant-date fair value of equity-se\ue002led share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the ves\ue001ng period of the awards, using the accelerated method. The amount recognized as an expense, commences on the \ufb01rst of the month following the date of the grant and is adjusted to re\ufb02ect the number of awards for which the related service condi\ue001ons are expected to be met, such that the amount ul\ue001mately recognized is based on the number of awards that meet the related service condi\ue001ons at the ves\ue001ng date. Note 4 SALARY AND SOCIAL COSTS Group Parent 2021 2022 2021 2022 Salaries 8,191,615 11,289,076 339,532 172,530 Social security and payroll tax costs (463,210) 972,623 50,230 22,315 Share-based compensa\ue001on (note 15) 1,739,995 1,548,815 - - Pension costs 136,681 171,875 18,584 6,000 Bene\ufb01ts and other expenses 1,042,292 1,464,728 - - Total salaries 10,647,373 15,447,117 408,346 200,845 Number of average full \ue001me employees 81 107 2 1 Agilyx ASA is required to provide an occupa\ue001onal pension scheme pursuant to the Act rela\ue001ng to Mandatory Occupa\ue001onal Pensions. The company\u2019s pension scheme complies with the requirements under that law. Agilyx GmbH, Switzerland has a mandatory pension arrangement for all employees through a state-run system. The arrangements are de\ufb01ned as contribu\ue001on plans. Agilyx has no pension arrangements in any of its other en\ue001\ue001es. This is in line with the corresponding local legisla\ue001on of its opera\ue001ons. SENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION - 2022 Salary Other bene\ufb01ts Share-based compensa\ue001on Total Timothy Stedman, Group CEO 433,177 231,410 211,066 875,653 Chris Faulkner, CTO 236,900 58,840 68,314 364,054 Russell Main, CFO 257,500 62,277 38,828 358,605 Mark Barranco, SVP Engineering & Educa\ue001on 262,649 57,328 119,274 439,251 Joe Vaillancourt, Cyclyx CEO 360,500 310,882 - 671,382 Louise Byrant, SVP Investor Rela\ue001ons 55,785 40,400 10,097 106,282 Isabel Charlo\ue002e Hacker, General Council 324,883 103,369 124,488 552,740 Carsten Larsen, CCO 268,152 29,497 268,817 566,466 Stephen Hamlet, VP Human Resources 78,269 8,065 11,682 98,016 Kate Ringier, VP Communica\ue001ons & Government A\ufb00airs 211,932 56,374 77,703 346,009 4,378,458 The CEO received his salary from Agilyx GmbH, Switzerland. The CEO has a severance agreement whereby he will receive 100% pay for 6 months for termina\ue001on by the Company without cause. SENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION - 2021 Salary Other bene\ufb01ts Share-based compensa\ue001on Total Timothy Stedman, CEO 405,225 156,534 511,701 1,073,460 Chris Faulkner, CTO 230,000 62,607 34,942 327,549 Russell Main, CFO 250,000 69,557 7,681 327,238 Mark Barranco, SVP Engineering & Educa\ue001on 255,000 10,681 144,774 410,455 Joe Vaillancourt, Cyclyx CEO 350,000 24,103 - 374,103 Kate Ringier, VP Communica\ue001ons & Government A\ufb00airs 207,621 39,257 152,767 399,645 2,912,450 The CEO received his salary from Agilyx GmbH, Switzerland. Note 16 SHAREHOLDERS AS OF DECEMBER 31, AND SHARES HELD BY THE CEO AND BOARD MEMBERS 2022 Ci\ue001bank 41,599,027 49.2 % SIX SIS AG 6,220,419 7.4 % Morgan Stanley & Co. Int. Plc. 5,222,872 6.2 % Clearstream Banking S.A. 4,236,359 5.0 % Merrill Lynch 3,746,671 4.4 % BNP Paribas Securi\ue001es Services 2,495,817 3.0 % Verdipapirfondet First Generator 1,485,374 1.8 % MP Pension PK 1,455,251 1.7 % Pictet & Cie (Europe) S.A. 1,310,809 1.6 % Sundt AS 1,240,000 1.5 % UFI Capital AS 1,043,981 1.2 % Verdipapirfondet DMB SMB 1,008,704 1.2 % Verdipapirfondet First Globalt 933,786 1.1 % Verdipapirfondet Fonds\ufb01nas Norge 919,292 1.1 % DNB Markets Aksjehandel 864,808 1.0 % Others 10,746,788 12.7 % Total 84,529,958 100.0 % Ordinary shares include 84,529,958 shares at par value NOK 0.02, all issued and fully paid. 2021 Ci\ue001bank 39,550,040 51.0 % SIX SIS AG 6,342,165 8.2 % Clearstream Banking S.A. 4,557,699 5.9 % Merrill Lynch 3,642,400 4.7 % MP Pension PK 1,870,351 2.4 % Sundt AS 1,806,700 2.3 % Morgan Stanley & Co. Int. Plc. 1,437,798 1.9 % BNP Paribas Securi\ue001es Services 1,296,246 1.7 % JPMorgan Chase Bank 1,146,177 1.5 % Caceis Bank 1,057,477 1.4 % DNB Markets Aksjehandel 1,042,640 1.3 % UFI Capital AS 846,981 1.1 % Others 12,936,272 16.7 % Total 77,532,946 100.0 % Ordinary shares include 74,902,500 shares at par value NOK 0.02, all issued and fully paid. As at January 1, 2021 there were 74,902,500 Ordinary Shares. Within the statement of changes in equity the share capital column provides a reconcilia\ue001on of the par value of the Ordinary shares during 2021 and 2022. The tables above present the year end balances in total, the movements can be computed using the share capital column and adjus\ue001ng for the NOK exchange rate at the relevant transac\ue001on dates. There are no special rights or restric\ue001ons with regards the Ordinary shares, each is en\ue001tled to one vote and a propor\ue001onal share any remaining assets in the event of a liquida\ue001on. The total number of authorized shares was 87,705,500 at December 31, 2021 and December 31, 2022. The di\ufb00erence between the authorized number of shares and those that are fully issued and paid relates to shares reserved by Agilyx Group to be issued under Stock Op\ue001on contracts. THE FOLLOWING DESCRIBES THE NATURE AND PURPOSE OF EACH RESERVE WITHIN EQUITY: Reserve Descrip\ue001on and purpose Share premium Amount subscribed for share capital in excess of nominal value, in the post inversion period Addi\ue001onal paid in capital Pre inversion amounts related to the exercise of stock op\ue001ons and post inversion transac\ue001ons related to stock op\ue001ons and warrants. Uncovered loss All other net gains and losses and transac\ue001ons with owners (e.g. dividends) not recognized elsewhere. SHARES AND OPTIONS HELD BY THE CEO AND MEMBERS OF THE BOARD OF DIRECTORS Name Title Op\ue001ons and Warrants Granted Shares Owned Note Timothy Stedman CEO 2,893,900 86,842 1) Ranjeet Bha\ue001a GM and board member - 92,700 2) Jan Secher Board member 100,000 - 3) Steen Jakobsen Board member 75,000 - 4) Peter Norris Board member 100,000 156,645 5) Martha Crawford Board member 75,000 - 6) Carolyn Clarke Board member 75,000 - 7) Catherine Keenan Board member 75,000 - 8) Note 1. The CEO has received op\ue001ons to purchase shares as a part of the total compensa\ue001on package. The exercise price for each share is $1.06. Addi\ue001onally, Mr. Stedman has personally acquired 86,842 shares. The op\ue001ons granted expire on August 17, 2030. 2. Mr. Bha\ue001a is a member of the board, represents Sa\ufb00ron Hill Ventures and controls 92,700 shares. 3. Mr. Secher is the chair of the board and was granted 100,000 op\ue001ons with an exercise price of $2.19. 4. Mr. Jakobsen is a member of the board, represents Saxo Bank and was granted 75,000 op\ue001ons with an exercise price of $2.19. 5. Mr. Norris is a member of the board, represents Vigin Group Holdings Limited, controls 156,645 shares and was granted 75,000 op\ue001ons with an exercise price of $2.19 and has 25,000 warrants exercisable as ordinary shares having a calculated fair value of $2.58 per share. 6. Mrs. Crawford is a member of the board and was granted 75,000 op\ue001ons with an exercise price of $2.19. 7. Mrs. Clarke is a member of the board and was granted 75,000 op\ue001ons with an exercise price of $2.19. 8. Mrs. Keenan is a member of the board and was granted 75,000 op\ue001ons with an exercise price of $2.19. ",
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"value": "Stock-based Compensa\ue001on The Company accounts for stock-based compensa\ue001on in accordance with IFRS 2 \u2013 Share-based payment. The grant-date fair value of equity-se\ue002led share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the ves\ue001ng period of the awards, using the accelerated method. The amount recognized as an expense, commences on the \ufb01rst of the month following the date of the grant and is adjusted to re\ufb02ect the number of awards for which the related service condi\ue001ons are expected to be met, such that the amount ul\ue001mately recognized is based on the number of awards that meet the related service condi\ue001ons at the ves\ue001ng date. ",
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"f4779": {
"value": "Stock-based Compensa\ue001on The Company accounts for stock-based compensa\ue001on in accordance with IFRS 2 \u2013 Share-based payment. The grant-date fair value of equity-se\ue002led share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the ves\ue001ng period of the awards, using the accelerated method. The amount recognized as an expense, commences on the \ufb01rst of the month following the date of the grant and is adjusted to re\ufb02ect the number of awards for which the related service condi\ue001ons are expected to be met, such that the amount ul\ue001mately recognized is based on the number of awards that meet the related service condi\ue001ons at the ves\ue001ng date. Note 16 SHAREHOLDERS AS OF DECEMBER 31, AND SHARES HELD BY THE CEO AND BOARD MEMBERS 2022 Ci\ue001bank 41,599,027 49.2 % SIX SIS AG 6,220,419 7.4 % Morgan Stanley & Co. Int. Plc. 5,222,872 6.2 % Clearstream Banking S.A. 4,236,359 5.0 % Merrill Lynch 3,746,671 4.4 % BNP Paribas Securi\ue001es Services 2,495,817 3.0 % Verdipapirfondet First Generator 1,485,374 1.8 % MP Pension PK 1,455,251 1.7 % Pictet & Cie (Europe) S.A. 1,310,809 1.6 % Sundt AS 1,240,000 1.5 % UFI Capital AS 1,043,981 1.2 % Verdipapirfondet DMB SMB 1,008,704 1.2 % Verdipapirfondet First Globalt 933,786 1.1 % Verdipapirfondet Fonds\ufb01nas Norge 919,292 1.1 % DNB Markets Aksjehandel 864,808 1.0 % Others 10,746,788 12.7 % Total 84,529,958 100.0 % Ordinary shares include 84,529,958 shares at par value NOK 0.02, all issued and fully paid. 2021 Ci\ue001bank 39,550,040 51.0 % SIX SIS AG 6,342,165 8.2 % Clearstream Banking S.A. 4,557,699 5.9 % Merrill Lynch 3,642,400 4.7 % MP Pension PK 1,870,351 2.4 % Sundt AS 1,806,700 2.3 % Morgan Stanley & Co. Int. Plc. 1,437,798 1.9 % BNP Paribas Securi\ue001es Services 1,296,246 1.7 % JPMorgan Chase Bank 1,146,177 1.5 % Caceis Bank 1,057,477 1.4 % DNB Markets Aksjehandel 1,042,640 1.3 % UFI Capital AS 846,981 1.1 % Others 12,936,272 16.7 % Total 77,532,946 100.0 % Ordinary shares include 74,902,500 shares at par value NOK 0.02, all issued and fully paid. As at January 1, 2021 there were 74,902,500 Ordinary Shares. Within the statement of changes in equity the share capital column provides a reconcilia\ue001on of the par value of the Ordinary shares during 2021 and 2022. The tables above present the year end balances in total, the movements can be computed using the share capital column and adjus\ue001ng for the NOK exchange rate at the relevant transac\ue001on dates. There are no special rights or restric\ue001ons with regards the Ordinary shares, each is en\ue001tled to one vote and a propor\ue001onal share any remaining assets in the event of a liquida\ue001on. The total number of authorized shares was 87,705,500 at December 31, 2021 and December 31, 2022. The di\ufb00erence between the authorized number of shares and those that are fully issued and paid relates to shares reserved by Agilyx Group to be issued under Stock Op\ue001on contracts. THE FOLLOWING DESCRIBES THE NATURE AND PURPOSE OF EACH RESERVE WITHIN EQUITY: Reserve Descrip\ue001on and purpose Share premium Amount subscribed for share capital in excess of nominal value, in the post inversion period Addi\ue001onal paid in capital Pre inversion amounts related to the exercise of stock op\ue001ons and post inversion transac\ue001ons related to stock op\ue001ons and warrants. Uncovered loss All other net gains and losses and transac\ue001ons with owners (e.g. dividends) not recognized elsewhere. SHARES AND OPTIONS HELD BY THE CEO AND MEMBERS OF THE BOARD OF DIRECTORS Name Title Op\ue001ons and Warrants Granted Shares Owned Note Timothy Stedman CEO 2,893,900 86,842 1) Ranjeet Bha\ue001a GM and board member - 92,700 2) Jan Secher Board member 100,000 - 3) Steen Jakobsen Board member 75,000 - 4) Peter Norris Board member 100,000 156,645 5) Martha Crawford Board member 75,000 - 6) Carolyn Clarke Board member 75,000 - 7) Catherine Keenan Board member 75,000 - 8) Note 1. The CEO has received op\ue001ons to purchase shares as a part of the total compensa\ue001on package. The exercise price for each share is $1.06. Addi\ue001onally, Mr. Stedman has personally acquired 86,842 shares. The op\ue001ons granted expire on August 17, 2030. 2. Mr. Bha\ue001a is a member of the board, represents Sa\ufb00ron Hill Ventures and controls 92,700 shares. 3. Mr. Secher is the chair of the board and was granted 100,000 op\ue001ons with an exercise price of $2.19. 4. Mr. Jakobsen is a member of the board, represents Saxo Bank and was granted 75,000 op\ue001ons with an exercise price of $2.19. 5. Mr. Norris is a member of the board, represents Vigin Group Holdings Limited, controls 156,645 shares and was granted 75,000 op\ue001ons with an exercise price of $2.19 and has 25,000 warrants exercisable as ordinary shares having a calculated fair value of $2.58 per share. 6. Mrs. Crawford is a member of the board and was granted 75,000 op\ue001ons with an exercise price of $2.19. 7. Mrs. Clarke is a member of the board and was granted 75,000 op\ue001ons with an exercise price of $2.19. 8. Mrs. Keenan is a member of the board and was granted 75,000 op\ue001ons with an exercise price of $2.19. ",
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"value": "Stock-based Compensa\ue001on The Company accounts for stock-based compensa\ue001on in accordance with IFRS 2 \u2013 Share-based payment. The grant-date fair value of equity-se\ue002led share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the ves\ue001ng period of the awards, using the accelerated method. The amount recognized as an expense, commences on the \ufb01rst of the month following the date of the grant and is adjusted to re\ufb02ect the number of awards for which the related service condi\ue001ons are expected to be met, such that the amount ul\ue001mately recognized is based on the number of awards that meet the related service condi\ue001ons at the ves\ue001ng date. ",
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"value": "Foreign Currency Transla\ue001on Certain transac\ue001ons of the Company and its subsidiaries are denominated in currencies other than their func\ue001onal currency. Foreign currency exchange gains and losses generated from the se\ue002lement and remeasurement of these transac\ue001ons are recognized in earnings and presented within \u201cOther \ufb01nancial income \u201d in the Company\u2019s Income Statement. ",
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"value": "Foreign Currency Transla\ue001on Certain transac\ue001ons of the Company and its subsidiaries are denominated in currencies other than their func\ue001onal currency. Foreign currency exchange gains and losses generated from the se\ue002lement and remeasurement of these transac\ue001ons are recognized in earnings and presented within \u201cOther \ufb01nancial income \u201d in the Company\u2019s Income Statement. ",
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"f4800": {
"value": "Financial Instruments Financial assets Agilyx Group categorizes all of its \ufb01nancial assets as amor\ue001zed cost, due to the nature and purpose of the assets. These assets arise principally from the provision of goods and services to customers (e.g. accounts receivables), but also incorporate other types of \ufb01nancial assets where the objec\ue001ve is to hold these assets in order to collect contractual cash \ufb02ows and the contractual cash \ufb02ows are solely payments of principal and interest (principally cash and cash equivalents). They are ini\ue001ally recognized at fair value plus transac\ue001on costs that are directly a\ue002ributable to their acquisi\ue001on or issue, and are subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, less provision for impairment, as required. Impairment provisions for current and non-current trade receivables are recognized based on the simpli\ufb01ed approach within IFRS 9 see note 10 for further commentary on the applica\ue001on of this. Agilyx Group\u2019s \ufb01nancial assets measured at amor\ue001zed cost comprise accounts receivables and cash and cash equivalents in the consolidated balance sheet. Receivables Trade receivables and other receivables are recognized at amor\ue001zed cost, less any provision for expected credit losses of receivables. See note 10 for further informa\ue001on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue002ed by IFRS 9. ",
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"f4816": {
"value": "cash \ufb02ows are solely payments of principal and interest (principally cash and cash equivalents). They are ini\ue001ally recognized at fair value plus transac\ue001on costs that are directly a\ue002ributable to their acquisi\ue001on or issue, and are subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, less provision for impairment, as required. Impairment provisions for current and non-current trade receivables are recognized based on the simpli\ufb01ed approach within IFRS 9 see note 10 for further commentary on the applica\ue001on of this. Agilyx Group\u2019s \ufb01nancial assets measured at amor\ue001zed cost comprise accounts receivables and cash and cash equivalents in the consolidated balance sheet. Financial liabili\ue001es Agilyx Group classi\ufb01es its \ufb01nancial liabili\ue001es into one of two categories, depending on the purpose for which the liability was acquired Fair value through pro\ufb01t or loss This category comprises warrants and subscrip\ue001on rights which are deriva\ue001ve \ufb01nancial instruments. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these deriva\ue001ve \ufb01nancial instruments, the Group does not have any liabili\ue001es held for trading nor has it designated any \ufb01nancial liabili\ue001es as being at fair value through pro\ufb01t or loss. Other \ufb01nancial liabili\ue001es - measured at amor\ue001zed cost Other \ufb01nancial liabili\ue001es include notes payable, accounts payable, payables to Group companies and lease liabili\ue001es. These are ini\ue001ally recognized at fair value net of any transac\ue001on costs directly a\ue002ributable to the issue of the instrument. Any interest bearing liabili\ue001es are subsequently measured at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue001on. Accounts payables and other short-term monetary liabili\ue001es, are ini\ue001ally recognized at fair value and subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest method. Financial Instruments Financial assets Agilyx Group categorizes all of its \ufb01nancial assets as amor\ue001zed cost, due to the nature and purpose of the assets. These assets arise principally from the provision of goods and services to customers (e.g. accounts receivables), but also incorporate other types of \ufb01nancial assets where the objec\ue001ve is to hold these assets in order to collect contractual cash \ufb02ows and the contractual Receivables Trade receivables and other receivables are recognized at amor\ue001zed cost, less any provision for expected credit losses of receivables. See note 10 for further informa\ue001on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue002ed by IFRS 9. Independent Subscrip\ue001on Rights - Deriva\ue001ve Liability Agilyx Corpora\ue001on has granted warrants in connec\ue001on with various debt and equity issuances that were exercisable into ordinary shares. In connec\ue001on to the share exchange that was completed January 7, 2020, these warrants were replaced with subscrip\ue001on rights where Agilyx ASA issued 36,925 (3,692,500 a\ufb05er share split 1:100) subscrip\ue001on rights exercisable by no\ue001ce to the Board of Directors. Upon exercise, a cash contribu\ue001on of $100 ($1 a\ufb05er share split) shall be paid for the warrants under the 2017 plan in Agilyx Corpora\ue001on, and $0.01 (0.00 a\ufb05er share split) for all other warrants. The subscrip\ue001on rights were issued by an extraordinary general mee\ue001ng held August 27, 2020. The warrant agreements include a cashless exercise op\ue001on, which introduces variability into the number of shares that could be issued. The instruments therefore fails the \ufb01xed for \ufb01xed requirement in IAS 32 and is classi\ufb01ed as a deriva\ue001ve liability. The instruments meets the de\ufb01ni\ue001on of a deriva\ue001ve because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue001al net investment and they will be se\ue002led at a future date. Such deriva\ue001ve \ufb01nancial instruments are ini\ue001ally recognized at fair value on the date on which a deriva\ue001ve contract is entered into and are subsequently remeasured at fair value. See note 14 for addi\ue001onal informa\ue001on on these instruments and the valua\ue001on approach. Impairment of Investment Agilyx Group is split into two CGU\u2019s for impairment analysis purposes, Agilyx and Cyclyx, which is in alignment with the segments disclosed in note 5. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cash \ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. For the investment in Regenyx, objec\ue001ve evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted nega\ue001ve cash \ufb02ows being generated by the en\ue001ty, which would require capital contribu\ue001ons from Agilyx and AmSty in order to support its con\ue001nued opera\ue001on. Due to the projected nega\ue001ve cash \ufb02ows and the unique nature of the underlying plant, it was determined that the recoverable amount was zero under both the value in use and fair value less cost to sell methodology therefore the investment in Regenyx has been fully impaired at January 1, 2021. As can be seen in the tables below, subsequent capital investments by Agilyx, led to impairments for both balance sheet periods presented on the basis that the recoverable amount using the value in use and fair value less cost to sell methodologies would lead to a fully wri\ue002en o\ufb00 investment. Despite the impairment, Agilyx Group con\ue001nues to invest in Regenyx for the broader bene\ufb01ts that it brings to the Group, which include servicing an important customer in AmSty, as well as, providing R&D and marke\ue001ng value to demonstrate various new and current technologies being developed and implemented by the Group. Agilyx applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses using a life\ue001me expected credit loss provision for all accounts receivables. To measure expected credit losses on a collec\ue001ve basis, accounts receivables are grouped based on similar credit risk and aging. The expected loss rates are based on Agilyx\u2019s historical credit losses experienced over the period since adop\ue001on of IFRS. Historically Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Given this context, the impact of any forward looking factors is not expected to adjust the conclusion that no allowance is required. Note 11 INVENTORY Inventories consist of the following: Group 2021 2022 Raw materials 5,969 184,165 Finished goods 151,801 1,502,961 Total inventories 157,770 1,687,126 Note 12 ACCOUNTS PAYABLE Group Parent 2021 2022 2021 2022 Accounts payable 1,241,420 2,640,756 - 424 Related party payables 205,728 - - - Total accounts payable 1,447,148 2,640,756 - 424 One of the main factors applied when concluding that no allowance is required, is the aging of the accounts receivable balances: Group 2021 2022 Non-overdue amounts - - 0-30 days past due 1,356,208 - 31-60 days past due 148,874 - 61-90 days past due - 81,283 Over 90 days past due 164,808 2,362,170 1,669,890 2,443,453 The following informa\ue001on is relevant in the determina\ue001on of the fair value of op\ue001ons granted during the year under the equity share based remunera\ue001on schemes operated by the Group. All employees Key management personnel 2021 2022 2021 2022 Equity-Se\ue002led Op\ue001on pricing model used Black-Scholes Black-Scholes Black-Scholes Black-Scholes Share price at grant date (Weighted Average) $1.09 $1.02 $0.68 $1.05 Exercise Price (Weighted Average) $1.17 $2.62 $0.68 $2.75 Contractual Life (Weighted Average) 7.87 6.12 7.5 6.15 Expected Vola\ue001lity (Weighted Average) 33% 32% 35% 33% Expected Dividend Growth Rate 0% 0% 0% 0% Risk Free Interest Rate (Weighted Average) 1.07% 2.84% 1.03% 2.90% Note 15 STOCK OPTION PLAN Stock Op\ue001on Ac\ue001vity Number of shares Weighted average exercise price Weighted average contractual term (years) Aggregate intrinsic value Balance at January 1, 2021 12,182,400 $0.75 8.39 50,556,190 Share authorized Op\ue001ons granted 1,793,750 $3.52 Op\ue001ons exercised (2,192,946) $0.12 8,706,073 Op\ue001ons forfeited/expired (350,580) $ 4.94 Balance at December 31, 2021 11,432,624 $1.17 7.81 33,223,561 Share authorized Op\ue001ons granted 1,815,000 2.62 Op\ue001ons exercised (769,509) 0.28 Op\ue001ons forfeited/expired (188,899) 2.30 Balance at December 31, 2022 12,289,216 $1.40 7.71 26,343,495 Op\ue001ons vested and expected to vest at December 31, 2022 12,289,216 $1.40 7.71 26,343,495 Op\ue001ons Exercisable 7,078,142 $0.83 5.62 18,231,441 The 2020 plan became e\ufb00ec\ue001ve as of June 4, 2020. Prior to this date Agilyx Corp had implemented a 2009 Stock Incen\ue001ve plan. The 2009 plan was considered null and void a\ufb05er the e\ufb00ec\ue001ve date of the 2020 plan, but were replaced with new op\ue001ons in the new plan. The result was a modi\ufb01ca\ue001on of the op\ue001ons granted to each relevant counterparty which resulted in accelerated ves\ue001ng. The result was bene\ufb01cial (i.e. a higher fair value) to the employees since the service condi\ue001ons were shortened for each counterparty. The total value of the modi\ufb01ed grants was $216,535. Management calculated the total compensa\ue001on cost for each new tranche and will be recognizing the new compensa\ue001on cost straight-lined over the new ves\ue001ng periods. Es\ue001mated vola\ue001lity is calculated based on the historical vola\ue001lity of similar en\ue001\ue001es whose share prices are publicly traded. The total number of shares that may be issued under this plan are 15,000,000 shares. If an op\ue001on expires, terminates or is canceled, the unissued shares subject to that op\ue001on shall again be available under the Plan. The op\ue001ons outstanding have a range of exercise prices from $0.06 to $4.68 Note 19 NOTES PAYABLE During 2021 there was a Note Payable outstanding, with a maturity date during 2022. The agreed interest rate over the period is 8% p.a. The note was repaid in 2022. The current por\ue001on of this notes payable amounted to $1,271,853 at December 31, 2021 and is classi\ufb01ed as current liabili\ue001es. Group - as at Parent - as at December 31, 2021 December 31, 2022 December 31, 2021 December 31, 2022 Accounts receivable 1,669,890 2,443,453 - - Cash and cash equivalents 19,570,154 13,671,319 11,307,524 5,007,823 Total Financial Assets 21,240,044 16,114,772 11,307,524 5,007,823 Notes payable 1,271,853 - - - Accounts payable 1,447,148 2,640,756 - 424 Payable to Group Companies - - 1,022,420 2,515,348 Lease liabili\ue001es 994,411 732,030 - - Financial liabili\ue001es at amor\ue001zed cost 3,713,412 3,372,786 1,022,420 2,515,772 Warrant liability 7,570,647 6,303,189 7,570,647 6,303,189 Total Financial Liabili\ue001es 11,284,059 9,675,975 8,593,067 8,818,961 Note 21: Financial Instruments - Risk Management Agilyx Group is exposed through its opera\ue001ons to the following \ufb01nancial risks: \u2022 Credit risk \u2022 Interest rate risk \u2022 Liquidity risk. In common with all other businesses, Agilyx Group is exposed to risks that arise from its use of \ufb01nancial instruments. This note describes Agilyx Group\u2019s objec\ue001ves, policies and processes for managing those risks and the methods used to measure them. Further quan\ue001ta\ue001ve informa\ue001on in respect of these risks is presented throughout these \ufb01nancial statements. There have been no substan\ue001ve changes in the Group\u2019s exposure to \ufb01nancial instrument risks, its objec\ue001ves, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. (i) Principal \ufb01nancial instruments, by category The principal \ufb01nancial instruments used by Agilyx Group are listed those listed in the table below, all of which are measured at amor\ue001zed cost, plus the Warrant/Subscrip\ue001on rights, which are measured at fair value through the pro\ufb01t and loss: (ii) Financial instruments not measured at fair value Financial instruments not measured at fair value includes all the instruments listed in the table above (except the warrants). Due to the short term nature of Accounts receivable, Accounts payable and the Payable to Group Companies, amounts, the amor\ue001zed cost is considered to approximate fair value. The Notes payable and Lease liabili\ue001es both carry market rates of interest, for these amounts the amor\ue001zed cost is also considered to approximate fair value, measured using level 1 of the fair value hierarchy. (iii) Financial instruments measured at fair value The only \ufb01nancial instruments measured at fair value through pro\ufb01t and loss are the Warrants and Subscrip\ue001on rights, described in more detail in note 14. (iv) General objec\ue001ves, policies and processes The Board has overall responsibility for the determina\ue001on of Agilyx Group\u2019s risk management objec\ue001ves and policies and, while retaining ul\ue001mate responsibility for them, it has delegated the authority for designing and opera\ue001ng processes that ensure the e\ufb00ec\ue001ve implementa\ue001on of the objec\ue001ves and policies to the Agilyx Group \ufb01nance func\ue001on. The Board receives monthly reports from the V.P. and Corporate Controller through which it reviews the e\ufb00ec\ue001veness of the processes put in place and the appropriateness of the objec\ue001ves and policies it sets. The overall objec\ue001ve of the Board is to set policies that seek to reduce risk as far as possible without unduly a\ufb00ec\ue001ng the Group\u2019s compe\ue001\ue001veness and \ufb02exibility. Further details regarding these policies are set out below: Credit risk Credit risk is the risk of \ufb01nancial loss to Agilyx Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obliga\ue001ons. The Agilyx Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ra\ue001ngs are taken into account by local business prac\ue001ces. As noted in Note 1, historically Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Credit risk also arises from cash and cash equivalents and deposits with banks and \ufb01nancial ins\ue001tu\ue001ons. Agilyx Group only deals with highly reputable banks and \ufb01nancial ins\ue001tu\ue001ons. At \ue001mes, Agilyx Group does hold funds with certain banks that are beyond federally insured levels, however, management regularly monitor the banking rela\ue001onships to minimize any risk that may arise in this respect. Interest rate risk Agilyx Group is exposed to interest rate risk from long-term borrowings. Management has chosen to mi\ue001gate the exposure to movements in interest rates by lending via the Note payable at a \ufb01xed rate of interest. While using only a \ufb01xed rate note payable, Agilyx Group does limit any poten\ue001al upside, that could be achieved by having a variable interest rate during \ue001mes of falling rates, however, given the Agilyx Group\u2019s current growth mindset, it is more valuable to the Group to have certainty over interest payment amounts, in order to be able to properly budget and forecast future expenditures. Liquidity risk Liquidity risk arises from Agilyx Group\u2019s management of working capital and the \ufb01nance charges and principal repayments on its debt instruments. It is the risk that Agilyx Group will encounter di\ufb03culty in mee\ue001ng its \ufb01nancial obliga\ue001ons as they fall due. The current policy is to ensure that it will always have su\ufb03cient cash to allow it to meet its liabili\ue001es when they become due. To achieve this aim, it seeks to maintain cash balances (or agreed facili\ue001es) to meet expected requirements for a period of at least 45 days. The Group also seeks to reduce liquidity risk by \ufb01xing interest rates (and hence cash \ufb02ows) on its long-term borrowings, this is further discussed in the \u2018interest rate risk\u2019 sec\ue001on above. The Board regularly receives cash \ufb02ow projec\ue001ons as well as informa\ue001on regarding cash balances. At the end of the \ufb01nancial year, these projec\ue001ons indicated that the Group expected to have su\ufb03cient liquid resources to meet its obliga\ue001ons under all reasonably expected circumstances. The budgets are set by management and agreed by the board in advance, enabling the Agilyx Group\u2019s cash requirements to be an\ue001cipated. The following table sets out the contractual maturi\ue001es (represen\ue001ng undiscounted contractual cash-\ufb02ows) of \ufb01nancial liabili\ue001es: See note 9 for undiscounted contractual cash \ufb02ow informa\ue001on in rela\ue001on to the lease liabili\ue001es. Group - as at Parent - as at Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total As at December, 31 2021 Notes payable 1,373,601 - - 1,373,601 - - - - Accounts payable 1,447,148 - - 1,447,148 - - - - Payable to Group Companies - - - - 1,022,420 - - 1,022,420 2,820,749 - - 2,820,749 1,022,420 - - 1,022,420 Group - as at Parent - as at Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total As at December, 31 2022 Notes payable - - - - - - - - Accounts payable 2,640,756 - - 2,640,756 424 - - 424 Payable to Group Companies - - - - 2,515,348 - - 2,515,348 2,640,756 - - 2,640,756 2,515,772 - - 2,515,772 In addi\ue001on to the \ufb01nancial liabili\ue001es noted above, there are other poten\ue001al cash ou\ue005lows in rela\ue001on to the investment in Regenyx, which may a\ufb00ect liquidity. During the ini\ue001al funding period, Agilyx was responsible for funding the opera\ue001ons of Regenyx, this resulted in cash ou\ue005lows, for 2022 of $1,776,393 (2021: $1,978,272) as reported on the cash \ufb02ow statement. Furthermore, the Regenyx contribu\ue001on agreement includes a put op\ue001on as de\ufb01ned in note 9, which could result in a cash ou\ue005low ,should the op\ue001on be exercised by AmSty. The cash ou\ue005low would be based on the fair market value of the membership units held by AmSty at the date of exercise. The strike price of the op\ue001on is fair value. Hence, the value of considera\ue001on due upon exercise of the op\ue001on and the asset acquired (shares), would be equal and therefore no value has been a\ue002ributed to this put op\ue001on. At the date of this report, no events has occurred that will ini\ue001ate the purchase of AmSty\u2019s investment in Regenyx. Capital Disclosures Agilyx Group\u2019s managed capital includes equity and debt. The objec\ue001ves for Agilyx Group when maintaining capital are: \u2022 to safeguard the en\ue001ty\u2019s ability to con\ue001nue as a going concern, so that it can con\ue001nue to provide returns for shareholders and bene\ufb01ts for other stakeholders, and \u2022 to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. Agilyx Group sets the amount of capital it requires in propor\ue001on to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic condi\ue001ons and the risk characteris\ue001cs of the underlying assets. In order to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares, or sell assets to reduce debt. Due to recent market uncertainty, the Group\u2019s strategy is to preserve a strong cash base and ensure compliance with any covenants a\ue002ached to the bank and borrowing facili\ue001es. ",
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"f4817": {
"value": "cash \ufb02ows are solely payments of principal and interest (principally cash and cash equivalents). They are ini\ue001ally recognized at fair value plus transac\ue001on costs that are directly a\ue002ributable to their acquisi\ue001on or issue, and are subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, less provision for impairment, as required. Impairment provisions for current and non-current trade receivables are recognized based on the simpli\ufb01ed approach within IFRS 9 see note 10 for further commentary on the applica\ue001on of this. Agilyx Group\u2019s \ufb01nancial assets measured at amor\ue001zed cost comprise accounts receivables and cash and cash equivalents in the consolidated balance sheet. Financial liabili\ue001es Agilyx Group classi\ufb01es its \ufb01nancial liabili\ue001es into one of two categories, depending on the purpose for which the liability was acquired Fair value through pro\ufb01t or loss This category comprises warrants and subscrip\ue001on rights which are deriva\ue001ve \ufb01nancial instruments. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these deriva\ue001ve \ufb01nancial instruments, the Group does not have any liabili\ue001es held for trading nor has it designated any \ufb01nancial liabili\ue001es as being at fair value through pro\ufb01t or loss. Other \ufb01nancial liabili\ue001es - measured at amor\ue001zed cost Other \ufb01nancial liabili\ue001es include notes payable, accounts payable, payables to Group companies and lease liabili\ue001es. These are ini\ue001ally recognized at fair value net of any transac\ue001on costs directly a\ue002ributable to the issue of the instrument. Any interest bearing liabili\ue001es are subsequently measured at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue001on. Accounts payables and other short-term monetary liabili\ue001es, are ini\ue001ally recognized at fair value and subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest method. Financial Instruments Financial assets Agilyx Group categorizes all of its \ufb01nancial assets as amor\ue001zed cost, due to the nature and purpose of the assets. These assets arise principally from the provision of goods and services to customers (e.g. accounts receivables), but also incorporate other types of \ufb01nancial assets where the objec\ue001ve is to hold these assets in order to collect contractual cash \ufb02ows and the contractual Receivables Trade receivables and other receivables are recognized at amor\ue001zed cost, less any provision for expected credit losses of receivables. See note 10 for further informa\ue001on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue002ed by IFRS 9. Independent Subscrip\ue001on Rights - Deriva\ue001ve Liability Agilyx Corpora\ue001on has granted warrants in connec\ue001on with various debt and equity issuances that were exercisable into ordinary shares. In connec\ue001on to the share exchange that was completed January 7, 2020, these warrants were replaced with subscrip\ue001on rights where Agilyx ASA issued 36,925 (3,692,500 a\ufb05er share split 1:100) subscrip\ue001on rights exercisable by no\ue001ce to the Board of Directors. Upon exercise, a cash contribu\ue001on of $100 ($1 a\ufb05er share split) shall be paid for the warrants under the 2017 plan in Agilyx Corpora\ue001on, and $0.01 (0.00 a\ufb05er share split) for all other warrants. The subscrip\ue001on rights were issued by an extraordinary general mee\ue001ng held August 27, 2020. The warrant agreements include a cashless exercise op\ue001on, which introduces variability into the number of shares that could be issued. The instruments therefore fails the \ufb01xed for \ufb01xed requirement in IAS 32 and is classi\ufb01ed as a deriva\ue001ve liability. The instruments meets the de\ufb01ni\ue001on of a deriva\ue001ve because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue001al net investment and they will be se\ue002led at a future date. Such deriva\ue001ve \ufb01nancial instruments are ini\ue001ally recognized at fair value on the date on which a deriva\ue001ve contract is entered into and are subsequently remeasured at fair value. See note 14 for addi\ue001onal informa\ue001on on these instruments and the valua\ue001on approach. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f4828": {
"value": "Fair value through pro\ufb01t or loss This category comprises warrants and subscrip\ue001on rights which are deriva\ue001ve \ufb01nancial instruments. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these deriva\ue001ve \ufb01nancial instruments, the Group does not have any liabili\ue001es held for trading nor has it designated any \ufb01nancial liabili\ue001es as being at fair value through pro\ufb01t or loss. ",
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"concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f4829": {
"value": "Fair value through pro\ufb01t or loss This category comprises warrants and subscrip\ue001on rights which are deriva\ue001ve \ufb01nancial instruments. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these deriva\ue001ve \ufb01nancial instruments, the Group does not have any liabili\ue001es held for trading nor has it designated any \ufb01nancial liabili\ue001es as being at fair value through pro\ufb01t or loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f4830": {
"value": "Fair value through pro\ufb01t or loss This category comprises warrants and subscrip\ue001on rights which are deriva\ue001ve \ufb01nancial instruments. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these deriva\ue001ve \ufb01nancial instruments, the Group does not have any liabili\ue001es held for trading nor has it designated any \ufb01nancial liabili\ue001es as being at fair value through pro\ufb01t or loss. The following informa\ue001on is relevant in the determina\ue001on of the fair value of op\ue001ons granted during the year under the equity share based remunera\ue001on schemes operated by the Group. All employees Key management personnel 2021 2022 2021 2022 Equity-Se\ue002led Op\ue001on pricing model used Black-Scholes Black-Scholes Black-Scholes Black-Scholes Share price at grant date (Weighted Average) $1.09 $1.02 $0.68 $1.05 Exercise Price (Weighted Average) $1.17 $2.62 $0.68 $2.75 Contractual Life (Weighted Average) 7.87 6.12 7.5 6.15 Expected Vola\ue001lity (Weighted Average) 33% 32% 35% 33% Expected Dividend Growth Rate 0% 0% 0% 0% Risk Free Interest Rate (Weighted Average) 1.07% 2.84% 1.03% 2.90% Note 15 STOCK OPTION PLAN Stock Op\ue001on Ac\ue001vity Number of shares Weighted average exercise price Weighted average contractual term (years) Aggregate intrinsic value Balance at January 1, 2021 12,182,400 $0.75 8.39 50,556,190 Share authorized Op\ue001ons granted 1,793,750 $3.52 Op\ue001ons exercised (2,192,946) $0.12 8,706,073 Op\ue001ons forfeited/expired (350,580) $ 4.94 Balance at December 31, 2021 11,432,624 $1.17 7.81 33,223,561 Share authorized Op\ue001ons granted 1,815,000 2.62 Op\ue001ons exercised (769,509) 0.28 Op\ue001ons forfeited/expired (188,899) 2.30 Balance at December 31, 2022 12,289,216 $1.40 7.71 26,343,495 Op\ue001ons vested and expected to vest at December 31, 2022 12,289,216 $1.40 7.71 26,343,495 Op\ue001ons Exercisable 7,078,142 $0.83 5.62 18,231,441 The 2020 plan became e\ufb00ec\ue001ve as of June 4, 2020. Prior to this date Agilyx Corp had implemented a 2009 Stock Incen\ue001ve plan. The 2009 plan was considered null and void a\ufb05er the e\ufb00ec\ue001ve date of the 2020 plan, but were replaced with new op\ue001ons in the new plan. The result was a modi\ufb01ca\ue001on of the op\ue001ons granted to each relevant counterparty which resulted in accelerated ves\ue001ng. The result was bene\ufb01cial (i.e. a higher fair value) to the employees since the service condi\ue001ons were shortened for each counterparty. The total value of the modi\ufb01ed grants was $216,535. Management calculated the total compensa\ue001on cost for each new tranche and will be recognizing the new compensa\ue001on cost straight-lined over the new ves\ue001ng periods. Es\ue001mated vola\ue001lity is calculated based on the historical vola\ue001lity of similar en\ue001\ue001es whose share prices are publicly traded. The total number of shares that may be issued under this plan are 15,000,000 shares. If an op\ue001on expires, terminates or is canceled, the unissued shares subject to that op\ue001on shall again be available under the Plan. The op\ue001ons outstanding have a range of exercise prices from $0.06 to $4.68 The following table sets out the contractual maturi\ue001es (represen\ue001ng undiscounted contractual cash-\ufb02ows) of \ufb01nancial liabili\ue001es: See note 9 for undiscounted contractual cash \ufb02ow informa\ue001on in rela\ue001on to the lease liabili\ue001es. Group - as at Parent - as at Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total As at December, 31 2021 Notes payable 1,373,601 - - 1,373,601 - - - - Accounts payable 1,447,148 - - 1,447,148 - - - - Payable to Group Companies - - - - 1,022,420 - - 1,022,420 2,820,749 - - 2,820,749 1,022,420 - - 1,022,420 Group - as at Parent - as at Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total As at December, 31 2022 Notes payable - - - - - - - - Accounts payable 2,640,756 - - 2,640,756 424 - - 424 Payable to Group Companies - - - - 2,515,348 - - 2,515,348 2,640,756 - - 2,640,756 2,515,772 - - 2,515,772 In addi\ue001on to the \ufb01nancial liabili\ue001es noted above, there are other poten\ue001al cash ou\ue005lows in rela\ue001on to the investment in Regenyx, which may a\ufb00ect liquidity. During the ini\ue001al funding period, Agilyx was responsible for funding the opera\ue001ons of Regenyx, this resulted in cash ou\ue005lows, for 2022 of $1,776,393 (2021: $1,978,272) as reported on the cash \ufb02ow statement. Furthermore, the Regenyx contribu\ue001on agreement includes a put op\ue001on as de\ufb01ned in note 9, which could result in a cash ou\ue005low ,should the op\ue001on be exercised by AmSty. The cash ou\ue005low would be based on the fair market value of the membership units held by AmSty at the date of exercise. The strike price of the op\ue001on is fair value. Hence, the value of considera\ue001on due upon exercise of the op\ue001on and the asset acquired (shares), would be equal and therefore no value has been a\ue002ributed to this put op\ue001on. At the date of this report, no events has occurred that will ini\ue001ate the purchase of AmSty\u2019s investment in Regenyx. ",
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"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f4831": {
"value": "Fair value through pro\ufb01t or loss This category comprises warrants and subscrip\ue001on rights which are deriva\ue001ve \ufb01nancial instruments. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these deriva\ue001ve \ufb01nancial instruments, the Group does not have any liabili\ue001es held for trading nor has it designated any \ufb01nancial liabili\ue001es as being at fair value through pro\ufb01t or loss. ",
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"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f4837": {
"value": "Other \ufb01nancial liabili\ue001es - measured at amor\ue001zed cost Other \ufb01nancial liabili\ue001es include notes payable, accounts payable, payables to Group companies and lease liabili\ue001es. These are ini\ue001ally recognized at fair value net of any transac\ue001on costs directly a\ue002ributable to the issue of the instrument. Any interest bearing liabili\ue001es are subsequently measured at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue001on. Accounts payables and other short-term monetary liabili\ue001es, are ini\ue001ally recognized at fair value and subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest method. ",
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"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f4838": {
"value": "Other \ufb01nancial liabili\ue001es - measured at amor\ue001zed cost Other \ufb01nancial liabili\ue001es include notes payable, accounts payable, payables to Group companies and lease liabili\ue001es. These are ini\ue001ally recognized at fair value net of any transac\ue001on costs directly a\ue002ributable to the issue of the instrument. Any interest bearing liabili\ue001es are subsequently measured at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue001on. Accounts payables and other short-term monetary liabili\ue001es, are ini\ue001ally recognized at fair value and subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest method. Note 19 NOTES PAYABLE During 2021 there was a Note Payable outstanding, with a maturity date during 2022. The agreed interest rate over the period is 8% p.a. The note was repaid in 2022. The current por\ue001on of this notes payable amounted to $1,271,853 at December 31, 2021 and is classi\ufb01ed as current liabili\ue001es. The following table sets out the contractual maturi\ue001es (represen\ue001ng undiscounted contractual cash-\ufb02ows) of \ufb01nancial liabili\ue001es: Group - as at Parent - as at Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total As at December, 31 2021 Notes payable 1,373,601 - - 1,373,601 - - - - Accounts payable 1,447,148 - - 1,447,148 - - - - Payable to Group Companies - - - - 1,022,420 - - 1,022,420 2,820,749 - - 2,820,749 1,022,420 - - 1,022,420 Group - as at Parent - as at Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total As at December, 31 2022 Notes payable - - - - - - - - Accounts payable 2,640,756 - - 2,640,756 424 - - 424 Payable to Group Companies - - - - 2,515,348 - - 2,515,348 2,640,756 - - 2,640,756 2,515,772 - - 2,515,772 In addi\ue001on to the \ufb01nancial liabili\ue001es noted above, there are other poten\ue001al cash ou\ue005lows in rela\ue001on to the investment in Regenyx, which may a\ufb00ect liquidity. During the ini\ue001al funding period, Agilyx was responsible for funding the opera\ue001ons of Regenyx, this resulted in cash ou\ue005lows, for 2022 of $1,776,393 (2021: $1,978,272) as reported on the cash \ufb02ow statement. Furthermore, the Regenyx contribu\ue001on agreement includes a put op\ue001on as de\ufb01ned in note 9, which could result in a cash ou\ue005low ,should the op\ue001on be exercised by AmSty. The cash ou\ue005low would be based on the fair market value of the membership units held by AmSty at the date of exercise. The strike price of the op\ue001on is fair value. Hence, the value of considera\ue001on due upon exercise of the op\ue001on and the asset acquired (shares), would be equal and therefore no value has been a\ue002ributed to this put op\ue001on. At the date of this report, no events has occurred that will ini\ue001ate the purchase of AmSty\u2019s investment in Regenyx. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4839": {
"value": "Other \ufb01nancial liabili\ue001es - measured at amor\ue001zed cost Other \ufb01nancial liabili\ue001es include notes payable, accounts payable, payables to Group companies and lease liabili\ue001es. These are ini\ue001ally recognized at fair value net of any transac\ue001on costs directly a\ue002ributable to the issue of the instrument. Any interest bearing liabili\ue001es are subsequently measured at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue001on. Accounts payables and other short-term monetary liabili\ue001es, are ini\ue001ally recognized at fair value and subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4840": {
"value": "Other \ufb01nancial liabili\ue001es - measured at amor\ue001zed cost Other \ufb01nancial liabili\ue001es include notes payable, accounts payable, payables to Group companies and lease liabili\ue001es. These are ini\ue001ally recognized at fair value net of any transac\ue001on costs directly a\ue002ributable to the issue of the instrument. Any interest bearing liabili\ue001es are subsequently measured at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue001on. Accounts payables and other short-term monetary liabili\ue001es, are ini\ue001ally recognized at fair value and subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest method. Note 13 ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Group Parent 2021 2022 2021 2022 Payroll and related accruals 278,761 438,707 84,438 93,063 Products and services 297,654 1,470,836 - - Current license payment 225,000 - - - Total accrued expenses and other current liabili\ue001es 801,415 1,909,543 84,438 93,063 The following table sets out the contractual maturi\ue001es (represen\ue001ng undiscounted contractual cash-\ufb02ows) of \ufb01nancial liabili\ue001es: See note 9 for undiscounted contractual cash \ufb02ow informa\ue001on in rela\ue001on to the lease liabili\ue001es. Group - as at Parent - as at Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total As at December, 31 2021 Notes payable 1,373,601 - - 1,373,601 - - - - Accounts payable 1,447,148 - - 1,447,148 - - - - Payable to Group Companies - - - - 1,022,420 - - 1,022,420 2,820,749 - - 2,820,749 1,022,420 - - 1,022,420 Group - as at Parent - as at Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total As at December, 31 2022 Notes payable - - - - - - - - Accounts payable 2,640,756 - - 2,640,756 424 - - 424 Payable to Group Companies - - - - 2,515,348 - - 2,515,348 2,640,756 - - 2,640,756 2,515,772 - - 2,515,772 In addi\ue001on to the \ufb01nancial liabili\ue001es noted above, there are other poten\ue001al cash ou\ue005lows in rela\ue001on to the investment in Regenyx, which may a\ufb00ect liquidity. During the ini\ue001al funding period, Agilyx was responsible for funding the opera\ue001ons of Regenyx, this resulted in cash ou\ue005lows, for 2022 of $1,776,393 (2021: $1,978,272) as reported on the cash \ufb02ow statement. Furthermore, the Regenyx contribu\ue001on agreement includes a put op\ue001on as de\ufb01ned in note 9, which could result in a cash ou\ue005low ,should the op\ue001on be exercised by AmSty. The cash ou\ue005low would be based on the fair market value of the membership units held by AmSty at the date of exercise. The strike price of the op\ue001on is fair value. Hence, the value of considera\ue001on due upon exercise of the op\ue001on and the asset acquired (shares), would be equal and therefore no value has been a\ue002ributed to this put op\ue001on. At the date of this report, no events has occurred that will ini\ue001ate the purchase of AmSty\u2019s investment in Regenyx. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4841": {
"value": "Other \ufb01nancial liabili\ue001es - measured at amor\ue001zed cost Other \ufb01nancial liabili\ue001es include notes payable, accounts payable, payables to Group companies and lease liabili\ue001es. These are ini\ue001ally recognized at fair value net of any transac\ue001on costs directly a\ue002ributable to the issue of the instrument. Any interest bearing liabili\ue001es are subsequently measured at amor\ue001zed cost using the e\ufb00ec\ue001ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue001on. Accounts payables and other short-term monetary liabili\ue001es, are ini\ue001ally recognized at fair value and subsequently carried at amor\ue001zed cost using the e\ufb00ec\ue001ve interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4849": {
"value": "Intangible Assets Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combina\ue001on are recognized at historical cost when the criteria for balance sheet recogni\ue001on have been met. Intangible assets with a limited economic life are amor\ue001zed on a systema\ue001c basis, based on the useful economic life as described in note 6. Intangible assets are wri\ue002en down to the recoverable amount if the expected economic bene\ufb01ts do not exceed the carrying amount and any remaining development costs. In December 2019, the Company entered into an agreement to purchase technology under a license contract. The purchase price of the technology was $3,575,000, and it is being amor\ue001zed on a straight-line basis over the es\ue001mated life of the technology through December 2039. Amor\ue001za\ue001on expense under the license agreement totaled $178,750 for the years ended 2021 and 2022. In December 2019, the Company entered into a Technology Transfer and License Agreement with another vendor to develop customized ar\ue001\ufb01cial intelligence models (\u201cAI Models\u201d) and products rela\ue001ng to feedstock management and opera\ue001ng assets op\ue001miza\ue001on. Licenses for the models have been granted for 15 years with the \ufb01rst 4 years of exclusivity. Amor\ue001za\ue001on of the contract will start when the deliveries under the contract is completed and in service. Amor\ue001za\ue001on expense under the license agreement totaled $217,250 for the year ended 2022. Note 6 Intangible assets include the following contracts Licensed technology Exclusivity license Total (i) Cost Balance at January 1, 2021 3,575,000 1,188,378 4,763,378 Addi\ue001ons - - - Balance at December 31, 2021 3,575,000 1,188,378 4,763,378 Addi\ue001ons - - - Balance at December 31, 2022 3,575,000 1,188,378 4,763,378 (ii) Accumulated amor\ue001za\ue001on Balance at January 1, 2021 186,198 - 186,198 Amor\ue001za\ue001on charge 178,750 - 178,750 Balance at December 31, 2021 364,948 - 364,948 Amor\ue001za\ue001on charge 178,750 217,250 396,000 Balance at December 31, 2022 543,698 217,250 760,948 (iii) Net book value Balance at December 31, 2021 3,210,052 1,188,378 4,398,430 Balance at December 31, 2022 3,031,302 971,128 4,002,430 Economic life 20 4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4850": {
"value": "Intangible Assets Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combina\ue001on are recognized at historical cost when the criteria for balance sheet recogni\ue001on have been met. Intangible assets with a limited economic life are amor\ue001zed on a systema\ue001c basis, based on the useful economic life as described in note 6. Intangible assets are wri\ue002en down to the recoverable amount if the expected economic bene\ufb01ts do not exceed the carrying amount and any remaining development costs. In December 2019, the Company entered into an agreement to purchase technology under a license contract. The purchase price of the technology was $3,575,000, and it is being amor\ue001zed on a straight-line basis over the es\ue001mated life of the technology through December 2039. Amor\ue001za\ue001on expense under the license agreement totaled $178,750 for the years ended 2021 and 2022. In December 2019, the Company entered into a Technology Transfer and License Agreement with another vendor to develop customized ar\ue001\ufb01cial intelligence models (\u201cAI Models\u201d) and products rela\ue001ng to feedstock management and opera\ue001ng assets op\ue001miza\ue001on. Licenses for the models have been granted for 15 years with the \ufb01rst 4 years of exclusivity. Amor\ue001za\ue001on of the contract will start when the deliveries under the contract is completed and in service. Amor\ue001za\ue001on expense under the license agreement totaled $217,250 for the year ended 2022. Note 6 Intangible assets include the following contracts Licensed technology Exclusivity license Total (i) Cost Balance at January 1, 2021 3,575,000 1,188,378 4,763,378 Addi\ue001ons - - - Balance at December 31, 2021 3,575,000 1,188,378 4,763,378 Addi\ue001ons - - - Balance at December 31, 2022 3,575,000 1,188,378 4,763,378 (ii) Accumulated amor\ue001za\ue001on Balance at January 1, 2021 186,198 - 186,198 Amor\ue001za\ue001on charge 178,750 - 178,750 Balance at December 31, 2021 364,948 - 364,948 Amor\ue001za\ue001on charge 178,750 217,250 396,000 Balance at December 31, 2022 543,698 217,250 760,948 (iii) Net book value Balance at December 31, 2021 3,210,052 1,188,378 4,398,430 Balance at December 31, 2022 3,031,302 971,128 4,002,430 Economic life 20 4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4851": {
"value": "Intangible Assets Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combina\ue001on are recognized at historical cost when the criteria for balance sheet recogni\ue001on have been met. Intangible assets with a limited economic life are amor\ue001zed on a systema\ue001c basis, based on the useful economic life as described in note 6. Intangible assets are wri\ue002en down to the recoverable amount if the expected economic bene\ufb01ts do not exceed the carrying amount and any remaining development costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4852": {
"value": "Intangible Assets Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combina\ue001on are recognized at historical cost when the criteria for balance sheet recogni\ue001on have been met. Intangible assets with a limited economic life are amor\ue001zed on a systema\ue001c basis, based on the useful economic life as described in note 6. Intangible assets are wri\ue002en down to the recoverable amount if the expected economic bene\ufb01ts do not exceed the carrying amount and any remaining development costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4858": {
"value": "Property, Plant and Equipment Fixed assets are recorded in the balance sheet at acquisi\ue001on cost, less accumulated deprecia\ue001on and any impairment losses. Deprecia\ue001on is made from the \ue001me assets are put into regular opera\ue001ons and is calculated on straight line basis over the es\ue001mated economic asset life\ue001me. Deprecia\ue001on rates are set out in Note 7. This period\u2019s deprecia\ue001on is charged to this year\u2019s opera\ue001ng expenses in the income statement. In December 2019, the Company entered into an agreement to purchase technology under a license contract. The purchase price of the technology was $3,575,000, and it is being amor\ue001zed on a straight-line basis over the es\ue001mated life of the technology through December 2039. Amor\ue001za\ue001on expense under the license agreement totaled $178,750 for the years ended 2021 and 2022. In December 2019, the Company entered into a Technology Transfer and License Agreement with another vendor to develop customized ar\ue001\ufb01cial intelligence models (\u201cAI Models\u201d) and products rela\ue001ng to feedstock management and opera\ue001ng assets op\ue001miza\ue001on. Licenses for the models have been granted for 15 years with the \ufb01rst 4 years of exclusivity. Amor\ue001za\ue001on of the contract will start when the deliveries under the contract is completed and in service. Amor\ue001za\ue001on expense under the license agreement totaled $217,250 for the year ended 2022. Note 6 Intangible assets include the following contracts Licensed technology Exclusivity license Total (i) Cost Balance at January 1, 2021 3,575,000 1,188,378 4,763,378 Addi\ue001ons - - - Balance at December 31, 2021 3,575,000 1,188,378 4,763,378 Addi\ue001ons - - - Balance at December 31, 2022 3,575,000 1,188,378 4,763,378 (ii) Accumulated amor\ue001za\ue001on Balance at January 1, 2021 186,198 - 186,198 Amor\ue001za\ue001on charge 178,750 - 178,750 Balance at December 31, 2021 364,948 - 364,948 Amor\ue001za\ue001on charge 178,750 217,250 396,000 Balance at December 31, 2022 543,698 217,250 760,948 (iii) Net book value Balance at December 31, 2021 3,210,052 1,188,378 4,398,430 Balance at December 31, 2022 3,031,302 971,128 4,002,430 Economic life 20 4 Machinery and equipment include computers, furniture, \ufb01xtures and other equipment. Leasehold improvements relates to the lease of facili\ue001es in the U.S. which expires in 2029. All tangible assets are depreciated on a straight line basis over the expected useful life. Note 7 Property, plant and equipment Leasehold improvements Machinery and equipment Total Costs At cost January 1, 2021 227,488 427,853 655,341 Addi\ue001ons 488,381 151,843 640,224 At cost December 31, 2021 715,869 579,696 1,295,565 Addi\ue001ons 386,473 547,641 934,114 At cost December 31, 2022 1,102,342 1,127,337 2,229,679 Deprecia\ue001on Accumulated deprecia\ue001on January 1, 2021 218,001 166,348 384,349 Deprecia\ue001on for the year 4,002 72,097 76,099 Accumulated deprecia\ue001on December 31, 2021 222,003 238,445 460,448 Deprecia\ue001on for the year 27,317 121,926 149,243 Accumulated deprecia\ue001on December 31, 2022 249,320 360,371 609,691 Net book value December 31, 2021 493,866 341,251 835,117 Net book value December 31, 2022 853,022 766,966 1,619,988 Economic life Contract period 3-20 years Note 8 RIGHT OF USE ASSETS AND LEASE LIABILITIES Agilyx Group has four leases that are in the scope of IFRS 16: three property leases and one lease of computer equipment. None of these contracts have variable lease payments. One property contract includes an extension op\ue001on, which Agilyx Group management are reasonably certain will be exercised , due to signi\ufb01cant investment in the property, the extension period has therefore been included in the lease term. Right of use assets Property Equipment Total At January 1, 2021 852,044 78,296 930,340 Addi\ue001ons 300,276 - 300,276 Amor\ue001za\ue001on (234,224) (16,794) (251,018) Disposal/termina\ue001on of old lease (5,138) - (5,138) At December 31, 2021 912,958 61,502 974,460 Addi\ue001ons - - - Amor\ue001za\ue001on (248,529) (17,083) (265,612) Disposal/termina\ue001on of old lease - - - At December 31, 2022 664,429 44,419 708,848 Lease liability Lease liabili\ue001es at January 1, 2021 871,939 70,294 942,233 Addi\ue001ons 300,276 - 300,276 Lease payments (292,033) (19,789) (311,822) Interest expense 65,596 3,746 69,342 Disposal/termina\ue001on of old lease (5,618) - (5,618) Lease liabili\ue001es at December 31, 2021 940,160 54,251 994,411 Addi\ue001ons - - - Lease payments ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4859": {
"value": "Property, Plant and Equipment Fixed assets are recorded in the balance sheet at acquisi\ue001on cost, less accumulated deprecia\ue001on and any impairment losses. Deprecia\ue001on is made from the \ue001me assets are put into regular opera\ue001ons and is calculated on straight line basis over the es\ue001mated economic asset life\ue001me. Deprecia\ue001on rates are set out in Note 7. This period\u2019s deprecia\ue001on is charged to this year\u2019s opera\ue001ng expenses in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4860": {
"value": "Property, Plant and Equipment Machinery and equipment include computers, furniture, \ufb01xtures and other equipment. Leasehold improvements relates to the lease of facili\ue001es in the U.S. which expires in 2029. All tangible assets are depreciated on a straight line basis over the expected useful life. Note 7 Property, plant and equipment Leasehold improvements Machinery and equipment Total Costs At cost January 1, 2021 227,488 427,853 655,341 Addi\ue001ons 488,381 151,843 640,224 At cost December 31, 2021 715,869 579,696 1,295,565 Addi\ue001ons 386,473 547,641 934,114 At cost December 31, 2022 1,102,342 1,127,337 2,229,679 Deprecia\ue001on Accumulated deprecia\ue001on January 1, 2021 218,001 166,348 384,349 Deprecia\ue001on for the year 4,002 72,097 76,099 Accumulated deprecia\ue001on December 31, 2021 222,003 238,445 460,448 Deprecia\ue001on for the year 27,317 121,926 149,243 Accumulated deprecia\ue001on December 31, 2022 249,320 360,371 609,691 Net book value December 31, 2021 493,866 341,251 835,117 Net book value December 31, 2022 853,022 766,966 1,619,988 Economic life Contract period 3-20 years ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4861": {
"value": "Property, Plant and Equipment ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4870": {
"value": "Investment in Regenyx Where Agilyx Group has the power to par\ue001cipate in (but not control) the \ufb01nancial and opera\ue001ng policy decisions of another en\ue001ty, it is classi\ufb01ed as an equity method investment. This is the case with the investment in Regenyx (see note 9). Regenyx was ini\ue001ally recognized in the consolidated balance sheet at cost. Subsequently Regenyx is accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue001on pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss. See notes below and in note 9 related to the impairment loss recognized in rela\ue001on to this investment. Pro\ufb01ts and losses arising on transac\ue001ons between Agilyx Group and Regenyx are recognized only to the extent of unrelated investors\u2019 interests in Regenyx. The investor\u2019s share in Regenyx\u2019s pro\ufb01ts and losses resul\ue001ng from these transac\ue001ons is eliminated against the carrying value of the associate. In the income statement the pro\ufb01t or loss is shown in \ufb01nancial income. Impairment of Non-\ufb01nancial Assets Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue002en down accordingly. See note 9, for speci\ufb01c analysis performed on the investment in Regenyx. Where it is not possible to es\ue001mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue001\ufb01able cash \ufb02ows; its cash genera\ue001ng units (\u2018CGUs\u2019). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4871": {
"value": "Investment in Regenyx Where Agilyx Group has the power to par\ue001cipate in (but not control) the \ufb01nancial and opera\ue001ng policy decisions of another en\ue001ty, it is classi\ufb01ed as an equity method investment. This is the case with the investment in Regenyx (see note 9). Regenyx was ini\ue001ally recognized in the consolidated balance sheet at cost. Subsequently Regenyx is accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue001on pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss. See notes below and in note 9 related to the impairment loss recognized in rela\ue001on to this investment. Pro\ufb01ts and losses arising on transac\ue001ons between Agilyx Group and Regenyx are recognized only to the extent of unrelated investors\u2019 interests in Regenyx. The investor\u2019s share in Regenyx\u2019s pro\ufb01ts and losses resul\ue001ng from these transac\ue001ons is eliminated against the carrying value of the associate. In the income statement the pro\ufb01t or loss is shown in \ufb01nancial income. Impairment of Non-\ufb01nancial Assets Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue002en down accordingly. See note 9, for speci\ufb01c analysis performed on the investment in Regenyx. Where it is not possible to es\ue001mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue001\ufb01able cash \ufb02ows; its cash genera\ue001ng units (\u2018CGUs\u2019). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4897": {
"value": "Leases Iden\ue001fying leases Agilyx Group accounts for a contract, or a por\ue001on of a contract, as a lease when it conveys the right to use an asset for a period of \ue001me in exchange for considera\ue001on. Leases are those contracts that sa\ue001sfy the following criteria: 1. There is an iden\ue001\ufb01ed asset; 2. Agilyx Group obtains substan\ue001ally all the economic bene\ufb01ts from use of the asset; and 3. Agilyx Group has the right to direct use of the asset. Agilyx Group considers whether the supplier has substan\ue001ve subs\ue001tu\ue001on rights. If the supplier does have those rights, the contract is not iden\ue001\ufb01ed as giving rise to a lease. In determining whether Agilyx Group obtains substan\ue001ally all the economic bene\ufb01ts from use of the asset, Agilyx Group considers only the economic bene\ufb01ts that arise use of the asset, not those incidental to legal ownership or other poten\ue001al bene\ufb01ts. In determining whether Agilyx Group has the right to direct use of the asset, Agilyx Group considers whether it directs how and for what purpose the asset is used throughout the period of use. If there are no signi\ufb01cant decisions to be made because they are pre- determined due to the nature of the asset, Agilyx Group considers whether it was involved in the design of the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or por\ue001on of a contract does not sa\ue001sfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16. Ini\ue001al Measurement All leases are accounted for by recognizing a right-of-use asset and a lease liability except for: \u2022 Leases of low value assets; and \u2022 Leases with a dura\ue001on of 12 months or less. Lease liabili\ue001es are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the Group\u2019s incremental borrowing rate on commencement of the lease is used. The incremental borrowing rate is determined with reference to the current external borrowing rates of Agilyx Group, adjusted so as to arrive at the rate of interest that Agilyx Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. On ini\ue001al recogni\ue001on, the carrying value of the lease liability also includes: \u2022 amounts expected to be payable under any residual value guarantee; \u2022 the exercise price of any purchase op\ue001on granted in favor of the Group if it is reasonable certain to assess that op\ue001on; \u2022 any penal\ue001es payable for termina\ue001ng the lease, if the term of the lease has been es\ue001mated on the basis of termina\ue001on op\ue001on being exercised. Right of use assets are ini\ue001ally measured at the amount of the lease liability, reduced for any lease incen\ue001ves received, and increased for: \u2022 lease payments made at or before commencement of the lease; \u2022 ini\ue001al direct costs incurred; and \u2022 the amount of any provision recognized where the Group is contractually required to dismantle, remove or restore the leased asset. Subsequent measurement Subsequent to ini\ue001al measurement lease liabili\ue001es increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amor\ue001zed on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term. Note 8 RIGHT OF USE ASSETS AND LEASE LIABILITIES Agilyx Group has four leases that are in the scope of IFRS 16: three property leases and one lease of computer equipment. None of these contracts have variable lease payments. One property contract includes an extension op\ue001on, which Agilyx Group management are reasonably certain will be exercised , due to signi\ufb01cant investment in the property, the extension period has therefore been included in the lease term. Right of use assets Property Equipment Total At January 1, 2021 852,044 78,296 930,340 Addi\ue001ons 300,276 - 300,276 Amor\ue001za\ue001on (234,224) (16,794) (251,018) Disposal/termina\ue001on of old lease (5,138) - (5,138) At December 31, 2021 912,958 61,502 974,460 Addi\ue001ons - - - Amor\ue001za\ue001on (248,529) (17,083) (265,612) Disposal/termina\ue001on of old lease - - - At December 31, 2022 664,429 44,419 708,848 Lease liability Lease liabili\ue001es at January 1, 2021 871,939 70,294 942,233 Addi\ue001ons 300,276 - 300,276 Lease payments (292,033) (19,789) (311,822) Interest expense 65,596 3,746 69,342 Disposal/termina\ue001on of old lease (5,618) - (5,618) Lease liabili\ue001es at December 31, 2021 940,160 54,251 994,411 Addi\ue001ons - - - Lease payments (312,033) (19,789) (331,822) Interest expense 66,674 2,767 69,441 Disposal/termina\ue001on of old lease - - - Lease liabili\ue001es at December 31, 2022 694,801 37,229 732,030 Useful Economic life 3-7 years 5 years The following is a presenta\ue001on of the undiscounted commi\ue002ed cash \ufb02ows related to the remaining lease liabili\ue001es: 0-12 months Between 1-2 years Between 2-5 years 5+ years Total As at December 31, 2021 298,622 245,054 438,873 155,411 1,137,960 As at December 31, 2022 245,054 228,777 210,096 155,411 839,338 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4898": {
"value": "Leases Iden\ue001fying leases Agilyx Group accounts for a contract, or a por\ue001on of a contract, as a lease when it conveys the right to use an asset for a period of \ue001me in exchange for considera\ue001on. Leases are those contracts that sa\ue001sfy the following criteria: 1. There is an iden\ue001\ufb01ed asset; 2. Agilyx Group obtains substan\ue001ally all the economic bene\ufb01ts from use of the asset; and 3. Agilyx Group has the right to direct use of the asset. Agilyx Group considers whether the supplier has substan\ue001ve subs\ue001tu\ue001on rights. If the supplier does have those rights, the contract is not iden\ue001\ufb01ed as giving rise to a lease. In determining whether Agilyx Group obtains substan\ue001ally all the economic bene\ufb01ts from use of the asset, Agilyx Group considers only the economic bene\ufb01ts that arise use of the asset, not those incidental to legal ownership or other poten\ue001al bene\ufb01ts. In determining whether Agilyx Group has the right to direct use of the asset, Agilyx Group considers whether it directs how and for what purpose the asset is used throughout the period of use. If there are no signi\ufb01cant decisions to be made because they are pre- determined due to the nature of the asset, Agilyx Group considers whether it was involved in the design of the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or por\ue001on of a contract does not sa\ue001sfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16. Ini\ue001al Measurement All leases are accounted for by recognizing a right-of-use asset and a lease liability except for: \u2022 Leases of low value assets; and \u2022 Leases with a dura\ue001on of 12 months or less. Lease liabili\ue001es are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the Group\u2019s incremental borrowing rate on commencement of the lease is used. The incremental borrowing rate is determined with reference to the current external borrowing rates of Agilyx Group, adjusted so as to arrive at the rate of interest that Agilyx Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. On ini\ue001al recogni\ue001on, the carrying value of the lease liability also includes: \u2022 amounts expected to be payable under any residual value guarantee; \u2022 the exercise price of any purchase op\ue001on granted in favor of the Group if it is reasonable certain to assess that op\ue001on; \u2022 any penal\ue001es payable for termina\ue001ng the lease, if the term of the lease has been es\ue001mated on the basis of termina\ue001on op\ue001on being exercised. Right of use assets are ini\ue001ally measured at the amount of the lease liability, reduced for any lease incen\ue001ves received, and increased for: \u2022 lease payments made at or before commencement of the lease; \u2022 ini\ue001al direct costs incurred; and \u2022 the amount of any provision recognized where the Group is contractually required to dismantle, remove or restore the leased asset. Subsequent measurement Subsequent to ini\ue001al measurement lease liabili\ue001es increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amor\ue001zed on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4949": {
"value": "Impairment of Non-\ufb01nancial Assets Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue002en down accordingly. See note 9, for speci\ufb01c analysis performed on the investment in Regenyx. Where it is not possible to es\ue001mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue001\ufb01able cash \ufb02ows; its cash genera\ue001ng units (\u2018CGUs\u2019). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4950": {
"value": "Impairment of Non-\ufb01nancial Assets Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue002en down accordingly. See note 9, for speci\ufb01c analysis performed on the investment in Regenyx. Where it is not possible to es\ue001mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue001\ufb01able cash \ufb02ows; its cash genera\ue001ng units (\u2018CGUs\u2019). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4986": {
"value": "Receivables Trade receivables and other receivables are recognized at amor\ue001zed cost, less any provision for expected credit losses of receivables. See note 10 for further informa\ue001on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue002ed by IFRS 9. Impairment of Investment Agilyx Group is split into two CGU\u2019s for impairment analysis purposes, Agilyx and Cyclyx, which is in alignment with the segments disclosed in note 5. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cash \ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. For the investment in Regenyx, objec\ue001ve evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted nega\ue001ve cash \ufb02ows being generated by the en\ue001ty, which would require capital contribu\ue001ons from Agilyx and AmSty in order to support its con\ue001nued opera\ue001on. Due to the projected nega\ue001ve cash \ufb02ows and the unique nature of the underlying plant, it was determined that the recoverable amount was zero under both the value in use and fair value less cost to sell methodology therefore the investment in Regenyx has been fully impaired at January 1, 2021. As can be seen in the tables below, subsequent capital investments by Agilyx, led to impairments for both balance sheet periods presented on the basis that the recoverable amount using the value in use and fair value less cost to sell methodologies would lead to a fully wri\ue002en o\ufb00 investment. Despite the impairment, Agilyx Group con\ue001nues to invest in Regenyx for the broader bene\ufb01ts that it brings to the Group, which include servicing an important customer in AmSty, as well as, providing R&D and marke\ue001ng value to demonstrate various new and current technologies being developed and implemented by the Group. Agilyx applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses using a life\ue001me expected credit loss provision for all accounts receivables. To measure expected credit losses on a collec\ue001ve basis, accounts receivables are grouped based on similar credit risk and aging. The expected loss rates are based on Agilyx\u2019s historical credit losses experienced over the period since adop\ue001on of IFRS. Historically Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Given this context, the impact of any forward looking factors is not expected to adjust the conclusion that no allowance is required. Note 11 INVENTORY Inventories consist of the following: Group 2021 2022 Raw materials 5,969 184,165 Finished goods 151,801 1,502,961 Total inventories 157,770 1,687,126 Note 12 ACCOUNTS PAYABLE Group Parent 2021 2022 2021 2022 Accounts payable 1,241,420 2,640,756 - 424 Related party payables 205,728 - - - Total accounts payable 1,447,148 2,640,756 - 424 One of the main factors applied when concluding that no allowance is required, is the aging of the accounts receivable balances: Group 2021 2022 Non-overdue amounts - - 0-30 days past due 1,356,208 - 31-60 days past due 148,874 - 61-90 days past due - 81,283 Over 90 days past due 164,808 2,362,170 1,669,890 2,443,453 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4987": {
"value": "Receivables Trade receivables and other receivables are recognized at amor\ue001zed cost, less any provision for expected credit losses of receivables. See note 10 for further informa\ue001on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue002ed by IFRS 9. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4988": {
"value": "Receivables Trade receivables and other receivables are recognized at amor\ue001zed cost, less any provision for expected credit losses of receivables. See note 10 for further informa\ue001on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue002ed by IFRS 9. Note 10 ACCOUNTS RECEIVABLE Group Parent 2021 2022 2021 2022 Trade accounts receivable 154,524 231,738 - - Related party receivables 350,371 1,815,159 - - Payroll tax refund receivable 1,164,995 396,556 - - Total accounts receivable 1,669,890 2,443,453 - - The carrying amount of accounts receivable is measured at amor\ue001zed cost, which approximates fair value. Agilyx applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses using a life\ue001me expected credit loss provision for all accounts receivables. To measure expected credit losses on a collec\ue001ve basis, accounts receivables are grouped based on similar credit risk and aging. The expected loss rates are based on Agilyx\u2019s historical credit losses experienced over the period since adop\ue001on of IFRS. Historically Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Given this context, the impact of any forward looking factors is not expected to adjust the conclusion that no allowance is required. Note 11 INVENTORY Inventories consist of the following: Group 2021 2022 Raw materials 5,969 184,165 Finished goods 151,801 1,502,961 Total inventories 157,770 1,687,126 Note 12 ACCOUNTS PAYABLE Group Parent 2021 2022 2021 2022 Accounts payable 1,241,420 2,640,756 - 424 Related party payables 205,728 - - - Total accounts payable 1,447,148 2,640,756 - 424 One of the main factors applied when concluding that no allowance is required, is the aging of the accounts receivable balances: Group 2021 2022 Non-overdue amounts - - 0-30 days past due 1,356,208 - 31-60 days past due 148,874 - 61-90 days past due - 81,283 Over 90 days past due 164,808 2,362,170 1,669,890 2,443,453 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4989": {
"value": "Receivables Trade receivables and other receivables are recognized at amor\ue001zed cost, less any provision for expected credit losses of receivables. See note 10 for further informa\ue001on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue002ed by IFRS 9. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4993": {
"value": "Cash and Cash Equivalents Cash and cash equivalents include cash, bank deposits and other monetary instruments with a maturity of less than three months at the date of purchase. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4994": {
"value": "Cash and Cash Equivalents Cash and cash equivalents include cash, bank deposits and other monetary instruments with a maturity of less than three months at the date of purchase. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4998": {
"value": "Inventories Inventories are ini\ue001ally recognized at cost, and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present loca\ue001on and condi\ue001on. First in \ufb01rst out is used to determine the cost of ordinarily interchangeable items. Note 12 ACCOUNTS PAYABLE Group Parent 2021 2022 2021 2022 Accounts payable 1,241,420 2,640,756 - 424 Related party payables 205,728 - - - Total accounts payable 1,447,148 2,640,756 - 4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4999": {
"value": "Inventories Inventories are ini\ue001ally recognized at cost, and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present loca\ue001on and condi\ue001on. First in \ufb01rst out is used to determine the cost of ordinarily interchangeable items. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5005": {
"value": "Independent Subscrip\ue001on Rights - Deriva\ue001ve Liability Agilyx Corpora\ue001on has granted warrants in connec\ue001on with various debt and equity issuances that were exercisable into ordinary shares. In connec\ue001on to the share exchange that was completed January 7, 2020, these warrants were replaced with subscrip\ue001on rights where Agilyx ASA issued 36,925 (3,692,500 a\ufb05er share split 1:100) subscrip\ue001on rights exercisable by no\ue001ce to the Board of Directors. Upon exercise, a cash contribu\ue001on of $100 ($1 a\ufb05er share split) shall be paid for the warrants under the 2017 plan in Agilyx Corpora\ue001on, and $0.01 (0.00 a\ufb05er share split) for all other warrants. The subscrip\ue001on rights were issued by an extraordinary general mee\ue001ng held August 27, 2020. The warrant agreements include a cashless exercise op\ue001on, which introduces variability into the number of shares that could be issued. The instruments therefore fails the \ufb01xed for \ufb01xed requirement in IAS 32 and is classi\ufb01ed as a deriva\ue001ve liability. The instruments meets the de\ufb01ni\ue001on of a deriva\ue001ve because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue001al net investment and they will be se\ue002led at a future date. Such deriva\ue001ve \ufb01nancial instruments are ini\ue001ally recognized at fair value on the date on which a deriva\ue001ve contract is entered into and are subsequently remeasured at fair value. See note 14 for addi\ue001onal informa\ue001on on these instruments and the valua\ue001on approach. The following informa\ue001on is relevant in the determina\ue001on of the fair value of op\ue001ons granted during the year under the equity share based remunera\ue001on schemes operated by the Group. All employees Key management personnel 2021 2022 2021 2022 Equity-Se\ue002led Op\ue001on pricing model used Black-Scholes Black-Scholes Black-Scholes Black-Scholes Share price at grant date (Weighted Average) $1.09 $1.02 $0.68 $1.05 Exercise Price (Weighted Average) $1.17 $2.62 $0.68 $2.75 Contractual Life (Weighted Average) 7.87 6.12 7.5 6.15 Expected Vola\ue001lity (Weighted Average) 33% 32% 35% 33% Expected Dividend Growth Rate 0% 0% 0% 0% Risk Free Interest Rate (Weighted Average) 1.07% 2.84% 1.03% 2.90% Note 15 STOCK OPTION PLAN Stock Op\ue001on Ac\ue001vity Number of shares Weighted average exercise price Weighted average contractual term (years) Aggregate intrinsic value Balance at January 1, 2021 12,182,400 $0.75 8.39 50,556,190 Share authorized Op\ue001ons granted 1,793,750 $3.52 Op\ue001ons exercised (2,192,946) $0.12 8,706,073 Op\ue001ons forfeited/expired (350,580) $ 4.94 Balance at December 31, 2021 11,432,624 $1.17 7.81 33,223,561 Share authorized Op\ue001ons granted 1,815,000 2.62 Op\ue001ons exercised (769,509) 0.28 Op\ue001ons forfeited/expired (188,899) 2.30 Balance at December 31, 2022 12,289,216 $1.40 7.71 26,343,495 Op\ue001ons vested and expected to vest at December 31, 2022 12,289,216 $1.40 7.71 26,343,495 Op\ue001ons Exercisable 7,078,142 $0.83 5.62 18,231,441 The 2020 plan became e\ufb00ec\ue001ve as of June 4, 2020. Prior to this date Agilyx Corp had implemented a 2009 Stock Incen\ue001ve plan. The 2009 plan was considered null and void a\ufb05er the e\ufb00ec\ue001ve date of the 2020 plan, but were replaced with new op\ue001ons in the new plan. The result was a modi\ufb01ca\ue001on of the op\ue001ons granted to each relevant counterparty which resulted in accelerated ves\ue001ng. The result was bene\ufb01cial (i.e. a higher fair value) to the employees since the service condi\ue001ons were shortened for each counterparty. The total value of the modi\ufb01ed grants was $216,535. Management calculated the total compensa\ue001on cost for each new tranche and will be recognizing the new compensa\ue001on cost straight-lined over the new ves\ue001ng periods. Es\ue001mated vola\ue001lity is calculated based on the historical vola\ue001lity of similar en\ue001\ue001es whose share prices are publicly traded. The total number of shares that may be issued under this plan are 15,000,000 shares. If an op\ue001on expires, terminates or is canceled, the unissued shares subject to that op\ue001on shall again be available under the Plan. The op\ue001ons outstanding have a range of exercise prices from $0.06 to $4.68 The following table sets out the contractual maturi\ue001es (represen\ue001ng undiscounted contractual cash-\ufb02ows) of \ufb01nancial liabili\ue001es: See note 9 for undiscounted contractual cash \ufb02ow informa\ue001on in rela\ue001on to the lease liabili\ue001es. Group - as at Parent - as at Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total As at December, 31 2021 Notes payable 1,373,601 - - 1,373,601 - - - - Accounts payable 1,447,148 - - 1,447,148 - - - - Payable to Group Companies - - - - 1,022,420 - - 1,022,420 2,820,749 - - 2,820,749 1,022,420 - - 1,022,420 Group - as at Parent - as at Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total As at December, 31 2022 Notes payable - - - - - - - - Accounts payable 2,640,756 - - 2,640,756 424 - - 424 Payable to Group Companies - - - - 2,515,348 - - 2,515,348 2,640,756 - - 2,640,756 2,515,772 - - 2,515,772 In addi\ue001on to the \ufb01nancial liabili\ue001es noted above, there are other poten\ue001al cash ou\ue005lows in rela\ue001on to the investment in Regenyx, which may a\ufb00ect liquidity. During the ini\ue001al funding period, Agilyx was responsible for funding the opera\ue001ons of Regenyx, this resulted in cash ou\ue005lows, for 2022 of $1,776,393 (2021: $1,978,272) as reported on the cash \ufb02ow statement. Furthermore, the Regenyx contribu\ue001on agreement includes a put op\ue001on as de\ufb01ned in note 9, which could result in a cash ou\ue005low ,should the op\ue001on be exercised by AmSty. The cash ou\ue005low would be based on the fair market value of the membership units held by AmSty at the date of exercise. The strike price of the op\ue001on is fair value. Hence, the value of considera\ue001on due upon exercise of the op\ue001on and the asset acquired (shares), would be equal and therefore no value has been a\ue002ributed to this put op\ue001on. At the date of this report, no events has occurred that will ini\ue001ate the purchase of AmSty\u2019s investment in Regenyx. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5007": {
"value": "Independent Subscrip\ue001on Rights - Deriva\ue001ve Liability Agilyx Corpora\ue001on has granted warrants in connec\ue001on with various debt and equity issuances that were exercisable into ordinary shares. In connec\ue001on to the share exchange that was completed January 7, 2020, these warrants were replaced with subscrip\ue001on rights where Agilyx ASA issued 36,925 (3,692,500 a\ufb05er share split 1:100) subscrip\ue001on rights exercisable by no\ue001ce to the Board of Directors. Upon exercise, a cash contribu\ue001on of $100 ($1 a\ufb05er share split) shall be paid for the warrants under the 2017 plan in Agilyx Corpora\ue001on, and $0.01 (0.00 a\ufb05er share split) for all other warrants. The subscrip\ue001on rights were issued by an extraordinary general mee\ue001ng held August 27, 2020. The warrant agreements include a cashless exercise op\ue001on, which introduces variability into the number of shares that could be issued. The instruments therefore fails the \ufb01xed for \ufb01xed requirement in IAS 32 and is classi\ufb01ed as a deriva\ue001ve liability. The instruments meets the de\ufb01ni\ue001on of a deriva\ue001ve because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue001al net investment and they will be se\ue002led at a future date. Such deriva\ue001ve \ufb01nancial instruments are ini\ue001ally recognized at fair value on the date on which a deriva\ue001ve contract is entered into and are subsequently remeasured at fair value. See note 14 for addi\ue001onal informa\ue001on on these instruments and the valua\ue001on approach. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5008": {
"value": "Independent Subscrip\ue001on Rights - Deriva\ue001ve Liability Agilyx Corpora\ue001on has granted warrants in connec\ue001on with various debt and equity issuances that were exercisable into ordinary shares. In connec\ue001on to the share exchange that was completed January 7, 2020, these warrants were replaced with subscrip\ue001on rights where Agilyx ASA issued 36,925 (3,692,500 a\ufb05er share split 1:100) subscrip\ue001on rights exercisable by no\ue001ce to the Board of Directors. Upon exercise, a cash contribu\ue001on of $100 ($1 a\ufb05er share split) shall be paid for the warrants under the 2017 plan in Agilyx Corpora\ue001on, and $0.01 (0.00 a\ufb05er share split) for all other warrants. The subscrip\ue001on rights were issued by an extraordinary general mee\ue001ng held August 27, 2020. The warrant agreements include a cashless exercise op\ue001on, which introduces variability into the number of shares that could be issued. The instruments therefore fails the \ufb01xed for \ufb01xed requirement in IAS 32 and is classi\ufb01ed as a deriva\ue001ve liability. The instruments meets the de\ufb01ni\ue001on of a deriva\ue001ve because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue001al net investment and they will be se\ue002led at a future date. Such deriva\ue001ve \ufb01nancial instruments are ini\ue001ally recognized at fair value on the date on which a deriva\ue001ve contract is entered into and are subsequently remeasured at fair value. See note 14 for addi\ue001onal informa\ue001on on these instruments and the valua\ue001on approach. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5009": {
"value": "Independent Subscrip\ue001on Rights - Deriva\ue001ve Liability Agilyx Corpora\ue001on has granted warrants in connec\ue001on with various debt and equity issuances that were exercisable into ordinary shares. In connec\ue001on to the share exchange that was completed January 7, 2020, these warrants were replaced with subscrip\ue001on rights where Agilyx ASA issued 36,925 (3,692,500 a\ufb05er share split 1:100) subscrip\ue001on rights exercisable by no\ue001ce to the Board of Directors. Upon exercise, a cash contribu\ue001on of $100 ($1 a\ufb05er share split) shall be paid for the warrants under the 2017 plan in Agilyx Corpora\ue001on, and $0.01 (0.00 a\ufb05er share split) for all other warrants. The subscrip\ue001on rights were issued by an extraordinary general mee\ue001ng held August 27, 2020. The warrant agreements include a cashless exercise op\ue001on, which introduces variability into the number of shares that could be issued. The instruments therefore fails the \ufb01xed for \ufb01xed requirement in IAS 32 and is classi\ufb01ed as a deriva\ue001ve liability. The instruments meets the de\ufb01ni\ue001on of a deriva\ue001ve because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue001al net investment and they will be se\ue002led at a future date. Such deriva\ue001ve \ufb01nancial instruments are ini\ue001ally recognized at fair value on the date on which a deriva\ue001ve contract is entered into and are subsequently remeasured at fair value. See note 14 for addi\ue001onal informa\ue001on on these instruments and the valua\ue001on approach. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5023": {
"value": " Government Grants Government grants are recognized where there is reasonable assurance that the grant will be received and all a\ue002ached condi\ue001ons will be complied with. When the grant relates to an expense item, it is recognized as income on a systema\ue001c basis over the periods that the related costs, for whic",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5024": {
"value": " Government Grants Government grants are recognized where there is reasonable assurance that the grant will be received and all a\ue002ached condi\ue001ons will be complied with. When the grant relates to an expense item, it is recognized as income on a systema\ue001c basis over the periods that the related costs, for whic",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5025": {
"value": "Government Grants Government grants are recognized where there is reasonable assurance that the grant will be received and all a\ue002ached condi\ue001ons will be complied with. When the grant relates to an expense item, it is recognized as income on a systema\ue001c basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset. See COVID-19 Pandemic sec\ue001on below for addi\ue001onal informa\ue001on related to the Government PPP loan which was forgiven during 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5026": {
"value": "Government Grants Government grants are recognized where there is reasonable assurance that the grant will be received and all a\ue002ached condi\ue001ons will be complied with. When the grant relates to an expense item, it is recognized as income on a systema\ue001c basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset. See COVID-19 Pandemic sec\ue001on below for addi\ue001onal informa\ue001on related to the Government PPP loan which was forgiven during 2021. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5028": {
"value": "Government Grants Government grants are recognized where there is reasonable assurance that the grant will be received and all a\ue002ached condi\ue001ons will be complied with. When the grant relates to an expense item, it is recognized as income on a systema\ue001c basis over the periods that the related costs, for whic",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5039": {
"value": "Cash Flow The cash \ufb02ow statement is prepared according to the indirect method. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5040": {
"value": "Cash Flow The cash \ufb02ow statement is prepared according to the indirect method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5053": {
"value": "Cri\ue001cal Accoun\ue001ng Es\ue001mates and Judgments The prepara\ue001on of audited consolidated \ufb01nancial statements in conformity with IFRS requires management to make certain es\ue001mates and judgments that a\ufb00ect the reported amounts of assets and liabili\ue001es at the date of the audited consolidated \ufb01nancial statements and the reported amounts of revenue and expenses during the repor\ue001ng period. Es\ue001mates and judgments are con\ue001nually evaluated based on historical experience and other factors, including expecta\ue001ons of future events that are believed to be reasonable under the circumstances. Although the Company regularly assesses these es\ue001mates, actual results could di\ufb00er from those es\ue001mates. Changes in es\ue001mates are recorded in the period in which they occur and become known. Signi\ufb01cant es\ue001mates and judgments are applied in the following areas: \u2022 Es\ue001ma\ue001ng the amounts due for the ini\ue001al funding period provision related to the Regenyx investment (note 9) \u2022 Assump\ue001ons and es\ue001mates related to the impairment of the investment in Regenyx, including future cash \ufb02ows (note 9) \u2022 Recording accounts receivable, and considera\ue001on of any poten\ue001al allowance for expected credit losses (note 10) \u2022 Useful lives a\ue002ributed to property plant and equipment and intangible assets (notes 6 and 7) \u2022 Revenue recognized in accordance with the stage of comple\ue001on method (see accoun\ue001ng policy above and note 2) \u2022 Stock-based compensa\ue001on expense (note 15) \u2022 Warrant and stock subscrip\ue001on rights, valua\ue001on assump\ue001ons (note 14) \u2022 Assump\ue001ons related to the ini\ue001al recogni\ue001on of leases and the subsequent accoun\ue001ng for these agreements, including incremental borrowing rates and determina\ue001on of lease term applied when compu\ue001ng lease liabili\ue001es (see also accoun\ue001ng policy above and note 8) Fair value measurement Warrant and stock subscrip\ue001on rights and the stock compensa\ue001on expenses, all require measurement at, and/or disclosure of, fair value. The fair value measurement of Agilyx Group\u2019s \ufb01nancial and non-\ufb01nancial assets and liabili\ue001es u\ue001lizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into di\ufb00erent levels based on how observable the inputs used in the valua\ue001on technique u\ue001lized are (the \u2018fair value hierarchy\u2019): \u2022 Level 1: Quoted prices in ac\ue001ve markets for iden\ue001cal items (unadjusted) \u2022 Level 2: Observable direct or indirect inputs other than Level 1 inputs \u2022 Level 3: Unobservable inputs (i.e. not derived from market data). The classi\ufb01ca\ue001on of an item into the above levels is based on the lowest level of the inputs used that has a signi\ufb01cant e\ufb00ect on the fair value measurement of the item. Transfers of items between levels are recognized in the period they occur. Please refer to the applicable notes as referenced above, for addi\ue001onal informa\ue001on on the fair value measurements applied within these \ufb01nancial statements. The valua\ue001on of the Warrant liability was performed using the Black Scholes Model, the following inputs were signi\ufb01cant in the computa\ue001on of fair values at each repor\ue001ng date: warrants now having an expira\ue001on date of August 7, 2025. This modi\ufb01ca\ue001on had no material impact on the 2021 valua\ue001on. As the outstanding warrants for Agilyx are well in the money as of the December 31, 2021, and 2022 repor\ue001ng dates, the valua\ue001ons performed determined that the preponderance of the amount, for each of the respec\ue001ve dates, was intrinsic value in nature. Hence there was very li\ue002le \ue001me value associated with the es\ue001mate of value calculated. As a result of this rela\ue001onship, the change in the value of the instruments is going to be more closely correlated with the change in the underlying equity price as opposed to a change in vola\ue001lity. This determina\ue001on was corroborated with the sensi\ue001vity calcula\ue001ons completed. During 2022, no warrants were exercised (2021: 437,500). Group and parent December 31, 2021 Group and parent December 31, 2022 Expected term Various 7-Aug-25 Equity vola\ue001lity 30.00 - 35.00% 30% Risk free rate 0.39 - 0.98% 4.34% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5061": {
"value": "Signi\ufb01cant es\ue001mates and judgments are applied in the following areas: \u2022 Es\ue001ma\ue001ng the amounts due for the ini\ue001al funding period provision related to the Regenyx investment (note 9) \u2022 Assump\ue001ons and es\ue001mates related to the impairment of the investment in Regenyx, including future cash \ufb02ows (note 9) \u2022 Recording accounts receivable, and considera\ue001on of any poten\ue001al allowance for expected credit losses (note 10) \u2022 Useful lives a\ue002ributed to property plant and equipment and intangible assets (notes 6 and 7) \u2022 Revenue recognized in accordance with the stage of comple\ue001on method (see accoun\ue001ng policy above and note 2) \u2022 Stock-based compensa\ue001on expense (note 15) \u2022 Warrant and stock subscrip\ue001on rights, valua\ue001on assump\ue001ons (note 14) \u2022 Assump\ue001ons related to the ini\ue001al recogni\ue001on of leases and the subsequent accoun\ue001ng for these agreements, including incremental borrowing rates and determina\ue001on of lease term applied when compu\ue001ng lease liabili\ue001es (see also accoun\ue001ng policy above and note 8) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5081": {
"value": "Fair value measurement Warrant and stock subscrip\ue001on rights and the stock compensa\ue001on expenses, all require measurement at, and/or disclosure of, fair value. The fair value measurement of Agilyx Group\u2019s \ufb01nancial and non-\ufb01nancial assets and liabili\ue001es u\ue001lizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into di\ufb00erent levels based on how observable the inputs used in the valua\ue001on technique u\ue001lized are (the \u2018fair value hierarchy\u2019): \u2022 Level 1: Quoted prices in ac\ue001ve markets for iden\ue001cal items (unadjusted) \u2022 Level 2: Observable direct or indirect inputs other than Level 1 inputs \u2022 Level 3: Unobservable inputs (i.e. not derived from market data). The classi\ufb01ca\ue001on of an item into the above levels is based on the lowest level of the inputs used that has a signi\ufb01cant e\ufb00ect on the fair value measurement of the item. Transfers of items between levels are recognized in the period they occur. Please refer to the applicable notes as referenced above, for addi\ue001onal informa\ue001on on the fair value measurements applied within these \ufb01nancial statements. The following informa\ue001on is relevant in the determina\ue001on of the fair value of op\ue001ons granted during the year under the equity share based remunera\ue001on schemes operated by the Group. All employees Key management personnel 2021 2022 2021 2022 Equity-Se\ue002led Op\ue001on pricing model used Black-Scholes Black-Scholes Black-Scholes Black-Scholes Share price at grant date (Weighted Average) $1.09 $1.02 $0.68 $1.05 Exercise Price (Weighted Average) $1.17 $2.62 $0.68 $2.75 Contractual Life (Weighted Average) 7.87 6.12 7.5 6.15 Expected Vola\ue001lity (Weighted Average) 33% 32% 35% 33% Expected Dividend Growth Rate 0% 0% 0% 0% Risk Free Interest Rate (Weighted Average) 1.07% 2.84% 1.03% 2.90% Note 15 STOCK OPTION PLAN Stock Op\ue001on Ac\ue001vity Number of shares Weighted average exercise price Weighted average contractual term (years) Aggregate intrinsic value Balance at January 1, 2021 12,182,400 $0.75 8.39 50,556,190 Share authorized Op\ue001ons granted 1,793,750 $3.52 Op\ue001ons exercised (2,192,946) $0.12 8,706,073 Op\ue001ons forfeited/expired (350,580) $ 4.94 Balance at December 31, 2021 11,432,624 $1.17 7.81 33,223,561 Share authorized Op\ue001ons granted 1,815,000 2.62 Op\ue001ons exercised (769,509) 0.28 Op\ue001ons forfeited/expired (188,899) 2.30 Balance at December 31, 2022 12,289,216 $1.40 7.71 26,343,495 Op\ue001ons vested and expected to vest at December 31, 2022 12,289,216 $1.40 7.71 26,343,495 Op\ue001ons Exercisable 7,078,142 $0.83 5.62 18,231,441 The 2020 plan became e\ufb00ec\ue001ve as of June 4, 2020. Prior to this date Agilyx Corp had implemented a 2009 Stock Incen\ue001ve plan. The 2009 plan was considered null and void a\ufb05er the e\ufb00ec\ue001ve date of the 2020 plan, but were replaced with new op\ue001ons in the new plan. The result was a modi\ufb01ca\ue001on of the op\ue001ons granted to each relevant counterparty which resulted in accelerated ves\ue001ng. The result was bene\ufb01cial (i.e. a higher fair value) to the employees since the service condi\ue001ons were shortened for each counterparty. The total value of the modi\ufb01ed grants was $216,535. Management calculated the total compensa\ue001on cost for each new tranche and will be recognizing the new compensa\ue001on cost straight-lined over the new ves\ue001ng periods. Es\ue001mated vola\ue001lity is calculated based on the historical vola\ue001lity of similar en\ue001\ue001es whose share prices are publicly traded. The total number of shares that may be issued under this plan are 15,000,000 shares. If an op\ue001on expires, terminates or is canceled, the unissued shares subject to that op\ue001on shall again be available under the Plan. The op\ue001ons outstanding have a range of exercise prices from $0.06 to $4.68 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5082": {
"value": "Fair value measurement Warrant and stock subscrip\ue001on rights and the stock compensa\ue001on expenses, all require measurement at, and/or disclosure of, fair value. The fair value measurement of Agilyx Group\u2019s \ufb01nancial and non-\ufb01nancial assets and liabili\ue001es u\ue001lizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into di\ufb00erent levels based on how observable the inputs used in the valua\ue001on technique u\ue001lized are (the \u2018fair value hierarchy\u2019): \u2022 Level 1: Quoted prices in ac\ue001ve markets for iden\ue001cal items (unadjusted) \u2022 Level 2: Observable direct or indirect inputs other than Level 1 inputs \u2022 Level 3: Unobservable inputs (i.e. not derived from market data). The classi\ufb01ca\ue001on of an item into the above levels is based on the lowest level of the inputs used that has a signi\ufb01cant e\ufb00ect on the fair value measurement of the item. Transfers of items between levels are recognized in the period they occur. Please refer to the applicable notes as referenced above, for addi\ue001onal informa\ue001on on the fair value measurements applied within these \ufb01nancial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5100": {
"value": "New Standards Interpreta\ue001ons and Amendments Adopted January 1, 2022 Of the new standards that were e\ufb00ec\ue001ve for the \ufb01rst \ue001me for periods beginning on or a\ufb05er January 1, 2022 (primarily amendments to IAS 37 for Onerous contracts and amendments to IAS 16, IAS 41, IFRS 1, IFRS 3, IFRS 9 and IFRS 16), none of these had a speci\ufb01c impact on the results of the Agilyx Group. New Standards Interpreta\ue001ons And Amendments Not Yet E\ufb00ec\ue001ve There are a number of standards, amendments to standards, and interpreta\ue001ons which have been issued by the IASB that are e\ufb00ec\ue001ve in future accoun\ue001ng periods that the Group has decided not to adopt early. The following amendments are e\ufb00ec\ue001ve for the period beginning 1 January 2023: \u2022 Disclosure of Accoun\ue001ng Policies (Amendments to IAS 1 and IFRS Prac\ue001ce Statement 2); \u2022 De\ufb01ni\ue001on of Accoun\ue001ng Es\ue001mates (Amendments to IAS 8); and \u2022 Deferred Tax Related to Assets and Liabili\ue001es arising from a Single Transac\ue001on (Amendments to IAS 12). The following amendments are e\ufb00ec\ue001ve for the period beginning 1 January 2024: \u2022 IFRS 16 Leases (Amendment \u2013 Liability in a Sale and Leaseback) \u2022 IAS 1 Presenta\ue001on of Financial Statements (Amendment \u2013 Classi\ufb01ca\ue001on of Liabili\ue001es as Current or Non-current) \u2022 IAS 1 Presenta\ue001on of Financial Statements (Amendment \u2013 Non-current Liabili\ue001es with Covenants) Agilyx Group is currently assessing the impact of these new accoun\ue001ng standards and amendments, but does not expect any a material impact at this stage. ",
"dimensions": {
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"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5101": {
"value": "New Standards Interpreta\ue001ons and Amendments Adopted January 1, 2022 Of the new standards that were e\ufb00ec\ue001ve for the \ufb01rst \ue001me for periods beginning on or a\ufb05er January 1, 2022 (primarily amendments to IAS 37 for Onerous contracts and amendments to IAS 16, IAS 41, IFRS 1, IFRS 3, IFRS 9 and IFRS 16), none of these had a speci\ufb01c impact on the results of the Agilyx Group. New Standards Interpreta\ue001ons And Amendments Not Yet E\ufb00ec\ue001ve There are a number of standards, amendments to standards, and interpreta\ue001ons which have been issued by the IASB that are e\ufb00ec\ue001ve in future accoun\ue001ng periods that the Group has decided not to adopt early. The following amendments are e\ufb00ec\ue001ve for the period beginning 1 January 2023: \u2022 Disclosure of Accoun\ue001ng Policies (Amendments to IAS 1 and IFRS Prac\ue001ce Statement 2); \u2022 De\ufb01ni\ue001on of Accoun\ue001ng Es\ue001mates (Amendments to IAS 8); and \u2022 Deferred Tax Related to Assets and Liabili\ue001es arising from a Single Transac\ue001on (Amendments to IAS 12). The following amendments are e\ufb00ec\ue001ve for the period beginning 1 January 2024: \u2022 IFRS 16 Leases (Amendment \u2013 Liability in a Sale and Leaseback) \u2022 IAS 1 Presenta\ue001on of Financial Statements (Amendment \u2013 Classi\ufb01ca\ue001on of Liabili\ue001es as Current or Non-current) \u2022 IAS 1 Presenta\ue001on of Financial Statements (Amendment \u2013 Non-current Liabili\ue001es with Covenants) Agilyx Group is currently assessing the impact of these new accoun\ue001ng standards and amendments, but does not expect any a material impact at this stage. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f5233": {
"value": "Note 2 GEOGRAPHICAL DISTRIBUTION OF REVENUES Group 2021 2022 Europe 428,689 250,899 U.S. 3,894,758 9,511,791 APAC 463,826 6,694,629 Other 101,954 - Total sales by customers loca\ue001on 4,889,227 16,457,319 PRODUCT CATEGORY Group 2021 2022 Project development 2,786,855 609,695 License, membership and royalty fees 131,458 450,525 Sale of goods 1,970,914 15,397,099 Total sales by category 4,889,227 16,457,319 No sales was recognized in the parent company Agilyx ASA in 2021 and 2022. Note 5: Segment informa\ue001on Agilyx has two main segments: 1. Agilyx- this segment licenses its patented conversion technology and sells its patented equipment to industry players, whether they are exis\ue001ng strategic companies or newer entrepreneurial enterprises, to help them take feedstock and turn it into a product. We provide our partners with valuable know-how and robust technology that allows them to become part of the circular economy. 2. Cyclyx- is focused on ge\ue003ng the right feed for the conversion technology that a given customer is using. The aim is to do this while maximizing availability and lowering cost. The Cyclyx approach is an industry-wide answer, serving the en\ue001re market regardless of which conversion technology a company is using. Factors that management used to iden\ue001fy the reportable segments Both of these segments meet the quan\ue001ta\ue001ve thresholds to be a reportable segment. Management has concluded that these segments should be reported separately on the basis that: \u2022 Both segments are separate legal en\ue001\ue001es (see also note 17), that o\ufb00er di\ufb00ering products and services. \u2022 They are managed separately and each have their own Chief Execu\ue001ve O\ufb03cer and board of directors. \u2022 They are managed separately because each business requires di\ufb00erent technology and marke\ue001ng strategies. \u2022 Both prepare discrete \ufb01nancial informa\ue001on for the board and Chief Opera\ue001ng Decision Makers (CODM) to use in making decisions about resource alloca\ue001on and assess performance. \u2022 The Chief Opera\ue001ng Decision Maker of the consolidated Agilyx Group, is the Chief Execu\ue001ve O\ufb03cer, Tim Stedman. He is on the board of both segments and therefore reviews the results of the opera\ue001ng segments and uses that informa\ue001on to make decisions which a\ufb00ect the resources allocated to each segment individually, as well as on a consolidated basis. Measurement of opera\ue001ng segment pro\ufb01t or loss, assets and liabili\ue001es Segmental performance is measured in accordance with IFRS. Opera\ue001ng segments are presented using the management approach, where the informa\ue001on presented is on the same basis as the internal reports provided to the CODM. Inter-segment sales and balances are eliminated from the table below, which have a combined impact of improving 2022 income by $881,812 (improving 2021 income by $514,752). No tax bene\ufb01t is derived from these transac\ue001ons as all par\ue001es reside in the same tax jurisdic\ue001on. Segment assets exclude tax assets and assets used primarily for corporate purposes. Segment liabili\ue001es exclude tax, de\ufb01ned bene\ufb01t and warranty related liabili\ue001es. Loans and borrowings are not allocated as these are deemed to serve a group func\ue001on. PROFIT AND LOSS 2021 2022 Cyclyx Agilyx Total Cyclyx Agilyx Total Revenues from external customers 1,949,874 2,939,353 4,889,227 9,232,771 7,224,548 16,457,319 Deprecia\ue001on and amor\ue001za\ue001on 13,349 492,518 505,867 43,335 767,520 810,855 Segment loss (4,398,621) (12,060,595) (16,459,216) (4,692,176) (17,191,085) (21,883,261) Result from investment in Regenyx (948,272) (2,539,270) Fair value gain on warrant agreements 1,331,559 1,267,458 Interest expense (199,635) (104,277) Other \ufb01nancial income (expense), net 707,841 (125,304) Non-controlling interest 958,467 1,375,997 Group net loss (14,609,256) (22,008,657) BALANCE SHEET 2021 2022 Cyclyx Agilyx Total Cyclyx Agilyx Total Non-current asset addi\ue001ons 405,458 535,042 940,500 201,500 732,614 934,114 Reportable segment assets 6,707,612 21,302,136 28,009,748 9,614,712 14,975,949 24,590,661 Total group assets 28,009,748 24,590,661 Reportable segment liabili\ue001es 2,980,993 1,638,433 4,619,426 6,016,341 5,211,523 11,227,864 Loans and borrowings (excluding leases) 1,271,853 - Deriva\ue001ve \ufb01nancial liabili\ue001es 7,570,647 6,303,189 Total group liabili\ue001es 13,461,926 17,531,053 CASH FLOW 2021 2022 Cyclyx Agilyx Total Cyclyx Agilyx Total Net cash from opera\ue001ons (2,163,709) (13,509,096) (15,672,805) (4,233,146) (11,024,569) (15,257,715) Net cash from investments (280,458) (2,338,039 (2,618,497) - (3,473,384) (3,473,384) Net cash from \ufb01nancing - (1,037,472) (1,037,472) (1,000,000) 13,832,264 12,832,264 Revenue by geography - Revenue by geography is included in Note 2. The Cyclyx segment revenue is primarily derived from the US. Non-current assets by geography - All non-current assets reside in the US. The Group has the following major customers, which each accounted for at least 10% of revenues in 2022 or 2021: 2021 2022 Segment Customer A 1,767,950 8,792,620 Cyclyx Customer B 1,309,374 6,604,479 Agilyx Customer C 568,795 144,331 Agilyx Customer D 456,673 139,880 Agilyx ",
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"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f5237": {
"value": "GEOGRAPHICAL DISTRIBUTION OF REVENUES Group 2021 2022 Europe 428,689 250,899 U.S. 3,894,758 9,511,791 APAC 463,826 6,694,629 Other 101,954 - Total sales by customers loca\ue001on 4,889,227 16,457,319 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5257": {
"value": "PRODUCT CATEGORY Group 2021 2022 Project development 2,786,855 609,695 License, membership and royalty fees 131,458 450,525 Sale of goods 1,970,914 15,397,099 Total sales by category 4,889,227 16,457,319 No sales was recognized in the parent company Agilyx ASA in 2021 and 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProductsAndServicesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5286": {
"value": "SALARY AND SOCIAL COSTS Group Parent 2021 2022 2021 2022 Salaries 8,191,615 11,289,076 339,532 172,530 Social security and payroll tax costs (463,210) 972,623 50,230 22,315 Share-based compensa\ue001on (note 15) 1,739,995 1,548,815 - - Pension costs 136,681 171,875 18,584 6,000 Bene\ufb01ts and other expenses 1,042,292 1,464,728 - - Total salaries 10,647,373 15,447,117 408,346 200,845 Number of average full \ue001me employees 81 107 2 1 Agilyx ASA is required to provide an occupa\ue001onal pension scheme pursuant to the Act rela\ue001ng to Mandatory Occupa\ue001onal Pensions. The company\u2019s pension scheme complies with the requirements under that law. Agilyx GmbH, Switzerland has a mandatory pension arrangement for all employees through a state-run system. The arrangements are de\ufb01ned as contribu\ue001on plans. Agilyx has no pension arrangements in any of its other en\ue001\ue001es. This is in line with the corresponding local legisla\ue001on of its opera\ue001ons. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"f5335": {
"value": "SENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION - 2022 Salary Other bene\ufb01ts Share-based compensa\ue001on Total Timothy Stedman, Group CEO 433,177 231,410 211,066 875,653 Chris Faulkner, CTO 236,900 58,840 68,314 364,054 Russell Main, CFO 257,500 62,277 38,828 358,605 Mark Barranco, SVP Engineering & Educa\ue001on 262,649 57,328 119,274 439,251 Joe Vaillancourt, Cyclyx CEO 360,500 310,882 - 671,382 Louise Byrant, SVP Investor Rela\ue001ons 55,785 40,400 10,097 106,282 Isabel Charlo\ue002e Hacker, General Council 324,883 103,369 124,488 552,740 Carsten Larsen, CCO 268,152 29,497 268,817 566,466 Stephen Hamlet, VP Human Resources 78,269 8,065 11,682 98,016 Kate Ringier, VP Communica\ue001ons & Government A\ufb00airs 211,932 56,374 77,703 346,009 4,378,458 The CEO received his salary from Agilyx GmbH, Switzerland. The CEO has a severance agreement whereby he will receive 100% pay for 6 months for termina\ue001on by the Company without cause. SENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION - 2021 Salary Other bene\ufb01ts Share-based compensa\ue001on Total Timothy Stedman, CEO 405,225 156,534 511,701 1,073,460 Chris Faulkner, CTO 230,000 62,607 34,942 327,549 Russell Main, CFO 250,000 69,557 7,681 327,238 Mark Barranco, SVP Engineering & Educa\ue001on 255,000 10,681 144,774 410,455 Joe Vaillancourt, Cyclyx CEO 350,000 24,103 - 374,103 Kate Ringier, VP Communica\ue001ons & Government A\ufb00airs 207,621 39,257 152,767 399,645 2,912,450 The CEO received his salary from Agilyx GmbH, Switzerland. SHARES AND OPTIONS HELD BY THE CEO AND MEMBERS OF THE BOARD OF DIRECTORS Name Title Op\ue001ons and Warrants Granted Shares Owned Note Timothy Stedman CEO 2,893,900 86,842 1) Ranjeet Bha\ue001a GM and board member - 92,700 2) Jan Secher Board member 100,000 - 3) Steen Jakobsen Board member 75,000 - 4) Peter Norris Board member 100,000 156,645 5) Martha Crawford Board member 75,000 - 6) Carolyn Clarke Board member 75,000 - 7) Catherine Keenan Board member 75,000 - 8) Note 1. The CEO has received op\ue001ons to purchase shares as a part of the total compensa\ue001on package. The exercise price for each share is $1.06. Addi\ue001onally, Mr. Stedman has personally acquired 86,842 shares. The op\ue001ons granted expire on August 17, 2030. 2. Mr. Bha\ue001a is a member of the board, represents Sa\ufb00ron Hill Ventures and controls 92,700 shares. 3. Mr. Secher is the chair of the board and was granted 100,000 op\ue001ons with an exercise price of $2.19. 4. Mr. Jakobsen is a member of the board, represents Saxo Bank and was granted 75,000 op\ue001ons with an exercise price of $2.19. 5. Mr. Norris is a member of the board, represents Vigin Group Holdings Limited, controls 156,645 shares and was granted 75,000 op\ue001ons with an exercise price of $2.19 and has 25,000 warrants exercisable as ordinary shares having a calculated fair value of $2.58 per share. 6. Mrs. Crawford is a member of the board and was granted 75,000 op\ue001ons with an exercise price of $2.19. 7. Mrs. Clarke is a member of the board and was granted 75,000 op\ue001ons with an exercise price of $2.19. Subsidiary Informa\ue001on: Agilyx Corp- Agilyx Corp was formed in 2004 in Oregon, United States of America. Agilyx Corp became a subsidiary of Agilyx ASA by way of a share inversion that took place on January, 2020. The share inversion e\ufb00ec\ue001vely converted all the shares of Agilyx Corp into shares of Agilyx ASA. Agilyx GmbH- Agilyx GmbH was formed in August, 2020 in Zurich, Switzerland. The subsidiary was created to provide addi\ue001onal reach into European markets. Cyclyx Interna\ue001onal, LLC- Cyclyx Interna\ue001onal, LLC is a partnership o\ufb03cially formed in the state of Delaware, United States of America on December, 2020. Since incep\ue001on, Agilyx Group has owned 75% of the en\ue001ty, with 25% owned by ExxonMobil Chemical Corpora\ue001on (\u201cEMCC\u201d). The Partnership was formed to develop low cost pathways to recycle plas\ue001cs. EMCC contributed opera\ue001onal funds of $8,000,000 while Agilyx Corp contributed technology and know-how that was not revalued due to consolida\ue001on within the Group accounts. EMCC\u2019s cash contribu\ue001on was recognized 75% to the equity holders of the parent and 25% to the non-controlling interest. Summarized \ufb01nancial informa\ue001on in rela\ue001on to Cyclyx Interna\ue001onal, LLC, before intra group elimina\ue001ons, is presented below: 2021 2022 As at December 31 Current assets 7,390,312 8,104,571 Non-current assets 753,132 598,102 Current liabili\ue001es 3,977,439 5,652,162 Non-current liabili\ue001es 276,133 263,409 For the period ended December 31 Revenue 2,201,245 10,512,034 Loss (3,833,889) (5,503,883) Loss allocated to non-controlling interest (958,467) (1,375,997) Addi\ue001onal informa\ue001on regarding the Cyclyx opera\ue001on can be seen in note 5. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5480": {
"value": "REMUNERATION TO AUDITOR Group Parent 2021 2022 2021 2022 Audit fees 88,685 168,794 30,935 85,294 Con\ufb01rma\ue001on services 4,957 6,272 4,957 6,272 Tax services 3,206 6,856 3,206 6,856 Other non-audit services 15,442 11,751 15,442 11,751 Total fees 112,290 193,673 54,540 110,173 Audit fees to the parent auditor include VAT. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5524": {
"value": "PROFIT AND LOSS 2021 2022 Cyclyx Agilyx Total Cyclyx Agilyx Total Revenues from external customers 1,949,874 2,939,353 4,889,227 9,232,771 7,224,548 16,457,319 Deprecia\ue001on and amor\ue001za\ue001on 13,349 492,518 505,867 43,335 767,520 810,855 Segment loss (4,398,621) (12,060,595) (16,459,216) (4,692,176) (17,191,085) (21,883,261) Result from investment in Regenyx (948,272) (2,539,270) Fair value gain on warrant agreements 1,331,559 1,267,458 Interest expense (199,635) (104,277) Other \ufb01nancial income (expense), net 707,841 (125,304) Non-controlling interest 958,467 1,375,997 Group net loss (14,609,256) (22,008,657) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5648": {
"value": "The Group has the following major customers, which each accounted for at least 10% of revenues in 2022 or 2021: 2021 2022 Segment Customer A 1,767,950 8,792,620 Cyclyx Customer B 1,309,374 6,604,479 Agilyx Customer C 568,795 144,331 Agilyx Customer D 456,673 139,880 Agilyx ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6188": {
"value": "The ordinary share warrants and subscrip\ue001on rights, are the only \ufb01nancial instruments measured at fair value through the pro\ufb01t and loss. This treatment is required for the Warrants because the terms of the Warrant include a cash less exercise op\ue001on, which triggers deriva\ue001ve treatment in accordance with IFRS 9. This is because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue001al net investment and they will be se\ue002led at a future date. All ordinary share warrants and subscrip\ue001on rights are measured using level 3 inputs on the fair value hierarchy. There were no transfers between the levels of the fair value hierarchy during any of the years presented. The valua\ue001on of the Warrant liability was performed using the Black Scholes Model, the following inputs were signi\ufb01cant in the computa\ue001on of fair values at each repor\ue001ng date: Note 14: Warrants The Company has granted warrants in connec\ue001on with various debt and equity issuances. The following table re\ufb02ects the total of outstanding warrants as of December 31, 2022 that are exercisable into ordinary shares: Number of ordinary shares Exercise price per share - USD Expira\ue001on Ordinary share warrants converted to subscrip\ue001on rights 2,447,100 1.00 2025 Group and parent December 31, 2021 Group and parent December 31, 2022 Warrant liabili\ue001es 7,570,647 6,303,189 The reconcilia\ue001on of the opening and closing fair value balance of level 3 \ufb01nancial instruments is provided below (this is applicable for both the Group and Parent only \ufb01nancial statements): Warrant liability At January 1, 2021 11,267,832 Warrants exercised (converted into 437,500 ordinary shares) (2,365,626) Gain on warrant value - presented as fair value through pro\ufb01t and loss (1,331,559) At December 31, 2021 7,570,647 Gain on warrant value - presented as fair value through pro\ufb01t and loss (1,267,458) At December 31, 2022 6,303,189 During 2022, the Board of Directors authorized an extension on all warrants now having an expira\ue001on date of August 7, 2025. This modi\ufb01ca\ue001on had no material impact on the 2021 valua\ue001on. As the outstanding warrants for Agilyx are well in the money as of the December 31, 2021, and 2022 repor\ue001ng dates, the valua\ue001ons performed determined that the preponderance of the amount, for each of the respec\ue001ve dates, was intrinsic value in nature. Hence there was very li\ue002le \ue001me value associated with the es\ue001mate of value calculated. As a result of this rela\ue001onship, the change in the value of the instruments is going to be more closely correlated with the change in the underlying equity price as opposed to a change in vola\ue001lity. This determina\ue001on was corroborated with the sensi\ue001vity calcula\ue001ons completed. During 2022, no warrants were exercised (2021: 437,500). Group and parent December 31, 2021 Group and parent December 31, 2022 Expected term Various 7-Aug-25 Equity vola\ue001lity 30.00 - 35.00% 30% Risk free rate 0.39 - 0.98% 4.34% The sensi\ue001vity analysis of a reasonably possible change in one signi\ufb01cant unobservable input, being the underlying equity value, holding other inputs constant would be: Equity value at expira\ue001on -5% Equity value at expira\ue001on + 5% At December 31, 2021 (378,160) 378,160 At December 31, 2022 (315,160) 315,159 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6189": {
"value": "The ordinary share warrants and subscrip\ue001on rights, are the only \ufb01nancial instruments measured at fair value through the pro\ufb01t and loss. This treatment is required for the Warrants because the terms of the Warrant include a cash less exercise op\ue001on, which triggers deriva\ue001ve treatment in accordance with IFRS 9. This is because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue001al net investment and they will be se\ue002led at a future date. All ordinary share warrants and subscrip\ue001on rights are measured using level 3 inputs on the fair value hierarchy. There were no transfers between the levels of the fair value hierarchy during any of the years presented. The valua\ue001on of the Warrant liability was performed using the Black Scholes Model, the following inputs were signi\ufb01cant in the computa\ue001on of fair values at each repor\ue001ng date: Note 14: Warrants The Company has granted warrants in connec\ue001on with various debt and equity issuances. The following table re\ufb02ects the total of outstanding warrants as of December 31, 2022 that are exercisable into ordinary shares: Number of ordinary shares Exercise price per share - USD Expira\ue001on Ordinary share warrants converted to subscrip\ue001on rights 2,447,100 1.00 2025 Group and parent December 31, 2021 Group and parent December 31, 2022 Warrant liabili\ue001es 7,570,647 6,303,189 The reconcilia\ue001on of the opening and closing fair value balance of level 3 \ufb01nancial instruments is provided below (this is applicable for both the Group and Parent only \ufb01nancial statements): Warrant liability At January 1, 2021 11,267,832 Warrants exercised (converted into 437,500 ordinary shares) (2,365,626) Gain on warrant value - presented as fair value through pro\ufb01t and loss (1,331,559) At December 31, 2021 7,570,647 Gain on warrant value - presented as fair value through pro\ufb01t and loss (1,267,458) At December 31, 2022 6,303,189 During 2022, the Board of Directors authorized an extension on all warrants now having an expira\ue001on date of August 7, 2025. This modi\ufb01ca\ue001on had no material impact on the 2021 valua\ue001on. As the outstanding warrants for Agilyx are well in the money as of the December 31, 2021, and 2022 repor\ue001ng dates, the valua\ue001ons performed determined that the preponderance of the amount, for each of the respec\ue001ve dates, was intrinsic value in nature. Hence there was very li\ue002le \ue001me value associated with the es\ue001mate of value calculated. As a result of this rela\ue001onship, the change in the value of the instruments is going to be more closely correlated with the change in the underlying equity price as opposed to a change in vola\ue001lity. This determina\ue001on was corroborated with the sensi\ue001vity calcula\ue001ons completed. During 2022, no warrants were exercised (2021: 437,500). Group and parent December 31, 2021 Group and parent December 31, 2022 Expected term Various 7-Aug-25 Equity vola\ue001lity 30.00 - 35.00% 30% Risk free rate 0.39 - 0.98% 4.34% The sensi\ue001vity analysis of a reasonably possible change in one signi\ufb01cant unobservable input, being the underlying equity value, holding other inputs constant would be: Equity value at expira\ue001on -5% Equity value at expira\ue001on + 5% At December 31, 2021 (378,160) 378,160 At December 31, 2022 (315,160) 315,159 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6190": {
"value": "The ordinary share warrants and subscrip\ue001on rights, are the only \ufb01nancial instruments measured at fair value through the pro\ufb01t and loss. This treatment is required for the Warrants because the terms of the Warrant include a cash less exercise op\ue001on, which triggers deriva\ue001ve treatment in accordance with IFRS 9. This is because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue001al net investment and they will be se\ue002led at a future date. All ordinary share warrants and subscrip\ue001on rights are measured using level 3 inputs on the fair value hierarchy. There were no transfers between the levels of the fair value hierarchy during any of the years presented. The valua\ue001on of the Warrant liability was performed using the Black Scholes Model, the following inputs were signi\ufb01cant in the computa\ue001on of fair values at each repor\ue001ng date: Note 14: Warrants The Company has granted warrants in connec\ue001on with various debt and equity issuances. The following table re\ufb02ects the total of outstanding warrants as of December 31, 2022 that are exercisable into ordinary shares: Number of ordinary shares Exercise price per share - USD Expira\ue001on Ordinary share warrants converted to subscrip\ue001on rights 2,447,100 1.00 2025 Group and parent December 31, 2021 Group and parent December 31, 2022 Warrant liabili\ue001es 7,570,647 6,303,189 The reconcilia\ue001on of the opening and closing fair value balance of level 3 \ufb01nancial instruments is provided below (this is applicable for both the Group and Parent only \ufb01nancial statements): Warrant liability At January 1, 2021 11,267,832 Warrants exercised (converted into 437,500 ordinary shares) (2,365,626) Gain on warrant value - presented as fair value through pro\ufb01t and loss (1,331,559) At December 31, 2021 7,570,647 Gain on warrant value - presented as fair value through pro\ufb01t and loss (1,267,458) At December 31, 2022 6,303,189 During 2022, the Board of Directors authorized an extension on all warrants now having an expira\ue001on date of August 7, 2025. This modi\ufb01ca\ue001on had no material impact on the 2021 valua\ue001on. As the outstanding warrants for Agilyx are well in the money as of the December 31, 2021, and 2022 repor\ue001ng dates, the valua\ue001ons performed determined that the preponderance of the amount, for each of the respec\ue001ve dates, was intrinsic value in nature. Hence there was very li\ue002le \ue001me value associated with the es\ue001mate of value calculated. As a result of this rela\ue001onship, the change in the value of the instruments is going to be more closely correlated with the change in the underlying equity price as opposed to a change in vola\ue001lity. This determina\ue001on was corroborated with the sensi\ue001vity calcula\ue001ons completed. During 2022, no warrants were exercised (2021: 437,500). Group and parent December 31, 2021 Group and parent December 31, 2022 Expected term Various 7-Aug-25 Equity vola\ue001lity 30.00 - 35.00% 30% Risk free rate 0.39 - 0.98% 4.34% The sensi\ue001vity analysis of a reasonably possible change in one signi\ufb01cant unobservable input, being the underlying equity value, holding other inputs constant would be: Equity value at expira\ue001on -5% Equity value at expira\ue001on + 5% At December 31, 2021 (378,160) 378,160 At December 31, 2022 (315,160) 315,159 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6297": {
"value": "The following informa\ue001on is relevant in the determina\ue001on of the fair value of op\ue001ons granted during the year under the equity share based remunera\ue001on schemes operated by the Group. All employees Key management personnel 2021 2022 2021 2022 Equity-Se\ue002led Op\ue001on pricing model used Black-Scholes Black-Scholes Black-Scholes Black-Scholes Share price at grant date (Weighted Average) $1.09 $1.02 $0.68 $1.05 Exercise Price (Weighted Average) $1.17 $2.62 $0.68 $2.75 Contractual Life (Weighted Average) 7.87 6.12 7.5 6.15 Expected Vola\ue001lity (Weighted Average) 33% 32% 35% 33% Expected Dividend Growth Rate 0% 0% 0% 0% Risk Free Interest Rate (Weighted Average) 1.07% 2.84% 1.03% 2.90% Note 15 STOCK OPTION PLAN Stock Op\ue001on Ac\ue001vity Number of shares Weighted average exercise price Weighted average contractual term (years) Aggregate intrinsic value Balance at January 1, 2021 12,182,400 $0.75 8.39 50,556,190 Share authorized Op\ue001ons granted 1,793,750 $3.52 Op\ue001ons exercised (2,192,946) $0.12 8,706,073 Op\ue001ons forfeited/expired (350,580) $ 4.94 Balance at December 31, 2021 11,432,624 $1.17 7.81 33,223,561 Share authorized Op\ue001ons granted 1,815,000 2.62 Op\ue001ons exercised (769,509) 0.28 Op\ue001ons forfeited/expired (188,899) 2.30 Balance at December 31, 2022 12,289,216 $1.40 7.71 26,343,495 Op\ue001ons vested and expected to vest at December 31, 2022 12,289,216 $1.40 7.71 26,343,495 Op\ue001ons Exercisable 7,078,142 $0.83 5.62 18,231,441 The 2020 plan became e\ufb00ec\ue001ve as of June 4, 2020. Prior to this date Agilyx Corp had implemented a 2009 Stock Incen\ue001ve plan. The 2009 plan was considered null and void a\ufb05er the e\ufb00ec\ue001ve date of the 2020 plan, but were replaced with new op\ue001ons in the new plan. The result was a modi\ufb01ca\ue001on of the op\ue001ons granted to each relevant counterparty which resulted in accelerated ves\ue001ng. The result was bene\ufb01cial (i.e. a higher fair value) to the employees since the service condi\ue001ons were shortened for each counterparty. The total value of the modi\ufb01ed grants was $216,535. Management calculated the total compensa\ue001on cost for each new tranche and will be recognizing the new compensa\ue001on cost straight-lined over the new ves\ue001ng periods. Es\ue001mated vola\ue001lity is calculated based on the historical vola\ue001lity of similar en\ue001\ue001es whose share prices are publicly traded. The total number of shares that may be issued under this plan are 15,000,000 shares. If an op\ue001on expires, terminates or is canceled, the unissued shares subject to that op\ue001on shall again be available under the Plan. The op\ue001ons outstanding have a range of exercise prices from $0.06 to $4.68 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6427": {
"value": "SHAREHOLDERS AS OF DECEMBER 31, AND SHARES HELD BY THE CEO AND BOARD MEMBERS 2022 Ci\ue001bank 41,599,027 49.2 % SIX SIS AG 6,220,419 7.4 % Morgan Stanley & Co. Int. Plc. 5,222,872 6.2 % Clearstream Banking S.A. 4,236,359 5.0 % Merrill Lynch 3,746,671 4.4 % BNP Paribas Securi\ue001es Services 2,495,817 3.0 % Verdipapirfondet First Generator 1,485,374 1.8 % MP Pension PK 1,455,251 1.7 % Pictet & Cie (Europe) S.A. 1,310,809 1.6 % Sundt AS 1,240,000 1.5 % UFI Capital AS 1,043,981 1.2 % Verdipapirfondet DMB SMB 1,008,704 1.2 % Verdipapirfondet First Globalt 933,786 1.1 % Verdipapirfondet Fonds\ufb01nas Norge 919,292 1.1 % DNB Markets Aksjehandel 864,808 1.0 % Others 10,746,788 12.7 % Total 84,529,958 100.0 % Ordinary shares include 84,529,958 shares at par value NOK 0.02, all issued and fully paid. 2021 Ci\ue001bank 39,550,040 51.0 % SIX SIS AG 6,342,165 8.2 % Clearstream Banking S.A. 4,557,699 5.9 % Merrill Lynch 3,642,400 4.7 % MP Pension PK 1,870,351 2.4 % Sundt AS 1,806,700 2.3 % Morgan Stanley & Co. Int. Plc. 1,437,798 1.9 % BNP Paribas Securi\ue001es Services 1,296,246 1.7 % JPMorgan Chase Bank 1,146,177 1.5 % Caceis Bank 1,057,477 1.4 % DNB Markets Aksjehandel 1,042,640 1.3 % UFI Capital AS 846,981 1.1 % Others 12,936,272 16.7 % Total 77,532,946 100.0 % Ordinary shares include 74,902,500 shares at par value NOK 0.02, all issued and fully paid. As at January 1, 2021 there were 74,902,500 Ordinary Shares. Within the statement of changes in equity the share capital column provides a reconcilia\ue001on of the par value of the Ordinary shares during 2021 and 2022. The tables above present the year end balances in total, the movements can be computed using the share capital column and adjus\ue001ng for the NOK exchange rate at the relevant transac\ue001on dates. There are no special rights or restric\ue001ons with regards the Ordinary shares, each is en\ue001tled to one vote and a propor\ue001onal share any remaining assets in the event of a liquida\ue001on. The total number of authorized shares was 87,705,500 at December 31, 2021 and December 31, 2022. The di\ufb00erence between the authorized number of shares and those that are fully issued and paid relates to shares reserved by Agilyx Group to be issued under Stock Op\ue001on contracts. THE FOLLOWING DESCRIBES THE NATURE AND PURPOSE OF EACH RESERVE WITHIN EQUITY: Reserve Descrip\ue001on and purpose Share premium Amount subscribed for share capital in excess of nominal value, in the post inversion period Addi\ue001onal paid in capital Pre inversion amounts related to the exercise of stock op\ue001ons and post inversion transac\ue001ons related to stock op\ue001ons and warrants. Uncovered loss All other net gains and losses and transac\ue001ons with owners (e.g. dividends) not recognized elsewhere. SHARES AND OPTIONS HELD BY THE CEO AND MEMBERS OF THE BOARD OF DIRECTORS Subsidiary Informa\ue001on: Agilyx Corp- Agilyx Corp was formed in 2004 in Oregon, United States of America. Agilyx Corp became a subsidiary of Agilyx ASA by way of a share inversion that took place on January, 2020. The share inversion e\ufb00ec\ue001vely converted all the shares of Agilyx Corp into shares of Agilyx ASA. Agilyx GmbH- Agilyx GmbH was formed in August, 2020 in Zurich, Switzerland. The subsidiary was created to provide addi\ue001onal reach into European markets. Cyclyx Interna\ue001onal, LLC- Cyclyx Interna\ue001onal, LLC is a partnership o\ufb03cially formed in the state of Delaware, United States of America on December, 2020. Since incep\ue001on, Agilyx Group has owned 75% of the en\ue001ty, with 25% owned by ExxonMobil Chemical Corpora\ue001on (\u201cEMCC\u201d). The Partnership was formed to develop low cost pathways to recycle plas\ue001cs. EMCC contributed opera\ue001onal funds of $8,000,000 while Agilyx Corp contributed technology and know-how that was not revalued due to consolida\ue001on within the Group accounts. EMCC\u2019s cash contribu\ue001on was recognized 75% to the equity holders of the parent and 25% to the non-controlling interest. Summarized \ufb01nancial informa\ue001on in rela\ue001on to Cyclyx Interna\ue001onal, LLC, before intra group elimina\ue001ons, is presented below: 2021 2022 As at December 31 Current assets 7,390,312 8,104,571 Non-current assets 753,132 598,102 Current liabili\ue001es 3,977,439 5,652,162 Non-current liabili\ue001es 276,133 263,409 For the period ended December 31 Revenue 2,201,245 10,512,034 Loss (3,833,889) (5,503,883) Loss allocated to non-controlling interest (958,467) (1,375,997) Addi\ue001onal informa\ue001on regarding the Cyclyx opera\ue001on can be seen in note 5. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6428": {
"value": "SHAREHOLDERS AS OF DECEMBER 31, AND SHARES HELD BY THE CEO AND BOARD MEMBERS 2022 Ci\ue001bank 41,599,027 49.2 % SIX SIS AG 6,220,419 7.4 % Morgan Stanley & Co. Int. Plc. 5,222,872 6.2 % Clearstream Banking S.A. 4,236,359 5.0 % Merrill Lynch 3,746,671 4.4 % BNP Paribas Securi\ue001es Services 2,495,817 3.0 % Verdipapirfondet First Generator 1,485,374 1.8 % MP Pension PK 1,455,251 1.7 % Pictet & Cie (Europe) S.A. 1,310,809 1.6 % Sundt AS 1,240,000 1.5 % UFI Capital AS 1,043,981 1.2 % Verdipapirfondet DMB SMB 1,008,704 1.2 % Verdipapirfondet First Globalt 933,786 1.1 % Verdipapirfondet Fonds\ufb01nas Norge 919,292 1.1 % DNB Markets Aksjehandel 864,808 1.0 % Others 10,746,788 12.7 % Total 84,529,958 100.0 % Ordinary shares include 84,529,958 shares at par value NOK 0.02, all issued and fully paid. 2021 Ci\ue001bank 39,550,040 51.0 % SIX SIS AG 6,342,165 8.2 % Clearstream Banking S.A. 4,557,699 5.9 % Merrill Lynch 3,642,400 4.7 % MP Pension PK 1,870,351 2.4 % Sundt AS 1,806,700 2.3 % Morgan Stanley & Co. Int. Plc. 1,437,798 1.9 % BNP Paribas Securi\ue001es Services 1,296,246 1.7 % JPMorgan Chase Bank 1,146,177 1.5 % Caceis Bank 1,057,477 1.4 % DNB Markets Aksjehandel 1,042,640 1.3 % UFI Capital AS 846,981 1.1 % Others 12,936,272 16.7 % Total 77,532,946 100.0 % Ordinary shares include 74,902,500 shares at par value NOK 0.02, all issued and fully paid. As at January 1, 2021 there were 74,902,500 Ordinary Shares. Within the statement of changes in equity the share capital column provides a reconcilia\ue001on of the par value of the Ordinary shares during 2021 and 2022. The tables above present the year end balances in total, the movements can be computed using the share capital column and adjus\ue001ng for the NOK exchange rate at the relevant transac\ue001on dates. There are no special rights or restric\ue001ons with regards the Ordinary shares, each is en\ue001tled to one vote and a propor\ue001onal share any remaining assets in the event of a liquida\ue001on. The total number of authorized shares was 87,705,500 at December 31, 2021 and December 31, 2022. The di\ufb00erence between the authorized number of shares and those that are fully issued and paid relates to shares reserved by Agilyx Group to be issued under Stock Op\ue001on contracts. SHARES AND OPTIONS HELD BY THE CEO AND MEMBERS OF THE BOARD OF DIRECTORS ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6548": {
"value": "THE FOLLOWING DESCRIBES THE NATURE AND PURPOSE OF EACH RESERVE WITHIN EQUITY: Reserve Descrip\ue001on and purpose Share premium Amount subscribed for share capital in excess of nominal value, in the post inversion period Addi\ue001onal paid in capital Pre inversion amounts related to the exercise of stock op\ue001ons and post inversion transac\ue001ons related to stock op\ue001ons and warrants. Uncovered loss All other net gains and losses and transac\ue001ons with owners (e.g. dividends) not recognized elsewhere. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6638": {
"value": "Note 17 SHARES IN SUBSIDIARIES AND RELATED PARTY TRANSACTIONS Agilyx ASA has the following shares in subsidiaries as of December 31 Subsidiary O\ufb03ce Share Vo\ue001ng rights Equity Book value - 2021 Book value - 2022 Agilyx Corp Portland, OR, U.S. 100% 100% 11,207,032 31,321,462 52,034,717 Agilyx GmbH Zurich, Switzerland 100% 100% 402,980 163,005 163,005 Agilyx ApS Stuckenbergs, Denmark 100% 100% 37,347 - - Cyclyx Interna\ue001onal, LLC Portsmouth, NH, U.S. 75% 75% 2,786,560 - - 31,484,467 52,197,722 Related party transac\ue001ons: Group level - During 2022, Cyclyx had $8.8M of product sales to ExxonMobil Chemical Co. (2021 $1.7M), a minority holder in Cyclyx. Included within Related party receivables in note 10, is $1,361,527 due from Regenyx at December 31, 2022 ($350,371 at December 31, 2021) and $453,632 due from ExxonMobile at December 31, 2022. Included within Related party payables in note 12, is $198,500 due to ExxonMobile Chemical Co., at December 31, 2021, and $7,228 due to board members at December 31, 2021. Parent level - At December 31, 2022 the parent company, Agilyx ASA, has an intercompany payable of $1,783,485 to Agilyx Corp (December 31, 2021: $453,563) and $1,140,209 payable to Agilyx GmbH (December 31, 2021: $568,857) net of an intercompany receivable of $408,346 to Agilyx Corp. These inter-group payables represent opera\ue001ng and management costs incurred and or paid at the subsidiary and subsequently recharged to the parent. Speci\ufb01c parent related costs included: 2021 2022 Management charges from Agilyx GmbH 431,000 577,000 Salary related cross-charges to Agilyx Corp (408,000) - Subsidiary Informa\ue001on: Agilyx Corp- Agilyx Corp was formed in 2004 in Oregon, United States of America. Agilyx Corp became a subsidiary of Agilyx ASA by way of a share inversion that took place on January, 2020. The share inversion e\ufb00ec\ue001vely converted all the shares of Agilyx Corp into shares of Agilyx ASA. Agilyx GmbH- Agilyx GmbH was formed in August, 2020 in Zurich, Switzerland. The subsidiary was created to provide addi\ue001onal reach into European markets. Cyclyx Interna\ue001onal, LLC- Cyclyx Interna\ue001onal, LLC is a partnership o\ufb03cially formed in the state of Delaware, United States of America on December, 2020. Since incep\ue001on, Agilyx Group has owned 75% of the en\ue001ty, with 25% owned by ExxonMobil Chemical Corpora\ue001on (\u201cEMCC\u201d). The Partnership was formed to develop low cost pathways to recycle plas\ue001cs. EMCC contributed opera\ue001onal funds of $8,000,000 while Agilyx Corp contributed technology and know-how that was not revalued due to consolida\ue001on within the Group accounts. EMCC\u2019s cash contribu\ue001on was recognized 75% to the equity holders of the parent and 25% to the non-controlling interest. Summarized \ufb01nancial informa\ue001on in rela\ue001on to Cyclyx Interna\ue001onal, LLC, before intra group elimina\ue001ons, is presented below: 2021 2022 As at December 31 Current assets 7,390,312 8,104,571 Non-current assets 753,132 598,102 Current liabili\ue001es 3,977,439 5,652,162 Non-current liabili\ue001es 276,133 263,409 For the period ended December 31 Revenue 2,201,245 10,512,034 Loss (3,833,889) (5,503,883) Loss allocated to non-controlling interest (958,467) (1,375,997) Addi\ue001onal informa\ue001on regarding the Cyclyx opera\ue001on can be seen in note 5. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6726": {
"value": "Cyclyx Interna\ue001onal, LLC- Cyclyx Interna\ue001onal, LLC is a partnership o\ufb03cially formed in the state of Delaware, United States of America on December, 2020. Since incep\ue001on, Agilyx Group has owned 75% of the en\ue001ty, with 25% owned by ExxonMobil Chemical Corpora\ue001on (\u201cEMCC\u201d). The Partnership was formed to develop low cost pathways to recycle plas\ue001cs. EMCC contributed opera\ue001onal funds of $8,000,000 while Agilyx Corp contributed technology and know-how that was not revalued due to consolida\ue001on within the Group accounts. EMCC\u2019s cash contribu\ue001on was recognized 75% to the equity holders of the parent and 25% to the non-controlling interest. Summarized \ufb01nancial informa\ue001on in rela\ue001on to Cyclyx Interna\ue001onal, LLC, before intra group elimina\ue001ons, is presented below: 2021 2022 As at December 31 Current assets 7,390,312 8,104,571 Non-current assets 753,132 598,102 Current liabili\ue001es 3,977,439 5,652,162 Non-current liabili\ue001es 276,133 263,409 For the period ended December 31 Revenue 2,201,245 10,512,034 Loss (3,833,889) (5,503,883) Loss allocated to non-controlling interest (958,467) (1,375,997) Addi\ue001onal informa\ue001on regarding the Cyclyx opera\ue001on can be seen in note 5. Realiza\ue001on of deferred tax assets is dependent upon future earnings, if any, the \ue001ming and amount of which are uncertain. Unrecognized deferred tax assets totaled $55.8 million (2021: $50.4 million) and in Norway $1.2 million (2021: $0.7 million). As of December 31, 2022, net opera\ue001ng loss for federal income tax purposes in U.S. of approximately $182.4 million, por\ue001ons of which will begin expire in 2030. Total state net opera\ue001ng loss carryforward in U.S. of approximately $141.9 million, which will begin to expire in 2031. U\ue001liza\ue001on of some of the federal and state net opera\ue001ng loss and credit carryforwards are subject to annual limita\ue001ons due to the \u201cchange of ownership\u201d provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limita\ue001ons may result in the expira\ue001on of net opera\ue001ng losses and credits before u\ue001liza\ue001on. As of the date of the report, such an analysis is s\ue001ll under prepara\ue001on. Agilyx Corp also has federal credits for approximately $2 million, which will begin to expire in 2030 and state research credits of approximately $0.7 million whose expira\ue001on date is not determined. These tax credits are subject to the same limita\ue001ons discussed above. Loss carried forward in Norway as of December 31, 2022, of approximately $5.3 million has no expira\ue001on date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6768": {
"value": "Note 18 INCOME TAXES Components of the income tax expense There was no provision for income taxes recorded at both the Group and parent level for the years ended December 31, 2021 and 2022, respec\ue001vely. Group Parent 2021 2022 2021 2022 Basis for income tax expense Result before taxes (15,567,723) (23,384,655) 523,532 (787,412) Issue costs shares - - - - State bene\ufb01t (1,300) (17,035) - - Permanent di\ufb00erences (4,671,248) (13,427) (3,908,695) (1,112,081) Changes in temporary di\ufb00erences (2,638,969) 1,091,933 - - Basis for payable taxes in the income statement (22,879,240) (22,323,184) (3,385,163) (1,899,493) Deferred tax asset: Loss carried forward 45,444,321 50,289,598 744,736 1,162,624 Research & other credits 2,640,341 2,764,993 - - Capitalized R&D - 539,265 - - Reserves and accruals 13,433 - - - Stock based compensa\ue001on 60,685 239,015 - - Unrealized gain/loss 1,495,815 1,329,598 - - Lease liability 219,267 159,729 - - Investment in partnership 871,584 912,848 - - Total deferred tax assets 50,745,446 56,235,046 744,736 1,162,624 Deferred tax liabili\ue001es: - - Other intangibles (43,920) (23,527) - - Fixed assets (26,815) (235,382) - - Prepayments (33,762) (38,247) - - Right of use assets (214,869) (154,671) - - Investment in partnership - - - - Total deferred tax liabili\ue001es (319,366) (451,827) - - Net deferred tax assets 50,426,080 55,783,219 744,736 1,162,624 Recognized deferred tax assets - - - - Statutory tax rate 21% 21% 22% 22% Tax rate 0% 0% 0% 0% Realiza\ue001on of deferred tax assets is dependent upon future earnings, if any, the \ue001ming and amount of which are uncertain. Unrecognized deferred tax assets totaled $55.8 million (2021: $50.4 million) and in Norway $1.2 million (2021: $0.7 million). As of December 31, 2022, net opera\ue001ng loss for federal income tax purposes in U.S. of approximately $182.4 million, por\ue001ons of which will begin expire in 2030. Total state net opera\ue001ng loss carryforward in U.S. of approximately $141.9 million, which will begin to expire in 2031. U\ue001liza\ue001on of some of the federal and state net opera\ue001ng loss and credit carryforwards are subject to annual limita\ue001ons due to the \u201cchange of ownership\u201d provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limita\ue001ons may result in the expira\ue001on of net opera\ue001ng losses and credits before u\ue001liza\ue001on. As of the date of the report, such an analysis is s\ue001ll under prepara\ue001on. Agilyx Corp also has federal credits for approximately $2 million, which will begin to expire in 2030 and state research credits of approximately $0.7 million whose expira\ue001on date is not determined. These tax credits are subject to the same limita\ue001ons discussed above. Loss carried forward in Norway as of December 31, 2022, of approximately $5.3 million has no expira\ue001on date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6923": {
"value": "Note 19 NOTES PAYABLE During 2021 there was a Note Payable outstanding, with a maturity date during 2022. The agreed interest rate over the period is 8% p.a. The note was repaid in 2022. The current por\ue001on of this notes payable amounted to $1,271,853 at December 31, 2021 and is classi\ufb01ed as current liabili\ue001es. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6989": {
"value": "Group - as at Parent - as at December 31, 2021 December 31, 2022 December 31, 2021 December 31, 2022 Accounts receivable 1,669,890 2,443,453 - - Cash and cash equivalents 19,570,154 13,671,319 11,307,524 5,007,823 Total Financial Assets 21,240,044 16,114,772 11,307,524 5,007,823 Notes payable 1,271,853 - - - Accounts payable 1,447,148 2,640,756 - 424 Payable to Group Companies - - 1,022,420 2,515,348 Lease liabili\ue001es 994,411 732,030 - - Financial liabili\ue001es at amor\ue001zed cost 3,713,412 3,372,786 1,022,420 2,515,772 Warrant liability 7,570,647 6,303,189 7,570,647 6,303,189 Total Financial Liabili\ue001es 11,284,059 9,675,975 8,593,067 8,818,961 Note 21: Financial Instruments - Risk Management Agilyx Group is exposed through its opera\ue001ons to the following \ufb01nancial risks: \u2022 Credit risk \u2022 Interest rate risk \u2022 Liquidity risk. In common with all other businesses, Agilyx Group is exposed to risks that arise from its use of \ufb01nancial instruments. This note describes Agilyx Group\u2019s objec\ue001ves, policies and processes for managing those risks and the methods used to measure them. Further quan\ue001ta\ue001ve informa\ue001on in respect of these risks is presented throughout these \ufb01nancial statements. There have been no substan\ue001ve changes in the Group\u2019s exposure to \ufb01nancial instrument risks, its objec\ue001ves, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. (i) Principal \ufb01nancial instruments, by category The principal \ufb01nancial instruments used by Agilyx Group are listed those listed in the table below, all of which are measured at amor\ue001zed cost, plus the Warrant/Subscrip\ue001on rights, which are measured at fair value through the pro\ufb01t and loss: (ii) Financial instruments not measured at fair value Financial instruments not measured at fair value includes all the instruments listed in the table above (except the warrants). Due to the short term nature of Accounts receivable, Accounts payable and the Payable to Group Companies, amounts, the amor\ue001zed cost is considered to approximate fair value. The Notes payable and Lease liabili\ue001es both carry market rates of interest, for these amounts the amor\ue001zed cost is also considered to approximate fair value, measured using level 1 of the fair value hierarchy. (iii) Financial instruments measured at fair value The only \ufb01nancial instruments measured at fair value through pro\ufb01t and loss are the Warrants and Subscrip\ue001on rights, described in more detail in note 14. (iv) General objec\ue001ves, policies and processes The Board has overall responsibility for the determina\ue001on of Agilyx Group\u2019s risk management objec\ue001ves and policies and, while retaining ul\ue001mate responsibility for them, it has delegated the authority for designing and opera\ue001ng processes that ensure the e\ufb00ec\ue001ve implementa\ue001on of the objec\ue001ves and policies to the Agilyx Group \ufb01nance func\ue001on. The Board receives monthly reports from the V.P. and Corporate Controller through which it reviews the e\ufb00ec\ue001veness of the processes put in place and the appropriateness of the objec\ue001ves and policies it sets. The overall objec\ue001ve of the Board is to set policies that seek to reduce risk as far as possible without unduly a\ufb00ec\ue001ng the Group\u2019s compe\ue001\ue001veness and \ufb02exibility. Further details regarding these policies are set out below: Credit risk Credit risk is the risk of \ufb01nancial loss to Agilyx Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obliga\ue001ons. The Agilyx Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ra\ue001ngs are taken into account by local business prac\ue001ces. As noted in Note 1, historically Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Credit risk also arises from cash and cash equivalents and deposits with banks and \ufb01nancial ins\ue001tu\ue001ons. Agilyx Group only deals with highly reputable banks and \ufb01nancial ins\ue001tu\ue001ons. At \ue001mes, Agilyx Group does hold funds with certain banks that are beyond federally insured levels, however, management regularly monitor the banking rela\ue001onships to minimize any risk that may arise in this respect. Interest rate risk Agilyx Group is exposed to interest rate risk from long-term borrowings. Management has chosen to mi\ue001gate the exposure to movements in interest rates by lending via the Note payable at a \ufb01xed rate of interest. While using only a \ufb01xed rate note payable, Agilyx Group does limit any poten\ue001al upside, that could be achieved by having a variable interest rate during \ue001mes of falling rates, however, given the Agilyx Group\u2019s current growth mindset, it is more valuable to the Group to have certainty over interest payment amounts, in order to be able to properly budget and forecast future expenditures. Liquidity risk Liquidity risk arises from Agilyx Group\u2019s management of working capital and the \ufb01nance charges and principal repayments on its debt instruments. It is the risk that Agilyx Group will encounter di\ufb03culty in mee\ue001ng its \ufb01nancial obliga\ue001ons as they fall due. The current policy is to ensure that it will always have su\ufb03cient cash to allow it to meet its liabili\ue001es when they become due. To achieve this aim, it seeks to maintain cash balances (or agreed facili\ue001es) to meet expected requirements for a period of at least 45 days. The Group also seeks to reduce liquidity risk by \ufb01xing interest rates (and hence cash \ufb02ows) on its long-term borrowings, this is further discussed in the \u2018interest rate risk\u2019 sec\ue001on above. The Board regularly receives cash \ufb02ow projec\ue001ons as well as informa\ue001on regarding cash balances. At the end of the \ufb01nancial year, these projec\ue001ons indicated that the Group expected to have su\ufb03cient liquid resources to meet its obliga\ue001ons under all reasonably expected circumstances. The budgets are set by management and agreed by the board in advance, enabling the Agilyx Group\u2019s cash requirements to be an\ue001cipated. The following table sets out the contractual maturi\ue001es (represen\ue001ng undiscounted contractual cash-\ufb02ows) of \ufb01nancial liabili\ue001es: Group - as at Parent - as at Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total As at December, 31 2021 Notes payable 1,373,601 - - 1,373,601 - - - - Accounts payable 1,447,148 - - 1,447,148 - - - - Payable to Group Companies - - - - 1,022,420 - - 1,022,420 2,820,749 - - 2,820,749 1,022,420 - - 1,022,420 Group - as at Parent - as at Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total As at December, 31 2022 Notes payable - - - - - - - - Accounts payable 2,640,756 - - 2,640,756 424 - - 424 Payable to Group Companies - - - - 2,515,348 - - 2,515,348 2,640,756 - - 2,640,756 2,515,772 - - 2,515,772 See note 9 for undiscounted contractual cash \ufb02ow informa\ue001on in rela\ue001on to the lease liabili\ue001es. In addi\ue001on to the \ufb01nancial liabili\ue001es noted above, there are other poten\ue001al cash ou\ue005lows in rela\ue001on to the investment in Regenyx, which may a\ufb00ect liquidity. During the ini\ue001al funding period, Agilyx was responsible for funding the opera\ue001ons of Regenyx, this resulted in cash ou\ue005lows, for 2022 of $1,776,393 (2021: $1,978,272) as reported on the cash \ufb02ow statement. Furthermore, the Regenyx contribu\ue001on agreement includes a put op\ue001on as de\ufb01ned in note 9, which could result in a cash ou\ue005low ,should the op\ue001on be exercised by AmSty. The cash ou\ue005low would be based on the fair market value of the membership units held by AmSty at the date of exercise. The strike price of the op\ue001on is fair value. Hence, the value of considera\ue001on due upon exercise of the op\ue001on and the asset acquired (shares), would be equal and therefore no value has been a\ue002ributed to this put op\ue001on. At the date of this report, no events has occurred that will ini\ue001ate the purchase of AmSty\u2019s investment in Regenyx. Capital Disclosures Agilyx Group\u2019s managed capital includes equity and debt. The objec\ue001ves for Agilyx Group when maintaining capital are: \u2022 to safeguard the en\ue001ty\u2019s ability to con\ue001nue as a going concern, so that it can con\ue001nue to provide returns for shareholders and bene\ufb01ts for other stakeholders, and \u2022 to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. Agilyx Group sets the amount of capital it requires in propor\ue001on to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic condi\ue001ons and the risk characteris\ue001cs of the underlying assets. In order to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares, or sell assets to reduce debt. Due to recent market uncertainty, the Group\u2019s strategy is to preserve a strong cash base and ensure compliance with any covenants a\ue002ached to the bank and borrowing facili\ue001es. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7093": {
"value": "Credit risk Credit risk is the risk of \ufb01nancial loss to Agilyx Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obliga\ue001ons. The Agilyx Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ra\ue001ngs are taken into account by local business prac\ue001ces. As noted in Note 1, historically Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Credit risk also arises from cash and cash equivalents and deposits with banks and \ufb01nancial ins\ue001tu\ue001ons. Agilyx Group only deals with highly reputable banks and \ufb01nancial ins\ue001tu\ue001ons. At \ue001mes, Agilyx Group does hold funds with certain banks that are beyond federally insured levels, however, management regularly monitor the banking rela\ue001onships to minimize any risk that may arise in this respect. Receivables Trade receivables and other receivables are recognized at amor\ue001zed cost, less any provision for expected credit losses of receivables. See note 10 for further informa\ue001on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue002ed by IFRS 9. Impairment of Investment Agilyx Group is split into two CGU\u2019s for impairment analysis purposes, Agilyx and Cyclyx, which is in alignment with the segments disclosed in note 5. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cash \ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. For the investment in Regenyx, objec\ue001ve evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted nega\ue001ve cash \ufb02ows being generated by the en\ue001ty, which would require capital contribu\ue001ons from Agilyx and AmSty in order to support its con\ue001nued opera\ue001on. Due to the projected nega\ue001ve cash \ufb02ows and the unique nature of the underlying plant, it was determined that the recoverable amount was zero under both the value in use and fair value less cost to sell methodology therefore the investment in Regenyx has been fully impaired at January 1, 2021. As can be seen in the tables below, subsequent capital investments by Agilyx, led to impairments for both balance sheet periods presented on the basis that the recoverable amount using the value in use and fair value less cost to sell methodologies would lead to a fully wri\ue002en o\ufb00 investment. Despite the impairment, Agilyx Group con\ue001nues to invest in Regenyx for the broader bene\ufb01ts that it brings to the Group, which include servicing an important customer in AmSty, as well as, providing R&D and marke\ue001ng value to demonstrate various new and current technologies being developed and implemented by the Group. Agilyx applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses using a life\ue001me expected credit loss provision for all accounts receivables. To measure expected credit losses on a collec\ue001ve basis, accounts receivables are grouped based on similar credit risk and aging. The expected loss rates are based on Agilyx\u2019s historical credit losses experienced over the period since adop\ue001on of IFRS. Historically Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Given this context, the impact of any forward looking factors is not expected to adjust the conclusion that no allowance is required. Note 11 INVENTORY Inventories consist of the following: Group 2021 2022 Raw materials 5,969 184,165 Finished goods 151,801 1,502,961 Total inventories 157,770 1,687,126 Note 12 ACCOUNTS PAYABLE Group Parent 2021 2022 2021 2022 Accounts payable 1,241,420 2,640,756 - 424 Related party payables 205,728 - - - Total accounts payable 1,447,148 2,640,756 - 424 One of the main factors applied when concluding that no allowance is required, is the aging of the accounts receivable balances: Group 2021 2022 Non-overdue amounts - - 0-30 days past due 1,356,208 - 31-60 days past due 148,874 - 61-90 days past due - 81,283 Over 90 days past due 164,808 2,362,170 1,669,890 2,443,453 ",
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"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7103": {
"value": "Interest rate risk Agilyx Group is exposed to interest rate risk from long-term borrowings. Management has chosen to mi\ue001gate the exposure to movements in interest rates by lending via the Note payable at a \ufb01xed rate of interest. While using only a \ufb01xed rate note payable, Agilyx Group does limit any poten\ue001al upside, that could be achieved by having a variable interest rate during \ue001mes of falling rates, however, given the Agilyx Group\u2019s current growth mindset, it is more valuable to the Group to have certainty over interest payment amounts, in order to be able to properly budget and forecast future expenditures. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7110": {
"value": "Liquidity risk Liquidity risk arises from Agilyx Group\u2019s management of working capital and the \ufb01nance charges and principal repayments on its debt instruments. It is the risk that Agilyx Group will encounter di\ufb03culty in mee\ue001ng its \ufb01nancial obliga\ue001ons as they fall due. The current policy is to ensure that it will always have su\ufb03cient cash to allow it to meet its liabili\ue001es when they become due. To achieve this aim, it seeks to maintain cash balances (or agreed facili\ue001es) to meet expected requirements for a period of at least 45 days. The Group also seeks to reduce liquidity risk by \ufb01xing interest rates (and hence cash \ufb02ows) on its long-term borrowings, this is further discussed in the \u2018interest rate risk\u2019 sec\ue001on above. The Board regularly receives cash \ufb02ow projec\ue001ons as well as informa\ue001on regarding cash balances. At the end of the \ufb01nancial year, these projec\ue001ons indicated that the Group expected to have su\ufb03cient liquid resources to meet its obliga\ue001ons under all reasonably expected circumstances. The budgets are set by management and agreed by the board in advance, enabling the Agilyx Group\u2019s cash requirements to be an\ue001cipated. The following table sets out the contractual maturi\ue001es (represen\ue001ng undiscounted contractual cash-\ufb02ows) of \ufb01nancial liabili\ue001es: Group - as at Parent - as at Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total As at December, 31 2021 Notes payable 1,373,601 - - 1,373,601 - - - - Accounts payable 1,447,148 - - 1,447,148 - - - - Payable to Group Companies - - - - 1,022,420 - - 1,022,420 2,820,749 - - 2,820,749 1,022,420 - - 1,022,420 Group - as at Parent - as at Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Due between 0 - 12 months Due between 1-2 years Due a\ufb05er 2 years or more Total As at December, 31 2022 Notes payable - - - - - - - - Accounts payable 2,640,756 - - 2,640,756 424 - - 424 Payable to Group Companies - - - - 2,515,348 - - 2,515,348 2,640,756 - - 2,640,756 2,515,772 - - 2,515,772 In addi\ue001on to the \ufb01nancial liabili\ue001es noted above, there are other poten\ue001al cash ou\ue005lows in rela\ue001on to the investment in Regenyx, which may a\ufb00ect liquidity. During the ini\ue001al funding period, Agilyx was responsible for funding the opera\ue001ons of Regenyx, this resulted in cash ou\ue005lows, for 2022 of $1,776,393 (2021: $1,978,272) as reported on the cash \ufb02ow statement. Furthermore, the Regenyx contribu\ue001on agreement includes a put op\ue001on as de\ufb01ned in note 9, which could result in a cash ou\ue005low ,should the op\ue001on be exercised by AmSty. The cash ou\ue005low would be based on the fair market value of the membership units held by AmSty at the date of exercise. The strike price of the op\ue001on is fair value. Hence, the value of considera\ue001on due upon exercise of the op\ue001on and the asset acquired (shares), would be equal and therefore no value has been a\ue002ributed to this put op\ue001on. At the date of this report, no events has occurred that will ini\ue001ate the purchase of AmSty\u2019s investment in Regenyx. Capital Disclosures Agilyx Group\u2019s managed capital includes equity and debt. The objec\ue001ves for Agilyx Group when maintaining capital are: \u2022 to safeguard the en\ue001ty\u2019s ability to con\ue001nue as a going concern, so that it can con\ue001nue to provide returns for shareholders and bene\ufb01ts for other stakeholders, and \u2022 to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. Agilyx Group sets the amount of capital it requires in propor\ue001on to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic condi\ue001ons and the risk characteris\ue001cs of the underlying assets. In order to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares, or sell assets to reduce debt. Due to recent market uncertainty, the Group\u2019s strategy is to preserve a strong cash base and ensure compliance with any covenants a\ue002ached to the bank and borrowing facili\ue001es. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7293": {
"value": "Capital Disclosures Agilyx Group\u2019s managed capital includes equity and debt. The objec\ue001ves for Agilyx Group when maintaining capital are: \u2022 to safeguard the en\ue001ty\u2019s ability to con\ue001nue as a going concern, so that it can con\ue001nue to provide returns for shareholders and bene\ufb01ts for other stakeholders, and \u2022 to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. Agilyx Group sets the amount of capital it requires in propor\ue001on to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic condi\ue001ons and the risk characteris\ue001cs of the underlying assets. In order to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares, or sell assets to reduce debt. Due to recent market uncertainty, the Group\u2019s strategy is to preserve a strong cash base and ensure compliance with any covenants a\ue002ached to the bank and borrowing facili\ue001es. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7313": {
"value": "Note 22 EARNINGS PER SHARE Net Loss Per Share- is computed under the provisions of IAS 33, Earnings Per Share. Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. The following table sets forth the reconcilia\ue001on of the numerator and denominator used in the computa\ue001on of basic net loss per common share for the years ended December 31, 2022 and 2021: Years Ended December 31 2021 2022 Numerator: Net loss (15,567,723) (23,384,654) Net loss a\ue002ributable to ordinary shareholders (14,609,256) (22,008,657) Denominator: Weighted average shares outstanding - basic 76,537,046 79,993,661 Net loss per common share - basic (0.19) (0.28) Since Agilyx Group incurred an opera\ue001ng loss in both periods, the outstanding warrants and stock op\ue001ons would have an an\ue001-dilu\ue001ve impact on the Earnings per Share calcula\ue001on, therefore the Diluted Earnings per Share is equal to the Basic Earnings per share. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7351": {
"value": "Note 23: Subsequent events The Company has no material subsequent events a\ufb05er the balance sheet date. ",
"dimensions": {
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"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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}
}