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"value": "Note 1: Material Accounting Policies Agilyx ASA is a Norwegian company, located in Oslo, Norway and the parent and ultimate parent company in the Agilyx Group. The Agilyx Group headquarters are located in Portsmouth, New Hampshire and Tigard, Oregon (USA) with satellite offices located in Switzerland and Denmark.
Agilyx ASA was incorporated on November 22, 2019 as a shelf company and there was no activity in 2019. Agilyx ASA became the parent of the Agilyx Group through a reorganization in early January 2020. The Group was reorganized such that the shareholders of Agilyx Corporation contributed their shares in Agilyx Corporation for shares in Agilyx ASA resulting in Agilyx Corporation becoming a 100% owned subsidiary of Agilyx ASA. The transaction was accounted for as an inverse acquisition using continuity on Agilyx Corporation 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 plastics new purpose. We have the proprietary technology for identifying, managing and preprocessing waste into feedstock. Our integrated solutions can take waste polymers and produce discreet monomers that can be fully recycled back into virgin-equivalent products. Agilyx is committed to using innovative technology for good and helping solve the immense global problem of plastic waste.
These financial statements have been prepared in accordance with International Financial Reporting Standards and International Accounting Standards and Interpretations as approved by the European Union (collectively IFRS\u00ae).
The US Dollar is the presentation currency of the Agilyx Group. All foreign operations use local currency as their functional currency.
The consolidated financial 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 financial statements prepared
in accordance with IFRS. The consolidated financial statements of the Agilyx Group for the fiscal year 2023 were approved by the Board of Directors on April 22, 2024.
PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corporation, Agilyx GmbH and Agilyx ApS. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corporation holds 50% interest in Regenyx LLP, which has been accounted for under the equity method. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. Agilyx Corporation now holds a 50% interest in Cyclyx International, LLC accounted for under the equity method. See Note 23 for more information. i. Subsidiaries Subsidiaries are entities controlled by Agilyx Group. 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 affect those returns through its power over the investee. Specifically, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities 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 affect its returns Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when Agilyx Group has less than a majority of the voting 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 Agilyx Group\u2019s voting rights and potential voting 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.
Consolidation of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of Agilyx Group are eliminated in full on consolidation.
ii. Non-controlling interests Non-controlling interests (NCI) is a present ownership interest and entitles its holders to a proportionate share of the entity\u2019s net assets in the event of liquidation. Entities have a choice, on a transaction by transaction basis, to initially recognise any NCI at either acquisition date fair value or, at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets. Agilyx Group has elected the latter approach to measure NCI initially at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisition. The total comprehensive income of non-wholly owned subsidiaries is attributed to owners of the parent and to the non- controlling interests in proportion to their relative ownership interests. iii. Loss of control When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary and any NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost. See Note 23 for additional commentary on the loss of control of Cylyx during 2023.
iv. Investments in associates Associates are those entities where Agilyx Group has significant influence (but not control or joint control) over the financial and operating policy decisions of balance sheet at cost, including transaction costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisition, post-tax profits and losses and other comprehensive income is recognized in the consolidated statement of profit and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obligation to make good those losses). Profits and losses arising on transactions between Agilyx Group and its associates are recognised only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s profits and losses resulting from these transactions is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the identifiable assets, liabilities and contingent liabilities acquired is capitalised and included in the carrying amount of the associate. Where there is objective evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same way as other non-financial assets.
DISCONTINUED OPERATIONS A discontinued operation is a component of Agilyx Group\u2019s business that has been disposed of by sale or other means (including loss of control), and that represents one of the following: \u2022 a separate major line of business, \u2022 a geographical area of operations, or \u2022 is a subsidiary acquired exclusively with a view to resale. Discontinued operations are presented in the consolidated income statement as a single line which comprises the post-tax profit or loss of the discontinued operation along with the post- tax gain or loss recognised on the re-measurement to fair value less costs to sell or on disposal of the assets or disposal groups constituting discontinued operations. When an operation is classified as a discontinued operation, the comparative income statement is re-presented as if the operation had been discontinued from the start of the comparative year.
REVENUE Performance Obligations and timing of revenue recognition Agilyx Group\u2019s revenues can be divided into four main streams, as analyzed numerically in Note 3: Project development Revenues related to project developments are recognized over the contract period using percentage of completion as the method for measuring the revenue. This is because the projects created have no alternative use for Agilyx Group and the contracts require payment to be received for the time and effort spent by the group on progressing the contracts in the event of the customer cancelling the contract prior to completion for any reason other than the group\u2019s failure to perform its obligations under the contract. On partially complete design contracts, Agilyx Group recognizes revenue based on stage of completion of the project which is estimated 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 depiction of the transfer of services as the contracts are initially priced on the basis of anticipated hours to complete the projects and therefore also represents the amount to which the group would be entitled 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 significant risks and rewards of the goods in question. Sales of goods Revenues from the sale of goods are recognized at the point in time of the delivery, when control of the goods and risk of ownership has transferred to the customer. There is limited judgement needed in identifying the point control passes: once physical delivery of the products to the agreed location has occurred, the Agilyx Group no longer has physical possession, usually will have a present right to payment and retains none of the significant risks and rewards of the goods in question. Determining the transaction price Agilyx Group\u2019s revenue is derived from fixed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those fixed prices. There are no revenue contracts with significant financing components. Allocating amounts to performance obligations For sales contracts there is a fixed unit price for each product sold. Therefore, there is no judgement involved in allocating 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 practical expedient in paragraph 121(a) of IFRS 15 applies, related to the presentation of remaining performance obligations.
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 intention to complete and sell the product \u2022 The Group is able to sell the product \u2022 Sale of the product will generate future economic benefits, and \u2022 Expenditure on the project can be measured reliably. Capitalized development costs are amortized over the periods Agilyx Group expects to benefit from selling the products developed. No projects have met this criteria for any of the periods presented. Development expenditure not satisfying 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 liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Agilyx Group operates and generates taxable income. Deferred taxation Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability in the consolidated balance sheet differs from its tax base, except for differences arising on: \u2022 The initial recognition of goodwill \u2022 The initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit, and \u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the timing of the reversal of the difference and it is probable that the difference will not reverse in the foreseeable future. Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilised. The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax liabilities/(assets) are settled/(recovered). Deferred tax assets and liabilities are offset when Agilyx Group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company, or \u2022 Different group entities which intend either to settle current tax assets and liabilities on a net basis or to realise the assets and settle the liabilities simultaneously in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered.
STOCK-BASED COMPENSATION The Company accounts for stock-based compensation in accordance with IFRS 2 \u2013 Share-based payment. The grant-date fair value of equity-settled share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards, using the accelerated method. The amount recognized as an expense, commences on the first of the month following the date of the grant and is adjusted to reflect the number of awards for which the related service conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service conditions at the vesting date.
FOREIGN CURRENCY TRANSLATION Certain transactions of the Company and its subsidiaries are denominated in currencies other than their functional currency. Foreign currency exchange gains and losses generated from the settlement and remeasurement of these transactions are recognized in earnings and presented within \u201cOther financial income\u201d in the Company\u2019s Income Statement.
CLASSIFICATION OF ASSETS AND LIABILITIES Assets intended for permanent ownership or use in the business are classified as non-current assets. Other assets are classified as current assets. Receivables due within one year are classified as current assets. The classification of current and non-current liabilities is based on the contractual terms of the underlying agreements. FINANCIAL INSTRUMENTS Financial assets Agilyx Group categorizes all of its financial assets as amortized 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 financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of principal and interest (principally cash and cash equivalents). They are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortized cost using the effective interest rate method, less provision for impairment, as required. Impairment provisions for current and non-current trade receivables are recognized based on the simplified approach within IFRS 9 see Note 10 for further commentary on the application of this. Agilyx Group\u2019s financial assets measured at amortized cost comprise accounts receivables and cash and cash equivalents in the consolidated balance sheet.
Financial liabilities Agilyx Group classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired.
Fair value through profit or loss This category comprises warrants and subscription rights which are derivative financial instruments. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated profit and loss. Other than these derivative financial instruments, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss.
Other financial liabilities - measured at amortized cost Other financial liabilities include notes payable, accounts payable, payables to Group companies and lease liabilities. These are initially recognized at fair value net of any transaction costs directly attributable to the issue of the instrument. Any interest bearing liabilities are subsequently measured at amortized cost using the effective 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 financial position. Accounts payables and other short-term monetary liabilities, are initially recognized at fair value and subsequently carried at amortized cost using the effective interest method.
INTANGIBLE ASSETS Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combination are recognized at historical cost when the criteria for balance sheet recognition have been met. Intangible assets with a limited economic life are amortized on a systematic basis, based on the useful economic life as described in Note 6. Intangible assets are written down to the recoverable amount if the expected economic benefits do not exceed the carrying amount and any remaining development costs.
PROPERTY, PLANT AND EQUIPMENT Fixed assets are recorded in the balance sheet at acquisition cost, less accumulated depreciation and any impairment losses. Depreciation is made from the time assets are put into regular operations and is calculated on straight line basis over the estimated economic asset lifetime. Depreciation rates are set out in Note 7. This period\u2019s depreciation is charged to this year\u2019s operating expenses in the income statement.
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 Identifying leases Agilyx Group accounts for a contract, or a portion of a contract, as a lease when it conveys the right to use an asset for a period of time in exchange for consideration. Leases are those contracts that satisfy the following criteria: 1. There is an identified asset; 2. Agilyx Group obtains substantially all the economic benefits 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 substantive substitution rights. If the supplier does have those rights, the contract is not identified as giving rise to a lease. In determining whether Agilyx Group obtains substantially all the economic benefits from use of the asset, Agilyx Group considers only the economic benefits that arise use of the asset, not those incidental to legal ownership or other potential benefits. 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 significant 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 portion of a contract does not satisfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16. Initial 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 duration of 12 months or less. Lease liabilities 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 initial recognition, 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 option granted in favor of the group if it is reasonable certain to assess that option; \u2022 any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised. Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for: \u2022 lease payments made at or before commencement of the lease; \u2022 initial 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 initial measurement lease liabilities 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 amortized 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-FINANCIAL ASSETS Agilyx Group non-financial 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 written down accordingly. See Note 9, for specific analysis performed on the investment in Regenyx. Where it is not possible to estimate 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 identifiable cash flows; its cash generating units (\u2018CGUs\u2019). Impairment charges are included in profit or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amortized cost, less any provision for expected credit losses of receivables. See Note 10 for further information on how Agilyx Group applies the simplified model for expected credit losses, as permitted 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 initially 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 location and condition. First in first out is used to determine the cost of ordinarily interchangeable items.
INDEPENDENT SUBSCRIPTION RIGHTS - DERIVATIVE LIABILITY Agilyx Corporation has granted warrants in connection with various debt and equity issuances that were exercisable into ordinary shares. In connection to the share exchange that was completed January 7, 2020, these warrants were replaced with subscription rights where Agilyx ASA issued 36,925 (3,692,500 after share split 1:100) subscription rights exercisable by notice to the Board of Directors. Upon exercise, a cash contribution of $100 ($1 after share split) shall be paid for the warrants under the 2017 plan in Agilyx Corporation, and $0.01 (0.00 after share split) for all other warrants. The subscription rights were issued by an extraordinary general meeting held August 27, 2020. The warrant agreements include a cashless exercise option, which introduces variability into the number of shares that could be issued. The instruments therefore fails the fixed for fixed requirement in IAS 32 and is classified as a derivative liability. The instruments meets the definition of a derivative because their values change in response to a specified financial instrument price (Agilyx Group stock price), they required no initial net investment and they will be settled at a future date. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. See Note 14 for additional information on these instruments and the valuation approach.
CASH FLOW The cash flow statement is prepared according to the indirect method.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of audited consolidated financial statements in conformity with IFRS requires management to make certain estimates and judgements about the future that affect the application of Agilyx Group\u2019s accounting policies and the reported amounts of assets, liabilities, incomes and expenses. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although the Company regularly assesses these estimates, actual results could differ from those estimates. Changes in estimates are recorded in the period in which they occur and become known. i. Judgments: \u2022 Equity accounting - whether the Agilyx Group has significant influence over equity accounted investees (Notes 9 and 17); \u2022 Consolidation - whether the Agilyx Group has control over an investee, and whether control has been lost
(Notes 17 and 23). ii. Estimates: \u2022 Estimating the amounts due for the initial funding period provision related to the Regenyx investment (Note 9); \u2022 Assumptions and estimates related to the impairment of the investment in Regenyx, including future cash flows (Note 9); \u2022 Recording accounts receivable and consideration of any potential allowance for expected credit losses (Note 10); \u2022 Useful lives attributed to property plant and equipment and intangible assets (Notes 6 and 7); \u2022 Revenue recognized in accordance with the stage of completion method (see accounting policy above and Note 3); \u2022 Stock-based compensation expense (Note 15); \u2022 Warrant and stock subscription rights, valuation assumptions (Note 14); \u2022 Assumptions and estimates related to the fair value of the Agilyx Group\u2019s interest in Cyclyx following the loss of control (Notes 17 and 23); \u2022 Assumptions related to the initial recognition of leases and the subsequent accounting for these agreements, including incremental borrowing rates and determination of lease term applied when computing lease liabilities (see Leases accounting policy above and Note 8). \u2022 Assumption related to the fair value of Cyclyx on the date that Agilyx lost control - this is the initial basis for the carrying amount of the equity method investment in Cyclyx, effective after October 25, 2023.
FAIR VALUE MEASUREMENT Warrant and stock subscription rights and the stock compensation expenses, all require measurement at, and/or disclosure of, fair value. The fair value measurement of Agilyx Group\u2019s financial and non- financial assets and liabilities utilizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into different levels based on how observable the inputs used in the valuation technique utilized are (the \u2018fair value hierarchy\u2019): \u2022 Level 1 - Quoted prices in active markets for identical 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 classification of an item into the above levels is based on the lowest level of the inputs used that has a significant effect 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 additional information on the fair value measurements applied within these financial statements.
NEW STANDARDS INTERPRETATIONS AND AMENDMENTS ADOPTED JANUARY 1, 2023 The following amendments are effective for the period beginning January 1, 2023: \u2022 IFRS 17, Insurance Contracts. \u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2). \u2022 Definition of Accounting Estimates (Amendments to IAS 8). \u2022 International Tax Reform \u2013 Pillar Two Model Rules (Amendment to IAS 12, Income Taxes). \u2022 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12). These amendments had no impact on the year-end financial statements of Agilyx Group. NEW STANDARDS INTERPRETATIONS AND AMENDMENTS NOT YET EFFECTIVE There are a number of standards, amendments to standards and interpretations which have been issued by the IASB that are effective in future accounting periods that Agilyx Group has decided not to adopt early. The following amendments are effective for the period beginning January 1, 2024: \u2022 IFRS 16, Leases (Amendment \u2013 Liability in a Sale and Leaseback). \u2022 IAS 1, Presentation of Financial Statements (Amendment \u2013 Classification of Liabilities as Current or Non-Current). \u2022 IAS 1, Presentation of Financial Statements (Amendment \u2013 Non-Current Liabilities with Covenants). \u2022 IAS 7, Statement of Cash Flows and IFRS 7, Financial Instruments: Disclosures (Amendment \u2013 Supplier Finance Arrangement). The following amendments are effective for the period beginning January 1, 2025: \u2022 IAS 21, The Effects of Changes in Foreign Exchange Rates (Amendment \u2013 Lack of Exchangeability). Agilyx Group is currently assessing the impact of these new accounting standards and amendments. Agilyx Group does not expect any other standards issued by the IASB, but not yet effective, to have a material impact on Agilyx Group.
Note 2: Segment information The Agilyx Group comprises two reportable segments which account for 100% of the Agilyx Group\u2019s revenues: 1. Agilyx - This segment licenses its patented conversion technology and sells its patented equipment to industry players, whether they are existing 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. Assets are located in both New Hampshire and Oregon, USA. 2. Cyclyx - This segment is focused on getting 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 entire market regardless of which conversion technology a company is using. Assets are located in both New Hampshire, Texas and Oregon, USA. Factors that management used to identify the reportable segments Both of these segments meet the quantitative 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 entities (see also Note 17), that offer differing products and services. \u2022 They are managed separately and each have their own Chief Executive Officer and board of directors. \u2022 They are managed separately because each business requires different technology and marketing strategies. \u2022 Both prepare discrete financial information for the board and Chief Operating Decision Makers (CODM) to use in making decisions about resource allocation and assess performance. \u2022 The Chief Operating Decision Maker of the consolidated Agilyx Group, is the Chief Executive Officer, Tim Stedman. He is on the board of both segments and therefore reviews the results of the operating segments and uses that information to make decisions which affect the resources allocated to each segment individually, as well as on a consolidated basis. Measurement of operating segment profit or loss, assets and liabilities Segmental performance is measured in accordance with IFRS. Operating segments are presented using the management approach, where the information presented is on the same basis as the internal reports provided to the CODM. The segmental financial information below includes the full annual results of the associate, Cyclyx, which continues to be a reportable operating segment as defined within IFRS 8, despite the loss of control in 2023 as explained in Note 23. In order to reconcile the totals below to the financial statements, certain adjustments have been included in the table to reflect the fact that Cyclyx is no longer consolidated. Segment assets exclude tax assets and assets used primarily for corporate purposes. Segment liabilities exclude tax, defined benefit and warranty related liabilities. Loans and borrowings are
not allocated as these are deemed to serve a group functionMEASUREMENT OF OPERATING SEGMENT PROFIT OR LOSS, ASSETS AND LIABILITIES 2022 2023 Cyclyx Agilyx Adjustments to remove Cyclyx Total Cyclyx Agilyx Adjustments to remove Cyclyx Total Profit and loss Revenues from external customers 9,095,572 7,361,747 (9,095,572) 7,361,747 10,297,592 5,894,701 (10,297,592) 5,894,701 Depreciation and amortization 43,335 767,520 (43,335) 767,520 1,786,908 643,465 (1,786,908) 643,465 Segment loss (4,692,176) (17,191,085) 5,477,469 (16,405,792) (9,273,199) (15,760,424) 9,273,199 (15,760,424) Impairment of investment in Regenyx (2,539,270) (2,023,078) Share of loss of equity accounted associates - (1,973,061) Fair value gain on warrant agreements 1,267,458 3,009,983 Interest expense (81,328) (207,663) Other financial income (expense), net (122,236) (202,349) Group net loss before tax and disontinued operations (17,881,168) (17,156,592)
Balance sheet Non-current asset additions 201,500 732,614 - 934,114 34,023,291 8,005,440 (34,023,291) 8,005,440 Reportable segment assets 9,614,712 14,975,949 - 24,590,661 76,502,783 17,298,046 (76,502,783) 17,298,046 Investment in associate - - - - - 113,002,939 - 113,002,939 Total group assets 24,590,661 130,300,985 Reportable segment liabilities 6,016,341 5,211,523 - 11,227,864 6,411,760 3,048,402 (6,411,760) 3,048,402 Derivative financial liabilities 6,303,189 3,293,206 Total group liabilities 17,531,053 6,341,608 Cash flow Net cash from operations (4,233,146) (11,024,569) - (15,257,715) (10,024,906) (13,643,205) 10,024,906 (13,643,205) Net cash from investments - (3,473,384) - (3,473,384) (8,399,868) (11,675,663) 8,399,868 (11,675,663) Net cash from financing (1,000,000) 13,832,264 - 12,832,264 74,925,039 20,175,181 (74,925,039) 20,175,181 Revenue by geography - Revenue by geography is included in Note 3. 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 2023 or 2022: MAJOR CUSTOMERS 2022 2023 Segment Customer A 8,792,620 8,439,553 Cyclyx Customer B 6,604,479 4,920,455 Agilyx Customer C 144,331 - Agilyx Customer D 139,880 - Agilyx Customer E 12,500 637,951 Agilyx
Agilyx ASA is a Norwegian company, located in Oslo, Norway and the parent and ultimate parent company in the Agilyx Group. The Agilyx Group headquarters are located in Portsmouth, New Hampshire and Tigard, Oregon (USA) with satellite offices located in Switzerland and Denmark.
Agilyx ASA was incorporated on November 22, 2019 as a shelf company and there was no activity in 2019. Agilyx ASA became the parent of the Agilyx Group through a reorganization in early January 2020. The Group was reorganized such that the shareholders of Agilyx Corporation contributed their shares in Agilyx Corporation for shares in Agilyx ASA resulting in Agilyx Corporation becoming a 100% owned subsidiary of Agilyx ASA. The transaction was accounted for as an inverse acquisition using continuity on Agilyx Corporation 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 plastics new purpose. We have the proprietary technology for identifying, managing and preprocessing waste into feedstock. Our integrated solutions can take waste polymers and produce discreet monomers that can be fully recycled back into virgin-equivalent products. Agilyx is committed to using innovative technology for good and helping solve the immense global problem of plastic waste.
These financial statements have been prepared in accordance with International Financial Reporting Standards and International Accounting Standards and Interpretations as approved by the European Union (collectively IFRS\u00ae).
The US Dollar is the presentation currency of the Agilyx Group. All foreign operations use local currency as their functional currency.
The consolidated financial statements have been prepared on a historical cost basis, except for warrants, which have been measured at fair value (see Note 14).
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"value": "Norwegian company",
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"f4006": {
"value": "Oslo, Norway",
"dimensions": {
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "Norway",
"dimensions": {
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f4009": {
"value": "The Agilyx Group headquarters are located in Portsmouth, New Hampshire and Tigard, Oregon (USA) with satellite offices located in Switzerland and Denmark.
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"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
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"f4025": {
"value": "The Agilyx Group has developed comprehensive systems, proven technologies and a unique chemistry knowledge base to give post-use plastics new purpose. We have the proprietary technology for identifying, managing and preprocessing waste into feedstock. Our integrated solutions can take waste polymers and produce discreet monomers that can be fully recycled back into virgin-equivalent products. Agilyx is committed to using innovative technology for good and helping solve the immense global problem of plastic waste.
",
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"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f4036": {
"value": "These financial statements have been prepared in accordance with International Financial Reporting Standards and International Accounting Standards and Interpretations as approved by the European Union (collectively IFRS\u00ae).
",
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"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f4042": {
"value": "The US Dollar is the presentation currency of the Agilyx Group. All foreign operations use local currency as their functional currency.
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"language": "en",
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"f4047": {
"value": "The consolidated financial 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 financial statements prepared
in accordance with IFRS",
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"f4057": {
"value": "The consolidated financial statements of the Agilyx Group for the fiscal year 2023 were approved by the Board of Directors on April 22, 2024.
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"value": "PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corporation, Agilyx GmbH and Agilyx ApS. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corporation holds 50% interest in Regenyx LLP, which has been accounted for under the equity method. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. Agilyx Corporation now holds a 50% interest in Cyclyx International, LLC accounted for under the equity method. See Note 23 for more information. i. Subsidiaries Subsidiaries are entities controlled by Agilyx Group. 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 affect those returns through its power over the investee. Specifically, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities 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 affect its returns Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when Agilyx Group has less than a majority of the voting 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 Agilyx Group\u2019s voting rights and potential voting 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.
Consolidation of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of Agilyx Group are eliminated in full on consolidation.
ii. Non-controlling interests Non-controlling interests (NCI) is a present ownership interest and entitles its holders to a proportionate share of the entity\u2019s net assets in the event of liquidation. Entities have a choice, on a transaction by transaction basis, to initially recognise any NCI at either acquisition date fair value or, at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets. Agilyx Group has elected the latter approach to measure NCI initially at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisition. The total comprehensive income of non-wholly owned subsidiaries is attributed to owners of the parent and to the non- controlling interests in proportion to their relative ownership interests. iii. Loss of control When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary and any NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost. See Note 23 for additional commentary on the loss of control of Cylyx during 2023.
iv. Investments in associates Associates are those entities where Agilyx Group has significant influence (but not control or joint control) over the financial and operating policy decisions of balance sheet at cost, including transaction costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisition, post-tax profits and losses and other comprehensive income is recognized in the consolidated statement of profit and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obligation to make good those losses). Profits and losses arising on transactions between Agilyx Group and its associates are recognised only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s profits and losses resulting from these transactions is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the identifiable assets, liabilities and contingent liabilities acquired is capitalised and included in the carrying amount of the associate. Where there is objective evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same way as other non-financial assets.
PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corporation, Agilyx GmbH and Agilyx ApS. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corporation holds 50% interest in Regenyx LLP, which has been accounted for under the equity method. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. Agilyx Corporation now holds a 50% interest in Cyclyx International, LLC accounted for under the equity method. See Note 23 for more information. i. Subsidiaries Subsidiaries are entities controlled by Agilyx Group. 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 affect those returns through its power over the investee. Specifically, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities 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 affect its returns Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when Agilyx Group has less than a majority of the voting 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 Agilyx Group\u2019s voting rights and potential voting 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.
Consolidation of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of Agilyx Group are eliminated in full on consolidation.
ii. Non-controlling interests Non-controlling interests (NCI) is a present ownership interest and entitles its holders to a proportionate share of the entity\u2019s net assets in the event of liquidation. Entities have a choice, on a transaction by transaction basis, to initially recognise any NCI at either acquisition date fair value or, at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets. Agilyx Group has elected the latter approach to measure NCI initially at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisition. The total comprehensive income of non-wholly owned subsidiaries is attributed to owners of the parent and to the non- controlling interests in proportion to their relative ownership interests. iii. Loss of control When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary and any NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost. See Note 23 for additional commentary on the loss of control of Cylyx during 2023.
iv. Investments in associates Associates are those entities where Agilyx Group has significant influence (but not control or joint control) over the financial and operating policy decisions of balance sheet at cost, including transaction costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisition, post-tax profits and losses and other comprehensive income is recognized in the consolidated statement of profit and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obligation to make good those losses). Profits and losses arising on transactions between Agilyx Group and its associates are recognised only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s profits and losses resulting from these transactions is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the identifiable assets, liabilities and contingent liabilities acquired is capitalised and included in the carrying amount of the associate. Where there is objective evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same way as other non-financial assets.
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-FINANCIAL ASSETS Agilyx Group non-financial 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 written down accordingly. See Note 9, for specific analysis performed on the investment in Regenyx. Where it is not possible to estimate 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 identifiable cash flows; its cash generating units (\u2018CGUs\u2019). Impairment charges are included in profit 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 operation 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 operating agreements. Agilyx does have the power to participate in the financial and operating policy decisions of the investee, via its board position. Agilyx has therefore determined that it has significant influence 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 conditions Agilyx is subject to a contractual obligation to purchase all of AmSty\u2019s equity investment in Regenyx at the option of AmSty (\u201cput option\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 option is fair value. Hence, the value of consideration due upon exercise of the option and the asset acquired (shares), would be equal and therefore no value has been attributed to this put option. At the date of this report, no events has occurred that will initiate the purchase of AmSty\u2019s investment in Regenyx. In February 2024, the Company announced a decision had been made to close the plant and wind down operations. See Note 24 for more information. 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 2. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cashflows that are largely independent of the cash inflows from other assets or groups of assets. For the investment in Regenyx, objective evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted negative cash flows being generated by the entity, which would require capital contributions from Agilyx and AmSty in order to support its continued operation. Due to the projected negative cash flows 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 written off investment. IMPAIRMENT OF INVESTMENT Calculation of balance sheet value of investment in Regenyx Balance sheet value December 31, 2021 - Investment during 2022 - above initial estimated cash outflow 2,539,270 Impairment charge \u2013 fully impair balance (2,539,270) Balance sheet value December 31, 2022 - Investment during 2023 - above initial estimated cash outflow 2,023,078 Impairment charge \u2013 fully impair balance (2,023,078) Balance sheet value December 31, 2023 - Summarized financial information of Regenyx As at December 31 2022 2023 Current assets 776,403 554,479 Non-current assets 3,565,812 3,299,323 Current liabilities 2,233,063 1,936,676 Net assets (100%) 2,109,152 1,917,126 Period ended December 31 2022 2023 Revenues 1,004,279 1,140,347 Total and Other Comprehensive loss (4,451,216) (4,805,079)
Note 17: Shares in subsidiaries, associates and related party transactions Agilyx ASA has the following shares in subsidiaries as of December 31: SHARES IN SUBSIDIARIES, ASSOCIATES AND RELATED PARTY TRANSACTIONS Subsidiary Office Share Voting rights Equity Book value - 2022 Book value - 2023 Agilyx Corp Portland, OR, USA 100% 100% - 52,034,717 71,275,511 Agilyx GmbH Zurich, Switzerland 100% 100% - 163,005 163,005 Agilyx ApS Stuckenbergs, Denmark 100% 100% - - - 52,197,722 71,438,516 RELATED PARTY TRANSACTIONS: Group level - During 2023, Cyclyx had $8.5M of product sales to ExxonMobile Chemical Co. (2022 $8.8M), a minority holder in Cyclyx. RELATED PARTY TRANSACTIONS Related party receivable included in Note 10: 2022 2023 ExxonMobile Chemical Co 453,632 18,759 Regenyx, LLC 1,361,527 194,536 Cyclyx International, LLC - 286,224 RELATED PARTY TRANSACTIONS Specific parent related costs included: 2022 2023 Management charges from Agilyx GmbH 577,000 499,647 Parent level - At December 31, 2023 the parent company, Agilyx ASA, has an intercompany payable of $2,999,433 to Agilyx Corp (December 31, 2022: $1,783,485) and $1,739,000 payable to Agilyx GmbH (December 31, 2022: $1,140,209) net of an intercompany receivable of $408,346 to Agilyx Corp (December 31, 2022: $408,346). These inter-group payables represent operating and management costs incurred and or paid at the subsidiary and subsequently recharged to the parent.
FINANCIAL SUMMARY (2022) As at December 31 2022 Ownership interest Subsidiary Current assets 8,104,571 Non-current assets 598,102 Current liabilities 5,652,162 Non-current liabilities 263,409 For the period ended December 31 2022 Revenue 10,512,034 Total comprehensive loss (5,503,883) Total comprehensive loss allocated to NCI (1,375,997) FINANCIAL SUMMARY (2023) As at December 31 2023 Ownership interest Associate (50%) Current assets 70,364,979 Non-current assets 156,956,776 Current liabilities 10,117,825 Non-current liabilities 24,617,068 Net assets (100%) 192,586,862 Group\u2019s share of net assets 96,293,431 50% of notional goodwill on the loss of control transaction 52,060,508 50% of non dilutive equity contributions from members (35,351,000) Carrying value at 12/31/23 113,002,939 For the period ended December 31 2023 Revenue 10,297,592 Total comprehensive loss (100%) (9,092,647) Total comprehensive loss attributable to NCI before loss of control (25%) (1,351,394) Total comprehensive loss attributable to equity holders of the parent before loss of control (75%) (3,924,656) Group\u2019s equity accounted share of result following loss of control (50%) (1,973,061) Group\u2019s share of total comprehensive loss (5,897,717)
SUBSIDIARY INFORMATION Agilyx Corp \u2014 Agilyx Corp was formed in 2004 in Oregon, U.S. 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 effectively converted all the shares of Agilyx Corp into shares of Agilyx ASA. Agilyx GmbH \u2014 Agilyx GmbH was formed in August, 2020 in Zurich, Switzerland. The subsidiary was created to provide additional reach into European markets. Cyclyx International, LLC \u2014 Cyclyx International, LLC is a partnership officially formed in the state of Delaware, U.S. on December, 2020. Since inception, Agilyx Group has owned 75% of the entity, with 25% owned by ExxonMobile Chemical Corporation (\u201cEMCC\u201d). The Partnership was formed to develop low cost pathways to recycle plastics. EMCC contributed operational funds of $8,000,000 while Agilyx Corp contributed technology and know-how that was not revalued due to consolidation within the group accounts. EMCC\u2019s cash contribution was recognized 75% to the equity holders of the parent and 25% to the non-controlling interest. In October 2023, Agilyx Group lost control of Cyclyx International, LLC (see Note 23 for more information). Following the loss of control, the Agilyx Group retained a significant influence in Cyclyx International, LLC and therefore began to equity-account for this investee as an associate from the date control was lost. The following tables summarize the financial information of Cyclyx International, LLC as included in its own financial statements prepared in accordance with IFRS, adjusted for fair value adjustments at acquisition. The table also reconciles the summarized financial information to the carrying amount of the Group\u2019s interest in Cyclyx International, LLC. Additional information regarding the Cyclyx operation can be seen in Note 2.
i. Loss of control of Cyclyx In October 2023, the Agilyx Group\u2019s ownership interest in Cyclyx was diluted from 75% down to 50%, via a small disposal of Equity Units and the issuance of new Equity Units (by Cyclyx) to Equistar Chemical, LP (\u201cEquistar\u201d). As part of the transaction, a Second Amended and Restated Limited Liability Company Agreement (the \u201cCycylx Operating Agreement\u201d) was entered into by the three investors, Agilyx, Equistar and EMCC. Amongst other things, the Cycylx Operating Agreement implemented a super majority rule which requires agreement from greater than 75% of unit holders in order for a number of decisions which affect the relevant activities of Cyclyx. Therefore, as a result of the reduced ownership interest and the execution of the Cycylx Operating Agreement, Agilyx lost control of Cyclyx effective October 25, 2023. Subsequent to the loss of control, Cyclyx continues to meet the criteria to be disclosed as a reportable segment as outlined in Note 2. As part of the transaction, Agilyx contributed internally generated Intellectual Property to Cyclyx to facilitate the development of the first in a planned series of Cyclyx Circularity Centers. The gain upon contribution of that Intellectual Property is included within the Gain on loss of control calculation below. The gain/(loss) on loss of control of subsidiary was determined as follows, in accordance with IFRS 10 and is presented as part of the results of discontinued operations, as expanded upon within this note: LOSS OF CONTROL OF CYCLYX 2023 Cash consideration received for sale of equity units 5,024,000 Less: cash consideration paid as a capital contribution to Cyclyx (750,000) Add: carrying amount of NCI at the date of loss of control 595,246 Add: fair value of investment in associate retained 114,976,000 Add: gain on previously unrecognized intellectual property contributed to Cyclyx 124,200,000 Less: net assets disposed of: (125,830,984) Cash and cash equivalents (5,921,145) Accounts receivable (3,725,925) Inventory (3,017,975) Prepaid expenses and other current assets (233,111) Property, plant and equipment (8,030,959) Right of use asset (224,413) Intangible assets (124,200,000) Lease liability 254,306 Accounts payable 15,510,720 Accrued expenses and other current liabilities 402,212 Contract liability 3,355,307 Gain on loss of control of subsidiary 118,214,262
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"f4065": {
"value": "PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corporation, Agilyx GmbH and Agilyx ApS. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corporation holds 50% interest in Regenyx LLP, which has been accounted for under the equity method. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. Agilyx Corporation now holds a 50% interest in Cyclyx International, LLC accounted for under the equity method. See Note 23 for more information. i. Subsidiaries Subsidiaries are entities controlled by Agilyx Group. 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 affect those returns through its power over the investee. Specifically, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities 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 affect its returns Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when Agilyx Group has less than a majority of the voting 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 Agilyx Group\u2019s voting rights and potential voting 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.
Consolidation of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of Agilyx Group are eliminated in full on consolidation.
ii. Non-controlling interests Non-controlling interests (NCI) is a present ownership interest and entitles its holders to a proportionate share of the entity\u2019s net assets in the event of liquidation. Entities have a choice, on a transaction by transaction basis, to initially recognise any NCI at either acquisition date fair value or, at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets. Agilyx Group has elected the latter approach to measure NCI initially at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisition. The total comprehensive income of non-wholly owned subsidiaries is attributed to owners of the parent and to the non- controlling interests in proportion to their relative ownership interests. iii. Loss of control When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary and any NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost. See Note 23 for additional commentary on the loss of control of Cylyx during 2023.
iv. Investments in associates Associates are those entities where Agilyx Group has significant influence (but not control or joint control) over the financial and operating policy decisions of balance sheet at cost, including transaction costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisition, post-tax profits and losses and other comprehensive income is recognized in the consolidated statement of profit and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obligation to make good those losses). Profits and losses arising on transactions between Agilyx Group and its associates are recognised only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s profits and losses resulting from these transactions is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the identifiable assets, liabilities and contingent liabilities acquired is capitalised and included in the carrying amount of the associate. Where there is objective evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same way as other non-financial assets.
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.
Note 17: Shares in subsidiaries, associates and related party transactions Agilyx ASA has the following shares in subsidiaries as of December 31: SHARES IN SUBSIDIARIES, ASSOCIATES AND RELATED PARTY TRANSACTIONS Subsidiary Office Share Voting rights Equity Book value - 2022 Book value - 2023 Agilyx Corp Portland, OR, USA 100% 100% - 52,034,717 71,275,511 Agilyx GmbH Zurich, Switzerland 100% 100% - 163,005 163,005 Agilyx ApS Stuckenbergs, Denmark 100% 100% - - - 52,197,722 71,438,516 RELATED PARTY TRANSACTIONS: Group level - During 2023, Cyclyx had $8.5M of product sales to ExxonMobile Chemical Co. (2022 $8.8M), a minority holder in Cyclyx. RELATED PARTY TRANSACTIONS Related party receivable included in Note 10: 2022 2023 ExxonMobile Chemical Co 453,632 18,759 Regenyx, LLC 1,361,527 194,536 Cyclyx International, LLC - 286,224 RELATED PARTY TRANSACTIONS Specific parent related costs included: 2022 2023 Management charges from Agilyx GmbH 577,000 499,647 Parent level - At December 31, 2023 the parent company, Agilyx ASA, has an intercompany payable of $2,999,433 to Agilyx Corp (December 31, 2022: $1,783,485) and $1,739,000 payable to Agilyx GmbH (December 31, 2022: $1,140,209) net of an intercompany receivable of $408,346 to Agilyx Corp (December 31, 2022: $408,346). These inter-group payables represent operating and management costs incurred and or paid at the subsidiary and subsequently recharged to the parent.
FINANCIAL SUMMARY (2022) As at December 31 2022 Ownership interest Subsidiary Current assets 8,104,571 Non-current assets 598,102 Current liabilities 5,652,162 Non-current liabilities 263,409 For the period ended December 31 2022 Revenue 10,512,034 Total comprehensive loss (5,503,883) Total comprehensive loss allocated to NCI (1,375,997) FINANCIAL SUMMARY (2023) As at December 31 2023 Ownership interest Associate (50%) Current assets 70,364,979 Non-current assets 156,956,776 Current liabilities 10,117,825 Non-current liabilities 24,617,068 Net assets (100%) 192,586,862 Group\u2019s share of net assets 96,293,431 50% of notional goodwill on the loss of control transaction 52,060,508 50% of non dilutive equity contributions from members (35,351,000) Carrying value at 12/31/23 113,002,939 For the period ended December 31 2023 Revenue 10,297,592 Total comprehensive loss (100%) (9,092,647) Total comprehensive loss attributable to NCI before loss of control (25%) (1,351,394) Total comprehensive loss attributable to equity holders of the parent before loss of control (75%) (3,924,656) Group\u2019s equity accounted share of result following loss of control (50%) (1,973,061) Group\u2019s share of total comprehensive loss (5,897,717)
SUBSIDIARY INFORMATION Agilyx Corp \u2014 Agilyx Corp was formed in 2004 in Oregon, U.S. 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 effectively converted all the shares of Agilyx Corp into shares of Agilyx ASA. Agilyx GmbH \u2014 Agilyx GmbH was formed in August, 2020 in Zurich, Switzerland. The subsidiary was created to provide additional reach into European markets. Cyclyx International, LLC \u2014 Cyclyx International, LLC is a partnership officially formed in the state of Delaware, U.S. on December, 2020. Since inception, Agilyx Group has owned 75% of the entity, with 25% owned by ExxonMobile Chemical Corporation (\u201cEMCC\u201d). The Partnership was formed to develop low cost pathways to recycle plastics. EMCC contributed operational funds of $8,000,000 while Agilyx Corp contributed technology and know-how that was not revalued due to consolidation within the group accounts. EMCC\u2019s cash contribution was recognized 75% to the equity holders of the parent and 25% to the non-controlling interest. In October 2023, Agilyx Group lost control of Cyclyx International, LLC (see Note 23 for more information). Following the loss of control, the Agilyx Group retained a significant influence in Cyclyx International, LLC and therefore began to equity-account for this investee as an associate from the date control was lost. The following tables summarize the financial information of Cyclyx International, LLC as included in its own financial statements prepared in accordance with IFRS, adjusted for fair value adjustments at acquisition. The table also reconciles the summarized financial information to the carrying amount of the Group\u2019s interest in Cyclyx International, LLC. Additional information regarding the Cyclyx operation can be seen in Note 2.
i. Loss of control of Cyclyx In October 2023, the Agilyx Group\u2019s ownership interest in Cyclyx was diluted from 75% down to 50%, via a small disposal of Equity Units and the issuance of new Equity Units (by Cyclyx) to Equistar Chemical, LP (\u201cEquistar\u201d). As part of the transaction, a Second Amended and Restated Limited Liability Company Agreement (the \u201cCycylx Operating Agreement\u201d) was entered into by the three investors, Agilyx, Equistar and EMCC. Amongst other things, the Cycylx Operating Agreement implemented a super majority rule which requires agreement from greater than 75% of unit holders in order for a number of decisions which affect the relevant activities of Cyclyx. Therefore, as a result of the reduced ownership interest and the execution of the Cycylx Operating Agreement, Agilyx lost control of Cyclyx effective October 25, 2023. Subsequent to the loss of control, Cyclyx continues to meet the criteria to be disclosed as a reportable segment as outlined in Note 2. As part of the transaction, Agilyx contributed internally generated Intellectual Property to Cyclyx to facilitate the development of the first in a planned series of Cyclyx Circularity Centers. The gain upon contribution of that Intellectual Property is included within the Gain on loss of control calculation below. The gain/(loss) on loss of control of subsidiary was determined as follows, in accordance with IFRS 10 and is presented as part of the results of discontinued operations, as expanded upon within this note: LOSS OF CONTROL OF CYCLYX 2023 Cash consideration received for sale of equity units 5,024,000 Less: cash consideration paid as a capital contribution to Cyclyx (750,000) Add: carrying amount of NCI at the date of loss of control 595,246 Add: fair value of investment in associate retained 114,976,000 Add: gain on previously unrecognized intellectual property contributed to Cyclyx 124,200,000 Less: net assets disposed of: (125,830,984) Cash and cash equivalents (5,921,145) Accounts receivable (3,725,925) Inventory (3,017,975) Prepaid expenses and other current assets (233,111) Property, plant and equipment (8,030,959) Right of use asset (224,413) Intangible assets (124,200,000) Lease liability 254,306 Accounts payable 15,510,720 Accrued expenses and other current liabilities 402,212 Contract liability 3,355,307 Gain on loss of control of subsidiary 118,214,262
",
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"f4067": {
"value": "PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corporation, Agilyx GmbH and Agilyx ApS. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corporation holds 50% interest in Regenyx LLP, which has been accounted for under the equity method. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. Agilyx Corporation now holds a 50% interest in Cyclyx International, LLC accounted for under the equity method. See Note 23 for more information. i. Subsidiaries Subsidiaries are entities controlled by Agilyx Group. 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 affect those returns through its power over the investee. Specifically, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities 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 affect its returns Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when Agilyx Group has less than a majority of the voting 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 Agilyx Group\u2019s voting rights and potential voting 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.
Consolidation of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of Agilyx Group are eliminated in full on consolidation.
ii. Non-controlling interests Non-controlling interests (NCI) is a present ownership interest and entitles its holders to a proportionate share of the entity\u2019s net assets in the event of liquidation. Entities have a choice, on a transaction by transaction basis, to initially recognise any NCI at either acquisition date fair value or, at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets. Agilyx Group has elected the latter approach to measure NCI initially at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisition. The total comprehensive income of non-wholly owned subsidiaries is attributed to owners of the parent and to the non- controlling interests in proportion to their relative ownership interests. iii. Loss of control When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary and any NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost. See Note 23 for additional commentary on the loss of control of Cylyx during 2023.
iv. Investments in associates Associates are those entities where Agilyx Group has significant influence (but not control or joint control) over the financial and operating policy decisions of balance sheet at cost, including transaction costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisition, post-tax profits and losses and other comprehensive income is recognized in the consolidated statement of profit and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obligation to make good those losses). Profits and losses arising on transactions between Agilyx Group and its associates are recognised only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s profits and losses resulting from these transactions is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the identifiable assets, liabilities and contingent liabilities acquired is capitalised and included in the carrying amount of the associate. Where there is objective evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same way as other non-financial assets.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-financial 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 written down accordingly. See Note 9, for specific analysis performed on the investment in Regenyx. Where it is not possible to estimate 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 identifiable cash flows; its cash generating units (\u2018CGUs\u2019). Impairment charges are included in profit 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 operation 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 operating agreements. Agilyx does have the power to participate in the financial and operating policy decisions of the investee, via its board position. Agilyx has therefore determined that it has significant influence 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 conditions Agilyx is subject to a contractual obligation to purchase all of AmSty\u2019s equity investment in Regenyx at the option of AmSty (\u201cput option\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 option is fair value. Hence, the value of consideration due upon exercise of the option and the asset acquired (shares), would be equal and therefore no value has been attributed to this put option. At the date of this report, no events has occurred that will initiate the purchase of AmSty\u2019s investment in Regenyx. In February 2024, the Company announced a decision had been made to close the plant and wind down operations. See Note 24 for more information. 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 2. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cashflows that are largely independent of the cash inflows from other assets or groups of assets. For the investment in Regenyx, objective evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted negative cash flows being generated by the entity, which would require capital contributions from Agilyx and AmSty in order to support its continued operation. Due to the projected negative cash flows 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 written off investment. IMPAIRMENT OF INVESTMENT Calculation of balance sheet value of investment in Regenyx Balance sheet value December 31, 2021 - Investment during 2022 - above initial estimated cash outflow 2,539,270 Impairment charge \u2013 fully impair balance (2,539,270) Balance sheet value December 31, 2022 - Investment during 2023 - above initial estimated cash outflow 2,023,078 Impairment charge \u2013 fully impair balance (2,023,078) Balance sheet value December 31, 2023 - Summarized financial information of Regenyx As at December 31 2022 2023 Current assets 776,403 554,479 Non-current assets 3,565,812 3,299,323 Current liabilities 2,233,063 1,936,676 Net assets (100%) 2,109,152 1,917,126 Period ended December 31 2022 2023 Revenues 1,004,279 1,140,347 Total and Other Comprehensive loss (4,451,216) (4,805,079)
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},
"f4068": {
"value": "PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corporation, Agilyx GmbH and Agilyx ApS. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corporation holds 50% interest in Regenyx LLP, which has been accounted for under the equity method. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. Agilyx Corporation now holds a 50% interest in Cyclyx International, LLC accounted for under the equity method. See Note 23 for more information. i. Subsidiaries Subsidiaries are entities controlled by Agilyx Group. 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 affect those returns through its power over the investee. Specifically, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities 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 affect its returns Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when Agilyx Group has less than a majority of the voting 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 Agilyx Group\u2019s voting rights and potential voting 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.
Consolidation of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of Agilyx Group are eliminated in full on consolidation.
ii. Non-controlling interests Non-controlling interests (NCI) is a present ownership interest and entitles its holders to a proportionate share of the entity\u2019s net assets in the event of liquidation. Entities have a choice, on a transaction by transaction basis, to initially recognise any NCI at either acquisition date fair value or, at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets. Agilyx Group has elected the latter approach to measure NCI initially at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisition. The total comprehensive income of non-wholly owned subsidiaries is attributed to owners of the parent and to the non- controlling interests in proportion to their relative ownership interests. iii. Loss of control When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary and any NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost. See Note 23 for additional commentary on the loss of control of Cylyx during 2023.
iv. Investments in associates Associates are those entities where Agilyx Group has significant influence (but not control or joint control) over the financial and operating policy decisions of balance sheet at cost, including transaction costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisition, post-tax profits and losses and other comprehensive income is recognized in the consolidated statement of profit and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obligation to make good those losses). Profits and losses arising on transactions between Agilyx Group and its associates are recognised only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s profits and losses resulting from these transactions is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the identifiable assets, liabilities and contingent liabilities acquired is capitalised and included in the carrying amount of the associate. Where there is objective evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same way as other non-financial assets.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-financial 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 written down accordingly. See Note 9, for specific analysis performed on the investment in Regenyx. Where it is not possible to estimate 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 identifiable cash flows; its cash generating units (\u2018CGUs\u2019). Impairment charges are included in profit 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 operation 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 operating agreements. Agilyx does have the power to participate in the financial and operating policy decisions of the investee, via its board position. Agilyx has therefore determined that it has significant influence 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 conditions Agilyx is subject to a contractual obligation to purchase all of AmSty\u2019s equity investment in Regenyx at the option of AmSty (\u201cput option\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 option is fair value. Hence, the value of consideration due upon exercise of the option and the asset acquired (shares), would be equal and therefore no value has been attributed to this put option. At the date of this report, no events has occurred that will initiate the purchase of AmSty\u2019s investment in Regenyx. In February 2024, the Company announced a decision had been made to close the plant and wind down operations. See Note 24 for more information. 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 2. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cashflows that are largely independent of the cash inflows from other assets or groups of assets. For the investment in Regenyx, objective evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted negative cash flows being generated by the entity, which would require capital contributions from Agilyx and AmSty in order to support its continued operation. Due to the projected negative cash flows 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 written off investment. IMPAIRMENT OF INVESTMENT Calculation of balance sheet value of investment in Regenyx Balance sheet value December 31, 2021 - Investment during 2022 - above initial estimated cash outflow 2,539,270 Impairment charge \u2013 fully impair balance (2,539,270) Balance sheet value December 31, 2022 - Investment during 2023 - above initial estimated cash outflow 2,023,078 Impairment charge \u2013 fully impair balance (2,023,078) Balance sheet value December 31, 2023 - Summarized financial information of Regenyx As at December 31 2022 2023 Current assets 776,403 554,479 Non-current assets 3,565,812 3,299,323 Current liabilities 2,233,063 1,936,676 Net assets (100%) 2,109,152 1,917,126 Period ended December 31 2022 2023 Revenues 1,004,279 1,140,347 Total and Other Comprehensive loss (4,451,216) (4,805,079)
",
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"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4086": {
"value": "i. Subsidiaries Subsidiaries are entities controlled by Agilyx Group. 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 affect those returns through its power over the investee. Specifically, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities 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 affect its returns Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when Agilyx Group has less than a majority of the voting 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 Agilyx Group\u2019s voting rights and potential voting 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.
Consolidation of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of Agilyx Group are eliminated in full on consolidation.
ii. Non-controlling interests Non-controlling interests (NCI) is a present ownership interest and entitles its holders to a proportionate share of the entity\u2019s net assets in the event of liquidation. Entities have a choice, on a transaction by transaction basis, to initially recognise any NCI at either acquisition date fair value or, at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets. Agilyx Group has elected the latter approach to measure NCI initially at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisition. The total comprehensive income of non-wholly owned subsidiaries is attributed to owners of the parent and to the non- controlling interests in proportion to their relative ownership interests. iii. Loss of control When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary and any NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost. See Note 23 for additional commentary on the loss of control of Cylyx during 2023.
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.
",
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"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4152": {
"value": "ii. Non-controlling interests Non-controlling interests (NCI) is a present ownership interest and entitles its holders to a proportionate share of the entity\u2019s net assets in the event of liquidation. Entities have a choice, on a transaction by transaction basis, to initially recognise any NCI at either acquisition date fair value or, at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets. Agilyx Group has elected the latter approach to measure NCI initially at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisition. The total comprehensive income of non-wholly owned subsidiaries is attributed to owners of the parent and to the non- controlling interests in proportion to their relative ownership interests. iii. Loss of control When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary and any NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost. See Note 23 for additional commentary on the loss of control of Cylyx during 2023.
FINANCIAL SUMMARY (2022) As at December 31 2022 Ownership interest Subsidiary Current assets 8,104,571 Non-current assets 598,102 Current liabilities 5,652,162 Non-current liabilities 263,409 For the period ended December 31 2022 Revenue 10,512,034 Total comprehensive loss (5,503,883) Total comprehensive loss allocated to NCI (1,375,997) FINANCIAL SUMMARY (2023) As at December 31 2023 Ownership interest Associate (50%) Current assets 70,364,979 Non-current assets 156,956,776 Current liabilities 10,117,825 Non-current liabilities 24,617,068 Net assets (100%) 192,586,862 Group\u2019s share of net assets 96,293,431 50% of notional goodwill on the loss of control transaction 52,060,508 50% of non dilutive equity contributions from members (35,351,000) Carrying value at 12/31/23 113,002,939 For the period ended December 31 2023 Revenue 10,297,592 Total comprehensive loss (100%) (9,092,647) Total comprehensive loss attributable to NCI before loss of control (25%) (1,351,394) Total comprehensive loss attributable to equity holders of the parent before loss of control (75%) (3,924,656) Group\u2019s equity accounted share of result following loss of control (50%) (1,973,061) Group\u2019s share of total comprehensive loss (5,897,717)
Cyclyx International, LLC \u2014 Cyclyx International, LLC is a partnership officially formed in the state of Delaware, U.S. on December, 2020. Since inception, Agilyx Group has owned 75% of the entity, with 25% owned by ExxonMobile Chemical Corporation (\u201cEMCC\u201d). The Partnership was formed to develop low cost pathways to recycle plastics. EMCC contributed operational funds of $8,000,000 while Agilyx Corp contributed technology and know-how that was not revalued due to consolidation within the group accounts. EMCC\u2019s cash contribution was recognized 75% to the equity holders of the parent and 25% to the non-controlling interest. In October 2023, Agilyx Group lost control of Cyclyx International, LLC (see Note 23 for more information). Following the loss of control, the Agilyx Group retained a significant influence in Cyclyx International, LLC and therefore began to equity-account for this investee as an associate from the date control was lost. The following tables summarize the financial information of Cyclyx International, LLC as included in its own financial statements prepared in accordance with IFRS, adjusted for fair value adjustments at acquisition. The table also reconciles the summarized financial information to the carrying amount of the Group\u2019s interest in Cyclyx International, LLC. Additional information regarding the Cyclyx operation can be seen in Note 2.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4153": {
"value": "ii. Non-controlling interests Non-controlling interests (NCI) is a present ownership interest and entitles its holders to a proportionate share of the entity\u2019s net assets in the event of liquidation. Entities have a choice, on a transaction by transaction basis, to initially recognise any NCI at either acquisition date fair value or, at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets. Agilyx Group has elected the latter approach to measure NCI initially at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisition. The total comprehensive income of non-wholly owned subsidiaries is attributed to owners of the parent and to the non- controlling interests in proportion to their relative ownership interests. iii. Loss of control When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary and any NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost. See Note 23 for additional commentary on the loss of control of Cylyx during 2023.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4179": {
"value": "iv. Investments in associates Associates are those entities where Agilyx Group has significant influence (but not control or joint control) over the financial and operating policy decisions of balance sheet at cost, including transaction costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisition, post-tax profits and losses and other comprehensive income is recognized in the consolidated statement of profit and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obligation to make good those losses). Profits and losses arising on transactions between Agilyx Group and its associates are recognised only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s profits and losses resulting from these transactions is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the identifiable assets, liabilities and contingent liabilities acquired is capitalised and included in the carrying amount of the associate. Where there is objective evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same way as other non-financial assets.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-financial 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 written down accordingly. See Note 9, for specific analysis performed on the investment in Regenyx. Where it is not possible to estimate 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 identifiable cash flows; its cash generating units (\u2018CGUs\u2019). Impairment charges are included in profit 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4180": {
"value": "iv. Investments in associates Associates are those entities where Agilyx Group has significant influence (but not control or joint control) over the financial and operating policy decisions of balance sheet at cost, including transaction costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisition, post-tax profits and losses and other comprehensive income is recognized in the consolidated statement of profit and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obligation to make good those losses). Profits and losses arising on transactions between Agilyx Group and its associates are recognised only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s profits and losses resulting from these transactions is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the identifiable assets, liabilities and contingent liabilities acquired is capitalised and included in the carrying amount of the associate. Where there is objective evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same way as other non-financial assets.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-financial 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 written down accordingly. See Note 9, for specific analysis performed on the investment in Regenyx. Where it is not possible to estimate 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 identifiable cash flows; its cash generating units (\u2018CGUs\u2019). Impairment charges are included in profit 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4205": {
"value": "DISCONTINUED OPERATIONS A discontinued operation is a component of Agilyx Group\u2019s business that has been disposed of by sale or other means (including loss of control), and that represents one of the following: \u2022 a separate major line of business, \u2022 a geographical area of operations, or \u2022 is a subsidiary acquired exclusively with a view to resale. Discontinued operations are presented in the consolidated income statement as a single line which comprises the post-tax profit or loss of the discontinued operation along with the post- tax gain or loss recognised on the re-measurement to fair value less costs to sell or on disposal of the assets or disposal groups constituting discontinued operations. When an operation is classified as a discontinued operation, the comparative income statement is re-presented as if the operation had been discontinued from the start of the comparative year.
Note 23: Loss of control of Cyclyx and discontinued operations i. Loss of control of Cyclyx In October 2023, the Agilyx Group\u2019s ownership interest in Cyclyx was diluted from 75% down to 50%, via a small disposal of Equity Units and the issuance of new Equity Units (by Cyclyx) to Equistar Chemical, LP (\u201cEquistar\u201d). As part of the transaction, a Second Amended and Restated Limited Liability Company Agreement (the \u201cCycylx Operating Agreement\u201d) was entered into by the three investors, Agilyx, Equistar and EMCC. Amongst other things, the Cycylx Operating Agreement implemented a super majority rule which requires agreement from greater than 75% of unit holders in order for a number of decisions which affect the relevant activities of Cyclyx. Therefore, as a result of the reduced ownership interest and the execution of the Cycylx Operating Agreement, Agilyx lost control of Cyclyx effective October 25, 2023. Subsequent to the loss of control, Cyclyx continues to meet the criteria to be disclosed as a reportable segment as outlined in Note 2. As part of the transaction, Agilyx contributed internally generated Intellectual Property to Cyclyx to facilitate the development of the first in a planned series of Cyclyx Circularity Centers. The gain upon contribution of that Intellectual Property is included within the Gain on loss of control calculation below. The gain/(loss) on loss of control of subsidiary was determined as follows, in accordance with IFRS 10 and is presented as part of the results of discontinued operations, as expanded upon within this note: LOSS OF CONTROL OF CYCLYX 2023 Cash consideration received for sale of equity units 5,024,000 Less: cash consideration paid as a capital contribution to Cyclyx (750,000) Add: carrying amount of NCI at the date of loss of control 595,246 Add: fair value of investment in associate retained 114,976,000 Add: gain on previously unrecognized intellectual property contributed to Cyclyx 124,200,000 Less: net assets disposed of: (125,830,984) Cash and cash equivalents (5,921,145) Accounts receivable (3,725,925) Inventory (3,017,975) Prepaid expenses and other current assets (233,111) Property, plant and equipment (8,030,959) Right of use asset (224,413) Intangible assets (124,200,000) Lease liability 254,306 Accounts payable 15,510,720 Accrued expenses and other current liabilities 402,212 Contract liability 3,355,307 Gain on loss of control of subsidiary 118,214,262
ii. Cyclyx loss of control - discontinued operations presentation Upon loss of control, the Cyclyx entity which represents a separate major line of business, met the criteria for classification as a discontinued operation. The results of its operations for the year prior to loss of control have been presented as a single line in the Consolidated Income Statement. The comparable Consolidated Income Statement has been re-presented to show the discontinued operation separately from continuing operations. The post-tax loss from discontinued operations as presented on the consolidated Income Statement was determined as follows:
RESULTS OF CYCLYX (DISCONTINUED OPERATION) For the period ended December 31 2022 2023 Revenue 9,095,572 6,772,574 Expenses other than finance costs (14,573,041) (11,679,514) Finance costs (26,017) (28,136) Gain on loss of control of subsidiary - 118,214,262 Profit (loss) from discontinued operation, net of tax (5,503,486) 113,279,186 Profit (loss) from Cyclyx (discontinued operation) attributable to: Equity holders of the parent (4,127,615) 114,512,955 Non-controlling interest (1,375,872) (1,233,769) (5,503,486) 113,279,186 Earnings per share - from Cyclyx (discontinued operations) Earnings per share, basic (0.05) 1.32 Cash flows - from (used in) Cyclyx (discontinued operations) Net cash from (used in) operating activities (4,227,244) (10,024,906) Net cash from (used in) investing activities (1,737,621) (8,399,868) Net cash from (used in) financing activities 5,731,720 74,925,039 Net cash from (used in) discontinued operations (233,145) 56,500,265
",
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"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4206": {
"value": "DISCONTINUED OPERATIONS A discontinued operation is a component of Agilyx Group\u2019s business that has been disposed of by sale or other means (including loss of control), and that represents one of the following: \u2022 a separate major line of business, \u2022 a geographical area of operations, or \u2022 is a subsidiary acquired exclusively with a view to resale. Discontinued operations are presented in the consolidated income statement as a single line which comprises the post-tax profit or loss of the discontinued operation along with the post- tax gain or loss recognised on the re-measurement to fair value less costs to sell or on disposal of the assets or disposal groups constituting discontinued operations. When an operation is classified as a discontinued operation, the comparative income statement is re-presented as if the operation had been discontinued from the start of the comparative year.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4207": {
"value": "DISCONTINUED OPERATIONS A discontinued operation is a component of Agilyx Group\u2019s business that has been disposed of by sale or other means (including loss of control), and that represents one of the following: \u2022 a separate major line of business, \u2022 a geographical area of operations, or \u2022 is a subsidiary acquired exclusively with a view to resale. Discontinued operations are presented in the consolidated income statement as a single line which comprises the post-tax profit or loss of the discontinued operation along with the post- tax gain or loss recognised on the re-measurement to fair value less costs to sell or on disposal of the assets or disposal groups constituting discontinued operations. When an operation is classified as a discontinued operation, the comparative income statement is re-presented as if the operation had been discontinued from the start of the comparative year.
Note 23: Loss of control of Cyclyx and discontinued operations i. Loss of control of Cyclyx In October 2023, the Agilyx Group\u2019s ownership interest in Cyclyx was diluted from 75% down to 50%, via a small disposal of Equity Units and the issuance of new Equity Units (by Cyclyx) to Equistar Chemical, LP (\u201cEquistar\u201d). As part of the transaction, a Second Amended and Restated Limited Liability Company Agreement (the \u201cCycylx Operating Agreement\u201d) was entered into by the three investors, Agilyx, Equistar and EMCC. Amongst other things, the Cycylx Operating Agreement implemented a super majority rule which requires agreement from greater than 75% of unit holders in order for a number of decisions which affect the relevant activities of Cyclyx. Therefore, as a result of the reduced ownership interest and the execution of the Cycylx Operating Agreement, Agilyx lost control of Cyclyx effective October 25, 2023. Subsequent to the loss of control, Cyclyx continues to meet the criteria to be disclosed as a reportable segment as outlined in Note 2. As part of the transaction, Agilyx contributed internally generated Intellectual Property to Cyclyx to facilitate the development of the first in a planned series of Cyclyx Circularity Centers. The gain upon contribution of that Intellectual Property is included within the Gain on loss of control calculation below. The gain/(loss) on loss of control of subsidiary was determined as follows, in accordance with IFRS 10 and is presented as part of the results of discontinued operations, as expanded upon within this note: LOSS OF CONTROL OF CYCLYX 2023 Cash consideration received for sale of equity units 5,024,000 Less: cash consideration paid as a capital contribution to Cyclyx (750,000) Add: carrying amount of NCI at the date of loss of control 595,246 Add: fair value of investment in associate retained 114,976,000 Add: gain on previously unrecognized intellectual property contributed to Cyclyx 124,200,000 Less: net assets disposed of: (125,830,984) Cash and cash equivalents (5,921,145) Accounts receivable (3,725,925) Inventory (3,017,975) Prepaid expenses and other current assets (233,111) Property, plant and equipment (8,030,959) Right of use asset (224,413) Intangible assets (124,200,000) Lease liability 254,306 Accounts payable 15,510,720 Accrued expenses and other current liabilities 402,212 Contract liability 3,355,307 Gain on loss of control of subsidiary 118,214,262
ii. Cyclyx loss of control - discontinued operations presentation Upon loss of control, the Cyclyx entity which represents a separate major line of business, met the criteria for classification as a discontinued operation. The results of its operations for the year prior to loss of control have been presented as a single line in the Consolidated Income Statement. The comparable Consolidated Income Statement has been re-presented to show the discontinued operation separately from continuing operations. The post-tax loss from discontinued operations as presented on the consolidated Income Statement was determined as follows:
RESULTS OF CYCLYX (DISCONTINUED OPERATION) For the period ended December 31 2022 2023 Revenue 9,095,572 6,772,574 Expenses other than finance costs (14,573,041) (11,679,514) Finance costs (26,017) (28,136) Gain on loss of control of subsidiary - 118,214,262 Profit (loss) from discontinued operation, net of tax (5,503,486) 113,279,186 Profit (loss) from Cyclyx (discontinued operation) attributable to: Equity holders of the parent (4,127,615) 114,512,955 Non-controlling interest (1,375,872) (1,233,769) (5,503,486) 113,279,186 Earnings per share - from Cyclyx (discontinued operations) Earnings per share, basic (0.05) 1.32 Cash flows - from (used in) Cyclyx (discontinued operations) Net cash from (used in) operating activities (4,227,244) (10,024,906) Net cash from (used in) investing activities (1,737,621) (8,399,868) Net cash from (used in) financing activities 5,731,720 74,925,039 Net cash from (used in) discontinued operations (233,145) 56,500,265
",
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"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f4208": {
"value": "DISCONTINUED OPERATIONS A discontinued operation is a component of Agilyx Group\u2019s business that has been disposed of by sale or other means (including loss of control), and that represents one of the following: \u2022 a separate major line of business, \u2022 a geographical area of operations, or \u2022 is a subsidiary acquired exclusively with a view to resale. Discontinued operations are presented in the consolidated income statement as a single line which comprises the post-tax profit or loss of the discontinued operation along with the post- tax gain or loss recognised on the re-measurement to fair value less costs to sell or on disposal of the assets or disposal groups constituting discontinued operations. When an operation is classified as a discontinued operation, the comparative income statement is re-presented as if the operation had been discontinued from the start of the comparative year.
",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4231": {
"value": "REVENUE Performance Obligations and timing of revenue recognition Agilyx Group\u2019s revenues can be divided into four main streams, as analyzed numerically in Note 3: Project development Revenues related to project developments are recognized over the contract period using percentage of completion as the method for measuring the revenue. This is because the projects created have no alternative use for Agilyx Group and the contracts require payment to be received for the time and effort spent by the group on progressing the contracts in the event of the customer cancelling the contract prior to completion for any reason other than the group\u2019s failure to perform its obligations under the contract. On partially complete design contracts, Agilyx Group recognizes revenue based on stage of completion of the project which is estimated 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 depiction of the transfer of services as the contracts are initially priced on the basis of anticipated hours to complete the projects and therefore also represents the amount to which the group would be entitled 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 significant risks and rewards of the goods in question. Sales of goods Revenues from the sale of goods are recognized at the point in time of the delivery, when control of the goods and risk of ownership has transferred to the customer. There is limited judgement needed in identifying the point control passes: once physical delivery of the products to the agreed location has occurred, the Agilyx Group no longer has physical possession, usually will have a present right to payment and retains none of the significant risks and rewards of the goods in question. Determining the transaction price Agilyx Group\u2019s revenue is derived from fixed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those fixed prices. There are no revenue contracts with significant financing components. Allocating amounts to performance obligations For sales contracts there is a fixed unit price for each product sold. Therefore, there is no judgement involved in allocating 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 practical expedient in paragraph 121(a) of IFRS 15 applies, related to the presentation of remaining performance obligations.
MEASUREMENT OF OPERATING SEGMENT PROFIT OR LOSS, ASSETS AND LIABILITIES 2022 2023 Cyclyx Agilyx Adjustments to remove Cyclyx Total Cyclyx Agilyx Adjustments to remove Cyclyx Total Profit and loss Revenues from external customers 9,095,572 7,361,747 (9,095,572) 7,361,747 10,297,592 5,894,701 (10,297,592) 5,894,701 Depreciation and amortization 43,335 767,520 (43,335) 767,520 1,786,908 643,465 (1,786,908) 643,465 Segment loss (4,692,176) (17,191,085) 5,477,469 (16,405,792) (9,273,199) (15,760,424) 9,273,199 (15,760,424) Impairment of investment in Regenyx (2,539,270) (2,023,078) Share of loss of equity accounted associates - (1,973,061) Fair value gain on warrant agreements 1,267,458 3,009,983 Interest expense (81,328) (207,663) Other financial income (expense), net (122,236) (202,349) Group net loss before tax and disontinued operations (17,881,168) (17,156,592)
Balance sheet Non-current asset additions 201,500 732,614 - 934,114 34,023,291 8,005,440 (34,023,291) 8,005,440 Reportable segment assets 9,614,712 14,975,949 - 24,590,661 76,502,783 17,298,046 (76,502,783) 17,298,046 Investment in associate - - - - - 113,002,939 - 113,002,939 Total group assets 24,590,661 130,300,985 Reportable segment liabilities 6,016,341 5,211,523 - 11,227,864 6,411,760 3,048,402 (6,411,760) 3,048,402 Derivative financial liabilities 6,303,189 3,293,206 Total group liabilities 17,531,053 6,341,608 Cash flow Net cash from operations (4,233,146) (11,024,569) - (15,257,715) (10,024,906) (13,643,205) 10,024,906 (13,643,205) Net cash from investments - (3,473,384) - (3,473,384) (8,399,868) (11,675,663) 8,399,868 (11,675,663) Net cash from financing (1,000,000) 13,832,264 - 12,832,264 74,925,039 20,175,181 (74,925,039) 20,175,181 Revenue by geography - Revenue by geography is included in Note 3. 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 2023 or 2022: MAJOR CUSTOMERS 2022 2023 Segment Customer A 8,792,620 8,439,553 Cyclyx Customer B 6,604,479 4,920,455 Agilyx Customer C 144,331 - Agilyx Customer D 139,880 - Agilyx Customer E 12,500 637,951 Agilyx
GEOGRAPHICAL DISTRIBUTION OF REVENUES Group Location/Category 2022 2023 Europe 250,899 674,551 USA 416,219 206,195 APAC 6,694,629 5,013,955 Other - - Total sales by customers location 7,361,747 5,894,701 Product category Project development 609,695 518,626 Services - 630,223 License, membership and royalty fees 147,573 206,203 Sale of goods 6,604,479 4,539,649 Total sales by category 7,361,747 5,894,701
No sales was recognized in the parent company Agilyx ASA in 2022 and 2023. Note 20: Contract liability The Company\u2019s Contract liability balances at December 31, 2022 and 2023 was $5,945,535 and $0, respectively. These balances represents billings in excess of revenue recognized on project related activities that are recognized on a percent complete basis and product shipments billed in advance. The Company has classified this amount as current as it expects to recognize the revenues over the next twelve months. An accounting roll forward for the periods presented are as follows: CONTRACT LIABILITY Balance as of January 1, 2022 1,376,452 Billings deferred 20,878,829 Revenue recognized (16,309,746) Ending balance as of December 31, 2022 5,945,535 Billings deferred 10,077,047 Revenue recognized (12,667,275) Cyclyx deconsolidation (3,355,307) Ending balance as of December 31, 2023 - In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the labilities attributable to Cyclyx have been removed from the above reconciliation. See Note 23 for more information.
",
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"f4232": {
"value": "REVENUE Performance Obligations and timing of revenue recognition Agilyx Group\u2019s revenues can be divided into four main streams, as analyzed numerically in Note 3: Project development Revenues related to project developments are recognized over the contract period using percentage of completion as the method for measuring the revenue. This is because the projects created have no alternative use for Agilyx Group and the contracts require payment to be received for the time and effort spent by the group on progressing the contracts in the event of the customer cancelling the contract prior to completion for any reason other than the group\u2019s failure to perform its obligations under the contract. On partially complete design contracts, Agilyx Group recognizes revenue based on stage of completion of the project which is estimated 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 depiction of the transfer of services as the contracts are initially priced on the basis of anticipated hours to complete the projects and therefore also represents the amount to which the group would be entitled 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 significant risks and rewards of the goods in question. Sales of goods Revenues from the sale of goods are recognized at the point in time of the delivery, when control of the goods and risk of ownership has transferred to the customer. There is limited judgement needed in identifying the point control passes: once physical delivery of the products to the agreed location has occurred, the Agilyx Group no longer has physical possession, usually will have a present right to payment and retains none of the significant risks and rewards of the goods in question. Determining the transaction price Agilyx Group\u2019s revenue is derived from fixed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those fixed prices. There are no revenue contracts with significant financing components. Allocating amounts to performance obligations For sales contracts there is a fixed unit price for each product sold. Therefore, there is no judgement involved in allocating 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 practical expedient in paragraph 121(a) of IFRS 15 applies, related to the presentation of remaining performance obligations.
MEASUREMENT OF OPERATING SEGMENT PROFIT OR LOSS, ASSETS AND LIABILITIES 2022 2023 Cyclyx Agilyx Adjustments to remove Cyclyx Total Cyclyx Agilyx Adjustments to remove Cyclyx Total Profit and loss Revenues from external customers 9,095,572 7,361,747 (9,095,572) 7,361,747 10,297,592 5,894,701 (10,297,592) 5,894,701 Depreciation and amortization 43,335 767,520 (43,335) 767,520 1,786,908 643,465 (1,786,908) 643,465 Segment loss (4,692,176) (17,191,085) 5,477,469 (16,405,792) (9,273,199) (15,760,424) 9,273,199 (15,760,424) Impairment of investment in Regenyx (2,539,270) (2,023,078) Share of loss of equity accounted associates - (1,973,061) Fair value gain on warrant agreements 1,267,458 3,009,983 Interest expense (81,328) (207,663) Other financial income (expense), net (122,236) (202,349) Group net loss before tax and disontinued operations (17,881,168) (17,156,592)
Balance sheet Non-current asset additions 201,500 732,614 - 934,114 34,023,291 8,005,440 (34,023,291) 8,005,440 Reportable segment assets 9,614,712 14,975,949 - 24,590,661 76,502,783 17,298,046 (76,502,783) 17,298,046 Investment in associate - - - - - 113,002,939 - 113,002,939 Total group assets 24,590,661 130,300,985 Reportable segment liabilities 6,016,341 5,211,523 - 11,227,864 6,411,760 3,048,402 (6,411,760) 3,048,402 Derivative financial liabilities 6,303,189 3,293,206 Total group liabilities 17,531,053 6,341,608 Cash flow Net cash from operations (4,233,146) (11,024,569) - (15,257,715) (10,024,906) (13,643,205) 10,024,906 (13,643,205) Net cash from investments - (3,473,384) - (3,473,384) (8,399,868) (11,675,663) 8,399,868 (11,675,663) Net cash from financing (1,000,000) 13,832,264 - 12,832,264 74,925,039 20,175,181 (74,925,039) 20,175,181 Revenue by geography - Revenue by geography is included in Note 3. 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 2023 or 2022: MAJOR CUSTOMERS 2022 2023 Segment Customer A 8,792,620 8,439,553 Cyclyx Customer B 6,604,479 4,920,455 Agilyx Customer C 144,331 - Agilyx Customer D 139,880 - Agilyx Customer E 12,500 637,951 Agilyx
GEOGRAPHICAL DISTRIBUTION OF REVENUES Group Location/Category 2022 2023 Europe 250,899 674,551 USA 416,219 206,195 APAC 6,694,629 5,013,955 Other - - Total sales by customers location 7,361,747 5,894,701 Product category Project development 609,695 518,626 Services - 630,223 License, membership and royalty fees 147,573 206,203 Sale of goods 6,604,479 4,539,649 Total sales by category 7,361,747 5,894,701
No sales was recognized in the parent company Agilyx ASA in 2022 and 2023. Note 20: Contract liability The Company\u2019s Contract liability balances at December 31, 2022 and 2023 was $5,945,535 and $0, respectively. These balances represents billings in excess of revenue recognized on project related activities that are recognized on a percent complete basis and product shipments billed in advance. The Company has classified this amount as current as it expects to recognize the revenues over the next twelve months. An accounting roll forward for the periods presented are as follows: CONTRACT LIABILITY Balance as of January 1, 2022 1,376,452 Billings deferred 20,878,829 Revenue recognized (16,309,746) Ending balance as of December 31, 2022 5,945,535 Billings deferred 10,077,047 Revenue recognized (12,667,275) Cyclyx deconsolidation (3,355,307) Ending balance as of December 31, 2023 - In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the labilities attributable to Cyclyx have been removed from the above reconciliation. See Note 23 for more information.
",
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"f4234": {
"value": "REVENUE Performance Obligations and timing of revenue recognition Agilyx Group\u2019s revenues can be divided into four main streams, as analyzed numerically in Note 3: Project development Revenues related to project developments are recognized over the contract period using percentage of completion as the method for measuring the revenue. This is because the projects created have no alternative use for Agilyx Group and the contracts require payment to be received for the time and effort spent by the group on progressing the contracts in the event of the customer cancelling the contract prior to completion for any reason other than the group\u2019s failure to perform its obligations under the contract. On partially complete design contracts, Agilyx Group recognizes revenue based on stage of completion of the project which is estimated 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 depiction of the transfer of services as the contracts are initially priced on the basis of anticipated hours to complete the projects and therefore also represents the amount to which the group would be entitled 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 significant risks and rewards of the goods in question. Sales of goods Revenues from the sale of goods are recognized at the point in time of the delivery, when control of the goods and risk of ownership has transferred to the customer. There is limited judgement needed in identifying the point control passes: once physical delivery of the products to the agreed location has occurred, the Agilyx Group no longer has physical possession, usually will have a present right to payment and retains none of the significant risks and rewards of the goods in question. Determining the transaction price Agilyx Group\u2019s revenue is derived from fixed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those fixed prices. There are no revenue contracts with significant financing components. Allocating amounts to performance obligations For sales contracts there is a fixed unit price for each product sold. Therefore, there is no judgement involved in allocating 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 practical expedient in paragraph 121(a) of IFRS 15 applies, related to the presentation of remaining performance obligations.
",
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"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f4307": {
"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 intention to complete and sell the product \u2022 The Group is able to sell the product \u2022 Sale of the product will generate future economic benefits, and \u2022 Expenditure on the project can be measured reliably. Capitalized development costs are amortized over the periods Agilyx Group expects to benefit from selling the products developed. No projects have met this criteria for any of the periods presented. Development expenditure not satisfying the above criteria and expenditure on the research phase of internal projects are recognized in the consolidated income statement as incurred.
",
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"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f4308": {
"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 intention to complete and sell the product \u2022 The Group is able to sell the product \u2022 Sale of the product will generate future economic benefits, and \u2022 Expenditure on the project can be measured reliably. Capitalized development costs are amortized over the periods Agilyx Group expects to benefit from selling the products developed. No projects have met this criteria for any of the periods presented. Development expenditure not satisfying the above criteria and expenditure on the research phase of internal projects are recognized in the consolidated income statement as incurred.
",
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"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f4335": {
"value": "INCOME TAX Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Agilyx Group operates and generates taxable income. Deferred taxation Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability in the consolidated balance sheet differs from its tax base, except for differences arising on: \u2022 The initial recognition of goodwill \u2022 The initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit, and \u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the timing of the reversal of the difference and it is probable that the difference will not reverse in the foreseeable future. Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilised. The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax liabilities/(assets) are settled/(recovered). Deferred tax assets and liabilities are offset when Agilyx Group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company, or \u2022 Different group entities which intend either to settle current tax assets and liabilities on a net basis or to realise the assets and settle the liabilities simultaneously in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled 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, 2022 and 2023, respectively. Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Unrecognized deferred tax assets totaled $60.2 million (2022: $55.8 million) and in Norway $1.5 million (2022: $1.2 million). As of December 31, 2023, net operating loss for federal income tax purposes in US of approximately $196.5 million, portions of which will begin expire in 2030. Total state net operating loss carryforward in US of approximately $140.0 million, which will begin to expire in 2031. Agilyx Corp also has federal credits for approximately $2.5 million, which will begin to expire in 2030 and state research credits of approximately $0.7 million whose expiration date is not determined. Utilization of some of the federal and state net operating loss and credit carryforwards are subject to annual limitations due to the \u201cchange of ownership\u201d provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitations may result in the expiration of net operating losses and credits before utilization. Such an analysis will be prepared before the utilization of the net operating losses and credits. Loss carried forward in Norway as of December 31, 2023, of approximately $7 million has no expiration date. INCOME TAXES Group Parent 2022 2023 2022 2023 Basis for income tax expense (23,384,655) 96,122,594 (787,412) 1,156,607 Discountinued operation - (113,279,186) - - Basis for income tax expense - from continuing operations Result before taxes (23,384,655) (17,156,592) (787,412) 1,156,607 Issue costs shares - - - - State benefit (17,035) 16,485 - - Foreign expense - - - - Permanent differences (13,427) (3,585,520) (1,112,081) (2,880,108) Changes in temporary differences 1,091,933 399,468 - - Basis for payable taxes in the income statement - from continuing operations (22,323,184) (20,326,159) (1,899,493) (1,723,501) Deferred tax asset: Loss carried forward 50,289,598 53,674,151 1,162,624 1,541,794 Research & other credits 2,764,993 3,271,123 - - Capitalized R&D 539,265 1,414,255 - - Reserves and accruals - - - - Stock based compensation 239,015 301,184 - - Unrealized gain/loss 1,329,598 728,864 - - Lease liability 159,729 57,551 - - Investment in partnership 912,848 726,300 - - Total deferred tax assets 56,235,046 60,173,428 1,162,624 1,541,794 Deferred tax liabilities: Other intangibles (23,527) 693 - - Fixed assets (235,382) (56,413) - - Prepayments (38,247) (39,581) - - Right of use assets (154,671) (54,815) - - Investment in partnership - - - - Total deferred tax liabilities (451,827) (150,116) - - Net deferred tax assets 55,783,219 60,023,312 1,162,624 1,541,794 Recognized deferred tax assets - - - - Statutory tax rate 21% 21% 22% 22% Tax rate 0% 0% 0% 0%
INCOME TAX Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Agilyx Group operates and generates taxable income. Deferred taxation Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability in the consolidated balance sheet differs from its tax base, except for differences arising on: \u2022 The initial recognition of goodwill \u2022 The initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit, and \u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the timing of the reversal of the difference and it is probable that the difference will not reverse in the foreseeable future. Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilised. The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax liabilities/(assets) are settled/(recovered). Deferred tax assets and liabilities are offset when Agilyx Group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company, or \u2022 Different group entities which intend either to settle current tax assets and liabilities on a net basis or to realise the assets and settle the liabilities simultaneously in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered.
",
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"f4346": {
"value": "Deferred taxation Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability in the consolidated balance sheet differs from its tax base, except for differences arising on: \u2022 The initial recognition of goodwill \u2022 The initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit, and \u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the timing of the reversal of the difference and it is probable that the difference will not reverse in the foreseeable future. Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilised. The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax liabilities/(assets) are settled/(recovered). Deferred tax assets and liabilities are offset when Agilyx Group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company, or \u2022 Different group entities which intend either to settle current tax assets and liabilities on a net basis or to realise the assets and settle the liabilities simultaneously in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled 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, 2022 and 2023, respectively. Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Unrecognized deferred tax assets totaled $60.2 million (2022: $55.8 million) and in Norway $1.5 million (2022: $1.2 million). As of December 31, 2023, net operating loss for federal income tax purposes in US of approximately $196.5 million, portions of which will begin expire in 2030. Total state net operating loss carryforward in US of approximately $140.0 million, which will begin to expire in 2031. Agilyx Corp also has federal credits for approximately $2.5 million, which will begin to expire in 2030 and state research credits of approximately $0.7 million whose expiration date is not determined. Utilization of some of the federal and state net operating loss and credit carryforwards are subject to annual limitations due to the \u201cchange of ownership\u201d provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitations may result in the expiration of net operating losses and credits before utilization. Such an analysis will be prepared before the utilization of the net operating losses and credits. Loss carried forward in Norway as of December 31, 2023, of approximately $7 million has no expiration date. INCOME TAXES Group Parent 2022 2023 2022 2023 Basis for income tax expense (23,384,655) 96,122,594 (787,412) 1,156,607 Discountinued operation - (113,279,186) - - Basis for income tax expense - from continuing operations Result before taxes (23,384,655) (17,156,592) (787,412) 1,156,607 Issue costs shares - - - - State benefit (17,035) 16,485 - - Foreign expense - - - - Permanent differences (13,427) (3,585,520) (1,112,081) (2,880,108) Changes in temporary differences 1,091,933 399,468 - - Basis for payable taxes in the income statement - from continuing operations (22,323,184) (20,326,159) (1,899,493) (1,723,501) Deferred tax asset: Loss carried forward 50,289,598 53,674,151 1,162,624 1,541,794 Research & other credits 2,764,993 3,271,123 - - Capitalized R&D 539,265 1,414,255 - - Reserves and accruals - - - - Stock based compensation 239,015 301,184 - - Unrealized gain/loss 1,329,598 728,864 - - Lease liability 159,729 57,551 - - Investment in partnership 912,848 726,300 - - Total deferred tax assets 56,235,046 60,173,428 1,162,624 1,541,794 Deferred tax liabilities: Other intangibles (23,527) 693 - - Fixed assets (235,382) (56,413) - - Prepayments (38,247) (39,581) - - Right of use assets (154,671) (54,815) - - Investment in partnership - - - - Total deferred tax liabilities (451,827) (150,116) - - Net deferred tax assets 55,783,219 60,023,312 1,162,624 1,541,794 Recognized deferred tax assets - - - - Statutory tax rate 21% 21% 22% 22% Tax rate 0% 0% 0% 0%
",
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"f4347": {
"value": "Deferred taxation Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability in the consolidated balance sheet differs from its tax base, except for differences arising on: \u2022 The initial recognition of goodwill \u2022 The initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit, and \u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the timing of the reversal of the difference and it is probable that the difference will not reverse in the foreseeable future. Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilised. The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax liabilities/(assets) are settled/(recovered). Deferred tax assets and liabilities are offset when Agilyx Group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company, or \u2022 Different group entities which intend either to settle current tax assets and liabilities on a net basis or to realise the assets and settle the liabilities simultaneously in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered.
",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f4393": {
"value": "STOCK-BASED COMPENSATION The Company accounts for stock-based compensation in accordance with IFRS 2 \u2013 Share-based payment. The grant-date fair value of equity-settled share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards, using the accelerated method. The amount recognized as an expense, commences on the first of the month following the date of the grant and is adjusted to reflect the number of awards for which the related service conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service conditions at the vesting date.
Note 15: Stock Option Plan STOCK OPTIONS Stock option plan Stock Option Activity Number of shares Weighted average exercise price Weighted average contractual term (years) Aggregate intrinsic value Balance at January 1, 2022 11,432,624 $1.17 7.81 33,223,561 Share authorized Options granted 1,815,000 2.62 Options exercised (769,509) 0.28 8,706,073 Options forfeited/expired (188,899) 2.30 Balance at December 31, 2022 12,289,216 $1.40 7.71 26,343,495 Share authorized Options granted 140,000 3.41 Options exercised (631,249) 0.19 Options forfeited/expired (1,104,814) 1.92 Balance at December 31, 2023 10,693,153 $1.47 6.76 12,367,651 Options vested and expected to vest at December 31, 2023 10,693,153 $1.47 6.76 12,367,651 Options Exercisable 8,590,099 $1.17 6.61 12,002,536 EQUITY SHARES All employees Key management personnel 2022 2023 2022 2023 Equity-settled Option pricing model used Black-Scholes Black-Scholes Black-Scholes Black-Scholes Share price at grant date (weighted average) $1.02 $1.13 $1.05 $1.20 Exercise price (weighted average) $2.62 $3.41 $2.75 $3.47 Contractual life (weighted average) 6.12 10.99 6.15 11.00 Expected volatility (weighted average) 32% 53% 33% 59% Expected dividend growth rate 0% 0% 0% 0% Risk free interest rate (weighted average) 2.84% 3.08% 2.90% 3.10%
The following information is relevant in the determination of the fair value of options granted during the year under the equity share based remuneration schemes operated by the Group. The 2020 plan became effective as of 4 June 2020. Prior to this date Agilyx Corp had implemented a 2009 Stock Incentive plan. The 2009 plan was considered null and void after the effective date of the 2020 plan, but were replaced with new options in the new plan. The result was a modification of the options granted to each relevant counterparty which resulted in accelerated vesting. The result was beneficial (i.e. a higher fair value) to the employees since the service conditions were shortened for each counterparty. The total value of the modified grants was $216,535. Management calculated the total compensation cost for each new tranche and will be recognizing the new compensation cost straight-lined over the new vesting periods. The plan has a vesting period of 4 years, with 25% vesting after 1 year and monthly vesting evenly thereafter. All options are equity settled. Estimated volatility is calculated based on the historical volatility of similar entities 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 option expires, terminates or is cancelled, the unissued shares subject to that option shall again be available under the Plan.
The options outstanding have a range of exercise prices from $0.06 to $3.89",
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"f4394": {
"value": "STOCK-BASED COMPENSATION The Company accounts for stock-based compensation in accordance with IFRS 2 \u2013 Share-based payment. The grant-date fair value of equity-settled share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards, using the accelerated method. The amount recognized as an expense, commences on the first of the month following the date of the grant and is adjusted to reflect the number of awards for which the related service conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service conditions at the vesting date.
",
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"f4409": {
"value": "FOREIGN CURRENCY TRANSLATION Certain transactions of the Company and its subsidiaries are denominated in currencies other than their functional currency. Foreign currency exchange gains and losses generated from the settlement and remeasurement of these transactions are recognized in earnings and presented within \u201cOther financial income\u201d in the Company\u2019s Income Statement.
",
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"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f4410": {
"value": "FOREIGN CURRENCY TRANSLATION Certain transactions of the Company and its subsidiaries are denominated in currencies other than their functional currency. Foreign currency exchange gains and losses generated from the settlement and remeasurement of these transactions are recognized in earnings and presented within \u201cOther financial income\u201d in the Company\u2019s Income Statement.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f4426": {
"value": "FINANCIAL INSTRUMENTS Financial assets Agilyx Group categorizes all of its financial assets as amortized 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 financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of principal and interest (principally cash and cash equivalents). They are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortized cost using the effective interest rate method, less provision for impairment, as required. Impairment provisions for current and non-current trade receivables are recognized based on the simplified approach within IFRS 9 see Note 10 for further commentary on the application of this. Agilyx Group\u2019s financial assets measured at amortized cost comprise accounts receivables and cash and cash equivalents in the consolidated balance sheet.
Financial liabilities Agilyx Group classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired.
Fair value through profit or loss This category comprises warrants and subscription rights which are derivative financial instruments. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated profit and loss. Other than these derivative financial instruments, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss.
Other financial liabilities - measured at amortized cost Other financial liabilities include notes payable, accounts payable, payables to Group companies and lease liabilities. These are initially recognized at fair value net of any transaction costs directly attributable to the issue of the instrument. Any interest bearing liabilities are subsequently measured at amortized cost using the effective 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 financial position. Accounts payables and other short-term monetary liabilities, are initially recognized at fair value and subsequently carried at amortized cost using the effective interest method.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-financial 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 written down accordingly. See Note 9, for specific analysis performed on the investment in Regenyx. Where it is not possible to estimate 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 identifiable cash flows; its cash generating units (\u2018CGUs\u2019). Impairment charges are included in profit or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amortized cost, less any provision for expected credit losses of receivables. See Note 10 for further information on how Agilyx Group applies the simplified model for expected credit losses, as permitted by IFRS 9.
INDEPENDENT SUBSCRIPTION RIGHTS - DERIVATIVE LIABILITY Agilyx Corporation has granted warrants in connection with various debt and equity issuances that were exercisable into ordinary shares. In connection to the share exchange that was completed January 7, 2020, these warrants were replaced with subscription rights where Agilyx ASA issued 36,925 (3,692,500 after share split 1:100) subscription rights exercisable by notice to the Board of Directors. Upon exercise, a cash contribution of $100 ($1 after share split) shall be paid for the warrants under the 2017 plan in Agilyx Corporation, and $0.01 (0.00 after share split) for all other warrants. The subscription rights were issued by an extraordinary general meeting held August 27, 2020. The warrant agreements include a cashless exercise option, which introduces variability into the number of shares that could be issued. The instruments therefore fails the fixed for fixed requirement in IAS 32 and is classified as a derivative liability. The instruments meets the definition of a derivative because their values change in response to a specified financial instrument price (Agilyx Group stock price), they required no initial net investment and they will be settled at a future date. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. See Note 14 for additional information on these instruments and the valuation 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 2. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cashflows that are largely independent of the cash inflows from other assets or groups of assets. For the investment in Regenyx, objective evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted negative cash flows being generated by the entity, which would require capital contributions from Agilyx and AmSty in order to support its continued operation. Due to the projected negative cash flows 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 written off investment. IMPAIRMENT OF INVESTMENT Calculation of balance sheet value of investment in Regenyx Balance sheet value December 31, 2021 - Investment during 2022 - above initial estimated cash outflow 2,539,270 Impairment charge \u2013 fully impair balance (2,539,270) Balance sheet value December 31, 2022 - Investment during 2023 - above initial estimated cash outflow 2,023,078 Impairment charge \u2013 fully impair balance (2,023,078) Balance sheet value December 31, 2023 - Summarized financial information of Regenyx As at December 31 2022 2023 Current assets 776,403 554,479 Non-current assets 3,565,812 3,299,323 Current liabilities 2,233,063 1,936,676 Net assets (100%) 2,109,152 1,917,126 Period ended December 31 2022 2023 Revenues 1,004,279 1,140,347 Total and Other Comprehensive loss (4,451,216) (4,805,079)
Agilyx applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for all accounts receivables. To measure expected credit losses on a collective basis, accounts receivables are grouped based on similar credit risk and aging. The expected loss rates are based on Agilyx\u2019 s historical credit losses experienced over the period since adoption 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. One of the main factors applied when concluding that no allowance is required, is the aging of the accounts receivable balances: Group 2022 2023 Non-overdue amounts - - 0-30 days past due - - 31-60 days past due - - 60-90 days past due 81,283 260,741 Over 90 days past due 2,362,170 328,137 2,443,453 588,878
In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the assets attributable to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information.
WARRANTS AND SUBSCRIPTION RIGHTS Number of ordinary shares Exercise price per share - USD Expiration Ordinary share warrants converted to subscription rights 2,322,100 1.00 2025 Group and parent December 31, 2022 Group and parent December 31, 2023 Warrant liabilities 6,303,189 3,293,206 WARRANT LIABILITY VALUATION Group and parent December 31, 2022 Group and parent December 31, 2023 Expected term 7-Aug-25 7-Aug-25 Equity volatility 30% 35% Risk free rate 4.34% 4.45% EQUITY Equity value at expiration - 5% Equity value at expiration + 5% At December 31, 2022 (315,160) 315,159 At December 31, 2023 (164,661) 164,660
RECONCILIATION Warrant liability At January 1, 2022 7,570,647 Gain on warrant value - presented as fair value through profit and loss (1,267,458) At December 31, 2022 6,303,189 Gain on warrant value - presented as fair value through profit and loss (3,009,983) At December 31, 2023 3,293,206 Note 14: Warrants The Company has granted warrants in connection with various debt and equity issuances. The following table reflects the total of outstanding warrants as of December 31, 2023 that are exercisable into ordinary shares: The ordinary share warrants and subscription rights, are the only financial instruments measured at fair value through the profit and loss. This treatment is required for the Warrants because the terms of the Warrant include a cash less exercise option, which triggers derivative treatment in accordance with IFRS 9. This is because their values change in response to a specified financial instrument price (Agilyx Group stock price), they required no initial net investment and they will be settled at a future date. All ordinary share warrants and subscription 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 valuation of the Warrant liability was performed using the Black Scholes Model, the following inputs were significant in the computation of fair values at each reporting date: During 2022, the Board of Directors authorized an extension on all warrants now having an expiration date of August 7, 2025. As the outstanding warrants for Agilyx are well in the money as of the December 31, 2022 and 2023 reporting dates, the valuations performed determined that the preponderance of the amount, for each of the respective dates, was intrinsic value in nature. Hence there was very little time value associated with the estimate of value calculated. As a result of this relationship, 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 volatility. This determination was corroborated with the sensitivity calculations completed. During 2022 and 2023, no warrants were exercised. The sensitivity analysis of a reasonably possible change in one significant unobservable input, being the underlying equity value, holding other inputs constant would be:
The reconciliation of the opening and closing fair value balance of level 3 financial instruments is provided below (this is applicable for both the Group and Parent only financial statements): Note 19: Notes payable During 2022 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.
Note 21: Financial instruments - risk management Agilyx Group is exposed through its operations to the following financial risks: \u2022 Credit risk \u2022 Liquidity risk In common with all other businesses, Agilyx Group is exposed to risks that arise from its use of financial instruments. This note describes Agilyx Group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information with respect to these risks is presented throughout these financial statements. There have been no substantive changes in the Group\u2019s exposure to financial instrument risks, its objectives, 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 financial instruments, by category The principal financial instruments used by Agilyx Group are listed in the table below, all of which are measured at amortized cost, plus the Warrant/Subscription rights, which are measured at fair value through the profit and loss: (ii) Financial instruments not measured at fair value Financial instruments not measured at fair value include 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 amortized cost is considered to approximate fair value. The Notes payable and Lease liabilities both carry market rates of interest, for these amounts the amortized 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 financial instruments measured at fair value through profit and loss are the Warrants and Subscription rights, described in more detail in Note 14. (iv) General objectives, policies and processes The Board has overall responsibility for the determination of Agilyx Group\u2019s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Agilyx Group finance function. The Board receives monthly reports from the V.P. and Corporate Controller through which it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and policies it sets. PRINCIPAL FINANCIAL INSTRUMENTS Group - as at Parent - as at December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 Accounts receivable 2,443,453 588,878 - - Cash and cash equivalents 13,671,319 8,527,632 5,007,823 5,958,889 Total financial assets 16,114,772 9,116,510 5,007,823 5,958,889 Accounts payable 2,640,756 1,830,507 424 403 Payable to group companies - - 2,515,348 4,330,087 Lease liabilities 732,030 292,958 - - Financial liabilities at amortized cost 3,372,786 2,123,465 2,515,772 4,330,490 Warrant liability 6,303,189 3,293,206 6,303,189 3,293,206 Total financial liabilities 9,675,975 5,416,671 8,818,961 7,623,696
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below: CREDIT RISK Credit risk is the risk of financial loss to Agilyx Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. 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 ratings are taken into account by local business practices. As noted in Note 1, historically Agilyx does not have issues with the collectability of its receivable balances. Due to this historical experience and the procedures that 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 financial institutions. Agilyx Group only deals with highly reputable banks and financial institutions. At times, Agilyx Group does hold funds with certain banks that are beyond federally insured levels, however, management regularly monitors the banking relationships to minimize any risk that may arise in this respect.
LIQUIDITY RISK Liquidity risk arises from Agilyx Group\u2019s management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that Agilyx Group will encounter difficulty in meeting its financial obligations as they fall due. The current policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim, it seeks to maintain cash balances (or agreed facilities) to meet expected requirements for a period of at least 45 days. The Group also seeks to reduce liquidity risk by fixing interest rates (and hence cash flows) on its long-term borrowings, this is further discussed in the \u2018interest rate risk\u2019 section above. The Board regularly receives cash flow projections as well as information regarding cash balances. At the end of the financial year, these projections indicated that the Group expected to have sufficient liquid resources to meet its obligations under all reasonably expected circumstances. The budgets are set by management and agreed upon by the board in advance, enabling the Agilyx Group\u2019s cash requirements to be anticipated. The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities: See Note 9 for undiscounted contractual cash flow information in relation to the lease liabilities. CONTRACTURAL MATURITIES (GROUP - AS AT) Group - as at As at December, 31 2022 Due between 0 - 12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 2,640,756 - - 2,640,756 Payable to group companies - - - - 2,640,756 - - 2,640,756 As at December, 31 2022 Accounts payable 1,830,507 - - 1,830,507 Payable to group companies - - - - 1,830,507 - - 1,830,507 CONTRACTURAL MATURITIES (PARENT - AS AT) Parent - as at As at December, 31 2022 Due between 0 - 12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 424 - - 424 Payable to Group Companies 2,515,348 - - 2,515,348 2,515,772 - - 2,515,772 As at December, 31 2022 Accounts payable 403 - - 403 Payable to Group Companies 4,330,087 - - 4,330,087 4,330,490 - - 4,330,490
In addition to the financial liabilities noted above, there are other potential cash outflows in relation to the investment in Regenyx, which may affect liquidity. During the initial funding period, Agilyx was responsible for funding the operations of Regenyx, this resulted in cash outflows, for 2023 of $2,023,078 (2022: $2,539,270) as reported on the cash flow statement. Furthermore, the Regenyx contribution agreement includes a put option as defined in Note 9, which could result in a cash outflow, should the option be exercised by AmSty. The cash outflow 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 option is fair value. Hence, the value of consideration due upon exercise of the option and the asset acquired (shares), would be equal and therefore no value has been attributed to this put option. At the date of this report, no events has occurred that will initiate the purchase of AmSty\u2019s investment
in Regenyx. CAPITAL DISCLOSURES Agilyx Group\u2019s managed capital includes equity and debt. The objectives for Agilyx Group when maintaining capital are: \u2022 to safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits 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 proportion to risk. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics 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 attached to the bank and borrowing facilities.
FINANCIAL INSTRUMENTS Financial assets Agilyx Group categorizes all of its financial assets as amortized 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 financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of principal and interest (principally cash and cash equivalents). They are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortized cost using the effective interest rate method, less provision for impairment, as required. Impairment provisions for current and non-current trade receivables are recognized based on the simplified approach within IFRS 9 see Note 10 for further commentary on the application of this. Agilyx Group\u2019s financial assets measured at amortized cost comprise accounts receivables and cash and cash equivalents in the consolidated balance sheet.
Financial liabilities Agilyx Group classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired.
Fair value through profit or loss This category comprises warrants and subscription rights which are derivative financial instruments. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated profit and loss. Other than these derivative financial instruments, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss.
Other financial liabilities - measured at amortized cost Other financial liabilities include notes payable, accounts payable, payables to Group companies and lease liabilities. These are initially recognized at fair value net of any transaction costs directly attributable to the issue of the instrument. Any interest bearing liabilities are subsequently measured at amortized cost using the effective 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 financial position. Accounts payables and other short-term monetary liabilities, are initially recognized at fair value and subsequently carried at amortized cost using the effective interest method.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-financial 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 written down accordingly. See Note 9, for specific analysis performed on the investment in Regenyx. Where it is not possible to estimate 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 identifiable cash flows; its cash generating units (\u2018CGUs\u2019). Impairment charges are included in profit or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amortized cost, less any provision for expected credit losses of receivables. See Note 10 for further information on how Agilyx Group applies the simplified model for expected credit losses, as permitted by IFRS 9.
INDEPENDENT SUBSCRIPTION RIGHTS - DERIVATIVE LIABILITY Agilyx Corporation has granted warrants in connection with various debt and equity issuances that were exercisable into ordinary shares. In connection to the share exchange that was completed January 7, 2020, these warrants were replaced with subscription rights where Agilyx ASA issued 36,925 (3,692,500 after share split 1:100) subscription rights exercisable by notice to the Board of Directors. Upon exercise, a cash contribution of $100 ($1 after share split) shall be paid for the warrants under the 2017 plan in Agilyx Corporation, and $0.01 (0.00 after share split) for all other warrants. The subscription rights were issued by an extraordinary general meeting held August 27, 2020. The warrant agreements include a cashless exercise option, which introduces variability into the number of shares that could be issued. The instruments therefore fails the fixed for fixed requirement in IAS 32 and is classified as a derivative liability. The instruments meets the definition of a derivative because their values change in response to a specified financial instrument price (Agilyx Group stock price), they required no initial net investment and they will be settled at a future date. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. See Note 14 for additional information on these instruments and the valuation approach.
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"f4430": {
"value": "Financial assets Agilyx Group categorizes all of its financial assets as amortized 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 financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of principal and interest (principally cash and cash equivalents). They are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortized cost using the effective interest rate method, less provision for impairment, as required. Impairment provisions for current and non-current trade receivables are recognized based on the simplified approach within IFRS 9 see Note 10 for further commentary on the application of this. Agilyx Group\u2019s financial assets measured at amortized cost comprise accounts receivables and cash and cash equivalents in the consolidated balance sheet.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-financial 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 written down accordingly. See Note 9, for specific analysis performed on the investment in Regenyx. Where it is not possible to estimate 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 identifiable cash flows; its cash generating units (\u2018CGUs\u2019). Impairment charges are included in profit or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amortized cost, less any provision for expected credit losses of receivables. See Note 10 for further information on how Agilyx Group applies the simplified model for expected credit losses, as permitted by IFRS 9.
Financial liabilities Agilyx Group classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired.
Other financial liabilities - measured at amortized cost Other financial liabilities include notes payable, accounts payable, payables to Group companies and lease liabilities. These are initially recognized at fair value net of any transaction costs directly attributable to the issue of the instrument. Any interest bearing liabilities are subsequently measured at amortized cost using the effective 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 financial position. Accounts payables and other short-term monetary liabilities, are initially recognized at fair value and subsequently carried at amortized cost using the effective interest method.
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"f4458": {
"value": "Fair value through profit or loss This category comprises warrants and subscription rights which are derivative financial instruments. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated profit and loss. Other than these derivative financial instruments, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss.
WARRANTS AND SUBSCRIPTION RIGHTS Number of ordinary shares Exercise price per share - USD Expiration Ordinary share warrants converted to subscription rights 2,322,100 1.00 2025 Group and parent December 31, 2022 Group and parent December 31, 2023 Warrant liabilities 6,303,189 3,293,206 WARRANT LIABILITY VALUATION Group and parent December 31, 2022 Group and parent December 31, 2023 Expected term 7-Aug-25 7-Aug-25 Equity volatility 30% 35% Risk free rate 4.34% 4.45% EQUITY Equity value at expiration - 5% Equity value at expiration + 5% At December 31, 2022 (315,160) 315,159 At December 31, 2023 (164,661) 164,660
RECONCILIATION Warrant liability At January 1, 2022 7,570,647 Gain on warrant value - presented as fair value through profit and loss (1,267,458) At December 31, 2022 6,303,189 Gain on warrant value - presented as fair value through profit and loss (3,009,983) At December 31, 2023 3,293,206 Note 14: Warrants The Company has granted warrants in connection with various debt and equity issuances. The following table reflects the total of outstanding warrants as of December 31, 2023 that are exercisable into ordinary shares: The ordinary share warrants and subscription rights, are the only financial instruments measured at fair value through the profit and loss. This treatment is required for the Warrants because the terms of the Warrant include a cash less exercise option, which triggers derivative treatment in accordance with IFRS 9. This is because their values change in response to a specified financial instrument price (Agilyx Group stock price), they required no initial net investment and they will be settled at a future date. All ordinary share warrants and subscription 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 valuation of the Warrant liability was performed using the Black Scholes Model, the following inputs were significant in the computation of fair values at each reporting date: During 2022, the Board of Directors authorized an extension on all warrants now having an expiration date of August 7, 2025. As the outstanding warrants for Agilyx are well in the money as of the December 31, 2022 and 2023 reporting dates, the valuations performed determined that the preponderance of the amount, for each of the respective dates, was intrinsic value in nature. Hence there was very little time value associated with the estimate of value calculated. As a result of this relationship, 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 volatility. This determination was corroborated with the sensitivity calculations completed. During 2022 and 2023, no warrants were exercised. The sensitivity analysis of a reasonably possible change in one significant unobservable input, being the underlying equity value, holding other inputs constant would be:
The reconciliation of the opening and closing fair value balance of level 3 financial instruments is provided below (this is applicable for both the Group and Parent only financial statements): The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities: See Note 9 for undiscounted contractual cash flow information in relation to the lease liabilities. CONTRACTURAL MATURITIES (GROUP - AS AT) Group - as at As at December, 31 2022 Due between 0 - 12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 2,640,756 - - 2,640,756 Payable to group companies - - - - 2,640,756 - - 2,640,756 As at December, 31 2022 Accounts payable 1,830,507 - - 1,830,507 Payable to group companies - - - - 1,830,507 - - 1,830,507 CONTRACTURAL MATURITIES (PARENT - AS AT) Parent - as at As at December, 31 2022 Due between 0 - 12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 424 - - 424 Payable to Group Companies 2,515,348 - - 2,515,348 2,515,772 - - 2,515,772 As at December, 31 2022 Accounts payable 403 - - 403 Payable to Group Companies 4,330,087 - - 4,330,087 4,330,490 - - 4,330,490
In addition to the financial liabilities noted above, there are other potential cash outflows in relation to the investment in Regenyx, which may affect liquidity. During the initial funding period, Agilyx was responsible for funding the operations of Regenyx, this resulted in cash outflows, for 2023 of $2,023,078 (2022: $2,539,270) as reported on the cash flow statement. Furthermore, the Regenyx contribution agreement includes a put option as defined in Note 9, which could result in a cash outflow, should the option be exercised by AmSty. The cash outflow 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 option is fair value. Hence, the value of consideration due upon exercise of the option and the asset acquired (shares), would be equal and therefore no value has been attributed to this put option. At the date of this report, no events has occurred that will initiate the purchase of AmSty\u2019s investment
in Regenyx",
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"f4459": {
"value": "Fair value through profit or loss This category comprises warrants and subscription rights which are derivative financial instruments. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated profit and loss. Other than these derivative financial instruments, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss.
Fair value through profit or loss This category comprises warrants and subscription rights which are derivative financial instruments. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated profit and loss. Other than these derivative financial instruments, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss.
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"f4462": {
"value": "Fair value through profit or loss This category comprises warrants and subscription rights which are derivative financial instruments. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated profit and loss. Other than these derivative financial instruments, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss.
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"f4472": {
"value": "Other financial liabilities - measured at amortized cost Other financial liabilities include notes payable, accounts payable, payables to Group companies and lease liabilities. These are initially recognized at fair value net of any transaction costs directly attributable to the issue of the instrument. Any interest bearing liabilities are subsequently measured at amortized cost using the effective 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 financial position. Accounts payables and other short-term monetary liabilities, are initially recognized at fair value and subsequently carried at amortized cost using the effective interest method.
ACCOUNTS PAYABLE Group Parent 2022 2023 2022 2023 Accounts payable 2,640,756 1,830,507 424 403 Related party payables - - - - Total accounts payable 2,640,756 1,830,507 424 403 In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the liabilities attributable
to Cyclyx, are not included in the 2023 balances above. See Note 23 for more informationThe following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities: See Note 9 for undiscounted contractual cash flow information in relation to the lease liabilities. CONTRACTURAL MATURITIES (GROUP - AS AT) Group - as at As at December, 31 2022 Due between 0 - 12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 2,640,756 - - 2,640,756 Payable to group companies - - - - 2,640,756 - - 2,640,756 As at December, 31 2022 Accounts payable 1,830,507 - - 1,830,507 Payable to group companies - - - - 1,830,507 - - 1,830,507 CONTRACTURAL MATURITIES (PARENT - AS AT) Parent - as at As at December, 31 2022 Due between 0 - 12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 424 - - 424 Payable to Group Companies 2,515,348 - - 2,515,348 2,515,772 - - 2,515,772 As at December, 31 2022 Accounts payable 403 - - 403 Payable to Group Companies 4,330,087 - - 4,330,087 4,330,490 - - 4,330,490
In addition to the financial liabilities noted above, there are other potential cash outflows in relation to the investment in Regenyx, which may affect liquidity. During the initial funding period, Agilyx was responsible for funding the operations of Regenyx, this resulted in cash outflows, for 2023 of $2,023,078 (2022: $2,539,270) as reported on the cash flow statement. Furthermore, the Regenyx contribution agreement includes a put option as defined in Note 9, which could result in a cash outflow, should the option be exercised by AmSty. The cash outflow 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 option is fair value. Hence, the value of consideration due upon exercise of the option and the asset acquired (shares), would be equal and therefore no value has been attributed to this put option. At the date of this report, no events has occurred that will initiate the purchase of AmSty\u2019s investment
in Regenyx. Other financial liabilities - measured at amortized cost Other financial liabilities include notes payable, accounts payable, payables to Group companies and lease liabilities. These are initially recognized at fair value net of any transaction costs directly attributable to the issue of the instrument. Any interest bearing liabilities are subsequently measured at amortized cost using the effective 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 financial position. Accounts payables and other short-term monetary liabilities, are initially recognized at fair value and subsequently carried at amortized cost using the effective interest method.
Other financial liabilities - measured at amortized cost Other financial liabilities include notes payable, accounts payable, payables to Group companies and lease liabilities. These are initially recognized at fair value net of any transaction costs directly attributable to the issue of the instrument. Any interest bearing liabilities are subsequently measured at amortized cost using the effective 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 financial position. Accounts payables and other short-term monetary liabilities, are initially recognized at fair value and subsequently carried at amortized cost using the effective interest method.
Note 19: Notes payable During 2022 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 following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities: See Note 9 for undiscounted contractual cash flow information in relation to the lease liabilities. CONTRACTURAL MATURITIES (GROUP - AS AT) Group - as at As at December, 31 2022 Due between 0 - 12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 2,640,756 - - 2,640,756 Payable to group companies - - - - 2,640,756 - - 2,640,756 As at December, 31 2022 Accounts payable 1,830,507 - - 1,830,507 Payable to group companies - - - - 1,830,507 - - 1,830,507 CONTRACTURAL MATURITIES (PARENT - AS AT) Parent - as at As at December, 31 2022 Due between 0 - 12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 424 - - 424 Payable to Group Companies 2,515,348 - - 2,515,348 2,515,772 - - 2,515,772 As at December, 31 2022 Accounts payable 403 - - 403 Payable to Group Companies 4,330,087 - - 4,330,087 4,330,490 - - 4,330,490
In addition to the financial liabilities noted above, there are other potential cash outflows in relation to the investment in Regenyx, which may affect liquidity. During the initial funding period, Agilyx was responsible for funding the operations of Regenyx, this resulted in cash outflows, for 2023 of $2,023,078 (2022: $2,539,270) as reported on the cash flow statement. Furthermore, the Regenyx contribution agreement includes a put option as defined in Note 9, which could result in a cash outflow, should the option be exercised by AmSty. The cash outflow 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 option is fair value. Hence, the value of consideration due upon exercise of the option and the asset acquired (shares), would be equal and therefore no value has been attributed to this put option. At the date of this report, no events has occurred that will initiate the purchase of AmSty\u2019s investment
in Regenyx. Other financial liabilities - measured at amortized cost Other financial liabilities include notes payable, accounts payable, payables to Group companies and lease liabilities. These are initially recognized at fair value net of any transaction costs directly attributable to the issue of the instrument. Any interest bearing liabilities are subsequently measured at amortized cost using the effective 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 financial position. Accounts payables and other short-term monetary liabilities, are initially recognized at fair value and subsequently carried at amortized cost using the effective interest method.
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"f4492": {
"value": "INTANGIBLE ASSETS Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combination are recognized at historical cost when the criteria for balance sheet recognition have been met. Intangible assets with a limited economic life are amortized on a systematic basis, based on the useful economic life as described in Note 6. Intangible assets are written down to the recoverable amount if the expected economic benefits do not exceed the carrying amount and any remaining development costs.
Note 6: Intangible AssetsINTANGIBLE ASSETS Intangible assets include the following contracts Licensed technology Exclusivity license Total (i) Cost Balance at January 1, 2022 3,575,000 1,188,378 4,763,378 Additions - - - Balance at December 31, 2022 3,575,000 1,188,378 4,763,378 Additions - - - Balance at December 31, 2023 3,575,000 1,188,378 4,763,378 (ii) Accumulated amortisation Balance at January 1, 2022 364,948 - 364,948 Amortization charge 178,750 217,250 396,000 Balance at December 31, 2022 543,698 217,250 760,948 Amortization charge 178,750 237,000 415,750 Balance at December 31, 2023 722,448 454,250 1,176,698 (iii) Net book value Balance at December 31, 2022 3,031,302 971,128 4,002,430 Balance at December 31, 2023 2,852,552 734,128 3,586,680 Economic life 20 4 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 amortized on a straight-line basis over the estimated life of the technology through December 2039. Amortization expense under the license agreement totaled $178,750 for the years ended 2022 and 2023. In December 2019, the Company entered into a Technology Transfer and License Agreement with another vendor to develop customized artificial intelligence models (\u201cAI Models\u201d) and products relating to feedstock management and operating assets optimization. Licenses for the models have been granted for 15 years with the first 4 years of exclusivity. Amortisation of the contract will start when the deliveries under the contract is completed and in service. Amortization expense under the license agreement totaled $217,250 and $237,000 for the years ended 2022 and 2023, respectively.
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},
"f4493": {
"value": "INTANGIBLE ASSETS Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combination are recognized at historical cost when the criteria for balance sheet recognition have been met. Intangible assets with a limited economic life are amortized on a systematic basis, based on the useful economic life as described in Note 6. Intangible assets are written down to the recoverable amount if the expected economic benefits do not exceed the carrying amount and any remaining development costs.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4494": {
"value": "INTANGIBLE ASSETS Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combination are recognized at historical cost when the criteria for balance sheet recognition have been met. Intangible assets with a limited economic life are amortized on a systematic basis, based on the useful economic life as described in Note 6. Intangible assets are written down to the recoverable amount if the expected economic benefits do not exceed the carrying amount and any remaining development costs.
Note 6: Intangible AssetsINTANGIBLE ASSETS Intangible assets include the following contracts Licensed technology Exclusivity license Total (i) Cost Balance at January 1, 2022 3,575,000 1,188,378 4,763,378 Additions - - - Balance at December 31, 2022 3,575,000 1,188,378 4,763,378 Additions - - - Balance at December 31, 2023 3,575,000 1,188,378 4,763,378 (ii) Accumulated amortisation Balance at January 1, 2022 364,948 - 364,948 Amortization charge 178,750 217,250 396,000 Balance at December 31, 2022 543,698 217,250 760,948 Amortization charge 178,750 237,000 415,750 Balance at December 31, 2023 722,448 454,250 1,176,698 (iii) Net book value Balance at December 31, 2022 3,031,302 971,128 4,002,430 Balance at December 31, 2023 2,852,552 734,128 3,586,680 Economic life 20 4 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 amortized on a straight-line basis over the estimated life of the technology through December 2039. Amortization expense under the license agreement totaled $178,750 for the years ended 2022 and 2023. In December 2019, the Company entered into a Technology Transfer and License Agreement with another vendor to develop customized artificial intelligence models (\u201cAI Models\u201d) and products relating to feedstock management and operating assets optimization. Licenses for the models have been granted for 15 years with the first 4 years of exclusivity. Amortisation of the contract will start when the deliveries under the contract is completed and in service. Amortization expense under the license agreement totaled $217,250 and $237,000 for the years ended 2022 and 2023, respectively.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4495": {
"value": "INTANGIBLE ASSETS Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combination are recognized at historical cost when the criteria for balance sheet recognition have been met. Intangible assets with a limited economic life are amortized on a systematic basis, based on the useful economic life as described in Note 6. Intangible assets are written down to the recoverable amount if the expected economic benefits do not exceed the carrying amount and any remaining development costs.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4507": {
"value": "PROPERTY, PLANT AND EQUIPMENT Fixed assets are recorded in the balance sheet at acquisition cost, less accumulated depreciation and any impairment losses. Depreciation is made from the time assets are put into regular operations and is calculated on straight line basis over the estimated economic asset lifetime. Depreciation rates are set out in Note 7. This period\u2019s depreciation is charged to this year\u2019s operating expenses in the income statement.
All amortization is charged through general and administrative expenses. Costs Property, plant and equipment Leasehold improvements Machinery and equipment Total At cost January 1, 2022 715,869 579,696 1,295,565 Additions 386,473 547,641 934,114 At cost December 31, 2022 1,102,342 1,127,337 2,229,679 Additions 7,767,784 237,656 8,005,440 Deconsolidation due to loss of control of subsidiary (7,953,544) (193,731) (8,147,275) At cost December 31, 2023 916,582 1,171,262 2,087,844 Depreciation Accumulated depreciation January 1, 2022 222,003 238,445 460,448 Depreciation for the year 27,317 121,926 149,243 Accumulated depreciation December 31, 2022 249,320 360,371 609,691 Depreciation for the year 46,761 211,489 258,250 Deconsolidation due to loss of control of subsidiary (30,960) (85,356) (116,316) Accumulated depreciation December 31, 2023 265,121 486,504 751,625 Net book value December 31, 2022 853,022 766,966 1,619,988 Net book value December 31, 2023 651,461 684,758 1,336,219 Economic life Contract period 3-20 years Machinery and equipment include computers, furniture, fixtures and other equipment. Leasehold improvements relates to the lease of facilities in the U.S. which expires in 2029. All tangible assets are depreciated on a straight line basis over the expected useful life. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the assets attributable to Cyclyx have been removed from the above reconciliation. See Note 23 for more information.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4508": {
"value": "PROPERTY, PLANT AND EQUIPMENT Fixed assets are recorded in the balance sheet at acquisition cost, less accumulated depreciation and any impairment losses. Depreciation is made from the time assets are put into regular operations and is calculated on straight line basis over the estimated economic asset lifetime. Depreciation rates are set out in Note 7. This period\u2019s depreciation is charged to this year\u2019s operating expenses in the income statement.
PROPERTY, PLANT AND EQUIPMENT Fixed assets are recorded in the balance sheet at acquisition cost, less accumulated depreciation and any impairment losses. Depreciation is made from the time assets are put into regular operations and is calculated on straight line basis over the estimated economic asset lifetime. Depreciation rates are set out in Note 7. This period\u2019s depreciation is charged to this year\u2019s operating expenses in the income statement.
Note 6: Intangible Assets Note 7: Property, plant and equipment INTANGIBLE ASSETS Intangible assets include the following contracts Licensed technology Exclusivity license Total (i) Cost Balance at January 1, 2022 3,575,000 1,188,378 4,763,378 Additions - - - Balance at December 31, 2022 3,575,000 1,188,378 4,763,378 Additions - - - Balance at December 31, 2023 3,575,000 1,188,378 4,763,378 (ii) Accumulated amortisation Balance at January 1, 2022 364,948 - 364,948 Amortization charge 178,750 217,250 396,000 Balance at December 31, 2022 543,698 217,250 760,948 Amortization charge 178,750 237,000 415,750 Balance at December 31, 2023 722,448 454,250 1,176,698 (iii) Net book value Balance at December 31, 2022 3,031,302 971,128 4,002,430 Balance at December 31, 2023 2,852,552 734,128 3,586,680 Economic life 20 4 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 amortized on a straight-line basis over the estimated life of the technology through December 2039. Amortization expense under the license agreement totaled $178,750 for the years ended 2022 and 2023. In December 2019, the Company entered into a Technology Transfer and License Agreement with another vendor to develop customized artificial intelligence models (\u201cAI Models\u201d) and products relating to feedstock management and operating assets optimization. Licenses for the models have been granted for 15 years with the first 4 years of exclusivity. Amortisation of the contract will start when the deliveries under the contract is completed and in service. Amortization expense under the license agreement totaled $217,250 and $237,000 for the years ended 2022 and 2023, respectively.
All amortization is charged through general and administrative expenses. Costs Property, plant and equipment Leasehold improvements Machinery and equipment Total At cost January 1, 2022 715,869 579,696 1,295,565 Additions 386,473 547,641 934,114 At cost December 31, 2022 1,102,342 1,127,337 2,229,679 Additions 7,767,784 237,656 8,005,440 Deconsolidation due to loss of control of subsidiary (7,953,544) (193,731) (8,147,275) At cost December 31, 2023 916,582 1,171,262 2,087,844 Depreciation Accumulated depreciation January 1, 2022 222,003 238,445 460,448 Depreciation for the year 27,317 121,926 149,243 Accumulated depreciation December 31, 2022 249,320 360,371 609,691 Depreciation for the year 46,761 211,489 258,250 Deconsolidation due to loss of control of subsidiary (30,960) (85,356) (116,316) Accumulated depreciation December 31, 2023 265,121 486,504 751,625 Net book value December 31, 2022 853,022 766,966 1,619,988 Net book value December 31, 2023 651,461 684,758 1,336,219 Economic life Contract period 3-20 years Machinery and equipment include computers, furniture, fixtures and other equipment. Leasehold improvements relates to the lease of facilities in the U.S. which expires in 2029. All tangible assets are depreciated on a straight line basis over the expected useful life. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the assets attributable to Cyclyx have been removed from the above reconciliation. See Note 23 for more information.
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 option, which Agilyx Group management are reasonably certain will be exercised , due to significant investment in the property, the extension period has therefore been included in the lease term. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the assets and liabilities attributable to Cyclyx have been removed from the below reconciliation. See Note 23 for more information. RIGHT OF USE ASSETS AND LEASE LIABILITIES Right of use assets Property Computer equipment Total At January 1, 2022 912,958 61,502 974,460 Additions - - - Amortization (248,529) (17,083) (265,612) Disposal/termination of old lease - - - At December 31, 2022 664,429 44,419 708,848 Additions 69,679 - 69,679 Amortization (248,920) (21,083) (270,003) Deconsolidation due to loss of control of subsidiary (224,413) - (224,413) Disposal/termination of old lease - - - At December 31, 2023 260,775 23,336 284,111 Lease liability Lease liabilities at January 1, 2022 940,160 54,251 994,411 Additions - - - Lease payments (312,033) (19,789) (331,822) Interest expense 66,674 2,767 69,441 Disposal/termination of old lease - - - Lease liabilities at December 31, 2022 694,801 37,229 732,030 Additions 69,679 - 69,679 Lease payments (285,687) (19,789) (305,476) Interest expense 49,305 1,726 51,031 Deconsolidation due to loss of control of subsidiary (254,306) - (254,306) Disposal/termination of old lease - - - Lease liabilities at December 31, 2023 273,792 19,166 292,958 Useful Economic life 3-7 years 5 years The following is a presentation of the undiscounted committed cash flows related to the remaining lease liabilities: 0-12 months Between 1-2 years Between 2-5 years 5+ years Total As at December 31, 2022 245,054 228,777 210,096 155,411 839,338 As at December 31, 2023 195,847 103,495 103,495 - 402,837
PROPERTY, PLANT AND EQUIPMENT Fixed assets are recorded in the balance sheet at acquisition cost, less accumulated depreciation and any impairment losses. Depreciation is made from the time assets are put into regular operations and is calculated on straight line basis over the estimated economic asset lifetime. Depreciation rates are set out in Note 7. This period\u2019s depreciation is charged to this year\u2019s operating expenses in the income statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4539": {
"value": "LEASES Identifying leases Agilyx Group accounts for a contract, or a portion of a contract, as a lease when it conveys the right to use an asset for a period of time in exchange for consideration. Leases are those contracts that satisfy the following criteria: 1. There is an identified asset; 2. Agilyx Group obtains substantially all the economic benefits 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 substantive substitution rights. If the supplier does have those rights, the contract is not identified as giving rise to a lease. In determining whether Agilyx Group obtains substantially all the economic benefits from use of the asset, Agilyx Group considers only the economic benefits that arise use of the asset, not those incidental to legal ownership or other potential benefits. 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 significant 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 portion of a contract does not satisfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16. Initial 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 duration of 12 months or less. Lease liabilities 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 initial recognition, 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 option granted in favor of the group if it is reasonable certain to assess that option; \u2022 any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised. Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for: \u2022 lease payments made at or before commencement of the lease; \u2022 initial 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 initial measurement lease liabilities 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 amortized 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 option, which Agilyx Group management are reasonably certain will be exercised , due to significant investment in the property, the extension period has therefore been included in the lease term. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the assets and liabilities attributable to Cyclyx have been removed from the below reconciliation. See Note 23 for more information. RIGHT OF USE ASSETS AND LEASE LIABILITIES Right of use assets Property Computer equipment Total At January 1, 2022 912,958 61,502 974,460 Additions - - - Amortization (248,529) (17,083) (265,612) Disposal/termination of old lease - - - At December 31, 2022 664,429 44,419 708,848 Additions 69,679 - 69,679 Amortization (248,920) (21,083) (270,003) Deconsolidation due to loss of control of subsidiary (224,413) - (224,413) Disposal/termination of old lease - - - At December 31, 2023 260,775 23,336 284,111 Lease liability Lease liabilities at January 1, 2022 940,160 54,251 994,411 Additions - - - Lease payments (312,033) (19,789) (331,822) Interest expense 66,674 2,767 69,441 Disposal/termination of old lease - - - Lease liabilities at December 31, 2022 694,801 37,229 732,030 Additions 69,679 - 69,679 Lease payments (285,687) (19,789) (305,476) Interest expense 49,305 1,726 51,031 Deconsolidation due to loss of control of subsidiary (254,306) - (254,306) Disposal/termination of old lease - - - Lease liabilities at December 31, 2023 273,792 19,166 292,958 Useful Economic life 3-7 years 5 years The following is a presentation of the undiscounted committed cash flows related to the remaining lease liabilities: 0-12 months Between 1-2 years Between 2-5 years 5+ years Total As at December 31, 2022 245,054 228,777 210,096 155,411 839,338 As at December 31, 2023 195,847 103,495 103,495 - 402,837
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4540": {
"value": "LEASES Identifying leases Agilyx Group accounts for a contract, or a portion of a contract, as a lease when it conveys the right to use an asset for a period of time in exchange for consideration. Leases are those contracts that satisfy the following criteria: 1. There is an identified asset; 2. Agilyx Group obtains substantially all the economic benefits 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 substantive substitution rights. If the supplier does have those rights, the contract is not identified as giving rise to a lease. In determining whether Agilyx Group obtains substantially all the economic benefits from use of the asset, Agilyx Group considers only the economic benefits that arise use of the asset, not those incidental to legal ownership or other potential benefits. 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 significant 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 portion of a contract does not satisfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16. Initial 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 duration of 12 months or less. Lease liabilities 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 initial recognition, 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 option granted in favor of the group if it is reasonable certain to assess that option; \u2022 any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised. Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for: \u2022 lease payments made at or before commencement of the lease; \u2022 initial 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 initial measurement lease liabilities 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 amortized 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4625": {
"value": "IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-financial 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 written down accordingly. See Note 9, for specific analysis performed on the investment in Regenyx. Where it is not possible to estimate 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 identifiable cash flows; its cash generating units (\u2018CGUs\u2019). Impairment charges are included in profit or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amortized cost, less any provision for expected credit losses of receivables. See Note 10 for further information on how Agilyx Group applies the simplified model for expected credit losses, as permitted 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 2. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cashflows that are largely independent of the cash inflows from other assets or groups of assets. For the investment in Regenyx, objective evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted negative cash flows being generated by the entity, which would require capital contributions from Agilyx and AmSty in order to support its continued operation. Due to the projected negative cash flows 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 written off investment. IMPAIRMENT OF INVESTMENT Calculation of balance sheet value of investment in Regenyx Balance sheet value December 31, 2021 - Investment during 2022 - above initial estimated cash outflow 2,539,270 Impairment charge \u2013 fully impair balance (2,539,270) Balance sheet value December 31, 2022 - Investment during 2023 - above initial estimated cash outflow 2,023,078 Impairment charge \u2013 fully impair balance (2,023,078) Balance sheet value December 31, 2023 - Summarized financial information of Regenyx As at December 31 2022 2023 Current assets 776,403 554,479 Non-current assets 3,565,812 3,299,323 Current liabilities 2,233,063 1,936,676 Net assets (100%) 2,109,152 1,917,126 Period ended December 31 2022 2023 Revenues 1,004,279 1,140,347 Total and Other Comprehensive loss (4,451,216) (4,805,079)
Agilyx applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for all accounts receivables. To measure expected credit losses on a collective basis, accounts receivables are grouped based on similar credit risk and aging. The expected loss rates are based on Agilyx\u2019 s historical credit losses experienced over the period since adoption 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. One of the main factors applied when concluding that no allowance is required, is the aging of the accounts receivable balances: Group 2022 2023 Non-overdue amounts - - 0-30 days past due - - 31-60 days past due - - 60-90 days past due 81,283 260,741 Over 90 days past due 2,362,170 328,137 2,443,453 588,878
In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the assets attributable to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information.
CREDIT RISK Credit risk is the risk of financial loss to Agilyx Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. 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 ratings are taken into account by local business practices. As noted in Note 1, historically Agilyx does not have issues with the collectability of its receivable balances. Due to this historical experience and the procedures that 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 financial institutions. Agilyx Group only deals with highly reputable banks and financial institutions. At times, Agilyx Group does hold funds with certain banks that are beyond federally insured levels, however, management regularly monitors the banking relationships to minimize any risk that may arise in this respect.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4626": {
"value": "IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-financial 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 written down accordingly. See Note 9, for specific analysis performed on the investment in Regenyx. Where it is not possible to estimate 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 identifiable cash flows; its cash generating units (\u2018CGUs\u2019). Impairment charges are included in profit or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amortized cost, less any provision for expected credit losses of receivables. See Note 10 for further information on how Agilyx Group applies the simplified model for expected credit losses, as permitted 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 2. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cashflows that are largely independent of the cash inflows from other assets or groups of assets. For the investment in Regenyx, objective evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted negative cash flows being generated by the entity, which would require capital contributions from Agilyx and AmSty in order to support its continued operation. Due to the projected negative cash flows 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 written off investment. IMPAIRMENT OF INVESTMENT Calculation of balance sheet value of investment in Regenyx Balance sheet value December 31, 2021 - Investment during 2022 - above initial estimated cash outflow 2,539,270 Impairment charge \u2013 fully impair balance (2,539,270) Balance sheet value December 31, 2022 - Investment during 2023 - above initial estimated cash outflow 2,023,078 Impairment charge \u2013 fully impair balance (2,023,078) Balance sheet value December 31, 2023 - Summarized financial information of Regenyx As at December 31 2022 2023 Current assets 776,403 554,479 Non-current assets 3,565,812 3,299,323 Current liabilities 2,233,063 1,936,676 Net assets (100%) 2,109,152 1,917,126 Period ended December 31 2022 2023 Revenues 1,004,279 1,140,347 Total and Other Comprehensive loss (4,451,216) (4,805,079)
Agilyx applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for all accounts receivables. To measure expected credit losses on a collective basis, accounts receivables are grouped based on similar credit risk and aging. The expected loss rates are based on Agilyx\u2019 s historical credit losses experienced over the period since adoption 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. One of the main factors applied when concluding that no allowance is required, is the aging of the accounts receivable balances: Group 2022 2023 Non-overdue amounts - - 0-30 days past due - - 31-60 days past due - - 60-90 days past due 81,283 260,741 Over 90 days past due 2,362,170 328,137 2,443,453 588,878
In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the assets attributable to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-financial 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 written down accordingly. See Note 9, for specific analysis performed on the investment in Regenyx. Where it is not possible to estimate 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 identifiable cash flows; its cash generating units (\u2018CGUs\u2019). Impairment charges are included in profit or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amortized cost, less any provision for expected credit losses of receivables. See Note 10 for further information on how Agilyx Group applies the simplified model for expected credit losses, as permitted by IFRS 9.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-financial 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 written down accordingly. See Note 9, for specific analysis performed on the investment in Regenyx. Where it is not possible to estimate 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 identifiable cash flows; its cash generating units (\u2018CGUs\u2019). Impairment charges are included in profit or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amortized cost, less any provision for expected credit losses of receivables. See Note 10 for further information on how Agilyx Group applies the simplified model for expected credit losses, as permitted by IFRS 9.
RECEIVABLES Trade receivables and other receivables are recognized at amortized cost, less any provision for expected credit losses of receivables. See Note 10 for further information on how Agilyx Group applies the simplified model for expected credit losses, as permitted by IFRS 9.
Note 10: Accounts receivable ACCOUNTS RECEIVABLE Group Parent Receivables 2022 2023 2022 2023 Trade accounts receivable 231,738 89,359 - - Related party receivables 1,815,159 499,519 - - Payroll tax refund receivable 396,556 - - - Total accounts receivable 2,443,453 588,878 - - The carrying amount of accounts receivable is measured at amortized cost, which approximates fair value. Agilyx applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for all accounts receivables. To measure expected credit losses on a collective basis, accounts receivables are grouped based on similar credit risk and aging. The expected loss rates are based on Agilyx\u2019 s historical credit losses experienced over the period since adoption 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. One of the main factors applied when concluding that no allowance is required, is the aging of the accounts receivable balances: Group 2022 2023 Non-overdue amounts - - 0-30 days past due - - 31-60 days past due - - 60-90 days past due 81,283 260,741 Over 90 days past due 2,362,170 328,137 2,443,453 588,878
Note 11: Inventory INVENTORY Group Inventories consist of the following: 2022 2023 Raw materials 184,165 - Finished goods 1,502,961 - Total inventories 1,687,126 - In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the assets attributable to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information. There are no inventories carried by the parent.
In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the assets attributable to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information.
",
"dimensions": {
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"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4654": {
"value": "RECEIVABLES Trade receivables and other receivables are recognized at amortized cost, less any provision for expected credit losses of receivables. See Note 10 for further information on how Agilyx Group applies the simplified model for expected credit losses, as permitted by IFRS 9.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4671": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4672": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4678": {
"value": "INVENTORIES Inventories are initially 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 location and condition. First in first out is used to determine the cost of ordinarily interchangeable items.
Note 11: Inventory INVENTORY Group Inventories consist of the following: 2022 2023 Raw materials 184,165 - Finished goods 1,502,961 - Total inventories 1,687,126 - In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the assets attributable to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information. There are no inventories carried by the parent.
",
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"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4679": {
"value": "INVENTORIES Inventories are initially 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 location and condition. First in first out is used to determine the cost of ordinarily interchangeable items.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"f4688": {
"value": "INDEPENDENT SUBSCRIPTION RIGHTS - DERIVATIVE LIABILITY Agilyx Corporation has granted warrants in connection with various debt and equity issuances that were exercisable into ordinary shares. In connection to the share exchange that was completed January 7, 2020, these warrants were replaced with subscription rights where Agilyx ASA issued 36,925 (3,692,500 after share split 1:100) subscription rights exercisable by notice to the Board of Directors. Upon exercise, a cash contribution of $100 ($1 after share split) shall be paid for the warrants under the 2017 plan in Agilyx Corporation, and $0.01 (0.00 after share split) for all other warrants. The subscription rights were issued by an extraordinary general meeting held August 27, 2020. The warrant agreements include a cashless exercise option, which introduces variability into the number of shares that could be issued. The instruments therefore fails the fixed for fixed requirement in IAS 32 and is classified as a derivative liability. The instruments meets the definition of a derivative because their values change in response to a specified financial instrument price (Agilyx Group stock price), they required no initial net investment and they will be settled at a future date. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. See Note 14 for additional information on these instruments and the valuation approach.
INDEPENDENT SUBSCRIPTION RIGHTS - DERIVATIVE LIABILITY Agilyx Corporation has granted warrants in connection with various debt and equity issuances that were exercisable into ordinary shares. In connection to the share exchange that was completed January 7, 2020, these warrants were replaced with subscription rights where Agilyx ASA issued 36,925 (3,692,500 after share split 1:100) subscription rights exercisable by notice to the Board of Directors. Upon exercise, a cash contribution of $100 ($1 after share split) shall be paid for the warrants under the 2017 plan in Agilyx Corporation, and $0.01 (0.00 after share split) for all other warrants. The subscription rights were issued by an extraordinary general meeting held August 27, 2020. The warrant agreements include a cashless exercise option, which introduces variability into the number of shares that could be issued. The instruments therefore fails the fixed for fixed requirement in IAS 32 and is classified as a derivative liability. The instruments meets the definition of a derivative because their values change in response to a specified financial instrument price (Agilyx Group stock price), they required no initial net investment and they will be settled at a future date. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. See Note 14 for additional information on these instruments and the valuation approach.
WARRANTS AND SUBSCRIPTION RIGHTS Number of ordinary shares Exercise price per share - USD Expiration Ordinary share warrants converted to subscription rights 2,322,100 1.00 2025 Group and parent December 31, 2022 Group and parent December 31, 2023 Warrant liabilities 6,303,189 3,293,206 WARRANT LIABILITY VALUATION Group and parent December 31, 2022 Group and parent December 31, 2023 Expected term 7-Aug-25 7-Aug-25 Equity volatility 30% 35% Risk free rate 4.34% 4.45% EQUITY Equity value at expiration - 5% Equity value at expiration + 5% At December 31, 2022 (315,160) 315,159 At December 31, 2023 (164,661) 164,660
RECONCILIATION Warrant liability At January 1, 2022 7,570,647 Gain on warrant value - presented as fair value through profit and loss (1,267,458) At December 31, 2022 6,303,189 Gain on warrant value - presented as fair value through profit and loss (3,009,983) At December 31, 2023 3,293,206 Note 14: Warrants The Company has granted warrants in connection with various debt and equity issuances. The following table reflects the total of outstanding warrants as of December 31, 2023 that are exercisable into ordinary shares: The ordinary share warrants and subscription rights, are the only financial instruments measured at fair value through the profit and loss. This treatment is required for the Warrants because the terms of the Warrant include a cash less exercise option, which triggers derivative treatment in accordance with IFRS 9. This is because their values change in response to a specified financial instrument price (Agilyx Group stock price), they required no initial net investment and they will be settled at a future date. All ordinary share warrants and subscription 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 valuation of the Warrant liability was performed using the Black Scholes Model, the following inputs were significant in the computation of fair values at each reporting date: During 2022, the Board of Directors authorized an extension on all warrants now having an expiration date of August 7, 2025. As the outstanding warrants for Agilyx are well in the money as of the December 31, 2022 and 2023 reporting dates, the valuations performed determined that the preponderance of the amount, for each of the respective dates, was intrinsic value in nature. Hence there was very little time value associated with the estimate of value calculated. As a result of this relationship, 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 volatility. This determination was corroborated with the sensitivity calculations completed. During 2022 and 2023, no warrants were exercised. The sensitivity analysis of a reasonably possible change in one significant unobservable input, being the underlying equity value, holding other inputs constant would be:
The reconciliation of the opening and closing fair value balance of level 3 financial instruments is provided below (this is applicable for both the Group and Parent only financial statements): The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities: See Note 9 for undiscounted contractual cash flow information in relation to the lease liabilities. CONTRACTURAL MATURITIES (GROUP - AS AT) Group - as at As at December, 31 2022 Due between 0 - 12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 2,640,756 - - 2,640,756 Payable to group companies - - - - 2,640,756 - - 2,640,756 As at December, 31 2022 Accounts payable 1,830,507 - - 1,830,507 Payable to group companies - - - - 1,830,507 - - 1,830,507 CONTRACTURAL MATURITIES (PARENT - AS AT) Parent - as at As at December, 31 2022 Due between 0 - 12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 424 - - 424 Payable to Group Companies 2,515,348 - - 2,515,348 2,515,772 - - 2,515,772 As at December, 31 2022 Accounts payable 403 - - 403 Payable to Group Companies 4,330,087 - - 4,330,087 4,330,490 - - 4,330,490
In addition to the financial liabilities noted above, there are other potential cash outflows in relation to the investment in Regenyx, which may affect liquidity. During the initial funding period, Agilyx was responsible for funding the operations of Regenyx, this resulted in cash outflows, for 2023 of $2,023,078 (2022: $2,539,270) as reported on the cash flow statement. Furthermore, the Regenyx contribution agreement includes a put option as defined in Note 9, which could result in a cash outflow, should the option be exercised by AmSty. The cash outflow 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 option is fair value. Hence, the value of consideration due upon exercise of the option and the asset acquired (shares), would be equal and therefore no value has been attributed to this put option. At the date of this report, no events has occurred that will initiate the purchase of AmSty\u2019s investment
in Regenyx. INDEPENDENT SUBSCRIPTION RIGHTS - DERIVATIVE LIABILITY Agilyx Corporation has granted warrants in connection with various debt and equity issuances that were exercisable into ordinary shares. In connection to the share exchange that was completed January 7, 2020, these warrants were replaced with subscription rights where Agilyx ASA issued 36,925 (3,692,500 after share split 1:100) subscription rights exercisable by notice to the Board of Directors. Upon exercise, a cash contribution of $100 ($1 after share split) shall be paid for the warrants under the 2017 plan in Agilyx Corporation, and $0.01 (0.00 after share split) for all other warrants. The subscription rights were issued by an extraordinary general meeting held August 27, 2020. The warrant agreements include a cashless exercise option, which introduces variability into the number of shares that could be issued. The instruments therefore fails the fixed for fixed requirement in IAS 32 and is classified as a derivative liability. The instruments meets the definition of a derivative because their values change in response to a specified financial instrument price (Agilyx Group stock price), they required no initial net investment and they will be settled at a future date. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. See Note 14 for additional information on these instruments and the valuation approach.
",
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"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4694": {
"value": "INDEPENDENT SUBSCRIPTION RIGHTS - DERIVATIVE LIABILITY Agilyx Corporation has granted warrants in connection with various debt and equity issuances that were exercisable into ordinary shares. In connection to the share exchange that was completed January 7, 2020, these warrants were replaced with subscription rights where Agilyx ASA issued 36,925 (3,692,500 after share split 1:100) subscription rights exercisable by notice to the Board of Directors. Upon exercise, a cash contribution of $100 ($1 after share split) shall be paid for the warrants under the 2017 plan in Agilyx Corporation, and $0.01 (0.00 after share split) for all other warrants. The subscription rights were issued by an extraordinary general meeting held August 27, 2020. The warrant agreements include a cashless exercise option, which introduces variability into the number of shares that could be issued. The instruments therefore fails the fixed for fixed requirement in IAS 32 and is classified as a derivative liability. The instruments meets the definition of a derivative because their values change in response to a specified financial instrument price (Agilyx Group stock price), they required no initial net investment and they will be settled at a future date. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. See Note 14 for additional information on these instruments and the valuation approach.
",
"dimensions": {
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"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4722": {
"value": "CASH FLOW The cash flow statement is prepared according to the indirect method.
Cash flow Net cash from operations (4,233,146) (11,024,569) - (15,257,715) (10,024,906) (13,643,205) 10,024,906 (13,643,205) Net cash from investments - (3,473,384) - (3,473,384) (8,399,868) (11,675,663) 8,399,868 (11,675,663) Net cash from financing (1,000,000) 13,832,264 - 12,832,264 74,925,039 20,175,181 (74,925,039) 20,175,181 Revenue by geography - Revenue by geography is included in Note 3. The Cyclyx segment revenue is primarily derived from the US. Non-current assets by geography - All non-current assets reside in the US.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4723": {
"value": "CASH FLOW The cash flow statement is prepared according to the indirect method.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f4728": {
"value": "CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of audited consolidated financial statements in conformity with IFRS requires management to make certain estimates and judgements about the future that affect the application of Agilyx Group\u2019s accounting policies and the reported amounts of assets, liabilities, incomes and expenses. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although the Company regularly assesses these estimates, actual results could differ from those estimates. Changes in estimates are recorded in the period in which they occur and become known. i. Judgments: \u2022 Equity accounting - whether the Agilyx Group has significant influence over equity accounted investees (Notes 9 and 17); \u2022 Consolidation - whether the Agilyx Group has control over an investee, and whether control has been lost
(Notes 17 and 23). ii. Estimates: \u2022 Estimating the amounts due for the initial funding period provision related to the Regenyx investment (Note 9); \u2022 Assumptions and estimates related to the impairment of the investment in Regenyx, including future cash flows (Note 9); \u2022 Recording accounts receivable and consideration of any potential allowance for expected credit losses (Note 10); \u2022 Useful lives attributed to property plant and equipment and intangible assets (Notes 6 and 7); \u2022 Revenue recognized in accordance with the stage of completion method (see accounting policy above and Note 3); \u2022 Stock-based compensation expense (Note 15); \u2022 Warrant and stock subscription rights, valuation assumptions (Note 14); \u2022 Assumptions and estimates related to the fair value of the Agilyx Group\u2019s interest in Cyclyx following the loss of control (Notes 17 and 23); \u2022 Assumptions related to the initial recognition of leases and the subsequent accounting for these agreements, including incremental borrowing rates and determination of lease term applied when computing lease liabilities (see Leases accounting policy above and Note 8). \u2022 Assumption related to the fair value of Cyclyx on the date that Agilyx lost control - this is the initial basis for the carrying amount of the equity method investment in Cyclyx, effective after October 25, 2023.
WARRANT LIABILITY VALUATION Group and parent December 31, 2022 Group and parent December 31, 2023 Expected term 7-Aug-25 7-Aug-25 Equity volatility 30% 35% Risk free rate 4.34% 4.45% EQUITY Equity value at expiration - 5% Equity value at expiration + 5% At December 31, 2022 (315,160) 315,159 At December 31, 2023 (164,661) 164,660
The valuation of the Warrant liability was performed using the Black Scholes Model, the following inputs were significant in the computation of fair values at each reporting date: During 2022, the Board of Directors authorized an extension on all warrants now having an expiration date of August 7, 2025. As the outstanding warrants for Agilyx are well in the money as of the December 31, 2022 and 2023 reporting dates, the valuations performed determined that the preponderance of the amount, for each of the respective dates, was intrinsic value in nature. Hence there was very little time value associated with the estimate of value calculated. As a result of this relationship, 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 volatility. This determination was corroborated with the sensitivity calculations completed. During 2022 and 2023, no warrants were exercised. The sensitivity analysis of a reasonably possible change in one significant unobservable input, being the underlying equity value, holding other inputs constant would be:
",
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"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4744": {
"value": "i. Judgments: \u2022 Equity accounting - whether the Agilyx Group has significant influence over equity accounted investees (Notes 9 and 17); \u2022 Consolidation - whether the Agilyx Group has control over an investee, and whether control has been lost
(Notes 17 and 23)ii. Estimates: \u2022 Estimating the amounts due for the initial funding period provision related to the Regenyx investment (Note 9); \u2022 Assumptions and estimates related to the impairment of the investment in Regenyx, including future cash flows (Note 9); \u2022 Recording accounts receivable and consideration of any potential allowance for expected credit losses (Note 10); \u2022 Useful lives attributed to property plant and equipment and intangible assets (Notes 6 and 7); \u2022 Revenue recognized in accordance with the stage of completion method (see accounting policy above and Note 3); \u2022 Stock-based compensation expense (Note 15); \u2022 Warrant and stock subscription rights, valuation assumptions (Note 14); \u2022 Assumptions and estimates related to the fair value of the Agilyx Group\u2019s interest in Cyclyx following the loss of control (Notes 17 and 23); \u2022 Assumptions related to the initial recognition of leases and the subsequent accounting for these agreements, including incremental borrowing rates and determination of lease term applied when computing lease liabilities (see Leases accounting policy above and Note 8). \u2022 Assumption related to the fair value of Cyclyx on the date that Agilyx lost control - this is the initial basis for the carrying amount of the equity method investment in Cyclyx, effective after October 25, 2023.
",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4805": {
"value": "FAIR VALUE MEASUREMENT Warrant and stock subscription rights and the stock compensation expenses, all require measurement at, and/or disclosure of, fair value. The fair value measurement of Agilyx Group\u2019s financial and non- financial assets and liabilities utilizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into different levels based on how observable the inputs used in the valuation technique utilized are (the \u2018fair value hierarchy\u2019): \u2022 Level 1 - Quoted prices in active markets for identical 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 classification of an item into the above levels is based on the lowest level of the inputs used that has a significant effect 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 additional information on the fair value measurements applied within these financial statements.
WARRANTS AND SUBSCRIPTION RIGHTS Number of ordinary shares Exercise price per share - USD Expiration Ordinary share warrants converted to subscription rights 2,322,100 1.00 2025 Group and parent December 31, 2022 Group and parent December 31, 2023 Warrant liabilities 6,303,189 3,293,206 WARRANT LIABILITY VALUATION Group and parent December 31, 2022 Group and parent December 31, 2023 Expected term 7-Aug-25 7-Aug-25 Equity volatility 30% 35% Risk free rate 4.34% 4.45% EQUITY Equity value at expiration - 5% Equity value at expiration + 5% At December 31, 2022 (315,160) 315,159 At December 31, 2023 (164,661) 164,660
RECONCILIATION Warrant liability At January 1, 2022 7,570,647 Gain on warrant value - presented as fair value through profit and loss (1,267,458) At December 31, 2022 6,303,189 Gain on warrant value - presented as fair value through profit and loss (3,009,983) At December 31, 2023 3,293,206 Note 14: Warrants The Company has granted warrants in connection with various debt and equity issuances. The following table reflects the total of outstanding warrants as of December 31, 2023 that are exercisable into ordinary shares: The ordinary share warrants and subscription rights, are the only financial instruments measured at fair value through the profit and loss. This treatment is required for the Warrants because the terms of the Warrant include a cash less exercise option, which triggers derivative treatment in accordance with IFRS 9. This is because their values change in response to a specified financial instrument price (Agilyx Group stock price), they required no initial net investment and they will be settled at a future date. All ordinary share warrants and subscription 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 valuation of the Warrant liability was performed using the Black Scholes Model, the following inputs were significant in the computation of fair values at each reporting date: During 2022, the Board of Directors authorized an extension on all warrants now having an expiration date of August 7, 2025. As the outstanding warrants for Agilyx are well in the money as of the December 31, 2022 and 2023 reporting dates, the valuations performed determined that the preponderance of the amount, for each of the respective dates, was intrinsic value in nature. Hence there was very little time value associated with the estimate of value calculated. As a result of this relationship, 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 volatility. This determination was corroborated with the sensitivity calculations completed. During 2022 and 2023, no warrants were exercised. The sensitivity analysis of a reasonably possible change in one significant unobservable input, being the underlying equity value, holding other inputs constant would be:
The reconciliation of the opening and closing fair value balance of level 3 financial instruments is provided below (this is applicable for both the Group and Parent only financial statements): FAIR VALUE MEASUREMENT Warrant and stock subscription rights and the stock compensation expenses, all require measurement at, and/or disclosure of, fair value. The fair value measurement of Agilyx Group\u2019s financial and non- financial assets and liabilities utilizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into different levels based on how observable the inputs used in the valuation technique utilized are (the \u2018fair value hierarchy\u2019): \u2022 Level 1 - Quoted prices in active markets for identical 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 classification of an item into the above levels is based on the lowest level of the inputs used that has a significant effect 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 additional information on the fair value measurements applied within these financial statements.
",
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"f4834": {
"value": "NEW STANDARDS INTERPRETATIONS AND AMENDMENTS ADOPTED JANUARY 1, 2023 The following amendments are effective for the period beginning January 1, 2023: \u2022 IFRS 17, Insurance Contracts. \u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2). \u2022 Definition of Accounting Estimates (Amendments to IAS 8). \u2022 International Tax Reform \u2013 Pillar Two Model Rules (Amendment to IAS 12, Income Taxes). \u2022 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12). These amendments had no impact on the year-end financial statements of Agilyx Group. NEW STANDARDS INTERPRETATIONS AND AMENDMENTS NOT YET EFFECTIVE There are a number of standards, amendments to standards and interpretations which have been issued by the IASB that are effective in future accounting periods that Agilyx Group has decided not to adopt early. The following amendments are effective for the period beginning January 1, 2024: \u2022 IFRS 16, Leases (Amendment \u2013 Liability in a Sale and Leaseback). \u2022 IAS 1, Presentation of Financial Statements (Amendment \u2013 Classification of Liabilities as Current or Non-Current). \u2022 IAS 1, Presentation of Financial Statements (Amendment \u2013 Non-Current Liabilities with Covenants). \u2022 IAS 7, Statement of Cash Flows and IFRS 7, Financial Instruments: Disclosures (Amendment \u2013 Supplier Finance Arrangement). The following amendments are effective for the period beginning January 1, 2025: \u2022 IAS 21, The Effects of Changes in Foreign Exchange Rates (Amendment \u2013 Lack of Exchangeability). Agilyx Group is currently assessing the impact of these new accounting standards and amendments. Agilyx Group does not expect any other standards issued by the IASB, but not yet effective, to have a material impact on Agilyx Group.
",
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"f4835": {
"value": "NEW STANDARDS INTERPRETATIONS AND AMENDMENTS ADOPTED JANUARY 1, 2023 The following amendments are effective for the period beginning January 1, 2023: \u2022 IFRS 17, Insurance Contracts. \u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2). \u2022 Definition of Accounting Estimates (Amendments to IAS 8). \u2022 International Tax Reform \u2013 Pillar Two Model Rules (Amendment to IAS 12, Income Taxes). \u2022 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12). These amendments had no impact on the year-end financial statements of Agilyx Group. NEW STANDARDS INTERPRETATIONS AND AMENDMENTS NOT YET EFFECTIVE There are a number of standards, amendments to standards and interpretations which have been issued by the IASB that are effective in future accounting periods that Agilyx Group has decided not to adopt early. The following amendments are effective for the period beginning January 1, 2024: \u2022 IFRS 16, Leases (Amendment \u2013 Liability in a Sale and Leaseback). \u2022 IAS 1, Presentation of Financial Statements (Amendment \u2013 Classification of Liabilities as Current or Non-Current). \u2022 IAS 1, Presentation of Financial Statements (Amendment \u2013 Non-Current Liabilities with Covenants). \u2022 IAS 7, Statement of Cash Flows and IFRS 7, Financial Instruments: Disclosures (Amendment \u2013 Supplier Finance Arrangement). The following amendments are effective for the period beginning January 1, 2025: \u2022 IAS 21, The Effects of Changes in Foreign Exchange Rates (Amendment \u2013 Lack of Exchangeability). Agilyx Group is currently assessing the impact of these new accounting standards and amendments. Agilyx Group does not expect any other standards issued by the IASB, but not yet effective, to have a material impact on Agilyx Group.
",
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"f4893": {
"value": "Note 2: Segment information The Agilyx Group comprises two reportable segments which account for 100% of the Agilyx Group\u2019s revenues: 1. Agilyx - This segment licenses its patented conversion technology and sells its patented equipment to industry players, whether they are existing 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. Assets are located in both New Hampshire and Oregon, USA. 2. Cyclyx - This segment is focused on getting 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 entire market regardless of which conversion technology a company is using. Assets are located in both New Hampshire, Texas and Oregon, USA. Factors that management used to identify the reportable segments Both of these segments meet the quantitative 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 entities (see also Note 17), that offer differing products and services. \u2022 They are managed separately and each have their own Chief Executive Officer and board of directors. \u2022 They are managed separately because each business requires different technology and marketing strategies. \u2022 Both prepare discrete financial information for the board and Chief Operating Decision Makers (CODM) to use in making decisions about resource allocation and assess performance. \u2022 The Chief Operating Decision Maker of the consolidated Agilyx Group, is the Chief Executive Officer, Tim Stedman. He is on the board of both segments and therefore reviews the results of the operating segments and uses that information to make decisions which affect the resources allocated to each segment individually, as well as on a consolidated basis. Measurement of operating segment profit or loss, assets and liabilities Segmental performance is measured in accordance with IFRS. Operating segments are presented using the management approach, where the information presented is on the same basis as the internal reports provided to the CODM. The segmental financial information below includes the full annual results of the associate, Cyclyx, which continues to be a reportable operating segment as defined within IFRS 8, despite the loss of control in 2023 as explained in Note 23. In order to reconcile the totals below to the financial statements, certain adjustments have been included in the table to reflect the fact that Cyclyx is no longer consolidated. Segment assets exclude tax assets and assets used primarily for corporate purposes. Segment liabilities exclude tax, defined benefit and warranty related liabilities. Loans and borrowings are
not allocated as these are deemed to serve a group function. MEASUREMENT OF OPERATING SEGMENT PROFIT OR LOSS, ASSETS AND LIABILITIES 2022 2023 Cyclyx Agilyx Adjustments to remove Cyclyx Total Cyclyx Agilyx Adjustments to remove Cyclyx Total Profit and loss Revenues from external customers 9,095,572 7,361,747 (9,095,572) 7,361,747 10,297,592 5,894,701 (10,297,592) 5,894,701 Depreciation and amortization 43,335 767,520 (43,335) 767,520 1,786,908 643,465 (1,786,908) 643,465 Segment loss (4,692,176) (17,191,085) 5,477,469 (16,405,792) (9,273,199) (15,760,424) 9,273,199 (15,760,424) Impairment of investment in Regenyx (2,539,270) (2,023,078) Share of loss of equity accounted associates - (1,973,061) Fair value gain on warrant agreements 1,267,458 3,009,983 Interest expense (81,328) (207,663) Other financial income (expense), net (122,236) (202,349) Group net loss before tax and disontinued operations (17,881,168) (17,156,592)
Balance sheet Non-current asset additions 201,500 732,614 - 934,114 34,023,291 8,005,440 (34,023,291) 8,005,440 Reportable segment assets 9,614,712 14,975,949 - 24,590,661 76,502,783 17,298,046 (76,502,783) 17,298,046 Investment in associate - - - - - 113,002,939 - 113,002,939 Total group assets 24,590,661 130,300,985 Reportable segment liabilities 6,016,341 5,211,523 - 11,227,864 6,411,760 3,048,402 (6,411,760) 3,048,402 Derivative financial liabilities 6,303,189 3,293,206 Total group liabilities 17,531,053 6,341,608 Cash flow Net cash from operations (4,233,146) (11,024,569) - (15,257,715) (10,024,906) (13,643,205) 10,024,906 (13,643,205) Net cash from investments - (3,473,384) - (3,473,384) (8,399,868) (11,675,663) 8,399,868 (11,675,663) Net cash from financing (1,000,000) 13,832,264 - 12,832,264 74,925,039 20,175,181 (74,925,039) 20,175,181 Revenue by geography - Revenue by geography is included in Note 3. 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 2023 or 2022: MAJOR CUSTOMERS 2022 2023 Segment Customer A 8,792,620 8,439,553 Cyclyx Customer B 6,604,479 4,920,455 Agilyx Customer C 144,331 - Agilyx Customer D 139,880 - Agilyx Customer E 12,500 637,951 Agilyx
Note 3: Geographical distribution of revenuesGEOGRAPHICAL DISTRIBUTION OF REVENUES Group Location/Category 2022 2023 Europe 250,899 674,551 USA 416,219 206,195 APAC 6,694,629 5,013,955 Other - - Total sales by customers location 7,361,747 5,894,701 Product category Project development 609,695 518,626 Services - 630,223 License, membership and royalty fees 147,573 206,203 Sale of goods 6,604,479 4,539,649 Total sales by category 7,361,747 5,894,701
No sales was recognized in the parent company Agilyx ASA in 2022 and 2023. 2022 2023 Cyclyx Agilyx Adjustments to remove Cyclyx Total Cyclyx Agilyx Adjustments to remove Cyclyx Total Profit and loss Revenues from external customers 9,095,572 7,361,747 (9,095,572) 7,361,747 10,297,592 5,894,701 (10,297,592) 5,894,701 Depreciation and amortization 43,335 767,520 (43,335) 767,520 1,786,908 643,465 (1,786,908) 643,465 Segment loss (4,692,176) (17,191,085) 5,477,469 (16,405,792) (9,273,199) (15,760,424) 9,273,199 (15,760,424) Impairment of investment in Regenyx (2,539,270) (2,023,078) Share of loss of equity accounted associates - (1,973,061) Fair value gain on warrant agreements 1,267,458 3,009,983 Interest expense (81,328) (207,663) Other financial income (expense), net (122,236) (202,349) Group net loss before tax and disontinued operations (17,881,168) (17,156,592)
",
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"f5105": {
"value": "The Group has the following major customers, which each accounted for at least 10% of revenues in 2023 or 2022: MAJOR CUSTOMERS 2022 2023 Segment Customer A 8,792,620 8,439,553 Cyclyx Customer B 6,604,479 4,920,455 Agilyx Customer C 144,331 - Agilyx Customer D 139,880 - Agilyx Customer E 12,500 637,951 Agilyx
",
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"f5144": {
"value": "Note 4: Operating expenses by nature Agilyx presents the operating expenses by function in the profit and loss statement. Below is the total operating expenses presented by nature. The parent company\u2019s operating expenses included fees related to it\u2019s function as parent. OPERATING EXPENSES BY NATURE Group Parent Operating expenses classified by nature 2022 2023 2022 2023 Raw materials and consumables 5,440 14,523 - - Salaries and related costs (Note 5) 8,754,245 9,652,153 200,845 342,179 Depreciation and amortization 767,520 944,003 - - Professional fees 11,809,904 9,122,832 1,740,449 1,367,416 Insurance 502,691 511,730 - - Office expenses 1,026,934 1,044,346 - - Travel 318,789 220,695 - - Other operating expenses 582,016 144,843 - 26,278 Total expenses 23,767,539 21,655,125 1,941,294 1,735,873
Note 4: Operating expenses by nature Agilyx presents the operating expenses by function in the profit and loss statement. Below is the total operating expenses presented by nature. The parent company\u2019s operating expenses included fees related to it\u2019s function as parent. OPERATING EXPENSES BY NATURE Group Parent Operating expenses classified by nature 2022 2023 2022 2023 Raw materials and consumables 5,440 14,523 - - Salaries and related costs (Note 5) 8,754,245 9,652,153 200,845 342,179 Depreciation and amortization 767,520 944,003 - - Professional fees 11,809,904 9,122,832 1,740,449 1,367,416 Insurance 502,691 511,730 - - Office expenses 1,026,934 1,044,346 - - Travel 318,789 220,695 - - Other operating expenses 582,016 144,843 - 26,278 Total expenses 23,767,539 21,655,125 1,941,294 1,735,873
",
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"f5210": {
"value": "GEOGRAPHICAL DISTRIBUTION OF REVENUES Group Location/Category 2022 2023 Europe 250,899 674,551 USA 416,219 206,195 APAC 6,694,629 5,013,955 Other - - Total sales by customers location 7,361,747 5,894,701 Product category Project development 609,695 518,626 Services - 630,223 License, membership and royalty fees 147,573 206,203 Sale of goods 6,604,479 4,539,649 Total sales by category 7,361,747 5,894,701
No sales was recognized in the parent company Agilyx ASA in 2022 and 2023. ",
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"f5232": {
"value": "Product category Project development 609,695 518,626 Services - 630,223 License, membership and royalty fees 147,573 206,203 Sale of goods 6,604,479 4,539,649 Total sales by category 7,361,747 5,894,701
",
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"f5258": {
"value": "SALARY AND SOCIAL COSTS Group Parent 2022 2023 2022 2023 Salaries 5,666,196 6,193,606 172,530 347,398 Social security and payroll tax costs 713,901 1,408,692 22,315 13,491 Equity-settled share based compensation (Note 15) 1,548,815 840,794 - - Pension costs 171,875 167,339 6,000 (18,710) Benefits and other expenses 653,458 1,041,722 - - Total salaries 8,754,245 9,652,153 200,845 342,179 Number of average full time employees 75 66 1 1 Parent related salaries and benefits are cross-charged to Agilyx Corp as those costs are deemed to benefit those operations. Agilyx ASA is required to provide an occupational pension scheme pursuant to the Act relating to Mandatory Occupational 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 is defined as contribution plan. Agilyx has no pension arrangements in any of its other entities. This is in line with the corresponding local legislation of its operations. For 2022 and 2023 there were: a) No employer contributions paid to defined benefit pension plans for Senior Officers and Members of the Executive Board. b) No separate payments made for terminations of Senior Officers and Members of the Executive Board; and c) No loans or security given to Senior Officers and Members of the Executive Board, by the Company.
SENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION \u2013 2023 Salary Other short-term benefits Pensions Share based compensation Total Timothy Stedman, Group CEO 455,079 208,898 41,673 (92,222) 613,428 Chris Faulkner, CTO 255,852 45,549 6,759 59,864 368,024 Russell Main, CFO 278,100 160,135 9,024 41,281 488,540 Mark Barranco, SVP Engineering & Education 283,662 41,242 8,461 84,799 418,164 Louise Byrant, SVP Investor Relations 236,894 65,281 30,837 56,723 389,735 Isabel Charlotte Hacker, General Council 346,132 125,264 36,246 (51,108) 456,534 Carsten Larsen, CCO 319,155 54,714 31,600 182,350 587,819 Stephen Hamlet, VP of Human Resources 197,950 39,760 6,502 22,285 266,497 Kate Ringier, VP Communications & Government Affairs 206,917 61,688 22,935 (34,255) 257,285 3,846,026 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 termination by the Company without cause. REMUNERATION TO AUDITOR Group Parent 2022 2023 2022 2023 Audit fees 168,794 123,384 85,294 58,484 Confirmation services 6,272 9,413 6,272 5,113 Tax services 6,856 3,000 6,856 - Other non-audit services 11,751 25,800 11,751 - Total fees 193,673 161,597 110,173 63,597 Audit fees to the parent auditor include VAT.
SENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION \u2013 2022 Salary Other short-term benefits Pensions Share based compensation Total Timothy Stedman, Group CEO 433,177 192,370 39,040 211,066 875,653 Chris Faulkner, CTO 236,900 51,733 7,107 68,314 364,054 Russell Main, CFO 257,500 53,356 8,921 38,828 358,605 Mark Barranco, SVP Engineering & Education 262,649 49,156 8,172 119,274 439,251 Louise Byrant, SVP Investor Relations 55,785 28,529 11,871 10,097 106,282 Isabel Charlotte Hacker, General Council 324,883 73,555 29,814 124,488 552,740 Carsten Larsen, CCO 268,152 - 29,497 268,817 566,466 Stephen Hamlet, VP of Human Resources 78,269 8,065 - 11,682 98,016 Kate Ringier, VP Communications & Government Affairs 211,932 39,034 17,340 77,703 346,009 3,707,076 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 termination by the Company without cause.
SALARY AND SOCIAL COSTS Group Parent 2022 2023 2022 2023 Salaries 5,666,196 6,193,606 172,530 347,398 Social security and payroll tax costs 713,901 1,408,692 22,315 13,491 Equity-settled share based compensation (Note 15) 1,548,815 840,794 - - Pension costs 171,875 167,339 6,000 (18,710) Benefits and other expenses 653,458 1,041,722 - - Total salaries 8,754,245 9,652,153 200,845 342,179 Number of average full time employees 75 66 1 1 Parent related salaries and benefits are cross-charged to Agilyx Corp as those costs are deemed to benefit those operations. Agilyx ASA is required to provide an occupational pension scheme pursuant to the Act relating to Mandatory Occupational 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 is defined as contribution plan. Agilyx has no pension arrangements in any of its other entities. This is in line with the corresponding local legislation of its operations. For 2022 and 2023 there were: a) No employer contributions paid to defined benefit pension plans for Senior Officers and Members of the Executive Board. b) No separate payments made for terminations of Senior Officers and Members of the Executive Board; and c) No loans or security given to Senior Officers and Members of the Executive Board, by the Company.
",
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"f5316": {
"value": "SENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION \u2013 2023 Salary Other short-term benefits Pensions Share based compensation Total Timothy Stedman, Group CEO 455,079 208,898 41,673 (92,222) 613,428 Chris Faulkner, CTO 255,852 45,549 6,759 59,864 368,024 Russell Main, CFO 278,100 160,135 9,024 41,281 488,540 Mark Barranco, SVP Engineering & Education 283,662 41,242 8,461 84,799 418,164 Louise Byrant, SVP Investor Relations 236,894 65,281 30,837 56,723 389,735 Isabel Charlotte Hacker, General Council 346,132 125,264 36,246 (51,108) 456,534 Carsten Larsen, CCO 319,155 54,714 31,600 182,350 587,819 Stephen Hamlet, VP of Human Resources 197,950 39,760 6,502 22,285 266,497 Kate Ringier, VP Communications & Government Affairs 206,917 61,688 22,935 (34,255) 257,285 3,846,026 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 termination by the Company without cause. SENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION \u2013 2022 Salary Other short-term benefits Pensions Share based compensation Total Timothy Stedman, Group CEO 433,177 192,370 39,040 211,066 875,653 Chris Faulkner, CTO 236,900 51,733 7,107 68,314 364,054 Russell Main, CFO 257,500 53,356 8,921 38,828 358,605 Mark Barranco, SVP Engineering & Education 262,649 49,156 8,172 119,274 439,251 Louise Byrant, SVP Investor Relations 55,785 28,529 11,871 10,097 106,282 Isabel Charlotte Hacker, General Council 324,883 73,555 29,814 124,488 552,740 Carsten Larsen, CCO 268,152 - 29,497 268,817 566,466 Stephen Hamlet, VP of Human Resources 78,269 8,065 - 11,682 98,016 Kate Ringier, VP Communications & Government Affairs 211,932 39,034 17,340 77,703 346,009 3,707,076 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 termination by the Company without cause.
EQUITY SHARES All employees Key management personnel 2022 2023 2022 2023 Equity-settled Option pricing model used Black-Scholes Black-Scholes Black-Scholes Black-Scholes Share price at grant date (weighted average) $1.02 $1.13 $1.05 $1.20 Exercise price (weighted average) $2.62 $3.41 $2.75 $3.47 Contractual life (weighted average) 6.12 10.99 6.15 11.00 Expected volatility (weighted average) 32% 53% 33% 59% Expected dividend growth rate 0% 0% 0% 0% Risk free interest rate (weighted average) 2.84% 3.08% 2.90% 3.10%
The 2020 plan became effective as of 4 June 2020. Prior to this date Agilyx Corp had implemented a 2009 Stock Incentive plan. The 2009 plan was considered null and void after the effective date of the 2020 plan, but were replaced with new options in the new plan. The result was a modification of the options granted to each relevant counterparty which resulted in accelerated vesting. The result was beneficial (i.e. a higher fair value) to the employees since the service conditions were shortened for each counterparty. The total value of the modified grants was $216,535. Management calculated the total compensation cost for each new tranche and will be recognizing the new compensation cost straight-lined over the new vesting periods. The plan has a vesting period of 4 years, with 25% vesting after 1 year and monthly vesting evenly thereafter. All options are equity settled. Estimated volatility is calculated based on the historical volatility of similar entities 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 option expires, terminates or is cancelled, the unissued shares subject to that option shall again be available under the Plan.
The options outstanding have a range of exercise prices from $0.06 to $3.89SHARES AND OPTIONS HELD BY THE CEO AND MEMBERS OF THE BOARD OF DIRECTORS Name Title Options and warrants granted Shares owned Note Timothy Stedman CEO 2,893,900 86,842 1. Ranjeet Bhatia GM and board member - 145,014 2. Jan Secher Board member 100,000 78,472 3. Steen Jakobsen Board member 75,000 - 4. Peter Norris Board member 100,000 174,955 5. Martha Crawford Board member 75,000 - 6. Carolyn Clarke Board member 75,000 - 7. Catherine Keenan Board member 75,000 - 8.
RELATED PARTY TRANSACTIONS: Group level - During 2023, Cyclyx had $8.5M of product sales to ExxonMobile Chemical Co. (2022 $8.8M), a minority holder in Cyclyx. RELATED PARTY TRANSACTIONS Related party receivable included in Note 10: 2022 2023 ExxonMobile Chemical Co 453,632 18,759 Regenyx, LLC 1,361,527 194,536 Cyclyx International, LLC - 286,224 RELATED PARTY TRANSACTIONS Specific parent related costs included: 2022 2023 Management charges from Agilyx GmbH 577,000 499,647 Parent level - At December 31, 2023 the parent company, Agilyx ASA, has an intercompany payable of $2,999,433 to Agilyx Corp (December 31, 2022: $1,783,485) and $1,739,000 payable to Agilyx GmbH (December 31, 2022: $1,140,209) net of an intercompany receivable of $408,346 to Agilyx Corp (December 31, 2022: $408,346). These inter-group payables represent operating and management costs incurred and or paid at the subsidiary and subsequently recharged to the parent.
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"f5317": {
"value": "SENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION \u2013 2023 Salary Other short-term benefits Pensions Share based compensation Total Timothy Stedman, Group CEO 455,079 208,898 41,673 (92,222) 613,428 Chris Faulkner, CTO 255,852 45,549 6,759 59,864 368,024 Russell Main, CFO 278,100 160,135 9,024 41,281 488,540 Mark Barranco, SVP Engineering & Education 283,662 41,242 8,461 84,799 418,164 Louise Byrant, SVP Investor Relations 236,894 65,281 30,837 56,723 389,735 Isabel Charlotte Hacker, General Council 346,132 125,264 36,246 (51,108) 456,534 Carsten Larsen, CCO 319,155 54,714 31,600 182,350 587,819 Stephen Hamlet, VP of Human Resources 197,950 39,760 6,502 22,285 266,497 Kate Ringier, VP Communications & Government Affairs 206,917 61,688 22,935 (34,255) 257,285 3,846,026 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 termination by the Company without cause. SENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION \u2013 2022 Salary Other short-term benefits Pensions Share based compensation Total Timothy Stedman, Group CEO 433,177 192,370 39,040 211,066 875,653 Chris Faulkner, CTO 236,900 51,733 7,107 68,314 364,054 Russell Main, CFO 257,500 53,356 8,921 38,828 358,605 Mark Barranco, SVP Engineering & Education 262,649 49,156 8,172 119,274 439,251 Louise Byrant, SVP Investor Relations 55,785 28,529 11,871 10,097 106,282 Isabel Charlotte Hacker, General Council 324,883 73,555 29,814 124,488 552,740 Carsten Larsen, CCO 268,152 - 29,497 268,817 566,466 Stephen Hamlet, VP of Human Resources 78,269 8,065 - 11,682 98,016 Kate Ringier, VP Communications & Government Affairs 211,932 39,034 17,340 77,703 346,009 3,707,076 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 termination by the Company without cause.
EQUITY SHARES All employees Key management personnel 2022 2023 2022 2023 Equity-settled Option pricing model used Black-Scholes Black-Scholes Black-Scholes Black-Scholes Share price at grant date (weighted average) $1.02 $1.13 $1.05 $1.20 Exercise price (weighted average) $2.62 $3.41 $2.75 $3.47 Contractual life (weighted average) 6.12 10.99 6.15 11.00 Expected volatility (weighted average) 32% 53% 33% 59% Expected dividend growth rate 0% 0% 0% 0% Risk free interest rate (weighted average) 2.84% 3.08% 2.90% 3.10%
The 2020 plan became effective as of 4 June 2020. Prior to this date Agilyx Corp had implemented a 2009 Stock Incentive plan. The 2009 plan was considered null and void after the effective date of the 2020 plan, but were replaced with new options in the new plan. The result was a modification of the options granted to each relevant counterparty which resulted in accelerated vesting. The result was beneficial (i.e. a higher fair value) to the employees since the service conditions were shortened for each counterparty. The total value of the modified grants was $216,535. Management calculated the total compensation cost for each new tranche and will be recognizing the new compensation cost straight-lined over the new vesting periods. The plan has a vesting period of 4 years, with 25% vesting after 1 year and monthly vesting evenly thereafter. All options are equity settled. Estimated volatility is calculated based on the historical volatility of similar entities 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 option expires, terminates or is cancelled, the unissued shares subject to that option shall again be available under the Plan.
The options outstanding have a range of exercise prices from $0.06 to $3.89SHARES AND OPTIONS HELD BY THE CEO AND MEMBERS OF THE BOARD OF DIRECTORS Name Title Options and warrants granted Shares owned Note Timothy Stedman CEO 2,893,900 86,842 1. Ranjeet Bhatia GM and board member - 145,014 2. Jan Secher Board member 100,000 78,472 3. Steen Jakobsen Board member 75,000 - 4. Peter Norris Board member 100,000 174,955 5. Martha Crawford Board member 75,000 - 6. Carolyn Clarke Board member 75,000 - 7. Catherine Keenan Board member 75,000 - 8.
REMUNERATION TO AUDITOR Group Parent 2022 2023 2022 2023 Audit fees 168,794 123,384 85,294 58,484 Confirmation services 6,272 9,413 6,272 5,113 Tax services 6,856 3,000 6,856 - Other non-audit services 11,751 25,800 11,751 - Total fees 193,673 161,597 110,173 63,597 Audit fees to the parent auditor include VAT.
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"f6007": {
"value": "Note 13: Accrued expenses and other current liabilitiesACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Group Parent 2022 2023 2022 2023 Payroll and related accruals 438,707 924,937 93,063 78,413 Products and services 1,470,836 - - - Total accrued expenses and other current liabilities 1,909,543 924,937 93,063 78,413 In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the liabilities attributable
to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Group Parent 2022 2023 2022 2023 Payroll and related accruals 438,707 924,937 93,063 78,413 Products and services 1,470,836 - - - Total accrued expenses and other current liabilities 1,909,543 924,937 93,063 78,413 In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the liabilities attributable
to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Group Parent 2022 2023 2022 2023 Payroll and related accruals 438,707 924,937 93,063 78,413 Products and services 1,470,836 - - - Total accrued expenses and other current liabilities 1,909,543 924,937 93,063 78,413 In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As a result the liabilities attributable
to Cyclyx, are not included in the 2023 balances above. See Note 23 for more information",
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"f6080": {
"value": "WARRANTS AND SUBSCRIPTION RIGHTS Number of ordinary shares Exercise price per share - USD Expiration Ordinary share warrants converted to subscription rights 2,322,100 1.00 2025 Group and parent December 31, 2022 Group and parent December 31, 2023 Warrant liabilities 6,303,189 3,293,206 WARRANT LIABILITY VALUATION Group and parent December 31, 2022 Group and parent December 31, 2023 Expected term 7-Aug-25 7-Aug-25 Equity volatility 30% 35% Risk free rate 4.34% 4.45% EQUITY Equity value at expiration - 5% Equity value at expiration + 5% At December 31, 2022 (315,160) 315,159 At December 31, 2023 (164,661) 164,660
RECONCILIATION Warrant liability At January 1, 2022 7,570,647 Gain on warrant value - presented as fair value through profit and loss (1,267,458) At December 31, 2022 6,303,189 Gain on warrant value - presented as fair value through profit and loss (3,009,983) At December 31, 2023 3,293,206 Note 14: Warrants The Company has granted warrants in connection with various debt and equity issuances. The following table reflects the total of outstanding warrants as of December 31, 2023 that are exercisable into ordinary shares: The ordinary share warrants and subscription rights, are the only financial instruments measured at fair value through the profit and loss. This treatment is required for the Warrants because the terms of the Warrant include a cash less exercise option, which triggers derivative treatment in accordance with IFRS 9. This is because their values change in response to a specified financial instrument price (Agilyx Group stock price), they required no initial net investment and they will be settled at a future date. All ordinary share warrants and subscription 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 valuation of the Warrant liability was performed using the Black Scholes Model, the following inputs were significant in the computation of fair values at each reporting date: During 2022, the Board of Directors authorized an extension on all warrants now having an expiration date of August 7, 2025. As the outstanding warrants for Agilyx are well in the money as of the December 31, 2022 and 2023 reporting dates, the valuations performed determined that the preponderance of the amount, for each of the respective dates, was intrinsic value in nature. Hence there was very little time value associated with the estimate of value calculated. As a result of this relationship, 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 volatility. This determination was corroborated with the sensitivity calculations completed. During 2022 and 2023, no warrants were exercised. The sensitivity analysis of a reasonably possible change in one significant unobservable input, being the underlying equity value, holding other inputs constant would be:
The reconciliation of the opening and closing fair value balance of level 3 financial instruments is provided below (this is applicable for both the Group and Parent only financial statements): 2023 SHAREHOLDERS 2023 Saffron Hill Ventures 2 LP 39,762,365 41.6 % Morgan Stanley & Co. Int. Plc. 15,495,607 16.2 % Six Sis AG 5,856,701 6.1 % Citibank 4,352,366 4.5 % Merrill Lynch 4,269,815 4.5 % Clearstream Banking S.A. 3,789,140 4.0 % Skandinaviska Enskilda Banken AB 2,364,493 2.5 % BNP Paribas Securities Services 2,229,236 2.3 % The Bank of New York Mellon SA/NV 1,619,618 1.7 % MP Pension PK 1,435,709 1.5 % SEB CMU/SECFIN Pooled Account 1,216,224 1.3 % J.P. Morgan SE 1,202,031 1.3 % UFI AS 1,073,700 1.1 % Sundt AS 1,067,186 1.1 % UFI Capital AS 1,031,685 1.1 % Others 8,920,331 9.3 % Total 95,686,207 100.0 % 2022 SHAREHOLDERS 2022 Citibank 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 Securities 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 Fondsfinas Norge 919,292 1.1 % DNB Markets Aksjehandel 864,808 1.0 % Others 10,746,788 12.7 % Total 84,529,958 100.0 %
Note 16: Shareholders Ordinary shares include 95,686,207 shares at par value NOK 0.02, all issued and fully paid. Shareholders as of December 31 and shares held by the CEO and board members Ordinary shares include 84,529,958 shares at par value NOK 0.02, all issued and fully paid. As at January 1, 2022 there were 77,532,946 Ordinary Shares. Within the statement of changes in equity the share capital column provides a reconciliation of the par value of the Ordinary shares during 2022 and 2023. The tables above present the year end balances in total, the movements can be computed using the share capital column and adjusting for the NOK exchange rate at the relevant transaction dates. There are no special rights or restrictions with regards the Ordinary shares, each is entitled to one vote and a proportional share any remaining assets in the event of a liquidation. The total number of authorized shares was 87,705,500 and 95,686,207 at December 31, 2022 and December 31, 2023, respectively. The difference 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 Option contracts.
The following describes the nature and purpose of each reserve within equity: SHAREHOLDERS Reserve Description and purpose Share premium Amount subscribed for share capital in excess of nominal value, in the post inversion period Additional paid in capital Pre inversion amounts related to the exercise of stock options and post inversion transactions related to stock options and warrants. Uncovered loss All other net gains and losses and transactions with owners (e.g. dividends) not recognized elsewhere.
SHARES AND OPTIONS HELD BY THE CEO AND MEMBERS OF THE BOARD OF DIRECTORS Name Title Options and warrants granted Shares owned Note Timothy Stedman CEO 2,893,900 86,842 1. Ranjeet Bhatia GM and board member - 145,014 2. Jan Secher Board member 100,000 78,472 3. Steen Jakobsen Board member 75,000 - 4. Peter Norris Board member 100,000 174,955 5. Martha Crawford Board member 75,000 - 6. Carolyn Clarke Board member 75,000 - 7. Catherine Keenan Board member 75,000 - 8.
2023 SHAREHOLDERS 2023 Saffron Hill Ventures 2 LP 39,762,365 41.6 % Morgan Stanley & Co. Int. Plc. 15,495,607 16.2 % Six Sis AG 5,856,701 6.1 % Citibank 4,352,366 4.5 % Merrill Lynch 4,269,815 4.5 % Clearstream Banking S.A. 3,789,140 4.0 % Skandinaviska Enskilda Banken AB 2,364,493 2.5 % BNP Paribas Securities Services 2,229,236 2.3 % The Bank of New York Mellon SA/NV 1,619,618 1.7 % MP Pension PK 1,435,709 1.5 % SEB CMU/SECFIN Pooled Account 1,216,224 1.3 % J.P. Morgan SE 1,202,031 1.3 % UFI AS 1,073,700 1.1 % Sundt AS 1,067,186 1.1 % UFI Capital AS 1,031,685 1.1 % Others 8,920,331 9.3 % Total 95,686,207 100.0 % 2022 SHAREHOLDERS 2022 Citibank 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 Securities 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 Fondsfinas 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 95,686,207 shares at par value NOK 0.02, all issued and fully paid. Shareholders as of December 31 and shares held by the CEO and board members Ordinary shares include 84,529,958 shares at par value NOK 0.02, all issued and fully paid. As at January 1, 2022 there were 77,532,946 Ordinary Shares. Within the statement of changes in equity the share capital column provides a reconciliation of the par value of the Ordinary shares during 2022 and 2023. The tables above present the year end balances in total, the movements can be computed using the share capital column and adjusting for the NOK exchange rate at the relevant transaction dates. There are no special rights or restrictions with regards the Ordinary shares, each is entitled to one vote and a proportional share any remaining assets in the event of a liquidation. The total number of authorized shares was 87,705,500 and 95,686,207 at December 31, 2022 and December 31, 2023, respectively. The difference 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 Option contracts.
SHARES AND OPTIONS HELD BY THE CEO AND MEMBERS OF THE BOARD OF DIRECTORS Name Title Options and warrants granted Shares owned Note Timothy Stedman CEO 2,893,900 86,842 1. Ranjeet Bhatia GM and board member - 145,014 2. Jan Secher Board member 100,000 78,472 3. Steen Jakobsen Board member 75,000 - 4. Peter Norris Board member 100,000 174,955 5. Martha Crawford Board member 75,000 - 6. Carolyn Clarke Board member 75,000 - 7. Catherine Keenan Board member 75,000 - 8.
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"value": "The following describes the nature and purpose of each reserve within equity: SHAREHOLDERS Reserve Description and purpose Share premium Amount subscribed for share capital in excess of nominal value, in the post inversion period Additional paid in capital Pre inversion amounts related to the exercise of stock options and post inversion transactions related to stock options and warrants. Uncovered loss All other net gains and losses and transactions with owners (e.g. dividends) not recognized elsewhere.
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"f6722": {
"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, 2022 and 2023, respectively. Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Unrecognized deferred tax assets totaled $60.2 million (2022: $55.8 million) and in Norway $1.5 million (2022: $1.2 million). As of December 31, 2023, net operating loss for federal income tax purposes in US of approximately $196.5 million, portions of which will begin expire in 2030. Total state net operating loss carryforward in US of approximately $140.0 million, which will begin to expire in 2031. Agilyx Corp also has federal credits for approximately $2.5 million, which will begin to expire in 2030 and state research credits of approximately $0.7 million whose expiration date is not determined. Utilization of some of the federal and state net operating loss and credit carryforwards are subject to annual limitations due to the \u201cchange of ownership\u201d provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitations may result in the expiration of net operating losses and credits before utilization. Such an analysis will be prepared before the utilization of the net operating losses and credits. Loss carried forward in Norway as of December 31, 2023, of approximately $7 million has no expiration date. INCOME TAXES Group Parent 2022 2023 2022 2023 Basis for income tax expense (23,384,655) 96,122,594 (787,412) 1,156,607 Discountinued operation - (113,279,186) - - Basis for income tax expense - from continuing operations Result before taxes (23,384,655) (17,156,592) (787,412) 1,156,607 Issue costs shares - - - - State benefit (17,035) 16,485 - - Foreign expense - - - - Permanent differences (13,427) (3,585,520) (1,112,081) (2,880,108) Changes in temporary differences 1,091,933 399,468 - - Basis for payable taxes in the income statement - from continuing operations (22,323,184) (20,326,159) (1,899,493) (1,723,501) Deferred tax asset: Loss carried forward 50,289,598 53,674,151 1,162,624 1,541,794 Research & other credits 2,764,993 3,271,123 - - Capitalized R&D 539,265 1,414,255 - - Reserves and accruals - - - - Stock based compensation 239,015 301,184 - - Unrealized gain/loss 1,329,598 728,864 - - Lease liability 159,729 57,551 - - Investment in partnership 912,848 726,300 - - Total deferred tax assets 56,235,046 60,173,428 1,162,624 1,541,794 Deferred tax liabilities: Other intangibles (23,527) 693 - - Fixed assets (235,382) (56,413) - - Prepayments (38,247) (39,581) - - Right of use assets (154,671) (54,815) - - Investment in partnership - - - - Total deferred tax liabilities (451,827) (150,116) - - Net deferred tax assets 55,783,219 60,023,312 1,162,624 1,541,794 Recognized deferred tax assets - - - - Statutory tax rate 21% 21% 22% 22% Tax rate 0% 0% 0% 0%
Note 19: Notes payable During 2022 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.
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"f6950": {
"value": "Note 21: Financial instruments - risk management Agilyx Group is exposed through its operations to the following financial risks: \u2022 Credit risk \u2022 Liquidity risk In common with all other businesses, Agilyx Group is exposed to risks that arise from its use of financial instruments. This note describes Agilyx Group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information with respect to these risks is presented throughout these financial statements. There have been no substantive changes in the Group\u2019s exposure to financial instrument risks, its objectives, 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 financial instruments, by category The principal financial instruments used by Agilyx Group are listed in the table below, all of which are measured at amortized cost, plus the Warrant/Subscription rights, which are measured at fair value through the profit and loss: (ii) Financial instruments not measured at fair value Financial instruments not measured at fair value include 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 amortized cost is considered to approximate fair value. The Notes payable and Lease liabilities both carry market rates of interest, for these amounts the amortized 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 financial instruments measured at fair value through profit and loss are the Warrants and Subscription rights, described in more detail in Note 14. (iv) General objectives, policies and processes The Board has overall responsibility for the determination of Agilyx Group\u2019s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Agilyx Group finance function. The Board receives monthly reports from the V.P. and Corporate Controller through which it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and policies it sets. PRINCIPAL FINANCIAL INSTRUMENTS Group - as at Parent - as at December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 Accounts receivable 2,443,453 588,878 - - Cash and cash equivalents 13,671,319 8,527,632 5,007,823 5,958,889 Total financial assets 16,114,772 9,116,510 5,007,823 5,958,889 Accounts payable 2,640,756 1,830,507 424 403 Payable to group companies - - 2,515,348 4,330,087 Lease liabilities 732,030 292,958 - - Financial liabilities at amortized cost 3,372,786 2,123,465 2,515,772 4,330,490 Warrant liability 6,303,189 3,293,206 6,303,189 3,293,206 Total financial liabilities 9,675,975 5,416,671 8,818,961 7,623,696
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below: CREDIT RISK Credit risk is the risk of financial loss to Agilyx Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. 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 ratings are taken into account by local business practices. As noted in Note 1, historically Agilyx does not have issues with the collectability of its receivable balances. Due to this historical experience and the procedures that 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 financial institutions. Agilyx Group only deals with highly reputable banks and financial institutions. At times, Agilyx Group does hold funds with certain banks that are beyond federally insured levels, however, management regularly monitors the banking relationships to minimize any risk that may arise in this respect.
LIQUIDITY RISK Liquidity risk arises from Agilyx Group\u2019s management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that Agilyx Group will encounter difficulty in meeting its financial obligations as they fall due. The current policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim, it seeks to maintain cash balances (or agreed facilities) to meet expected requirements for a period of at least 45 days. The Group also seeks to reduce liquidity risk by fixing interest rates (and hence cash flows) on its long-term borrowings, this is further discussed in the \u2018interest rate risk\u2019 section above. The Board regularly receives cash flow projections as well as information regarding cash balances. At the end of the financial year, these projections indicated that the Group expected to have sufficient liquid resources to meet its obligations under all reasonably expected circumstances. The budgets are set by management and agreed upon by the board in advance, enabling the Agilyx Group\u2019s cash requirements to be anticipated. The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities: See Note 9 for undiscounted contractual cash flow information in relation to the lease liabilities. CONTRACTURAL MATURITIES (GROUP - AS AT) Group - as at As at December, 31 2022 Due between 0 - 12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 2,640,756 - - 2,640,756 Payable to group companies - - - - 2,640,756 - - 2,640,756 As at December, 31 2022 Accounts payable 1,830,507 - - 1,830,507 Payable to group companies - - - - 1,830,507 - - 1,830,507 CONTRACTURAL MATURITIES (PARENT - AS AT) Parent - as at As at December, 31 2022 Due between 0 - 12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 424 - - 424 Payable to Group Companies 2,515,348 - - 2,515,348 2,515,772 - - 2,515,772 As at December, 31 2022 Accounts payable 403 - - 403 Payable to Group Companies 4,330,087 - - 4,330,087 4,330,490 - - 4,330,490
In addition to the financial liabilities noted above, there are other potential cash outflows in relation to the investment in Regenyx, which may affect liquidity. During the initial funding period, Agilyx was responsible for funding the operations of Regenyx, this resulted in cash outflows, for 2023 of $2,023,078 (2022: $2,539,270) as reported on the cash flow statement. Furthermore, the Regenyx contribution agreement includes a put option as defined in Note 9, which could result in a cash outflow, should the option be exercised by AmSty. The cash outflow 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 option is fair value. Hence, the value of consideration due upon exercise of the option and the asset acquired (shares), would be equal and therefore no value has been attributed to this put option. At the date of this report, no events has occurred that will initiate the purchase of AmSty\u2019s investment
in Regenyx. CAPITAL DISCLOSURES Agilyx Group\u2019s managed capital includes equity and debt. The objectives for Agilyx Group when maintaining capital are: \u2022 to safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits 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 proportion to risk. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics 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 attached to the bank and borrowing facilities.
LIQUIDITY RISK Liquidity risk arises from Agilyx Group\u2019s management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that Agilyx Group will encounter difficulty in meeting its financial obligations as they fall due. The current policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim, it seeks to maintain cash balances (or agreed facilities) to meet expected requirements for a period of at least 45 days. The Group also seeks to reduce liquidity risk by fixing interest rates (and hence cash flows) on its long-term borrowings, this is further discussed in the \u2018interest rate risk\u2019 section above. The Board regularly receives cash flow projections as well as information regarding cash balances. At the end of the financial year, these projections indicated that the Group expected to have sufficient liquid resources to meet its obligations under all reasonably expected circumstances. The budgets are set by management and agreed upon by the board in advance, enabling the Agilyx Group\u2019s cash requirements to be anticipated. The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities: See Note 9 for undiscounted contractual cash flow information in relation to the lease liabilities. CONTRACTURAL MATURITIES (GROUP - AS AT) Group - as at As at December, 31 2022 Due between 0 - 12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 2,640,756 - - 2,640,756 Payable to group companies - - - - 2,640,756 - - 2,640,756 As at December, 31 2022 Accounts payable 1,830,507 - - 1,830,507 Payable to group companies - - - - 1,830,507 - - 1,830,507 CONTRACTURAL MATURITIES (PARENT - AS AT) Parent - as at As at December, 31 2022 Due between 0 - 12 months Due between 1-2 years Due after 2 years or more Total Accounts payable 424 - - 424 Payable to Group Companies 2,515,348 - - 2,515,348 2,515,772 - - 2,515,772 As at December, 31 2022 Accounts payable 403 - - 403 Payable to Group Companies 4,330,087 - - 4,330,087 4,330,490 - - 4,330,490
In addition to the financial liabilities noted above, there are other potential cash outflows in relation to the investment in Regenyx, which may affect liquidity. During the initial funding period, Agilyx was responsible for funding the operations of Regenyx, this resulted in cash outflows, for 2023 of $2,023,078 (2022: $2,539,270) as reported on the cash flow statement. Furthermore, the Regenyx contribution agreement includes a put option as defined in Note 9, which could result in a cash outflow, should the option be exercised by AmSty. The cash outflow 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 option is fair value. Hence, the value of consideration due upon exercise of the option and the asset acquired (shares), would be equal and therefore no value has been attributed to this put option. At the date of this report, no events has occurred that will initiate the purchase of AmSty\u2019s investment
in Regenyx. CAPITAL DISCLOSURES Agilyx Group\u2019s managed capital includes equity and debt. The objectives for Agilyx Group when maintaining capital are: \u2022 to safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits 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 proportion to risk. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics 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 attached to the bank and borrowing facilities.
CAPITAL DISCLOSURES Agilyx Group\u2019s managed capital includes equity and debt. The objectives for Agilyx Group when maintaining capital are: \u2022 to safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits 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 proportion to risk. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics 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 attached to the bank and borrowing facilities.
",
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"f7208": {
"value": "Note 22: Earnings per share Net Loss 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 reconciliation of the numerator and denominator used in the computation of basic net loss per common share for the years ended December 31, 2023 and 2022: Since Agilyx Group incurred an operating loss from continuing operations in both periods, the outstanding warrants and stock options would have an anti-dilutive impact on the Earnings per Share calculation, therefore the Diluted Earnings per Share is equal to the Basic Earnings per share. EARNINGS PER SHARE Years Ended December 31, 2022 2023 Continuing operations Discontinued operations Total Continuing operations Discontinued operations Total Numerator: Profit (loss) for the period attributable to common stockholders (17,881,043) (4,127,615) (22,008,657) (17,038,967) 114,512,955 97,473,988 Denominator: Weighted average shares outstanding - basic & diluted 79,993,661 79,993,661 79,993,661 87,075,194 87,075,194 87,075,194 Net earnings (loss) per common share - basic & diluted (0.23) (0.05) (0.28)
(0",
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"f7342": {
"value": "Note 24: Subsequent events The Company has no material subsequent events after the balance sheet date. In February 2024, an announcement was made by the Agilyx Group that a decision had been taken by Regenyx to close their plant and wind up their operations. At the reporting date, Agilyx Group has fully impaired its interest in Regenyx and therefore management does not expect a significant financial impact on the consolidated financial statements as a result of the winding up of Regenyx.
",
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}