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Information about the group \u201cEnsurge Micropower ASA (\u201cEnsurge ASA\u201d, \u201cEnsurge\u201d or \u201cthe Company\u201d) was founded as Thin Film Electronics ASA (\u201cThinfilm\u201d) on 22 December 2005 and was renamed Ensurge Micropower. Reference is made to Note 27 for a description of the subsidiaries consolidated into the parent company Ensurge Micropower ASA. The objectives of the Company shall be the commercialization, research, development and production of technology and products related to solid-state lithium batteries. These objectives may be carried out in full internally, or in whole or in part externally through collaborative efforts with one or more of the Company\u2019s ecosystem partners. The Company is a public limited liability company incorporated and domiciled in Norway. The address of its registered office is Fridjof Nansens Plass 4, Oslo, Norway. The company\u2019s shares were admitted to listing at the Oslo Axess on 30 January 2008 and to the Oslo B\u00f8rs on 27 February 2015. On 24 March 2015 Ensurge\u2019s American Depository Receipts (ADRs) commenced trading in the United States on OTCQX International. Ensurge\u2019s ADR was moved to OTCQB with effect on 23 June 2020. The Company\u2019s shares, listed on Oslo B\u00f8rs in Norway, trade under the symbol ENSU. The Company\u2019s ADRs, listed on OTCQB in the United States, trade under the symbol ENMPY. These group consolidated financial statements were resolved by the board of directors on 24 April 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-8": { "value": "\u201cEnsurge Micropower ASA (\u201cEnsurge ASA\u201d, \u201cEnsurge\u201d or \u201cthe Company\u201d) was founded as Thin Film Electronics ASA (\u201cThinfilm\u201d) on 22 December 2005 and was renamed Ensurge Micropower. ", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-197": { "value": "Ensurge Micropower ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "Ensurge Micropower ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "The objectives of the Company shall be the commercialization, research, development and production of technology and products related to solid-state lithium batteries. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-201": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "Fridjof Nansens Plass 4, Oslo, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-198": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-202": { "value": "2. Material accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied. For the purpose of ease of reading, the terms \u201dbalance sheet\u201d and Notes to the Consolidated Financial Statements \u201daccounting\u201d and variations of these have been used interchangeably with the International Financial Reporting Standards (IFRS \u00ae ) terms \u201dstatement of financial position\u201d and \u201drecognition\u201d. 2.1 Basis of preparation The annual financial statements have been prepared on a historical cost basis. The financial statements of the group have been prepared in accordance with IFRS as adopted by the European Union (EU). The accounting policies adopted are consistent with those of the previous financial year. IFRS is continuously developed and recently published standards, amendments and interpretations have been reviewed and considered. None of the new standards, amendments and interpretations that apply as of 1 January 2023 had any impact on net result or equity of Ensurge in 2023. Reference is made to Note 2.20 for a description of changes in IFRS. Going concern The board confirms that the financial statements of the group, as well as the parent company, have been prepared under the going concern assumption. As of the date of this report, the company has sufficient cash to fund operations until June 2024. To continue to fund the Company\u2019s activities beyond June 2024, the Company will seek additional funds from the investor market and from partnership funding. However, as funding is not secured for the next 12 months, a material uncertainty exists as to whether the Company and group will continue as going concern. The Company and group are dependent to successfully raise funds as planned. The board of directors monitors the financial position closely and receives frequent reports and forecasts on expenditure and cash flow. To address the funding requirements of the group, the board of directors has undertaken the following initiatives: Undertaken a program to continue to monitor the group\u2019s ongoing working capital requirements and minimum expenditure commitments; and \u2022 Continued its focus on maintaining an appropriate level of corporate overhead that is in line with the group\u2019s available cash resources. The Company has prioritized raising sufficient funds to provide adequate time to demonstrate a series of technology and market development milestones. Despite the material uncertainty to whether the group will be able to successfully raise funds as planned, the Board has concluded that the Company are not in a situation where there is no realistic alternative to continue as going concern and hence it is found appropriate to prepare the financial statements on the going concern basis. 2.2 Consolidation Subsidiaries are all entities over which the group has control. Control is achieved when the 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, the group controls an investee if, and only if, the group 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 the group has less than a majority of the voting or similar rights of an investee, the group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee \u2022 Rights arising from other contractual arrangements \u2022 The group\u2019s voting rights and potential voting rights 2.3 Foreign currency translation (a) Functional and presentation currency The consolidated financial statements are presented in US dollar (USD). (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. (c) Group companies The individual financial statements of a subsidiary are prepared in the subsidiary\u2019s functional currency. In preparing the consolidated financial statements, the financial statements of foreign operations are translated using the exchange rates at year-end for statement of financial position items and monthly average exchange rates for statement of income items. Translation gains and losses are included in other comprehensive income as a separate component. The translation difference derived from each foreign subsidiary is reversed through the statement of income as part of the gain or loss arising from the divestment or liquidation of such a foreign operation. 2.4 Property, plant and equipment Property, plant and equipment is mainly comprised of construction in progress on the roll-to-roll line, laboratory test equipment, and office equipment. Property, plant and equipment is stated at historical cost less depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Given the uncertainty related to its cash position and new strategy, the Company\u2019s fixed assets were fully impaired at 31 December 2019. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Depreciation is calculated using the straight-line method as follows: \u2022 Laboratory equipment \u2014 5 years \u2022 Office equipment \u2014 3\u20135 years \u2022 Office furnishings and fittings \u2014 up to 12 years The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in the income statement. 2.5 Inventory The Company changed strategy and hence inventory is fully impaired. Historically, inventory, components and components under production were valued at the lower of cost and net realizable value after deduction of obsolescence. Net realizable value is estimated as the selling price less cost of completion and the cost necessary to make the sale. Costs are determined using the standard cost method. The FIFO principle is applied. Work in progress includes variable cost and non-variable cost which can be allocated to items based on normal capacity. Obsolete inventory is written down completely. 2.6 Intangible assets (a) Patents and licenses Acquired patents and licenses are stated at historical cost. Patents and licenses have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost of patents and licenses over their estimated useful lives. An asset\u2019s carrying amount is written down to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. In January 2014, Ensurge acquired an IP portfolio consisting of patents. These assets are initially recognized at fair value and subsequently measured at cost, less accumulated amortization and impairment losses. (b) Research and development Research costs are expensed as they are incurred. An intangible asset arising from development expenditure on an individual project is capitalized only when the group reliably can measure the expenditure and can demonstrate; \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale \u2022 How the asset will generate future economic benefits \u2022 The group\u2019s ability to obtain resources to complete the project Development costs are amortized over the period of expected use of the asset. See Note 12. An asset\u2019s carrying amount is written down to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. 2.7 Impairment of assets Assets that have an indefinite useful life, for example goodwill, are not subject to amortization and are tested annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non- financial assets other than goodwill are reviewed for possible reversal of any previous impairment at each reporting date. 2.8 Trade receivables and other receivables Trade receivables and other short-term receivables are measured at initial recognition at fair value and subsequently measured at amortized cost. Short-term receivables, which are due within three months, are normally not discounted. Impairment of receivables is evaluated on a case-by-case basis. The group writes off a trade receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery. 2.9 Cash and bank deposits Cash and bank deposits include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet. 2.10 Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to raising new equity are shown as a deduction to the equity, net of tax. 2.11 Trade payables The carrying amounts of trade and other payables are the same as their fair values, due to their short- term nature. 2.12 Deferred income tax Deferred income tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or a liability in a transaction other than a business combination that at the time of the transaction affects neither accounting, nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted on the balance sheet date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred tax liabilities are recognized for taxable temporary differences. 2.13 Employee remuneration Termination benefits are payable when employment is terminated by the group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The group recognizes termination benefits when it is demonstrably committed to either: terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the balance sheet date are discounted to present value. The company only holds defined contribution pension plans. Contributions are expensed and paid when earned. 2.14 Revenue recognition Revenue is recognized at the amount that the Company expects to be entitled to and expects to collect under the contract. If a contract has multiple performance obligations, the transaction price is allocated to each performance obligation identified in the contract on a relative stand-alone selling price basis. Revenue is shown net of value-added tax, returns, rebates and discounts and after eliminating sales within the group. (a) Sales of goods Sales of goods were recognized when the performance obligation was satisfied, the costs incurred with respect to the transaction could be measured reliably, and Ensurge retained neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold. (b) Rendering of services The group provides engineering and support services to strategic customers and partners. 2.15 Government grants Government grants are recognized when there is reasonable assurance that the grant will be received, and the conditions will be complied with. Grants are recognized as other income over the period necessary to match them with the related costs, for which they are intended to compensate, on a systematic basis. 2.16 Financial liabilities (a) Borrowings Borrowings are initially recognized at cost and subsequently measured at amortized cost using the effective interest method. Amortized cost is calculated by taking into account any issue costs as well as discount or premium on settlement. Financial liabilities are presented as current if the liabilities are due to be settled within 12 months after the balance sheet date. (b) Leases All leases are recognized in the balance sheet as a right-of-use (\u201cROU\u201d) asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets. ROU assets represent a right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Right-of-use assets are depreciated linearly over the lifetime of the related lease contract. The depreciation of ROU asset is recognized over the lease term, and interest expenses related to the lease liability are classified as financial items in the income statement. Right-of-use assets are tested for impairment in accordance in accordance with IAS 36. Ensurge determines if an arrangement is a lease at inception. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. The Company\u2019s incremental borrowing rate based on the information available at commencement date is used in determining the present value of lease payments. Extension options are included when it, based on management\u2019s judgment, is reasonably certain to be exercised. ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets. 2.17 Share-based remuneration and derivatives over own shares (a) Share-based remuneration Equity-settled share-based payments to employees are measured at the fair value of the equity instruments at grant date. The fair value of the instruments is determined using a Black-Scholes option pricing model. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Group revises its estimate of the number of equity instruments expected to vest. For social security contribution related to equity settled share-based payment transactions with employees, a liability is recognized. The liability is initially measured at the fair value of the liability. At the end of each reporting period until the liability is settled, and the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss for the year. (b) Derivatives over own shares The convertible loans are denominated in Norwegian Kroner (NOK); however, the functional currency of the Company is the US Dollar. As a result of this difference in currencies, the proceeds that were received by the Company were not fixed and varied based on foreign exchange rates. A portion of the loans, the conversion feature, is a derivative required to be recognized and measured at fair value at each reporting period. Any changes in fair value in the convertible loans from period to period is recorded as a non-cash gain or loss in the consolidated statement of net loss/(income) and comprehensive loss/(income), in accordance with IFRS 9. The convertible loans, including accrued interest, are classified as short-term liability at amortized cost. The conversion feature derivative liability is classified as short-term held-for-trading liability. The derivative liability is measured using Black-Scholes valuation model. 2.18 Cash flow statement The cash flow statement is prepared in accordance with the indirect method. 2.19 Segment information Operating segments, according to IFRS 8, are reported in a manner consistent with the internal reporting provided to the chief operating decision- maker. The chief operating decision-maker, who is responsible for allocating resources, assessing performance and making strategic decisions, has been identified as the Chief Executive Officer (CEO). Based on Ensurge\u2019s current deliveries, performance obligations, customer characteristic and other information, it has been assessed that Ensurge has only one operating segment. Hence, primarily information according to IFRS 8 paragraphs 32\u201334 is provided. 2.20 Changes in accounting principles In 2023 new standards and amendments to existing standards have become effective. This related to the following standards: \u2022 IFRS 17 Insurance contracts and amendments, \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2, \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8, \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12, \u2022 International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS 12. The adoption of these items did not have a significant impact on the financial statements of the Group. 2.21 Approved standards and interpretations not yet in effect In addition to these standards, the following new and revised IFRSs have been issued but were not mandatory for annual reporting periods ending on 31 December 2023. The Group will assess the potential impact of these new and revised standards in due course. \u2022 Non-current Liabilities with Covenants \u2013 Amendments to IAS 1 and Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1 \u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 \u2022 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7 \u2022 IFRS S1** General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2** Climate-related Disclosures \u2022 Lack of Exchangeability \u2013 Amendments to IAS 21 \u2022 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture \u2013 Amendments to IFRS 10 and IAS 28", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-204": { "value": "2.1 Basis of preparation The annual financial statements have been prepared on a historical cost basis. The financial statements of the group have been prepared in accordance with IFRS as adopted by the European Union (EU). The accounting policies adopted are consistent with those of the previous financial year. IFRS is continuously developed and recently published standards, amendments and interpretations have been reviewed and considered. None of the new standards, amendments and interpretations that apply as of 1 January 2023 had any impact on net result or equity of Ensurge in 2023. Reference is made to Note 2.20 for a description of changes in IFRS. Going concern The board confirms that the financial statements of the group, as well as the parent company, have been prepared under the going concern assumption. As of the date of this report, the company has sufficient cash to fund operations until June 2024. To continue to fund the Company\u2019s activities beyond June 2024, the Company will seek additional funds from the investor market and from partnership funding. However, as funding is not secured for the next 12 months, a material uncertainty exists as to whether the Company and group will continue as going concern. The Company and group are dependent to successfully raise funds as planned. The board of directors monitors the financial position closely and receives frequent reports and forecasts on expenditure and cash flow. To address the funding requirements of the group, the board of directors has undertaken the following initiatives: \u2022 Undertaken a program to continue to monitor the group\u2019s ongoing working capital requirements and minimum expenditure commitments; and \u2022 Continued its focus on maintaining an appropriate level of corporate overhead that is in line with the group\u2019s available cash resources. The Company has prioritized raising sufficient funds to provide adequate time to demonstrate a series of technology and market development milestones. Despite the material uncertainty to whether the group will be able to successfully raise funds as planned, the Board has concluded that the Company are not in a situation where there is no realistic alternative to continue as going concern and hence it is found appropriate to prepare the financial statements on the going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-245": { "value": "
Going concern
The board confirms that the financial statements of
the group, as well as the parent company, have been
prepared under the going concern assumption.
As of the date of this report, the company has
sufficient cash to fund operations until June 2024.
To continue to fund the Company\u2019s activities beyond
June 2024, the Company will seek additional funds
from the investor market and from partnership
funding. However, as funding is not secured for the
next 12 months, a material uncertainty exists as
to whether the Company and group will continue
as going concern. The Company and group are
dependent to successfully raise funds as planned.
The board of directors monitors the financial position
closely and receives frequent reports and forecasts
on expenditure and cash flow. To address the funding
requirements of the group, the board of directors has
undertaken the following initiatives:
\u2022 Undertaken a program to continue to monitor the
group\u2019s ongoing working capital requirements and
minimum expenditure commitments; and
\u2022 Continued its focus on maintaining an appropriate
level of corporate overhead that is in line with the
group\u2019s available cash resources.
The Company has prioritized raising sufficient funds
to provide adequate time to demonstrate a series
of technology and market development milestones.
Despite the material uncertainty to whether the
group will be able to successfully raise funds as
planned, the Board has concluded that the Company
are not in a situation where there is no realistic
alternative to continue as going concern and hence
it is found appropriate to prepare the financial
statements on the going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-207": { "value": "
2.2 Consolidation
Subsidiaries are all entities over which the group
has control. Control is achieved when the 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, the group controls an investee
if, and only if, the group 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 the group has less than
a majority of the voting or similar rights of an
investee, the group considers all relevant facts and
circumstances in assessing whether it has power over
an investee, including:
\u2022 The contractual arrangement(s) with the other vote
holders of the investee
\u2022 Rights arising from other contractual arrangements
\u2022 The group\u2019s voting rights and potential voting rights
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-205": { "value": "
2.3 Foreign currency translation
(a) Functional and presentation currency
The consolidated financial statements are presented
in US dollar (USD).
(b) Transactions and balances
Foreign currency transactions are translated
into the functional currency using the exchange
rates prevailing at the dates of the transactions.
Foreign exchange gains and losses resulting from
the settlement of such transactions and from the
translation at year-end exchange rates of monetary
assets and liabilities denominated in foreign
currencies are recognized in the income statement.
(c) Group companies
The individual financial statements of a subsidiary
are prepared in the subsidiary\u2019s functional currency.
In preparing the consolidated financial statements,
the financial statements of foreign operations are
translated using the exchange rates at year-end for
statement of financial position items and monthly
average exchange rates for statement of income
items. Translation gains and losses are included
in other comprehensive income as a separate
component. The translation difference derived
from each foreign subsidiary is reversed through
the statement of income as part of the gain or loss
arising from the divestment or liquidation of such a
foreign operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-246": { "value": "(a) Functional and presentation currency The consolidated financial statements are presented in US dollar (USD). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-206": { "value": "
2.4 Property, plant and equipment
Property, plant and equipment is mainly comprised
of construction in progress on the roll-to-roll line,
laboratory test equipment, and office equipment.
Property, plant and equipment is stated at historical
cost less depreciation and impairment losses.
Historical cost includes expenditure that is directly
attributable to the acquisition of the items. Given
the uncertainty related to its cash position and new
strategy, the Company\u2019s fixed assets were fully
impaired at 31 December 2019.
Subsequent costs are included in the asset\u2019s carrying
amount or recognized as a separate asset, as
appropriate, only when it is probable that future
economic benefits associated with the item will
flow to the group and the cost of the item can be
measured reliably. The carrying amount of the
replaced part is derecognized. All other repairs and
maintenance are charged to the income statement
during the financial period in which they are incurred.
Depreciation is calculated using the straight-line
method as follows:
\u2022 Laboratory equipment \u2014 5 years
\u2022 Office equipment \u2014 3\u20135 years
\u2022 Office furnishings and fittings \u2014 up to 12 years
The assets\u2019 residual values and useful lives are
reviewed, and adjusted if appropriate, at each
balance sheet date.
Gains and losses on disposals are determined by
comparing the proceeds with the carrying amount
and are recognized in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-208": { "value": "
2.5 Inventory
The Company changed strategy and hence inventory
is fully impaired. Historically, inventory, components
and components under production were valued at the
lower of cost and net realizable value after deduction
of obsolescence. Net realizable value is estimated as
the selling price less cost of completion and the cost
necessary to make the sale. Costs are determined
using the standard cost method. The FIFO principle is
applied. Work in progress includes variable cost and
non-variable cost which can be allocated to items
based on normal capacity. Obsolete inventory is
written down completely.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-212": { "value": "
2.6 Intangible assets
(a) Patents and licenses
Acquired patents and licenses are stated at historical
cost. Patents and licenses have a finite useful life and
are carried at cost less accumulated amortization.
Amortization is calculated using the straight-line
method to allocate the cost of patents and licenses
over their estimated useful lives. An asset\u2019s carrying
amount is written down to its recoverable amount
if the asset\u2019s carrying amount is greater than its
estimated recoverable amount. In January 2014,
Ensurge acquired an IP portfolio consisting of
patents. These assets are initially recognized at
fair value and subsequently measured at cost, less
accumulated amortization and impairment losses.
(b) Research and development
Research costs are expensed as they are incurred.
An intangible asset arising from development
expenditure on an individual project is capitalized
only when the group reliably can measure the
expenditure and can demonstrate;
\u2022 The technical feasibility of completing the intangible
asset so that it will be available for use or sale
\u2022 How the asset will generate future economic
benefits
\u2022 The group\u2019s ability to obtain resources to complete
the project
Development costs are amortized over the period of
expected use of the asset. See Note 12.
An asset\u2019s carrying amount is written down to its
recoverable amount if the asset\u2019s carrying amount is
greater than its estimated recoverable amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-215": { "value": "
2.7 Impairment of assets
Assets that have an indefinite useful life, for example
goodwill, are not subject to amortization and are
tested annually for impairment. Assets that are
subject to amortization are reviewed for impairment
whenever events or changes in circumstances
indicate that the carrying amount may not be
recoverable. An impairment loss is recognized for
the amount by which the asset\u2019s carrying amount
exceeds its recoverable amount. The recoverable
amount is the higher of an asset\u2019s fair value less
costs of disposal and value in use. For the purposes
of assessing impairment, assets are grouped at
the lowest levels for which there are separately
identifiable cash flows (cash-generating units). Non-
financial assets other than goodwill are reviewed for
possible reversal of any previous impairment at each
reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-213": { "value": "
2.8 Trade receivables and other
receivables
Trade receivables and other short-term receivables
are measured at initial recognition at fair value
and subsequently measured at amortized cost.
Short-term receivables, which are due within three
months, are normally not discounted. Impairment
of receivables is evaluated on a case-by-case basis.
The group writes off a trade receivable when there
is information indicating that the debtor is in severe
financial difficulty and there is no realistic prospect of
recovery.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-209": { "value": "
2.9 Cash and bank deposits
Cash and bank deposits include cash in hand,
deposits held at call with banks, other short-term
highly liquid investments with original maturities of
three months or less. Bank overdrafts are shown
within borrowings in current liabilities on the balance
sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-210": { "value": "
2.10 Share capital
Ordinary shares are classified as equity. Incremental
costs directly attributable to raising new equity are
shown as a deduction to the equity, net of tax.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-211": { "value": "
2.11 Trade payables
The carrying amounts of trade and other payables
are the same as their fair values, due to their short-
term nature.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-214": { "value": "
2.12 Deferred income tax
Deferred income tax is recognized on temporary
differences arising between the tax bases of assets
and liabilities and their carrying amounts in the
consolidated financial statements. However, the
deferred income tax is not accounted for if it arises
from initial recognition of an asset or a liability in
a transaction other than a business combination
that at the time of the transaction affects neither
accounting, nor taxable profit or loss. Deferred
income tax is determined using tax rates (and laws)
that have been enacted or substantially enacted
on the balance sheet date and are expected to
apply when the related deferred income tax asset is
realized, or the deferred income tax liability is settled.
Deferred tax assets are recognized to the extent
that it is probable that future taxable profit will be
available against which the temporary differences
can be utilized. Deferred tax liabilities are recognized
for taxable temporary differences.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-219": { "value": "
2.13 Employee remuneration
Termination benefits are payable when employment is
terminated by the group before the normal retirement
date, or whenever an employee accepts voluntary
redundancy in exchange for these benefits. The group
recognizes termination benefits when it is demonstrably
committed to either: terminating the employment
of current employees according to a detailed formal
plan without possibility of withdrawal; or providing
termination benefits as a result of an offer made to
encourage voluntary redundancy. Benefits falling due
more than 12 months after the balance sheet date are
discounted to present value. The company only holds
defined contribution pension plans. Contributions are
expensed and paid when earned.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-216": { "value": "
2.14 Revenue recognition
Revenue is recognized at the amount that the
Company expects to be entitled to and expects to
collect under the contract. If a contract has multiple
performance obligations, the transaction price is
allocated to each performance obligation identified
in the contract on a relative stand-alone selling price
basis. Revenue is shown net of value-added tax,
returns, rebates and discounts and after eliminating
sales within the group.
(a) Sales of goods
Sales of goods were recognized when the
performance obligation was satisfied, the costs
incurred with respect to the transaction could be
measured reliably, and Ensurge retained neither
continuing managerial involvement to the degree
usually associated with ownership nor effective
control over the goods sold.
(b) Rendering of services
The group provides engineering and support services
to strategic customers and partners.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-217": { "value": "
2.15 Government grants
Government grants are recognized when there is
reasonable assurance that the grant will be received,
and the conditions will be complied with. Grants
are recognized as other income over the period
necessary to match them with the related costs,
for which they are intended to compensate, on a
systematic basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-218": { "value": "
2.16 Financial liabilities
(a) Borrowings
Borrowings are initially recognized at cost and
subsequently measured at amortized cost using
the effective interest method. Amortized cost is
calculated by taking into account any issue costs as
well as discount or premium on settlement. Financial
liabilities are presented as current if the liabilities are
due to be settled within 12 months after the balance
sheet date.
(b) Leases
All leases are recognized in the balance sheet as a
right-of-use (\u201cROU\u201d) asset with a corresponding lease
liability, except for short term assets in which the lease
term is 12 months or less, or low value assets. ROU
assets represent a right to use an underlying asset
for the lease term and lease liabilities represent an
obligation to make lease payments arising from the
lease. Right-of-use assets are depreciated linearly
over the lifetime of the related lease contract. The
depreciation of ROU asset is recognized over the
lease term, and interest expenses related to the
lease liability are classified as financial items in the
income statement. Right-of-use assets are tested for
impairment in accordance in accordance with IAS 36.
Ensurge determines if an arrangement is a lease
at inception. Assets and liabilities arising from a
lease are initially measured on a present value
basis. Lease liabilities include the net present value
of fixed payments, less any lease incentives. The
Company\u2019s incremental borrowing rate based on the
information available at commencement date is used
in determining the present value of lease payments.
Extension options are included when it, based on
management\u2019s judgment, is reasonably certain to
be exercised. ROU assets are measured at cost and
include the amount of the initial measurement of
lease liability, any lease payments made at or before
the commencement date less any lease incentives
received, any initial direct costs, and restoration
costs. Payments associated with short-term leases
and leases of low-value assets are recognized on
a straight-line basis as an expense in the income
statement. Short-term leases are leases with a lease
term of 12 months or less and low-value assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-247": { "value": "(a) Borrowings Borrowings are initially recognized at cost and subsequently measured at amortized cost using the effective interest method. Amortized cost is calculated by taking into account any issue costs as well as discount or premium on settlement. Financial liabilities are presented as current if the liabilities are due to be settled within 12 months after the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-248": { "value": "(b) Leases All leases are recognized in the balance sheet as a right-of-use (\u201cROU\u201d) asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets. ROU assets represent a right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Right-of-use assets are depreciated linearly over the lifetime of the related lease contract. The depreciation of ROU asset is recognized over the lease term, and interest expenses related to the lease liability are classified as financial items in the income statement. Right-of-use assets are tested for impairment in accordance in accordance with IAS 36. Ensurge determines if an arrangement is a lease at inception. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. The Company\u2019s incremental borrowing rate based on the information available at commencement date is used in determining the present value of lease payments. Extension options are included when it, based on management\u2019s judgment, is reasonably certain to be exercised. ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-220": { "value": "
2.17 Share-based remuneration and
derivatives over own shares
(a) Share-based remuneration
Equity-settled share-based payments to employees
are measured at the fair value of the equity
instruments at grant date. The fair value of the
instruments is determined using a Black-Scholes
option pricing model. The fair value determined at
the grant date of the equity-settled share-based
payments is expensed on a straight-line basis over
the vesting period, based on the Group\u2019s estimate
of equity instruments that will eventually vest, with a
corresponding increase in equity. At the end of each
reporting period, the Group revises its estimate of the
number of equity instruments expected to vest.
For social security contribution related to equity
settled share-based payment transactions with
employees, a liability is recognized. The liability is
initially measured at the fair value of the liability. At
the end of each reporting period until the liability is
settled, and the date of settlement, the fair value of
the liability is remeasured, with any changes in fair
value recognized in profit or loss for the year.
(b) Derivatives over own shares
The convertible loans are denominated in Norwegian
Kroner (NOK); however, the functional currency of the
Company is the US Dollar. As a result of this difference
in currencies, the proceeds that were received by the
Company were not fixed and varied based on foreign
exchange rates. A portion of the loans, the conversion
feature, is a derivative required to be recognized and
measured at fair value at each reporting period. Any
changes in fair value in the convertible loans from
period to period is recorded as a non-cash gain or loss
in the consolidated statement of net loss/(income)
and comprehensive loss/(income), in accordance
with IFRS 9. The convertible loans, including accrued
interest, are classified as short-term liability at
amortized cost. The conversion feature derivative
liability is classified as short-term held-for-trading
liability. The derivative liability is measured using
Black-Scholes valuation model.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-221": { "value": "
2.18 Cash flow statement
The cash flow statement is prepared in accordance
with the indirect method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-222": { "value": "
2.19 Segment information
Operating segments, according to IFRS 8, are
reported in a manner consistent with the internal
reporting provided to the chief operating decision-
maker. The chief operating decision-maker, who
is responsible for allocating resources, assessing
performance and making strategic decisions, has
been identified as the Chief Executive Officer (CEO).
Based on Ensurge\u2019s current deliveries, performance
obligations, customer characteristic and other
information, it has been assessed that Ensurge
has only one operating segment. Hence, primarily
information according to IFRS 8 paragraphs 32\u201334 is
provided.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-249": { "value": "
2.20 Changes in accounting principles
In 2023 new standards and amendments to existing
standards have become effective. This related to the
following standards:
\u2022 IFRS 17 Insurance contracts and amendments,
\u2022 Disclosure of Accounting Policies \u2013 Amendments to
IAS 1 and IFRS Practice Statement 2,
\u2022 Definition of Accounting Estimates \u2013 Amendments
to IAS 8,
\u2022 Deferred Tax related to Assets and Liabilities arising
from a Single Transaction \u2013 Amendments to IAS 12,
\u2022 International Tax Reform\u2014Pillar Two Model Rules \u2013
Amendments to IAS 12.
The adoption of these items did not have a significant
impact on the financial statements of the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-223": { "value": "2.20 Changes in accounting principles In 2023 new standards and amendments to existing standards have become effective. This related to the following standards: \u2022 IFRS 17 Insurance contracts and amendments, \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2, \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8, \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12, \u2022 International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS 12. The adoption of these items did not have a significant impact on the financial statements of the Group. 2.21 Approved standards and interpretations not yet in effect In addition to these standards, the following new and revised IFRSs have been issued but were not mandatory for annual reporting periods ending on 31 December 2023. The Group will assess the potential impact of these new and revised standards in due course. \u2022 Non-current Liabilities with Covenants \u2013 Amendments to IAS 1 and Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1 \u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 \u2022 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7 \u2022 IFRS S1** General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2** Climate-related Disclosures \u2022 Lack of Exchangeability \u2013 Amendments to IAS 21 \u2022 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture \u2013 Amendments to IFRS 10 and IAS 28", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-250": { "value": "
2.21 Approved standards and
interpretations not yet in effect
In addition to these standards, the following new
and revised IFRSs have been issued but were not
mandatory for annual reporting periods ending
on 31 December 2023. The Group will assess the
potential impact of these new and revised standards
in due course.
\u2022 Non-current Liabilities with Covenants \u2013
Amendments to IAS 1 and Classification of
Liabilities as Current or Non-current \u2013 Amendments
to IAS 1
\u2022 Lease Liability in a Sale and Leaseback \u2013
Amendments to IFRS 16
\u2022 Supplier Finance Arrangements \u2013 Amendments to
IAS 7 and IFRS 7
\u2022 IFRS S1** General Requirements for Disclosure of
Sustainability-related Financial Information and
IFRS S2** Climate-related Disclosures
\u2022 Lack of Exchangeability \u2013 Amendments to IAS 21
\u2022 Sale or Contribution of Assets between an Investor
and its Associate or Joint Venture \u2013 Amendments to
IFRS 10 and IAS 28
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-225": { "value": "3. Segment information Ensurge\u2019s business consists of sale of products, services and development of electronic products and related solutions. The CEO has determined that the group has only one operating segment. Consequently, no additional segment information is disclosed. Reference is made to Notes 14 and 23 for entity-wide disclosures.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-224": { "value": "
4. Capital management and
financial risk
4.1 Capital management
The group manages its capital to ensure that
entities in the group will be able to continue as a
going concern. The capital structure of the group
consists of equity and current and non-current
interest-bearing liabilities. The group is not subject
to any externally imposed capital requirements
apart from the requirements according to national
laws and regulations for limited liability companies.
In September 2019, the Company\u2019s subsidiary, Ensurge Micropower, Inc. closed an equipment term loan facility with Utica Leaseco, LLC (\u201cUtica\u201d) for USD 13.2 million secured by select fixed assets (see Note 11). The terms of the Master Lease Agreement and subsequent amendments are detailed in Note 22. The outstanding balance at 31 December 2023 is USD 6.8 million. The company is working on obtaining additional equity funding. See Note 2.1 Going concern. 4.2 Financial risk factors Ensurge is exposed to certain financial risks related to exchange rates and interest level. These are, however, insignificant compared to the business risk. (a) Market risk factors (i) Currency risk The Group has the majority of its operations in the USA. As of 31 December 2023, approximately 52% of the Company\u2019s cash balance was denominated in USD, in order to mitigate currency risk associated with the increased value of the USD relative to NOK. Management monitors this risk and will take the appropriate actions to address it as the situation requires. (ii) Interest risk Ensurge Micropower, Inc., the U.S. operating subsidiary and global headquarters of the Ensurge Micropower Group, closed an equipment term loan facility with Utica or financing of USD 13.2 million, which funded in two tranches during the month of September 2019. The interest rate associated with this debt is fixed, and therefore, does not present the potential risk that would be associated with interest rate fluctuations. Ensurge Micropower ASA issued convertible loans as part of a private placement announced on 24 July 2022 and amended 11 July 2023 and 10 November 2023. The convertible loans are repayable 10 November 2024 and the lenders are entitled at any time after 17 January 2024 to convert the loans into shares in the Company at a conversion price of NOK 0.105 [NOK 0.525 post 5:1 share consolidation]. The convertible loans carry interest at the rate of 5% per annum. (b) Credit risk The company has some credit risks relating to receivables. The loss on receivables has historically been low. In connection with the relocation of Ensurge\u2019s US headquarters in 2017, a USD 1,600 thousand Letter of Credit was issued by Ensurge Micropower ASA to the landlord of the Junction Avenue facility located in San Jose, California. In addition, the Company entered into a Tenancy Guaranty with the landlord as additional security of the rent payments. The initial guaranty liability amounted to USD 5,000 thousand and reduces on an annual basis by USD 500 thousand per year, commencing with the second lease year until the liability reaches zero dollars. As of 31 December 2023, the guaranty liability amounted to USD 2,000 thousand. Apart from that, Ensurge has not issued additional material guarantees. (c) Liquidity risk Aside from the equipment term loan facility of USD 13.2 million closed in September 2019, and the convertible loans due November 2024, Ensurge does not have any other material interest-bearing debt. In addition, the company has a continued obligation under a lease agreement signed in November 2016 relating to its U.S. headquarters in San Jose, California. The Company was able to raise equity financing in 2023 but is not yet cash generative and operates at a loss. There is uncertainty tied to the generation of future cash flow in connection with the Company\u2019s new business strategy. As described in Note 2.1 Basis of preparation, the Company is currently pursuing alternative forms of generating cash in order to meet its financial obligations. There is no assurance that the Company will be successful in raising funds. Failure to obtain future funding, when needed or on acceptable terms, would adversely affect its ability to continue as a going concern. 4.3 Fair value estimation The carrying amounts of trade and other receivables and payables are considered to be the same as their fair values, due to their short-term nature. Accounts payable and accrued liabilities with due date within 12 months have been recognized at carrying value. 4.4 Financial instruments Ensurge is not party to any transactions or financial instruments which are not recorded in the balance sheet or otherwise disclosed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-251": { "value": "4. Capital management and financial risk 4.1 Capital management The group manages its capital to ensure that entities in the group will be able to continue as a going concern. The capital structure of the group consists of equity and current and non-current interest-bearing liabilities. The group is not subject to any externally imposed capital requirements apart from the requirements according to national laws and regulations for limited liability companies.
In September 2019, the Company\u2019s subsidiary,
Ensurge Micropower, Inc. closed an equipment term
loan facility with Utica Leaseco, LLC (\u201cUtica\u201d) for
USD 13.2 million secured by select fixed assets (see
Note 11). The terms of the Master Lease Agreement
and subsequent amendments are detailed in Note 22.
The outstanding balance at 31 December 2023 is
USD 6.8 million.
The company is working on obtaining additional equity
funding. See Note 2.1 Going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-256": { "value": "
(a) Market risk factors
(i) Currency risk
The Group has the majority of its operations in the
USA. As of 31 December 2023, approximately 52%
of the Company\u2019s cash balance was denominated
in USD, in order to mitigate currency risk associated
with the increased value of the USD relative to NOK.
Management monitors this risk and will take the
appropriate actions to address it as the situation
requires.
(ii) Interest risk
Ensurge Micropower, Inc., the U.S. operating
subsidiary and global headquarters of the Ensurge
Micropower Group, closed an equipment term loan
facility with Utica or financing of USD 13.2 million,
which funded in two tranches during the month of
September 2019. The interest rate associated with
this debt is fixed, and therefore, does not present
the potential risk that would be associated with
interest rate fluctuations.
Ensurge Micropower ASA issued convertible
loans as part of a private placement announced
on 24 July 2022 and amended 11 July 2023 and
10 November 2023. The convertible loans are
repayable 10 November 2024 and the lenders
are entitled at any time after 17 January 2024 to
convert the loans into shares in the Company at a
conversion price of NOK 0.105 [NOK 0.525 post 5:1
share consolidation]. The convertible loans carry
interest at the rate of 5% per annum.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-252": { "value": "
(b) Credit risk
The company has some credit risks relating to
receivables. The loss on receivables has historically
been low.
In connection with the relocation of Ensurge\u2019s US
headquarters in 2017, a USD 1,600 thousand Letter
of Credit was issued by Ensurge Micropower ASA
to the landlord of the Junction Avenue facility
located in San Jose, California. In addition, the
Company entered into a Tenancy Guaranty with
the landlord as additional security of the rent
payments. The initial guaranty liability amounted
to USD 5,000 thousand and reduces on an annual
basis by USD 500 thousand per year, commencing
with the second lease year until the liability reaches
zero dollars. As of 31 December 2023, the guaranty
liability amounted to USD 2,000 thousand. Apart
from that, Ensurge has not issued additional material
guarantees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-255": { "value": "
(c) Liquidity risk
Aside from the equipment term loan facility of
USD 13.2 million closed in September 2019, and the
convertible loans due November 2024, Ensurge does
not have any other material interest-bearing debt.
In addition, the company has a continued obligation
under a lease agreement signed in November 2016
relating to its U.S. headquarters in San Jose,
California.
The Company was able to raise equity financing in
2023 but is not yet cash generative and operates at
a loss. There is uncertainty tied to the generation of
future cash flow in connection with the Company\u2019s
new business strategy. As described in Note 2.1 Basis
of preparation, the Company is currently pursuing
alternative forms of generating cash in order to meet
its financial obligations. There is no assurance that the
Company will be successful in raising funds. Failure to
obtain future funding, when needed or on acceptable
terms, would adversely affect its ability to continue as
a going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-254": { "value": "
4.3 Fair value estimation
The carrying amounts of trade and other receivables
and payables are considered to be the same as their
fair values, due to their short-term nature. Accounts
payable and accrued liabilities with due date within
12 months have been recognized at carrying value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-253": { "value": "
4.4 Financial instruments
Ensurge is not party to any transactions or financial
instruments which are not recorded in the balance
sheet or otherwise disclosed.
22. Current and long-term debt
In September 2019, the subsidiary in US, Ensurge Micropower, Inc., closed an equipment term loan facility
with Utica for USD 13,200 thousand secured by select fixed assets (see Note 11).
On 7 November 2022, the Company consolidated and re-amortized the Master Lease Agreement and three
amendments with Utica. In connection with the new arrangement, the company has pledged additional
collateral to secure the amended payment terms. In addition to the existing collateral pledge, Ensurge has
pledged all remaining unsecured equipment located in the San Jose, California facility. Further, Utica has
taken a first security position in certain of Ensurge Micropower ASA\u2019s intellectual property.
On 31 December 2023, the current portion of the loan principal of USD 1,426 thousand and the long-term
portion of the principal of USD 5,419 thousand is recorded as Long-term Debt in the Consolidated Statements
of Financial Position. The interest rate for the financing is at 14%. Table below discloses principal payment
obligations as well as interest payments for the company.
The Company has pledged its roll-to-roll production line equipment and sheet-line tools as collateral against
the Utica loan. Book value of assets pledged is USD 1,865 thousand.
The Company entered into a lease agreement in November 2016 relating to its US headquarters in San
Jose, California. The lease in San Jose expires in September 2028. The building element of the lease
agreement is classified as a lease liability. As a part of the relocation of Ensurge\u2019s US headquarters in
2017, a USD 1,600 thousand Letter of Credit was issued by Ensurge Micropower ASA to the landlord. The
restricted cash of USD 1,600 thousand securing the Letter of Credit is included in the Company\u2019s cash and
cash equivalents. Ensurge Micropower ASA, in addition, entered into a Tenancy Guarantee with the landlord.
The guarantee was given to secure payment of the lease rent. The initial guarantee liability amounted to
USD 5,000 thousand and reduces on an annual basis of USD 500 thousand per year commencing with the
second lease year until the liability reaches zero dollars. As of 31 December 2023, the guarantee liability amounted to USD 2,000 thousand. The San Jose, California lease is reflected under this caption and the table below. In addition, see Note 25. The interest rate for the financing is at 17%. Table below disclosures principal payment obligations for the company. On 24 July 2022, the Company announced that it secured funding totaling NOK 57 million. Of this amount, NOK 46.7 million represents commitments to subscribe for convertible loans. The convertible loans were approved at the EGM held 17 August 2022. The convertible loans are repayable after one year following the date of the EGM (the \u201cMaturity Date\u201d) and the lenders are entitled at any time after six months from the EGM until the Maturity Date to convert the loans into shares in the Company at a conversion price of NOK 0.105 [NOK 0.525 post 5:1 share consolidation]. The convertible loans carry interest at the rate of 5% per annum. On 11 July 2023, the EGM approved amendments to the terms and conditions of the convertible loans. See Note 14. Maturity schedule \u2014 liabilities
Amounts in USD 1,000
31 December 2023
Principal and interest due
Within 1 year
1\u20132 years
2\u20133 years
3\u20134 years
4\u20135 years
Q1
Q2
Q3
Q4
Principal
319
339
360
1,785
2,274
382
1,361
\u2014
obligations due
Convertible debt
\u2014
\u2014
\u2014
\u2014
\u2014
1,130
\u2014
\u2014
obligations due
Interest payments
411
391
370
1,136
647
448
99
\u2014
Lease payments
557
557
557
2,311
2,378
573
2,447
1,875
Total
1,287
1,287
1,287
5,232
5,299
2,533
3,907
1,875
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-226": { "value": "
5. Critical accounting estimates
and judgments
The financial statements of the group have been
prepared based on the going concern assumption.
Estimates and judgments are continually evaluated
and are based on historical experience and other
factors, including expectations of future events
that are believed to be reasonable under the
circumstances. Reference is made to Note 2.1 Going
concern. The Group makes estimates and assumptions
concerning the future. The resulting accounting
estimates will, by definition, rarely equal the related
actual results.
The estimates and assumptions in the financial
statements of the group mainly relate to share-
based compensation, warrants, deferred tax assets,
accounting for research and development, intangible
assets, property, plant and equipment and leases.
Share-based compensation
Ensurge estimates the fair value of options at the
grant date. As the subscription rights are structured
equal to an option, the Black-Scholes option pricing
model is used for valuing the share subscription
rights. The model uses the following parameters;
the exercise price, the life of the option, the current
price of the underlying shares, the expected volatility
of the share price, the dividends expected on the
shares, and the risk-free interest rate for the life of
the option. The cost of share-based remuneration is
expensed over the vesting period. Such estimates
are updated at the balance sheet date. Changes in
this estimate will impact the expensed cost of share-
based remuneration in the period. The variables,
assumptions and relevant theoretical foundations
used in the calculation of the fair value per share
subscription right is estimated according to the
IFRS 2 standard.
Convertible debt
The convertible loans are denominated in Norwegian
Kroner (NOK); however, the functional currency of
the Company is the US Dollar. As a result of this
difference in currencies, the proceeds that were
received by the Company were not fixed and varied
based on foreign exchange rates. A portion of the
loans, the conversion feature, is a derivative required
to be recognized and measured at fair value at each
reporting period. Any changes in fair value in the
convertible loans from period to period is recorded
as a non-cash gain or loss in the consolidated
statements of comprehensive income, in accordance
with IFRS 9. The convertible loans, including accrued
interest, are classified as short-term liability at
amortized cost. The conversion feature derivative
liability is classified as short-term held-for-trading
liability. The derivative liability is measured using
Black-Scholes valuation model.
Research and development
Research costs are expensed as incurred.
Development expenditure on an individual project
is recognized as an intangible asset only when
Ensurge can demonstrate the technical feasibility
of completing the intangible assets so that it will be
available for use or sale, the Company\u2019s intention
and capability of completing the development
and realize the asset, and the net future financial
benefits of use or sale. Determining whether an
expense meets the definition of a development
cost requires judgment to be applied. Capitalized
development costs as of 31 December 2023, have
been fully impaired. See Note 12.
Lease
The Company entered into a lease agreement in
November 2016 relating to the property building of
its US headquarters in San Jose, California. Ensurge
assesses whether the lease has been impaired by
applying the requirements in IAS 36 - Impairment
of assets. As of 31 December 2023, the book
value of the leased building is USD 0 thousand,
whereas the book value of the lease liability is
USD 9,459 thousand. See Note 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-227": { "value": "
6. Revenue and other income
The breakdown of the revenue and other income is as follows:
Amounts in USD 1,000
2023
2022
Sales of goods
\u2014
\u2014
Rendering of services, delivery of samples, technology
138
\u2014
access revenue
Grant revenue
75
\u2014
Total revenue and other income
213
\u2014
The company recognized USD 213 thousand in sales revenue and other income in 2023 and zero sales revenue
and other income in 2022 from external customers from other countries.
Ensurge Micropower was named one of eight winners in the first phase of the U.S. DOE Microbattery Design
Prize competition, each being awarded USD 75 thousand plus testing services with DOE National Laboratories.
The winners were selected based on a review of technical designs and schematics for microbatteries serving a
specific application and deliver performance beyond what is commercially available.
The company now enters the second of the DOE\u2019s two-phase program, where their prototypes will be
evaluated for performance, safety, and manufacturing readiness. Phase Two features a total prize pool of
$1.1 million in awards including federal funding. A winner and two runners up will be selected.
No warranty costs, penalties or other losses were related to sales revenue in 2023 or 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-228": { "value": "
7. Salaries and other payroll costs
Amounts in USD 1,000
2023
2022
Salaries
4,147
7,098
Social security costs
303
531
Share-based compensation (subscription rights), notional
816
3,434
salary cost
Share-based compensation (subscription rights), accrued
11
(175)
employer\u00b4s tax*
Pension contribution
36
250
Other personnel related expenses, including recruiting
806
1,048
costs
Total
6,120
12,186
Average number of employees for the year (full-time
28
38
equivalent)
At the end of the year the group had 28 full-time employees, down from 37 at the end of 2022.
The company has defined contribution pension plans. Contributions are expensed and paid when earned.
*Relates to remeasurement of social security costs in 2022. See Note 2.17.
Compensation to senior management
Amounts in USD 1,000
2023
2022
Salary
865
1,013
Pension contribution
9
36
Bonus
\u2014
\u2014
Employee stock purchase
51
\u2014
Share-based compensation
(22)
1,796
Total senior management compensation
904
2,845
See separate Remuneration Report 2023.
8. Remuneration to the board of directors
Members of the board of directors are elected for two year terms. The company has no other obligation to
remunerate the board than the board remuneration as resolved at the AGM. The company has not issued
any advance payments or loans to, or guarantees in favor of, any board member. See Note 21 for further
information of shares and subscription rights held at 31 December 2023.
See separate Remuneration Report 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-257": { "value": "8. Remuneration to the board of directors Members of the board of directors are elected for two year terms. The company has no other obligation to remunerate the board than the board remuneration as resolved at the AGM. The company has not issued any advance payments or loans to, or guarantees in favor of, any board member. See Note 21 for further information of shares and subscription rights held at 31 December 2023. See separate Remuneration Report 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-230": { "value": "
9. Other operating expenses
Amounts in USD 1,000 2023
2022
Services
2,237
1,985
Premises, supplies
3,706
4,614
Sales and marketing
299
117
Other expenses
976
1,076
Total
7,217
7,792
Ensurge has lease agreements for premises in the following locations:
Oslo (Norway): The Corporate headquarter was located at Fridjof Nansens Plass 4, Oslo. The Company
currently pays rent on a month to month basis. The monthly rent is NOK 11 thousand per month.
San Jose (California, US): The Company entered into a lease agreement in November 2016 relating to the
property building of its Global headquarter at Junction Avenue in San Jose, CA. The lease in San Jose expires
in September 2028. The average annual lease amount in the period is USD 2,182 thousand. See Note 13 for
further description.
Only the lease agreement for the San Jose premises has a duration longer than twelve months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-229": { "value": "
10. Related party transactions
a) Transactions with related parties:
Amounts in USD 1,000 2023
2022
Purchase of services from Acapulco Advisors AS
139
241
Purchase of services from Admaniha AS
167
\u2014
Purchase of services from Alden AS
\u2014
30
Purchase of services from Lars Eikeland
285
\u2014
Purchase of services from Mark Newman
214
\u2014
Purchases of services from law firm R\u00e6der
429
390
In 2023, Ensurge recorded USD 139 thousand for advisory services from Acapulco Advisors AS, a shareholder of Ensurge. In 2023, Ensurge recorded USD 167 thousand for consulting services from Admaniha AS, in which one of Ensurge\u2019s board members is the owner. In 2022, Ensurge recorded USD 30 thousand for a share lending agreement with Alden AS, an Ensurge shareholder. In 2023, Ensurge recorded USD 285 thousand for executive consulting services provided by Lars Eikeland. Robert N. Keith, a shareholder of Ensurge, entered into a consulting service agreement with effect from 1 January 2013. There is no compensation attached after 2019. Mr. Keith assists Ensurge in strategic analysis and in dealing with larger, international, prospective partners. In 2023, Ensurge recorded USD 214 thousand for executive consulting services provided by Mark Newman, a former board member. In 2023, Ensurge recorded USD 493 thousand for legal services provided by law firm R\u00e6der, in which one of Ensurge\u2019s board members is a partner. Transaction prices are based on what would be the prices for sale to third parties and are net of VAT. b) Year-end balances arising from sales/purchases of goods/services with related parties
Amounts in USD 1,000
2023
2022
Payable to Acapulco Advisors AS
6
32
Payable to Alden AS
\u2014
30
Payable to Lars Eikeland
45
\u2014
Payable to law firm R\u00e6der
38
188
c) Remuneration to the auditor Amounts in USD 1,000 2023 2022 Audit 159 174 Other assurance services 41 20 Other services* 3 4 Total 203 199 *Relates to technical preparation of tax return with mandatory", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-258": { "value": "a) Transactions with related parties:
Amounts in USD 1,000 2023
2022
Purchase of services from Acapulco Advisors AS
139
241
Purchase of services from Admaniha AS
167
\u2014
Purchase of services from Alden AS
\u2014
30
Purchase of services from Lars Eikeland
285
\u2014
Purchase of services from Mark Newman
214
\u2014
Purchases of services from law firm R\u00e6der
429
390
In 2023, Ensurge recorded USD 139 thousand for advisory services from Acapulco Advisors AS, a shareholder
of Ensurge.
In 2023, Ensurge recorded USD 167 thousand for consulting services from Admaniha AS, in which one of
Ensurge\u2019s board members is the owner.
In 2022, Ensurge recorded USD 30 thousand for a share lending agreement with Alden AS, an Ensurge
shareholder.
In 2023, Ensurge recorded USD 285 thousand for executive consulting services provided by Lars Eikeland.
Robert N. Keith, a shareholder of Ensurge, entered into a consulting service agreement with effect from 1
January 2013. There is no compensation attached after 2019. Mr. Keith assists Ensurge in strategic analysis
and in dealing with larger, international, prospective partners.
In 2023, Ensurge recorded USD 214 thousand for executive consulting services provided by Mark Newman, a
former board member.
In 2023, Ensurge recorded USD 493 thousand for legal services provided by law firm R\u00e6der, in which one of
Ensurge\u2019s board members is a partner.
Transaction prices are based on what would be the prices for sale to third parties and are net of VAT.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-259": { "value": "
b) Year-end balances arising from sales/purchases of goods/services with
related parties
Amounts in USD 1,000
2023
2022
Payable to Acapulco Advisors AS
6
32
Payable to Alden AS
\u2014
30
Payable to Lars Eikeland
45
\u2014
Payable to law firm R\u00e6der
38
188
", "dimensions": { "concept": "ensurgemicropowerasa:DisclosureOfYearEndBalancesArisingFromSalesPurchasesOfGoodsServicesWithRelatedParties", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-260": { "value": "
c) Remuneration to the auditor
Amounts in USD 1,000
2023
2022
Audit
159
174
Other assurance services
41
20
Other services*
3
4
Total
203
199
*Relates to technical preparation of tax return with mandatory forms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-272": { "value": "c) Remuneration to the auditor Amounts in USD 1,000 2023 2022 Audit 159 174 Other assurance services 41 20 Other services* 3 4 Total 203 199 *Relates to technical preparation of tax return with mandatory", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-231": { "value": "
11. Property, plant and equipment
Laboratory and
Amounts in USD 1,000 production equipment
Useful life, years
5
2023
Accumulated cost on 1 January 2023
52,696
Additions
247
Sale / disposal of assets
(8)
Accumulated cost 31 December 2023
52,935
Accumulated depreciation and impairments on 1 January 2023
(50,527)
Depreciation expenses
(551)
Sale / disposal of assets
8
Accumulated depreciation and impairment 31 December 2023
(51,069)
Net book value 31 December 2023
1,865
2022
Accumulated cost on 1 January 2022
52,594
Additions
556
Sale / disposal of assets
(454)
Accumulated cost 31 December 2022
52,696
Accumulated depreciation
Accumulated depreciation and impairments on 1 January 2022
(50,561)
Depreciation expenses
(402)
Sale / disposal of assets
437
Accumulated depreciation and impairment 31 December 2022
(50,527)
Net book value 31 December 2022
2,169
All property, plant and equipment are based in San Jose, California.
Impairment
The company revised its strategy in 2019 and impaired the production related assets. This triggered an
impairment test. Management views the roll-to-roll technology, production facility and related assets as
broadly applicable to multiple potential applications, including for use in its strategy to develop and produce
a new and innovative class of ultrathin, ultrasafe solid-state lithium batteries for wearable devices, connected
sensors. However, management believes that the \u2018value in use\u2019 is not readily supportable, as it has only been
forecasted in a financial model, with no real data to support the estimates. As there is no observable market
data on these assets, management have not been able to find a reliable estimate on \u2018fair value less costs to
sell\u2019. Due to these uncertainties the assets, including intangible assets (see Note 12) and right-of-use assets
(see Note 13) were fully impaired as of 31 December 2019. If the revised strategy is successful, the Company
may reverse some or all of the impairment of production related assets.
Assets pledged as security
The majority of production facility assets, including the roll-to-roll (R2R) production facility, have been pledged
to secure borrowings of the group (see Note 22). The group is not allowed to pledge these assets as security
for other borrowings or to sell them to another entity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-232": { "value": "
12. Intangible assets
Purchased Capitalized
intellectual development
Amounts in USD 1,000 property
costs
Total
Amortization period, years (linear)
13\u201316
2023
Acquisition cost
Accumulated cost on 1 January 2023
1,791
1,630
3,421
Additions
\u2014
\u2014
\u2014
Accumulated cost 31 December 2023
1,791
1,630
3,421
Accumulated amortization and impairment on
1 January 2023
(1,791)
(1,630)
(3,421)
Amortization
\u2014
\u2014
\u2014
Amortization and Impairment 31 December 2023
(1,791)
(1,630)
(3,421)
Net book value 31 December 2023
\u2014
\u2014
\u2014
2022
Acquisition cost
Accumulated cost on 1 January 2022
1,791
1,630
3,421
Additions
\u2014
\u2014
\u2014
Accumulated cost at 31 December 2022
1,791
1,630
3,421
Accumulated amortization and impairment on
1 January 2022
(1,791)
(1,630)
(3,421)
Amortization
\u2014
\u2014
\u2014
Amortization and Impairment 31 December 2022
(1,791)
(1,630)
(3,421)
Net book value 31 December 2022
\u2014
\u2014
\u2014
The purchased intellectual property relates to licensing of certain patents. The portfolio is reviewed for
impairment annually by comparing the book value to the fair market value at the patent level. In 2019 the
remaining unamortized balance was impaired in full as the Company revised its strategy whereby the future
value of these patents is uncertain.
In 2019 it was decided that the capitalized development costs relating to NFC SpeedTap
\u2122
would not be
further commercialized and the remaining costs of were impaired.
The assets are assessed annually. Due to uncertainty of future use and commercialization, no reversal was
identified for 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-261": { "value": "12. Intangible assets
Purchased Capitalized
intellectual development
Amounts in USD 1,000 property
costs
Total
Amortization period, years (linear)
13\u201316
2023
Acquisition cost
Accumulated cost on 1 January 2023
1,791
1,630
3,421
Additions
\u2014
\u2014
\u2014
Accumulated cost 31 December 2023
1,791
1,630
3,421
Accumulated amortization and impairment on
1 January 2023
(1,791)
(1,630)
(3,421)
Amortization
\u2014
\u2014
\u2014
Amortization and Impairment 31 December 2023
(1,791)
(1,630)
(3,421)
Net book value 31 December 2023
\u2014
\u2014
\u2014
2022
Acquisition cost
Accumulated cost on 1 January 2022
1,791
1,630
3,421
Additions
\u2014
\u2014
\u2014
Accumulated cost at 31 December 2022
1,791
1,630
3,421
Accumulated amortization and impairment on
1 January 2022
(1,791)
(1,630)
(3,421)
Amortization
\u2014
\u2014
\u2014
Amortization and Impairment 31 December 2022
(1,791)
(1,630)
(3,421)
Net book value 31 December 2022
\u2014
\u2014
\u2014
The purchased intellectual property relates to licensing of certain patents. The portfolio is reviewed for impairment annually by comparing the book value to the fair market value at the patent level. In 2019 the remaining unamortized balance was impaired in full as the Company revised its strategy whereby the future value of these patents is uncertain. In 2019 it was decided that the capitalized development costs relating to NFC SpeedTap\u2122 would not be further commercialized and the remaining costs of were impaired. The assets are assessed annually. Due to uncertainty of future use and commercialization, no reversal was identified for 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-262": { "value": "
26 | Annual Report | 2023
13. Leases
The Company entered into a lease agreement in November 2016 relating to the building of its US headquarters
in San Jose, CA. The lease in San Jose expires in September 2028. Ensurge applies exemption for short term
leases (12 months or less) and low value leases. The borrowing rate applied in discounting of the nominal lease
debt is 7.25%. Right-of-use assets are depreciated linearly over the lifetime of the related lease contract.
Amounts in USD 1,000
Lease liability
Lease liability recognized at 1 January 2023
10,897
Lease payment (see statement below)
(2,181)
Interest expense
744
Lease liability as of 31 December 2023
9,459
For maturity schedule of minimum lease payments, see Note 22.
In the statement of cash flow, the principal portion of lease payments are included in line Lease payment with
an amount of USD 1,437 thousand, and interest portion of the payment are included in line Interest paid with
an amount of USD 744 thousand. Both are presented as cash flow from financing activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-233": { "value": "13. Leases The Company entered into a lease agreement in November 2016 relating to the building of its US headquarters in San Jose, CA. The lease in San Jose expires in September 2028. Ensurge applies exemption for short term leases (12 months or less) and low value leases. The borrowing rate applied in discounting of the nominal lease debt is 7.25%. Right-of-use assets are depreciated linearly over the lifetime of the related lease contract.
Amounts in USD 1,000
Lease liability
Lease liability recognized at 1 January 2023
10,897
Lease payment (see statement below)
(2,181)
Interest expense
744
Lease liability as of 31 December 2023
9,459
For maturity schedule of minimum lease payments, see Note 22. In the statement of cash flow, the principal portion of lease payments are included in line Lease payment with an amount of USD 1,437 thousand, and interest portion of the payment are included in line Interest paid with an amount of USD 744 thousand. Both are presented as cash flow from financing activities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-234": { "value": "
14. Convertible debt
On 25 July 2022, the Company announced that it secured funding totaling NOK 57 million. Of this amount,
NOK 46.7 million represented commitments to subscribe for convertible loans. The convertible loans were
approved at the EGM held 17 August 2022. The convertible loans were repayable 17 August 2023 and the
lenders were entitled at any time after 17 February 2023 to convert the loans into shares in the Company at a
conversion price of NOK 3.00 [NOK 15.00 post 5:1 share consolidation]. The convertible loans carry interest at
the rate of 5% per annum.
At the EGM on 11 July 2023, the shareholders approved amendments to the terms and conditions of the
convertible loans as follows: (i) the conversion price was amended to NOK 0.10 [NOK 0.50 post 5:1 share
consolidation] per share provided the loan holder converted its convertible loan on or before 17 August 2023;
(ii) the accrued interest on the convertible loans was made convertible on the same terms as the principal
amount; and (iii) the maturity date for the convertible loan was extended until 17 August 2024 with interest
accruing at 5% per annum for such extended loan period; provided, however, that if the loan holder did not
convert its convertible loan on or before 17 August 2023, the conversion price would be NOK 0.15 [NOK 0.75
post 5:1 share consolidation] per share and conversion could only be undertaken in the period between
17 January 2024 and the maturity date on 17 August 2024.
Lenders of an aggregated total of NOK 39.8 million of the principal amount of the convertible loans requested
that their part of the convertible loan, plus accrued interest, be converted into shares in the Company on the
terms resolved by the EGM.
The Board resolved on 30 August 2023 to approve the conversion of convertible loans, plus accrued interest, in
the total amount of NOK 41.8 million to shares in the Company at a conversion price of NOK 0.10 [NOK 0.50
post 5:1 share consolidation], by issuance of a total of 418,449,068 new shares in the Company.
At the EGM on 10 November 2023, the shareholders approved a new convertible loan in the amount of
NOK 4.5 million. The new loan interest rate is 5% per annum and shall be repaid (unless the loan has been
converted into shares) on 10 November 2024. The conversion price per share, prior to maturity, is NOK 0.105
[NOK 0.525 post 5:1 share consolidation].
At the EGM on 10 November 2023, the shareholders approved amending the terms and conditions of the
existing outstanding convertible loan (as issued on 17 August 2022). The conversion price changed from
NOK 0.15 [NOK 0.75 post 5:1 share consolidation] to NOK 0.105 [NOK 0.525 post 5:1 share consolidation] and
the maturity date was updated to 10 November 2024.
As of 31 December 2023 the outstanding convertible loans amount to USD 1,184 thousand.
See Note 26 for post balance sheet events.
Liquidity loans totaling USD 1,701 thousand were obtained during the first seven months of 2023. The interest
rate was 12% per annum. As resolved by the EGMs on 14 March and 11 July 2023, and as part of Tranche 2 of
the private placements announced on 15 February and 15 June 2023, respectively, the subscription amount in
Tranche 2 of such placements for the lenders of the liquidity loans was settled by set-off against the liquidity
loan debt obligation.
The convertible loans are denominated in Norwegian Kroner (NOK); however, the functional currency of the
Company is the US Dollar. As a result of this difference in currencies, the proceeds that were received by the
Company were not fixed and varied based on foreign exchange rates. A portion of the loans, the conversion
feature, is a derivative required to be recognized and measured at fair value at each reporting period. Any
changes in fair value in the convertible loans from period to period is recorded as a non-cash gain or loss
in the consolidated statements of comprehensive income, in accordance with IFRS 9. The convertible loans,
including accrued interest, are classified as short-term liability at amortized cost. The conversion feature
derivative liability is classified as short-term held-for-trading liability. The derivative liability is measured using
Black-Scholes valuation model.
Amounts in USD 1,000
31 December 2023
31 December 2022
Short term debt
960
3,692
Derivative liability
448
223
Accrued interest
54
86
Conversion price*
NOK 0.525
NOK 15.00
Interest rate
5%
5%
Maturity date*
10 November 2024
17 August 2023
*New loan terms revised per the EGM held 11 July 2023 and 10 November 2023.
", "dimensions": { "concept": "ensurgemicropowerasa:DisclosureOfConvertibleDebt", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-235": { "value": "
15. Net financial items
Amounts in USD 1,000
2023
2022
Interest income
71
49
Interest expense
(3,438)
(3,728)
Net realized and unrealized currency gain/(loss)
254
(609)
Change in fair value of derivative liability
(123)
1,300
Total
(3,236)
(2,988)
See Note 22 for interest expense and Note 14 for change in fair value of derivative liability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-277": { "value": "15. Net financial items
Amounts in USD 1,000
2023
2022
Interest income
71
49
Interest expense
(3,438)
(3,728)
Net realized and unrealized currency gain/(loss)
254
(609)
Change in fair value of derivative liability
(123)
1,300
Total
(3,236)
(2,988)
See Note 22 for interest expense and Note 14 for change in fair value of derivative liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-276": { "value": "15. Net financial items
Amounts in USD 1,000
2023
2022
Interest income
71
49
Interest expense
(3,438)
(3,728)
Net realized and unrealized currency gain/(loss)
254
(609)
Change in fair value of derivative liability
(123)
1,300
Total
(3,236)
(2,988)
See Note 22 for interest expense and Note 14 for change in fair value of derivative liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-275": { "value": "15. Net financial items
Amounts in USD 1,000
2023
2022
Interest income
71
49
Interest expense
(3,438)
(3,728)
Net realized and unrealized currency gain/(loss)
254
(609)
Change in fair value of derivative liability
(123)
1,300
Total
(3,236)
(2,988)
See Note 22 for interest expense and Note 14 for change in fair value of derivative liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-273": { "value": "15. Net financial items
Amounts in USD 1,000
2023
2022
Interest income
71
49
Interest expense
(3,438)
(3,728)
Net realized and unrealized currency gain/(loss)
254
(609)
Change in fair value of derivative liability
(123)
1,300
Total
(3,236)
(2,988)
See Note 22 for interest expense and Note 14 for change in fair value of derivative liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-263": { "value": "15. Net financial items
Amounts in USD 1,000
2023
2022
Interest income
71
49
Interest expense
(3,438)
(3,728)
Net realized and unrealized currency gain/(loss)
254
(609)
Change in fair value of derivative liability
(123)
1,300
Total
(3,236)
(2,988)
See Note 22 for interest expense and Note 14 for change in fair value of derivative liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-237": { "value": "
16. Income tax expense
The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the
weighted average tax rate applicable to profits of the consolidated entities as follows:
Amounts in USD 1,000
2023
2022
Profit (loss) before tax
(16,904)
(23,369)
Tax (tax income) calculated at domestic tax rate
(3,719)
(5,141)
22% (22%)
Effect of other tax rate in other countries
(575)
530
Share based compensation
77
201
Mark to market adjustment
\u2014
\u2014
Nondeductible interest
331
464
Other permanent differences
634
(238)
Special deduction for foreign derived intangible (108)
income
Change in deferred tax asset not recognized in the
balance sheet
3,360
4,184
Tax charge
0
0
24. Deferred income tax
Deferred income tax assets and liabilities are offset when the company has a right to offset current tax assets
against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The offset
amounts are as follows:
Charged to
Amounts in USD 1,000
31 December 2022
profit/loss
Equity
31 December 2023
Deferred income tax asset
Fixed and intangible assets
1,548
(145)
\u2014
1,403
Inventory
450
8
\u2014
458
Other accruals
5,109
(354)
\u2014
4,755
Tax loss carried forward outside
5,756
(1,146)
\u2014
4,610
Norway
Tax loss carried forward Norway
66,477
(993)
\u2014
65,484
Calculated deferred tax asset 22%
79,340
(2,630)
\u2014
76,710
(2022: 22%).
Impairment of deferred tax asset
(79,340)
2,630
\u2014
(76,710)
Deferred tax in the balance
\u2014
\u2014
\u2014
\u2014
sheet
The Equity column includes effects of currency translation.
The company has not recognized the tax asset as there is uncertainty relating to future taxable income for
utilization of the tax loss carried forward, and the taxable loss on intangible assets. There is no expiration
date on the tax loss carried forward. No tax item has been recorded directly to equity.
The unrecognized deferred tax asset is calculated by applying the local tax rates in Norway and the US.
These tax rates are 22 and 22 percent respectively (2022: 22 and 22).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-236": { "value": "
17. Profit (loss) per share
1 January \u2013 1 January \u2013
Amounts in USD 31 December 2023 31 December 2022
Profit (loss) attributable to equity holders of the
Company (USD 1,000)
(16,904)
(23,369)
Average number of shares in issue*
226,327,767
43,036,443
Average diluted number of shares*
226,327,767
43,036,443
Profit (loss) per share, basic*
(USD 0.07)
(USD 0.54)
*As adjusted for the 5:1 share consolidation completed in April 2024.
When the period result is a loss, the loss per diluted number of shares shall not be reduced by the higher
diluted number of shares, but the diluted result per share equals the result per basic number of shares.
The diluted number of shares has been calculated by the treasury stock method. If the adjusted exercise
price of subscription rights exceeds the average share price in the period, the subscription rights are not
counted as being dilutive.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-238": { "value": "
18. Trade and other receivables
Amounts in USD 1,000
31 December 2023
31 December 2022
Customer receivables
171
149
Other receivables, prepayments
813
844
Less: provision for impairment of receivables and
prepayments
(121)
(125)
Receivables \u2013 net
863
868
Of this, receivables from related parties (Note 10)
\u2014
\u2014
Of other receivables, prepayments of USD 2,510 thousand (which is fully impaired); (2022: USD 2,510 thousand)
relate to equipment for San Jose site not yet delivered. All receivables are due within one year and book value
approximates fair value.
Other non-current financial receivables of USD 574 thousand mostly relates to security deposit held by Utica. Total receivables are denominated in currencies as shown below:
Amounts in USD 1,000
31 December 2023
31 December 2022
Denominated in NOK
\u2014
93
Denominated in USD
863
775
Total
863
868
Trade receivables USD 121 thousand were past due by more than 90 days. The group writes off a trade receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-264": { "value": "18. Trade and other receivables
Amounts in USD 1,000
31 December 2023
31 December 2022
Customer receivables
171
149
Other receivables, prepayments
813
844
Less: provision for impairment of receivables and
prepayments
(121)
(125)
Receivables \u2013 net
863
868
Of this, receivables from related parties (Note 10)
\u2014
\u2014
Of other receivables, prepayments of USD 2,510 thousand (which is fully impaired); (2022: USD 2,510 thousand) relate to equipment for San Jose site not yet delivered. All receivables are due within one year and book value approximates fair value.
Other non-current financial receivables of USD 574 thousand mostly relates to security deposit held by Utica.
Total receivables are denominated in currencies as shown below:
Amounts in USD 1,000
31 December 2023
31 December 2022
Denominated in NOK
\u2014
93
Denominated in USD
863
775
Total
863
868
Trade receivables USD 121 thousand were past due by more than 90 days.
The group writes off a trade receivable when there is information indicating that the debtor is in severe
financial difficulty and there is no realistic prospect of recovery.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-265": { "value": "
19. Cash and bank deposits
Amounts in USD 1,000
31 December 2023
31 December 2022
Cash in bank excluding restricted cash
2,178
3,316
Deposit for Letter of Credit (restricted)
1,600
1,626
Deposit for withheld tax (restricted)
12
21
Total
3,791
4,963
Payable withheld tax amounts in Norway at 31 December 2023 were USD 0 thousand (2022: USD 0 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-266": { "value": "
20. Share capital and subscription rights
Following completion of the 5:1 share consolidation, the composition of Ensurge\u2019s share capital was changed
from 2,459,688,858 shares, each having a par value of NOK 0.10, to 491,937,779 shares, each having a par
value of NOK 0.50. The record date of the share consolidation was 5 April 2024. The 2022 and 2023 figures
are restated and represent the 5:1 share consolidation.
Number of shares
Number of warrants
Shares at 1 January 2023
48,845,705
\u2014
Shares issued
443,092,074
\u2014
Shares at 31 December 2023
491,937,779
\u2014
Shares at 1 January 2022
38,811,064
\u2014
Shares issued
9,887,040
\u2014
Allotment of warrants
\u2014
3,703,704
Stock rights exercised and shares issued
147,601
\u2014
Expired warrants
\u2014
(3,703,704)
Shares at 31 December 2022
48,845,705
\u2014
Number of Price per
Shares issued
Date
shares share
Private placement
14 March 2023
100,000,000
0.50
Private placement
19 June 2023
14,884,570
0.50
Private placement
21 July 2023
81,963,483
0.50
Employee share purchase
3 September 2023
2,554,207
0.50
Convertible loan conversion
5 September 2023
83,689,814
0.50
Private placement
5 September 2023
40,000,000
0.50
Private placement
20 October 2023
24,569,375
0.50
Private placement
13 November 2023
70,430,625
0.50
Private placement
21 December 2023
25,000,000
0.50
Shares issued in 2023
443,092,074
Subscription rights exercised in 2023
\u2014
Private placement
2 February 2022
2,790,254
27.00
8 March 2022
913,451
27.00
24 July 2022*
683,334
15.00
8 November 2022
3,651,237
10.00
12 December 2022
1,848,764
10.00
Shares issued in 2022
9,887,040
Subscription rights exercised
27 January 2022
23,335
14.85
13 June 2022
124,266
6.75
Subscription rights exercised in 2022
147,601
*On 24 July 2022, the Company announced that it secured funding totaling NOK 57 million. Of this amount, NOK 46.7 million represents commitments to subscribe for convertible loans, the balance of NOK 10.3 million in new shares via a private placement. The convertible loans were approved at the EGM held 17 August 2022. The board of directors has authorization from the AGM held 25 May 2022 to complete a private placement. The convertible loans are repayable after one year following the date of the EGM (the \u201cMaturity Date\u201d) and the lenders are entitled at any time after six months from the EGM until the Maturity Date to convert the loans into shares in the Company at a conversion price of NOK 3.00 [NOK 15.00 post 5:1 share consolidation]. The convertible loans carry interest at the rate of 5% per annum.
Number of subscription rights 1 January \u2013 1 January \u2013
31 December 2023 31 December 2022
Subscription rights opening balance
4,613,982
4,255,715
Grant of incentive subscription rights
46,370,862
620,298
Terminated, forfeited and expired subscription rights
2,793,941
(114,432)
Exercise of subscription rights
0
(147,599)
Subscription rights closing balance
48,190,903
4,613,982
Subscription
Date
Rights
Price
Vesting
Expiration
Board members
4 May 2023
2,000,000
0.50
Fully vested at grant date
25 May 2027
24 May 2023
7,442,284
0.50
1/3 immediately , 1/3 after 24 May 2028
1 year, 1/3 after 2 years
1/3 immediately, but aren\u2019t
11 July 2023
2,000,000
0.50
exercisable for 1 year, 1/3 24 May 2028
after 1 year, 1/3 after 2 years
11 July 2023
2,000,000
0.50
20% after 1 year, 30% after 24 May 2028
2 years, 50% after 3 years
30 August 2023
9,026,893
0.50
1/3 immediately , 1/3 after 24 May 2028
1 year, 1/3 after 2 years
Employees
4 May 2023
4,155,686
0.92
50% per year
25 May 2027
4 May 2023
482,000
0.92
100% over 6 months
25 May 2027
18 November 2023
10,139,999
0.50
1/3 immediately , 1/3 after 24 May 2028
1 year, 1/3 after 2 years
18 November 2023
1,124,000
0.50
31 December 2024
24 May 2028
Consultants
29 August 2023
2,000,000
0.50
1/3 immediately , 1/3 after 24 May 2028
1 year, 1/3 after 2 years
18 November 2023
6,000,000
0.50
1/3 immediately , 1/3 after 24 May 2028
1 year, 1/3 after 2 years
Grants of
subscription
46,370,862
rights in 2023
Board members
25 May 2022
400,000
12.50
12.5% per quarter
25 May 2027
Employees
1 January 2022
17,999
31.50
50% per year
3 June 2026
3 May 2022
32,300
18.22
50% per year
3 June 2026
25 August 2022
169,999
17.16
50% per year
25 May 2027
Grants of
subscription
620,298
rights in 2022
On 20 February 2024, the Company announced the completion of a private placement through an allocation of 233,468,885 offer shares at a subscription price of NOK 0.25 [NOK 1.25 post 5:1 share consolidation] per offer share for total gross proceeds of NOK 58 million. On 29 February 2024, the board of directors approved the conversion of NOK 1,500,000 of the convertible loans, plus accrued interest, and the resulting issuance of a total of 14,589,040 new shares in the Company. On 29 February 2024 the board of directors resolved to issue in total 10,000,000 ordinary shares at a subscription price of NOK 0.10 [NOK 0.50 post 5:1 share consolidation] per share to a former contractor of the Company who has exercised incentive subscription rights granted under the 2022 incentive subscription rights plan. On 6 March 2024, the Company announced the issuance of 21,030,485 ordinary shares at NOK 0.10 [NOK 15.00 post 5:1 share consolidation] per share to employees and contractors in the Company who participate in the Company\u2019s 2023 Employee Share Purchase Plan (\u201cESPP\u201d). The ESPP was approved by the AGM on 24 May 2023. On 19 March 2024, the EGM approved a 5:1 share consolidation, effective 5 April 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-239": { "value": "20. Share capital and subscription rights Following completion of the 5:1 share consolidation, the composition of Ensurge\u2019s share capital was changed from 2,459,688,858 shares, each having a par value of NOK 0.10, to 491,937,779 shares, each having a par value of NOK 0.50. The record date of the share consolidation was 5 April 2024. The 2022 and 2023 figures are restated and represent the 5:1 share consolidation.
Number of shares
Number of warrants
Shares at 1 January 2023
48,845,705
\u2014
Shares issued
443,092,074
\u2014
Shares at 31 December 2023
491,937,779
\u2014
Shares at 1 January 2022
38,811,064
\u2014
Shares issued
9,887,040
\u2014
Allotment of warrants
\u2014
3,703,704
Stock rights exercised and shares issued
147,601
\u2014
Expired warrants
\u2014
(3,703,704)
Shares at 31 December 2022
48,845,705
\u2014
Number of Price per
Shares issued
Date
shares share
Private placement
14 March 2023
100,000,000
0.50
Private placement
19 June 2023
14,884,570
0.50
Private placement
21 July 2023
81,963,483
0.50
Employee share purchase
3 September 2023
2,554,207
0.50
Convertible loan conversion
5 September 2023
83,689,814
0.50
Private placement
5 September 2023
40,000,000
0.50
Private placement
20 October 2023
24,569,375
0.50
Private placement
13 November 2023
70,430,625
0.50
Private placement
21 December 2023
25,000,000
0.50
Shares issued in 2023
443,092,074
Subscription rights exercised in 2023
\u2014
Private placement
2 February 2022
2,790,254
27.00
8 March 2022
913,451
27.00
24 July 2022*
683,334
15.00
8 November 2022
3,651,237
10.00
12 December 2022
1,848,764
10.00
Shares issued in 2022
9,887,040
Subscription rights exercised
27 January 2022
23,335
14.85
13 June 2022
124,266
6.75
Subscription rights exercised in 2022
147,601
*On 24 July 2022, the Company announced that it secured funding totaling NOK 57 million. Of this
amount, NOK 46.7 million represents commitments to subscribe for convertible loans, the balance of
NOK 10.3 million in new shares via a private placement. The convertible loans were approved at the EGM
held 17 August 2022. The board of directors has authorization from the AGM held 25 May 2022 to complete
a private placement. The convertible loans are repayable after one year following the date of the EGM (the
\u201cMaturity Date\u201d) and the lenders are entitled at any time after six months from the EGM until the Maturity
Date to convert the loans into shares in the Company at a conversion price of NOK 3.00 [NOK 15.00 post
5:1 share consolidation]. The convertible loans carry interest at the rate of 5% per annum.
Number of subscription rights 1 January \u2013 1 January \u2013
31 December 2023 31 December 2022
Subscription rights opening balance
4,613,982
4,255,715
Grant of incentive subscription rights
46,370,862
620,298
Terminated, forfeited and expired subscription rights
2,793,941
(114,432)
Exercise of subscription rights
0
(147,599)
Subscription rights closing balance
48,190,903
4,613,982
Subscription
Date
Rights
Price
Vesting
Expiration
Board members
4 May 2023
2,000,000
0.50
Fully vested at grant date
25 May 2027
24 May 2023
7,442,284
0.50
1/3 immediately , 1/3 after 24 May 2028
1 year, 1/3 after 2 years
1/3 immediately, but aren\u2019t
11 July 2023
2,000,000
0.50
exercisable for 1 year, 1/3 24 May 2028
after 1 year, 1/3 after 2 years
11 July 2023
2,000,000
0.50
20% after 1 year, 30% after 24 May 2028
2 years, 50% after 3 years
30 August 2023
9,026,893
0.50
1/3 immediately , 1/3 after 24 May 2028
1 year, 1/3 after 2 years
Employees
4 May 2023
4,155,686
0.92
50% per year
25 May 2027
4 May 2023
482,000
0.92
100% over 6 months
25 May 2027
18 November 2023
10,139,999
0.50
1/3 immediately , 1/3 after 24 May 2028
1 year, 1/3 after 2 years
18 November 2023
1,124,000
0.50
31 December 2024
24 May 2028
Consultants
29 August 2023
2,000,000
0.50
1/3 immediately , 1/3 after 24 May 2028
1 year, 1/3 after 2 years
18 November 2023
6,000,000
0.50
1/3 immediately , 1/3 after 24 May 2028
1 year, 1/3 after 2 years
Grants of
subscription
46,370,862
rights in 2023
Board members
25 May 2022
400,000
12.50
12.5% per quarter
25 May 2027
Employees
1 January 2022
17,999
31.50
50% per year
3 June 2026
3 May 2022
32,300
18.22
50% per year
3 June 2026
25 August 2022
169,999
17.16
50% per year
25 May 2027
Grants of
subscription
620,298
rights in 2022
On 20 February 2024, the Company announced the completion of a private placement through an allocation
of 233,468,885 offer shares at a subscription price of NOK 0.25 [NOK 1.25 post 5:1 share consolidation] per
offer share for total gross proceeds of NOK 58 million.
On 29 February 2024, the board of directors approved the conversion of NOK 1,500,000 of the convertible
loans, plus accrued interest, and the resulting issuance of a total of 14,589,040 new shares in the Company.
On 29 February 2024 the board of directors resolved to issue in total 10,000,000 ordinary shares at a subscription
price of NOK 0.10 [NOK 0.50 post 5:1 share consolidation] per share to a former contractor of the Company who
has exercised incentive subscription rights granted under the 2022 incentive subscription rights plan.
On 6 March 2024, the Company announced the issuance of 21,030,485 ordinary shares at NOK 0.10
[NOK 15.00 post 5:1 share consolidation] per share to employees and contractors in the Company who
participate in the Company\u2019s 2023 Employee Share Purchase Plan (\u201cESPP\u201d). The ESPP was approved by
the AGM on 24 May 2023.
On 19 March 2024, the EGM approved a 5:1 share consolidation, effective 5 April 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-240": { "value": "
21. Shareholders and subscription rights
At the end of 2023 there were 491,937,779 (as adjusted for the 5:1 share consolidation) shares in the company,
versus 48,845,705 (as adjusted for the 5:1 share consolidation). At the end of 2023 there were 11,792 registered
shareholders (2022: 11,082).
Shares and subscription rights tables have been adjusted for the 5:1 share consolidation completed in
April 2024.
Ensurge is not aware of any shareholding agreements between shareholders.
Top 20 shareholders as of
31 December 2023
Shares
Percent
Keith, Robert
68,354,871
13.9%
Alden AS
45,000,000
9.1%
Andreas Holding AS
24,936,500
5.1%
Nordnet Bank AB
21,501,798
4.4%
Jaco Invest AS
10,654,932
2.2%
SES AI
10,150,000
2.1%
BNP Paribas
10,064,974
2.0%
Ragnvald Gabrielsen AS
9,282,618
1.9%
Tigerstaden AS
9,000,000
1.8%
R. Sundvall Invest AS
7,753,721
1.4%
Nordnet Livsforsikring AS
6,669,789
1.4%
Haadem Invest AS
6,516,018
1.3%
Sinmax Investment AS
6,400,000
1.3%
J.P. Morgan SE
6,254,480
1.3%
Arne Hellest\u00f8 AS
5,556,075
1.1%
H\u00e5vi AS
5,539,183
1.1%
Forte Norge
5,436,794
1.1%
Danske Bank A/S
4,786,537
1.0%
Ellingsen Lofoten Eiendom AS
4,000,000
0.8%
Stormchasers AS
4,000,000
0.8%
Total 20 largest shareholders
271,858,290
100.0 %
Total other shareholders
220,079,489
81.0 %
Total shares outstanding
491,937,779
100.0%
Shares and subscription rights held by primary insiders and Incentive
close relations at 31 December 2023
Shares
subscription rights
Terje Rogne, Chairman
\u2014
16,469,177
Morten Opstad, Board Member
209,603
2,248,529
Nina Riibe, Board Member
\u2014
2,000,000
Jon Castor, Former Board Member
\u2014
257,418
Victoire de Margerie, Former Board Member
\u2014
100,000
Kelly Doss, Former Board Member
\u2014
128,708
Mark Newman, Former Interim CEO, Former Board Member
\u2014
2,100,000
Lars Eikeland, CEO/CFO
1,436,344
6,000,000
Arvind Kamath, EVP Technology Development
354,108
7,029,616
Total
2,000,055
36,333,450
Subscription rights
2023
2022
Weighted Weighted
average Number of average Number of
exercise price, subscription exercise price, subscription
NOK rights NOK rights
Total at 1 January
25.44
4,613,982
26.59
4,255,715
Granted
0.54
46,370,862
14.63
620,298
Forfeited
17.73
(1,167,937)
19.43
(89,759)
Exercised
\u2014
5.36
(147,599)
Expired
27.93
(1,626,004)
24.83
(24,673)
Total at 31 December
1.59
48,190,903
25.44
4,613,982
Number of exercisable
subscription rights at
31 December (included in total)
16,685,590
The average strike price is higher than the quote share price on the Stock exchange at 31 December 2023.
Subscription rights outstanding at 31 December 2023
Number of Weighted average
Holder subscription rights exercise price, NOK
Lars Eikeland, CEO/CFO
6,000,000
0.50
Mark Newman, Former CEO
2,100,000
1.07
Arvind Kamath, EVP Technology Development
7,029,616
2.72
Employees and contractors
35,161,287
1.57
Total
48,190,903
1.59
Value of subscription rights and Grants in Grants in Grants in Grants in Grants in
assumptions upon grant 2023 2022 2021 2020 2019
Value of subscription right at grant
0.40\u20134.30
0.50\u201328.40
24.75\u201334.20
11.70\u201330.60
15.30\u2013129.60
date, NOK per subscription right
Share price, NOK per share
0.0976\u20134.644
2.25\u201311.241
2.25\u201310.44
0.25\u20131.16
109.62\u2013198.36
Exercise price, NOK per share
0.50\u20130.92
12.50\u201331.50
6.75\u201338.25
6.75\u201345.90
7.38\u20132.04
Expected annual volatility
155\u2013182%
0\u2013257%
235\u2013236%
98\u2013157%
62\u2013145%
Duration, years
4.1\u20135.0
4.1\u20135.0
4.1\u20134.8
4.2\u20135.0
1.0\u20134.2
Expected dividend
\u2014
\u2014
\u2014
\u2014
\u2014
Risk-free interest rate, government
2.31\u20133.49%
0.90\u20133.35%
0.26\u20130.81%
0.14\u20130.79%
1.00\u20134.18%
bonds
Value of subscription rights
and assumptions on Grants in Grants in Grants in Grants in Grants in
31 December 2023 2023 2022 2021 2020 2019
Value of subscription right at
31 December 2023, NOK per
0.40\u20134.30
0.50\u201328.40
24.75\u201334.20
11.70\u201330.60
15.30\u2013129.60
subscription right
Share price, NOK per share
0.65
0.65
0.65
0.65
0.65
Exercise price, NOK per share
0.50\u20130.92
12.50\u201331.50
6.75\u201338.25
6.75\u201345.90
7.38\u20132.04
Expected annual volatility
155\u2013182%
0\u2013257%
235\u2013236%
98\u2013157%
62\u2013145%
Duration, years
3.4\u20134.4
2.4\u20133.4
1.6\u20132.4
0.4\u20131.6
0.4
Expected dividend
\u2014
\u2014
\u2014
\u2014
\u2014
Risk-free interest rate, government
2.31\u20133.49%
0.90\u20133.35%
0.26\u20130.81%
0.14\u20130.79%
1.00\u20134.18%
bonds
Number of outstanding subscription
46,019,662
241,411
1,165,736
734,100
29,994
rights at 31 December 2023
There were no subscription rights exercised in 2023. There were subscription rights exercised in 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-274": { "value": "22. Current and long-term debt In September 2019, the subsidiary in US, Ensurge Micropower, Inc., closed an equipment term loan facility with Utica for USD 13,200 thousand secured by select fixed assets (see Note 11). On 7 November 2022, the Company consolidated and re-amortized the Master Lease Agreement and three amendments with Utica. In connection with the new arrangement, the company has pledged additional collateral to secure the amended payment terms. In addition to the existing collateral pledge, Ensurge has pledged all remaining unsecured equipment located in the San Jose, California facility. Further, Utica has taken a first security position in certain of Ensurge Micropower ASA\u2019s intellectual property. On 31 December 2023, the current portion of the loan principal of USD 1,426 thousand and the long-term portion of the principal of USD 5,419 thousand is recorded as Long-term Debt in the Consolidated Statements of Financial Position. The interest rate for the financing is at 14%. Table below discloses principal payment obligations as well as interest payments for the company. The Company has pledged its roll-to-roll production line equipment and sheet-line tools as collateral against the Utica loan. Book value of assets pledged is USD 1,865 thousand. The Company entered into a lease agreement in November 2016 relating to its US headquarters in San Jose, California. The lease in San Jose expires in September 2028. The building element of the lease agreement is classified as a lease liability. As a part of the relocation of Ensurge\u2019s US headquarters in 2017, a USD 1,600 thousand Letter of Credit was issued by Ensurge Micropower ASA to the landlord. The restricted cash of USD 1,600 thousand securing the Letter of Credit is included in the Company\u2019s cash and cash equivalents. Ensurge Micropower ASA, in addition, entered into a Tenancy Guarantee with the landlord. The guarantee was given to secure payment of the lease rent. The initial guarantee liability amounted to USD 5,000 thousand and reduces on an annual basis of USD 500 thousand per year commencing with the
second lease year until the liability reaches zero dollars. As of 31 December 2023, the guarantee liability
amounted to USD 2,000 thousand.
The San Jose, California lease is reflected under this caption and the table below. In addition, see Note 25.
The interest rate for the financing is at 17%. Table below disclosures principal payment obligations for the
company.
On 24 July 2022, the Company announced that it secured funding totaling NOK 57 million. Of this amount,
NOK 46.7 million represents commitments to subscribe for convertible loans. The convertible loans were
approved at the EGM held 17 August 2022. The convertible loans are repayable after one year following the
date of the EGM (the \u201cMaturity Date\u201d) and the lenders are entitled at any time after six months from the EGM
until the Maturity Date to convert the loans into shares in the Company at a conversion price of NOK 0.105
[NOK 0.525 post 5:1 share consolidation]. The convertible loans carry interest at the rate of 5% per annum.
On 11 July 2023, the EGM approved amendments to the terms and conditions of the convertible loans. See
Note 14.
Maturity schedule \u2014 liabilities
Amounts in USD 1,000
31 December 2023
Principal and interest due
Within 1 year
1\u20132 years
2\u20133 years
3\u20134 years
4\u20135 years
Q1
Q2
Q3
Q4
Principal
319
339
360
1,785
2,274
382
1,361
\u2014
obligations due
Convertible debt
\u2014
\u2014
\u2014
\u2014
\u2014
1,130
\u2014
\u2014
obligations due
Interest payments
411
391
370
1,136
647
448
99
\u2014
Lease payments
557
557
557
2,311
2,378
573
2,447
1,875
Total
1,287
1,287
1,287
5,232
5,299
2,533
3,907
1,875
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-241": { "value": "Maturity schedule \u2014 liabilities
Amounts in USD 1,000
31 December 2023
Principal and interest due
Within 1 year
1\u20132 years
2\u20133 years
3\u20134 years
4\u20135 years
Q1
Q2
Q3
Q4
Principal
319
339
360
1,785
2,274
382
1,361
\u2014
obligations due
Convertible debt
\u2014
\u2014
\u2014
\u2014
\u2014
1,130
\u2014
\u2014
obligations due
Interest payments
411
391
370
1,136
647
448
99
\u2014
Lease payments
557
557
557
2,311
2,378
573
2,447
1,875
Total
1,287
1,287
1,287
5,232
5,299
2,533
3,907
1,875
23. Trade and other payables
Amounts in USD 1,000
31 December 2023
31 December 2022
Trade payables
351
857
Public duties, withheld taxes and social security
20
38
taxes due
Share-based liability (subscription rights),
employer\u00b4s tax
11
0
Accrued holiday pay and other accrued salary
523
1,003
Other accrued expenses
799
613
Total
1,704
2,511
Of this, payables to related parties (Note 10)
89
249
Total payables and accruals are denominated in currencies as shown below:
Amounts in USD 1,000
31 December 2023
31 December 2022
Denominated in NOK
346
475
Denominated in USD
1,358
2,036
Total
1,704
2,511
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-267": { "value": "
23. Trade and other payables
Amounts in USD 1,000
31 December 2023
31 December 2022
Trade payables
351
857
Public duties, withheld taxes and social security
20
38
taxes due
Share-based liability (subscription rights),
employer\u00b4s tax
11
0
Accrued holiday pay and other accrued salary
523
1,003
Other accrued expenses
799
613
Total
1,704
2,511
Of this, payables to related parties (Note 10)
89
249
Total payables and accruals are denominated in currencies as shown below:
Amounts in USD 1,000
31 December 2023
31 December 2022
Denominated in NOK
346
475
Denominated in USD
1,358
2,036
Total
1,704
2,511
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-270": { "value": "24. Deferred income tax Deferred income tax assets and liabilities are offset when the company has a right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The offset amounts are as follows:
Charged to
Amounts in USD 1,000
31 December 2022
profit/loss
Equity
31 December 2023
Deferred income tax asset
Fixed and intangible assets
1,548
(145)
\u2014
1,403
Inventory
450
8
\u2014
458
Other accruals
5,109
(354)
\u2014
4,755
Tax loss carried forward outside
5,756
(1,146)
\u2014
4,610
Norway
Tax loss carried forward Norway
66,477
(993)
\u2014
65,484
Calculated deferred tax asset 22%
79,340
(2,630)
\u2014
76,710
(2022: 22%).
Impairment of deferred tax asset
(79,340)
2,630
\u2014
(76,710)
Deferred tax in the balance
\u2014
\u2014
\u2014
\u2014
sheet
The Equity column includes effects of currency translation. The company has not recognized the tax asset as there is uncertainty relating to future taxable income for utilization of the tax loss carried forward, and the taxable loss on intangible assets. There is no expiration date on the tax loss carried forward. No tax item has been recorded directly to equity. The unrecognized deferred tax asset is calculated by applying the local tax rates in Norway and the US. These tax rates are 22 and 22 percent respectively (2022: 22 and 22).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-268": { "value": "
25. Guarantees
As a part of the relocation of Ensurge\u2019s US headquarters in 2017, a USD 1,600 thousand Letter of Credit
was issued by Ensurge Micropower ASA to the landlord and is included in the Company\u2019s cash balance in
Note 19 as restricted cash. Ensurge Micropower ASA has in addition entered into a Tenancy Guaranty with the
landlord. The Guaranty is given to secure payment of the lease rent. The initial Guaranty liability amounted
to USD 5,000 thousand and reduces on an annual basis of USD 500 thousand per year commencing with
the second lease year until the liability reaches zero dollars. As at 31 December 2023, the Guaranty liability
amounted to USD 2,000 thousand.
", "dimensions": { "concept": "ensurgemicropowerasa:DisclosureOfGuarantees", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-269": { "value": "
26. Events after the balance sheet date
On 17 January 2024, Ensurge Micropower announced that it has received notices of allowance for two
additional patents which we expect to be issued in Q1 2024. Filed in 2020, the patent applications cover the
core technology of battery stacking and engineered electrolytes. Ensurge\u2019s patents cover four innovation
pillars which include use of an ultrathin 10 \u03bcm steel substrate, the ability to stack and package core battery
cells on this substrate, an anodeless solid-state lithium chemistry, and the use of a proven and scalable roll-to-
roll process for manufacturing the batteries. Ensurge has twelve battery patents pending.
On 15 February 2024, the Company announced that it has successfully manufactured functional solid state
microbatteries consisting of stacked cells on 10-micron substrates. The Company will start ramping up the
manufacturing capacity in order to meet the demand from partners and customers. The Ensurge 10-micron
microbattery is expected to transform the battery market for wearables, hearables and connected sensors.
On 20 February 2024, the Company announced the completion of a private placement through an allocation
of 233,468,885 offer shares at a subscription price of NOK 0.25 [NOK 1.25 post 5:1 share consolidation] per
offer share for total gross proceeds of NOK 58 million.
On 29 February 2024, the board of directors resolved to approve the conversion of NOK 1,500,000 of the
convertible loans, plus accrued interest, into 14,589,040 new shares at a price of NOK 0.105 [NOK 0.525 post
5:1 share consolidation] per share. (See Note 14.)
On 29 February 2024, the board of directors resolved issue in total 10,000,000 ordinary shares at a
subscription price of NOK 0.10 [NOK 0.50 post 5:1 share consolidation] per share to a former contractor who
has exercised incentive subscription rights granted under the 2022 incentive subscription rights plan.
On 6 March 2024, the Company announced the issuance of 21,030,485 ordinary shares at NOK 0.10 [NOK 0.50
post 5:1 share consolidation] per share to employees and contractors in the Company who participate
in the Company\u2019s 2023 Employee Share Purchase Plan (\u201cESPP\u201d). The ESPP was approved by the AGM on
24 May 2023.
On 19 March 2024, the EGM approved a 5:1 share consolidation, effective 5 April 2024.
On 7 April 2024, the board of directors resolved to approve the conversion of NOK 1,500,000 of the convertible
loans, plus accrued interest, into 2,932,289 new shares at a price of NOK 0.105 [NOK 0.525 post 5:1 share
consolidation] per share. (See Note 14.)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-244": { "value": "
27. Subsidiaries
Details of the Group\u2019s subsidiaries at the end of the reporting period are as follows.
Proportion of
Place of ownership interest
incorporation and voting power
and held by the group
Name of subsidiary
Principal activity
operation 31 December 2023
Research & Development,
Ensurge Micropower Inc. Manufacturing and
USA
100%
Marketing services
Thin Film Electronics KK
Dormant
Japan
100%
TFE Holding Owning shares in Ensurge
USA
100%
Micropower Inc.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-243": { "value": "
28. Contractual commitment
Ensurge has no significant contractual commitment related to equipment for the new roll-based production
line at the San Jose site.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-271": { "value": "28. Contractual commitment Ensurge has no significant contractual commitment related to equipment for the new roll-based production line at the San Jose site.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-242": { "value": "
29. Litigation
The Company and its subsidiaries were not involved in any litigation or legal action as of 31 December 2023
and are not involved in any litigation or legal action as of the date of this report.
", "dimensions": { "concept": "ensurgemicropowerasa:DisclosureOfLitigation", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }