Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 86

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 86
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             2024 |       |     | 2023 |       |
|                                                                                                       |     |                               |     |   |     |             |     | USD in thousands |       |     |      |       |
| Interest-bearing loans and current borrowings from an interested party:                               |     |                               |     |   |     |             |     |                  |       |     |      |       |
| A bank loan, USD $330 thousand (see Note 9b), the interest rate as of the date of the report is 7.75% |     |                               |  21 | % |     | 31/12/25    |     |                  |   293 |     |      |   301 |
| Loans from related parties (see Note 9b)                                                              |     |                               |  20 | % |     | See Note 9b |     |                  |   860 |     |      |   852 |
| Convertible loan                                                                                      |     |                               | 370 | % |     | See Note 15 |     |                  | 1,512 |     |      |   230 |
| Liability in respect of conversion component and options                                              |     |                               |     |   |     | See Note 15 |     |                  | 5,061 |     |      | 1,002 |
| Total financial liabilities                                                                           |     |                               |     |   |     |             |     |                  | 7,726 |     |      | 2,385 |

| (1) | The imputed interest is based on an external valuation. |

Liabilities for a transaction with an
interested party is measured according to fair value at the time of the transaction. Since it is a transaction in the capacity of a shareholder,
the Company credits the difference between the fair value and the proceeds from the transaction after deducting the tax to equity in the
interested party capital reserve item. The Company assessed the market conditions on the day of the transaction for each transaction and
in different periods at a rate of about 21 percent.

In each reporting period, the Company
recognizes financing expenses due to the revaluation of the loan as of the reporting date.

As of the date of the report, the Company
recognized financing expenses due to the revaluation of loans from an interested party and a loan from a banking corporation amounting
to approximately USD $5,044 thousand in 2024 and approximately USD $153 thousand