Company: BDRX
Filing Date: 2025-01-28
Form Type: 424B3
Source: 0001214659-25-001409
Chunk: 390

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-28
Form: 424B3
Chunk 390
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 unsatisfied) as of the end of the reporting period as contracts typically have an original expected duration of a year or less.

Book values approximate
to fair value at 31 December 2023, 2022 and 2021.

Expected Credit Loss

Given
the short-term nature of the Group’s trade receivables and accrued income, which are mainly due from large national or multinational
companies, the Group's assessment of expected credit losses includes provisions for specific clients and receivables where the contractual
cash flow is deemed at risk. Considerations include the current economic environment along with historical and forward-looking information.
No assumptions or estimating techniques are applied in considering these. Additional provisions are made based on the assessment of recoverability
of aged receivables over one year where sufficient evidence of recoverability is not evident.

Trade
and other receivables contained one impaired asset in 2022, as detailed below, this asset was written off in 2023. In 2023 and 2021 Trade
and other receivables did not contain an impaired asset. The Group did hold security in 2022 as detailed below against one asset, in 2023
and 2021 it did not hold any collateral as security.

The
maximum exposure to credit risk at the consolidated statement of financial position date is the fair value of each class of receivable.

The
Company recognises a default on a financial asset when the counter party announces they have limited resources to satisfy the debt.

Bioasis Loans

On
13 December 2022 the Company entered into an Arrangement Agreement with Bioasis Technologies Inc (‘Bioasis’) under which the
Company would acquire the entire issued share capital of Bioasis, the agreement entered into was subject to shareholder approval. In addition
to this, on 19 December 2022 the Company entered into a Promissory Note and Security Agreement with Bioasis to assist in the short term
with Bioasis’ working capital requirements. Under the agreement the Company agreed to advance Bioasis up to US$750,000 in 3 tranches
payable on 19 December 2022, 2 January 2023 and 6 February 2023. The loan was repayable on the earliest of the following:

| a) | The occurrence of an event of default |

| b) | The closing date (as defined in the Arrangement Agreement for the proposed acquisition of Bioasis) |

| c) | 30 June 2023 |

The
promissory