Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 363

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 19
Chunk 363
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 $            6,694  

Depreciation expense was $3,321, $11,408and $11,408for the years ended December 31, 2024, 2023 and 2022.

Note 5

Related party short-term loans:

On September 28, 2023 and November 15, 2023, the
Company entered into a series of short term loan agreements (the “ Short Term Loan Agreements”) with certain existing shareholders
of the Company, including Ronald Hafner, the Company’s Chairman of the Board of Directors, Felix Grisard, Jürgen Bauer and
Maria Nayvalt, providing for unsecured loans to the Company in the aggregate amount of CHF1,375,000($1,510,989). The loans bear interest
at a rate of10% per annum and mature on the earlier of December 31, 2024, or a liquidity event with a strategic partner, as amended on
March 18, 2024.

In October 2024, the Company entered into debt
forgiveness agreements with the holders of the related party short-term loans, pursuant to which the Company issued an aggregate of290,518common shares, par value CHF0.03per share, or the common shares, of the Company, at a conversion price of $5.65(rounded) per share,
in full satisfaction of an aggregate amount of CHF1,492,431($1,640,034) in loans and interest provided to the Company by the Lenders,
or collectively, the Loans. This conversion was facilitated through an ordinary capital increase, providing the necessary shares for the debt holders, and was recorded
at fair market value with no gain or loss recognized in the statement of operations.

Note 6

Other Accrued Liabilities:

The Company’s other accrued liabilities
consisted of the following as of December 31, 2024 and 2023:

                                              December 31,                                        
                                              2024                           2023                 
 ──────────────────────────────────────────────────────────────────────────────────────────────────
  Professional consultants’ expenses          $                 110,345      $           332,690  
  Vendor liabilities                                            -                        112,635  
  Stamp tax                                                     125,793                        -  
  Related party interest short term loan                        -                         25,605  
  Accrued Board of Directors fees                               47,586                   184,672  
  Acc