Company: BDRX
Filing Date: 2025-01-17
Form Type: F-1
Source: 0001214659-25-000922
Chunk: 393

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-17
Form: F-1
Chunk 393
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 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 note is subject to interest at a rate equal to 2% per month or, from and after the Bioasis maturity date, at a default rate
of 15% per annum. Under the Security Agreement the Company was made a secured creditor.

On
3 February 2023 Bioasis announced they were ‘urgently exploring and evaluating all financing and strategic alternatives that may
be available to address its liquidity requirements’ which triggered an event of default. As a result of this the 3rd payment under
the agreement was not made. On 5 March 2023 Bioasis were served with notice of an event of default. On 20 June 2023 Bioasis announced
the suspension of operations.

The Company has advanced
US$500,000 to Bioasis in two tranches over 2022 and 2023. Management considered the recovery of the debt to be uncertain and therefore
recognised an