Company: NKLR
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001213900-25-111171
Chunk: 14

Company: Terra Innovatum Global N.V.
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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5  
    December 31,
2024 
  
    Value added tax 
    $259  
    $          - 
  
    Prepaid expenses 
     122  
     63 
  
    Tax receivables 
             -  
     2 
  
    Other 
     4  
     - 
  
    Total prepaid expenses and other current assets 
    $385  
    $65 

Note 7. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted
of the following:

    September 30,
2025  
    December 31,
2024 

    Deferred payable 
    $175  
    $         - 
  
    Wages payable 
     37  
     10 
  
    Value added tax payable 
     5  
     - 
  
    Corporate and regional taxes payable 
             -  
     11 
  
    Other 
     4  
     - 
  
    Total accrued expenses and other current liabilities 
    $221  
    $21 

10

Note 8. Bridge Loans and Warrants

Bridge Loans

In May, June, August and
September 2025, the Company entered into a series of unsecured debt note subscription agreements (the “Bridge Loans”)
with multiple lenders, generating aggregate gross proceeds of $5,687. In accordance with the terms of the agreements, the Bridge Loans
bear interest at a fixed annual rate of 15%, payable in kind (“PIK”) calculated on the outstanding principal balance. The
Bridge Loans mature one year from their respective issuance dates and are subject to mandatory early redemption upon the consummation
of a qualifying business combination, such as the Merger. In such an event, all accrued and unaccrued interest becomes immediately due
and payable on the 30th day following the completion of the qualifying transaction.

During May, June,
August and September 2025, the company entered into multiple letter agreements to convert the Bridge Loans into ordinary shares of
Terra Innovatum Global, Srl. if the Merger is completed (the “Bridge Loan Conversion”). If the Bridge Loan Conversion happens
at the time of the Merger, the shares will be priced at $7.00 each. If the Merger does not occur by April 30, 2026, the Bridge Loan
Conversion price will instead be based