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Fair value measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair value measurements

Note  6.      Fair value measurements

ASC 820 establishes a three-tier fair value hierarchy for measuring financial instruments, which prioritizes the inputs used in measuring fair value. These tiers include:

· Level 1, defined as observable inputs such as quoted prices in active markets;

· Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

· Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

	As at December 31, 2023			As at December 31, 2022			Fair value level
USD'000 Level 3	Carrying amount	Fair value		Carrying amount	Fair value			Note ref.
Nonrecurring fair value measurements
Accounts receivable Accounts Receivable	5,053	5,053		2,219	2,219		3	9
Accounts payable Accounts Payable	6,963	6,963		6,735	6,735		3	17
Indebtedness to related parties, current Indebtedness to Related Parties, Current	1,278	1,278		3,374	3,374		3	20
Bonds, mortgages and other long-term debt	1,654	1,654		1,489	1,489		3	19
Convertible note payable, noncurrent Convertible Note Payable, Noncurrent	1,519	1,846		-	-		3	19
Indebtedness to related parties, noncurrent	9,695	9,695		7,946	7,946		3	20

In addition to the methods and assumptions we use to record the fair value of financial instruments as discussed in the Fair Value Measurements section above, we used the following methods and assumptions to estimate the fair value of our financial instruments:

- Accounts receivable – carrying amount approximated fair value due to their short-term nature.

- Accounts payable – carrying amount approximated fair value due to their short-term nature.

- Indebtedness to related parties, current – carrying amount approximated fair value.

- Bonds, mortgages and other long-term debt - carrying amount approximated fair value.

- Convertible note payable, noncurrent – fair value is calculated based on the present value of the future cash flows as of the reporting date.

- Indebtedness to related parties, noncurrent - carrying amount approximated fair value.

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- References

No definition available.

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- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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