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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans The Company operates a defined benefit pension plan in Switzerland (“the Plan”) and a defined contribution pension plan in the United Kingdom and Portugal, in accordance with local regulations and practices. As of December 31, 2023 the Plan covers the Company’s employees in Switzerland with benefits in the event of death, disability, retirement, or termination of employment. A summary of the changes in projected benefit obligations (“PBO”) and plan assets is presented below:
| December 31, 2023 |  | December 31, 2022
Beginning PBO | $ | 1,321,969 |  |  | $ | 1,322,874 |
Service cost | 122,698 |  |  | 451,075 |
Interest cost | 30,639 |  |  | 5,056 |
Contributions by plan participants | 200,424 |  |  | 138,243 |
Actuarial (gain) / losses | 487,991 |  | (374,317)
Benefits paid | 229,902 |  | (204,695)
Foreign currency exchange rates changes | 208,608 |  | (16,267)
Plan amendment | (107,750) |  | —
Ending PBO | $ | 2,494,481 |  | $ | 1,321,969
| December 31, 2023 |  | December 31, 2022
Beginning fair value of plan assets | $ | 1,039,763 |  |  | $ | 1,083,014 |
Expected return on plan assets | 36,523 |  |  | 15,522 |
Return on plan assets above expected return | 48,938 |  |  | (115,877) |
Contributions by the employer | 200,424 |  |  | 138,243 |
Contributions by plan participants | 200,424 |  | 138,243
Benefits paid | 229,902 |  | (204,695)
Foreign currency exchange rates changes | 155,082 |  | (14,687)
Ending fair value of plan assets | $ | 1,911,056 |  | $ | 1,039,763
Amounts recorded on the consolidated balance sheets:
| December 31, 2023 |  | December 31, 2022
Fair value of plan assets | $ | 1,911,056 |  |  | $ | 1,039,763 |
Present value of projected benefit obligation | (2,494,481) |  | (1,321,969)
Funded status | $ | (583,425) |  | $ | (282,206)
Amounts recorded in accumulated other comprehensive (income) / loss:
| December 31, 2023 |  | December 31, 2022
Actuarial (gain) / loss - beginning of year | $ | (101,716) |  |  | $ | 168,177 |
Actuarial (gain) / loss of current year | 444,329 |  | (268,076)
Amortization | — |  | (1,817)
Prior service (cost) / credit recognized in current year | (107,750) |  | —
Total | $ | 234,863 |  | $ | (101,716)
The assumptions used to calculate the ASC 715 liabilities are summarized in the table below:
| December 31, 2023 |  | December 31, 2022
Discount rate | 1.35% | p.a. |  | 2.20% | p.a.
Expected return on plan assets | 3.00% | p.a. |  | 3.80% | p.a.
Inflation | 1.80% | p.a. |  | 1.80% | p.a.
Long-term expected rate of salary increase | 2.30% | p.a. |  | 2.30% | p.a.
Service cost of $122,698 was recognized in the net periodic benefit cost for the year ended December 31, 2023. The allocation of plan assets is presented below:
| December 31, 2023 |  | December 31, 2022
Equities | 34.00 | % |  | 34.11 | %
Bonds | 32.00 | % |  | 28.89 | %
Mortgages | 4.00 | % |  | 3.86 | %
Liquidity | 1.00 | % |  | 2.41 | %
Real estate | 26.00% |  | 27.17%
Alternative investments | 3.00% |  | 3.40%
Infrastructure | —% |  | 0.16%
The fair value of plan assets is determined based on Level 2 inputs. As all members of the Plan are active, no future expected benefit payments are currently in payment and foreseen to occur within the next ten years.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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