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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets | 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
Schedule of Defined Benefit Plans Disclosures | 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)
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | 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)
Defined Benefit Plan, Assumptions | 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.
Defined Benefit Plan, Plan Assets, Allocation | 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%

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- Definition Tabular disclosure of investment allocation of defined benefit plan assets. Includes, but is not limited to, investment allocation percentage or range of percentages. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-3 + Details
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- Definition Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period. + References No definition available. + Details
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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-2 + Details
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