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Employee Benefit Plans

12 Months Ended

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.

X

- 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

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- References

No definition available.

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