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FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | 12 Months Ended
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Dec. 31, 2023
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT |
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT |
21 | FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT
The financial instruments measured at amortized cost are summarised below: Financial Assets ​
​ | ​ | ​ | ​ | ​
​ | ​ | Financial assets as subsequently
​ | ​ | measured at amortized cost
​ | ​ | December 31, | ​ | December 31,
​ |  | 2023 |  | 2022
Trade receivables | ​ | 18,641 | ​ | 16,231
​ Financial Liabilities ​
​ | ​ | ​ | ​ | ​
​ | ​ | Financial liabilities as subsequently
​ | ​ | measured at amortized cost
​ | ​ | December 31, | ​ | December 31,
​ |  | 2023 |  | 2022
Trade payables | ​ | 7,504 | ​ | 4,327
Accrued liabilities | ​ | 13,983 | ​ | 14,817
Convertible debt | ​ | 2,445 | ​ | 6,648
Lease obligations on right of use assets | ​ | 3,277 | ​ | 638
Other liabilities | ​ | 347 | ​ | 405
Loans payable | ​ | — | ​ | 109
​ | ​ | 27,556 | ​ | 26,944
​ The carrying values of the financial instruments approximate their fair values. Fair Value Hierarchy The following table presents the fair values and fair value hierarchy of the Company’s financial instruments. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 | ​ | December 31, 2022
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value through profit and loss: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | 8,796 | ​ | — | ​ | — | ​ | 8,796 | ​ | 11,287 | ​ | — | ​ | — | ​ | 11,287
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value through profit and loss: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative liability | ​ | — | ​ | 471 | ​ | — | ​ | 471 | ​ | — | ​ | 1,320 | ​ | — | ​ | 1,320
Deferred consideration | ​ | — | ​ | 2,939 | ​ | — | ​ | 2,939 | ​ | — | ​ | 3,297 | ​ | — | ​ | 3,297
Other liabilities | ​ | — | ​ | — | ​ | 269 | ​ | 269 | ​ | — | ​ | — | ​ | 74 | ​ | 74
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value through other comprehensive income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities | ​ | — | ​ | — | ​ | 104 | ​ | 104 | ​ | — | ​ | — | ​ | 160 | ​ | 160
​ There were no transfers between the levels of the fair value hierarchy during the periods.
21 | FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONTINUED)
During the year ended December 31, 2023, a loss of EUR 440 (year ended December 31, 2022: gain of EUR 804), was recognized in the consolidated statements of loss and comprehensive income (loss) as gain (loss) on remeasurement of deferred consideration (Note 12) for financial instruments designated as FVTPL. During the year ended December 31, 2023, a loss of EUR 3 (year ended December 31, 2022: gain of EUR 85), was recognized in the consolidated statements of loss and comprehensive income (loss) as remeasurement of employee obligations for financial instruments designated as FVOCI. As a result of holding and issuing financial instruments, the Company is exposed to certain risks. The following is a description of those risks and how the exposures are managed. Liquidity risk Liquidity risk is the risk that the Company is unable to generate or obtain sufficient cash and cash equivalents in a cost-effective manner to fund its obligations as they come due. The Company will experience liquidity risks if it fails to maintain appropriate levels of cash and cash equivalents, is unable to access sources of funding or fails to appropriately diversify sources of funding. If any of these events were to occur, they could adversely affect the financial performance of the Company. The Company has a planning and budgeting process in place by which it anticipates and determines the funds required to support its normal operating requirements. The Company coordinates this planning and budgeting process with its financing activities through its capital management process. The Company holds sufficient cash and cash equivalents and working capital, maintained through stringent cash flow management, to ensure sufficient liquidity is maintained. The Company is not subject to any externally imposed capital requirements. The following are the undiscounted contractual maturities of significant financial liabilities and the total contractual obligations of the Company as at December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |  | Total
Trade payables and other liabilities | ​ | 21,846 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 21,846
Convertible debt | ​ | 3,620 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 3,620
Lease obligations on right of use assets | ​ | 739 | ​ | 732 | ​ | 696 | ​ | 713 | ​ | 731 | ​ | 3,611
Loans payable | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Other non-current liabilities | ​ | 1 | ​ | 3 | ​ | 3 | ​ | 7 | ​ | 778 | ​ | 792
​ | ​ | 26,206 | ​ | 735 | ​ | 699 | ​ | 720 | ​ | 1,509 | ​ | 29,869
​ Foreign currency exchange risk The Company’s financial statements are presented in EUR; however, a portion of the Company’s net assets and operations are denominated in other currencies, particularly Canadian and US dollars. Such net assets are translated into EUR at the foreign currency exchange rate in effect at the reporting date, and operations at the foreign currency exchange rates that approximate the rates in effect at the dates when such items are recognized. As a result, the Company is exposed to foreign currency translation gains and losses, which are recorded in accumulated other comprehensive loss.
21 | FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONTINUED)
The Company is also exposed to risk on transaction in currencies other than its functional currency resulting in realized and unrealized foreign currency gains and loss which are recorded in other operational costs. The Company estimates that an appreciation of the EUR of 10% relative to other currencies would result in a decrease of EUR 1,405 in earnings before income taxes while a depreciating EUR will have the opposite impact (year ended December 31, 2022: EUR 1,443). The Company has no derivative instruments in the form of futures contracts and forward contracts to manage its current and anticipated exposure to fluctuations in EUR exchange rates. Credit risk The Company is exposed to credit risk resulting from the possibility that counterparties could default on their financial obligations to the Company including cash and cash equivalents, other assets and accounts receivable. Failure to manage credit risk could adversely affect the financial performance of the Company. The risk related to cash and cash equivalents is reduced by policies and guidelines that require that the Company enters into transactions only with counterparties or issuers that have a minimum long term “BBB” credit rating from a recognized credit rating agency. The Company mitigates the risk of credit loss relating to accounts receivable by evaluating the creditworthiness of new customers and establishes a provision for expected credit losses. The Company applies the simplified approach to provide for expected credit losses as prescribed by IFRS 9, Financial Instruments, which permits the use of the lifetime expected loss provision for all accounts receivable. The expected credit loss provision is based on the Company’s historical collections and loss experience and incorporates forward-looking factors, where appropriate. The provision matrix below shows the expected credit loss rate for each aging category of trade receivable as at December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Aging (months) | ​ | ​
​ |  | Note |  | <1 |  | 1 - 3 |  | >3 |  | Total
Gross trade receivable | ​ | 16 | ​ | 17,711 | ​ | 1,275 | ​ | 1,714 | ​ | 20,700
Expected loss rate | ​ | ​ | ​ | 2.36% | ​ | 4.82% | ​ | 92.23% | ​ | 9.95%
Expected loss provision | ​ | 16 | ​ | 417 | ​ | 61 | ​ | 1,581 | ​ | 2,059
​ The provision matrix below shows the expected credit loss rate for each aging category of accounts receivable as at December 31, 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Aging (months) | ​ | ​
​ |  | Note |  | <1 |  | 1 - 3 |  | >3 |  | Total
Gross trade receivable | ​ | 16 | ​ | 15,759 | ​ | 1,313 | ​ | 1,594 | ​ | 18,666
Expected loss rate | ​ | ​ | ​ | 3.46% | ​ | 40.21% | ​ | 85.45% | ​ | 13.05%
Expected loss provision | ​ | 16 | ​ | 545 | ​ | 528 | ​ | 1,362 | ​ | 2,435
​ Gross trade receivable includes the balance of accrued income within the aging category of less than one month.
21 | FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONTINUED)
Concentration risk For the year ended December 31, 2023, one customer (year ended December 31, 2022: one customer) contributed more than 10% each to the Company’s revenues. Aggregate revenues from this customer totaled EUR 29,752 (year ended December 31, 2022: EUR 35,692). As at December 31, 2023, one customer (December 31, 2022: one customer) constituted more than 10% to the Company’s accounts receivable. The balance owed by this customer totalled EUR 4,550 (December 31, 2022: EUR 6,138). The Company continues to expand its customer base to reduce the concentration risk.

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