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Cash and Cash Equivalents
 12 Months Ended
Dec. 31, 2020
Cash and Cash Equivalents  
Cash and Cash Equivalents

Note 16. Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

    

December 31, 

 

    

2020

    

2019

 

 

(USD in thousands)

Cash and cash equivalents

 

$

5,834

 

$

9,559

Total cash and cash equivalents

 

$

5,834

 

$

9,559

 

Cash and cash equivalents consist mainly of cash on deposit with banks.

Changes in Net Working Capital

 

 

 

 

 

 

 

 

 

 

 

 

    

December 31, 

 

    

2020

    

2019

    

2018

 

 

(USD in thousands)

Changes in receivables and tax receivables

 

$

(2,501)

 

$

(337)

 

$

443

Changes in trade payables

 

 

1,798

 

 

507

 

 

79

Changes in other payables

 

 

918

 

 

403

 

 

459

Changes in net working capital

 

$

215

 

$

573

 

$

981

 

Working capital is defined as current assets (excluding cash) less current liabilities (excluding convertible debt) and measures the net liquid assets the Company has available for the business.

Adjustments for non-cash items

Adjustments of non-cash items in the statements of comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

    

Year Ended 

 

 

December 31, 

 

    

2020

    

2019

    

2018

 

 

(USD in thousands)

Income taxes

 

$

(1,557)

 

$

(825)

 

$

(735)

Tax credit schemes accounted for as grants

 

 

(510)

 

 

 —

 

 

 —

Depreciation and amortization

 

 

105

 

 

81

 

 

74

Interest income

 

 

 —

 

 

(9)

 

 

(2)

Interest expense

 

 

30

 

 

39

 

 

15

Share-based compensation expenses

 

 

3,408

 

 

2,362

 

 

2,069

Change in fair value of convertible debt instruments

 

 

 —

 

 

1,183

 

 

684

Other adjustments: Other adjustments, primarily exchange rate adjustments

 

 

107

 

 

114

 

 

18

Total adjustments for non-cash items

 

$

1,583

 

$

2,945

 

$

2,123

 

Reconciliation of Liabilities from Financing Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

 

Accumulated

 

 

 

 

Exchange rate

 

December 31, 

(USD in thousands)

    

2019

    

Cash flows

    

 interest

    

Additions

    

 adjustment

    

2020

Lease liabilities

 

$

36

 

$

(74)

 

$

 1

 

$

54

 

$

 3

 

$

20

Total liabilities from financing activities

 

$

36

 

$

(74)

 

$

 1

 

$

54

 

$

 3

 

$

20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

 

Accumulated

 

Fair value

 

 

 

 

 

 

 

Exchange rate

 

December 31, 

(USD in thousands)

    

2018

    

Cash flows

    

 interest

    

adjustment

    

Additions

    

Conversion

    

 adjustment

    

2019

Lease liabilities

 

$

99

 

$

(75)

 

$

 2

 

$

—

 

$

12

 

$

—

 

$

(2)

 

$

36

Convertible debt instruments

 

 

8,569

 

 

152

 

 

—

 

 

1,183

 

 

—

 

 

(9,695)

 

 

(209)

 

 

—

Total liabilities from financing activities

 

$

8,668

 

$

77

 

$

 2

 

$

1,183

 

$

12

 

$

(9,695)

 

$

(211)

 

$

36