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Employee benefits (Tables) | 12 Months Ended
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Dec. 31, 2021
Employee benefits [Abstract] |
Defined Benefit Plans Disclosures | The changes in the defined benefit obligation for the years ended December 31, 2021 and 2020 were as follows:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |
Liability at beginning of year |  | $ | 33,676 |  |  | $ | 28,853 |
Interest cost |  |  | 195 |  |  |  | 337 |
Service cost |  |  | 5,159 |  |  |  | 1,671 |
Actuarial losses / (gains) |  |  | 56,241 |  |  |  | - |
Exchange differences |  |  | (5,205 | ) |  |  | 2,815 |
Liability at end of year |  | $ | 90,066 |  |  | $ | 33,676 |
Amounts Included in the Consolidated Statements of Operations |
|  | Years Ended December 31, |
|  | 2021 |  |  | 2020 |
Amounts included on the consolidated statements of operations: |  |  |  |  |  |
Interest cost |  | $ | 195 |  |  | $ | 337 |
Service cost |  |  | 5,159 |  |  |  | 1,671 |
|  | $ | 5,354 |  |  | $ | 2,008 |
Amounts Included in the Consolidated Statements of Comprehensive Income (Loss) |
|  | Years Ended December 31, |
|  | 2021 |  |  | 2020 |
Amounts included on the consolidated statements of comprehensive income (loss): |  |  |  |  |  |
Actuarial losses / (gains) |  | $ | 56,241 |  |  | $ | - |
|  | $ | 56,241 |  |  | $ | - |
Actuarial Assumptions | The principal actuarial assumptions used are:
|  | Valuation Date |
Financial Assumptions |  | December 31, 2021 |  |  | December 31, 2020 |
Discount rate |  |  | 0.75 | % |  |  | 0.60 | %
Future salary increases |  |  | 1.80 | % |  |  | 1.50 | %
Inflation |  |  | 1.80 | % |  |  | 1.50 | %
| Valuation Date
Demographic Assumptions | December 31, 2021 | December 31, 2020
Mortality (1) | EVK 2000 (male and female)
Disability (1) | 50% EVK 2000
Retirement age limits (2) | As defined by the Greek main insurance institution for each employee.
Turnover (3) | 0.00%
(1) Mortality Table: The mortality rate of employees is defined according to EVK 2000 (male and female), which is widely accepted as unbiased. (2) Turnover Rates: For the purposes of the actuarial study, the turnover rate was estimated based on the Company’s historical data, estimated future development and long-term economic trends. (3) Retirement ages are those provided by primary Greek insurance carrier and depend mainly on sex, class of worker, having incorporated the latest additions to the age limits of Greek Laws 4093/2012 and 4336/2015.
Sensitivity Analysis | The sensitivity analysis of defined benefit obligation against changes in principal assumptions is as follows:
|  | Effect on liability in financial year 2020 |
|  | Change in assumption by |  |  | Increase in assumption |  |  | Decrease in assumption |
Discount rate |  |  | 0.50 | % |  |  | -9 | % |  |  | +10 | %
Annual salary increase |  |  | 0.50 | % |  |  | +6 | % |  |  | -7 | %

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 + Details
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