Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

10. Financial Instruments - Risk Management (Tables)

v3.8.0.1
10. Financial Instruments - Risk Management (Tables)
 12 Months Ended
Dec. 31, 2017
Financial Instruments - Risk Management  
Disclosure of financial assets

Financial assets

    December 31,
2017		     December 31,
2016		     December 31,
2015		  
Cash and cash equivalents   $ 58,143     $ 55,393     $ 134,574  
Trade and other receivables     407,010       900,077       842,879  
Total financial assets   $ 465,153     $ 955,470     $ 977,453  
Disclosure of financial liabilities

Financial liabilities

    December 31, 2017     December 31, 2016     December 31, 2015  
    Financial liabilities at fair value through profit or loss     Financial liabilities at amortized cost     Financial liabilities at fair value through profit or loss     Financial liabilities at amortized cost     Financial liabilities at fair value through profit or loss     Financial liabilities at amortized cost  
Trade and other payables   $ –     $ 6,409,094     $ –     $ 5,994,904     $ –     $ 5,372,684  
Loans and borrowings and notes payable     –       26,572,080       –       27,802,729       –       28,136,250  
Derivatives financial liabilities     1,859,700       –       794,235       –       2,733,836       –  
Total financial liabilities   $ 1,859,700     $ 32,981,174     $ 794,235     $ 33,797,633     $ 2,733,836     $ 33,508,934  
Disclosure of fair value measurement of liabilities

Financial instruments measured at fair value

    Fair value measurements at December 31, 2017 using  
    Level 1     Level 2     Level 3  
Financial liabilities                        
Derivative financial liabilities – convertible promissory notes   $ –     $ 1,859,700     $ –  

 

    Fair value measurements at December 31, 2016 using  
    Level 1     Level 2     Level 3  
Financial liabilities                        
Derivative financial liabilities – convertible promissory notes   $ –     $ 794,235     $ –  

 

    Fair value measurements at December 31, 2015 using  
    Level 1     Level 2     Level 3  
Financial liabilities   $       $       $    
Derivative financial liabilities – convertible promissory notes     –       2,568,188       –  
Derivative financial liabilities – interest rate swap agreement     –       165,648       –  
Total financial liabilities   $ –     $ 2,733,836     $ –  
Disclosure for cash held

The Group’s cash is held with the following institutions:

 

Description   Rating     December 31,
2017		     December 31,
2016		     December 31,
2015		  
                         
Cassa Rurale e Artigiana di Binasco Credito Coorperativo     N/A     $ 19,225     $ 28,016     $ 87,046  
Banca Intesa Sanpaolo     BBB       17,906       1,556       1,200  
First Republic Bank     A-       7,363       4,467       22,989  
Banca Cassa di Risparmio di Asti     N/A       5,755       5,296       6,527  
Banca Popolare di Vicenza     CCC       5,570       8,942       10,244  
ING Luxembourg     A+       2,050       2,980       2,831  
Bank of China     A       –       3,246       1,406  
Banca Popolare Commercio e Industria     C+       –       417       1,781  
M&T Bank     A-       –       –       427  
Total cash at bank           $ 57,869     $ 54,920     $ 134,451  
Disclosure of maturity analysis for derivative financial liabilities

The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities:

 

At December 31, 2017   Up to
1 year		     Between
1 and 5
years		     Over 5
years		     Total  
                         
Trade and other payables   $ 6,389,497     $ 19,597     $ –     $ 6,409,094  
Loans and borrowings     4,438,354       3,967,793       14,178,454       22,584,601  
Notes payable to stockholders     3,987,479       –       –       3,987,479  
Derivative financial liabilities     1,859,700       –       –       1,859,700  
Total   $ 16,675,030     $ 3,987,390     $ 14,178,454     $ 34,840,874  

 

At December 31, 2016   Up to 1
year		     Between
1 and 5
years		     Over 5
years		     Total  
                         
Trade and other payables   $ 5,914,549     $ 80,355     $ –     $ 5,994,904  
Loans and borrowings     4,206,847       5,021,073       16,089,243       25,317,163  
Notes payable to stockholders     2,516,981       –       –       2,516,981  
Derivative financial liabilities     794,235       –       –       794,235  
Total   $ 13,432,612     $ 5,101,428     $ 16,089,243     $ 34,623,283  

 

At December 31, 2015   Up to 1
year		     Between
1 and 5
years		     Over 5
years		     Total  
                         
Trade and other payables   $ 5,372,684     $ –     $ –     $ 5,372,684  
Loans and borrowings     5,087,208       4,034,053       17,686,726       26,807,987  
Notes payable to stockholders     1,328,263       –       –       1,328,263  
Derivative financial liabilities     2,733,836       –       –       2,733,836  
Total   $ 14,521,991     $ 4,034,053     $ 17,686,726     $ 36,242,770