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

10. Financial Instruments - Risk Management (Tables)

v3.19.1
10. Financial Instruments - Risk Management (Tables)
12 Months Ended
Dec. 31, 2018
Financial Instruments - Risk Management  
Disclosure of financial assets

A summary of the financial instruments held by category is provided below:

 

Financial assets

  December 31,
2018
  December 31,
2017
  December 31,
2016
 
Cash and cash equivalents $ 107,983   $ 58,143   $ 55,393  
Trade and other receivables   232,307     407,010     900,077  
Total financial assets $ 340,290   $ 465,153   $ 955,470  
Disclosure of financial liabilities

Financial liabilities

  December 31, 2018   December 31, 2017   December 31, 2016  
  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 $ –     $ 6,102,039   $ –     $ 6,409,094   $ –     $ 5,994,904  
Loans and borrowings and notes payable   –       23,605,780     –       26,572,080     –       27,802,729  
Derivatives financial liabilities   476,572     –       1,859,700     –       794,235     –    
Total financial liabilities $ 476,572   $ 29,707,819   $ 1,859,700   $ 32,981,174   $ 794,235   $ 33,797,633  

 

Disclosure of fair value measurement of liabilities

Financial instruments measured at fair value

  Fair value measurements at December 31, 2018 using  
  Level 1   Level 2   Level 3  
Financial liabilities                  
Derivative financial liabilities – convertible promissory notes $ –     $ 476,572   $ –    

 

  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   $ –    

Disclosure for cash held

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

 

Description   Rating   December 31,
2018
  December 31,
2017
  December 31,
2016
 
                   
UBI Bank   BBB-   $ 67,406   $ –     $ –    
Cassa Rurale e Artigiana di Binasco Credito Coorperativo   N/A     27,231     19,225     28,016  
Banca Cassa di Risparmio di Asti   N/A     5,397     5,755     5,296  
ING Luxembourg   A+     4,353     2,050     2,980  
First Republic Bank   A-     3,388     7,363     4,467  
Banca Intesa Sanpaolo   BBB     181     17,906     1,556  
Banca Popolare di Vicenza   CCC     –       5,570     8,942  
Bank of China   A     –       –       3,246  
Banca Popolare Commercio e Industria   C+     –       –       417  
Total cash at banks       $ 107,956   $ 57,869   $ 54,920  
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, 2018   Up to
1 year
  Between
1 and 5
years
  Over 5
years
  Total  
                   
Trade and other payables   $ 6,100,099   $ 1,940   $ –     $ 6,102,039  
Loans and borrowings     2,798,445     4,736,581     11,705,298     19,240,324  
Notes payable to stockholders     4,365,456     –       –       4,365,456  
Derivative financial liabilities     476,572     –       –       476,572  
Total   $ 13,740,572   $ 4,738,521   $ 11,705,298   $ 30,184,391  

  

 

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