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Note 23 - Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Fair Value Disclosures [Text Block]
23—FAIR
VALUE OF FINANCIAL INSTRUMENTS
 
The following disclosure of the estimated fair value of financial instruments was made in accordance with the requirements of ASC
820
‘‘Disclosure about fair value of financial instruments’’ and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.
 
ASC
820
defines
three
levels of inputs that
may
be used to measure fair value and requires that the assets or liabilities carried at fair value be disclosed by the input level under which they were valued. The input levels are defined as follows:
 
Level
1:
Quoted (unadjusted) prices in active markets for identical assets and liabilities that the reporting entity can access at the measurement date.
Level
2:
Inputs other than quoted prices included within Level
1
that are observable for the asset or liability, either directly or indirectly.
Level
3:
Unobservable inputs for the asset or liability.
 
    ASC 820
Level		   December 31,
2016		     December 31,
2015		  
Assets:                    
Cash and cash equivalents  
Level 1
    
21,989
      
13,578
  
Short term investments  
Level 1
    
-
      
1,000
  
Liabilities:                    
Short-term borrowings  
Level 1
    
1,629
      
2,814
  
Long-Term Debt  
Level 1
    
599
      
802
  
Investor Warrants  
Level 3
    
3,921
      
4,205
  
Placement Agent Warrants  
Level 3
    
-
      
172
  
 
The recorded amount of cash and cash equivalents, short term investment and short-term borrowings are a reasonable estimate of their fair value due to the short-term maturities of these instruments.
 
The fair market value (Level
1
measurement) of the Company’s long-term debt is estimated using interest rate available to the Company in corresponding markets for debt with similar terms and maturities (see note
14
-
1
Long-term debt).
 
Concerning Investor and Placement Agent Warrants, the Company uses a Black-Scholes option pricing model. The fair value of the Warrants will change over time depending on the volatility and share price at balance sheet date (see note
14
-
2
- Financial instruments carried at fair value). An increase in volatility would result in an increase in the value of Investors Warrants and Placement Agent Warrants. An increase in share price would result in an increase in the value of Investors Warrants and Placement Agent Warrants.
 
The following tables provide a reconciliation of fair value for which the Company used Level
3
inputs, for the period from
December
31,
2014
to
December
31,
2016
:
 
All amounts in
thousands Euros unless otherwise stated		   Investor
Warrants
2012		     Placement
Agent
Warrants
2012		     Investor
Warrants
2013		     Placement
Agent
Warrants
2013		     Investor
Warrants
2016		     Total Financial instruments carried at fair value  
As of December 31, 2014    
893
      
110
      
1,050
      
39
      
-
      
2,092
  
Warrants exercises (see note 19)    
(251
 )    
(79
 )    
-
      
-
      
-
      
(330
 )
FV adjustments (see note 19)    
947
      
57
      
1,343
      
30
      
-
      
2,377
  
USD/EUR exchange impact    
102
      
11
      
121
      
4
      
-
      
238
  
As of December 31, 2015    
1,691
      
99
      
2,514
      
73
      
-
      
4,377
  
Warrants granted    
-
      
-
      
-
      
-
      
3,168
      
3,168
  
Warrants forfeited (see note 19)    
-
      
-
      
-
      
(72
 )    
-
      
(72
 )
Warrants exercises (see note 19)    
(5
 )    
(97
 )    
-
      
-
      
-
      
(102
 )
FV adjustments (see note 19)    
(1,100
 )    
-
      
(1,478
 )    
-
      
(1,232
 )    
(3,811
 )
USD/EUR exchange impact    
53
      
-
      
81
      
-
      
227
      
360
  
As of December 31, 2016    
640
      
-
      
1,118
      
-
      
2,162
      
3,921