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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Employee benefit plans Employee Benefit Plans
The Company operates a defined benefit pension plan in Switzerland (“the Plan”) and a defined contribution pension plan in the United Kingdom, in accordance with local regulations and practices. As of December 31, 2022 the Plan covers the Company’s employees in Switzerland with benefits in the event of death, disability, retirement, or termination of employment.
A summary of the changes in projected benefit obligations (“PBO”) and plan assets is presented below:
December 31, 2022December 31, 2021
Beginning PBO $1,322,874 $— 
Service cost 451,075 143,467 
Interest cost5,056 — 
Contributions by plan participants138,243 64,954 
Actuarial (gain) / losses (374,317)174,012 
Transfers (in) / out(204,695)931,257 
Foreign currency exchange rates changes(16,267)9,184 
Ending PBO$1,321,969 $1,322,874 
December 31, 2022December 31, 2021
Beginning fair value of plan assets$1,083,014 $— 
Actual return on plan assets15,522 5,835 
Return on plan assets above expected return(115,877)— 
Contributions by the employer138,243 73,448 
Contributions by plan participants138,243 64,954 
Transfers (in) / out(204,695)931,257 
Foreign currency exchange rates changes(14,687)7,520 
Ending fair value of plan assets$1,039,763 $1,083,014 
Amounts recorded on the consolidated balance sheet:
December 31, 2022December 31, 2021
Fair value of plan assets$1,039,763 $1,083,014 
Present value of projected benefit obligation(1,321,969)(1,322,874)
Funded status$(282,206)$(239,860)
Amounts recorded in accumulated other comprehensive (income) / loss:
December 31, 2022December 31, 2021
Actuarial (gain) / loss - beginning of period$168,177 $— 
Actuarial (gain) / loss of current year / period(268,076)168,177 
Amortization(1,817)— 
Total$(101,716)$168,177 
The assumptions used to calculate the ASC 715 liabilities are summarized in the table below:
December 31, 2022December 31, 2021
Discount rate2.20 %p.a.0.40 %p.a.
Expected return on plan assets3.80 %p.a.1.50 %p.a.
Inflation1.80 %p.a.1.10 %p.a.
Long-term expected rate of salary increase2.30 %p.a.1.60 %p.a.
Service cost of $451,075 was recognized in the net periodic benefit cost for the year ended December 31, 2022.
The allocation of plan assets is presented below:
December 31, 2022December 31, 2021
Equities34.11 %35.13 %
Bonds28.89 %30.89 %
Mortgages3.86 %3.83 %
Liquidity2.41 %2.90 %
Real estate27.17 %24.37 %
Alternative investments3.40 %2.88 %
Infrastructure0.16 %— %
The fair value of plan assets is determined based on Level 2 inputs.
As all members of the Plan are active, no future expected benefit payments are currently in payment and foreseen to occur within the next ten years.