| Fair value measurements |
Note 7.Fair value measurements ASC 820 establishes a three-tier fair value hierarchy for measuring financial instruments, which prioritizes the inputs used in measuring fair value. These tiers include: | ● | Level 1, defined as observable inputs such as quoted prices in active markets; |
| ● | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and |
| ● | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. |
| | | | | | | | | | | | | | | As at December 31, 2025 | | As at December 31, 2024 | | Fair | | | | | Carrying | | | | Carrying | | | | value | | Note | USD’000 | | amount | | Fair value | | amount | | Fair value | | level | | ref. | Recurring fair value measurements | | | | | | | | | | | | | Available-for-sale debt securities, noncurrent | | 129 | | 129 | | — | | — | | 3 | | 19 | Investment, current | | 10,032 | | 10,032 | | — | | — | | 2 | | 11 | | | | | | | | | | | | | | Nonrecurring fair value measurements | | | | | | | | | | | | | Accounts receivable | | 12,944 | | 12,944 | | 3,825 | | 3,825 | | 3 | | 9 | Accounts payable | | 14,467 | | 14,467 | | 10,073 | | 10,073 | | 3 | | 24 | Notes payable | | 689 | | 689 | | 4,828 | | 4,828 | | 3 | | 25 | Indebtedness to related parties, noncurrent | | — | | — | | 3,105 | | 3,105 | | 3 | | 28 | Bonds, mortgages and other long-term debt | | 989 | | 989 | | — | | — | | 3 | | 27 |
In addition to the methods and assumptions we use to record the fair value of financial instruments as discussed in the Fair Value Measurements section above, we used the following methods and assumptions to estimate the fair value of our financial instruments: | - | Available-for-sale debt securities, noncurrent - fair value remeasured as at reporting period, based on information available. |
| - | Investment, current – consists of a managed investment account held with UBS Switzerland AG. Although the account is made up of a diversified, actively managed portfolio, including publicly traded equity securities, investment funds and exchange-traded funds, fixed-income instruments, structured products, and fiduciary call deposits and short-term cash balances, with fair value levels ranging from Level 1 to Level 3, fair value is remeasured as at reporting period, based on the statement of assets made available by UBS at the reporting date, which falls under Level 2. |
| - | Accounts receivable – carrying amount approximated fair value due to their short-term nature. |
| - | Accounts payable – carrying amount approximated fair value due to their short-term nature. |
| - | Notes payable – carrying amount approximated fair value due to their short-term nature. |
| - | Indebtedness to related parties, noncurrent - carrying amount approximated fair value. |
| - | Bonds, mortgages and other long-term debt – carrying amount approximated fair value. |
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