Financial assets / liabilities | Fair values as at | Fair value hierarchy | Valuation technique(s) and key input(s) | ||
December 31, 2017 | December 31, 2016 | ||||
Derivative financial liabilities | Liability 1,836,763 | Liability 117,132 | Level 2 | Black-Scholes option pricing model The share price is determined by our NASDAQ quoted-price. The strike price and maturity are coming from the contract. The volatility assumption is driven by our historic quoted share price and the risk free rate is estimated based on observable yield curves at the end of each reporting period. | |
Non-cash changes | ||||||||||||||
01.01.2017 | Financing Cash Flows 1) | Fair value revaluation | Other changes 2) | 31.12.2017 | ||||||||||
Derivative financial instrument | 117,132 | 5,091,817 | (3,372,186 | ) | — | 1,836,763 | ||||||||
Loans | 12,364,204 | (2,087,076 | ) | — | (150,722 | ) | 10,126,406 | |||||||
Total | 12,481,336 | 3,004,741 | (3,372,186 | ) | (150,722 | ) | 11,963,169 | |||||||
1) The financing cash flows are from loan repayment and from issuance of new derivative 2) Internal rate of return changes and fx-difference | ||||||||||||||