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"f3397": {
"value": "1. Corporate Information IDEX Biometrics ASA and its wholly-owned subsidiaries (collectively, \u201cIDEX\u201d or the \u201cCompany\u201d) specialize in
\nthe design, development, and sale of fingerprint authentication solutions. The Company\u2019s fingerprint
\nauthentication solutions are used primarily in contactless smart cards, including financial payment cards, access
\ncontrol cards, and card-based devices for the storage of digital currencies.
\nIDEX Biometrics ASA, the parent company, is a public limited liability company incorporated in 1996 in
\nNorway. The address of the head office is Dronning Eufemias gate 16, NO-0191 Oslo, Norway. The Company\u2019s
\nOrdinary Shares, representing the only class of equity securities issued and outstanding, are listed on the Oslo
\nB\u00f8rs, the stock exchange in Oslo, Norway, under the ticker symbol IDEX. The Company\u2019s American Depositary
\nShares (\u201cADSs\u201d), each ADS representing 75 Ordinary Shares, are listed on Nasdaq, under the ticker symbol
\nIDBA.
\nIDEX is comprised of the Norwegian parent company and its subsidiaries in the United States (IDEX Biometrics
\nHolding Company Inc. and IDEX Biometrics America Inc. (together, \u201cIDEX America\u201d)), the United Kingdom
\n(IDEX Biometrics UK Ltd. (\u201cIDEX UK\u201d)), and China (IDEX Electronics (Shanghai) Co., Ltd. (\u201cIDEX China\u201d)).
\nThe parent company is the owner of all intellectual property of IDEX and is the contractual party to all customer
\nand manufacturing partner agreements. All sales are generated by the parent company. The subsidiaries provide
\nvarious services to the parent company, mainly associated with engineering, supply-chain administration, and
\ncustomer service functions.
\n2. Basis of Preparation
\nThe Company prepares its Consolidated Financial Statements in accordance with International Financial
\nReporting Standards (\u201cIFRS\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d) and IFRS as
\nendorsed by the European Union. The consolidated financial statements are presented in U.S. Dollars (\u201cUSD\u201d),
\nand all values are rounded to the nearest thousand ($000), except when otherwise indicated. As of January 1,
\n2020, the parent company changed its presentation currency from the Norwegian Krone (\u201cNOK\u201d) to USD, and,
\nas of January 1, 2021, the parent company changed its functional currency from NOK to USD. The change of
\nfunctional currency from NOK to USD, was determined by to be appropriate, given that the parent company\u2019s
\noperational transactions had come to be primarily dominated in USD.
\nThe Consolidated Financial Statements, prepared on a historical cost basis, include the accounts of the parent
\ncompany and its subsidiaries, with all intercompany transactions, balances, revenue, expenses, and unrealized
\ninternal profit or losses eliminated upon consolidation.
\nDuring the year ended December 31, 2022, the Company revised its classification related to the presentation of
\nCapital Reduction Reserve to reflect the legal decision of the absorption of historical accounting losses into
\nShare Premium. Previously, the Company presented transfer of Share premium to absorb losses as a component
\nof Accumulated Loss. The Company changed its presentation to reflect the amount of transfer losses to Share
\nPremium separately from accumulated losses on the Consolidated Statements of Financial Position and
\nConsolidated Statements of Changes in Equity. The Company has applied this change to all periods.
\nThe consolidated financial statements for the year ended December 31, 2022, were approved by the Board on
\nApril 26, 2023.
\nGoing Concern
\nThe Company has evaluated whether there are conditions and events, considered in the aggregate, that raise
\nsignificant doubt about the Company\u2019s ability to continue as a going concern within one year after the date the
\nconsolidated financial statements are issued. From its inception through December 31, 2022, IDEX has incurred
\nsignificant operating losses and has reported negative cash flows from operations. As of December 31, 2022, the
\nCompany has accumulated losses of $303,401. The Company has no debt to financial institutions. Net equity
\namounted to $22,841 and the consolidated statement of financial position solvency amounted to $13,370 at the
\n
\nend of 2022. The Company does not expect that its existing cash would enable it to fund its operating expenses
\nand capital expenditures requirements for the next twelve months. The future viability of the Company beyond
\nthat point is largely dependent on its ability to generate cash from operating activities and to raise additional
\ncapital to finance its operations.
\nThe Company plans to undertake a private placement of shares or procure other substantial funding by the end of
\nthe third quarter of 2023 to provide additional funding to support research and development and fund working
\ncapital. While the Company has been successful in the past in raising funds through private placements of shares,
\nthere is no assurance that we will be successful in the future. The Company\u2019s failure to raise capital as and when
\nneeded could have a negative impact on its financial condition and its ability to pursue its business strategies.
\nBased on its recurring losses from operations incurred since inception, expectation of continuing losses for the
\nforeseeable future and need to raise additional capital to finance its future operations, the Company has
\nconcluded that there is significant doubt about its ability to continue as a going concern.
\nThe accompanying consolidated financial statements do not include any adjustments that might result from the
\noutcome of this uncertainty. Accordingly, the consolidated financial statements have been prepared on a basis
\nthat assumes the Company will continue as a going concern and which contemplates the realization of assets and
\nsatisfaction of liabilities and commitment in the ordinary course of business.
\n3.
Significant Accounting Policies
\nAccounting policies that are significant to the Company\u2019s results and financial position, in terms of materiality of
\nthe items to which the policy is applied, are discussed below.
\nThe statements of profit and loss are presented by the nature of expense. The cash flow statements are presented
\nby the indirect method.
\nThere have not been any changes to the Company's accounting policies applied in the financial statements for
\n2022 compared to those applied in the annual financial statements for 2021.
\nAccounting estimates, based on the use of judgment and assumptions
\nThe application of certain accounting standards requires estimates based on considerable judgment and
\nassumptions that may involve high levels of uncertainty at the time the estimates are made. Estimates are
\ncontinually evaluated. Assumptions are based on historical experience and other factors, including expectations
\nof future events and parameters that are believed to be reasonable under the circumstances. Actual outcomes may
\ndeviate from estimates.
\nChanges in estimates and deviations between estimated result and actual outcome may have a material influence
\non the financial statements in the periods when estimates or assumptions are changed or when uncertainty is
\nresolved. The following represent the most significant accounting items based on estimates, based on
\nmanagement's judgment and assumptions.
\nGoodwill
\nGoodwill represents the future economic value of assets acquired in a business combination above the separately
\nrecorded values of the assets. Subsequent impairment testing involves quantitatively comparing the recorded
\nvalue to the estimated value of the business unit to which the goodwill is assigned. The estimate is based on
\njudgments of when and whether there will be an economic benefit from the business unit, and assumptions about
\nthe amounts. As of December 31, 2022, such comparison indicated the carried value of goodwill was
\nappropriate, and no impairment was recorded.
\nIntangible assets
\nIDEX\u2019s patents and other intellectual property rights created by the Company are capitalized and recorded in the
\nConsolidated Statements of Financial Position only when they satisfy the criteria for capitalization. No
\ndevelopment costs have been capitalized in 2022, 2021, or 2020.
\nAcquired intangible assets are capitalized initially at fair value, normally the purchase price. Intangible assets are
\namortized over their useful economic lives. An assessment of impairment losses on non-current assets is made
\nwhen there is an indication of a decrease in value. An intangible asset\u2019s carrying amount is compared to the
\n
\nasset's recoverable amount. The recoverable amount is the higher of the fair value (less costs to sell to an
\nindependent third party) or the calculated value based on the discounted estimated cash flow from continued use.
\nThe estimate is based on judgments of when and whether there will be an economic benefit from the asset, and
\nassumptions about the amounts. As of December 31, 2022, the Company determined that there were no
\nindicators of impairment, and no impairment was recorded.
\nInventory
\nInventories consist of raw materials, work in process, and finished goods. Inventory is recorded at the lower of
\ncost and net realizable value. Impairment is assessed quarterly, based on management\u2019s judgment of when and
\nwhether the inventory may be sold, and assumptions about the sales price and selling costs. The estimate is
\nuncertain, because timing of sales are subject to many risks. Selling prices are uncertain in the market for IDEX's
\nproducts. Reselling components or other commodity raw materials at any value may not be easily achieved, and
\nelements of work in progress and finished goods, if impaired (i.e., considered excess or obsolete inventory),
\ngenerally have no resale value and are held for disposal.
\nShare-based compensation
\nIDEX estimates the fair value of incentive subscription rights (\u201cSRs\u201d) at the grant date by using the Black-
\nScholes option pricing model, and record share-based remuneration cost over the vesting period of the SRs. The
\nvaluation is based on share price and exercise price, share price volatility, interest rates, and the expected term of
\nthe SRs, based on historical data. The parameters may in the future deviate from the historical observations. The
\naccrued cost of the Company\u2019s employment taxes associated with the earned intrinsic value of the SRs will vary
\nwith share price, which is a highly unpredictable parameter.
\nIDEX estimates the fair value of the Employee Share Purchase Plan (\u201cESPP\u201d) at the grant date, i.e. the first date
\nof the contribution period, by using the Black-Scholes option pricing model. The share-based compensation is
\nexpensed over the contribution period. The valuation is based on share price and exercise price, share price
\nvolatility, interest rates, and the term of the contribution period. The parameters may in the future deviate from
\nthe historical observations.
\nClimate Change
\nAs of December 31, 2022, the possible future financial impact to the Company resulting from climate change is
\nuncertain. Given the nature of the Company\u2019s operations and products, the Company believe any such impact not
\nto be material. The Company is monitoring current and expected climate change effects, as well as measures
\nconsidered or implemented by government and industry, in order to minimize any negative impact and to take
\nadvantage of any favorable opportunities that may arise.
\nCOVID-19
\nThe COVID-19 pandemic, including the global emergence of new variants, continues to cause business and
\neconomic uncertainties. The full impact of COVID-19 on the Company\u2019s business, results of operations, and
\nfinancial condition may depend on numerous evolving factors that are highly uncertain and cannot be accurately
\npredicted. The Company will continue to monitor the evolving situation and will assess modifying its response to
\nthe pandemic, as well as any relevant implications for its operations or financial reporting.
\nThe Company has not experienced significant delays in its development projects, and it has not incurred
\nadditional costs as a result of its response to the pandemic.
Disruption of supply chains, particularly the
\nsemiconductor supply chain, has been attributed to the pandemic. While the Company did not experience supply
\nchain disruptions that were material to its operations or financial results during 2021 or 2022, operational
\nplanning and management of inventory levels were challenging, given uncertainties associated with vendor
\ncapacity availability and allocations to the Company of such capacity. Because management expects such
\nuncertainties will continue through 2023, the Company may place orders for, and hold balances of, inventory at
\nhigher levels than would be expected if such uncertainties did not exist.
\nManagement believes the pandemic has had an adverse influence on the timing of activities of smart card
\nmanufacturers and issuers, including delaying product development and the initiation of trials and pilots
\ninvolving smart cards incorporating our fingerprint authentication solutions.
\n
\nFinancial risks
\nIDEX emphasizes capital preservation and liquidity in managing its cash, which is held in bank accounts, which
\nare denominated in USD, NOK, GBP, and CNY.
\nShort-term capital requirements include funding operating losses and supporting net working capital
\nrequirements. Reflecting the Company\u2019s operating model, investments in property, plant, and equipment are
\nmodest, and have been funded with proceeds from issuance of the Company\u2019s Ordinary Shares. IDEX has been
\nfunded through the issuance of Ordinary Shares since it was established in 1996.
\nThe current cash position and financial forecasts indicate that in 2023, the Company will need significant
\nfunding in the form of equity injection, debt or other. The board is considering various funding options and
\nbelieves that the Company will obtain further financing for its planned operation, growth and working capital
\nrequirements. Refer to the comments regarding going concern in Note 2.
\nInterest Rate Risk
\nAs of December 31, 2022, IDEX had cash of $16.1 million. The Company\u2019s exposure to interest rate sensitivity
\nis influenced primarily by changes in the underlying bank interest rates in the various currencies. IDEX\u2019s cash is
\nheld in bank accounts, all of which are considered highly liquid. Accordingly, an immediate one percentage point
\nchange in interest rates would not have a material effect on the fair market value the Company\u2019s cash accounts.
\nAs the Company has no debt to financial lenders, it is not exposed interest rate risks associated with variable rate
\ndebt. In calculating the recorded and carrying values of leases, interest rates are a variable in the calculations of
\nthese values, but do not represent a meaningful level of risk of material changes in these values.
\nCurrency Risk
\nThe Company\u2019s trading transactions are commonly denominated in U.S. Dollars (\u201cUSD\u201d), which is the
\nCompany\u2019s consolidation and presentation currency. The functional currency of the parent company, IDEX
\nBiometrics ASA, is USD, while the functional currencies of the subsidiaries are the currency in their respective
\ndomiciles. The Company incurs a portion of its expenses in other currencies than the USD, primarily British
\nPounds (\u201cGBP\u201d), Norwegian Krone (\u201cNOK\u201d), Euro (\"EUR\"), and Chinese Yuan (\u201cCNY\u201d). The Company's cost
\nlevel is exposed to changes in the rates of exchange between the USD and these currencies. IDEX seeks to
\nminimize this exposure by maintaining currency cash balances at targeted levels appropriate to meet foreseeable
\nshort-term expenses in these other currencies. The Company does not use forward exchange contracts or other
\nhedging strategies to manage exchange rate exposure. Excess cash balances are generally held in USD-
\ndenominated accounts.
\nEach subsidiary's assets and liabilities are naturally hedged by being held and denominated in the functional
\ncurrency of the subsidiary.
\nIn addition to USD, the parent company holds bank deposits in NOK and GBP; receivables in NOK, GBP and
\nEUR; and payables in NOK, GBP and EUR. A 10% change in the relative value of USD to NOK would not have
\nhad a material effect on the carrying value of the Company\u2019s net financial assets and liabilities in foreign
\ncurrencies at December 31, 2022 and December 31, 2021. The same applies to the value of USD to CNY or
\nEUR. A 10% increase in the value of the GBP relative to the USD would have had a corresponding effect on the
\ncarrying value of our net financial assets and liabilities in foreign currencies at December 31, 2022 of
\napproximately $750 thousand.
\nCredit and Liquidity Risk
\nIDEX extends customary credit terms to customers, reflecting its assessment of their individual creditworthiness.
\nThe Company does not believe it was exposed to significant credit risk associated with its Accounts receivable,
\ntrade, balance as of December 31, 2022. (See Note 11 \u2013 Accounts receivable.) If revenue continues to increase,
\nsuch balances from a broadening customer base will expand, potentially increasing the Company\u2019s exposure to
\ncredit risk.
\nAs of December 31, 2022, the parent company had extended advances to IDEX UK denominated in GBP, in the
\nequivalent to $7,597. It is expected that IDEX UK will eventually repay these advances.
\nThe Company believes it faces minimal risk on its cash position, as IDEX\u2019s cash is on deposit with reputable,
\nregulated banks. The Company has no debt to financial institutions.
\nThe balance sheet solvency amounted to $13,370 at December 31, 2022. The Company aims to increase revenue
\ngeneration through sales of its products; however, it does not currently have the cash resources to fully meet its
\n
\noperating commitments for the twelve months following the date of the financial statements. This cast significant
\ndoubt on the Company\u2019s ability to continue as a going concern.
\nOther accounting policies
\nConsolidation
\nThe Company\u2019s Consolidated Financial Statements are comprised of the financial statements of IDEX
\nBiometrics ASA and its wholly-owned subsidiaries, with all intercompany transactions, balances, revenue,
\nexpenses, and unrealized internal profit or losses eliminated upon consolidation.
\nEquity
\nEquity is comprised of the following:
\n\u2022
Share Capital: comprised of the nominal amount of the parent\u2019s ordinary shares. This capital is not
\ndistributable in the form of dividends under the Norwegian Public Limited Liability Companies Act
\n(the \u201cPLLC Act\u201d) (refer to Note 15: Share Capital and Share Premium).
\n\u2022
Share Premium: comprised of: (1) the amount received attributable to Share Capital, in excess of the
\nnominal amount of shares issued by the parent company, reduced by; (2) issuance costs directly
\nattributable to the capital increase and; (3) transfers into the Capital Reduction Reserve, (refer to
\nNote 15: Share Capital and Share Premium).
\n\u2022
Share Based Payment Reserve: comprised of Share-based payment reserve.
\n\u2022
Foreign Currency Translation Effects: comprised of Currency Translation Difference.
\n\u2022
Capital Reduction Reserve: comprised of the absorption of accumulated losses of the Company by
\nthe Share Premium, as resolved by the Company\u2019s Board of Directors (refer to Note 15: Share
\nCapital and Share Premium).
\n\u2022
Accumulated Loss: is comprised of cumulative historical losses of the Company.
\nRevenue recognition
\nRevenue is recognized when control of the promised goods or services is transferred to a customer, in an amount
\nreflecting the consideration the Company expects to be entitled to in exchange for those goods or services. Sales,
\nvalue add, and other taxes incurred concurrent with revenue producing activities are excluded from revenue.
\nShipping and handling charges to customers are included in revenue, and costs incurred associated with
\noutbound freight after control over a product has transferred to a customer are accounted for as revenue
\nreductions.
\nThe Company\u2019s primary source of revenue comes from the sale of its products, which principally are biometric
\nfingerprint modules, consisting of a sensor and an ASIC in a single package. Each module also contains
\nembedded software. The hardware and the embedded software are interdependent, in that each needs the other to
\nprovide the intended fingerprint authentication function to the customer. The primary customers for the
\nCompany\u2019s products are smart card manufacturers and similar solution integrators. The Company currently does
\nnot utilize distributors for the resale of its products.
\nThe Company, from time to time, licenses its intellectual property under right to use licenses, in which royalties
\ndue to the Company are based upon a percentage of the licensee\u2019s sales and/or unit volumes. For the years ended
\nDecember 31, 2022, 2021, and 2020, the Company recognized no revenue from licensing its intellectual
\nproperty.
\nCertain contracts with customers contain multiple performance obligations, which typically may include a
\ncombination of non-recurring engineering (\u201cNRE\u201d) services, prototype units, and production units. For these
\ncontracts, if the individual performance obligations are distinct, they are accounted for separately. Generally, the
\nCompany has determined the NRE services and prototype units represent one distinct performance obligation,
\nand the production units represent a separate distinct performance obligation. For such arrangements, revenue is
\nallocated to each performance obligation based on its relative standalone selling price, based on prices charged to
\nother customers or based on expected cost plus a customary profit margin. The Company generally recognizes
\nrevenue for NRE services and prototype units at the point in time when a defined milestone under the
\narrangement is completed and control is transferred to the customer, which is generally the shipment or delivery
\nof the prototype units. Revenue for production units is recognized upon shipment or delivery, consistent with
\nproduct revenue recognition summarized above.
\n
\nThe Company also recognizes revenue from contracts with customers associated with the delivery of certain
\nservices, ranging from standalone NRE to advisory services. Generally, these contracts include a single
\nperformance obligation (i.e., service element), and revenue is recognized upon the completion of the defined
\nservice element and final acceptance by the customer of the project deliverable, if any. However, revenue from
\nservices may be recognized over time, if recognition of multiple service elements is based on completion of
\nsubstantive and results-based contractual milestones, and acknowledgement by the customer of such completion.
\nThe Company does not have material obligations or reserves for warranties, returns, or customer refunds. The
\nCompany does not have material obligations or reserves for warranties, returns, or customer refunds.There were
\nno contract asset or contract liability balances at December 31, 2020, 2021 or 2022.
\nCost of materials, net of inventory change
\nCost of materials, net of inventory change, primarily consists of the costs of raw materials, contract
\nmanufacturing, and transportation associated with production and storage of products for sale to customers, net
\nof inventory change.
\nForeign currencies
\nThe Company\u2019s Consolidated Financial Statements are presented in USD. The functional currency of the parent
\ncompany is USD, while the functional currency for each foreign subsidiary is its local currency. Transactions
\ninvolving the translation to the respective functional currencies of values denominated in foreign currencies are
\nclassified as monetary or non-monetary, thereby defining the measurement and recognition of foreign currency
\ntranslation gains and losses applicable to a transaction.
\nMonetary assets and liabilities generally have values fixed by explicit or implicit contract. Examples include
\nbank deposits, debt, accounts receivable, and accounts payable. Monetary assets and liabilities subject to foreign
\ncurrency adjustments are measured on the initial transaction date using the exchange rates in effect at that date.
\nAt each subsequent reporting date and through the date of settlement (i.e., payment) or derecognition, such
\nmonetary assets and liabilities are remeasured using the then-current exchange rate, and any foreign currency
\ntranslation gains or losses are recorded by the entity within Financial income or Financial cost.
\nNon-monetary assets and liabilities generally are those assets and liabilities for which the recorded values are not
\nsubject to contractual or other formal definitions (i.e., those assets and liabilities that are not classified as
\nmonetary assets or liabilities). Non-monetary assets and liabilities are not subject to foreign currency adjustments
\nat entity level.
\nAssets and liabilities in entities with another functional currency than the USD, including goodwill and fair value
\nadjustments, if any, are translated into USD using the exchange rates in effect at the reporting date of the
\nConsolidated Statements of Financial Position. Amounts reported on the Consolidated Statements of Profit and
\nLoss are translated to USD using the average exchange rates in effect for the reporting period. Significant, large
\ntransactions may be translated using the rate at the transaction date.
\nForeign exchange differences arising on translation from functional currency to presentation currency are
\nreported in Other comprehensive income (\u201cOCI\u201d). Translation gains or losses previously recognized in OCI are
\nreversed and recognized in the Consolidated Statements of Profit and Loss, if and when the entity is disposed.
\nResearch and development expenses
\nExpenses in this category consist primarily of the costs of services and materials used in engineering activities
\nand certain outsourced development activities. Payroll costs related to research and development employees are
\nclassified as Compensation and benefit expenses, not as research and development expenses, on the Consolidated
\nStatement of Profit and Loss. However, the compensation paid to individual contractors serving in engineering
\nroles is included in Research and development expenses.
\nResearch costs are expensed as incurred. Development expenses that do not meet the criteria of capitalization are
\nexpensed as incurred. Development expenses are capitalized when (i) the technical feasibility of completing
\ndevelopment has been demonstrated, (ii) the costs of development can be measured reliably, (iii) it is probable
\nIDEX will realize future economic benefits from the asset, and (iv) IDEX has committed to complete the
\ndevelopment. Once the development is complete and the resulting asset is available for use, the capitalized
\ndevelopment cost (i.e., the asset value) is amortized over its expected useful life.
\n
\nThe Company applies for and has received government grants associated with certain research and development
\nprojects. The earned (i.e., recognized) value, if any, of government grants applicable to research and
\ndevelopment activities are credited against costs. Generally, the applications or claims for such grants are
\nsubmitted after completion of the qualifying activities. When it is realistic that the application or claim will be
\nsuccessful and the amount can be determined reliably, the Company credit the value of the grant against research
\nand development expenses for that reporting period. Due to the timing difference between the completion of the
\nqualifying activities, the approval of our grant application or claim, and the receipt of the funds associated with
\nthe grant, we may record, pending receipt of funds, the value of the grant as an Account receivable, other.
\nFinance income and finance cost
\nFinance income and finance cost consists of interest income, interest expense, and net foreign exchange losses
\n(gains) arising from settlement of obligations denominated in foreign currencies during the period and foreign
\ncurrency translation adjustments recognized at period-end.
\nSegment reporting
\nIDEX manages its operations as a single segment for the purposes of assessing performance and making
\noperating decisions. IDEX operates as one operating segment, fingerprint imaging and authentication
\ntechnology. IDEX has determined that its chief operating decision maker is its Chief Executive Officer. The
\nCompany\u2019s chief operating decision maker reviews the Company\u2019s financial information on an aggregated basis
\nfor the purposes of allocating resources and assessing financial performance.
\nIDEX categorizes customers by geographic region utilizing the addresses to which we invoice our products or
\nservices. The Company\u2019s product and service revenue by geographic region is as follows:
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nProduct Revenue:
\nEurope, Middle East, and Africa
$
3,574
$
2,807
$
952
\nAmericas
252
0
5
\nAsia-Pacific
63
30
56
\nTotal product revenue
3,889
2,837
1,013
\nService Revenue:
\nEurope, Middle East, and Africa
10
3
2
\nAmericas
193
0
77
\nAsia-Pacific
\u2014
0
3
\nTotal service revenue
203
3
82
\nTotal Revenue
$
4,091
$
2,840
$
1,095
\nThe Company\u2019s revenue has in the past come from a limited number of customers. During 2022, the top two
\ncustomers accounted for approximately 48% and 24% of the Company\u2019s revenue, respectively, and in 2021, the
\ntop two customers accounted for 85% and 9% of revenue, respectively. In 2020, the top two customers accounted
\nfor 81% and 4% of revenue, respectively.
\nAccounting standards issued but not effective
\nThe Company will adopt applicable new and amended accounting standards, including interpretations, when they
\nbecome effective. We do not expect any significant impact on the Company's result or financial position from the
\nnew and amended standards issued but not yet effective.
\nAmendments to IAS 1\u2013Classification of liabilities as current or non-current
\u2014 The amendments clarify the
\nrequirements for classifying liabilities as current or non-current. The amendments are effective for reporting
\nperiods beginning on or after January 1, 2023, and must be applied retrospectively. The amendments will not
\nhave a material impact on any of the Company's liabilities as of December 31, 2022, 2021 or 2020.
\nAmendments to IAS 8\u2013Definition of accounting estimates
\u2014 The amendments clarify the distinction between
\nchanges in accounting estimates and changes in accounting policies and the correction of errors. The
\namendments also clarify how entities use measurement techniques and inputs to develop accounting estimates.
\nThe amendments are effective for reporting periods beginning on or after January 1, 2023, and apply to changes
\n
\nin accounting policies and changes in accounting estimates that occur on or after the start of such period. The
\namendments are not expected to have a material impact on the company's financial statements.
\nAmendments to IAS 1 and IFRS Practice statement 2\u2013Disclosure of accounting policies
\u2014 The amendments
\nreplace the requirement to disclose the \u2018significant\u2019 accounting policies with a requirement to disclose the
\n\u2018material\u2019 accounting policies. The amendments to IAS 1 are applicable for annual periods beginning on or after
\n1 January 2023. The Company will revise the accounting policy information disclosures for 2023 to become
\nconsistent with the amended IAS 1.
\nAmendments to IAS 12\u2013Deferred tax related to asssets and liabilities arising from a single transaction
\u2014 The
\namendments should be applied to transactions that occur on or after the beginning of the earliest comparative
\nperiod presented. The amendments are not expected to have a material impact on the company's financial
\nstatements.
\n4.
Compensation and benefits
\nCompensation and benefits expenses consist of costs for direct employees of the Company. Compensation of
\nindividual contractors is reported as Research and development expenses or Other operating expenses, as
\napplicable, based on the roles assigned to the individuals.
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nSalary, payroll tax, benefits, other
$
17,389
$
18,197
$
14,917
\nShare-based compensation
1,824
2,910
2,755
\nTotal
$
19,213
$
21,107
$
17,672
\nThe table below sets forth the number of employees and individual contractors by their function, measured in
\nfull-time equivalents. Most of the contractors live and work in countries in which the Company does not have a
\nformal business presence.
\nDecember 31, 2022
December 31, 2021
December 31, 2020
\nEmployees
Contractors
Employees
Contractors
Employees
Contractors
\nResearch and development
64
6
77
8
75
6
\nMarketing and sales
6
9
6
9
6
5
\nGeneral and administrative
5
2
8
1
7
1
\nSupply chain and distribution
7
-
2
\u2014
2
\u2014
\nTotal staff
82
17
93
18
90
12
\nThe average number of employees for the years 2022, 2021, and 2020 were 90, 95 and 93 full-time equivalents,
\nrespectively.
\nThe Company provides health and other benefits to employees consistent with common practice in the countries
\nin which it operates. No such benefits are provided to individual contractors.
\nThe parent company contributes to a pension insurance plan for all its Norwegian employees. The plan satisfies
\nthe Norwegian mandatory service pension rules. The pension plan is a fully insured, defined contribution plan.
\nEmployees of IDEX America may participate in a health, dental, and vision insurance plan. IDEX America also
\noffers employer-funded plans for life insurance, short-term disability, and long-term disability. IDEX America
\ndoes not offer or plan to offer any pension plans, except for a 401(k) defined-contribution plan. The Company
\ncurrently does not match participant contributions to this plan.
\nIDEX China contributes to the mandatory social security plans in China, including contribution of 21% of
\neligible salary to each employee\u2019s personal retirement fund.
\nIDEX UK contributes up to 6% of an employee participant\u2019s base salary to IDEX UK\u2019s pension plan, subject to
\nthe employee contributing the same percentage through a salary reduction arrangement. The pension plan is a
\nfully insured, defined-contribution plan.
\nShare-based compensation includes non-cash expenses associated with the recognition of the costs of share-
\nbased awards granted pursuant to the Company\u2019s subscription rights plans and its employee share purchase plan
\n(\u201cESPP\u201d). See Note 16.
\n
\nCompensation of Key Management
\nFor 2022 and 2021 key management consisted of the Chief Executive Officer (\u201cCEO\u201d), Chief Financial Officer
\n(\u201cCFO\u201d), Chief Technology Officer (\u201cCTO\u201d), and Chief Commercial Officer (\u201cCCO\u201d). For 2020, key
\nmanagement consisted of the CEO, CFO, and CTO.
\nYear Ended December 31,
\n2022
2021
2020
\n(in thousands)
\nCompensation and short-term benefits
$
1,362
$
1,425
$
906
\nMedical and similar benefits, contributions to pension schemes
62
73
66
\nShare-based compensation
271
443
449
\nTotal compensation of key management
$
1,695
$
1,941
$
1,421
\nCompensation and other short-term benefits, whether cash or in kind, are the amounts declared for tax purposes
\nfor the respective years. Pension cost and share-based remuneration are expensed amounts in the respecitve
\nyears. Gains on exercise of incentive subscription rights, if any, are not included. Employers' tax is not included.
\nThe variable incentive pay paid in one year relate to achievements in the previous year. No officers exercised
\nincentive subscription rights in 2022 or 2020. One former officer exercised options in 2021, after employment
\nwas terminated.
\nKey management held the following subscription rights to Ordinary Shares under the subscription rights
\nincentive plans with the following expiration dates and exercise prices:
\nNumber outstanding as of December 31,
\nGrant Date
Expiration Date
\nExercise Price
\n(NOK)
2022
2021
2020
\nAugust 14, 2019
May 9, 2024
1.65
327,800
327,800
2,327,800
\nFebruary 26, 2020
May 9, 2024
1.11
5,000,000
5,000,000
5,000,000
\nJune 17, 2020
May 15, 2025
1.71
1,125,000
1,125,000
1,125,000
\nApril 20, 2021
May 15, 2025
2.71
2,750,000
\nJune 3, 2021
May 12, 2026
2.38
2,000,000
2,000,000
\nAugust 11, 2021
May 12, 2026
2.40
1,420,700
1,668,100
\nMarch 23, 2022
May 12, 2026
2.08
836,900
\nAugust 10, 2022
May 12, 2027
1.18
1,631,000
\nTotal
12,341,400
12,870,900
8,452,800
\nCompensation paid to the Board is presented in Note 17.
\n5. Research and development expenses
\nResearch costs are expensed when incurred. Development costs are capitalized and held in the balance sheet only
\nif they satisfy the criteria for capitalization. The same applies to IDEX\u2019s patents and other intellectual property
\nrights created by IDEX. IDEX has not capitalized any development costs in 2022, 2021 or 2020. Development
\ncosts related to creation of intellectual property have been expensed when incurred.
\nResearch and development expenses include the cost of independent contractors assigned to engineering roles.
\nGovernment grants earned by the Company in support of research and development activities are credited against
\nresearch and development costs when it is realistic that the application or claim will be successful and the
\namount can be determined reliably.
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nGross research and development expenses
$
3,959
$
3,356
$
4,196
\nGovernment grants credited
(709
)
(676
)
(2,301
)
\nNet research and development expenses
$
3,250
$
2,680
$
1,895
\n
\nGovernment grants
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nNorway
$
312
$
538
$
506
\nUnited Kingdom
397
138
1,795
\nTotal
$
709
$
676
$
2,301
\nThe Norwegian SkatteFUNN is a government program supporting research and development activities in
\nNorway. Under the program, the Company, in its current loss position, is eligible for a cash grant in support of
\napproved projects, subject to meeting the requirements of the Research Council of Norway.
\nThe Company\u2019s IDEX UK subsidiary participates in a program by which the government of the United Kingdom
\noffers financial support for qualifying research and development activities of small and medium-sized
\nenterprises, SME R&D tax relief. Under the program, the Company, in its current loss position, is eligible for a
\ncash grant in support of approved projects, subject to approvals and meeting program requirements.
\n6.
Income tax provision
\nThe Company is subject to income taxes in the jurisdictions in which it operates. The Company\u2019s provision for
\nincome taxes (i.e., expense (benefit)) is based on income tax rates in the tax jurisdictions in which it operates, tax
\ncredits available in these jurisdictions, and reconciliation of differences between financial reporting values and
\ntax reporting values.
\nAs of December 31, 2022, the Company has a tax loss carryforward balance in Norway of $252.8 million,
\nrepresenting a potential deferred tax asset, if recognized and calculated at the current corporate tax rate of 22.0%,
\nof $55.6 million. The Company also has a tax loss carryforward balance in the United Kingdom of $3.4 million,
\nrepresenting a potential deferred tax asset, if recognized and calculated at the current corporate tax rate of 19.0%,
\nof $0.6 million. The Company does not have a tax loss carryforward balance or a deferred tax liability in China.
\nIn the United States, the Company has tax credits, associated with research and development activities in the
\nUnited States, totaling $1.4 million.
\nBecause the Company has concluded there is not sufficiently convincing evidence the Company will generate
\nsufficient taxable profit, against which the unused tax losses could be applied, the Company has not recognized
\nto date any deferred tax assets in its statement of financial position, consistent with IFRS standards. A deferred
\ntax asset will be recognized when the Company determines it is more likely than not it will have sufficient future
\ntaxable profit to apply the tax loss carryforward against future income taxes.
\nThe major components of income tax provision for the years shown are:
\nTax expense (benefit) for the year
Year Ended December 31,
\n($000s)
2022
2021
2020
\nTaxes payable on the result of the year
$
33
$
90
$
44
\nAdjustment in respect to prior years
(69
)
\u2014
(113
)
\nChange in recorded deferred tax liability
\u2014
\u2014
(31
)
\nIncome tax expense (benefit)
$
(36
)
$
90
$
(100
)
\nElements of deferred tax
Year Ended December 31,
\n($000s)
2022
2021
2020
\nEmployer\u2019s tax on share-based compensation
$
(24
)
$
(371
)
$
(216
)
\nFixed Assets differences
987
1,154
675
\nInventory differences
(131
)
(5
)
(213
)
\nAccruals differences
(993
)
(1,152
)
(1,144
)
\nResearch and development tax credits
(1,404
)
(1,563
)
(1,787
)
\nLosses carried forward
(256,201
)
(253,300
)
(225,951
)
\nBasis for calculation of deferred tax asset
(257,766
)
(255,237
)
(228,636
)
\nCalculated net deferred tax expense (benefit), local tax rates 5-
\n22%
(56,592
)
(55,953
)
(51,251
)
\nUnrecognized deferred tax asset *
56,592
55,953
51,251
\nDeferred tax liability (asset) in the balance sheet
$
\u2014
$
\u2014
$
\u2014
\n
\nReconciliation of tax expense (benefit)
Year Ended December 31,
\n($000s)
2022
2021
2020
\nLoss before tax
$
(32,698
)
$
(32,552
)
$
(26,853
)
\nNorway statutory tax, calculated at rate of 22%
(7,194
)
(7,132
)
(5,908
)
\nDifference in subsidiary taxes, using local rates vs 22%
68
(179
)
22
\nEstimated tax on permanent differences
(267
)
(568
)
389
\nAdjustment in respect of prior years
(69
)
\u2014
(112
)
\nUse of and change in tax loss carried forward
7,426
7,969
5,510
\nIncome tax expense (benefit)
$
(36
)
$
90
$
(99
)
\n* As of December 31, 2022, there was not sufficiently convincing evidence the Company will generate sufficient
\ntaxable profit, against which the unused tax losses could be applied. Consequently, no deferred tax asset has been
\nrecognized. There are no restrictions as to how long tax losses may be carried forward in Norway or the United
\nKingdom. In China, the tax loss carryforwards that had not been utilized by the end of 2022, expired as of Dec 31,
\n2022. Tax credits associated with research and development activities in the United States, totaling $1.4 million as of
\nDecember 31, 2022, can be applied against taxable income for the following for 20 years.
\n** The various deferred tax assets that have not been recognized are denominated in their respective local currencies.
\nAs such, the change in the year-end value in USD of these unrecognized deferred tax assets includes foreign currency
\ntranslation adjustments arising from changes in the exchange rates between USD and these local currencies from the
\nprior year-end.
\nThere are no deferred tax charges included in other comprehensive income in 2022, 2021, or 2020.
\n7. Loss per share calculation
\nThe loss per share is the quotient of the net loss for the period divided by the weighted average number of
\nOrdinary Shares outstanding for the year.
\nYear Ended December 31,
\n2022
2021
2020
\nNet loss for the year ($000s)
$
(32,662
)
$
(32,552
)
$
(26,754
)
\nNumber of ordinary shares issued at December 31
1,166,326,584
1,010,388,454
832,146,748
\nWeighted average basic number of ordinary shares
1,026,932,569
918,847,427
767,069,645
\nDilution effect (treasury stock method)
5,058,154
21,586,108
6,323,417
\nWeighted average diluted number of shares
1,031,990,723
940,433,535
773,393,062
\nLoss per share for the year (basic and diluted*)
$
(0.03
)
$
(0.04
)
$
(0.03
)
\n* The effects of potentially dilutive Ordinary Shares issuable upon exercise of outstanding subscription rights are not
\nincluded in the calculation due to the Company\u2019s net losses for the periods presented, as their effect would be anti-
\ndilutive.
\n8. Goodwill and other intangible assets
\nGoodwill is the recorded difference between the consideration paid and the net value of identifiable assets
\nacquired and held, less impairment charges, if any. Goodwill balances as of December 31, 2022, and December
\n31, 2021, reflected the following activity:
\nYear Ended December 31,
\n($000s)
2022
2021
\nCost at the beginning of the year
$
968
$
968
\nCost at the end of the year
$
968
$
968
\nThere is only one cash generating unit in the Company and goodwill is allocated to this. IDEX performed the
\nannual impairment test on December 31, 2022. Based on the 2022 assessment, no impairment charge has been
\nmade. The Company used a discounted cash flow model which utilized Level 3 measures that represent
\nunobservable inputs. Key assumptions used to determine the estimated fair value include: (a) internal cash flows
\nforecasts for 4 years following the assessment date, including expected revenue growth, costs to produce,
\noperating profit margins and estimated capital needs; (b) an estimated terminal value using a terminal year long-
\nterm future growth rate of 3.0% determined based on the long-term expected prospects of the Company; and (c)
\na discount rate (post-tax) of 12 % which reflects the weighted-average cost of capital adjusted for the relevant
\n
\nrisk associated with the Company's operations. No reasonably possible changes in any key assumptions would
\ncause the carrying amount to exceed the recoverable amount.
\nAcquired identifiable intangible assets, consisting primarily of patents, are held at cost, less accumulated
\namortization and impairment charges. Other intangible asset balances as of December 31, 2022, and December
\n31, 2021, reflected the following activity:
\nYear Ended December 31,
\n($000s)
2022
2021
\nAmortization period (straight-line, in years)
10 - 17
10 - 17
\nCost at the beginning of the year
$
5,173
$
5,173
\nAdditions
\u2014
\u2014
\nImpact of currency translation
\u2014
\u2014
\nCost at the end of the year
$
5,173
$
5,173
\nAccumulated Amortization at the beginning of the year
$
3,208
$
2,731
\nAmortization
477
477
\nImpact of currency translation
\u2014
\u2014
\nAccumulated Amortization at the end of the year
3,685
3,208
\nCarrying amount at the end of the year
$
1,488
$
1,965
\nAcquired patents are capitalized and amortized over the estimated useful life, which is the lifetime of the
\nrespective patent(s).
\n9. Property, plant, and equipment
\nProperty, plant, and equipment is held at cost, less accumulated depreciation and impairment charges. When
\nassets are sold or retired, such assets are no longer recorded in the Consolidated Statements of Financial Position.
\nAny gain or loss on the sale or retirement is recognized in the Consolidated Statements of Profit and Loss.
\nThe capitalized amount of property, plant, and equipment is the purchase price, including freight, installation,
\nduties, taxes, and direct acquisition costs related to preparing the asset for use. Costs related to training and
\ncommissioning are expensed as incurred. Subsequent costs, such as expenses for repair and maintenance, are
\nrecognized as incurred in the Consolidated Statements of Profit and Loss. Subsequent enhancements creating
\nfuture economic benefits are recognized in the Consolidated Statements of Financial Position as additions to
\nproperty, plant, and equipment.
\nThese assets are depreciated using the straight-line method over each asset\u2019s useful life. The depreciation period
\nand method are assessed each year to ensure that the method and period used is consistent with the status of the
\nnon-current asset.
\nProperty, plant, and equipment balances as of December 31, 2022, and December 31, 2021, reflected the
\nfollowing activity:
\n2022
\n($000s)
\nPlant and
\nmachinery,
\nfixtures and
\nfittings
\nOffice
\nfurniture and
\noffice
\nequipment
\nInstruments
\nand lab
\nequipment,
\nsoftware
\ntools
Total
\nDepreciation period (straight line, in years)
3-5
3-5
3-5
\nAccumulated cost at December 31, 2021
$
855
$
782
$
2,281
$
3,918
\nAdditions
125
38
104
267
\nImpact of currency translation
(11
)
(18
)
(37
)
(66
)
\nAccumulated cost at December 31, 2022
969
803
2,348
4,120
\nAccumulated depreciation at December 31, 2021
$
367
$
671
$
1,579
$
2,617
\nDepreciation
125
73
246
443
\nImpact of currency translation
(6
)
(10
)
(33
)
(48
)
\nAccumulated depreciation at December 31, 2022
486
734
1,793
3,012
\nCarrying amount at December 31, 2022
$
483
$
69
$
556
$
1,107
\n
\n2021
\n($000s)
\nPlant and
\nmachinery,
\nfixtures and
\nfittings
\nOffice
\nfurniture and
\noffice
\nequipment
\nInstruments
\nand lab
\nequipment,
\nsoftware
\ntools
Total
\nDepreciation period (straight line, in years)
3-5
3-5
3-5
\nAccumulated cost at December 31, 2020
$
855
$
710
$
2,217
$
3,782
\nAdditions
\u2014
74
67
141
\nImpact of currency translation
\u2014
(2
)
(3
)
(5
)
\nAccumulated cost at December 31, 2021
855
782
2,281
3,918
\nAccumulated depreciation at December 31, 2020
$
236
$
572
$
1,307
$
2,115
\nDepreciation
131
101
275
507
\nImpact of currency translation
\u2014
(2
)
(3
)
(5
)
\nAccumulated depreciation at December 31, 2021
367
671
1,579
2,617
\nCarrying amount at December 31, 2021
$
488
$
111
$
712
$
1,301
\nThere were no assets under construction at the end of 2022 or 2021.
\n10. Leases
\nThe Company\u2019s leases are for office and laboratory space occupied by employees. There are no exposure to
\nfuture variable lease payments that are not reflected in the measurement of lease liabilities. Activity during 2022
\nand 2021 related to right-of-use assets are shown below.
\nYear Ended December 31,
\n($000s)
2022
2021
\nDepreciation periods (straight-line, in years)
3-5
3-5
\nCost at the beginning of the year
$
2,691
$
2,543
\nAdditions
1,654
158
\nDisposal of right to use assets
(1,569
)
\u2014
\nImpact of currency translation
(133
)
(10
)
\nCost at the end of the year
$
2,643
$
2,691
\nAccumulated depreciation at the beginning of the year
$
2,334
$
1,527
\nDepreciation
431
818
\nAccumulated depreciation of disposed right of use assets
(1,566
)
\u2014
\nImpact of currency translation
(101
)
(11
)
\nAccumulated depreciation at the end of the year
1,098
2,334
\nRecorded value at the end of the year
$
1,545
$
357
\nCosts related to right-of-use assets included in the Consolidated Statements of Profit and Loss include the
\nfollowing:
\nLeases in the Consolidated Statements of Profit and Loss
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nDepreciation
$
431
$
818
$
810
\nFinance cost
33
31
63
\n
\nLease liabilities included in the Consolidated Statements of Financial Position and related activity in the
\nConsolidated Statements of Profit and Loss and Consolidated Statements of Cash Flows include the following:
\nLeases in the Consolidated Statements of Financial Position
\n($000s)
2022
2021
\nBalance at January 1
$
373
$
1,058
\nAdditions
1,575
158
\nAccretion of interest
33
31
\nPayments
(437
)
(874
)
\nBalance at December 31
1,544
373
\nNon-current
1,142
11
\nCurrent
402
362
\nTotal lease liabilities
$
1,544
$
373
\n11. Accounts receivable
\nAccounts receivable, trade, includes amounts billed and currently due from customers. The amounts due are
\nstated at their estimated realizable value. The Company\u2019s payment terms vary by the type and location of its
\ncustomers and the products or services offered, although terms generally include a requirement of payment
\nwithin 30 to 60 days. When necessary, the Company maintains allowances for doubtful accounts for estimated
\nlosses resulting from the inability of its customers to make required payments, based on assessments of
\ncustomers\u2019 credit-risk profiles and payment histories. If the financial condition of the Company\u2019s customers were
\nto deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be
\nrequired. The Company does not require collateral from its customers, although there have been circumstances
\nwhen the Company has required cash in advance (i.e., a partial down-payment) to facilitate orders in excess of a
\ncustomer\u2019s established credit limit. To date, such amounts have not been material.
\nThe balances reported as Accounts receivable, other, consist primarily of amounts due to the Company
\nassociated with Value Added Tax refund activity and amounts due to the Company from governments associated
\nwith approved research and development grants.
\nBalances of accounts receivable at December 31, 2022, and December 31, 2021, are as follows:
\nYear ended December 31, 2022
\nMaturity
\n($000s)
\nLess than 3
\nmonths
3-6 months
6-12 Months
Total
\nAccounts receivable, trade
$
1,349
$
\u2014
$
\u2014
$
1,349
\nAccounts receivable, other
198
33
698
929
\nTotal
$
1,547
$
33
$
698
$
2,278
\nYear ended December 31, 2021
\nMaturity
\n($000s)
\nLess than 3
\nmonths
3-6 months
6-12 Months
Total
\nAccounts receivable, trade
$
801
$
0
$
0
$
801
\nAccounts receivable, other
133
31
539
703
\nTotal
$
934
$
31
$
539
$
1,504
\nThere were no provisions for bad debts at December 31, 2022, and December 31, 2021.
\n
\n12. Accounts payable and other financial liabilities
\nThe Company did not have any liabilities at December 31, 2022, or December 31, 2021, which represented debt
\nto financial institutions. The Company\u2019s monetary liabilities at December 31, 2022, and December 31, 2021,
\nwere as follows:
\nYear ended December 31, 2022
\nMaturity
\n($000s)
\nLess
\nthan
\n3 months
3-6 months
\n6-12
\nmonths
1-5 years
Total
\nNon-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
1,142
$
1,142
\nAccounts payable
1,540
\u2014
\u2014
\u2014
1,540
\nCurrent lease liabilities
125
105
172
\u2014
402
\nOther liabilities
838
1,400
459
\u2014
2,697
\nTotal
$
2,503
$
1,505
$
631
$
1,142
$
5,781
\nYear ended December 31, 2021
\nMaturity
\n($000s)
\nLess
\nthan
\n3 months
3-6 months
\n6-12
\nmonths
1-5 years
Total
\nNon-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
11
$
11
\nAccounts payable
685
\u2014
\u2014
\u2014
685
\nCurrent lease liabilities
132
107
123
\u2014
362
\nOther liabilities
1,640
251
588
371
2,850
\nTotal
$
2,457
$
358
$
711
$
382
$
3,908
\nOther current liabilities include accruals for earned compensation, earned vacation days not taken, potential
\nemployer\u2019s tax on share-based compensation, and accruals for goods and services received but not yet invoiced
\nby the supplier.
\nThe estimated employer\u2019s payroll tax liability related to share-based compensation amounted to $24 on
\nDecember 31, 2022, and $371 on December 31, 2021. It will be due only when the associated subscription rights
\nare exercised. The exercise will, in all likely circumstances, fund the payable employer\u2019s payroll tax.
\nInterest expense including interest on lease liabilities in the Consolidated Statement of Profit and Loss in Finance
\nexpense was $33 in 2022 and $31 in 2021.
\nIDEX had no other significant current or non-current monetary obligations at the end of 2022 or 2021. Also, the
\nCompany had no contingent liabilities at the end of 2022 or 2021.
\n13. Inventory
\nInventories consist of raw materials, work in process, and finished goods. Materials and components purchased
\nfor use in research and development activities are expensed at the time of purchase and excluded from inventory.
\nInventory is recorded at the lower of cost and net realizable value, less impairment, if any. Impairment is
\nassessed quarterly, based on management\u2019s estimates of future consumption of inventories by category.
\nDecember 31,
\n2022
2021
\n($000s)
Cost
Reserves
Net
Cost
Reserves
Net
\nRaw materials
$
2,280
$
\u2014
$
2,280
$
562
$
\u2014
$
562
\nWork in progress
1,486
\u2014
1,486
107
\u2014
107
\nFinished goods
812
(130
)
681
570
(5
)
565
\nTotal Inventory
$
4,577
$
(130
)
$
4,447
$
1,239
$
(5
)
$
1,234
\nIn 2022, 2021, and 2020, materials with values of $154, $124, and $32 respectively, were consumed in new
\nproduct development and charged to development expense.
\n
\n14. Cash and cash equivalents
\nUSD-valued cash and cash equivalent balances by currency were as follows:
\nYear Ended December 31,
\n($000s)
2022
2021
\nDenominated in USD
$
14,917
$
28,217
\nDenominated in NOK
990
3,707
\nDenominated in GBP
128
978
\nDenominated in CNY
90
857
\nTotal
$
16,124
$
33,759
\nOf the amounts above, employees\u2019 withheld payroll tax deposits amounted to $26 and $31 at the end of 2022 and
\n2021, respectively. Only the withheld payroll tax deposits were restricted. Deposits for facilities rent or utilities
\nhave not been included in cash equivalents.
\n15. Share capital and Share Premium
\nThere is one class of shares, and all such Ordinary Shares have equal rights. The par value of an Ordinary Share
\nis NOK 0.15 per share. IDEX does not hold any of its own Ordinary Shares.
\nDuring the years ended December 31, 2022 and December 31, 2021, the Board of Directors approved the transfer
\nof $18.0 million and $46.0 million, respectively, of Share Premium to absorb uncovered losses as allowed under
\nNorwegian law. As a result, Share Premium has been reduced by a cumulative amount of $287.5 million as of
\nthe year ended December 31, 2022 and $269.5 million as of the year ended December 31, 2021 against Capital
\nReduction Reserve. The transfer has no impact on the total equity, comprehensive income (loss), assets
\n(including cash) nor liabilities.
\nNumber of
\nOrdinary Shares
\nBalance at December 31, 2020
832,146,748
\nPrivate placement of Ordinary Shares on February 15
83,214,674
\nShare issue (exercise of subscription rights)
1,767,606
\nShare issue (in lieu of Board compensation)
535,583
\nPrivate placement of Ordinary Shares on November 12
89,777,824
\nShare issue (Employee Share Purchase Plan)
2,946,019
\nBalance at December 31, 2021
1,010,388,454
\nShare issues (Employee Share Purchase Plan)
4,947,546
\nShare issue (exercise of subscription rights)
990,584
\nPrivate placement of Ordinary Shares on November 16
150,000,000
\nBalance at December 31, 2022
1,166,326,584
\nCosts related to share issuance have been charged against equity and amounted to $
737
in 2022, $
2,827
in 2021,
\nand $
689
in 2020.
\n16. Share-based compensation
\nSubscription rights plans
\nIDEX follows the practice of renewing its subscription rights plan at each Annual General Meeting, when the
\npreceding plan is closed for further grants and a new plan is established. On May 12, 2022, at the Annual
\nGeneral Meeting, the shareholders resolved to adopt the 2022 Subscription Rights Incentive Plan (the \u201c2022
\nPlan\u201d). The Board is responsible for administration of subscription rights plans and approves grants under the
\nplans and the terms of each grant.
\nUnder the 2022 Plan, the Board may grant up to 101,254,865 subscription rights, provided the total number of
\ngrants does not exceed 10 percent of the number of registered (i.e., issued and outstanding) Ordinary Shares.
\nSubscription rights may be granted to employees and individuals rendering services to the Company. The
\nexercise price shall be, at a minimum, the higher of the average closing price of an Ordinary Share, as reported
\non the Oslo B\u00f8rs, for the ten trading days preceding the date of the grant, or the closing price of an Ordinary
\nShare, as reported on the Oslo B\u00f8rs, on the trading day preceding the date of the grant. Unless resolved otherwise
\n
\nby the Board, 25% of each grant of subscription rights vests per year. The annual vesting dates are the latest of
\nthe following dates before the date of grant of the subscription rights; (i) January 15, (ii) April 15, (iii) July 15 or
\n(iv) October 15. The subscription rights expire on the fifth anniversary of the Annual General Meeting at which
\nthe shareholders resolved to establish the plan under which the subscription rights were granted. Unvested
\nsubscription rights terminate on the holder\u2019s last day of employment or, in the case of non-employees, the last
\nday of the individual\u2019s service to the Company. Vested subscription rights may be exercised up to 90 days after
\nthe holder\u2019s last day of employment or, in the case of non-employees, the last day of the individual\u2019s service to
\nthe Company. There are no cash settlement alternatives for exercising subscription rights.
\nThe fair value of the subscription rights granted is calculated, for recognition of share-based compensation
\nexpenses, using the Black-Scholes option pricing model, applying the following assumptions:
\nYear Ended December 31,
\n2022
2021
2020
\nExercise price (NOK)
1.03 \u2013 2.08
2.38 \u2013 3.10
1.10 \u2013 1.80
\nWeighted average exercise price per share
1.54
2.53
1.62
\nWeighted average share price at date of grant
1.42
2.45
1.42
\nExpected term (years)
4.45
4.62
4.77
\nWeighted average term (years)
3.27
3.35
2.96
\nShare price volatility (percent)
72 \u2013 100
85 \u2013 112
78 \u2013 113
\nRisk-free interest rate
2.653 %
0.983 %
0.354 %
\nExpected dividend payment
-
-
-
\nForfeiture
None
None
None
\nReplacement of subscription rights
\nOn June 17, 2020, the Board approved a subscription rights replacement program whereby eligible employees
\ncould exchange existing subscription rights, granted under Subscription Rights Incentive Plans from 2016 to
\n2018, that were of no value, with new subscription rights granted under the 2020 Subscription Rights Incentive
\nPlan. On October 2, 2020, a combined total of 25,962,800 subscription rights under the Company\u2019s 2020
\nSubscription Rights Incentive Plan were granted at an exercise price of NOK 1.71 per share. The subscription
\nrights vest by 1/3 on each of April 15, 2021, 2022, and 2023, and expire on May 15, 2025.
\nSubscription rights outstanding at year end
\nSubscription rights activity
2022
2021
\nNumber of
\nSubscription
\nRights
\nWeighted
\nAverage
\nExercise
\nPrice
\n(NOK)
\nNumber of
\nSubscription
\nRights
\nWeighted
\nAverage
\nExercise
\nPrice
\n(NOK)
\nOutstanding as of January 1
71,756,399
1.84
56,344,093
1.66
\nGranted
19,342,900
1.54
21,885,200
2.53
\nExercised
(930,184
)
0.29
(1,767,879
)
1.33
\nForfeited
(8,987,484
)
2.25
(3,165,015
)
1.97
\nExpired
(75,000
)
8.42
(1,540,000
)
5.22
\nOutstanding as of December 31
81,106,631
1.74
71,756,399
1.84
\nSubscription rights exercisable as of December 31
36,416,302
1.65
18,657,117
1.59
\nNumber of
\nSubscription
\nRights
\nWeighted
\nAverage
\nFair Value
\n(NOK) per
\nSubscr.
\nRight
\nNumber of
\nSubscription
\nRights
\nWeighted
\nAverage
\nFair Value
\n(NOK) per
\nSubscr.
\nRight
\nSubscription rights granted in the year
19,342,900
0.82
21,885,200
1.51
\n
\nComposition of outstanding and exercisable subscription rights at December 31, 2022
\nOutstanding Subscription Rights
Vested (Exercisable) Subscription Rights
\nExercise Price (in NOK)
\nNumber of
\nSubscription
\nRights
\nOutstanding
\nWeighted
\nAverage
\nExercise
\nPrice (NOK)
\nWeighted
\nAverage
\nRemaining
\nTerm
\n(Years)
\nWeighted
\nAverage
\nRemaining
\nTime to
\nVest (Years)
\nNumber of
\nVested
\nSubscription
\nRights
\nWeighted
\nAverage
\nExercise
\nPrice (NOK)
\nWeighted
\nAverage
\nRemaining
\nTerm
\n(Years)
\n0.00 - 0.49
3,486,882
0.15
1.36
0.00
3,486,882
0.15
1.35
\n0.50 - 0.99
720,800
0.71
1.36
0.22
515,600
0.71
0.97
\n1.00 - 1.49
16,507,000
1.14
3.34
1.48
2,759,850
1.11
0.68
\n1.50 - 1.99
36,300,174
1.70
2.15
0.16
24,589,220
1.70
1.42
\n2.00 - 2.49
17,218,050
2.28
3.37
1.27
2,732,625
2.40
0.87
\n2.50 - 2.99
5,412,900
2.65
3.37
1.34
1,353,225
2.65
0.84
\n3.00 - 4.99
960,825
3.34
1.96
0.48
479,200
3.52
0.79
\n5.00 - 9.99
500,000
5.10
0.36
0.00
500,000
5.10
0.35
\nTotal
81,106,631
1.74
2.68
0.74
36,416,602
1.65
1.27
\nComposition of outstanding and exercisable subscription rights at December 31, 2021
\nOutstanding
\nSubscription Rights
Vested (Exercisable) Subscription Rights
\nExercise Price (in NOK)
\nNumber of
\nSubscription
\nRights
\nOutstanding
\nWeighted
\nAverage
\nExercise
\nPrice (NOK)
\nWeighted
\nAverage
\nRemaining
\nTerm (Years)
\nWeighted
\nAverage
\nRemaining
\nTime to
\nVest (Years)
\nNumber of
\nVested
\nSubscription
\nRights
\nWeighted
\nAverage
\nExercise
\nPrice (NOK)
\nWeighted
\nAverage
\nRemaining
\nTerm
\n(Years)
\n0.00 - 0.50
4,330,366
0.15
2.36
0.04
2,165,186
0.15
2.36
\n0.50 - 1.00
720,800
0.71
2.36
1.29
310,400
0.71
2.36
\n1.00 - 1.50
5,542,500
1.11
2.36
1.04
1,385,625
1.11
2.36
\n1.50 - 2.00
38,760,433
1.70
3.14
0.96
14,045,131
1.69
3.14
\n2.00 - 3.00
20,588,700
2.51
4.24
2.04
\u2014
\u2014
4.24
\n3.00 - 5.00
1,238,600
3.29
3.05
1.32
175,775
3.94
3.05
\n5.00 - 10.00
575,000
5.53
1.23
0.00
575,000
5.53
1.23
\nTotal
71,756,399
1.84
3.32
1.22
18,657,117
1.59
3.32
\nEmployee Share Purchase Plan
\nThe Employee Share Purchase Plan (\u201cESPP\u201d) is revolved each year at the Annual General Meeting. The current
\nESPP was approved by shareholders at the 2022 Annual General Meeting. Under the ESPP, an IDEX employee
\nbased in Norway, the United Kingdom, or the United States may contribute up to 20% (subject to statutory
\nlimits) of his or her annual base salary, through payroll deductions, toward periodic purchases of newly issued
\nOrdinary Shares. Under the ESPP, an option for the purchase of an Ordinary Share is granted to a participating
\nemployees on the first day of a 6-months' \u201coffering period\u201d to purchase new issued Ordinary Shares at the end of
\nthat offering period at a purchase price equal to 85% of the lesser of the fair market value, based on the closing
\nprice of an Ordinary Share reported by the Oslo B\u00f8rs, on either the first day or the last day of that offering
\nperiod. The offering periods occur from March through August, and from September through February. The
\nshares are not restricted.
\nThe ESPP is intended to qualify as an \u201cemployee stock purchase plan\u201d under Section 423 of the U.S. Internal
\nRevenue Code, thereby affording certain tax advantages to employees who are taxpayers in the United States.
\nThere are no tax advantages for ESPP participants who are taxpayers in Norway or the United Kingdom.
\nThe share-based remuneration cost of the ESPP is calculated at the start of each contribution period, and
\namortized over that period. The cost is based on the contribution amount and amounts to the discount of 15% at
\nthe beginning of the period, plus the option value of an 85% call and 15% put option granted at the beginning of
\nthe period. The option value is based on a Black-Scholes option pricing model applying prevailing interest rates
\nand share price volatility at the beginning of the period.
\nESPP cost calculation parameters
September 1, 2022
March 1, 2022
September 1, 2021
\nExpected contribution amount (NOK 1,000)
2,025
2,307
3,009
\nShare price on start date (NOK per share)
0.83
1.96
2.65
\nShare price volatility
68
%
66
%
64
%
\nRisk-free interest rate
2.82
%
0.95
%
0.25
%
\nExpected dividend payment
\u2014
\u2014
\u2014
\nExpected number of shares
2,854,899
1,385,049
1,335,810
\nShare-based compensation cost per expected share
0.32
0.75
1.01
\n
\nIn the two offering periods completed within 2022, an average of 43 employees (2021: 53) participated in the
\nESPP and purchased a total of 4,947,546 Ordinary Shares at a weighted average price of NOK 1.08 (2021:
\n2,946,019 shares at average NOK 2.00 per share).
\n17. Related party transactions
\nThe Company\u2019s significant shareholders, Board members, and management, as well as their related parties, are
\nconsidered related parties of the Company.
\nCompensation of key management is disclosed in Note 4 \u2013 Compensation and benefits.
\nBoard compensation
\nBoard compensation is paid in arrears after being approved by the shareholders, generally at the Annual General
\nMeeting. The following amounts were paid in 2022, 2021 and 2020:
\nYear Ended December 31, 2022
\n($000s)
\nCash
\nCompensation
\nShared-based
\nCompensation
Total
\nMorten Opstad, Board chair
$
53
$
\u2014
$
53
\nLawrence J. Ciaccia, Board deputy chair
53
\u2014
53
\nDeborah Davis
68
\u2014
68
\nHanne Hovding
55
\u2014
55
\nAnnika Olsson
44
\u2014
44
\nThomas M. Quindlen
55
\u2014
55
\nStephen A. Skaggs
62
\u2014
62
\n$
390
$
\u2014
$
390
\nYear Ended December 31, 2021
\n($000s)
\nCash
\nCompensation
\nShared-based
\nCompensation
Total
\nMorten Opstad, Board chair
$
59
$
\u2014
$
59
\nLawrence J. Ciaccia, Board deputy chair
28
33
61
\nDeborah Davis
67
\u2014
67
\nHanne Hovding
52
\u2014
52
\nAnnika Olsson
\u2014
\u2014
\u2014
\nThomas M. Quindlen
2
32
34
\nStephen A. Skaggs
4
58
62
\n$
212
$
123
$
335
\nYear Ended December 31, 2020
\n($000s)
\nCash
\nCompensation
\nShared-based
\nCompensation
Total
\nMorten Opstad, Board chair
$
40
$
\u2014
$
40
\nLawrence J. Ciaccia, Board deputy chair
38
\u2014
38
\nDeborah Davis
10
36
46
\nHanne Hovding
32
\u2014
32
\nStephen A. Skaggs
4
34
38
\n$
124
$
70
$
194
\nOutstanding subscription rights awarded to members of the Board under the Company\u2019s subscription rights plans
\nhave the following expiration dates and exercise prices. For further information describing these plans, see Note
\n16 \u2013 Share-based compensation.
\n
\nSubscription rights outstanding as
\nof December 31,
\nGrant Date
\nExpiration
\nDate
\nExercise
\nPrice
\n(NOK per
\nshare)
2022
2021
2020
\nJune 17, 2020
May 15,
\n2025
1.71
600,000
600,000
600,000
\nThe subscription rights granted on August 15, 2018, were replaced by the grant on June 17, 2020, as part of an
\nexchange of subscription rights approved at the 2020 Annual General Meeting. This exchange was offered to all
\neligible holders.
\nRelated party transactions
\nMorten Opstad, Board chair, is a partner at Advokatfirmaet R\u00e6der AS, the Company\u2019s primary law firm, which
\nprovided services to the Company resulting in charges of $234 in 2022, $338 in 2021, and $477 in 2020.
\nLawrence J. Ciaccia, who was elected to the Board at the Annual General Meeting on May 12, 2015, has served
\non the Company\u2019s Strategy Advisory Council (\"SAC\") since January 2014. The SAC was discontinued effective
\nJune 30, 2022. From time to time, Mr. Ciaccia also provides consulting services to IDEX. The fees paid to Mr.
\nCiaccia for his services totaled $58 in 2022, $65 in 2021, and $65 in 2020.
\nIn connection with our November 2022 private placement, we entered into a share lending agreement with three
\nshareholders in order to facilitate settlement of the new shares in the private placement. As a fixed fee for the
\nshare lending, each lender received a fee equaling 5% per annum of the sum of the subscription price per new
\nshare in the private placement multiplied by the number of borrowed shares lent by the respective lender. In total,
\nwe paid approximately $14 thousand under the share lending agreement with approximately $6 thousand paid to
\nSundt AS and approximately $4 thousand each paid to Sundvall Holding AS and Mr. Robert Keith.
\nThere were no overdue balances with any related parties at the end of 2022, 2021 or 2020.
\n18. Other Operating Expenses
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nSales and marketing activities
$
2,840
$
1,387
$
764
\nLegal, audit, accounting and other services
2,073
2,332
2,906
\nIT expenses
1,894
2,047
1,621
\nTravel expenses
230
132
125
\nOther operating expenses
1,364
1,449
520
\nTotal other operating expenses
$
8,402
$
7,347
$
5,936
\nAuditor remuneration
\nThe following table sets out the aggregate fees related to professional services rendered by the Company\u2019s
\nindependent auditor, Ernst & Young AS (\u201cEY\u201d), for the calendar years 2022, 2021, and 2020:
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nAudit services
$
447
$
352
$
235
\nAudit-related services
43
22
8
\nTax services
7
7
0
\nOther services
4
24
12
\n$
501
$
405
$
255
\nAudit services
represents the fees for the audit that must be performed by EY in order to issue an opinion on the
\nCompany\u2019s consolidated financial statements and to issue reports on the Company\u2019s statutory financial
\nstatements. The definition also includes fees for certain other audit services, which are services only the
\ndesignated independent auditor reasonably can provide, such as the auditing of non-recurring transactions, the
\napplication of new accounting policies, and limited reviews of quarterly financial results.
\n
\nAudit-related services
represents fees for other assurance and related services provided by EY, but not limited to
\nthose that only reasonably can be provided by EY, which are reasonably related to the performance of the audit.
\nTax services
represent fees, approved by our Audit Committee, for tax services not related to the audit provided
\nby EY, pursuant to the provisions of the Sarbanes-Oxley Act.
\nOther services
represent other fees, approved by our Audit Committee, for services not related to the audit
\nprovided by EY, pursuant to the provisions of the Sarbanes-Oxley Act.
\n19. Subsequent Events
\nThe Board resolved on February 21, 2023, to grant 1,423,800 incentive subscription rights to five new employees
\nand individual contractors. The grant was made under the Company\u2019s 2022 Subscription Rights Incentive Plan.
\nThe exercise price of the subscription rights is NOK 0.72 per share. The grants vest by 25% per year and expire
\non May 15, 2027. Following the grants, there were 82,065,247 subscription rights outstanding.
\nThe Board resolved on February 28, 2023, to issue 2,648,336 Ordinary Shares at NOK 0.71 per share to
\nemployees participating in the Company\u2019s ESPP.
\nThere have been no events between December 31, 2022, and the date of these financial statements that have had
\nany material impact on the Company\u2019s results for 2022, or the value of the Company\u2019s assets and liabilities as of
\nDecember 31, 2022.",
"dimensions": {
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"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f3398": {
"value": "1. Corporate Information IDEX Biometrics ASA and its wholly-owned subsidiaries (collectively, \u201cIDEX\u201d or the \u201cCompany\u201d) specialize in
\nthe design, development, and sale of fingerprint authentication solutions. The Company\u2019s fingerprint
\nauthentication solutions are used primarily in contactless smart cards, including financial payment cards, access
\ncontrol cards, and card-based devices for the storage of digital currencies.
\nIDEX Biometrics ASA, the parent company, is a public limited liability company incorporated in 1996 in
\nNorway. The address of the head office is Dronning Eufemias gate 16, NO-0191 Oslo, Norway. The Company\u2019s
\nOrdinary Shares, representing the only class of equity securities issued and outstanding, are listed on the Oslo
\nB\u00f8rs, the stock exchange in Oslo, Norway, under the ticker symbol IDEX. The Company\u2019s American Depositary
\nShares (\u201cADSs\u201d), each ADS representing 75 Ordinary Shares, are listed on Nasdaq, under the ticker symbol
\nIDBA.
\nIDEX is comprised of the Norwegian parent company and its subsidiaries in the United States (IDEX Biometrics
\nHolding Company Inc. and IDEX Biometrics America Inc. (together, \u201cIDEX America\u201d)), the United Kingdom
\n(IDEX Biometrics UK Ltd. (\u201cIDEX UK\u201d)), and China (IDEX Electronics (Shanghai) Co., Ltd. (\u201cIDEX China\u201d)).
\nThe parent company is the owner of all intellectual property of IDEX and is the contractual party to all customer
\nand manufacturing partner agreements. All sales are generated by the parent company. The subsidiaries provide
\nvarious services to the parent company, mainly associated with engineering, supply-chain administration, and
\ncustomer service functions.",
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"f3401": {
"value": "IDEX Biometrics ASA and its wholly-owned subsidiaries (collectively, \u201cIDEX\u201d or the \u201cCompany\u201d) specialize in
\nthe design, development, and sale of fingerprint authentication solutions. The Company\u2019s fingerprint
\nauthentication solutions are used primarily in contactless smart cards, including financial payment cards, access
\ncontrol cards, and card-based devices for the storage of digital currencies.
",
"dimensions": {
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"value": "IDEX Biometrics ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f3408": {
"value": "IDEX Biometrics ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f3409": {
"value": "public limited liability company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3411": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3412": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3413": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3414": {
"value": "Dronning Eufemias gate 16, NO-0191 Oslo, Norway.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3428": {
"value": "2. Basis of Preparation The Company prepares its Consolidated Financial Statements in accordance with International Financial
\nReporting Standards (\u201cIFRS\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d) and IFRS as
\nendorsed by the European Union. The consolidated financial statements are presented in U.S. Dollars (\u201cUSD\u201d),
\nand all values are rounded to the nearest thousand ($000), except when otherwise indicated. As of January 1,
\n2020, the parent company changed its presentation currency from the Norwegian Krone (\u201cNOK\u201d) to USD, and,
\nas of January 1, 2021, the parent company changed its functional currency from NOK to USD. The change of
\nfunctional currency from NOK to USD, was determined by to be appropriate, given that the parent company\u2019s
\noperational transactions had come to be primarily dominated in USD.
\nThe Consolidated Financial Statements, prepared on a historical cost basis, include the accounts of the parent
\ncompany and its subsidiaries, with all intercompany transactions, balances, revenue, expenses, and unrealized
\ninternal profit or losses eliminated upon consolidation.
\nDuring the year ended December 31, 2022, the Company revised its classification related to the presentation of
\nCapital Reduction Reserve to reflect the legal decision of the absorption of historical accounting losses into
\nShare Premium. Previously, the Company presented transfer of Share premium to absorb losses as a component
\nof Accumulated Loss. The Company changed its presentation to reflect the amount of transfer losses to Share
\nPremium separately from accumulated losses on the Consolidated Statements of Financial Position and
\nConsolidated Statements of Changes in Equity. The Company has applied this change to all periods.
\nThe consolidated financial statements for the year ended December 31, 2022, were approved by the Board on
\nApril 26, 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3431": {
"value": "The Company prepares its Consolidated Financial Statements in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d) and IFRS as
\nendorsed by the European Union. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3432": {
"value": "The Company prepares its Consolidated Financial Statements in accordance with International FinancialReporting Standards (\u201cIFRS\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d) and IFRS as
\nendorsed by the European Union. The consolidated financial statements are presented in U.S. Dollars (\u201cUSD\u201d),
\nand all values are rounded to the nearest thousand ($000), except when otherwise indicated. As of January 1,
\n2020, the parent company changed its presentation currency from the Norwegian Krone (\u201cNOK\u201d) to USD, and,
\nas of January 1, 2021, the parent company changed its functional currency from NOK to USD. The change of
\nfunctional currency from NOK to USD, was determined by to be appropriate, given that the parent company\u2019s
\noperational transactions had come to be primarily dominated in USD.
The Company\u2019s Consolidated Financial Statements are presented in USD. The functional currency of the parent
\ncompany is USD, while the functional currency for each foreign subsidiary is its local currency. Transactions
\ninvolving the translation to the respective functional currencies of values denominated in foreign currencies are
\nclassified as monetary or non-monetary, thereby defining the measurement and recognition of foreign currency
\ntranslation gains and losses applicable to a transaction.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3447": {
"value": "During the year ended December 31, 2022, the Company revised its classification related to the presentation of Capital Reduction Reserve to reflect the legal decision of the absorption of historical accounting losses into
\nShare Premium. Previously, the Company presented transfer of Share premium to absorb losses as a component
\nof Accumulated Loss. The Company changed its presentation to reflect the amount of transfer losses to Share
\nPremium separately from accumulated losses on the Consolidated Statements of Financial Position and
\nConsolidated Statements of Changes in Equity. The Company has applied this change to all periods. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3456": {
"value": "The consolidated financial statements for the year ended December 31, 2022, were approved by the Board on April 26, 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3457": {
"value": "2022-12-31",
"dimensions": {
"concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3462": {
"value": "Going Concern The Company has evaluated whether there are conditions and events, considered in the aggregate, that raise
\nsignificant doubt about the Company\u2019s ability to continue as a going concern within one year after the date the
\nconsolidated financial statements are issued. From its inception through December 31, 2022, IDEX has incurred
\nsignificant operating losses and has reported negative cash flows from operations. As of December 31, 2022, the
\nCompany has accumulated losses of $303,401. The Company has no debt to financial institutions. Net equity
\namounted to $22,841 and the consolidated statement of financial position solvency amounted to $13,370 at the
\n
\nend of 2022. The Company does not expect that its existing cash would enable it to fund its operating expenses
\nand capital expenditures requirements for the next twelve months. The future viability of the Company beyond
\nthat point is largely dependent on its ability to generate cash from operating activities and to raise additional
\ncapital to finance its operations.
\nThe Company plans to undertake a private placement of shares or procure other substantial funding by the end of
\nthe third quarter of 2023 to provide additional funding to support research and development and fund working
\ncapital. While the Company has been successful in the past in raising funds through private placements of shares,
\nthere is no assurance that we will be successful in the future. The Company\u2019s failure to raise capital as and when
\nneeded could have a negative impact on its financial condition and its ability to pursue its business strategies.
\nBased on its recurring losses from operations incurred since inception, expectation of continuing losses for the
\nforeseeable future and need to raise additional capital to finance its future operations, the Company has
\nconcluded that there is significant doubt about its ability to continue as a going concern.
\nThe accompanying consolidated financial statements do not include any adjustments that might result from the
\noutcome of this uncertainty. Accordingly, the consolidated financial statements have been prepared on a basis
\nthat assumes the Company will continue as a going concern and which contemplates the realization of assets and
\nsatisfaction of liabilities and commitment in the ordinary course of business.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3505": {
"value": "3. Significant Accounting Policies
\nAccounting policies that are significant to the Company\u2019s results and financial position, in terms of materiality of
\nthe items to which the policy is applied, are discussed below.
\nThe statements of profit and loss are presented by the nature of expense. The cash flow statements are presented
\nby the indirect method.
\nThere have not been any changes to the Company's accounting policies applied in the financial statements for
\n2022 compared to those applied in the annual financial statements for 2021.
\nAccounting estimates, based on the use of judgment and assumptions
\nThe application of certain accounting standards requires estimates based on considerable judgment and
\nassumptions that may involve high levels of uncertainty at the time the estimates are made. Estimates are
\ncontinually evaluated. Assumptions are based on historical experience and other factors, including expectations
\nof future events and parameters that are believed to be reasonable under the circumstances. Actual outcomes may
\ndeviate from estimates.
\nChanges in estimates and deviations between estimated result and actual outcome may have a material influence
\non the financial statements in the periods when estimates or assumptions are changed or when uncertainty is
\nresolved. The following represent the most significant accounting items based on estimates, based on
\nmanagement's judgment and assumptions.
\nGoodwill
\nGoodwill represents the future economic value of assets acquired in a business combination above the separately
\nrecorded values of the assets. Subsequent impairment testing involves quantitatively comparing the recorded
\nvalue to the estimated value of the business unit to which the goodwill is assigned. The estimate is based on
\njudgments of when and whether there will be an economic benefit from the business unit, and assumptions about
\nthe amounts. As of December 31, 2022, such comparison indicated the carried value of goodwill was
\nappropriate, and no impairment was recorded.
\nIntangible assets
\nIDEX\u2019s patents and other intellectual property rights created by the Company are capitalized and recorded in the
\nConsolidated Statements of Financial Position only when they satisfy the criteria for capitalization. No
\ndevelopment costs have been capitalized in 2022, 2021, or 2020.
\nAcquired intangible assets are capitalized initially at fair value, normally the purchase price. Intangible assets are
\namortized over their useful economic lives. An assessment of impairment losses on non-current assets is made
\nwhen there is an indication of a decrease in value. An intangible asset\u2019s carrying amount is compared to the
\n
\nasset's recoverable amount. The recoverable amount is the higher of the fair value (less costs to sell to an
\nindependent third party) or the calculated value based on the discounted estimated cash flow from continued use.
\nThe estimate is based on judgments of when and whether there will be an economic benefit from the asset, and
\nassumptions about the amounts. As of December 31, 2022, the Company determined that there were no
\nindicators of impairment, and no impairment was recorded.
\nInventory
\nInventories consist of raw materials, work in process, and finished goods. Inventory is recorded at the lower of
\ncost and net realizable value. Impairment is assessed quarterly, based on management\u2019s judgment of when and
\nwhether the inventory may be sold, and assumptions about the sales price and selling costs. The estimate is
\nuncertain, because timing of sales are subject to many risks. Selling prices are uncertain in the market for IDEX's
\nproducts. Reselling components or other commodity raw materials at any value may not be easily achieved, and
\nelements of work in progress and finished goods, if impaired (i.e., considered excess or obsolete inventory),
\ngenerally have no resale value and are held for disposal.
\nShare-based compensation
\nIDEX estimates the fair value of incentive subscription rights (\u201cSRs\u201d) at the grant date by using the Black-
\nScholes option pricing model, and record share-based remuneration cost over the vesting period of the SRs. The
\nvaluation is based on share price and exercise price, share price volatility, interest rates, and the expected term of
\nthe SRs, based on historical data. The parameters may in the future deviate from the historical observations. The
\naccrued cost of the Company\u2019s employment taxes associated with the earned intrinsic value of the SRs will vary
\nwith share price, which is a highly unpredictable parameter.
\nIDEX estimates the fair value of the Employee Share Purchase Plan (\u201cESPP\u201d) at the grant date, i.e. the first date
\nof the contribution period, by using the Black-Scholes option pricing model. The share-based compensation is
\nexpensed over the contribution period. The valuation is based on share price and exercise price, share price
\nvolatility, interest rates, and the term of the contribution period. The parameters may in the future deviate from
\nthe historical observations.
\nClimate Change
\nAs of December 31, 2022, the possible future financial impact to the Company resulting from climate change is
\nuncertain. Given the nature of the Company\u2019s operations and products, the Company believe any such impact not
\nto be material. The Company is monitoring current and expected climate change effects, as well as measures
\nconsidered or implemented by government and industry, in order to minimize any negative impact and to take
\nadvantage of any favorable opportunities that may arise.
\nCOVID-19
\nThe COVID-19 pandemic, including the global emergence of new variants, continues to cause business and
\neconomic uncertainties. The full impact of COVID-19 on the Company\u2019s business, results of operations, and
\nfinancial condition may depend on numerous evolving factors that are highly uncertain and cannot be accurately
\npredicted. The Company will continue to monitor the evolving situation and will assess modifying its response to
\nthe pandemic, as well as any relevant implications for its operations or financial reporting.
\nThe Company has not experienced significant delays in its development projects, and it has not incurred
\nadditional costs as a result of its response to the pandemic.
Disruption of supply chains, particularly the
\nsemiconductor supply chain, has been attributed to the pandemic. While the Company did not experience supply
\nchain disruptions that were material to its operations or financial results during 2021 or 2022, operational
\nplanning and management of inventory levels were challenging, given uncertainties associated with vendor
\ncapacity availability and allocations to the Company of such capacity. Because management expects such
\nuncertainties will continue through 2023, the Company may place orders for, and hold balances of, inventory at
\nhigher levels than would be expected if such uncertainties did not exist.
\nManagement believes the pandemic has had an adverse influence on the timing of activities of smart card
\nmanufacturers and issuers, including delaying product development and the initiation of trials and pilots
\ninvolving smart cards incorporating our fingerprint authentication solutions.
\n
\nFinancial risks
\nIDEX emphasizes capital preservation and liquidity in managing its cash, which is held in bank accounts, which
\nare denominated in USD, NOK, GBP, and CNY.
\nShort-term capital requirements include funding operating losses and supporting net working capital
\nrequirements. Reflecting the Company\u2019s operating model, investments in property, plant, and equipment are
\nmodest, and have been funded with proceeds from issuance of the Company\u2019s Ordinary Shares. IDEX has been
\nfunded through the issuance of Ordinary Shares since it was established in 1996.
\nThe current cash position and financial forecasts indicate that in 2023, the Company will need significant
\nfunding in the form of equity injection, debt or other. The board is considering various funding options and
\nbelieves that the Company will obtain further financing for its planned operation, growth and working capital
\nrequirements. Refer to the comments regarding going concern in Note 2.
\nInterest Rate Risk
\nAs of December 31, 2022, IDEX had cash of $16.1 million. The Company\u2019s exposure to interest rate sensitivity
\nis influenced primarily by changes in the underlying bank interest rates in the various currencies. IDEX\u2019s cash is
\nheld in bank accounts, all of which are considered highly liquid. Accordingly, an immediate one percentage point
\nchange in interest rates would not have a material effect on the fair market value the Company\u2019s cash accounts.
\nAs the Company has no debt to financial lenders, it is not exposed interest rate risks associated with variable rate
\ndebt. In calculating the recorded and carrying values of leases, interest rates are a variable in the calculations of
\nthese values, but do not represent a meaningful level of risk of material changes in these values.
\nCurrency Risk
\nThe Company\u2019s trading transactions are commonly denominated in U.S. Dollars (\u201cUSD\u201d), which is the
\nCompany\u2019s consolidation and presentation currency. The functional currency of the parent company, IDEX
\nBiometrics ASA, is USD, while the functional currencies of the subsidiaries are the currency in their respective
\ndomiciles. The Company incurs a portion of its expenses in other currencies than the USD, primarily British
\nPounds (\u201cGBP\u201d), Norwegian Krone (\u201cNOK\u201d), Euro (\"EUR\"), and Chinese Yuan (\u201cCNY\u201d). The Company's cost
\nlevel is exposed to changes in the rates of exchange between the USD and these currencies. IDEX seeks to
\nminimize this exposure by maintaining currency cash balances at targeted levels appropriate to meet foreseeable
\nshort-term expenses in these other currencies. The Company does not use forward exchange contracts or other
\nhedging strategies to manage exchange rate exposure. Excess cash balances are generally held in USD-
\ndenominated accounts.
\nEach subsidiary's assets and liabilities are naturally hedged by being held and denominated in the functional
\ncurrency of the subsidiary.
\nIn addition to USD, the parent company holds bank deposits in NOK and GBP; receivables in NOK, GBP and
\nEUR; and payables in NOK, GBP and EUR. A 10% change in the relative value of USD to NOK would not have
\nhad a material effect on the carrying value of the Company\u2019s net financial assets and liabilities in foreign
\ncurrencies at December 31, 2022 and December 31, 2021. The same applies to the value of USD to CNY or
\nEUR. A 10% increase in the value of the GBP relative to the USD would have had a corresponding effect on the
\ncarrying value of our net financial assets and liabilities in foreign currencies at December 31, 2022 of
\napproximately $750 thousand.
\nCredit and Liquidity Risk
\nIDEX extends customary credit terms to customers, reflecting its assessment of their individual creditworthiness.
\nThe Company does not believe it was exposed to significant credit risk associated with its Accounts receivable,
\ntrade, balance as of December 31, 2022. (See Note 11 \u2013 Accounts receivable.) If revenue continues to increase,
\nsuch balances from a broadening customer base will expand, potentially increasing the Company\u2019s exposure to
\ncredit risk.
\nAs of December 31, 2022, the parent company had extended advances to IDEX UK denominated in GBP, in the
\nequivalent to $7,597. It is expected that IDEX UK will eventually repay these advances.
\nThe Company believes it faces minimal risk on its cash position, as IDEX\u2019s cash is on deposit with reputable,
\nregulated banks. The Company has no debt to financial institutions.
\nThe balance sheet solvency amounted to $13,370 at December 31, 2022. The Company aims to increase revenue
\ngeneration through sales of its products; however, it does not currently have the cash resources to fully meet its
\n
\noperating commitments for the twelve months following the date of the financial statements. This cast significant
\ndoubt on the Company\u2019s ability to continue as a going concern.
\nOther accounting policies
\nConsolidation
\nThe Company\u2019s Consolidated Financial Statements are comprised of the financial statements of IDEX
\nBiometrics ASA and its wholly-owned subsidiaries, with all intercompany transactions, balances, revenue,
\nexpenses, and unrealized internal profit or losses eliminated upon consolidation.
\nEquity
\nEquity is comprised of the following:
\n\u2022
Share Capital: comprised of the nominal amount of the parent\u2019s ordinary shares. This capital is not
\ndistributable in the form of dividends under the Norwegian Public Limited Liability Companies Act
\n(the \u201cPLLC Act\u201d) (refer to Note 15: Share Capital and Share Premium).
\n\u2022
Share Premium: comprised of: (1) the amount received attributable to Share Capital, in excess of the
\nnominal amount of shares issued by the parent company, reduced by; (2) issuance costs directly
\nattributable to the capital increase and; (3) transfers into the Capital Reduction Reserve, (refer to
\nNote 15: Share Capital and Share Premium).
\n\u2022
Share Based Payment Reserve: comprised of Share-based payment reserve.
\n\u2022
Foreign Currency Translation Effects: comprised of Currency Translation Difference.
\n\u2022
Capital Reduction Reserve: comprised of the absorption of accumulated losses of the Company by
\nthe Share Premium, as resolved by the Company\u2019s Board of Directors (refer to Note 15: Share
\nCapital and Share Premium).
\n\u2022
Accumulated Loss: is comprised of cumulative historical losses of the Company.
\nRevenue recognition
\nRevenue is recognized when control of the promised goods or services is transferred to a customer, in an amount
\nreflecting the consideration the Company expects to be entitled to in exchange for those goods or services. Sales,
\nvalue add, and other taxes incurred concurrent with revenue producing activities are excluded from revenue.
\nShipping and handling charges to customers are included in revenue, and costs incurred associated with
\noutbound freight after control over a product has transferred to a customer are accounted for as revenue
\nreductions.
\nThe Company\u2019s primary source of revenue comes from the sale of its products, which principally are biometric
\nfingerprint modules, consisting of a sensor and an ASIC in a single package. Each module also contains
\nembedded software. The hardware and the embedded software are interdependent, in that each needs the other to
\nprovide the intended fingerprint authentication function to the customer. The primary customers for the
\nCompany\u2019s products are smart card manufacturers and similar solution integrators. The Company currently does
\nnot utilize distributors for the resale of its products.
\nThe Company, from time to time, licenses its intellectual property under right to use licenses, in which royalties
\ndue to the Company are based upon a percentage of the licensee\u2019s sales and/or unit volumes. For the years ended
\nDecember 31, 2022, 2021, and 2020, the Company recognized no revenue from licensing its intellectual
\nproperty.
\nCertain contracts with customers contain multiple performance obligations, which typically may include a
\ncombination of non-recurring engineering (\u201cNRE\u201d) services, prototype units, and production units. For these
\ncontracts, if the individual performance obligations are distinct, they are accounted for separately. Generally, the
\nCompany has determined the NRE services and prototype units represent one distinct performance obligation,
\nand the production units represent a separate distinct performance obligation. For such arrangements, revenue is
\nallocated to each performance obligation based on its relative standalone selling price, based on prices charged to
\nother customers or based on expected cost plus a customary profit margin. The Company generally recognizes
\nrevenue for NRE services and prototype units at the point in time when a defined milestone under the
\narrangement is completed and control is transferred to the customer, which is generally the shipment or delivery
\nof the prototype units. Revenue for production units is recognized upon shipment or delivery, consistent with
\nproduct revenue recognition summarized above.
\n
\nThe Company also recognizes revenue from contracts with customers associated with the delivery of certain
\nservices, ranging from standalone NRE to advisory services. Generally, these contracts include a single
\nperformance obligation (i.e., service element), and revenue is recognized upon the completion of the defined
\nservice element and final acceptance by the customer of the project deliverable, if any. However, revenue from
\nservices may be recognized over time, if recognition of multiple service elements is based on completion of
\nsubstantive and results-based contractual milestones, and acknowledgement by the customer of such completion.
\nThe Company does not have material obligations or reserves for warranties, returns, or customer refunds. The
\nCompany does not have material obligations or reserves for warranties, returns, or customer refunds.There were
\nno contract asset or contract liability balances at December 31, 2020, 2021 or 2022.
\nCost of materials, net of inventory change
\nCost of materials, net of inventory change, primarily consists of the costs of raw materials, contract
\nmanufacturing, and transportation associated with production and storage of products for sale to customers, net
\nof inventory change.
\nForeign currencies
\nThe Company\u2019s Consolidated Financial Statements are presented in USD. The functional currency of the parent
\ncompany is USD, while the functional currency for each foreign subsidiary is its local currency. Transactions
\ninvolving the translation to the respective functional currencies of values denominated in foreign currencies are
\nclassified as monetary or non-monetary, thereby defining the measurement and recognition of foreign currency
\ntranslation gains and losses applicable to a transaction.
\nMonetary assets and liabilities generally have values fixed by explicit or implicit contract. Examples include
\nbank deposits, debt, accounts receivable, and accounts payable. Monetary assets and liabilities subject to foreign
\ncurrency adjustments are measured on the initial transaction date using the exchange rates in effect at that date.
\nAt each subsequent reporting date and through the date of settlement (i.e., payment) or derecognition, such
\nmonetary assets and liabilities are remeasured using the then-current exchange rate, and any foreign currency
\ntranslation gains or losses are recorded by the entity within Financial income or Financial cost.
\nNon-monetary assets and liabilities generally are those assets and liabilities for which the recorded values are not
\nsubject to contractual or other formal definitions (i.e., those assets and liabilities that are not classified as
\nmonetary assets or liabilities). Non-monetary assets and liabilities are not subject to foreign currency adjustments
\nat entity level.
\nAssets and liabilities in entities with another functional currency than the USD, including goodwill and fair value
\nadjustments, if any, are translated into USD using the exchange rates in effect at the reporting date of the
\nConsolidated Statements of Financial Position. Amounts reported on the Consolidated Statements of Profit and
\nLoss are translated to USD using the average exchange rates in effect for the reporting period. Significant, large
\ntransactions may be translated using the rate at the transaction date.
\nForeign exchange differences arising on translation from functional currency to presentation currency are
\nreported in Other comprehensive income (\u201cOCI\u201d). Translation gains or losses previously recognized in OCI are
\nreversed and recognized in the Consolidated Statements of Profit and Loss, if and when the entity is disposed.
\nResearch and development expenses
\nExpenses in this category consist primarily of the costs of services and materials used in engineering activities
\nand certain outsourced development activities. Payroll costs related to research and development employees are
\nclassified as Compensation and benefit expenses, not as research and development expenses, on the Consolidated
\nStatement of Profit and Loss. However, the compensation paid to individual contractors serving in engineering
\nroles is included in Research and development expenses.
\nResearch costs are expensed as incurred. Development expenses that do not meet the criteria of capitalization are
\nexpensed as incurred. Development expenses are capitalized when (i) the technical feasibility of completing
\ndevelopment has been demonstrated, (ii) the costs of development can be measured reliably, (iii) it is probable
\nIDEX will realize future economic benefits from the asset, and (iv) IDEX has committed to complete the
\ndevelopment. Once the development is complete and the resulting asset is available for use, the capitalized
\ndevelopment cost (i.e., the asset value) is amortized over its expected useful life.
\n
\nThe Company applies for and has received government grants associated with certain research and development
\nprojects. The earned (i.e., recognized) value, if any, of government grants applicable to research and
\ndevelopment activities are credited against costs. Generally, the applications or claims for such grants are
\nsubmitted after completion of the qualifying activities. When it is realistic that the application or claim will be
\nsuccessful and the amount can be determined reliably, the Company credit the value of the grant against research
\nand development expenses for that reporting period. Due to the timing difference between the completion of the
\nqualifying activities, the approval of our grant application or claim, and the receipt of the funds associated with
\nthe grant, we may record, pending receipt of funds, the value of the grant as an Account receivable, other.
\nFinance income and finance cost
\nFinance income and finance cost consists of interest income, interest expense, and net foreign exchange losses
\n(gains) arising from settlement of obligations denominated in foreign currencies during the period and foreign
\ncurrency translation adjustments recognized at period-end.
\nSegment reporting
\nIDEX manages its operations as a single segment for the purposes of assessing performance and making
\noperating decisions. IDEX operates as one operating segment, fingerprint imaging and authentication
\ntechnology. IDEX has determined that its chief operating decision maker is its Chief Executive Officer. The
\nCompany\u2019s chief operating decision maker reviews the Company\u2019s financial information on an aggregated basis
\nfor the purposes of allocating resources and assessing financial performance.
\nIDEX categorizes customers by geographic region utilizing the addresses to which we invoice our products or
\nservices. The Company\u2019s product and service revenue by geographic region is as follows:
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nProduct Revenue:
\nEurope, Middle East, and Africa
$
3,574
$
2,807
$
952
\nAmericas
252
0
5
\nAsia-Pacific
63
30
56
\nTotal product revenue
3,889
2,837
1,013
\nService Revenue:
\nEurope, Middle East, and Africa
10
3
2
\nAmericas
193
0
77
\nAsia-Pacific
\u2014
0
3
\nTotal service revenue
203
3
82
\nTotal Revenue
$
4,091
$
2,840
$
1,095
\nThe Company\u2019s revenue has in the past come from a limited number of customers. During 2022, the top two
\ncustomers accounted for approximately 48% and 24% of the Company\u2019s revenue, respectively, and in 2021, the
\ntop two customers accounted for 85% and 9% of revenue, respectively. In 2020, the top two customers accounted
\nfor 81% and 4% of revenue, respectively.
\nAccounting standards issued but not effective
\nThe Company will adopt applicable new and amended accounting standards, including interpretations, when they
\nbecome effective. We do not expect any significant impact on the Company's result or financial position from the
\nnew and amended standards issued but not yet effective.
\nAmendments to IAS 1\u2013Classification of liabilities as current or non-current
\u2014 The amendments clarify the
\nrequirements for classifying liabilities as current or non-current. The amendments are effective for reporting
\nperiods beginning on or after January 1, 2023, and must be applied retrospectively. The amendments will not
\nhave a material impact on any of the Company's liabilities as of December 31, 2022, 2021 or 2020.
\nAmendments to IAS 8\u2013Definition of accounting estimates
\u2014 The amendments clarify the distinction between
\nchanges in accounting estimates and changes in accounting policies and the correction of errors. The
\namendments also clarify how entities use measurement techniques and inputs to develop accounting estimates.
\nThe amendments are effective for reporting periods beginning on or after January 1, 2023, and apply to changes
\n
\nin accounting policies and changes in accounting estimates that occur on or after the start of such period. The
\namendments are not expected to have a material impact on the company's financial statements.
\nAmendments to IAS 1 and IFRS Practice statement 2\u2013Disclosure of accounting policies
\u2014 The amendments
\nreplace the requirement to disclose the \u2018significant\u2019 accounting policies with a requirement to disclose the
\n\u2018material\u2019 accounting policies. The amendments to IAS 1 are applicable for annual periods beginning on or after
\n1 January 2023. The Company will revise the accounting policy information disclosures for 2023 to become
\nconsistent with the amended IAS 1.
\nAmendments to IAS 12\u2013Deferred tax related to asssets and liabilities arising from a single transaction
\u2014 The
\namendments should be applied to transactions that occur on or after the beginning of the earliest comparative
\nperiod presented. The amendments are not expected to have a material impact on the company's financial
\nstatements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3515": {
"value": "Accounting estimates, based on the use of judgment and assumptions The application of certain accounting standards requires estimates based on considerable judgment and
\nassumptions that may involve high levels of uncertainty at the time the estimates are made. Estimates are
\ncontinually evaluated. Assumptions are based on historical experience and other factors, including expectations
\nof future events and parameters that are believed to be reasonable under the circumstances. Actual outcomes may
\ndeviate from estimates.
\nChanges in estimates and deviations between estimated result and actual outcome may have a material influence
\non the financial statements in the periods when estimates or assumptions are changed or when uncertainty is
\nresolved. The following represent the most significant accounting items based on estimates, based on
\nmanagement's judgment and assumptions.
\nGoodwill
\nGoodwill represents the future economic value of assets acquired in a business combination above the separately
\nrecorded values of the assets. Subsequent impairment testing involves quantitatively comparing the recorded
\nvalue to the estimated value of the business unit to which the goodwill is assigned. The estimate is based on
\njudgments of when and whether there will be an economic benefit from the business unit, and assumptions about
\nthe amounts. As of December 31, 2022, such comparison indicated the carried value of goodwill was
\nappropriate, and no impairment was recorded.
\nIntangible assets
\nIDEX\u2019s patents and other intellectual property rights created by the Company are capitalized and recorded in the
\nConsolidated Statements of Financial Position only when they satisfy the criteria for capitalization. No
\ndevelopment costs have been capitalized in 2022, 2021, or 2020.
\nAcquired intangible assets are capitalized initially at fair value, normally the purchase price. Intangible assets are
\namortized over their useful economic lives. An assessment of impairment losses on non-current assets is made
\nwhen there is an indication of a decrease in value. An intangible asset\u2019s carrying amount is compared to the
\n
\nasset's recoverable amount. The recoverable amount is the higher of the fair value (less costs to sell to an
\nindependent third party) or the calculated value based on the discounted estimated cash flow from continued use.
\nThe estimate is based on judgments of when and whether there will be an economic benefit from the asset, and
\nassumptions about the amounts. As of December 31, 2022, the Company determined that there were no
\nindicators of impairment, and no impairment was recorded.
\nInventory
\nInventories consist of raw materials, work in process, and finished goods. Inventory is recorded at the lower of
\ncost and net realizable value. Impairment is assessed quarterly, based on management\u2019s judgment of when and
\nwhether the inventory may be sold, and assumptions about the sales price and selling costs. The estimate is
\nuncertain, because timing of sales are subject to many risks. Selling prices are uncertain in the market for IDEX's
\nproducts. Reselling components or other commodity raw materials at any value may not be easily achieved, and
\nelements of work in progress and finished goods, if impaired (i.e., considered excess or obsolete inventory),
\ngenerally have no resale value and are held for disposal.
\nShare-based compensation
\nIDEX estimates the fair value of incentive subscription rights (\u201cSRs\u201d) at the grant date by using the Black-
\nScholes option pricing model, and record share-based remuneration cost over the vesting period of the SRs. The
\nvaluation is based on share price and exercise price, share price volatility, interest rates, and the expected term of
\nthe SRs, based on historical data. The parameters may in the future deviate from the historical observations. The
\naccrued cost of the Company\u2019s employment taxes associated with the earned intrinsic value of the SRs will vary
\nwith share price, which is a highly unpredictable parameter.
\nIDEX estimates the fair value of the Employee Share Purchase Plan (\u201cESPP\u201d) at the grant date, i.e. the first date
\nof the contribution period, by using the Black-Scholes option pricing model. The share-based compensation is
\nexpensed over the contribution period. The valuation is based on share price and exercise price, share price
\nvolatility, interest rates, and the term of the contribution period. The parameters may in the future deviate from
\nthe historical observations.
\nClimate Change
\nAs of December 31, 2022, the possible future financial impact to the Company resulting from climate change is
\nuncertain. Given the nature of the Company\u2019s operations and products, the Company believe any such impact not
\nto be material. The Company is monitoring current and expected climate change effects, as well as measures
\nconsidered or implemented by government and industry, in order to minimize any negative impact and to take
\nadvantage of any favorable opportunities that may arise.
\nCOVID-19
\nThe COVID-19 pandemic, including the global emergence of new variants, continues to cause business and
\neconomic uncertainties. The full impact of COVID-19 on the Company\u2019s business, results of operations, and
\nfinancial condition may depend on numerous evolving factors that are highly uncertain and cannot be accurately
\npredicted. The Company will continue to monitor the evolving situation and will assess modifying its response to
\nthe pandemic, as well as any relevant implications for its operations or financial reporting.
\nThe Company has not experienced significant delays in its development projects, and it has not incurred
\nadditional costs as a result of its response to the pandemic.
Disruption of supply chains, particularly the
\nsemiconductor supply chain, has been attributed to the pandemic. While the Company did not experience supply
\nchain disruptions that were material to its operations or financial results during 2021 or 2022, operational
\nplanning and management of inventory levels were challenging, given uncertainties associated with vendor
\ncapacity availability and allocations to the Company of such capacity. Because management expects such
\nuncertainties will continue through 2023, the Company may place orders for, and hold balances of, inventory at
\nhigher levels than would be expected if such uncertainties did not exist.
\nManagement believes the pandemic has had an adverse influence on the timing of activities of smart card
\nmanufacturers and issuers, including delaying product development and the initiation of trials and pilots
\ninvolving smart cards incorporating our fingerprint authentication solutions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3523": {
"value": "Changes in estimates and deviations between estimated result and actual outcome may have a material influence on the financial statements in the periods when estimates or assumptions are changed or when uncertainty is
\nresolved. The following represent the most significant accounting items based on estimates, based on
\nmanagement's judgment and assumptions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3530": {
"value": "Goodwill Goodwill represents the future economic value of assets acquired in a business combination above the separately
\nrecorded values of the assets. Subsequent impairment testing involves quantitatively comparing the recorded
\nvalue to the estimated value of the business unit to which the goodwill is assigned. The estimate is based on
\njudgments of when and whether there will be an economic benefit from the business unit, and assumptions about
\nthe amounts. As of December 31, 2022, such comparison indicated the carried value of goodwill was
\nappropriate, and no impairment was recorded.
\nIntangible assets
\nIDEX\u2019s patents and other intellectual property rights created by the Company are capitalized and recorded in the
\nConsolidated Statements of Financial Position only when they satisfy the criteria for capitalization. No
\ndevelopment costs have been capitalized in 2022, 2021, or 2020.
\nAcquired intangible assets are capitalized initially at fair value, normally the purchase price. Intangible assets are
\namortized over their useful economic lives. An assessment of impairment losses on non-current assets is made
\nwhen there is an indication of a decrease in value. An intangible asset\u2019s carrying amount is compared to the
\n
\nasset's recoverable amount. The recoverable amount is the higher of the fair value (less costs to sell to an
\nindependent third party) or the calculated value based on the discounted estimated cash flow from continued use.
\nThe estimate is based on judgments of when and whether there will be an economic benefit from the asset, and
\nassumptions about the amounts. As of December 31, 2022, the Company determined that there were no
\nindicators of impairment, and no impairment was recorded.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3531": {
"value": "Goodwill Goodwill represents the future economic value of assets acquired in a business combination above the separately
\nrecorded values of the assets. Subsequent impairment testing involves quantitatively comparing the recorded
\nvalue to the estimated value of the business unit to which the goodwill is assigned. The estimate is based on
\njudgments of when and whether there will be an economic benefit from the business unit, and assumptions about
\nthe amounts. As of December 31, 2022, such comparison indicated the carried value of goodwill was
\nappropriate, and no impairment was recorded.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3532": {
"value": "Goodwill Goodwill represents the future economic value of assets acquired in a business combination above the separately
\nrecorded values of the assets. Subsequent impairment testing involves quantitatively comparing the recorded
\nvalue to the estimated value of the business unit to which the goodwill is assigned. The estimate is based on
\njudgments of when and whether there will be an economic benefit from the business unit, and assumptions about
\nthe amounts. As of December 31, 2022, such comparison indicated the carried value of goodwill was
\nappropriate, and no impairment was recorded.
\nIntangible assets
\nIDEX\u2019s patents and other intellectual property rights created by the Company are capitalized and recorded in the
\nConsolidated Statements of Financial Position only when they satisfy the criteria for capitalization. No
\ndevelopment costs have been capitalized in 2022, 2021, or 2020.
\nAcquired intangible assets are capitalized initially at fair value, normally the purchase price. Intangible assets are
\namortized over their useful economic lives. An assessment of impairment losses on non-current assets is made
\nwhen there is an indication of a decrease in value. An intangible asset\u2019s carrying amount is compared to the
\n
\nasset's recoverable amount. The recoverable amount is the higher of the fair value (less costs to sell to an
\nindependent third party) or the calculated value based on the discounted estimated cash flow from continued use.
\nThe estimate is based on judgments of when and whether there will be an economic benefit from the asset, and
\nassumptions about the amounts. As of December 31, 2022, the Company determined that there were no
\nindicators of impairment, and no impairment was recorded.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3544": {
"value": "Intangible assets IDEX\u2019s patents and other intellectual property rights created by the Company are capitalized and recorded in the
\nConsolidated Statements of Financial Position only when they satisfy the criteria for capitalization. No
\ndevelopment costs have been capitalized in 2022, 2021, or 2020.
\nAcquired intangible assets are capitalized initially at fair value, normally the purchase price. Intangible assets are
\namortized over their useful economic lives. An assessment of impairment losses on non-current assets is made
\nwhen there is an indication of a decrease in value. An intangible asset\u2019s carrying amount is compared to the
\n
\nasset's recoverable amount. The recoverable amount is the higher of the fair value (less costs to sell to an
\nindependent third party) or the calculated value based on the discounted estimated cash flow from continued use.
\nThe estimate is based on judgments of when and whether there will be an economic benefit from the asset, and
\nassumptions about the amounts. As of December 31, 2022, the Company determined that there were no
\nindicators of impairment, and no impairment was recorded.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3586": {
"value": "Inventory Inventories consist of raw materials, work in process, and finished goods. Inventory is recorded at the lower of
\ncost and net realizable value. Impairment is assessed quarterly, based on management\u2019s judgment of when and
\nwhether the inventory may be sold, and assumptions about the sales price and selling costs. The estimate is
\nuncertain, because timing of sales are subject to many risks. Selling prices are uncertain in the market for IDEX's
\nproducts. Reselling components or other commodity raw materials at any value may not be easily achieved, and
\nelements of work in progress and finished goods, if impaired (i.e., considered excess or obsolete inventory),
\ngenerally have no resale value and are held for disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3597": {
"value": "Share-based compensation IDEX estimates the fair value of incentive subscription rights (\u201cSRs\u201d) at the grant date by using the Black-
\nScholes option pricing model, and record share-based remuneration cost over the vesting period of the SRs. The
\nvaluation is based on share price and exercise price, share price volatility, interest rates, and the expected term of
\nthe SRs, based on historical data. The parameters may in the future deviate from the historical observations. The
\naccrued cost of the Company\u2019s employment taxes associated with the earned intrinsic value of the SRs will vary
\nwith share price, which is a highly unpredictable parameter.
\nIDEX estimates the fair value of the Employee Share Purchase Plan (\u201cESPP\u201d) at the grant date, i.e. the first date
\nof the contribution period, by using the Black-Scholes option pricing model. The share-based compensation is
\nexpensed over the contribution period. The valuation is based on share price and exercise price, share price
\nvolatility, interest rates, and the term of the contribution period. The parameters may in the future deviate from
\nthe historical observations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3612": {
"value": "Climate Change As of December 31, 2022, the possible future financial impact to the Company resulting from climate change is
\nuncertain. Given the nature of the Company\u2019s operations and products, the Company believe any such impact not
\nto be material. The Company is monitoring current and expected climate change effects, as well as measures
\nconsidered or implemented by government and industry, in order to minimize any negative impact and to take
\nadvantage of any favorable opportunities that may arise.
\nCOVID-19
\nThe COVID-19 pandemic, including the global emergence of new variants, continues to cause business and
\neconomic uncertainties. The full impact of COVID-19 on the Company\u2019s business, results of operations, and
\nfinancial condition may depend on numerous evolving factors that are highly uncertain and cannot be accurately
\npredicted. The Company will continue to monitor the evolving situation and will assess modifying its response to
\nthe pandemic, as well as any relevant implications for its operations or financial reporting.
\nThe Company has not experienced significant delays in its development projects, and it has not incurred
\nadditional costs as a result of its response to the pandemic.
Disruption of supply chains, particularly the
\nsemiconductor supply chain, has been attributed to the pandemic. While the Company did not experience supply
\nchain disruptions that were material to its operations or financial results during 2021 or 2022, operational
\nplanning and management of inventory levels were challenging, given uncertainties associated with vendor
\ncapacity availability and allocations to the Company of such capacity. Because management expects such
\nuncertainties will continue through 2023, the Company may place orders for, and hold balances of, inventory at
\nhigher levels than would be expected if such uncertainties did not exist.
\nManagement believes the pandemic has had an adverse influence on the timing of activities of smart card
\nmanufacturers and issuers, including delaying product development and the initiation of trials and pilots
involving smart cards incorporating our fingerprint authentication solutions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3657": {
"value": "Financial risks IDEX emphasizes capital preservation and liquidity in managing its cash, which is held in bank accounts, which
\nare denominated in USD, NOK, GBP, and CNY.
\nShort-term capital requirements include funding operating losses and supporting net working capital
\nrequirements. Reflecting the Company\u2019s operating model, investments in property, plant, and equipment are
\nmodest, and have been funded with proceeds from issuance of the Company\u2019s Ordinary Shares. IDEX has been
\nfunded through the issuance of Ordinary Shares since it was established in 1996.
\nThe current cash position and financial forecasts indicate that in 2023, the Company will need significant
\nfunding in the form of equity injection, debt or other. The board is considering various funding options and
\nbelieves that the Company will obtain further financing for its planned operation, growth and working capital
\nrequirements. Refer to the comments regarding going concern in Note 2.
\nInterest Rate Risk
\nAs of December 31, 2022, IDEX had cash of $16.1 million. The Company\u2019s exposure to interest rate sensitivity
\nis influenced primarily by changes in the underlying bank interest rates in the various currencies. IDEX\u2019s cash is
\nheld in bank accounts, all of which are considered highly liquid. Accordingly, an immediate one percentage point
\nchange in interest rates would not have a material effect on the fair market value the Company\u2019s cash accounts.
\nAs the Company has no debt to financial lenders, it is not exposed interest rate risks associated with variable rate
\ndebt. In calculating the recorded and carrying values of leases, interest rates are a variable in the calculations of
\nthese values, but do not represent a meaningful level of risk of material changes in these values.
\nCurrency Risk
\nThe Company\u2019s trading transactions are commonly denominated in U.S. Dollars (\u201cUSD\u201d), which is the
\nCompany\u2019s consolidation and presentation currency. The functional currency of the parent company, IDEX
\nBiometrics ASA, is USD, while the functional currencies of the subsidiaries are the currency in their respective
\ndomiciles. The Company incurs a portion of its expenses in other currencies than the USD, primarily British
\nPounds (\u201cGBP\u201d), Norwegian Krone (\u201cNOK\u201d), Euro (\"EUR\"), and Chinese Yuan (\u201cCNY\u201d). The Company's cost
\nlevel is exposed to changes in the rates of exchange between the USD and these currencies. IDEX seeks to
\nminimize this exposure by maintaining currency cash balances at targeted levels appropriate to meet foreseeable
\nshort-term expenses in these other currencies. The Company does not use forward exchange contracts or other
\nhedging strategies to manage exchange rate exposure. Excess cash balances are generally held in USD-
\ndenominated accounts.
\nEach subsidiary's assets and liabilities are naturally hedged by being held and denominated in the functional
\ncurrency of the subsidiary.
\nIn addition to USD, the parent company holds bank deposits in NOK and GBP; receivables in NOK, GBP and
\nEUR; and payables in NOK, GBP and EUR. A 10% change in the relative value of USD to NOK would not have
\nhad a material effect on the carrying value of the Company\u2019s net financial assets and liabilities in foreign
\ncurrencies at December 31, 2022 and December 31, 2021. The same applies to the value of USD to CNY or
\nEUR. A 10% increase in the value of the GBP relative to the USD would have had a corresponding effect on the
\ncarrying value of our net financial assets and liabilities in foreign currencies at December 31, 2022 of
\napproximately $750 thousand.
\nCredit and Liquidity Risk
\nIDEX extends customary credit terms to customers, reflecting its assessment of their individual creditworthiness.
\nThe Company does not believe it was exposed to significant credit risk associated with its Accounts receivable,
\ntrade, balance as of December 31, 2022. (See Note 11 \u2013 Accounts receivable.) If revenue continues to increase,
\nsuch balances from a broadening customer base will expand, potentially increasing the Company\u2019s exposure to
\ncredit risk.
\nAs of December 31, 2022, the parent company had extended advances to IDEX UK denominated in GBP, in the
\nequivalent to $7,597. It is expected that IDEX UK will eventually repay these advances.
\nThe Company believes it faces minimal risk on its cash position, as IDEX\u2019s cash is on deposit with reputable,
\nregulated banks. The Company has no debt to financial institutions.
\nThe balance sheet solvency amounted to $13,370 at December 31, 2022. The Company aims to increase revenue
\ngeneration through sales of its products; however, it does not currently have the cash resources to fully meet its
\n
\noperating commitments for the twelve months following the date of the financial statements. This cast significant
\ndoubt on the Company\u2019s ability to continue as a going concern.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3658": {
"value": "Financial risks IDEX emphasizes capital preservation and liquidity in managing its cash, which is held in bank accounts, which
\nare denominated in USD, NOK, GBP, and CNY.
\nShort-term capital requirements include funding operating losses and supporting net working capital
\nrequirements. Reflecting the Company\u2019s operating model, investments in property, plant, and equipment are
\nmodest, and have been funded with proceeds from issuance of the Company\u2019s Ordinary Shares. IDEX has been
\nfunded through the issuance of Ordinary Shares since it was established in 1996.
\nThe current cash position and financial forecasts indicate that in 2023, the Company will need significant
\nfunding in the form of equity injection, debt or other. The board is considering various funding options and
\nbelieves that the Company will obtain further financing for its planned operation, growth and working capital
\nrequirements. Refer to the comments regarding going concern in Note 2.
\nInterest Rate Risk
\nAs of December 31, 2022, IDEX had cash of $16.1 million. The Company\u2019s exposure to interest rate sensitivity
\nis influenced primarily by changes in the underlying bank interest rates in the various currencies. IDEX\u2019s cash is
\nheld in bank accounts, all of which are considered highly liquid. Accordingly, an immediate one percentage point
\nchange in interest rates would not have a material effect on the fair market value the Company\u2019s cash accounts.
\nAs the Company has no debt to financial lenders, it is not exposed interest rate risks associated with variable rate
\ndebt. In calculating the recorded and carrying values of leases, interest rates are a variable in the calculations of
\nthese values, but do not represent a meaningful level of risk of material changes in these values.
\nCurrency Risk
\nThe Company\u2019s trading transactions are commonly denominated in U.S. Dollars (\u201cUSD\u201d), which is the
\nCompany\u2019s consolidation and presentation currency. The functional currency of the parent company, IDEX
\nBiometrics ASA, is USD, while the functional currencies of the subsidiaries are the currency in their respective
\ndomiciles. The Company incurs a portion of its expenses in other currencies than the USD, primarily British
\nPounds (\u201cGBP\u201d), Norwegian Krone (\u201cNOK\u201d), Euro (\"EUR\"), and Chinese Yuan (\u201cCNY\u201d). The Company's cost
\nlevel is exposed to changes in the rates of exchange between the USD and these currencies. IDEX seeks to
\nminimize this exposure by maintaining currency cash balances at targeted levels appropriate to meet foreseeable
\nshort-term expenses in these other currencies. The Company does not use forward exchange contracts or other
\nhedging strategies to manage exchange rate exposure. Excess cash balances are generally held in USD-
\ndenominated accounts.
\nEach subsidiary's assets and liabilities are naturally hedged by being held and denominated in the functional
\ncurrency of the subsidiary.
\nIn addition to USD, the parent company holds bank deposits in NOK and GBP; receivables in NOK, GBP and
\nEUR; and payables in NOK, GBP and EUR. A 10% change in the relative value of USD to NOK would not have
\nhad a material effect on the carrying value of the Company\u2019s net financial assets and liabilities in foreign
\ncurrencies at December 31, 2022 and December 31, 2021. The same applies to the value of USD to CNY or
\nEUR. A 10% increase in the value of the GBP relative to the USD would have had a corresponding effect on the
\ncarrying value of our net financial assets and liabilities in foreign currencies at December 31, 2022 of
\napproximately $750 thousand.
\nCredit and Liquidity Risk
\nIDEX extends customary credit terms to customers, reflecting its assessment of their individual creditworthiness.
\nThe Company does not believe it was exposed to significant credit risk associated with its Accounts receivable,
\ntrade, balance as of December 31, 2022. (See Note 11 \u2013 Accounts receivable.) If revenue continues to increase,
\nsuch balances from a broadening customer base will expand, potentially increasing the Company\u2019s exposure to
\ncredit risk.
\nAs of December 31, 2022, the parent company had extended advances to IDEX UK denominated in GBP, in the
\nequivalent to $7,597. It is expected that IDEX UK will eventually repay these advances.
\nThe Company believes it faces minimal risk on its cash position, as IDEX\u2019s cash is on deposit with reputable,
\nregulated banks. The Company has no debt to financial institutions.
\nThe balance sheet solvency amounted to $13,370 at December 31, 2022. The Company aims to increase revenue
\ngeneration through sales of its products; however, it does not currently have the cash resources to fully meet its
\n
\noperating commitments for the twelve months following the date of the financial statements. This cast significant
\ndoubt on the Company\u2019s ability to continue as a going concern.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3672": {
"value": "Interest Rate Risk As of December 31, 2022, IDEX had cash of $16.1 million. The Company\u2019s exposure to interest rate sensitivity
\nis influenced primarily by changes in the underlying bank interest rates in the various currencies. IDEX\u2019s cash is
\nheld in bank accounts, all of which are considered highly liquid. Accordingly, an immediate one percentage point
\nchange in interest rates would not have a material effect on the fair market value the Company\u2019s cash accounts.
\nAs the Company has no debt to financial lenders, it is not exposed interest rate risks associated with variable rate
\ndebt. In calculating the recorded and carrying values of leases, interest rates are a variable in the calculations of
\nthese values, but do not represent a meaningful level of risk of material changes in these values.
\nCurrency Risk
\nThe Company\u2019s trading transactions are commonly denominated in U.S. Dollars (\u201cUSD\u201d), which is the
\nCompany\u2019s consolidation and presentation currency. The functional currency of the parent company, IDEX
\nBiometrics ASA, is USD, while the functional currencies of the subsidiaries are the currency in their respective
\ndomiciles. The Company incurs a portion of its expenses in other currencies than the USD, primarily British
\nPounds (\u201cGBP\u201d), Norwegian Krone (\u201cNOK\u201d), Euro (\"EUR\"), and Chinese Yuan (\u201cCNY\u201d). The Company's cost
\nlevel is exposed to changes in the rates of exchange between the USD and these currencies. IDEX seeks to
\nminimize this exposure by maintaining currency cash balances at targeted levels appropriate to meet foreseeable
\nshort-term expenses in these other currencies. The Company does not use forward exchange contracts or other
\nhedging strategies to manage exchange rate exposure. Excess cash balances are generally held in USD-
\ndenominated accounts.
\nEach subsidiary's assets and liabilities are naturally hedged by being held and denominated in the functional
\ncurrency of the subsidiary.
\nIn addition to USD, the parent company holds bank deposits in NOK and GBP; receivables in NOK, GBP and
\nEUR; and payables in NOK, GBP and EUR. A 10% change in the relative value of USD to NOK would not have
\nhad a material effect on the carrying value of the Company\u2019s net financial assets and liabilities in foreign
\ncurrencies at December 31, 2022 and December 31, 2021. The same applies to the value of USD to CNY or
\nEUR. A 10% increase in the value of the GBP relative to the USD would have had a corresponding effect on the
\ncarrying value of our net financial assets and liabilities in foreign currencies at December 31, 2022 of
\napproximately $750 thousand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3703": {
"value": "Credit and Liquidity Risk IDEX extends customary credit terms to customers, reflecting its assessment of their individual creditworthiness.
\nThe Company does not believe it was exposed to significant credit risk associated with its Accounts receivable,
\ntrade, balance as of December 31, 2022. (See Note 11 \u2013 Accounts receivable.) If revenue continues to increase,
\nsuch balances from a broadening customer base will expand, potentially increasing the Company\u2019s exposure to
\ncredit risk.
\nAs of December 31, 2022, the parent company had extended advances to IDEX UK denominated in GBP, in the
\nequivalent to $7,597. It is expected that IDEX UK will eventually repay these advances.
\nThe Company believes it faces minimal risk on its cash position, as IDEX\u2019s cash is on deposit with reputable,
\nregulated banks. The Company has no debt to financial institutions.
\nThe balance sheet solvency amounted to $13,370 at December 31, 2022. The Company aims to increase revenue
\ngeneration through sales of its products; however, it does not currently have the cash resources to fully meet its
\n
\noperating commitments for the twelve months following the date of the financial statements. This cast significant
\ndoubt on the Company\u2019s ability to continue as a going concern.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3704": {
"value": "Credit and Liquidity Risk IDEX extends customary credit terms to customers, reflecting its assessment of their individual creditworthiness.
\nThe Company does not believe it was exposed to significant credit risk associated with its Accounts receivable,
\ntrade, balance as of December 31, 2022. (See Note 11 \u2013 Accounts receivable.) If revenue continues to increase,
\nsuch balances from a broadening customer base will expand, potentially increasing the Company\u2019s exposure to
\ncredit risk.
\nAs of December 31, 2022, the parent company had extended advances to IDEX UK denominated in GBP, in the
\nequivalent to $7,597. It is expected that IDEX UK will eventually repay these advances.
\nThe Company believes it faces minimal risk on its cash position, as IDEX\u2019s cash is on deposit with reputable,
\nregulated banks. The Company has no debt to financial institutions.
\nThe balance sheet solvency amounted to $13,370 at December 31, 2022. The Company aims to increase revenue
\ngeneration through sales of its products; however, it does not currently have the cash resources to fully meet its
\n
\noperating commitments for the twelve months following the date of the financial statements. This cast significant
\ndoubt on the Company\u2019s ability to continue as a going concern.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3751": {
"value": "Consolidation The Company\u2019s Consolidated Financial Statements are comprised of the financial statements of IDEX
\nBiometrics ASA and its wholly-owned subsidiaries, with all intercompany transactions, balances, revenue,
\nexpenses, and unrealized internal profit or losses eliminated upon consolidation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3758": {
"value": "Equity Equity is comprised of the following:
\n\u2022
Share Capital: comprised of the nominal amount of the parent\u2019s ordinary shares. This capital is not
\ndistributable in the form of dividends under the Norwegian Public Limited Liability Companies Act
\n(the \u201cPLLC Act\u201d) (refer to Note 15: Share Capital and Share Premium).
\n\u2022
Share Premium: comprised of: (1) the amount received attributable to Share Capital, in excess of the
\nnominal amount of shares issued by the parent company, reduced by; (2) issuance costs directly
\nattributable to the capital increase and; (3) transfers into the Capital Reduction Reserve, (refer to
\nNote 15: Share Capital and Share Premium).
\n\u2022
Share Based Payment Reserve: comprised of Share-based payment reserve.
\n\u2022
Foreign Currency Translation Effects: comprised of Currency Translation Difference.
\n\u2022
Capital Reduction Reserve: comprised of the absorption of accumulated losses of the Company by
\nthe Share Premium, as resolved by the Company\u2019s Board of Directors (refer to Note 15: Share
\nCapital and Share Premium).
\n\u2022
Accumulated Loss: is comprised of cumulative historical losses of the Company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3782": {
"value": "Revenue recognition Revenue is recognized when control of the promised goods or services is transferred to a customer, in an amount
\nreflecting the consideration the Company expects to be entitled to in exchange for those goods or services. Sales,
\nvalue add, and other taxes incurred concurrent with revenue producing activities are excluded from revenue.
\nShipping and handling charges to customers are included in revenue, and costs incurred associated with
\noutbound freight after control over a product has transferred to a customer are accounted for as revenue
\nreductions.
\nThe Company\u2019s primary source of revenue comes from the sale of its products, which principally are biometric
\nfingerprint modules, consisting of a sensor and an ASIC in a single package. Each module also contains
\nembedded software. The hardware and the embedded software are interdependent, in that each needs the other to
\nprovide the intended fingerprint authentication function to the customer. The primary customers for the
\nCompany\u2019s products are smart card manufacturers and similar solution integrators. The Company currently does
\nnot utilize distributors for the resale of its products.
\nThe Company, from time to time, licenses its intellectual property under right to use licenses, in which royalties
\ndue to the Company are based upon a percentage of the licensee\u2019s sales and/or unit volumes. For the years ended
\nDecember 31, 2022, 2021, and 2020, the Company recognized no revenue from licensing its intellectual
\nproperty.
\nCertain contracts with customers contain multiple performance obligations, which typically may include a
\ncombination of non-recurring engineering (\u201cNRE\u201d) services, prototype units, and production units. For these
\ncontracts, if the individual performance obligations are distinct, they are accounted for separately. Generally, the
\nCompany has determined the NRE services and prototype units represent one distinct performance obligation,
\nand the production units represent a separate distinct performance obligation. For such arrangements, revenue is
\nallocated to each performance obligation based on its relative standalone selling price, based on prices charged to
\nother customers or based on expected cost plus a customary profit margin. The Company generally recognizes
\nrevenue for NRE services and prototype units at the point in time when a defined milestone under the
\narrangement is completed and control is transferred to the customer, which is generally the shipment or delivery
\nof the prototype units. Revenue for production units is recognized upon shipment or delivery, consistent with
\nproduct revenue recognition summarized above.
\n
\nThe Company also recognizes revenue from contracts with customers associated with the delivery of certain
\nservices, ranging from standalone NRE to advisory services. Generally, these contracts include a single
\nperformance obligation (i.e., service element), and revenue is recognized upon the completion of the defined
\nservice element and final acceptance by the customer of the project deliverable, if any. However, revenue from
\nservices may be recognized over time, if recognition of multiple service elements is based on completion of
\nsubstantive and results-based contractual milestones, and acknowledgement by the customer of such completion.
\nThe Company does not have material obligations or reserves for warranties, returns, or customer refunds. The
\nCompany does not have material obligations or reserves for warranties, returns, or customer refunds.There were
\nno contract asset or contract liability balances at December 31, 2020, 2021 or 2022.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3841": {
"value": "Cost of materials, net of inventory change Cost of materials, net of inventory change, primarily consists of the costs of raw materials, contract
\nmanufacturing, and transportation associated with production and storage of products for sale to customers, net
\nof inventory change.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3848": {
"value": "Foreign currencies The Company\u2019s Consolidated Financial Statements are presented in USD. The functional currency of the parent
\ncompany is USD, while the functional currency for each foreign subsidiary is its local currency. Transactions
\ninvolving the translation to the respective functional currencies of values denominated in foreign currencies are
\nclassified as monetary or non-monetary, thereby defining the measurement and recognition of foreign currency
\ntranslation gains and losses applicable to a transaction.
\nMonetary assets and liabilities generally have values fixed by explicit or implicit contract. Examples include
\nbank deposits, debt, accounts receivable, and accounts payable. Monetary assets and liabilities subject to foreign
\ncurrency adjustments are measured on the initial transaction date using the exchange rates in effect at that date.
\nAt each subsequent reporting date and through the date of settlement (i.e., payment) or derecognition, such
\nmonetary assets and liabilities are remeasured using the then-current exchange rate, and any foreign currency
\ntranslation gains or losses are recorded by the entity within Financial income or Financial cost.
\nNon-monetary assets and liabilities generally are those assets and liabilities for which the recorded values are not
\nsubject to contractual or other formal definitions (i.e., those assets and liabilities that are not classified as
\nmonetary assets or liabilities). Non-monetary assets and liabilities are not subject to foreign currency adjustments
\nat entity level.
\nAssets and liabilities in entities with another functional currency than the USD, including goodwill and fair value
\nadjustments, if any, are translated into USD using the exchange rates in effect at the reporting date of the
\nConsolidated Statements of Financial Position. Amounts reported on the Consolidated Statements of Profit and
\nLoss are translated to USD using the average exchange rates in effect for the reporting period. Significant, large
\ntransactions may be translated using the rate at the transaction date.
\nForeign exchange differences arising on translation from functional currency to presentation currency are
\nreported in Other comprehensive income (\u201cOCI\u201d). Translation gains or losses previously recognized in OCI are
\nreversed and recognized in the Consolidated Statements of Profit and Loss, if and when the entity is disposed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3876": {
"value": "Research and development expenses Expenses in this category consist primarily of the costs of services and materials used in engineering activities
\nand certain outsourced development activities. Payroll costs related to research and development employees are
\nclassified as Compensation and benefit expenses, not as research and development expenses, on the Consolidated
\nStatement of Profit and Loss. However, the compensation paid to individual contractors serving in engineering
\nroles is included in Research and development expenses.
\nResearch costs are expensed as incurred. Development expenses that do not meet the criteria of capitalization are
\nexpensed as incurred. Development expenses are capitalized when (i) the technical feasibility of completing
\ndevelopment has been demonstrated, (ii) the costs of development can be measured reliably, (iii) it is probable
\nIDEX will realize future economic benefits from the asset, and (iv) IDEX has committed to complete the
\ndevelopment. Once the development is complete and the resulting asset is available for use, the capitalized
\ndevelopment cost (i.e., the asset value) is amortized over its expected useful life.
\n
\nThe Company applies for and has received government grants associated with certain research and development
\nprojects. The earned (i.e., recognized) value, if any, of government grants applicable to research and
\ndevelopment activities are credited against costs. Generally, the applications or claims for such grants are
\nsubmitted after completion of the qualifying activities. When it is realistic that the application or claim will be
\nsuccessful and the amount can be determined reliably, the Company credit the value of the grant against research
\nand development expenses for that reporting period. Due to the timing difference between the completion of the
\nqualifying activities, the approval of our grant application or claim, and the receipt of the funds associated with
\nthe grant, we may record, pending receipt of funds, the value of the grant as an Account receivable, other.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3909": {
"value": "The Company applies for and has received government grants associated with certain research and development projects. The earned (i.e., recognized) value, if any, of government grants applicable to research and
\ndevelopment activities are credited against costs. Generally, the applications or claims for such grants are
\nsubmitted after completion of the qualifying activities. When it is realistic that the application or claim will be
\nsuccessful and the amount can be determined reliably, the Company credit the value of the grant against research
\nand development expenses for that reporting period. Due to the timing difference between the completion of the
\nqualifying activities, the approval of our grant application or claim, and the receipt of the funds associated with
the grant, we may record, pending receipt of funds, the value of the grant as an Account receivable, other.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3921": {
"value": "Finance income and finance cost Finance income and finance cost consists of interest income, interest expense, and net foreign exchange losses
\n(gains) arising from settlement of obligations denominated in foreign currencies during the period and foreign
\ncurrency translation adjustments recognized at period-end.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3922": {
"value": "Finance income and finance cost Finance income and finance cost consists of interest income, interest expense, and net foreign exchange losses
\n(gains) arising from settlement of obligations denominated in foreign currencies during the period and foreign
\ncurrency translation adjustments recognized at period-end.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3931": {
"value": "Segment reporting IDEX manages its operations as a single segment for the purposes of assessing performance and making
\noperating decisions. IDEX operates as one operating segment, fingerprint imaging and authentication
\ntechnology. IDEX has determined that its chief operating decision maker is its Chief Executive Officer. The
\nCompany\u2019s chief operating decision maker reviews the Company\u2019s financial information on an aggregated basis
\nfor the purposes of allocating resources and assessing financial performance.
\nIDEX categorizes customers by geographic region utilizing the addresses to which we invoice our products or
\nservices. The Company\u2019s product and service revenue by geographic region is as follows:
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nProduct Revenue:
\nEurope, Middle East, and Africa
$
3,574
$
2,807
$
952
\nAmericas
252
0
5
\nAsia-Pacific
63
30
56
\nTotal product revenue
3,889
2,837
1,013
\nService Revenue:
\nEurope, Middle East, and Africa
10
3
2
\nAmericas
193
0
77
\nAsia-Pacific
\u2014
0
3
\nTotal service revenue
203
3
82
\nTotal Revenue
$
4,091
$
2,840
$
1,095
\nThe Company\u2019s revenue has in the past come from a limited number of customers. During 2022, the top two
\ncustomers accounted for approximately 48% and 24% of the Company\u2019s revenue, respectively, and in 2021, the
\ntop two customers accounted for 85% and 9% of revenue, respectively. In 2020, the top two customers accounted
\nfor 81% and 4% of revenue, respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3932": {
"value": "Segment reporting IDEX manages its operations as a single segment for the purposes of assessing performance and making
\noperating decisions. IDEX operates as one operating segment, fingerprint imaging and authentication
\ntechnology. IDEX has determined that its chief operating decision maker is its Chief Executive Officer. The
\nCompany\u2019s chief operating decision maker reviews the Company\u2019s financial information on an aggregated basis
\nfor the purposes of allocating resources and assessing financial performance.
\nIDEX categorizes customers by geographic region utilizing the addresses to which we invoice our products or
\nservices. The Company\u2019s product and service revenue by geographic region is as follows:
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nProduct Revenue:
\nEurope, Middle East, and Africa
$
3,574
$
2,807
$
952
\nAmericas
252
0
5
\nAsia-Pacific
63
30
56
\nTotal product revenue
3,889
2,837
1,013
\nService Revenue:
\nEurope, Middle East, and Africa
10
3
2
\nAmericas
193
0
77
\nAsia-Pacific
\u2014
0
3
\nTotal service revenue
203
3
82
\nTotal Revenue
$
4,091
$
2,840
$
1,095
\nThe Company\u2019s revenue has in the past come from a limited number of customers. During 2022, the top two
\ncustomers accounted for approximately 48% and 24% of the Company\u2019s revenue, respectively, and in 2021, the
\ntop two customers accounted for 85% and 9% of revenue, respectively. In 2020, the top two customers accounted
\nfor 81% and 4% of revenue, respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3933": {
"value": "Segment reporting IDEX manages its operations as a single segment for the purposes of assessing performance and making
\noperating decisions. IDEX operates as one operating segment, fingerprint imaging and authentication
\ntechnology. IDEX has determined that its chief operating decision maker is its Chief Executive Officer. The
\nCompany\u2019s chief operating decision maker reviews the Company\u2019s financial information on an aggregated basis
\nfor the purposes of allocating resources and assessing financial performance.
\nIDEX categorizes customers by geographic region utilizing the addresses to which we invoice our products or
\nservices. The Company\u2019s product and service revenue by geographic region is as follows:
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nProduct Revenue:
\nEurope, Middle East, and Africa
$
3,574
$
2,807
$
952
\nAmericas
252
0
5
\nAsia-Pacific
63
30
56
\nTotal product revenue
3,889
2,837
1,013
\nService Revenue:
\nEurope, Middle East, and Africa
10
3
2
\nAmericas
193
0
77
\nAsia-Pacific
\u2014
0
3
\nTotal service revenue
203
3
82
\nTotal Revenue
$
4,091
$
2,840
$
1,095
\nThe Company\u2019s revenue has in the past come from a limited number of customers. During 2022, the top two
\ncustomers accounted for approximately 48% and 24% of the Company\u2019s revenue, respectively, and in 2021, the
\ntop two customers accounted for 85% and 9% of revenue, respectively. In 2020, the top two customers accounted
\nfor 81% and 4% of revenue, respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4046": {
"value": "4. Compensation and benefits
\nCompensation and benefits expenses consist of costs for direct employees of the Company. Compensation of
\nindividual contractors is reported as Research and development expenses or Other operating expenses, as
\napplicable, based on the roles assigned to the individuals.
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nSalary, payroll tax, benefits, other
$
17,389
$
18,197
$
14,917
\nShare-based compensation
1,824
2,910
2,755
\nTotal
$
19,213
$
21,107
$
17,672
\nThe table below sets forth the number of employees and individual contractors by their function, measured in
\nfull-time equivalents. Most of the contractors live and work in countries in which the Company does not have a
\nformal business presence.
\nDecember 31, 2022
December 31, 2021
December 31, 2020
\nEmployees
Contractors
Employees
Contractors
Employees
Contractors
\nResearch and development
64
6
77
8
75
6
\nMarketing and sales
6
9
6
9
6
5
\nGeneral and administrative
5
2
8
1
7
1
\nSupply chain and distribution
7
-
2
\u2014
2
\u2014
\nTotal staff
82
17
93
18
90
12
\nThe average number of employees for the years 2022, 2021, and 2020 were 90, 95 and 93 full-time equivalents,
\nrespectively.
\nThe Company provides health and other benefits to employees consistent with common practice in the countries
\nin which it operates. No such benefits are provided to individual contractors.
\nThe parent company contributes to a pension insurance plan for all its Norwegian employees. The plan satisfies
\nthe Norwegian mandatory service pension rules. The pension plan is a fully insured, defined contribution plan.
\nEmployees of IDEX America may participate in a health, dental, and vision insurance plan. IDEX America also
\noffers employer-funded plans for life insurance, short-term disability, and long-term disability. IDEX America
\ndoes not offer or plan to offer any pension plans, except for a 401(k) defined-contribution plan. The Company
\ncurrently does not match participant contributions to this plan.
\nIDEX China contributes to the mandatory social security plans in China, including contribution of 21% of
\neligible salary to each employee\u2019s personal retirement fund.
\nIDEX UK contributes up to 6% of an employee participant\u2019s base salary to IDEX UK\u2019s pension plan, subject to
\nthe employee contributing the same percentage through a salary reduction arrangement. The pension plan is a
\nfully insured, defined-contribution plan.
\nShare-based compensation includes non-cash expenses associated with the recognition of the costs of share-
\nbased awards granted pursuant to the Company\u2019s subscription rights plans and its employee share purchase plan
\n(\u201cESPP\u201d). See Note 16. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4047": {
"value": "4. Compensation and benefits
\nCompensation and benefits expenses consist of costs for direct employees of the Company. Compensation of
\nindividual contractors is reported as Research and development expenses or Other operating expenses, as
\napplicable, based on the roles assigned to the individuals.
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nSalary, payroll tax, benefits, other
$
17,389
$
18,197
$
14,917
\nShare-based compensation
1,824
2,910
2,755
\nTotal
$
19,213
$
21,107
$
17,672
\nThe table below sets forth the number of employees and individual contractors by their function, measured in
\nfull-time equivalents. Most of the contractors live and work in countries in which the Company does not have a
\nformal business presence.
\nDecember 31, 2022
December 31, 2021
December 31, 2020
\nEmployees
Contractors
Employees
Contractors
Employees
Contractors
\nResearch and development
64
6
77
8
75
6
\nMarketing and sales
6
9
6
9
6
5
\nGeneral and administrative
5
2
8
1
7
1
\nSupply chain and distribution
7
-
2
\u2014
2
\u2014
\nTotal staff
82
17
93
18
90
12
\nThe average number of employees for the years 2022, 2021, and 2020 were 90, 95 and 93 full-time equivalents,
\nrespectively.
\nThe Company provides health and other benefits to employees consistent with common practice in the countries
\nin which it operates. No such benefits are provided to individual contractors.
\nThe parent company contributes to a pension insurance plan for all its Norwegian employees. The plan satisfies
\nthe Norwegian mandatory service pension rules. The pension plan is a fully insured, defined contribution plan.
\nEmployees of IDEX America may participate in a health, dental, and vision insurance plan. IDEX America also
\noffers employer-funded plans for life insurance, short-term disability, and long-term disability. IDEX America
\ndoes not offer or plan to offer any pension plans, except for a 401(k) defined-contribution plan. The Company
\ncurrently does not match participant contributions to this plan.
\nIDEX China contributes to the mandatory social security plans in China, including contribution of 21% of
\neligible salary to each employee\u2019s personal retirement fund.
\nIDEX UK contributes up to 6% of an employee participant\u2019s base salary to IDEX UK\u2019s pension plan, subject to
\nthe employee contributing the same percentage through a salary reduction arrangement. The pension plan is a
\nfully insured, defined-contribution plan.
\nShare-based compensation includes non-cash expenses associated with the recognition of the costs of share-
\nbased awards granted pursuant to the Company\u2019s subscription rights plans and its employee share purchase plan
(\u201cESPP\u201d). See Note 16. Compensation of Key Management
\nFor 2022 and 2021 key management consisted of the Chief Executive Officer (\u201cCEO\u201d), Chief Financial Officer
\n(\u201cCFO\u201d), Chief Technology Officer (\u201cCTO\u201d), and Chief Commercial Officer (\u201cCCO\u201d). For 2020, key
\nmanagement consisted of the CEO, CFO, and CTO.
\nYear Ended December 31,
\n2022
2021
2020
\n(in thousands)
\nCompensation and short-term benefits
$
1,362
$
1,425
$
906
\nMedical and similar benefits, contributions to pension schemes
62
73
66
\nShare-based compensation
271
443
449
\nTotal compensation of key management
$
1,695
$
1,941
$
1,421
\nCompensation and other short-term benefits, whether cash or in kind, are the amounts declared for tax purposes
\nfor the respective years. Pension cost and share-based remuneration are expensed amounts in the respecitve
\nyears. Gains on exercise of incentive subscription rights, if any, are not included. Employers' tax is not included.
\nThe variable incentive pay paid in one year relate to achievements in the previous year. No officers exercised
\nincentive subscription rights in 2022 or 2020. One former officer exercised options in 2021, after employment
\nwas terminated.
\nKey management held the following subscription rights to Ordinary Shares under the subscription rights
\nincentive plans with the following expiration dates and exercise prices:
\nNumber outstanding as of December 31,
\nGrant Date
Expiration Date
\nExercise Price
\n(NOK)
2022
2021
2020
\nAugust 14, 2019
May 9, 2024
1.65
327,800
327,800
2,327,800
\nFebruary 26, 2020
May 9, 2024
1.11
5,000,000
5,000,000
5,000,000
\nJune 17, 2020
May 15, 2025
1.71
1,125,000
1,125,000
1,125,000
\nApril 20, 2021
May 15, 2025
2.71
2,750,000
\nJune 3, 2021
May 12, 2026
2.38
2,000,000
2,000,000
\nAugust 11, 2021
May 12, 2026
2.40
1,420,700
1,668,100
\nMarch 23, 2022
May 12, 2026
2.08
836,900
\nAugust 10, 2022
May 12, 2027
1.18
1,631,000
\nTotal
12,341,400
12,870,900
8,452,800
\nCompensation paid to the Board is presented in Note 17.
16. Share-based compensation
\nSubscription rights plans
\nIDEX follows the practice of renewing its subscription rights plan at each Annual General Meeting, when the
\npreceding plan is closed for further grants and a new plan is established. On May 12, 2022, at the Annual
\nGeneral Meeting, the shareholders resolved to adopt the 2022 Subscription Rights Incentive Plan (the \u201c2022
\nPlan\u201d). The Board is responsible for administration of subscription rights plans and approves grants under the
\nplans and the terms of each grant.
\nUnder the 2022 Plan, the Board may grant up to 101,254,865 subscription rights, provided the total number of
\ngrants does not exceed 10 percent of the number of registered (i.e., issued and outstanding) Ordinary Shares.
\nSubscription rights may be granted to employees and individuals rendering services to the Company. The
\nexercise price shall be, at a minimum, the higher of the average closing price of an Ordinary Share, as reported
\non the Oslo B\u00f8rs, for the ten trading days preceding the date of the grant, or the closing price of an Ordinary
\nShare, as reported on the Oslo B\u00f8rs, on the trading day preceding the date of the grant. Unless resolved otherwise
by the Board, 25% of each grant of subscription rights vests per year. The annual vesting dates are the latest of
\nthe following dates before the date of grant of the subscription rights; (i) January 15, (ii) April 15, (iii) July 15 or
\n(iv) October 15. The subscription rights expire on the fifth anniversary of the Annual General Meeting at which
\nthe shareholders resolved to establish the plan under which the subscription rights were granted. Unvested
\nsubscription rights terminate on the holder\u2019s last day of employment or, in the case of non-employees, the last
\nday of the individual\u2019s service to the Company. Vested subscription rights may be exercised up to 90 days after
\nthe holder\u2019s last day of employment or, in the case of non-employees, the last day of the individual\u2019s service to
\nthe Company. There are no cash settlement alternatives for exercising subscription rights.
\nThe fair value of the subscription rights granted is calculated, for recognition of share-based compensation
\nexpenses, using the Black-Scholes option pricing model, applying the following assumptions:
\nYear Ended December 31,
\n2022
2021
2020
\nExercise price (NOK)
1.03 \u2013 2.08
2.38 \u2013 3.10
1.10 \u2013 1.80
\nWeighted average exercise price per share
1.54
2.53
1.62
\nWeighted average share price at date of grant
1.42
2.45
1.42
\nExpected term (years)
4.45
4.62
4.77
\nWeighted average term (years)
3.27
3.35
2.96
\nShare price volatility (percent)
72 \u2013 100
85 \u2013 112
78 \u2013 113
\nRisk-free interest rate
2.653 %
0.983 %
0.354 %
\nExpected dividend payment
-
-
-
\nForfeiture
None
None
None
\nReplacement of subscription rights
\nOn June 17, 2020, the Board approved a subscription rights replacement program whereby eligible employees
\ncould exchange existing subscription rights, granted under Subscription Rights Incentive Plans from 2016 to
\n2018, that were of no value, with new subscription rights granted under the 2020 Subscription Rights Incentive
\nPlan. On October 2, 2020, a combined total of 25,962,800 subscription rights under the Company\u2019s 2020
\nSubscription Rights Incentive Plan were granted at an exercise price of NOK 1.71 per share. The subscription
\nrights vest by 1/3 on each of April 15, 2021, 2022, and 2023, and expire on May 15, 2025.
\nSubscription rights outstanding at year end
\nSubscription rights activity
2022
2021
\nNumber of
\nSubscription
\nRights
\nWeighted
\nAverage
\nExercise
\nPrice
\n(NOK)
\nNumber of
\nSubscription
\nRights
\nWeighted
\nAverage
\nExercise
\nPrice
\n(NOK)
\nOutstanding as of January 1
71,756,399
1.84
56,344,093
1.66
\nGranted
19,342,900
1.54
21,885,200
2.53
\nExercised
(930,184
)
0.29
(1,767,879
)
1.33
\nForfeited
(8,987,484
)
2.25
(3,165,015
)
1.97
\nExpired
(75,000
)
8.42
(1,540,000
)
5.22
\nOutstanding as of December 31
81,106,631
1.74
71,756,399
1.84
\nSubscription rights exercisable as of December 31
36,416,302
1.65
18,657,117
1.59
\nNumber of
\nSubscription
\nRights
\nWeighted
\nAverage
\nFair Value
\n(NOK) per
\nSubscr.
\nRight
\nNumber of
\nSubscription
\nRights
\nWeighted
\nAverage
\nFair Value
\n(NOK) per
\nSubscr.
\nRight
\nSubscription rights granted in the year
19,342,900
0.82
21,885,200
1.51
Composition of outstanding and exercisable subscription rights at December 31, 2022
\nOutstanding Subscription Rights
Vested (Exercisable) Subscription Rights
\nExercise Price (in NOK)
\nNumber of
\nSubscription
\nRights
\nOutstanding
\nWeighted
\nAverage
\nExercise
\nPrice (NOK)
\nWeighted
\nAverage
\nRemaining
\nTerm
\n(Years)
\nWeighted
\nAverage
\nRemaining
\nTime to
\nVest (Years)
\nNumber of
\nVested
\nSubscription
\nRights
\nWeighted
\nAverage
\nExercise
\nPrice (NOK)
\nWeighted
\nAverage
\nRemaining
\nTerm
\n(Years)
\n0.00 - 0.49
3,486,882
0.15
1.36
0.00
3,486,882
0.15
1.35
\n0.50 - 0.99
720,800
0.71
1.36
0.22
515,600
0.71
0.97
\n1.00 - 1.49
16,507,000
1.14
3.34
1.48
2,759,850
1.11
0.68
\n1.50 - 1.99
36,300,174
1.70
2.15
0.16
24,589,220
1.70
1.42
\n2.00 - 2.49
17,218,050
2.28
3.37
1.27
2,732,625
2.40
0.87
\n2.50 - 2.99
5,412,900
2.65
3.37
1.34
1,353,225
2.65
0.84
\n3.00 - 4.99
960,825
3.34
1.96
0.48
479,200
3.52
0.79
\n5.00 - 9.99
500,000
5.10
0.36
0.00
500,000
5.10
0.35
\nTotal
81,106,631
1.74
2.68
0.74
36,416,602
1.65
1.27
\nComposition of outstanding and exercisable subscription rights at December 31, 2021
\nOutstanding
\nSubscription Rights
Vested (Exercisable) Subscription Rights
\nExercise Price (in NOK)
\nNumber of
\nSubscription
\nRights
\nOutstanding
\nWeighted
\nAverage
\nExercise
\nPrice (NOK)
\nWeighted
\nAverage
\nRemaining
\nTerm (Years)
\nWeighted
\nAverage
\nRemaining
\nTime to
\nVest (Years)
\nNumber of
\nVested
\nSubscription
\nRights
\nWeighted
\nAverage
\nExercise
\nPrice (NOK)
\nWeighted
\nAverage
\nRemaining
\nTerm
\n(Years)
\n0.00 - 0.50
4,330,366
0.15
2.36
0.04
2,165,186
0.15
2.36
\n0.50 - 1.00
720,800
0.71
2.36
1.29
310,400
0.71
2.36
\n1.00 - 1.50
5,542,500
1.11
2.36
1.04
1,385,625
1.11
2.36
\n1.50 - 2.00
38,760,433
1.70
3.14
0.96
14,045,131
1.69
3.14
\n2.00 - 3.00
20,588,700
2.51
4.24
2.04
\u2014
\u2014
4.24
\n3.00 - 5.00
1,238,600
3.29
3.05
1.32
175,775
3.94
3.05
\n5.00 - 10.00
575,000
5.53
1.23
0.00
575,000
5.53
1.23
\nTotal
71,756,399
1.84
3.32
1.22
18,657,117
1.59
3.32
\nEmployee Share Purchase Plan
\nThe Employee Share Purchase Plan (\u201cESPP\u201d) is revolved each year at the Annual General Meeting. The current
\nESPP was approved by shareholders at the 2022 Annual General Meeting. Under the ESPP, an IDEX employee
\nbased in Norway, the United Kingdom, or the United States may contribute up to 20% (subject to statutory
\nlimits) of his or her annual base salary, through payroll deductions, toward periodic purchases of newly issued
\nOrdinary Shares. Under the ESPP, an option for the purchase of an Ordinary Share is granted to a participating
\nemployees on the first day of a 6-months' \u201coffering period\u201d to purchase new issued Ordinary Shares at the end of
\nthat offering period at a purchase price equal to 85% of the lesser of the fair market value, based on the closing
\nprice of an Ordinary Share reported by the Oslo B\u00f8rs, on either the first day or the last day of that offering
\nperiod. The offering periods occur from March through August, and from September through February. The
\nshares are not restricted.
\nThe ESPP is intended to qualify as an \u201cemployee stock purchase plan\u201d under Section 423 of the U.S. Internal
\nRevenue Code, thereby affording certain tax advantages to employees who are taxpayers in the United States.
\nThere are no tax advantages for ESPP participants who are taxpayers in Norway or the United Kingdom.
\nThe share-based remuneration cost of the ESPP is calculated at the start of each contribution period, and
\namortized over that period. The cost is based on the contribution amount and amounts to the discount of 15% at
\nthe beginning of the period, plus the option value of an 85% call and 15% put option granted at the beginning of
\nthe period. The option value is based on a Black-Scholes option pricing model applying prevailing interest rates
\nand share price volatility at the beginning of the period.
\nESPP cost calculation parameters
September 1, 2022
March 1, 2022
September 1, 2021
\nExpected contribution amount (NOK 1,000)
2,025
2,307
3,009
\nShare price on start date (NOK per share)
0.83
1.96
2.65
\nShare price volatility
68
%
66
%
64
%
\nRisk-free interest rate
2.82
%
0.95
%
0.25
%
\nExpected dividend payment
\u2014
\u2014
\u2014
\nExpected number of shares
2,854,899
1,385,049
1,335,810
\nShare-based compensation cost per expected share
0.32
0.75
1.01
In the two offering periods completed within 2022, an average of 43 employees (2021: 53) participated in the
\nESPP and purchased a total of 4,947,546 Ordinary Shares at a weighted average price of NOK 1.08 (2021:
\n2,946,019 shares at average NOK 2.00 per share).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4048": {
"value": "4.Compensation and benefits
\nCompensation and benefits expenses consist of costs for direct employees of the Company. Compensation of
\nindividual contractors is reported as Research and development expenses or Other operating expenses, as
\napplicable, based on the roles assigned to the individuals.
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nSalary, payroll tax, benefits, other
$
17,389
$
18,197
$
14,917
\nShare-based compensation
1,824
2,910
2,755
\nTotal
$
19,213
$
21,107
$
17,672
\nThe table below sets forth the number of employees and individual contractors by their function, measured in
\nfull-time equivalents. Most of the contractors live and work in countries in which the Company does not have a
\nformal business presence.
\nDecember 31, 2022
December 31, 2021
December 31, 2020
\nEmployees
Contractors
Employees
Contractors
Employees
Contractors
\nResearch and development
64
6
77
8
75
6
\nMarketing and sales
6
9
6
9
6
5
\nGeneral and administrative
5
2
8
1
7
1
\nSupply chain and distribution
7
-
2
\u2014
2
\u2014
\nTotal staff
82
17
93
18
90
12
\nThe average number of employees for the years 2022, 2021, and 2020 were 90, 95 and 93 full-time equivalents,
\nrespectively.
\nThe Company provides health and other benefits to employees consistent with common practice in the countries
\nin which it operates. No such benefits are provided to individual contractors.
\nThe parent company contributes to a pension insurance plan for all its Norwegian employees. The plan satisfies
\nthe Norwegian mandatory service pension rules. The pension plan is a fully insured, defined contribution plan.
\nEmployees of IDEX America may participate in a health, dental, and vision insurance plan. IDEX America also
\noffers employer-funded plans for life insurance, short-term disability, and long-term disability. IDEX America
\ndoes not offer or plan to offer any pension plans, except for a 401(k) defined-contribution plan. The Company
\ncurrently does not match participant contributions to this plan.
\nIDEX China contributes to the mandatory social security plans in China, including contribution of 21% of
\neligible salary to each employee\u2019s personal retirement fund.
\nIDEX UK contributes up to 6% of an employee participant\u2019s base salary to IDEX UK\u2019s pension plan, subject to
\nthe employee contributing the same percentage through a salary reduction arrangement. The pension plan is a
\nfully insured, defined-contribution plan.
\nShare-based compensation includes non-cash expenses associated with the recognition of the costs of share-
\nbased awards granted pursuant to the Company\u2019s subscription rights plans and its employee share purchase plan
(\u201cESPP\u201d). See Note 16. Compensation of Key Management
\nFor 2022 and 2021 key management consisted of the Chief Executive Officer (\u201cCEO\u201d), Chief Financial Officer
\n(\u201cCFO\u201d), Chief Technology Officer (\u201cCTO\u201d), and Chief Commercial Officer (\u201cCCO\u201d). For 2020, key
\nmanagement consisted of the CEO, CFO, and CTO.
\nYear Ended December 31,
\n2022
2021
2020
\n(in thousands)
\nCompensation and short-term benefits
$
1,362
$
1,425
$
906
\nMedical and similar benefits, contributions to pension schemes
62
73
66
\nShare-based compensation
271
443
449
\nTotal compensation of key management
$
1,695
$
1,941
$
1,421
\nCompensation and other short-term benefits, whether cash or in kind, are the amounts declared for tax purposes
\nfor the respective years. Pension cost and share-based remuneration are expensed amounts in the respecitve
\nyears. Gains on exercise of incentive subscription rights, if any, are not included. Employers' tax is not included.
\nThe variable incentive pay paid in one year relate to achievements in the previous year. No officers exercised
\nincentive subscription rights in 2022 or 2020. One former officer exercised options in 2021, after employment
\nwas terminated.
\nKey management held the following subscription rights to Ordinary Shares under the subscription rights
\nincentive plans with the following expiration dates and exercise prices:
\nNumber outstanding as of December 31,
\nGrant Date
Expiration Date
\nExercise Price
\n(NOK)
2022
2021
2020
\nAugust 14, 2019
May 9, 2024
1.65
327,800
327,800
2,327,800
\nFebruary 26, 2020
May 9, 2024
1.11
5,000,000
5,000,000
5,000,000
\nJune 17, 2020
May 15, 2025
1.71
1,125,000
1,125,000
1,125,000
\nApril 20, 2021
May 15, 2025
2.71
2,750,000
\nJune 3, 2021
May 12, 2026
2.38
2,000,000
2,000,000
\nAugust 11, 2021
May 12, 2026
2.40
1,420,700
1,668,100
\nMarch 23, 2022
May 12, 2026
2.08
836,900
\nAugust 10, 2022
May 12, 2027
1.18
1,631,000
\nTotal
12,341,400
12,870,900
8,452,800
\nCompensation paid to the Board is presented in Note 17.
16. Share-based compensation
\nSubscription rights plans
\nIDEX follows the practice of renewing its subscription rights plan at each Annual General Meeting, when the
\npreceding plan is closed for further grants and a new plan is established. On May 12, 2022, at the Annual
\nGeneral Meeting, the shareholders resolved to adopt the 2022 Subscription Rights Incentive Plan (the \u201c2022
\nPlan\u201d). The Board is responsible for administration of subscription rights plans and approves grants under the
\nplans and the terms of each grant.
\nUnder the 2022 Plan, the Board may grant up to 101,254,865 subscription rights, provided the total number of
\ngrants does not exceed 10 percent of the number of registered (i.e., issued and outstanding) Ordinary Shares.
\nSubscription rights may be granted to employees and individuals rendering services to the Company. The
\nexercise price shall be, at a minimum, the higher of the average closing price of an Ordinary Share, as reported
\non the Oslo B\u00f8rs, for the ten trading days preceding the date of the grant, or the closing price of an Ordinary
\nShare, as reported on the Oslo B\u00f8rs, on the trading day preceding the date of the grant. Unless resolved otherwise
by the Board, 25% of each grant of subscription rights vests per year. The annual vesting dates are the latest of
\nthe following dates before the date of grant of the subscription rights; (i) January 15, (ii) April 15, (iii) July 15 or
\n(iv) October 15. The subscription rights expire on the fifth anniversary of the Annual General Meeting at which
\nthe shareholders resolved to establish the plan under which the subscription rights were granted. Unvested
\nsubscription rights terminate on the holder\u2019s last day of employment or, in the case of non-employees, the last
\nday of the individual\u2019s service to the Company. Vested subscription rights may be exercised up to 90 days after
\nthe holder\u2019s last day of employment or, in the case of non-employees, the last day of the individual\u2019s service to
\nthe Company. There are no cash settlement alternatives for exercising subscription rights.
\nThe fair value of the subscription rights granted is calculated, for recognition of share-based compensation
\nexpenses, using the Black-Scholes option pricing model, applying the following assumptions:
\nYear Ended December 31,
\n2022
2021
2020
\nExercise price (NOK)
1.03 \u2013 2.08
2.38 \u2013 3.10
1.10 \u2013 1.80
\nWeighted average exercise price per share
1.54
2.53
1.62
\nWeighted average share price at date of grant
1.42
2.45
1.42
\nExpected term (years)
4.45
4.62
4.77
\nWeighted average term (years)
3.27
3.35
2.96
\nShare price volatility (percent)
72 \u2013 100
85 \u2013 112
78 \u2013 113
\nRisk-free interest rate
2.653 %
0.983 %
0.354 %
\nExpected dividend payment
-
-
-
\nForfeiture
None
None
None
\nReplacement of subscription rights
\nOn June 17, 2020, the Board approved a subscription rights replacement program whereby eligible employees
\ncould exchange existing subscription rights, granted under Subscription Rights Incentive Plans from 2016 to
\n2018, that were of no value, with new subscription rights granted under the 2020 Subscription Rights Incentive
\nPlan. On October 2, 2020, a combined total of 25,962,800 subscription rights under the Company\u2019s 2020
\nSubscription Rights Incentive Plan were granted at an exercise price of NOK 1.71 per share. The subscription
\nrights vest by 1/3 on each of April 15, 2021, 2022, and 2023, and expire on May 15, 2025.
\nSubscription rights outstanding at year end
\nSubscription rights activity
2022
2021
\nNumber of
\nSubscription
\nRights
\nWeighted
\nAverage
\nExercise
\nPrice
\n(NOK)
\nNumber of
\nSubscription
\nRights
\nWeighted
\nAverage
\nExercise
\nPrice
\n(NOK)
\nOutstanding as of January 1
71,756,399
1.84
56,344,093
1.66
\nGranted
19,342,900
1.54
21,885,200
2.53
\nExercised
(930,184
)
0.29
(1,767,879
)
1.33
\nForfeited
(8,987,484
)
2.25
(3,165,015
)
1.97
\nExpired
(75,000
)
8.42
(1,540,000
)
5.22
\nOutstanding as of December 31
81,106,631
1.74
71,756,399
1.84
\nSubscription rights exercisable as of December 31
36,416,302
1.65
18,657,117
1.59
\nNumber of
\nSubscription
\nRights
\nWeighted
\nAverage
\nFair Value
\n(NOK) per
\nSubscr.
\nRight
\nNumber of
\nSubscription
\nRights
\nWeighted
\nAverage
\nFair Value
\n(NOK) per
\nSubscr.
\nRight
\nSubscription rights granted in the year
19,342,900
0.82
21,885,200
1.51
Composition of outstanding and exercisable subscription rights at December 31, 2022
\nOutstanding Subscription Rights
Vested (Exercisable) Subscription Rights
\nExercise Price (in NOK)
\nNumber of
\nSubscription
\nRights
\nOutstanding
\nWeighted
\nAverage
\nExercise
\nPrice (NOK)
\nWeighted
\nAverage
\nRemaining
\nTerm
\n(Years)
\nWeighted
\nAverage
\nRemaining
\nTime to
\nVest (Years)
\nNumber of
\nVested
\nSubscription
\nRights
\nWeighted
\nAverage
\nExercise
\nPrice (NOK)
\nWeighted
\nAverage
\nRemaining
\nTerm
\n(Years)
\n0.00 - 0.49
3,486,882
0.15
1.36
0.00
3,486,882
0.15
1.35
\n0.50 - 0.99
720,800
0.71
1.36
0.22
515,600
0.71
0.97
\n1.00 - 1.49
16,507,000
1.14
3.34
1.48
2,759,850
1.11
0.68
\n1.50 - 1.99
36,300,174
1.70
2.15
0.16
24,589,220
1.70
1.42
\n2.00 - 2.49
17,218,050
2.28
3.37
1.27
2,732,625
2.40
0.87
\n2.50 - 2.99
5,412,900
2.65
3.37
1.34
1,353,225
2.65
0.84
\n3.00 - 4.99
960,825
3.34
1.96
0.48
479,200
3.52
0.79
\n5.00 - 9.99
500,000
5.10
0.36
0.00
500,000
5.10
0.35
\nTotal
81,106,631
1.74
2.68
0.74
36,416,602
1.65
1.27
\nComposition of outstanding and exercisable subscription rights at December 31, 2021
\nOutstanding
\nSubscription Rights
Vested (Exercisable) Subscription Rights
\nExercise Price (in NOK)
\nNumber of
\nSubscription
\nRights
\nOutstanding
\nWeighted
\nAverage
\nExercise
\nPrice (NOK)
\nWeighted
\nAverage
\nRemaining
\nTerm (Years)
\nWeighted
\nAverage
\nRemaining
\nTime to
\nVest (Years)
\nNumber of
\nVested
\nSubscription
\nRights
\nWeighted
\nAverage
\nExercise
\nPrice (NOK)
\nWeighted
\nAverage
\nRemaining
\nTerm
\n(Years)
\n0.00 - 0.50
4,330,366
0.15
2.36
0.04
2,165,186
0.15
2.36
\n0.50 - 1.00
720,800
0.71
2.36
1.29
310,400
0.71
2.36
\n1.00 - 1.50
5,542,500
1.11
2.36
1.04
1,385,625
1.11
2.36
\n1.50 - 2.00
38,760,433
1.70
3.14
0.96
14,045,131
1.69
3.14
\n2.00 - 3.00
20,588,700
2.51
4.24
2.04
\u2014
\u2014
4.24
\n3.00 - 5.00
1,238,600
3.29
3.05
1.32
175,775
3.94
3.05
\n5.00 - 10.00
575,000
5.53
1.23
0.00
575,000
5.53
1.23
\nTotal
71,756,399
1.84
3.32
1.22
18,657,117
1.59
3.32
\nEmployee Share Purchase Plan
\nThe Employee Share Purchase Plan (\u201cESPP\u201d) is revolved each year at the Annual General Meeting. The current
\nESPP was approved by shareholders at the 2022 Annual General Meeting. Under the ESPP, an IDEX employee
\nbased in Norway, the United Kingdom, or the United States may contribute up to 20% (subject to statutory
\nlimits) of his or her annual base salary, through payroll deductions, toward periodic purchases of newly issued
\nOrdinary Shares. Under the ESPP, an option for the purchase of an Ordinary Share is granted to a participating
\nemployees on the first day of a 6-months' \u201coffering period\u201d to purchase new issued Ordinary Shares at the end of
\nthat offering period at a purchase price equal to 85% of the lesser of the fair market value, based on the closing
\nprice of an Ordinary Share reported by the Oslo B\u00f8rs, on either the first day or the last day of that offering
\nperiod. The offering periods occur from March through August, and from September through February. The
\nshares are not restricted.
\nThe ESPP is intended to qualify as an \u201cemployee stock purchase plan\u201d under Section 423 of the U.S. Internal
\nRevenue Code, thereby affording certain tax advantages to employees who are taxpayers in the United States.
\nThere are no tax advantages for ESPP participants who are taxpayers in Norway or the United Kingdom.
\nThe share-based remuneration cost of the ESPP is calculated at the start of each contribution period, and
\namortized over that period. The cost is based on the contribution amount and amounts to the discount of 15% at
\nthe beginning of the period, plus the option value of an 85% call and 15% put option granted at the beginning of
\nthe period. The option value is based on a Black-Scholes option pricing model applying prevailing interest rates
\nand share price volatility at the beginning of the period.
\nESPP cost calculation parameters
September 1, 2022
March 1, 2022
September 1, 2021
\nExpected contribution amount (NOK 1,000)
2,025
2,307
3,009
\nShare price on start date (NOK per share)
0.83
1.96
2.65
\nShare price volatility
68
%
66
%
64
%
\nRisk-free interest rate
2.82
%
0.95
%
0.25
%
\nExpected dividend payment
\u2014
\u2014
\u2014
\nExpected number of shares
2,854,899
1,385,049
1,335,810
\nShare-based compensation cost per expected share
0.32
0.75
1.01
In the two offering periods completed within 2022, an average of 43 employees (2021: 53) participated in the
\nESPP and purchased a total of 4,947,546 Ordinary Shares at a weighted average price of NOK 1.08 (2021:
\n2,946,019 shares at average NOK 2.00 per share).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4164": {
"value": "Compensation of Key Management
\nFor 2022 and 2021 key management consisted of the Chief Executive Officer (\u201cCEO\u201d), Chief Financial Officer
\n(\u201cCFO\u201d), Chief Technology Officer (\u201cCTO\u201d), and Chief Commercial Officer (\u201cCCO\u201d). For 2020, key
\nmanagement consisted of the CEO, CFO, and CTO.
\nYear Ended December 31,
\n2022
2021
2020
\n(in thousands)
\nCompensation and short-term benefits
$
1,362
$
1,425
$
906
\nMedical and similar benefits, contributions to pension schemes
62
73
66
\nShare-based compensation
271
443
449
\nTotal compensation of key management
$
1,695
$
1,941
$
1,421
\nCompensation and other short-term benefits, whether cash or in kind, are the amounts declared for tax purposes
\nfor the respective years. Pension cost and share-based remuneration are expensed amounts in the respecitve
\nyears. Gains on exercise of incentive subscription rights, if any, are not included. Employers' tax is not included.
\nThe variable incentive pay paid in one year relate to achievements in the previous year. No officers exercised
\nincentive subscription rights in 2022 or 2020. One former officer exercised options in 2021, after employment
\nwas terminated.
\nKey management held the following subscription rights to Ordinary Shares under the subscription rights
\nincentive plans with the following expiration dates and exercise prices:
\nNumber outstanding as of December 31,
\nGrant Date
Expiration Date
\nExercise Price
\n(NOK)
2022
2021
2020
\nAugust 14, 2019
May 9, 2024
1.65
327,800
327,800
2,327,800
\nFebruary 26, 2020
May 9, 2024
1.11
5,000,000
5,000,000
5,000,000
\nJune 17, 2020
May 15, 2025
1.71
1,125,000
1,125,000
1,125,000
\nApril 20, 2021
May 15, 2025
2.71
2,750,000
\nJune 3, 2021
May 12, 2026
2.38
2,000,000
2,000,000
\nAugust 11, 2021
May 12, 2026
2.40
1,420,700
1,668,100
\nMarch 23, 2022
May 12, 2026
2.08
836,900
\nAugust 10, 2022
May 12, 2027
1.18
1,631,000
\nTotal
12,341,400
12,870,900
8,452,800
\nCompensation paid to the Board is presented in Note 17.
17. Related party transactions The Company\u2019s significant shareholders, Board members, and management, as well as their related parties, are
\nconsidered related parties of the Company.
\nCompensation of key management is disclosed in Note 4 \u2013 Compensation and benefits.
\nBoard compensation
\nBoard compensation is paid in arrears after being approved by the shareholders, generally at the Annual General
\nMeeting. The following amounts were paid in 2022, 2021 and 2020:
\nYear Ended December 31, 2022
\n($000s)
\nCash
\nCompensation
\nShared-based
\nCompensation
Total
\nMorten Opstad, Board chair
$
53
$
\u2014
$
53
\nLawrence J. Ciaccia, Board deputy chair
53
\u2014
53
\nDeborah Davis
68
\u2014
68
\nHanne Hovding
55
\u2014
55
\nAnnika Olsson
44
\u2014
44
\nThomas M. Quindlen
55
\u2014
55
\nStephen A. Skaggs
62
\u2014
62
\n$
390
$
\u2014
$
390
\nYear Ended December 31, 2021
\n($000s)
\nCash
\nCompensation
\nShared-based
\nCompensation
Total
\nMorten Opstad, Board chair
$
59
$
\u2014
$
59
\nLawrence J. Ciaccia, Board deputy chair
28
33
61
\nDeborah Davis
67
\u2014
67
\nHanne Hovding
52
\u2014
52
\nAnnika Olsson
\u2014
\u2014
\u2014
\nThomas M. Quindlen
2
32
34
\nStephen A. Skaggs
4
58
62
\n$
212
$
123
$
335
\nYear Ended December 31, 2020
\n($000s)
\nCash
\nCompensation
\nShared-based
\nCompensation
Total
\nMorten Opstad, Board chair
$
40
$
\u2014
$
40
\nLawrence J. Ciaccia, Board deputy chair
38
\u2014
38
\nDeborah Davis
10
36
46
\nHanne Hovding
32
\u2014
32
\nStephen A. Skaggs
4
34
38
\n$
124
$
70
$
194
\nOutstanding subscription rights awarded to members of the Board under the Company\u2019s subscription rights plans
\nhave the following expiration dates and exercise prices. For further information describing these plans, see Note
\n16 \u2013 Share-based compensation.
Subscription rights outstanding as
\nof December 31,
\nGrant Date
\nExpiration
\nDate
\nExercise
\nPrice
\n(NOK per
\nshare)
2022
2021
2020
\nJune 17, 2020
May 15,
\n2025
1.71
600,000
600,000
600,000
\nThe subscription rights granted on August 15, 2018, were replaced by the grant on June 17, 2020, as part of an
\nexchange of subscription rights approved at the 2020 Annual General Meeting. This exchange was offered to all
\neligible holders.
\nRelated party transactions
\nMorten Opstad, Board chair, is a partner at Advokatfirmaet R\u00e6der AS, the Company\u2019s primary law firm, which
\nprovided services to the Company resulting in charges of $234 in 2022, $338 in 2021, and $477 in 2020.
\nLawrence J. Ciaccia, who was elected to the Board at the Annual General Meeting on May 12, 2015, has served
\non the Company\u2019s Strategy Advisory Council (\"SAC\") since January 2014. The SAC was discontinued effective
\nJune 30, 2022. From time to time, Mr. Ciaccia also provides consulting services to IDEX. The fees paid to Mr.
\nCiaccia for his services totaled $58 in 2022, $65 in 2021, and $65 in 2020.
\nIn connection with our November 2022 private placement, we entered into a share lending agreement with three
\nshareholders in order to facilitate settlement of the new shares in the private placement. As a fixed fee for the
\nshare lending, each lender received a fee equaling 5% per annum of the sum of the subscription price per new
\nshare in the private placement multiplied by the number of borrowed shares lent by the respective lender. In total,
\nwe paid approximately $14 thousand under the share lending agreement with approximately $6 thousand paid to
\nSundt AS and approximately $4 thousand each paid to Sundvall Holding AS and Mr. Robert Keith.
\nThere were no overdue balances with any related parties at the end of 2022, 2021 or 2020.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4258": {
"value": "5. Research and development expenses Research costs are expensed when incurred. Development costs are capitalized and held in the balance sheet only
\nif they satisfy the criteria for capitalization. The same applies to IDEX\u2019s patents and other intellectual property
\nrights created by IDEX. IDEX has not capitalized any development costs in 2022, 2021 or 2020. Development
\ncosts related to creation of intellectual property have been expensed when incurred.
\nResearch and development expenses include the cost of independent contractors assigned to engineering roles.
\nGovernment grants earned by the Company in support of research and development activities are credited against
\nresearch and development costs when it is realistic that the application or claim will be successful and the
\namount can be determined reliably.
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nGross research and development expenses
$
3,959
$
3,356
$
4,196
\nGovernment grants credited
(709
)
(676
)
(2,301
)
\nNet research and development expenses
$
3,250
$
2,680
$
1,895
\n
\nGovernment grants
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nNorway
$
312
$
538
$
506
\nUnited Kingdom
397
138
1,795
\nTotal
$
709
$
676
$
2,301
\nThe Norwegian SkatteFUNN is a government program supporting research and development activities in
\nNorway. Under the program, the Company, in its current loss position, is eligible for a cash grant in support of
\napproved projects, subject to meeting the requirements of the Research Council of Norway.
\nThe Company\u2019s IDEX UK subsidiary participates in a program by which the government of the United Kingdom
\noffers financial support for qualifying research and development activities of small and medium-sized
\nenterprises, SME R&D tax relief. Under the program, the Company, in its current loss position, is eligible for a
\ncash grant in support of approved projects, subject to approvals and meeting program requirements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4259": {
"value": "5. Research and development expenses Research costs are expensed when incurred. Development costs are capitalized and held in the balance sheet only
\nif they satisfy the criteria for capitalization. The same applies to IDEX\u2019s patents and other intellectual property
\nrights created by IDEX. IDEX has not capitalized any development costs in 2022, 2021 or 2020. Development
\ncosts related to creation of intellectual property have been expensed when incurred.
\nResearch and development expenses include the cost of independent contractors assigned to engineering roles.
\nGovernment grants earned by the Company in support of research and development activities are credited against
\nresearch and development costs when it is realistic that the application or claim will be successful and the
\namount can be determined reliably.
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nGross research and development expenses
$
3,959
$
3,356
$
4,196
\nGovernment grants credited
(709
)
(676
)
(2,301
)
\nNet research and development expenses
$
3,250
$
2,680
$
1,895
\n
\nGovernment grants
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nNorway
$
312
$
538
$
506
\nUnited Kingdom
397
138
1,795
\nTotal
$
709
$
676
$
2,301
\nThe Norwegian SkatteFUNN is a government program supporting research and development activities in
\nNorway. Under the program, the Company, in its current loss position, is eligible for a cash grant in support of
\napproved projects, subject to meeting the requirements of the Research Council of Norway.
\nThe Company\u2019s IDEX UK subsidiary participates in a program by which the government of the United Kingdom
\noffers financial support for qualifying research and development activities of small and medium-sized
\nenterprises, SME R&D tax relief. Under the program, the Company, in its current loss position, is eligible for a
\ncash grant in support of approved projects, subject to approvals and meeting program requirements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4349": {
"value": "6. Income tax provision
\nThe Company is subject to income taxes in the jurisdictions in which it operates. The Company\u2019s provision for
\nincome taxes (i.e., expense (benefit)) is based on income tax rates in the tax jurisdictions in which it operates, tax
\ncredits available in these jurisdictions, and reconciliation of differences between financial reporting values and
\ntax reporting values.
\nAs of December 31, 2022, the Company has a tax loss carryforward balance in Norway of $252.8 million,
\nrepresenting a potential deferred tax asset, if recognized and calculated at the current corporate tax rate of 22.0%,
\nof $55.6 million. The Company also has a tax loss carryforward balance in the United Kingdom of $3.4 million,
\nrepresenting a potential deferred tax asset, if recognized and calculated at the current corporate tax rate of 19.0%,
\nof $0.6 million. The Company does not have a tax loss carryforward balance or a deferred tax liability in China.
\nIn the United States, the Company has tax credits, associated with research and development activities in the
\nUnited States, totaling $1.4 million.
\nBecause the Company has concluded there is not sufficiently convincing evidence the Company will generate
\nsufficient taxable profit, against which the unused tax losses could be applied, the Company has not recognized
\nto date any deferred tax assets in its statement of financial position, consistent with IFRS standards. A deferred
\ntax asset will be recognized when the Company determines it is more likely than not it will have sufficient future
\ntaxable profit to apply the tax loss carryforward against future income taxes.
\nThe major components of income tax provision for the years shown are:
\nTax expense (benefit) for the year
Year Ended December 31,
\n($000s)
2022
2021
2020
\nTaxes payable on the result of the year
$
33
$
90
$
44
\nAdjustment in respect to prior years
(69
)
\u2014
(113
)
\nChange in recorded deferred tax liability
\u2014
\u2014
(31
)
\nIncome tax expense (benefit)
$
(36
)
$
90
$
(100
)
\nElements of deferred tax
Year Ended December 31,
\n($000s)
2022
2021
2020
\nEmployer\u2019s tax on share-based compensation
$
(24
)
$
(371
)
$
(216
)
\nFixed Assets differences
987
1,154
675
\nInventory differences
(131
)
(5
)
(213
)
\nAccruals differences
(993
)
(1,152
)
(1,144
)
\nResearch and development tax credits
(1,404
)
(1,563
)
(1,787
)
\nLosses carried forward
(256,201
)
(253,300
)
(225,951
)
\nBasis for calculation of deferred tax asset
(257,766
)
(255,237
)
(228,636
)
\nCalculated net deferred tax expense (benefit), local tax rates 5-
\n22%
(56,592
)
(55,953
)
(51,251
)
\nUnrecognized deferred tax asset *
56,592
55,953
51,251
\nDeferred tax liability (asset) in the balance sheet
$
\u2014
$
\u2014
$
\u2014
\n
\nReconciliation of tax expense (benefit)
Year Ended December 31,
\n($000s)
2022
2021
2020
\nLoss before tax
$
(32,698
)
$
(32,552
)
$
(26,853
)
\nNorway statutory tax, calculated at rate of 22%
(7,194
)
(7,132
)
(5,908
)
\nDifference in subsidiary taxes, using local rates vs 22%
68
(179
)
22
\nEstimated tax on permanent differences
(267
)
(568
)
389
\nAdjustment in respect of prior years
(69
)
\u2014
(112
)
\nUse of and change in tax loss carried forward
7,426
7,969
5,510
\nIncome tax expense (benefit)
$
(36
)
$
90
$
(99
)
\n* As of December 31, 2022, there was not sufficiently convincing evidence the Company will generate sufficient
\ntaxable profit, against which the unused tax losses could be applied. Consequently, no deferred tax asset has been
\nrecognized. There are no restrictions as to how long tax losses may be carried forward in Norway or the United
\nKingdom. In China, the tax loss carryforwards that had not been utilized by the end of 2022, expired as of Dec 31,
\n2022. Tax credits associated with research and development activities in the United States, totaling $1.4 million as of
\nDecember 31, 2022, can be applied against taxable income for the following for 20 years.
\n** The various deferred tax assets that have not been recognized are denominated in their respective local currencies.
\nAs such, the change in the year-end value in USD of these unrecognized deferred tax assets includes foreign currency
\ntranslation adjustments arising from changes in the exchange rates between USD and these local currencies from the
\nprior year-end.
\nThere are no deferred tax charges included in other comprehensive income in 2022, 2021, or 2020. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4403": {
"value": "Elements of deferred tax Year Ended December 31,
\n($000s)
2022
2021
2020
\nEmployer\u2019s tax on share-based compensation
$
(24
)
$
(371
)
$
(216
)
\nFixed Assets differences
987
1,154
675
\nInventory differences
(131
)
(5
)
(213
)
\nAccruals differences
(993
)
(1,152
)
(1,144
)
\nResearch and development tax credits
(1,404
)
(1,563
)
(1,787
)
\nLosses carried forward
(256,201
)
(253,300
)
(225,951
)
\nBasis for calculation of deferred tax asset
(257,766
)
(255,237
)
(228,636
)
\nCalculated net deferred tax expense (benefit), local tax rates 5-
\n22%
(56,592
)
(55,953
)
(51,251
)
\nUnrecognized deferred tax asset *
56,592
55,953
51,251
\nDeferred tax liability (asset) in the balance sheet
$
\u2014
$
\u2014
$
\u2014
\n
\nReconciliation of tax expense (benefit)
Year Ended December 31,
\n($000s)
2022
2021
2020
\nLoss before tax
$
(32,698
)
$
(32,552
)
$
(26,853
)
\nNorway statutory tax, calculated at rate of 22%
(7,194
)
(7,132
)
(5,908
)
\nDifference in subsidiary taxes, using local rates vs 22%
68
(179
)
22
\nEstimated tax on permanent differences
(267
)
(568
)
389
\nAdjustment in respect of prior years
(69
)
\u2014
(112
)
\nUse of and change in tax loss carried forward
7,426
7,969
5,510
\nIncome tax expense (benefit)
$
(36
)
$
90
$
(99
)
\n* As of December 31, 2022, there was not sufficiently convincing evidence the Company will generate sufficient
\ntaxable profit, against which the unused tax losses could be applied. Consequently, no deferred tax asset has been
\nrecognized. There are no restrictions as to how long tax losses may be carried forward in Norway or the United
\nKingdom. In China, the tax loss carryforwards that had not been utilized by the end of 2022, expired as of Dec 31,
\n2022. Tax credits associated with research and development activities in the United States, totaling $1.4 million as of
\nDecember 31, 2022, can be applied against taxable income for the following for 20 years.
\n** The various deferred tax assets that have not been recognized are denominated in their respective local currencies.
\nAs such, the change in the year-end value in USD of these unrecognized deferred tax assets includes foreign currency
\ntranslation adjustments arising from changes in the exchange rates between USD and these local currencies from the
\nprior year-end.
\nThere are no deferred tax charges included in other comprehensive income in 2022, 2021, or 2020. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4564": {
"value": "7. Loss per share calculation The loss per share is the quotient of the net loss for the period divided by the weighted average number of
\nOrdinary Shares outstanding for the year.
\nYear Ended December 31,
\n2022
2021
2020
\nNet loss for the year ($000s)
$
(32,662
)
$
(32,552
)
$
(26,754
)
\nNumber of ordinary shares issued at December 31
1,166,326,584
1,010,388,454
832,146,748
\nWeighted average basic number of ordinary shares
1,026,932,569
918,847,427
767,069,645
\nDilution effect (treasury stock method)
5,058,154
21,586,108
6,323,417
\nWeighted average diluted number of shares
1,031,990,723
940,433,535
773,393,062
\nLoss per share for the year (basic and diluted*)
$
(0.03
)
$
(0.04
)
$
(0.03
)
\n* The effects of potentially dilutive Ordinary Shares issuable upon exercise of outstanding subscription rights are not
\nincluded in the calculation due to the Company\u2019s net losses for the periods presented, as their effect would be anti-
\ndilutive.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4613": {
"value": "8. Goodwill and other intangible assets Goodwill is the recorded difference between the consideration paid and the net value of identifiable assets
\nacquired and held, less impairment charges, if any. Goodwill balances as of December 31, 2022, and December
\n31, 2021, reflected the following activity:
\nYear Ended December 31,
\n($000s)
2022
2021
\nCost at the beginning of the year
$
968
$
968
\nCost at the end of the year
$
968
$
968
\nThere is only one cash generating unit in the Company and goodwill is allocated to this. IDEX performed the
\nannual impairment test on December 31, 2022. Based on the 2022 assessment, no impairment charge has been
\nmade. The Company used a discounted cash flow model which utilized Level 3 measures that represent
\nunobservable inputs. Key assumptions used to determine the estimated fair value include: (a) internal cash flows
\nforecasts for 4 years following the assessment date, including expected revenue growth, costs to produce,
\noperating profit margins and estimated capital needs; (b) an estimated terminal value using a terminal year long-
\nterm future growth rate of 3.0% determined based on the long-term expected prospects of the Company; and (c)
\na discount rate (post-tax) of 12 % which reflects the weighted-average cost of capital adjusted for the relevant
\n
\nrisk associated with the Company's operations. No reasonably possible changes in any key assumptions would
\ncause the carrying amount to exceed the recoverable amount.
\nAcquired identifiable intangible assets, consisting primarily of patents, are held at cost, less accumulated
\namortization and impairment charges. Other intangible asset balances as of December 31, 2022, and December
\n31, 2021, reflected the following activity:
\nYear Ended December 31,
\n($000s)
2022
2021
\nAmortization period (straight-line, in years)
10 - 17
10 - 17
\nCost at the beginning of the year
$
5,173
$
5,173
\nAdditions
\u2014
\u2014
\nImpact of currency translation
\u2014
\u2014
\nCost at the end of the year
$
5,173
$
5,173
\nAccumulated Amortization at the beginning of the year
$
3,208
$
2,731
\nAmortization
477
477
\nImpact of currency translation
\u2014
\u2014
\nAccumulated Amortization at the end of the year
3,685
3,208
\nCarrying amount at the end of the year
$
1,488
$
1,965
\nAcquired patents are capitalized and amortized over the estimated useful life, which is the lifetime of the
\nrespective patent(s).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4614": {
"value": "8. Goodwill and other intangible assets Goodwill is the recorded difference between the consideration paid and the net value of identifiable assets
\nacquired and held, less impairment charges, if any. Goodwill balances as of December 31, 2022, and December
\n31, 2021, reflected the following activity:
\nYear Ended December 31,
\n($000s)
2022
2021
\nCost at the beginning of the year
$
968
$
968
\nCost at the end of the year
$
968
$
968
\nThere is only one cash generating unit in the Company and goodwill is allocated to this. IDEX performed the
\nannual impairment test on December 31, 2022. Based on the 2022 assessment, no impairment charge has been
\nmade. The Company used a discounted cash flow model which utilized Level 3 measures that represent
\nunobservable inputs. Key assumptions used to determine the estimated fair value include: (a) internal cash flows
\nforecasts for 4 years following the assessment date, including expected revenue growth, costs to produce,
\noperating profit margins and estimated capital needs; (b) an estimated terminal value using a terminal year long-
\nterm future growth rate of 3.0% determined based on the long-term expected prospects of the Company; and (c)
\na discount rate (post-tax) of 12 % which reflects the weighted-average cost of capital adjusted for the relevant
\n
\nrisk associated with the Company's operations. No reasonably possible changes in any key assumptions would
\ncause the carrying amount to exceed the recoverable amount.
\nAcquired identifiable intangible assets, consisting primarily of patents, are held at cost, less accumulated
\namortization and impairment charges. Other intangible asset balances as of December 31, 2022, and December
\n31, 2021, reflected the following activity:
\nYear Ended December 31,
\n($000s)
2022
2021
\nAmortization period (straight-line, in years)
10 - 17
10 - 17
\nCost at the beginning of the year
$
5,173
$
5,173
\nAdditions
\u2014
\u2014
\nImpact of currency translation
\u2014
\u2014
\nCost at the end of the year
$
5,173
$
5,173
\nAccumulated Amortization at the beginning of the year
$
3,208
$
2,731
\nAmortization
477
477
\nImpact of currency translation
\u2014
\u2014
\nAccumulated Amortization at the end of the year
3,685
3,208
\nCarrying amount at the end of the year
$
1,488
$
1,965
\nAcquired patents are capitalized and amortized over the estimated useful life, which is the lifetime of the
\nrespective patent(s).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4615": {
"value": "8. Goodwill and other intangible assets Goodwill is the recorded difference between the consideration paid and the net value of identifiable assets
\nacquired and held, less impairment charges, if any. Goodwill balances as of December 31, 2022, and December
\n31, 2021, reflected the following activity:
\nYear Ended December 31,
\n($000s)
2022
2021
\nCost at the beginning of the year
$
968
$
968
\nCost at the end of the year
$
968
$
968
\nThere is only one cash generating unit in the Company and goodwill is allocated to this. IDEX performed the
\nannual impairment test on December 31, 2022. Based on the 2022 assessment, no impairment charge has been
\nmade. The Company used a discounted cash flow model which utilized Level 3 measures that represent
\nunobservable inputs. Key assumptions used to determine the estimated fair value include: (a) internal cash flows
\nforecasts for 4 years following the assessment date, including expected revenue growth, costs to produce,
\noperating profit margins and estimated capital needs; (b) an estimated terminal value using a terminal year long-
\nterm future growth rate of 3.0% determined based on the long-term expected prospects of the Company; and (c)
\na discount rate (post-tax) of 12 % which reflects the weighted-average cost of capital adjusted for the relevant
\n
\nrisk associated with the Company's operations. No reasonably possible changes in any key assumptions would
\ncause the carrying amount to exceed the recoverable amount.
\nAcquired identifiable intangible assets, consisting primarily of patents, are held at cost, less accumulated
\namortization and impairment charges. Other intangible asset balances as of December 31, 2022, and December
\n31, 2021, reflected the following activity:
\nYear Ended December 31,
\n($000s)
2022
2021
\nAmortization period (straight-line, in years)
10 - 17
10 - 17
\nCost at the beginning of the year
$
5,173
$
5,173
\nAdditions
\u2014
\u2014
\nImpact of currency translation
\u2014
\u2014
\nCost at the end of the year
$
5,173
$
5,173
\nAccumulated Amortization at the beginning of the year
$
3,208
$
2,731
\nAmortization
477
477
\nImpact of currency translation
\u2014
\u2014
\nAccumulated Amortization at the end of the year
3,685
3,208
\nCarrying amount at the end of the year
$
1,488
$
1,965
\nAcquired patents are capitalized and amortized over the estimated useful life, which is the lifetime of the
\nrespective patent(s).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4616": {
"value": "8. Goodwill and other intangible assets Goodwill is the recorded difference between the consideration paid and the net value of identifiable assets
\nacquired and held, less impairment charges, if any. Goodwill balances as of December 31, 2022, and December
\n31, 2021, reflected the following activity:
\nYear Ended December 31,
\n($000s)
2022
2021
\nCost at the beginning of the year
$
968
$
968
\nCost at the end of the year
$
968
$
968
\nThere is only one cash generating unit in the Company and goodwill is allocated to this. IDEX performed the
\nannual impairment test on December 31, 2022. Based on the 2022 assessment, no impairment charge has been
\nmade. The Company used a discounted cash flow model which utilized Level 3 measures that represent
\nunobservable inputs. Key assumptions used to determine the estimated fair value include: (a) internal cash flows
\nforecasts for 4 years following the assessment date, including expected revenue growth, costs to produce,
\noperating profit margins and estimated capital needs; (b) an estimated terminal value using a terminal year long-
\nterm future growth rate of 3.0% determined based on the long-term expected prospects of the Company; and (c)
\na discount rate (post-tax) of 12 % which reflects the weighted-average cost of capital adjusted for the relevant
\n
\nrisk associated with the Company's operations. No reasonably possible changes in any key assumptions would
\ncause the carrying amount to exceed the recoverable amount.
\nAcquired identifiable intangible assets, consisting primarily of patents, are held at cost, less accumulated
\namortization and impairment charges. Other intangible asset balances as of December 31, 2022, and December
\n31, 2021, reflected the following activity:
\nYear Ended December 31,
\n($000s)
2022
2021
\nAmortization period (straight-line, in years)
10 - 17
10 - 17
\nCost at the beginning of the year
$
5,173
$
5,173
\nAdditions
\u2014
\u2014
\nImpact of currency translation
\u2014
\u2014
\nCost at the end of the year
$
5,173
$
5,173
\nAccumulated Amortization at the beginning of the year
$
3,208
$
2,731
\nAmortization
477
477
\nImpact of currency translation
\u2014
\u2014
\nAccumulated Amortization at the end of the year
3,685
3,208
\nCarrying amount at the end of the year
$
1,488
$
1,965
\nAcquired patents are capitalized and amortized over the estimated useful life, which is the lifetime of the
\nrespective patent(s).
\n9. Property, plant, and equipment
\nProperty, plant, and equipment is held at cost, less accumulated depreciation and impairment charges. When
\nassets are sold or retired, such assets are no longer recorded in the Consolidated Statements of Financial Position.
\nAny gain or loss on the sale or retirement is recognized in the Consolidated Statements of Profit and Loss.
\nThe capitalized amount of property, plant, and equipment is the purchase price, including freight, installation,
\nduties, taxes, and direct acquisition costs related to preparing the asset for use. Costs related to training and
\ncommissioning are expensed as incurred. Subsequent costs, such as expenses for repair and maintenance, are
\nrecognized as incurred in the Consolidated Statements of Profit and Loss. Subsequent enhancements creating
\nfuture economic benefits are recognized in the Consolidated Statements of Financial Position as additions to
\nproperty, plant, and equipment.
\nThese assets are depreciated using the straight-line method over each asset\u2019s useful life. The depreciation period
\nand method are assessed each year to ensure that the method and period used is consistent with the status of the
\nnon-current asset.
\nProperty, plant, and equipment balances as of December 31, 2022, and December 31, 2021, reflected the
\nfollowing activity:
\n2022
\n($000s)
\nPlant and
\nmachinery,
\nfixtures and
\nfittings
\nOffice
\nfurniture and
\noffice
\nequipment
\nInstruments
\nand lab
\nequipment,
\nsoftware
\ntools
Total
\nDepreciation period (straight line, in years)
3-5
3-5
3-5
\nAccumulated cost at December 31, 2021
$
855
$
782
$
2,281
$
3,918
\nAdditions
125
38
104
267
\nImpact of currency translation
(11
)
(18
)
(37
)
(66
)
\nAccumulated cost at December 31, 2022
969
803
2,348
4,120
\nAccumulated depreciation at December 31, 2021
$
367
$
671
$
1,579
$
2,617
\nDepreciation
125
73
246
443
\nImpact of currency translation
(6
)
(10
)
(33
)
(48
)
\nAccumulated depreciation at December 31, 2022
486
734
1,793
3,012
\nCarrying amount at December 31, 2022
$
483
$
69
$
556
$
1,107
\n
\n2021
\n($000s)
\nPlant and
\nmachinery,
\nfixtures and
\nfittings
\nOffice
\nfurniture and
\noffice
\nequipment
\nInstruments
\nand lab
\nequipment,
\nsoftware
\ntools
Total
\nDepreciation period (straight line, in years)
3-5
3-5
3-5
\nAccumulated cost at December 31, 2020
$
855
$
710
$
2,217
$
3,782
\nAdditions
\u2014
74
67
141
\nImpact of currency translation
\u2014
(2
)
(3
)
(5
)
\nAccumulated cost at December 31, 2021
855
782
2,281
3,918
\nAccumulated depreciation at December 31, 2020
$
236
$
572
$
1,307
$
2,115
\nDepreciation
131
101
275
507
\nImpact of currency translation
\u2014
(2
)
(3
)
(5
)
\nAccumulated depreciation at December 31, 2021
367
671
1,579
2,617
\nCarrying amount at December 31, 2021
$
488
$
111
$
712
$
1,301
\nThere were no assets under construction at the end of 2022 or 2021.
\n10. Leases
\nThe Company\u2019s leases are for office and laboratory space occupied by employees. There are no exposure to
\nfuture variable lease payments that are not reflected in the measurement of lease liabilities. Activity during 2022
\nand 2021 related to right-of-use assets are shown below.
\nYear Ended December 31,
\n($000s)
2022
2021
\nDepreciation periods (straight-line, in years)
3-5
3-5
\nCost at the beginning of the year
$
2,691
$
2,543
\nAdditions
1,654
158
\nDisposal of right to use assets
(1,569
)
\u2014
\nImpact of currency translation
(133
)
(10
)
\nCost at the end of the year
$
2,643
$
2,691
\nAccumulated depreciation at the beginning of the year
$
2,334
$
1,527
\nDepreciation
431
818
\nAccumulated depreciation of disposed right of use assets
(1,566
)
\u2014
\nImpact of currency translation
(101
)
(11
)
\nAccumulated depreciation at the end of the year
1,098
2,334
\nRecorded value at the end of the year
$
1,545
$
357
\nCosts related to right-of-use assets included in the Consolidated Statements of Profit and Loss include the
\nfollowing:
\nLeases in the Consolidated Statements of Profit and Loss
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nDepreciation
$
431
$
818
$
810
\nFinance cost
33
31
63
\n
\nLease liabilities included in the Consolidated Statements of Financial Position and related activity in the
\nConsolidated Statements of Profit and Loss and Consolidated Statements of Cash Flows include the following:
\nLeases in the Consolidated Statements of Financial Position
\n($000s)
2022
2021
\nBalance at January 1
$
373
$
1,058
\nAdditions
1,575
158
\nAccretion of interest
33
31
\nPayments
(437
)
(874
)
\nBalance at December 31
1,544
373
\nNon-current
1,142
11
\nCurrent
402
362
\nTotal lease liabilities
$
1,544
$
373",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4722": {
"value": "9. Property, plant, and equipment Property, plant, and equipment is held at cost, less accumulated depreciation and impairment charges. When
\nassets are sold or retired, such assets are no longer recorded in the Consolidated Statements of Financial Position.
\nAny gain or loss on the sale or retirement is recognized in the Consolidated Statements of Profit and Loss.
\nThe capitalized amount of property, plant, and equipment is the purchase price, including freight, installation,
\nduties, taxes, and direct acquisition costs related to preparing the asset for use. Costs related to training and
\ncommissioning are expensed as incurred. Subsequent costs, such as expenses for repair and maintenance, are
\nrecognized as incurred in the Consolidated Statements of Profit and Loss. Subsequent enhancements creating
\nfuture economic benefits are recognized in the Consolidated Statements of Financial Position as additions to
\nproperty, plant, and equipment.
\nThese assets are depreciated using the straight-line method over each asset\u2019s useful life. The depreciation period
\nand method are assessed each year to ensure that the method and period used is consistent with the status of the
\nnon-current asset.
\nProperty, plant, and equipment balances as of December 31, 2022, and December 31, 2021, reflected the
\nfollowing activity:
\n2022
\n($000s)
\nPlant and
\nmachinery,
\nfixtures and
\nfittings
\nOffice
\nfurniture and
\noffice
\nequipment
\nInstruments
\nand lab
\nequipment,
\nsoftware
\ntools
Total
\nDepreciation period (straight line, in years)
3-5
3-5
3-5
\nAccumulated cost at December 31, 2021
$
855
$
782
$
2,281
$
3,918
\nAdditions
125
38
104
267
\nImpact of currency translation
(11
)
(18
)
(37
)
(66
)
\nAccumulated cost at December 31, 2022
969
803
2,348
4,120
\nAccumulated depreciation at December 31, 2021
$
367
$
671
$
1,579
$
2,617
\nDepreciation
125
73
246
443
\nImpact of currency translation
(6
)
(10
)
(33
)
(48
)
\nAccumulated depreciation at December 31, 2022
486
734
1,793
3,012
\nCarrying amount at December 31, 2022
$
483
$
69
$
556
$
1,107
\n
\n2021
\n($000s)
\nPlant and
\nmachinery,
\nfixtures and
\nfittings
\nOffice
\nfurniture and
\noffice
\nequipment
\nInstruments
\nand lab
\nequipment,
\nsoftware
\ntools
Total
\nDepreciation period (straight line, in years)
3-5
3-5
3-5
\nAccumulated cost at December 31, 2020
$
855
$
710
$
2,217
$
3,782
\nAdditions
\u2014
74
67
141
\nImpact of currency translation
\u2014
(2
)
(3
)
(5
)
\nAccumulated cost at December 31, 2021
855
782
2,281
3,918
\nAccumulated depreciation at December 31, 2020
$
236
$
572
$
1,307
$
2,115
\nDepreciation
131
101
275
507
\nImpact of currency translation
\u2014
(2
)
(3
)
(5
)
\nAccumulated depreciation at December 31, 2021
367
671
1,579
2,617
\nCarrying amount at December 31, 2021
$
488
$
111
$
712
$
1,301
\nThere were no assets under construction at the end of 2022 or 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4928": {
"value": "10. Leases The Company\u2019s leases are for office and laboratory space occupied by employees. There are no exposure to
\nfuture variable lease payments that are not reflected in the measurement of lease liabilities. Activity during 2022
\nand 2021 related to right-of-use assets are shown below.
\nYear Ended December 31,
\n($000s)
2022
2021
\nDepreciation periods (straight-line, in years)
3-5
3-5
\nCost at the beginning of the year
$
2,691
$
2,543
\nAdditions
1,654
158
\nDisposal of right to use assets
(1,569
)
\u2014
\nImpact of currency translation
(133
)
(10
)
\nCost at the end of the year
$
2,643
$
2,691
\nAccumulated depreciation at the beginning of the year
$
2,334
$
1,527
\nDepreciation
431
818
\nAccumulated depreciation of disposed right of use assets
(1,566
)
\u2014
\nImpact of currency translation
(101
)
(11
)
\nAccumulated depreciation at the end of the year
1,098
2,334
\nRecorded value at the end of the year
$
1,545
$
357
\nCosts related to right-of-use assets included in the Consolidated Statements of Profit and Loss include the
\nfollowing:
\nLeases in the Consolidated Statements of Profit and Loss
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nDepreciation
$
431
$
818
$
810
\nFinance cost
33
31
63
\n
\nLease liabilities included in the Consolidated Statements of Financial Position and related activity in the
\nConsolidated Statements of Profit and Loss and Consolidated Statements of Cash Flows include the following:
\nLeases in the Consolidated Statements of Financial Position
\n($000s)
2022
2021
\nBalance at January 1
$
373
$
1,058
\nAdditions
1,575
158
\nAccretion of interest
33
31
\nPayments
(437
)
(874
)
\nBalance at December 31
1,544
373
\nNon-current
1,142
11
\nCurrent
402
362
\nTotal lease liabilities
$
1,544
$
373",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5064": {
"value": "11. Accounts receivable Accounts receivable, trade, includes amounts billed and currently due from customers. The amounts due are
\nstated at their estimated realizable value. The Company\u2019s payment terms vary by the type and location of its
\ncustomers and the products or services offered, although terms generally include a requirement of payment
\nwithin 30 to 60 days. When necessary, the Company maintains allowances for doubtful accounts for estimated
\nlosses resulting from the inability of its customers to make required payments, based on assessments of
\ncustomers\u2019 credit-risk profiles and payment histories. If the financial condition of the Company\u2019s customers were
\nto deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be
\nrequired. The Company does not require collateral from its customers, although there have been circumstances
\nwhen the Company has required cash in advance (i.e., a partial down-payment) to facilitate orders in excess of a
\ncustomer\u2019s established credit limit. To date, such amounts have not been material.
\nThe balances reported as Accounts receivable, other, consist primarily of amounts due to the Company
\nassociated with Value Added Tax refund activity and amounts due to the Company from governments associated
\nwith approved research and development grants.
\nBalances of accounts receivable at December 31, 2022, and December 31, 2021, are as follows:
\nYear ended December 31, 2022
\nMaturity
\n($000s)
\nLess than 3
\nmonths
3-6 months
6-12 Months
Total
\nAccounts receivable, trade
$
1,349
$
\u2014
$
\u2014
$
1,349
\nAccounts receivable, other
198
33
698
929
\nTotal
$
1,547
$
33
$
698
$
2,278
\nYear ended December 31, 2021
\nMaturity
\n($000s)
\nLess than 3
\nmonths
3-6 months
6-12 Months
Total
\nAccounts receivable, trade
$
801
$
0
$
0
$
801
\nAccounts receivable, other
133
31
539
703
\nTotal
$
934
$
31
$
539
$
1,504
\nThere were no provisions for bad debts at December 31, 2022, and December 31, 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5074": {
"value": "The Company does not require collateral from its customers, although there have been circumstances when the Company has required cash in advance (i.e., a partial down-payment) to facilitate orders in excess of a
\ncustomer\u2019s established credit limit. To date, such amounts have not been material.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5163": {
"value": "12. Accounts payable and other financial liabilities The Company did not have any liabilities at December 31, 2022, or December 31, 2021, which represented debt
\nto financial institutions. The Company\u2019s monetary liabilities at December 31, 2022, and December 31, 2021,
\nwere as follows:
\nYear ended December 31, 2022
\nMaturity
\n($000s)
\nLess
\nthan
\n3 months
3-6 months
\n6-12
\nmonths
1-5 years
Total
\nNon-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
1,142
$
1,142
\nAccounts payable
1,540
\u2014
\u2014
\u2014
1,540
\nCurrent lease liabilities
125
105
172
\u2014
402
\nOther liabilities
838
1,400
459
\u2014
2,697
\nTotal
$
2,503
$
1,505
$
631
$
1,142
$
5,781
\nYear ended December 31, 2021
\nMaturity
\n($000s)
\nLess
\nthan
\n3 months
3-6 months
\n6-12
\nmonths
1-5 years
Total
\nNon-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
11
$
11
\nAccounts payable
685
\u2014
\u2014
\u2014
685
\nCurrent lease liabilities
132
107
123
\u2014
362
\nOther liabilities
1,640
251
588
371
2,850
\nTotal
$
2,457
$
358
$
711
$
382
$
3,908
\nOther current liabilities include accruals for earned compensation, earned vacation days not taken, potential
\nemployer\u2019s tax on share-based compensation, and accruals for goods and services received but not yet invoiced
\nby the supplier.
\nThe estimated employer\u2019s payroll tax liability related to share-based compensation amounted to $24 on
\nDecember 31, 2022, and $371 on December 31, 2021. It will be due only when the associated subscription rights
\nare exercised. The exercise will, in all likely circumstances, fund the payable employer\u2019s payroll tax.
\nInterest expense including interest on lease liabilities in the Consolidated Statement of Profit and Loss in Finance
\nexpense was $33 in 2022 and $31 in 2021.
\nIDEX had no other significant current or non-current monetary obligations at the end of 2022 or 2021. Also, the
\nCompany had no contingent liabilities at the end of 2022 or 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5164": {
"value": "12. Accounts payable and other financial liabilities The Company did not have any liabilities at December 31, 2022, or December 31, 2021, which represented debt
\nto financial institutions. The Company\u2019s monetary liabilities at December 31, 2022, and December 31, 2021,
\nwere as follows:
\nYear ended December 31, 2022
\nMaturity
\n($000s)
\nLess
\nthan
\n3 months
3-6 months
\n6-12
\nmonths
1-5 years
Total
\nNon-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
1,142
$
1,142
\nAccounts payable
1,540
\u2014
\u2014
\u2014
1,540
\nCurrent lease liabilities
125
105
172
\u2014
402
\nOther liabilities
838
1,400
459
\u2014
2,697
\nTotal
$
2,503
$
1,505
$
631
$
1,142
$
5,781
\nYear ended December 31, 2021
\nMaturity
\n($000s)
\nLess
\nthan
\n3 months
3-6 months
\n6-12
\nmonths
1-5 years
Total
\nNon-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
11
$
11
\nAccounts payable
685
\u2014
\u2014
\u2014
685
\nCurrent lease liabilities
132
107
123
\u2014
362
\nOther liabilities
1,640
251
588
371
2,850
\nTotal
$
2,457
$
358
$
711
$
382
$
3,908
\nOther current liabilities include accruals for earned compensation, earned vacation days not taken, potential
\nemployer\u2019s tax on share-based compensation, and accruals for goods and services received but not yet invoiced
\nby the supplier.
\nThe estimated employer\u2019s payroll tax liability related to share-based compensation amounted to $24 on
\nDecember 31, 2022, and $371 on December 31, 2021. It will be due only when the associated subscription rights
\nare exercised. The exercise will, in all likely circumstances, fund the payable employer\u2019s payroll tax.
\nInterest expense including interest on lease liabilities in the Consolidated Statement of Profit and Loss in Finance
\nexpense was $33 in 2022 and $31 in 2021.
\nIDEX had no other significant current or non-current monetary obligations at the end of 2022 or 2021. Also, the
\nCompany had no contingent liabilities at the end of 2022 or 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5281": {
"value": "IDEX had no other significant current or non-current monetary obligations at the end of 2022 or 2021. Also, the Company had no contingent liabilities at the end of 2022 or 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5287": {
"value": "13. Inventory Inventories consist of raw materials, work in process, and finished goods. Materials and components purchased
\nfor use in research and development activities are expensed at the time of purchase and excluded from inventory.
\nInventory is recorded at the lower of cost and net realizable value, less impairment, if any. Impairment is
\nassessed quarterly, based on management\u2019s estimates of future consumption of inventories by category.
\nDecember 31,
\n2022
2021
\n($000s)
Cost
Reserves
Net
Cost
Reserves
Net
\nRaw materials
$
2,280
$
\u2014
$
2,280
$
562
$
\u2014
$
562
\nWork in progress
1,486
\u2014
1,486
107
\u2014
107
\nFinished goods
812
(130
)
681
570
(5
)
565
\nTotal Inventory
$
4,577
$
(130
)
$
4,447
$
1,239
$
(5
)
$
1,234
\nIn 2022, 2021, and 2020, materials with values of $154, $124, and $32 respectively, were consumed in new
\nproduct development and charged to development expense.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5366": {
"value": "14. Cash and cash equivalents USD-valued cash and cash equivalent balances by currency were as follows:
\nYear Ended December 31,
\n($000s)
2022
2021
\nDenominated in USD
$
14,917
$
28,217
\nDenominated in NOK
990
3,707
\nDenominated in GBP
128
978
\nDenominated in CNY
90
857
\nTotal
$
16,124
$
33,759
\nOf the amounts above, employees\u2019 withheld payroll tax deposits amounted to $26 and $31 at the end of 2022 and
\n2021, respectively. Only the withheld payroll tax deposits were restricted. Deposits for facilities rent or utilities
\nhave not been included in cash equivalents. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5397": {
"value": "15. Share capital and Share Premium There is one class of shares, and all such Ordinary Shares have equal rights. The par value of an Ordinary Share
\nis NOK 0.15 per share. IDEX does not hold any of its own Ordinary Shares.
\nDuring the years ended December 31, 2022 and December 31, 2021, the Board of Directors approved the transfer
\nof $18.0 million and $46.0 million, respectively, of Share Premium to absorb uncovered losses as allowed under
\nNorwegian law. As a result, Share Premium has been reduced by a cumulative amount of $287.5 million as of
\nthe year ended December 31, 2022 and $269.5 million as of the year ended December 31, 2021 against Capital
\nReduction Reserve. The transfer has no impact on the total equity, comprehensive income (loss), assets
\n(including cash) nor liabilities.
\nNumber of
\nOrdinary Shares
\nBalance at December 31, 2020
832,146,748
\nPrivate placement of Ordinary Shares on February 15
83,214,674
\nShare issue (exercise of subscription rights)
1,767,606
\nShare issue (in lieu of Board compensation)
535,583
\nPrivate placement of Ordinary Shares on November 12
89,777,824
\nShare issue (Employee Share Purchase Plan)
2,946,019
\nBalance at December 31, 2021
1,010,388,454
\nShare issues (Employee Share Purchase Plan)
4,947,546
\nShare issue (exercise of subscription rights)
990,584
\nPrivate placement of Ordinary Shares on November 16
150,000,000
\nBalance at December 31, 2022
1,166,326,584
\nCosts related to share issuance have been charged against equity and amounted to $
737
in 2022, $
2,827
in 2021,
\nand $
689
in 2020.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5914": {
"value": "17. Related party transactions The Company\u2019s significant shareholders, Board members, and management, as well as their related parties, are
\nconsidered related parties of the Company.
\nCompensation of key management is disclosed in Note 4 \u2013 Compensation and benefits.
\nBoard compensation
\nBoard compensation is paid in arrears after being approved by the shareholders, generally at the Annual General
\nMeeting. The following amounts were paid in 2022, 2021 and 2020:
\nYear Ended December 31, 2022
\n($000s)
\nCash
\nCompensation
\nShared-based
\nCompensation
Total
\nMorten Opstad, Board chair
$
53
$
\u2014
$
53
\nLawrence J. Ciaccia, Board deputy chair
53
\u2014
53
\nDeborah Davis
68
\u2014
68
\nHanne Hovding
55
\u2014
55
\nAnnika Olsson
44
\u2014
44
\nThomas M. Quindlen
55
\u2014
55
\nStephen A. Skaggs
62
\u2014
62
\n$
390
$
\u2014
$
390
\nYear Ended December 31, 2021
\n($000s)
\nCash
\nCompensation
\nShared-based
\nCompensation
Total
\nMorten Opstad, Board chair
$
59
$
\u2014
$
59
\nLawrence J. Ciaccia, Board deputy chair
28
33
61
\nDeborah Davis
67
\u2014
67
\nHanne Hovding
52
\u2014
52
\nAnnika Olsson
\u2014
\u2014
\u2014
\nThomas M. Quindlen
2
32
34
\nStephen A. Skaggs
4
58
62
\n$
212
$
123
$
335
\nYear Ended December 31, 2020
\n($000s)
\nCash
\nCompensation
\nShared-based
\nCompensation
Total
\nMorten Opstad, Board chair
$
40
$
\u2014
$
40
\nLawrence J. Ciaccia, Board deputy chair
38
\u2014
38
\nDeborah Davis
10
36
46
\nHanne Hovding
32
\u2014
32
\nStephen A. Skaggs
4
34
38
\n$
124
$
70
$
194
\nOutstanding subscription rights awarded to members of the Board under the Company\u2019s subscription rights plans
\nhave the following expiration dates and exercise prices. For further information describing these plans, see Note
\n16 \u2013 Share-based compensation.
\n
\nSubscription rights outstanding as
\nof December 31,
\nGrant Date
\nExpiration
\nDate
\nExercise
\nPrice
\n(NOK per
\nshare)
2022
2021
2020
\nJune 17, 2020
May 15,
\n2025
1.71
600,000
600,000
600,000
\nThe subscription rights granted on August 15, 2018, were replaced by the grant on June 17, 2020, as part of an
\nexchange of subscription rights approved at the 2020 Annual General Meeting. This exchange was offered to all
\neligible holders.
\nRelated party transactions
\nMorten Opstad, Board chair, is a partner at Advokatfirmaet R\u00e6der AS, the Company\u2019s primary law firm, which
\nprovided services to the Company resulting in charges of $234 in 2022, $338 in 2021, and $477 in 2020.
\nLawrence J. Ciaccia, who was elected to the Board at the Annual General Meeting on May 12, 2015, has served
\non the Company\u2019s Strategy Advisory Council (\"SAC\") since January 2014. The SAC was discontinued effective
\nJune 30, 2022. From time to time, Mr. Ciaccia also provides consulting services to IDEX. The fees paid to Mr.
\nCiaccia for his services totaled $58 in 2022, $65 in 2021, and $65 in 2020.
\nIn connection with our November 2022 private placement, we entered into a share lending agreement with three
\nshareholders in order to facilitate settlement of the new shares in the private placement. As a fixed fee for the
\nshare lending, each lender received a fee equaling 5% per annum of the sum of the subscription price per new
\nshare in the private placement multiplied by the number of borrowed shares lent by the respective lender. In total,
\nwe paid approximately $14 thousand under the share lending agreement with approximately $6 thousand paid to
\nSundt AS and approximately $4 thousand each paid to Sundvall Holding AS and Mr. Robert Keith.
\nThere were no overdue balances with any related parties at the end of 2022, 2021 or 2020.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6093": {
"value": "Related party transactions Morten Opstad, Board chair, is a partner at Advokatfirmaet R\u00e6der AS, the Company\u2019s primary law firm, which
\nprovided services to the Company resulting in charges of $234 in 2022, $338 in 2021, and $477 in 2020.
\nLawrence J. Ciaccia, who was elected to the Board at the Annual General Meeting on May 12, 2015, has served
\non the Company\u2019s Strategy Advisory Council (\"SAC\") since January 2014. The SAC was discontinued effective
\nJune 30, 2022. From time to time, Mr. Ciaccia also provides consulting services to IDEX. The fees paid to Mr.
\nCiaccia for his services totaled $58 in 2022, $65 in 2021, and $65 in 2020.
\nIn connection with our November 2022 private placement, we entered into a share lending agreement with three
\nshareholders in order to facilitate settlement of the new shares in the private placement. As a fixed fee for the
\nshare lending, each lender received a fee equaling 5% per annum of the sum of the subscription price per new
\nshare in the private placement multiplied by the number of borrowed shares lent by the respective lender. In total,
\nwe paid approximately $14 thousand under the share lending agreement with approximately $6 thousand paid to
\nSundt AS and approximately $4 thousand each paid to Sundvall Holding AS and Mr. Robert Keith.
There were no overdue balances with any related parties at the end of 2022, 2021 or 2020.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6111": {
"value": "18. Other Operating Expenses Year Ended December 31,
\n($000s)
2022
2021
2020
\nSales and marketing activities
$
2,840
$
1,387
$
764
\nLegal, audit, accounting and other services
2,073
2,332
2,906
\nIT expenses
1,894
2,047
1,621
\nTravel expenses
230
132
125
\nOther operating expenses
1,364
1,449
520
\nTotal other operating expenses
$
8,402
$
7,347
$
5,936
\nAuditor remuneration
\nThe following table sets out the aggregate fees related to professional services rendered by the Company\u2019s
\nindependent auditor, Ernst & Young AS (\u201cEY\u201d), for the calendar years 2022, 2021, and 2020:
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nAudit services
$
447
$
352
$
235
\nAudit-related services
43
22
8
\nTax services
7
7
0
\nOther services
4
24
12
\n$
501
$
405
$
255
\nAudit services
represents the fees for the audit that must be performed by EY in order to issue an opinion on the
\nCompany\u2019s consolidated financial statements and to issue reports on the Company\u2019s statutory financial
\nstatements. The definition also includes fees for certain other audit services, which are services only the
\ndesignated independent auditor reasonably can provide, such as the auditing of non-recurring transactions, the
\napplication of new accounting policies, and limited reviews of quarterly financial results.
\n
\nAudit-related services
represents fees for other assurance and related services provided by EY, but not limited to
\nthose that only reasonably can be provided by EY, which are reasonably related to the performance of the audit.
\nTax services
represent fees, approved by our Audit Committee, for tax services not related to the audit provided
\nby EY, pursuant to the provisions of the Sarbanes-Oxley Act.
\nOther services
represent other fees, approved by our Audit Committee, for services not related to the audit
\nprovided by EY, pursuant to the provisions of the Sarbanes-Oxley Act.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6112": {
"value": "18. Other Operating Expenses Year Ended December 31,
\n($000s)
2022
2021
2020
\nSales and marketing activities
$
2,840
$
1,387
$
764
\nLegal, audit, accounting and other services
2,073
2,332
2,906
\nIT expenses
1,894
2,047
1,621
\nTravel expenses
230
132
125
\nOther operating expenses
1,364
1,449
520
\nTotal other operating expenses
$
8,402
$
7,347
$
5,936
\nAuditor remuneration
\nThe following table sets out the aggregate fees related to professional services rendered by the Company\u2019s
\nindependent auditor, Ernst & Young AS (\u201cEY\u201d), for the calendar years 2022, 2021, and 2020:
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nAudit services
$
447
$
352
$
235
\nAudit-related services
43
22
8
\nTax services
7
7
0
\nOther services
4
24
12
\n$
501
$
405
$
255
\nAudit services
represents the fees for the audit that must be performed by EY in order to issue an opinion on the
\nCompany\u2019s consolidated financial statements and to issue reports on the Company\u2019s statutory financial
\nstatements. The definition also includes fees for certain other audit services, which are services only the
\ndesignated independent auditor reasonably can provide, such as the auditing of non-recurring transactions, the
\napplication of new accounting policies, and limited reviews of quarterly financial results.
\n
\nAudit-related services
represents fees for other assurance and related services provided by EY, but not limited to
\nthose that only reasonably can be provided by EY, which are reasonably related to the performance of the audit.
\nTax services
represent fees, approved by our Audit Committee, for tax services not related to the audit provided
\nby EY, pursuant to the provisions of the Sarbanes-Oxley Act.
\nOther services
represent other fees, approved by our Audit Committee, for services not related to the audit
\nprovided by EY, pursuant to the provisions of the Sarbanes-Oxley Act.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6151": {
"value": "Auditor remuneration The following table sets out the aggregate fees related to professional services rendered by the Company\u2019s
\nindependent auditor, Ernst & Young AS (\u201cEY\u201d), for the calendar years 2022, 2021, and 2020:
\nYear Ended December 31,
\n($000s)
2022
2021
2020
\nAudit services
$
447
$
352
$
235
\nAudit-related services
43
22
8
\nTax services
7
7
0
\nOther services
4
24
12
\n$
501
$
405
$
255
\nAudit services
represents the fees for the audit that must be performed by EY in order to issue an opinion on the
\nCompany\u2019s consolidated financial statements and to issue reports on the Company\u2019s statutory financial
\nstatements. The definition also includes fees for certain other audit services, which are services only the
\ndesignated independent auditor reasonably can provide, such as the auditing of non-recurring transactions, the
\napplication of new accounting policies, and limited reviews of quarterly financial results.
\n
\nAudit-related services
represents fees for other assurance and related services provided by EY, but not limited to
\nthose that only reasonably can be provided by EY, which are reasonably related to the performance of the audit.
\nTax services
represent fees, approved by our Audit Committee, for tax services not related to the audit provided
\nby EY, pursuant to the provisions of the Sarbanes-Oxley Act.
\nOther services
represent other fees, approved by our Audit Committee, for services not related to the audit
\nprovided by EY, pursuant to the provisions of the Sarbanes-Oxley Act.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6225": {
"value": "19. Subsequent Events The Board resolved on February 21, 2023, to grant 1,423,800 incentive subscription rights to five new employees
\nand individual contractors. The grant was made under the Company\u2019s 2022 Subscription Rights Incentive Plan.
\nThe exercise price of the subscription rights is NOK 0.72 per share. The grants vest by 25% per year and expire
\non May 15, 2027. Following the grants, there were 82,065,247 subscription rights outstanding.
\nThe Board resolved on February 28, 2023, to issue 2,648,336 Ordinary Shares at NOK 0.71 per share to
\nemployees participating in the Company\u2019s ESPP.
\nThere have been no events between December 31, 2022, and the date of these financial statements that have had
\nany material impact on the Company\u2019s results for 2022, or the value of the Company\u2019s assets and liabilities as of
December 31, 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6251": {
"value": "PARENT COMPANY SEPARATE FINANCIAL STATEMENTS IDEX Biometrics ASA
\nParent Company Separate Statements of Profit and Loss
\n(In thousands, except per share amounts)
\nYear Ended December 31,
\nNote
2022
2021
\nRevenue:
\nProduct
$
3,889
$
2,837
\nService
203
3
\nTotal revenue
2
4,091
2,840
\nOperating expenses:
\nCost of materials, net of inventory change
3,244
1,254
\nCompensation and benefits
3
2,906
4,038
\nResearch and development
4, 5, 6
16,079
25,301
\nOther operating expenses
7, 21
10,943
9,383
\nAmortization and depreciation
9, 10, 11
599
600
\nTotal operating expenses
33,771
40,575
\nLoss from operations
(29,679
)
(37,735
)
\nFinance income
19
544
1,705
\nFinance cost
19
(1,888
)
(2,859
)
\nLoss before tax
(31,023
)
(38,889
)
\nIncome tax expense
8
\u2014
\u2014
\nNet loss for the year
$
(31,023
)
$
(38,889
)
\nLoss per share, basic and diluted
15
$
(0.03
)
$
(0.04
)
\nStatements of Comprehensive Income
\nYear Ended December 31,
\n2022
2021
\nNet loss for the year
$
(31,023
)
$
(38,889
)
\nOther comprehensive income that may be
\nreclassified to profit (loss) in subsequent periods:
\u2014
(9
)
\nTotal comprehensive income (loss) for the period (net of tax)
$
(31,023
)
(38,898
)
\nThe accompanying notes are an integral part of these financial statements.
\n
\nIDEX Biometrics ASA
\nParent Company
Separate
Statements of Financial Position
\n(In thousands, except share numbers and per share amounts)
\nDecember 31,
\nNote
2022
2021
\nAssets
\nNon-current assets:
\nGoodwill
9
$
968
$
968
\nIntangible assets
9
1,488
1,965
\nProperty, plant and equipment
10
367
463
\nRight-of-use assets
11
62
12
\nShares in subsidiaries
1, 12
1,749
1,749
\nNon-current receivables
18
7
8
\nTotal non-current assets
4,641
5,165
\nCurrent assets:
\nPrepaid expenses
18
562
469
\nInventory
20
4,447
1,234
\nAccounts receivable, other
18
465
726
\nAccounts receivable, trade
18
1,349
801
\nReceivables from group companies
18
7,597
6,101
\nCash and cash equivalents
13
14,242
30,298
\nTotal current assets
28,663
39,629
\nTotal assets
$
33,304
$
44,795
\nThe accompanying notes are an integral part of these financial statements.
\n
\nDecember 31,
\nNote
2022
2021
\nEquity and liabilities
\nShare capital (NOK 0.15 par value per share, 1,166,326,584 and
\n1,010,388,454
\nshares issued and outstanding at December 31, 2022 and 2021,
\nrespectively)
$
22,762
$
20,410
\nShare premium
4,036
9,452
\nShare-based payment
23,575
21,414
\nCapital reduction reserves
287,500
269,500
\nAccumulated loss
(312,369
)
(281,345
)
\nTotal equity
25,505
39,431
\nNon-current liabilities:
\nNon-current lease liabilities
11
13
\u2014
\nTotal non-current liabilities
13
\u2014
\nCurrent liabilities:
\nAccounts Payable
19
1,400
640
\nPayables to group companies
19
5,057
3,314
\nCurrent lease liabilities
19
46
10
\nPublic duties payable
98
89
\nOther current liabilities
19
1,185
1,311
\nTotal current liabilities
7,786
5,364
\nTotal liabilities
7,799
5,364
\nTotal equity and liabilities
$
33,304
$
44,795
\nThe accompanying notes are an integral part of these financial statements.
\nApril 26, 2023
\nThe board of directors of IDEX Biometrics ASA
\n/s/ Morten Opstad
\nMorten Opstad
\nChair
\n/s/ Lawrence John Ciaccia
\nLawrence John Ciaccia
\nDeputy chair
\n/s/ Deborah Lee Davis
\nDeborah Lee Davis
\nBoard member
\n/s/ Hanne H\u00f8vding
\nHanne H\u00f8vding
\nBoard member
\n/s/ Annika Olsson
\nAnnika Olsson
\nBoard member
\n/s/ Thomas Quindlen
\nThomas Quindlen
\nBoard member
\n/s/ Stephen Andrew Skaggs
\nStephen Andrew Skaggs
\nBoard member
\n/s/
Vincent Arthur Graziani
\nVincent Arthur Graziani
\nCEO
\n
\nIDEX Biometrics ASA
\nParent Company Separate Statements of Changes in Equity
\n(In thousands)
\nShare
\ncapital
\nShare
\npremium
\nShare-
\nbased
\npayment
\nForeign
\ncurrency
\ntranslation
\neffects
\nCapital
\nreduction
\nreserve *
\nAccumulated
\nloss *
\nTotal
\nequity
\nBalance at January 1, 2021
$
17,251
$
3,608
$
18,664
$
(11,630
)
$
223,500
$
(230,817
)
$
20,576
\nAllocation at change of functional
\ncurrency
11,630
(11,630
)
\u2014
\nShare issuance
3,107
51,205
\u2014
\u2014
\u2014
\u2014
54,312
\nShare-based compensation
52
639
2,750
\u2014
\u2014
\u2014
3,441
\nLoss for the year
\u2014
\u2014
\u2014
\u2014
\u2014
(38,889
)
(38,889
)
\nTransfer of share premium
\u2014
(46,000
)
\u2014
\u2014
46,000
\u2014
\u2014
\nOther comprehensive income
\u2014
\u2014
\u2014
\u2014
\u2014
(9
)
(9
)
\nBalance at December 31, 2021
20,410
9,452
21,414
\u2014
269,500
(281,346
)
39,431
\nShare issuance
2,273
12,103
\u2014
\u2014
\u2014
\u2014
14,376
\nShare-based compensation
79
481
2,161
\u2014
\u2014
\u2014
2,721
\nLoss for the year
\u2014
\u2014
\u2014
\u2014
\u2014
(31,023
)
(31,023
)
\nTransfer of share premium
\u2014
(18,000
)
\u2014
\u2014
18,000
\u2014
\u2014
\nOther comprehensive income
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\nBalance at December 31, 2022
$
22,762
$
4,036
$
23,576
$
\u2014
$
287,500
$
(312,369
)
$
25,505
\n*Refer also to Note 1: Organization, basis of presentation, and significant accounting policies and Note 15: Share
\ncapital and share premium.
\nThe accompanying notes are an integral part of these financial statements.
\n
\nIDEX Biometrics ASA
\nParent Company Separate Statements of Cash Flow
\n(In thousands)
\nDecember 31,
\nNote
2022
2021
\nOperating activities
\nProfit (loss) before tax
$
(31,023
)
$
(38,889
)
\nAmortization and depreciation expense
9, 10, 11
599
600
\nShare-based compensation expense
2,721
2,751
\n(Increase) in inventories
(3,213
)
(375
)
\n(Increase) in accounts receivable
(2,045
)
(314
)
\nIncrease in accounts payable
2,503
120
\nChange in other working capital items
(1
)
4,989
\nOther operating activities
(1,435
)
(1,190
)
\nInterest paid
(2
)
(1
)
\nOther financial items
1,346
1,154
\nNet cash flow from operating activities
(30,549
)
(31,156
)
\nInvesting activities
\nPurchases of property, plant and equipment
9, 10, 11
(2
)
(2
)
\nRepayments on loans to subsidiaries
1
1,050
\nInterest received
92
38
\nNet cash flows from investing activities
91
1,086
\nFinancing activities
\nNet proceeds from issue of shares
15, 16
14,376
54,992
\nPayment of principal portion of lease liabilities
11
25
(29
)
\nNet cash flow from financing activities
14,401
54,963
\nNet change in cash and cash equivalents
(16,056
)
24,892
\nOpening cash and cash equivalents balance
30,298
5,406
\nCash and cash equivalents at December 31
13
$
14,242
$
30,298
\nThe accompanying notes are an integral part of these financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6928": {
"value": "IDEX group",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7085": {
"value": "\u2022
Share capital: comprised of the nominal amount of the parent\u2019s ordinary shares. This capital is not
\ndistributable in the form of dividends under the Norwegian Public Limited Liability Companies Act
\n(the \u201cPLCA\u201d) (refer to Note 15: Share capital).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7095": {
"value": "\u2022
Share based payment: comprised of cost of share-based payment.
\n\u2022
Foreign currency translation effects: comprised of currency translation difference on equity at
\nhistorical rate vs. equity at conversion date rate at implementation of USD as functional currency.
\n\u2022
Capital reduction reserve: comprised of the absorption of accumulated losses of the Company by the
\nShare premium, as resolved by the Company\u2019s Board of Directors (refer to Note 15: Share capital).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHECW11",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}