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"2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3610": { "value": "2597000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3616": { "value": "14904000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentLiabilities", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3619": { "value": "15676000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentLiabilities", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3624": { "value": "24571000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3627": { "value": "25376000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3633": { "value": "121850000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3636": { "value": "161655000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "pp-value-1-1": { "value": "Oslo, 19 April 2023The board of directors of NEXT Biometrics Group ASA/Sign/ /Sign//Sign/Petter Fjellstad Emine LundkvistSiri B\u00f8rsChairmanBoard memberBoard mem/Sign//Sign/Odd-Harald HaugePeter HeumanBoard memberCEOCHANGES IN ACCOUNTING POLICIESThe accounting policies applied in preparation of the financial statements for the year ended 31 December 2022 are consistent with those applied in the preparation of the prior year financial statements with the exception of the reclassified expenses that are described in note 5. New and amended standards and interpretations adopted by the Group as of 1 January 2022The following new amendments applicable for the first time for the annual reporting period commencing1 January 2022 have been adopted by Next Biometrics Group. The amendments listed below did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. \u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37\u2022 Annual Improvements to IFRS Standards 2018-2020, and\u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3.New and amended standards and interpretations not yet adoptedCertain new and amended standards and interpretations have been published but are not mandatory for financial statements as of 31 December 2022. These amendments listed below have not been earlyadopted by the Group and are not expected to have a material impact on the Group. \u2022 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies \u2022 Amendments to IAS 8 \u2013 Definition of accounting estimates \u2022 Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising froma Single Transaction \u2022 FRS 17 Insurance Contracts \u2022 Amendments to IAS 1 \u2013 Non-current liabilities with covenants \u2022 IAS 1 Presentation of financial statements \u2013 classification of liabilitiesNOTE 2 \u2013 SUMMARY OF SIGNIFICANTACCOUNTING POLICIESBASIS OF PREPARATIONThese financial statements have been prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the EU, being standards and interpretations issued by the InternationaAccounting Standards Board (\u201cIASB\u201d), in force at 31 December 2022. GOING CONCERNIn accordance with \u00a73-3a of the Norwegian Accounting Act, the Board of Directors confirms that thefinancial statements have been prepared under the assumption of going concern. MEASUREMENT BASISThe financial statements have been prepared under the historical cost convention, unless otherwise presented in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. NEXT uses market observable data to the extent possible when measuring the fair value of an asset or a liability. If the fair value of an asseor a liability is not directly observable, it is estimated by NEXT using valuation techniques that maximizethe use of relevant observable inputs and minimize the use of unobservable inputs.CONSOLIDATION NEXT\u2019s consolidated financial statements comprise of the Parent company and companies in which theParent company has a controlling interest. A controlling interest is normally obtained when the Group holds more than 50 per cent of the voting rights or has decisive power on the entity\u2019s operational and financial management. Minority interests are included in the Group\u2019s equity. Intragroup transactions and balance sheet items and any unrealized gains or losses or revenue and cost related to intragroup transactions have been eliminated when preparing the consolidated financial statements.REVENUE FROM CONTRACTS WITH CUSTOMERSThe Group develops, manufactures and sell fingerprint sensors. In general, sales are recognized when control of the products has transferred at delivery according to delivery terms. The Group delivers products and send invoices both to distributors and directly to end-customers. The Group assess individual contracts and determines whether a distributor is a customer or a sales agent. When making this assessment it will be considered whether the buyer could have the opportunity to return products to the Group, whether the distributor/agent independently can set end customer prices and sell products toany end customer. The classification of a distributor as a customer or a sales agent will have an impact on the timing and measurement of revenue recognition.The goods are sold based on fixed prices with no variable consideration. No significant element of financing is deemed present as the sales are normally made with a credit term of 30 days upon delivery,which is consistent with market practice. A receivable is recognized when the goods are delivered as thisis the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.CURRENCY These financial statements are presented in Norwegian kroner, which is also the Parent company\u2019s functional currency. Each entity in the Group determines its own functional currency based on local operations, and items included in the financial statements are measured using that functional currency.Monetary assets and liabilities denominated in foreign currency are converted to the functional currencyusing the exchange rates of the balance sheet date. Revenues and expenses in foreign currency are converted using the exchange rate at the transaction date.Assets and liabilities in foreign operations are translated into the presentation currency using the exchange rates on the balance sheet date. Incomes and expenses relating to foreign operations are translated into the presentation currency using the average exchange rate. Translation differences are recognized in other comprehensive income (loss). Translation differences previously recognized in other comprehensive income (loss) are reversed and recognized in profit and loss when the foreign operations are disposed.INTANGIBLE ASSETS Separately acquired intangible assetsOn initial recognition, intangible assets acquired separately are measured at cost. The cost of a separately acquired intangible asset comprises its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates and any directly attributable cost of preparing the asset for its intended use.After initial recognition, intangible assets are carried at cost less any accumulated amortization and impairment losses. The estimated useful life and amortization method are revised at the end of each reporting period with the effect of any changes in estimate being accounted for on a prospective basis.An intangible asset is derecognized on disposal, or when no future economic benefits are expected fromuse or disposal. Gains or losses arising from derecognition of an intangible asset - measured as the difference between the net disposal proceeds and the carrying amount of the asset - are recognized in profit or loss when the asset is derecognized.Internally generated intangible assetsDevelopment costs represent typical internally generated intangible assets of relevance for the Group. Costs incurred in relation to individual projects are capitalized only when the future economic benefit of the project is probable and the following main conditions are met: (i) the development costs can be measured reliably, (ii) the technical feasibility of the product has been ascertained and (iii) Managementhas the intention and ability to complete the intangible asset and use or sell it.When expenditure is initially recognized as an expense, for example where it cannot be determined whether future economic benefits are probable, it cannot later be recognized as part of the cost of an intangible asset.Research costs are expensed as incurred.PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipment are held at cost less accumulated depreciation and impairment losses. When assets are sold or disposed, the gross carrying amount and accumulated depreciations are reversed. Any gain or loss on the sale or disposal is recognized in the profit and loss.The gross carrying amount is the purchase price, including duties/taxes and direct acquisition costs related to making the asset ready for use. Subsequent costs, such as repair and maintenance expensesare normally recognized in profit or loss as incurred. When increased future economic benefits as a result of repair/maintenance work can be proven, such expenses will be recognized in the balance sheet as additions to property, plant and equipment.The assets are depreciated using the straight-line method over each asset\u2019s useful life. Estimated useful life and residual value are reviewed at least at each financial year end. IMPAIRMENT OF ASSETSAssessments of indications that assets may be impaired are made by the end of each reporting period. If an asset\u2019s carrying amount is higher than the asset\u2019s recoverable amount, an impairment loss will be recognized in profit and loss. The recoverable amount is the higher of the fair value less costs to sell andthe discounted cash flow from continued use. The fair value less costs to sell is the net amount that canbe obtained from a sale to an independent third party. The recoverable amount is determined separatelyfor each asset.PROVISIONSProvisions are recognized when, and only when, the Group has a valid liability (legal or constructive) as a result of events that have taken place and it is more probable than not that a financial settlementwill take place as a result of the event(s), and the size of the amount can be measured reliably. Provisions are reviewed on each balance sheet date and their level reflects the best estimate of the liability. When the effect of time is insignificant, the provisions will be equal to the size of the expense necessary to be free of the liability. When the effect of time is significant, the provisions will amount to the present value of future payments to cover the liability. Any increase in the provisions due to timeis recorded as other financial expenses.FINANCIAL ASSETS AND LIABILITIES Initial recognition and measurement Financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument. Trade receivables are initially recognized when they are originatedA financial asset or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.On initial recognition, a financial asset is classified as measured at amortized cost, fair value through other comprehensive income (FVOCI) or fair value through profit or loss (FVTPL).The Group makes an assessment of the objective of the business model in which a financial asset is held. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial asset or both. In assessing whether the contractual cash flows are solely payments of principal and interest (SPPI test), the Group considers the contractual terms of the instrument. The Groups financial assets at amortized cost includes trade receivables. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets.Financial asset impairment The Group recognizes loss allowances for ECLs on financial assets measured at amortized cost. For trade receivables that do not contain a significant financing component, the simplified approach is applied, and the Group recognize lifetime expected credit loss (ECL). The Group applies the provision matrix as a practical expedient to calculate ECL. The provision matrix is based on historical losses and forward-looking information and is updated at each reporting date. In addition, the trade receivables are grouped in customer segments that have a similar loss pattern. For trade receivables which are individually assessed the ECL is calculated as the exposure at default multiplied with the probability of default multiplied with the exposure at default. The Group consider the rebuttable presumption that default does not occur later than 90 days past due as its policy. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitativeinformation and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.ECLs are discounted at the effective interest rate of the financial asset. For trade receivables without significant financing component, the time value of money will not need to be considered as it is insignificant and the ECL will therefore not be discounted. Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.Financial asset write-off The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. However, financial assetsthat are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.INVENTORYRaw materials, work in progress and finished products are valued at the lower of cost and net realizablevalue after deduction for obsolescence. Net realizable value is estimated as the selling price less cost of completion and the cost necessary to make the sale. Costs are determined using the FIFO method. Work in progress and finished goods includes variable cost and non-variable cost which can reasonablybe allocated to items based on normal capacity.Finished products, work in progress and raw materials are valued at the lower of cost and net realizablevalue. Net realizable value is estimated as the selling price less cost of completion and the cost necessary to make the sale. Costs are determined using the weighted average method. Raw materials, work in progress and finished products includes variable cost and non-variable cost which can be allocated to items based on normal capacity.CASHCash include cash in hand, deposits held at call with banks and bank deposits related to employeewithholding tax (restricted funds).TAXES The tax expense consists of the tax payable and changes in deferred tax. Deferred tax has been calculated based on the temporary differences between the recorded and tax values, as well as on any tax loss carry-forward at the balance sheet closing date. Any temporary differences increasing or reducing tax that will or may reverse in the same period, have been netted.A deferred tax asset will be recognized when it is probable that the Group will have sufficient profit fotax purposes to utilize the tax asset. At each balance sheet date, the Group reviews its unrecognized deferred tax assets and the value it has recognized. The Group recognizes an unrecognized deferred tax asset to the extent that is has become probable that the Group can utilize the deferred tax asset. Similarly, the Group will reduce its deferred tax asset to the extent that it can no longer utilize it.Deferred tax and deferred tax assets are measured on the basis of the expected future tax rates. CONTINGENT LIABILITIES AND ASSETSContingent liabilities are possible obligations resulting from past events which existence depends on future events; obligations that are not recognized because it is not probable that they will lead to an outflow of resources; and obligations that cannot be measured with sufficient reliability.Contingent liabilities are not recognized in the annual financial statements but will be disclosed in the notes if applicable. A contingent asset is not recognized in the annual financial statements but isdisclosed in the notes if there is a degree of probability that a benefit will accrue to the Group.SHARE-BASED REMUNERATIONShare-based payments are equity-settled share options granted to employees, contractors and membersof the board of directors. The options are charged against the income statements at their fair value over the vesting period, with a corresponding increase in equity. The fair value of share-based options is determined using the Black-Scholes option-pricing model. The social security contribution payable in connection with the exercise of the share options is accrued on a straight-line basis as current liabilities, based on the intrinsic value of the share options at the end of each accounting period with consequent charges to the payroll expenses.Share-based remuneration and option social security costs related to employees and members of the board are charged as payroll expenses, while costs related to contractors are charged as other operating expenses.LEASING AGREEMENTS The Group recognizes the lease liability and a corresponding right-of-use asset at the commencement date of the lease. Lease liabilities are measured at the present value of the remaining lease payments not paid at the commencement date. The lease payments are discounted using the lessee\u2019s interest rateimplicit in the lease, or incremental borrowing rate when the interest rate implicit in the lease cannot be readily determined. Lease payments consists of the following elements: fixed payments, variable lease payment that are based on an index or a rate, amounts expected to be payable by the lessee under residual value guarantees, the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and payments of penalties for terminating the lease if the lease term reflects the lessee exercising that option. A corresponding asset representing the right to use the underlying asset during the lease term (right-of-use asset) is recognized, adjusted for prepayments done before commencement date, and initial direct costs and restoration costs if any. The right-of-use-asset is depreciated over the lease term and the depreciation expense is recognized as an operating expense. Interest expense on the lease liability is recognized as a financial expense.Lease contracts entered with a duration of less than 12 months and leases with a low value will not be recognized in the statement of financial position but recognized as an operating expense over the lease period. Lessees will be also required to remeasure the lease liability upon the occurrence of certain events (e.g., a change in the lease term, a change in future lease payments resulting from a change in an index or rate used to determine those payments). The lessee will generally recognize the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset.TERMINATION BENEFITS Termination benefits are payable when the employment is terminated by the Group before the normaretirement date or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when the Group can no longer withdraw the offer.EARNINGS PER SHAREEarnings per share are calculated by dividing the profit or loss for the period by the weighted averagenumber of ordinary shares outstanding over the course of the period. Earnings per share fully dilutedare calculated based on the result or the year divided by the average number of shares fully diluted. The effect of dilution is not counted in when the result is a decrease loss per share.EQUITY TRANSACTIONSIncremental costs directly attributable to the issue of ordinary shares are recognized as a deductionfrom equity. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with IAS 12.CASH FLOWThe cash flow statement has been drawn up in accordance with the indirect method and reportscash flows during the period classified by operating, investing and financing activities.GOVERNMENT GRANTSGovernment grants are recognized when there is reasonable assurance that the grant will be receivedand all attaching conditions will be complied with. When the grant relates to an expense item, it is recognized as a reduction in expense. When the grant can be viewed as payment for a deliverable or performance of service, it is recognized as other revenue.SEGMENT REPORTING The Group currently reports only in one business segment. Hence, all revenue and cost are related to the fingerprint sensor technology business segment.INCOME TAXESDeferred tax assets related to losses carried forward is recognized when it is probable that the loss carried forward may be utilized. Evaluation of probability is based on historical earnings, expected futuremargins and the size of the order backlog. Future events may lead to these estimates being changed. Such changes will be recognized when reliable new estimates can be made.ESTIMATES AND JUDGEMENTSPreparation of financial statements in accordance with IFRS requires that the management makes judgments and prepares estimates and assumptions which have an impact on the recognized amountsfor assets, liabilities, revenue and costs. Estimates and related assumptions have been based on the management\u2019s best knowledge of past and recent events, experience and other factors which are considered reasonable under the circumstances. Actual results may deviate from such assumptions. Estimates and underlying assumptions are subject to continuous evaluation.Critical account estimates for the Group are:Share-based remuneration: The Group estimates the fair value of options at the grant date. The cost of options granted to employeesand employee option social security costs are classified as employee costs while cost of options granted to consultants/contractors are classified as other operating costs. The Group has applied the Black-Scholes option-pricing model when valuing the options. The option valuation is based on assumptions about share price, volatility, interest rates and duration of the options. The cost of share-based remuneration is expensed over the vesting period. Estimates with regards to future attrition are applied. Such estimates are updated at the balance sheet date. Changes in this estimate will impact theexpensed cost of share-based remuneration in the period.Research and development expenses/ Intangible assets: Research costs are expensed as incurred. An intangible asset arising from the development expenditureon an individual project is recognized only when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, the Group\u2019s intention and capability of completing the development and realize the assets, and the net future financial benefits of use or sale.NOTE 3 - REVENUES AND SEGMENT REPORTING(amounts in NOK 1,000) 2022 2021Fingerprint sensor technology 46,508 49,788Total operating revenues 46,508 49,788THE GROUPThe Group targets four markets for the technology;(i) Notebook (ii) Government ID (iii) Access control (iv) Smart CardsThe same generic fingerprint sensor technology and products is used for all customers. Most of the Group\u2019s key IP, including our NEXT Active Thermal\u2122 is shared and used in all products. The employees in the Group work across all products and customers. The R&D personnel are focused on technology, rather than specific customer groups such as notebook or Government ID. Based on this, the Group consider that we only operate within one business segment, and therefore also report only within one business segment, \u201cFingerprint sensor technology\u201d. The operating revenue, both in 2022 and in 2021, was mainly related to customers geographically located in Asia (Japan, Singapore, China, Taiwan and India).All of the group\u2019s revenue is point in time type of revenue.Other revenue of NOK 1.8 million mainly relates to sale of electronical components.The CEO is the chief operating decision maker (CODM) of the group.NOTE 4 \u2013 PAYROLL EXPENSES AND REMUNERATION(amounts in NOK 1,000) 2022 2021Salaries, fees -27,025 -28,563Share based remuneration (salary part) -4,728 -8,471Share based remuneration (employer's tax) 2,663 -4,495Social security taxes -2,598 -3,002Pension contribution -747 -675Other personnel expenses -951 -779Total payroll expenses -33,385 -45,983Average numbers of employees 27 26The Group employed an average number of employees of 27. In addition, the company has 9 contractors who are working for the company on a part time or full time basis.The parent company, NEXT Biometrics Group ASA, provides a contribution-based pension insurance scheme for all employees. The scheme satisfies the mandatory service pension (\u2018OTP\u2019) in Norway.NEXT Biometrics Inc has a 401-K plan for its employees, which allows employees to save for retirement with pre-tax funds. The company currently does not contribute to this plan but pays for its administration. NEXT Biometrics Taiwan Ltd offers an employee pension plan with an annual contribution of 6% of the salary, but capped at TWD 9000 per month per employee (NOK 2900 per month). NEXT Biometrics China Ltd and NEXT Biometrics Solutions Pvt Ltd have no local pension plans.NOTE 5 \u2013 OTHER OPERATING EXPENSES(amounts in NOK 1,000) 2022 2021Product and marketing costs -2,657 -1,796R&D costs -5,516 -5,252Business services costs -6,793 -9,7691R&D and government grants224 10,5052Fees to contractors, auditors, lawyers and others-4,615 -6,1243Other expenses-2,845 -2,8724Share based remuneration (operating part)-5 36Total other operating expenses (22,207) (15,2721) R&D grants and other government grants are related to Skattefunn grants in 2021/2022 and US-COVID-19 loan relief in 20212) Fees to contractors, auditors, lawyers refers to amounts paid the company\u2019s contractors and service providers who are working for the company on a part time or full time basis3) Share based remuneration (operating part) refers to share options granted to consultants (see note 19 for further information)4) Share based remuneration (operating part) refers to share options granted to contractors (see note 19 for further information)The company changed its accounting policy on the classification of certain types of transport and logistic costs connected to intra-factory movements in Asia with effect from January 2022. Prior to January 2022, these costs were included in the costs of goods sold cost category. These costs have now been reclassified to other operating expenses. As a result of the change in accounting policy, the company has made the following restatements for the comparative accounting periods in 2021. As a result of the changed cost classification, NEXT costs of goods sold was reduced by NOK 1.1 million for 2021 while other operating costs was increased by the same amounts. See table below for further details.(amounts in NOK 1 000) 2021 Adjustment Restated 2021Operating revenues 49,788 49,788Other revenues 967 967Cost of goods sold -35,531 1,100 -34,431Inventory write downs -6,251 -6,251Gross margin 8,973 1,100 10,073Payroll expenses -45,983 -45,983Other operating expenses -15,272 -1,100 -16,372EBITDA -52,282 - -52,282Gross margin (%) 18% 20%Adjusted Gross margin (%) 30% 32%NOTE 7 \u2013 FINANCIAL ITEMS(amounts in 1,000 NOK) 2022 2021Interest income 693 646Interest income on sub-leases (see note 18) 19 62Other financial income - 340Total financial income 712 1,048Interest expenses -20 -108Interest expenses right-to-use assets (see note 18) -111 -238Other financial expenses 13 -953Total financial expenses -118 -1,299Realized currency gains (losses) 125 -339Change in unrealized currency gains (losses) 957 446Net currency gains (losses) 1,082 108Net financial items 1,676 -143Other financial income in 2021 includes fair value gain of NOK 0.3 million of US government loan that was repaid in 2021.NOTE 8 \u2013 INCOME TAXES(amounts in NOK 1,000) 2022 2021Current taxes 49 1,730Change in deferred taxes -109 -109Total income tax expenses -60 1,621NOTE 6 \u2013 RESEARCH AND DEVELOPMENT COSTIn general, research costs are expensed when incurred. Internal and external researching and development performed in 2022 do not meet the Group\u2019s capitalization criteria. The reported research and development (R&D) costs includes external project costs for work and material purchased from various companies and institutions. The payroll cost of R&D staff is included inpayroll, and any capitalization reported as a credit on a separate line. The major parts of the R&D costs are related to development of the sensor technology as well as production trials and pilot production of new sensor modules. Expensed R&D costs for the Group amounted to NOK 10.2 million in 2022 (2021: NOK 15.5 million), of which NOK 5.7 million (2021: NOK 9.9 million) is presented in payroll expenses and NOK 5.5 million (2021: NOK 5.3 million) in other operating expenses.Government grantsThe subsidiary NEXT Biometrics AS\u2019 estimated R&D public grant in connection with SkatteFUNN (Norwegian tax deduction scheme) for 2022 is NOK 1.5 million (2021: NOK 2.5 million). The total amount is presented as part of \u201cOther current assets\u201d in the balance sheet and has correspondingly ledto a reduction in other operating expenses. The grant is subject to final approval by the tax authorities.INCOME TAX EXPENSE RECONCILIATION:(amounts in NOK 1,000) 2022 2021Profit (loss) before taxes -46,394 -58,394Expected income tax expenses at Norwegian nominal tax rate (22%) -10,207 -12,847Difference between local tax rates and Norwegian nominal tax rate -88 40Effect of change in local tax rates - Tax effect of permanent differences 529 -1,643Change in deferred tax assets not recognized 11,020 18,409Prior year underaccrual/(overaccrual) of income tax -5,513 Other 4,199 -2,338Actual income tax expenses -60 1,621Effective tax rate 0% -3%Deferred tax related to the following temporary differences: (amounts in NOK 1,000) 2022 2021Property, plant and equipment -1,783 -3,152Inventories -13,254 -13,207Accounts receivables and other assets -3,175 -2,005Lease liabilities -863 -1,225Other temporary differences -2,817 -4,497Tax losses carried forward -1,262,587 -1,213,105Total temporary differences and tax losses carried forward -1,284,480 -1,237,190Deferred tax assets 282,560 272,184Deferred tax assets not recognized -282,598 -272,216Deferred tax assets(-)/liability(+) in the balance sheet -38 -32As of 31 December 2022, NOK 1 263 million (2021: NOK 1 213 million) of tax losses carried forward are related to the Norwegian companies with no limitations in expiry date.Due to a history of losses, deferred tax assets are not recognized.The following table illustrates the deferred tax balance recognized in the statement of financial position: (amounts in NOK 1,000) 2022 2021Deferred tax assets 38 32Deferred tax liabilities - Net deferred taxes as of 31 December 38 32NOTE 9 \u2013 EARNINGS PER SHAREThe calculations of earnings per share attributable to the equity holders of the parent company are based on the following data:2022 2021Profit (loss) after taxes (NOK 1,000) -46,333 -60,014Number of shares outstanding as of 1 January 91,680,763 75,944,489New shares issued during the year (see note 19) - 14,819,897Exercised incentive options during the year (see note 19) 300,000 916,377Number of shares outstanding as of 31 December 91,980,763 91,680,763Weighted average number of shares for the year * 91,791,722 89,246,049Effect of dilution option programmes - Weighted average number of shares adjusted for effect of dilution 91,791,722 89,246,049Earnings per share, basic and diluted (NOK) -0.50 -0.67* When the period result is a loss, diluted earnings per share is not to be reduced by the diluted number of shares but equals to basic earnings per share. NOTE 10 \u2013 INTANGIBLE ASSETSIntangible assets mainly consist of the patent and know-how (IP) described as the NEXT Active Thermal\u2122 Sensing principle, internally generated ASIC designs and source code license.(amounts in NOK 1,000) 2022 2021Accumulated cost as of 1 January 27,471 26,780Additions - Disposals at cost - Translation differences 2,308 691Accumulated cost as of 31 December 29,779 27,471Accumulated amortization and impairment losses as of 1 January -23,545 -21,345Amortization -1,393 -1,607Accumulated amortization and impairment losses of disposed items - Translation differences -2,262 -593Accumulated amortization and impairment losses as of 31 December (27,200) (23,545Carrying amount as of 31 December 2,579 3,926Amortization period in years (straight line) 3-12 3-12As of 31 December 2022, in carrying amount, there is no internally generated assets, the net book value of intangible assets of NOK 2.6 million (2021: NOK 3.9 million) are separately acquired assets. There are no impairments related to intangible assets in 2022 and 2021.The patent and know-how (IP) is amortized over 12 years (equal to the patent life from initial recognition) and the source code license is amortized over 5 years.NOTE 11 \u2013 PROPERTY, PLANT AND EQUIPMENT(amounts in NOK 1,000) 2022 2021RoU-RoU-PPEassets Total PPEassets TotaAccumulated cost as of 1 January 41,595 4,852 46,447 55,251 8,769 64,020Additions 68 1,020 1,089 203 3,828 4,031Disposals at cost -6,924 -817 -7,741 -15,548 -7,850 -23,398Translation differences 1,357 366 1,724 1,689 104 1,794Accumulated cost as of 31 December 36,097 5,421 41,519 41,595 4,852 46,447Accumulated depreciation and impairment losses as of 1 January -28,581 -1,361 -29,942 -39,224 -7,599 -46,823Depreciation -3,946 -1,887 -5,833 -3,734 -1,728 -5,461Impairment losses - - - - - Accumulated depreciation and impairment losses of disposed items 6,875 817 7,692 15,500 7,850 23,350Translation differences -977 -111 -1,088 -1,123 116 -1,007Accumulated depreciation and impairment losses (26,629) (2,542) (29,171) (28,581) (1,361) (29,942as of 31 DecemberCarrying amount as of 31 December 9,468 2,879 12,347 13,014 3,491 16,504Depreciation period in years (straight line) 3-10 2-4 3-10 2-4As of 31 December 2022, carrying amount of property, plant and equipment consists of machinery of NOK 9.3 million (2021: NOK 12.7 million) and office equipment of NOK 0.2 million (2021: NOK 0.3 million). Additions in 2022 for right-of-use assets (RoU-assets) were mainly related to new office lease in Oslo. See also note 18 for further information regarding leases. There are no impairments related to property, plant and equipment in 2022 and 2021.Right-of-use assets (RoU-assets) represent office leases.NOTE 12 \u2013 INVENTORIES(amounts in NOK 1,000) 2022 2021Raw material, consumables and supplies 12,732 10,587Work in progress 3,139 3,367Finished products 7,065 5,033Total inventories 22,935 18,987Cost of goods sold is defined as cost of materials and production service expenses.Cost of goods sold includes net write-downs of inventories. In 2022, net reversal of write-downs on inventories was NOK 0.05 million (reversal of writedown) while the write-down of inventories was NOK 6.3 million in 2021 (net cost).NOTE 13 \u2013 ACCOUNTS RECEIVABLES(amounts in NOK 1,000) 2022 2021Accounts receivables - gross 9,115 14,092Accounts receivables - loss allowance -2,853 -2,291Total accounts receivables as of 31 December 6,261 11,8012022More than More than More than 30 days 60 days 120 days (amounts in NOK 1,000) Currentpast duepast duepast due TotalExpected loss rate 0% 1% 2% 5%Gross carrying amount (Class 1 and 2) 3,754 1 80 276Loss allowance (Class 1 and 2) - - 2 14 15Gross carrying amount (Class 3) 2,165 2,839Loss allowance (Class 3: individual assessment) 2,839 2,839Total loss allowance 2,8542021More than More than More than 30 days 60 days 120 days (amounts in NOK 1,000) Currentpast duepast duepast due TotalExpected loss rate 0% 1% 2% 5%Gross carrying amount (Class 1 and 2) 10,851 351 29 12Loss allowance (Class 1 and 2) - 4 1 1 5Gross carrying amount (Class 3) 2,540Loss allowance (Class 3: individual assessment) 2,286 2,286Total loss allowance 2,291(amounts in NOK 1,000) 2022 2021Opening balance 2,291 2,350This year's allowance for expected credit loss 15 5This year actual credit loss -4 Change in estimate previous year's expected credit loss 551 (64)Closing balance 2,854 2,291NEXT\u2019s major customers are represented in class one while other customers are defined as class two. Further, class three customers are defined as customers that have significant overdue balances and/or where there is an increased risk of non-payment relative to class one and two.IMPAIRMENT OF FINANCIAL ASSETSThe increase in allowance for expected credit loss as per 31 December is due to increased provisions onlong dated receivables and strengthening of the USD/NOK exchange rate from 2021 to 2022.NOTE 14 \u2013 OTHER NON-CURRENT AND CURRENT ASSETS(amounts in NOK 1,000) 2022 2021Prepayments 2,060 2,575Government grants (see note 6) 1,541 2,525Deposits 923 896Income taxes and other taxes receivables 325 843Other receivables 3,538 342Total other current assets as of 31 December 8,387 7,181The group had NOK 3.5 million in other receivables as per 31 December 2022, of which NOK 1.7 million that mainly relates to estimated refunds of public duties.NOTE 15 - CASH(amounts in NOK 1,000) 2022 2021Cash - unrestricted 68,682 101,998Cash - employee withholding tax deposits 621 708Total cash 69,302 102,706NOTE 16 \u2013 INTEREST-BEARING LOANSThe group had no interest bearing loans as per year-end 2022 and 2021. In April 2020, NEXT Biometrics Inc. was granted a loan amounting to USD 1.0 million under the COVID-19 US government sponsored loan program. NEXT qualified for loan forgiveness amounting to NOK 8.0 million and repaid the remaining loan balance of NOK 0.6 million during 2021. Interest expense for 2021 amounted to NOK 0.1 million (2020: NOK 0.3 million). Net fair value, interest and exchange gain was NOK 0.7 million in 2021.The table below shows a reconciliation of the opening and closing balance for liabilities arising from financing activities:(amounts in NOK 1,000) 2022 2021Opening balance - 7,955Loan relief - -8,040Changes from financing cash flows - -626Net changes in foreign exchange rates and fair value - 710Closing balance as of 31 December - NOTE 17 \u2013 OTHER CURRENT LIABILITIES(amounts in NOK 1,000) 2022 2021Accrued salary, vacation pay and board remuneration 1,797 2,704Public duties payable 3,430 1,825Share options social security tax 1,614 4,277Unearned revenue - 59Other current liabilities 8,064 6,810Total other current liabilities 14,904 15,676Other current liabilities of NOK 8.1 million mainly relates to uninvoiced goods and services that has been received by the group. For financial liabilities at amortised cost, the carrying amount is assessed to be a reasonable approximation of fair value. All items above are at amortised cost or nominal value.NOTE 18 \u2013 LEASESThe table below shows the amounts related to leases recognized in the statement of financial position:(amounts in NOK 1,000) 2022 2021Property - office leases (included in \"Property, plant and equipment\") 2,879 3,491Total right-of-use assets 2,879 3,491Current lease receivables - 517Total lease receivables - 517Non-current lease liabilities 1,218 1,899Current lease liabilities 1,748 2,597Total lease liabilities 2,966 4,496See note 11 for more information regarding right-of-use assets.In 2021, the office lease agreements in China, USA and Taiwan expired and the Group entered into new office leases with significantly smaller individual office sizes and monthly cost. The individual lease terms for the new leases are 2-3 years including extension periods. The new lease agreements were recognized with NOK 3.8 million in right-of-use assets and NOK 3.7 million in lease liabilities.The office lease in Norway related to the company\u2019s previous office was subleased from October 2020. Related lease receivable for the sublease was NOK 0.5 million as per 31 December 2021. The office lease expired and the sublease was terminated in December 2022.The table below shows the amounts related to leases recognized in the statement of comprehensive income(amounts in NOK 1,000) 2022 2021Gain on sub-lease (included in \"Other revenues\") - Depreciation property right-of-use assets (included in \"Depreciation and amortization\") -1,887 -1,728Impairment losses property right-of-use assets (included in \"Impairment losses\") - Expenses relating to low-value leases (included in \"Other operating expenses\") - Expenses relating to short-term leases (included in \"Other operating expenses\") - Gain on changes in lease liabilities (included in \"Other financial income\") - Interest income (included in \"Financial income\") 19 62Interest expenses (included in \"Financial expenses\") -111 -238Net expenses related to leases -1,979 -1,903The table below shows a reconciliation of the opening and closing balance for lease liabilities arising from financing activities:(amounts in NOK 1,000) 2022 2021Opening balance 4,496 3,254Changes from financing cash flows -2,738 -2,787Changes in lease liabilities due to new/amended lease agreements or CPI adjustments 992 3,774Other changes -88 66Translation differences 304 190Closing balance as of 31 December 2,966 4,496The total cash outflow for leases in 2022 was NOK 2.7 million (2021: NOK 2.8 million).The table below shows the maturity profile for the lease liabilities based on contractual undiscounted payments:(amounts in NOK 1,000) 2022 2021Within one year 2,140 2,725More than 1 year but within 5 years 1,033 1,987After 5 years - Total contractual cash flows related to leases 3,173 4,712NOTE 19 \u2013 SHARE CAPITAL, SHAREHOLDER\u2019S INFORMATION AND SHARE-BASED OPTIONSThere is one class of shares. All shares have equal rights and are freely negotiable. The share capital is fully paid in. The par value of the shares is NOK 1 per share.There were 91,980,763 shares in the company on 31 December 2022, compared to 91,680,763 shares on 31 December 2021. At the end of 2022 there were 4,392 shareholder accounts compared to 5,377 at the end of 2021.NUMBER OF SHARES OUTSTANDING(amounts in NOK 1,000) 2022 2021Opening balance 91,680,763 75,944,489Share issue(s) - 14,819,897Exercised incentive share options 300,000 916,377Closing balance 91,980,763 91,680,763In August 2022, 300,000 share options were exercised at an average subscription price of NOK 2.49 per share, corresponding to gross proceeds of NOK 0.7 million. Total net proceeds from share issues for the year 2022 amounted to NOK 0.7 million.There are no authorizations to the board to purchase own shares.In February 2021, NEXT successfully completed a private placement issuing 14,819,897 new shares at a subscription price of NOK 6.0 per share, corresponding to gross proceeds of NOK 89 million. Estimated expenses related to the private placement was NOK 4.8 million and net proceeds were NOK 84 million. Moreover, in May and September 2021, NEXT issued additional 916,377 shares and raised total gross proceeds of NOK 2.7 million in two equity issues related to exercise of employee share options. Total net proceeds for the year 2021 amounted to NOK 86.7 million.CAPITAL RESOURCESNEXT manages its liquidity passively, which means that funds are placed in floating-interest bank accounts. The majority of cash is held in Norwegian kroner at parent company level and is distributed when appropriate to the affiliates. This is both to have control of the overall liquidity situation and to manage expense levels in the affiliates.NEXT has no interest bearing debt by the end of 2022.NEXT targets to have an equity ratio above 80%, measured as total equity divided by total assets.Equity ratio 2022 2021Total equity 96,000 134,253Total assets 121,850 161,655Equity share 79% 83%Capital resources 2022 2021Current debt 24,571 25,376Non-current debt 1,279 2,027Less cash -69,302 -102,706Net debt (net cash) -43,452 -75,303Total equity 96,000 134,253Total capital resources 52,548 58,949Gearing ratio (%) -83% -128%The largest shareholders at year end and shares owned by executive and Directors of the Board:Number of Percent ofTop 20 shareholders at 31 December 2022sharessharesSkandinaviska Enskilda Banken AB 7,413,614 8.1 %TVENGE TORSTEIN INGVALD 6,000,000 6.5 %SILVERCOIN INDUSTRIES AS 5,360,770 5.8 %NORUS AS 4,600,000 5.0 %UBS Switzerland AG 3,369,331 3.7 %BNP Paribas 3,257,000 3.5 %NORUS HOLDING DATTER AS 3,135,000 3.4 %SONGA CAPITAL AS 2,505,486 2.7 %LUCELLUM AS 2,350,000 2.6 %CAMIKO AS 2,109,912 2.3 %CAMACA AS 1,950,602 2.1 %DNB Markets Aksjehandel/-analyse 1,868,325 2.0 %ECOMNEX HOLDING AS 1,519,484 1.7 %AS AUDLEY 1,474,037 1.6 %MUEN INVEST AS 1,300,000 1.4 %Avanza Bank AB 1,276,927 1.4 %HANOMA HOLDING AS 1,201,000 1.3 %SPECTER INVEST AS 1,186,000 1.3 %AVEO INVEST AS 1,160,000 1.3 %SIX-SEVEN AS 1,124,909 1.2 %TOTAL top 20 54,162,397 58.9 %Others 37,818,366 41.1%Total number of shares 91,980,763 100.0%Number of Percent of Shares owned by Executives and Directors of the Boardsharesshares Held throughSenior ExecutivesPeter Heuman, CEO 0 0.00%Eirik Underthun, CFO 0 0.00%Ulf Ritsvall, SVP Sales and Marketing 0 0.00%Board of DirectorsPetter Fjeldstad, Chairman 832,779 0.91% Aponia ASOdd-Harald Hauge 548,907 0.60% Odd-Harald HaugeSiri B\u00f8rsum 0 0.00%Emine Lundkvist 79,738 0.09%Nomination CommitteeJon Frode Vaksvik 35,000 0.04% Jon Frode Vaksvik& Skavak InvesAS1Haakon S\u00e6ter6,485,679 7.05% SilvercoinIndustries ASSix-Seven AS &Haakon S\u00e6teHans Herman Horn 8,510,000 9.25% NORUS AS, NorusHolding DatteAS, EdgewaterDatter AS & HansHerman Horn16,492,103 17.93%1) In addition to the shares held directly through Silvercoin Industries AS and Six-Seven AS, Silvercoin Industries AS held futures contracts on 2,000,000 NEXT shares as per 31 December 2022. As of 31 December 2022, the Company has one share option program:I) LONG-TERM SHARE OPTIONS PROGRAMNEXT has allotted long-term share options to employees. The options in the 2016-2019 program vest 1/3 after 1 year, additionally 1/3 after 2 years, additionally 1/3 after 3 years. The options expire after 6 years. The options in the 2020 program are fully vested as per 31. December 2021. The options in the 2021 program vest 1/3 in quarter three 2021, 1/3 in quarter three 2022 and 1/3 in quarter three 2023. The options allocated to employees in the 2022 program vest 1/3 in quarter three 2022, 1/3 in quarter three 2023 and 1/3 in quarter three 2024. The options allocated to the board member in the 2022 program vest 1/2 in quarter three 2022 and 1/2 in quarter three 2023. The options in the 2020, 2021 and 2022 program expire 3 years after the options have been granted.There are currently an accumulated 11,932,228 (13.0% of total number of shares in the Company) share options outstanding. Out of these, 8,755,897 share options have vested.Each option gives the holder the right to acquire one share from the Company at a strike price defined inthe individual share option agreement.The option agreements include a clause on accelerated vesting in case of a majority of shares in the Company are (i) sold to an acquirer, (ii) the Company is merged with another company, (iii) a demerger occurs, and (iv) if the company\u2019s shares are delisted.At the Annual General Meeting (AGM) 19 May 2022 the Board of Directors was granted authorization to issue up to 9,309,100 shares shares in the company in relation to options granted to employees and board members.2022 2021Weighted average Weighted average Options - movement Number of optionsexercise price Number of optionsexercise priceOutstanding options - Beginning period 9,828,646 4.84 6,682,460 5.17Granted 2,681,000 4.83 4,649,998 6.09Exercised -300,000 2.49 -916,377 2.96Forfeited or expired -277,418 - -587,435 Modifications - - - Outstanding options - End period 11,932,228 4.86 9,828,646 4.84Vested options - End period 8,755,897 4.66 6,665,419 4.252022 2021Weighted average Weighted averageNumber of optionsfair value Number of optionsfair valueGranted options - During period 2,681,000 1.32 4,649,998 2.582022Net expense in the Of which Remaining Number of optionsperiod (NOK 1,000)adjustment prior expense future expected to vestperiods expense periods (NOK (number of optionsbecause of change 1,000)in estimated number of options that will vest (NOK 1,000)2016-2019 grants 39 - 623,5652020 grants - - - 4,586,0002021 grants 3,540 -183 1,057 4,140,9972022 grants 1,154 -20 2,238 2,581,666Total 4,733 -203 3,296 11,932,2282022Weighted average Total numberemaining Number of options of optionsRange of exercise contractual life expected to vest outstandingprice(years)(number of options)(number of options2016-2019 grants 3,13-78,04 2.3 623,565 623,5652020 grants 2,49-3,21 0.47 4,586,000 4,586,0002021 grants 4,32-7,45 1.47 4,001,031 4,140,9972022 grants 4,48-4,89 2.41 2,362,082 2,581,666Total - - 11,572,678 11,932,228The fair value for the share-based options granted in the year has been calculated by use of the Black (1976) option-pricing model for 2021 and Black-Scholes for 2022 and the following assumptions have been applied in2022 and 2021: Exercise price:2022: Weighted average NOK 4.83 per share2021: Weighted average NOK 6.09 per shareVesting period:2022 employee options: 1/3 have 1 years, 1/3 have 2 years and 1/3 have 3 years2022 board of director options: 1/2 have 1 years, 1/2 have 2 years2021: 1/3 have 1 years, 1/3 have 2 years and 1/3 have 3 yearsVolatility:2022: 45%-93% depending on time to maturity of individual options.2021: 90% Risk free interest rate: 2022: 1.24%-2.92% depending on time to maturity of individual options.2021: 0.33%-0.73% depending on time to maturity of individual options.Attrition:2022: Estimated 10%-15% attrition depending on time to maturity of individual non-vested share-based options.2021: Estimated 10%-15% attrition depending on time to maturity of individual non-vested share-based options.No expected dividend payment NOTE 20 \u2013 REMUNERATION KEY PERSONNEL AND AUDIT FEESACTUAL REMUNERATION - SENIOR EXECUTIVES2022Fair value (amounts in NOK Board Other Pension granted Total1,000)remuneration Salary Bonusbenefitscostoptions *remunerationSenior ExecutivesPeter Heuman, CEO - 3,493 800 4 162 1,509 5,968Eirik Underthun, CFO - 1,805 - 4 162 704 2,675Ulf Ritsvall, SVP Sales and - 1,706 - 2 - 1,402 3,110marketingBoard of DirectorsPetter Fjeldstad, Chairman 500 - - - - 500Odd Harald Hauge 200 - - - - 200Emine Lundkvist 200 - - - - 2001Siri B\u00f8rsum - - - - - 96 96 2Live Haukvik 200 - - - - 200 - Nomination committee - Jon Frode Vaksvik, 30 - - - - - 30ChairmanHaakon S\u00e6ter 20 - - - - - 20Hans-Herman Horn 20 - - - - - 20Total remuneration 1,170 7,004 800 10 324 3,712 13,020* Fair value of granted options is equal to expensed share option remuneration for the year, which is based on fair value at grant date and vesting period (see note 2 for further information). 1 Siri B\u00f8rsum was board member from 19 May 2022. 2 Live Haukvik was board member until 19 May 2022. ACTUAL REMUNERATION - SENIOR EXECUTIVES2021Fair value 2021 (amounts in Board Other Pension granted TotalNOK 1,000)remuneration Salary Bonusbenefitscostoptions *remunerationSenior ExecutivesPeter Heuman, CEO - 3,534 1,700 4 145 3,209 8,592Eirik Underthun, CFO - 1,731 - 5 145 1,257 3,138Ulf Ritsvall, SVP Sales and - 366 - 5 - 180 5511marketingBoard of DirectorsPetter Fjeldstad, Chairman 500 - - - - 500Odd Harald Hauge 200 - - - - 200Emine Lundkvist 200 - - - - 200Live Haukvik 200 - - - - 200 - Nomination committee - Jon Frode Vaksvik, 30 - - - - - 30ChairmanHaakon S\u00e6ter 20 - - - - - 202Hans-Herman Horn - - - - - - -Total remuneration 1,150 5,631 1,700 14 290 4,646 13,4311 Ulf Ritsvall was SVP sales and marketing effective from 18 October 2021.2 Hans Herman Horn was elected as new member of the nomination committee at the annual general meeting held on 12 May 2021. CEO REMUNERATIONPeter Heuman has a salary of NOK 2.9 million per year. In addition, he is part of the Company\u2019s option plan and the bonus program, which provides annual bonuses based upon the achievement of performance objectives established by the company. Further, the CEO is entitled to a pension benefit o15% of annual base salary. Peter Heuman was awarded a bonus in 2022 and 2021 and the company also paid pension benefits as salary for the amount in excess of the company\u2019s standard pension contribution for 2022 and 2021, which is reported under salary in the tables above.SEVERANCE Peter Heuman has a severance agreement whereby he will receive 100% pay for 6 months fortermination by the Company without cause.LOANS AND GUARANTEES FOR SENIOR EXECUTIVESThe Company has not made any advance payments or issued loans to, or guarantees in favor of, any senior executives or members of the board as per 31 December 2022.SHARE BASED REMUNERATION Salary, pension and any bonuses will attract employer\u2019s tax, which will be expensed simultaneously with the remuneration. The notional cost of options as share-based remuneration is expensed, but the equity effect is nil because the contra item is a notional equity injection of equal amount. In addition, employer\u2019s tax is accrued on the intrinsic value of the option on the balance sheet date. For the shareholders, a possible exercise of share options will represent a dilution. At the end of 2022, the number of outstanding options to senior executives amounted to 9,780,000 corresponding to 10.6% of the share capital. At the end of 2021, the number of outstanding options to senior executives amounted to 8,080,000 corresponding to 8.8% of the share capital. For further details regarding share-based remuneration, see note 19.OPTIONS - SHARE BASED REMUNERATIONAccumulated Expired/ Average Accumulated Averagequantity Granted adjusted Exercised exercise quantity exercise2022options OBoptions optionsoptionsprice - Aoptions CBprice - BSenior ExecutivesPeter Heuman, CEO 4,720,000 - - - - 4,720,000 3.99Eirik Underthun, CFO 1,300,000 200,000 - - - 1,500,000 4.67Ulf Ritsvall, SVP Sales 400,000 1,500,000 - - - 1,900,000 5.34and MarketingBoard of DirectorsPetter Fjeldstad, 1,030,000 - - - - 1,030,000 2.66ChairmanOdd Harald Hauge 200,000 - - - - 200,000 2.49Emine Lundkvist 230,000 - - - - 230,000 3.27Siri B\u00f8rsum - 200,000 - - - 200,000 4.89Live Haukvik 200,000 - - -200,000 2.49 - Total 8,080,000 1,900,000 - - 9,780,000Accumulated Expired/ Average Accumulated Averagequantity Granted adjusted Exercised exercise quantity exercise2021options OBoptions optionsoptionsprice - Aoptions CBprice - BSenior ExecutivesPeter Heuman, CEO 2,720,000 2,000,000 - - - 4,720,000 3.99Eirik Underthun, CFO 1,000,000 800,000 - -500,000 2.49 1,300,000 4.63Ulf Ritsvall, SVP Sales - 400,000 - - - 400,000 7.25and MarketingBoard of DirectorsPetter Fjeldstad, 1,030,000 - - - - 1,030,000 2.66ChairmanOdd Harald Hauge 200,000 - - - - 200,000 2.49Emine Lundkvist 230,000 - - - - 230,000 3.27Live Haukvik 200,000 - - - - 200,000 2.49Total 5,380,000 3,200,000 - - 8,080,000A - Average exercise price for options exercised during the financial year (amounts in NOK)B - Average exercise price for quantity of options by the end of the financial year (amounts in NOKAUDIT FEES(amounts in NOK 1,000) 2022 2021Audit fee 829 693Attestation 75 Tax services 74 241Non-audit services - 22Total audit fees 979 956NOTE 21 \u2013 CLIMATE RISKThe Group does not own or operate manufacturing facilities. Manufacturing is done through third parties.Climate impact and potential risk is low in the short to medium term. The Group is not directly impacted by physical climate risk such as potential flooding or general increase in the sea level. Moreover, the Group does not face any potential liabilities due to damage caused by climate change. Still, the Group is likely to be impacted by the regulatory and technological changes that are to be implemented (in the future) to reach a carbon neutral society, which may lead to long term increased electronic component purchase and manufacturing costs.NOTE 22 - RELATED PARTIES The Group\u2019s significant shareholders, board members and management are considered related partiesTransactions between related parties are always aims at being carried at arm\u2019s length principle. Board members have received remuneration according to the general meetings decisions. In addition, board members have been granted options. Salary and board remuneration to related parties have been disclosed in note 20. NOTE 23 - EVENTS OCCURRING AFTER THE BALANCE SHEET DATEBetween 31 December 2022 and the resolution of these financial statements, there has not been anyevent which have had any noticeable impact on the Group\u2019s or the parent company\u2019s result for 2022 orthe value of the Group or the parent company\u2019s assets and liabilities as of 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1-2": { "value": "Oslo, 19 April 2023The board of directors of NEXT Biometrics Group ASA/Sign/ /Sign//Sign/Petter Fjellstad Emine LundkvistSiri B\u00f8rsChairmanBoard memberBoard mem/Sign//Sign/Odd-Harald HaugePeter HeumanBoard memberCEO", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3725": { "value": "-46394000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3728": { "value": "-58394000", "decimals": -3, "dimensions": { "concept": 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limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4254": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4255": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4257": { "value": "Apotekergata 10B, 0180 Oslo", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-6-1": { "value": "NEXT\u2019s fingerprint sensors are unique, using active thermal conductivity to read the fingerprint, as opposed to capacitive or optical sensing used by others. This patented sensing principle allows simple designs uniquely compatible with the low temperature polysilicon production processes (\u201cLTPS\u201d) used in high-end display factories. This enables significantly lower production cost for the Group\u2019s fingerprintsensors compared to competing sensors of similar quality. The Group has developed and markets a portfolio of fingerprint sensor modules, readers and flexible biometric subassemblies, which may be incorporated into a wide range of products and solutions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-5-1": { "value": "The Group has five operating subsidiaries (all are 100% owned): NEXT Biometrics AS (Norway) and its subsidiaries NEXT Biometrics Inc. (Seattle, USA), NEXT Biometrics China Ltd. (Shanghai, China), NEXT Biometrics Taiwan Ltd. (Taipei, Taiwan) and NEXT Biometrics Solutions India Pvt. Ltd. (Bengaluru, India)", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-8-2": { "value": "CHANGES IN ACCOUNTING POLICIESThe accounting policies applied in preparation of the financial statements for the year ended 31 December 2022 are consistent with those applied in the preparation of the prior year financial statements with the exception of the reclassified expenses that are described in note 5. New and amended standards and interpretations adopted by the Group as of 1 January 2022The following new amendments applicable for the first time for the annual reporting period commencing1 January 2022 have been adopted by Next Biometrics Group. The amendments listed below did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. \u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37\u2022 Annual Improvements to IFRS Standards 2018-2020, and\u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3.New and amended standards and interpretations not yet adoptedCertain new and amended standards and interpretations have been published but are not mandatory for financial statements as of 31 December 2022. These amendments listed below have not been earlyadopted by the Group and are not expected to have a material impact on the Group. \u2022 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies \u2022 Amendments to IAS 8 \u2013 Definition of accounting estimates \u2022 Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising froma Single Transaction \u2022 FRS 17 Insurance Contracts \u2022 Amendments to IAS 1 \u2013 Non-current liabilities with covenants \u2022 IAS 1 Presentation of financial statements \u2013 classification of liabilities(amounts in NOK 1 000) 2021 Adjustment Restated 2021Operating revenues 49,788 49,788Other revenues 967 967Cost of goods sold -35,531 1,100 -34,431Inventory write downs -6,251 -6,251Gross margin 8,973 1,100 10,073Payroll expenses -45,983 -45,983Other operating expenses -15,272 -1,100 -16,372EBITDA -52,282 - -52,282Gross margin (%) 18% 20%Adjusted Gross margin (%) 30% 32%", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-8-3": { "value": "CHANGES IN ACCOUNTING POLICIESThe accounting policies applied in preparation of the financial statements for the year ended 31 December 2022 are consistent with those applied in the preparation of the prior year financial statements with the exception of the reclassified expenses that are described in note 5. New and amended standards and interpretations adopted by the Group as of 1 January 2022The following new amendments applicable for the first time for the annual reporting period commencing1 January 2022 have been adopted by Next Biometrics Group. The amendments listed below did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. \u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37\u2022 Annual Improvements to IFRS Standards 2018-2020, and\u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3.New and amended standards and interpretations not yet adoptedCertain new and amended standards and interpretations have been published but are not mandatory for financial statements as of 31 December 2022. These amendments listed below have not been earlyadopted by the Group and are not expected to have a material impact on the Group. \u2022 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies \u2022 Amendments to IAS 8 \u2013 Definition of accounting estimates \u2022 Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising froma Single Transaction \u2022 FRS 17 Insurance Contracts \u2022 Amendments to IAS 1 \u2013 Non-current liabilities with covenants \u2022 IAS 1 Presentation of financial statements \u2013 classification of liabilities(amounts in NOK 1 000) 2021 Adjustment Restated 2021Operating revenues 49,788 49,788Other revenues 967 967Cost of goods sold -35,531 1,100 -34,431Inventory write downs -6,251 -6,251Gross margin 8,973 1,100 10,073Payroll expenses -45,983 -45,983Other operating expenses -15,272 -1,100 -16,372EBITDA -52,282 - -52,282Gross margin (%) 18% 20%Adjusted Gross margin (%) 30% 32%", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-8-4": { "value": "CHANGES IN ACCOUNTING POLICIESThe accounting policies applied in preparation of the financial statements for the year ended 31 December 2022 are consistent with those applied in the preparation of the prior year financial statements with the exception of the reclassified expenses that are described in note 5. New and amended standards and interpretations adopted by the Group as of 1 January 2022The following new amendments applicable for the first time for the annual reporting period commencing1 January 2022 have been adopted by Next Biometrics Group. The amendments listed below did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. \u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37\u2022 Annual Improvements to IFRS Standards 2018-2020, and\u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3.New and amended standards and interpretations not yet adoptedCertain new and amended standards and interpretations have been published but are not mandatory for financial statements as of 31 December 2022. These amendments listed below have not been earlyadopted by the Group and are not expected to have a material impact on the Group. \u2022 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies \u2022 Amendments to IAS 8 \u2013 Definition of accounting estimates \u2022 Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising froma Single Transaction \u2022 FRS 17 Insurance Contracts \u2022 Amendments to IAS 1 \u2013 Non-current liabilities with covenants \u2022 IAS 1 Presentation of financial statements \u2013 classification of liabilities(amounts in NOK 1 000) 2021 Adjustment Restated 2021Operating revenues 49,788 49,788Other revenues 967 967Cost of goods sold -35,531 1,100 -34,431Inventory write downs -6,251 -6,251Gross margin 8,973 1,100 10,073Payroll expenses -45,983 -45,983Other operating expenses -15,272 -1,100 -16,372EBITDA -52,282 - -52,282Gross margin (%) 18% 20%Adjusted Gross margin (%) 30% 32%", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-8-5": { "value": "CHANGES IN ACCOUNTING POLICIESThe accounting policies applied in preparation of the financial statements for the year ended 31 December 2022 are consistent with those applied in the preparation of the prior year financial statements with the exception of the reclassified expenses that are described in note 5. New and amended standards and interpretations adopted by the Group as of 1 January 2022The following new amendments applicable for the first time for the annual reporting period commencing1 January 2022 have been adopted by Next Biometrics Group. The amendments listed below did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. \u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37\u2022 Annual Improvements to IFRS Standards 2018-2020, and\u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3.New and amended standards and interpretations not yet adoptedCertain new and amended standards and interpretations have been published but are not mandatory for financial statements as of 31 December 2022. These amendments listed below have not been earlyadopted by the Group and are not expected to have a material impact on the Group. \u2022 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies \u2022 Amendments to IAS 8 \u2013 Definition of accounting estimates \u2022 Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising froma Single Transaction \u2022 FRS 17 Insurance Contracts \u2022 Amendments to IAS 1 \u2013 Non-current liabilities with covenants \u2022 IAS 1 Presentation of financial statements \u2013 classification of liabilities(amounts in NOK 1 000) 2021 Adjustment Restated 2021Operating revenues 49,788 49,788Other revenues 967 967Cost of goods sold -35,531 1,100 -34,431Inventory write downs -6,251 -6,251Gross margin 8,973 1,100 10,073Payroll expenses -45,983 -45,983Other operating expenses -15,272 -1,100 -16,372EBITDA -52,282 - -52,282Gross margin (%) 18% 20%Adjusted Gross margin (%) 30% 32%", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-10-2": { "value": "NOTE 2 \u2013 SUMMARY OF SIGNIFICANTACCOUNTING POLICIESBASIS OF PREPARATIONThese financial statements have been prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the EU, being standards and interpretations issued by the InternationaAccounting Standards Board (\u201cIASB\u201d), in force at 31 December 2022. GOING CONCERNIn accordance with \u00a73-3a of the Norwegian Accounting Act, the Board of Directors confirms that thefinancial statements have been prepared under the assumption of going concern. MEASUREMENT BASISThe financial statements have been prepared under the historical cost convention, unless otherwise presented in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. NEXT uses market observable data to the extent possible when measuring the fair value of an asset or a liability. If the fair value of an asseor a liability is not directly observable, it is estimated by NEXT using valuation techniques that maximizethe use of relevant observable inputs and minimize the use of unobservable inputs.CONSOLIDATION NEXT\u2019s consolidated financial statements comprise of the Parent company and companies in which theParent company has a controlling interest. A controlling interest is normally obtained when the Group holds more than 50 per cent of the voting rights or has decisive power on the entity\u2019s operational and financial management. Minority interests are included in the Group\u2019s equity. Intragroup transactions and balance sheet items and any unrealized gains or losses or revenue and cost related to intragroup transactions have been eliminated when preparing the consolidated financial statements.REVENUE FROM CONTRACTS WITH CUSTOMERSThe Group develops, manufactures and sell fingerprint sensors. In general, sales are recognized when control of the products has transferred at delivery according to delivery terms. The Group delivers products and send invoices both to distributors and directly to end-customers. The Group assess individual contracts and determines whether a distributor is a customer or a sales agent. When making this assessment it will be considered whether the buyer could have the opportunity to return products to the Group, whether the distributor/agent independently can set end customer prices and sell products toany end customer. The classification of a distributor as a customer or a sales agent will have an impact on the timing and measurement of revenue recognition.The goods are sold based on fixed prices with no variable consideration. No significant element of financing is deemed present as the sales are normally made with a credit term of 30 days upon delivery,which is consistent with market practice. A receivable is recognized when the goods are delivered as thisis the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.CURRENCY These financial statements are presented in Norwegian kroner, which is also the Parent company\u2019s functional currency. Each entity in the Group determines its own functional currency based on local operations, and items included in the financial statements are measured using that functional currency.Monetary assets and liabilities denominated in foreign currency are converted to the functional currencyusing the exchange rates of the balance sheet date. Revenues and expenses in foreign currency are converted using the exchange rate at the transaction date.Assets and liabilities in foreign operations are translated into the presentation currency using the exchange rates on the balance sheet date. Incomes and expenses relating to foreign operations are translated into the presentation currency using the average exchange rate. Translation differences are recognized in other comprehensive income (loss). Translation differences previously recognized in other comprehensive income (loss) are reversed and recognized in profit and loss when the foreign operations are disposed.INTANGIBLE ASSETS Separately acquired intangible assetsOn initial recognition, intangible assets acquired separately are measured at cost. The cost of a separately acquired intangible asset comprises its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates and any directly attributable cost of preparing the asset for its intended use.After initial recognition, intangible assets are carried at cost less any accumulated amortization and impairment losses. The estimated useful life and amortization method are revised at the end of each reporting period with the effect of any changes in estimate being accounted for on a prospective basis.An intangible asset is derecognized on disposal, or when no future economic benefits are expected fromuse or disposal. Gains or losses arising from derecognition of an intangible asset - measured as the difference between the net disposal proceeds and the carrying amount of the asset - are recognized in profit or loss when the asset is derecognized.Internally generated intangible assetsDevelopment costs represent typical internally generated intangible assets of relevance for the Group. Costs incurred in relation to individual projects are capitalized only when the future economic benefit of the project is probable and the following main conditions are met: (i) the development costs can be measured reliably, (ii) the technical feasibility of the product has been ascertained and (iii) Managementhas the intention and ability to complete the intangible asset and use or sell it.When expenditure is initially recognized as an expense, for example where it cannot be determined whether future economic benefits are probable, it cannot later be recognized as part of the cost of an intangible asset.Research costs are expensed as incurred.PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipment are held at cost less accumulated depreciation and impairment losses. When assets are sold or disposed, the gross carrying amount and accumulated depreciations are reversed. Any gain or loss on the sale or disposal is recognized in the profit and loss.The gross carrying amount is the purchase price, including duties/taxes and direct acquisition costs related to making the asset ready for use. Subsequent costs, such as repair and maintenance expensesare normally recognized in profit or loss as incurred. When increased future economic benefits as a result of repair/maintenance work can be proven, such expenses will be recognized in the balance sheet as additions to property, plant and equipment.The assets are depreciated using the straight-line method over each asset\u2019s useful life. Estimated useful life and residual value are reviewed at least at each financial year end. IMPAIRMENT OF ASSETSAssessments of indications that assets may be impaired are made by the end of each reporting period. If an asset\u2019s carrying amount is higher than the asset\u2019s recoverable amount, an impairment loss will be recognized in profit and loss. The recoverable amount is the higher of the fair value less costs to sell andthe discounted cash flow from continued use. The fair value less costs to sell is the net amount that canbe obtained from a sale to an independent third party. The recoverable amount is determined separatelyfor each asset.PROVISIONSProvisions are recognized when, and only when, the Group has a valid liability (legal or constructive) as a result of events that have taken place and it is more probable than not that a financial settlementwill take place as a result of the event(s), and the size of the amount can be measured reliably. Provisions are reviewed on each balance sheet date and their level reflects the best estimate of the liability. When the effect of time is insignificant, the provisions will be equal to the size of the expense necessary to be free of the liability. When the effect of time is significant, the provisions will amount to the present value of future payments to cover the liability. Any increase in the provisions due to timeis recorded as other financial expenses.FINANCIAL ASSETS AND LIABILITIES Initial recognition and measurement Financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument. Trade receivables are initially recognized when they are originatedA financial asset or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.On initial recognition, a financial asset is classified as measured at amortized cost, fair value through other comprehensive income (FVOCI) or fair value through profit or loss (FVTPL).The Group makes an assessment of the objective of the business model in which a financial asset is held. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial asset or both. In assessing whether the contractual cash flows are solely payments of principal and interest (SPPI test), the Group considers the contractual terms of the instrument. The Groups financial assets at amortized cost includes trade receivables. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets.Financial asset impairment The Group recognizes loss allowances for ECLs on financial assets measured at amortized cost. For trade receivables that do not contain a significant financing component, the simplified approach is applied, and the Group recognize lifetime expected credit loss (ECL). The Group applies the provision matrix as a practical expedient to calculate ECL. The provision matrix is based on historical losses and forward-looking information and is updated at each reporting date. In addition, the trade receivables are grouped in customer segments that have a similar loss pattern. For trade receivables which are individually assessed the ECL is calculated as the exposure at default multiplied with the probability of default multiplied with the exposure at default. The Group consider the rebuttable presumption that default does not occur later than 90 days past due as its policy. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitativeinformation and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.ECLs are discounted at the effective interest rate of the financial asset. For trade receivables without significant financing component, the time value of money will not need to be considered as it is insignificant and the ECL will therefore not be discounted. Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.Financial asset write-off The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. However, financial assetsthat are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.INVENTORYRaw materials, work in progress and finished products are valued at the lower of cost and net realizablevalue after deduction for obsolescence. Net realizable value is estimated as the selling price less cost of completion and the cost necessary to make the sale. Costs are determined using the FIFO method. Work in progress and finished goods includes variable cost and non-variable cost which can reasonablybe allocated to items based on normal capacity.Finished products, work in progress and raw materials are valued at the lower of cost and net realizablevalue. Net realizable value is estimated as the selling price less cost of completion and the cost necessary to make the sale. Costs are determined using the weighted average method. Raw materials, work in progress and finished products includes variable cost and non-variable cost which can be allocated to items based on normal capacity.CASHCash include cash in hand, deposits held at call with banks and bank deposits related to employeewithholding tax (restricted funds).TAXES The tax expense consists of the tax payable and changes in deferred tax. Deferred tax has been calculated based on the temporary differences between the recorded and tax values, as well as on any tax loss carry-forward at the balance sheet closing date. Any temporary differences increasing or reducing tax that will or may reverse in the same period, have been netted.A deferred tax asset will be recognized when it is probable that the Group will have sufficient profit fotax purposes to utilize the tax asset. At each balance sheet date, the Group reviews its unrecognized deferred tax assets and the value it has recognized. The Group recognizes an unrecognized deferred tax asset to the extent that is has become probable that the Group can utilize the deferred tax asset. Similarly, the Group will reduce its deferred tax asset to the extent that it can no longer utilize it.Deferred tax and deferred tax assets are measured on the basis of the expected future tax rates. CONTINGENT LIABILITIES AND ASSETSContingent liabilities are possible obligations resulting from past events which existence depends on future events; obligations that are not recognized because it is not probable that they will lead to an outflow of resources; and obligations that cannot be measured with sufficient reliability.Contingent liabilities are not recognized in the annual financial statements but will be disclosed in the notes if applicable. A contingent asset is not recognized in the annual financial statements but isdisclosed in the notes if there is a degree of probability that a benefit will accrue to the Group.SHARE-BASED REMUNERATIONShare-based payments are equity-settled share options granted to employees, contractors and membersof the board of directors. The options are charged against the income statements at their fair value over the vesting period, with a corresponding increase in equity. The fair value of share-based options is determined using the Black-Scholes option-pricing model. The social security contribution payable in connection with the exercise of the share options is accrued on a straight-line basis as current liabilities, based on the intrinsic value of the share options at the end of each accounting period with consequent charges to the payroll expenses.Share-based remuneration and option social security costs related to employees and members of the board are charged as payroll expenses, while costs related to contractors are charged as other operating expenses.LEASING AGREEMENTS The Group recognizes the lease liability and a corresponding right-of-use asset at the commencement date of the lease. Lease liabilities are measured at the present value of the remaining lease payments not paid at the commencement date. The lease payments are discounted using the lessee\u2019s interest rateimplicit in the lease, or incremental borrowing rate when the interest rate implicit in the lease cannot be readily determined. Lease payments consists of the following elements: fixed payments, variable lease payment that are based on an index or a rate, amounts expected to be payable by the lessee under residual value guarantees, the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and payments of penalties for terminating the lease if the lease term reflects the lessee exercising that option. A corresponding asset representing the right to use the underlying asset during the lease term (right-of-use asset) is recognized, adjusted for prepayments done before commencement date, and initial direct costs and restoration costs if any. The right-of-use-asset is depreciated over the lease term and the depreciation expense is recognized as an operating expense. Interest expense on the lease liability is recognized as a financial expense.Lease contracts entered with a duration of less than 12 months and leases with a low value will not be recognized in the statement of financial position but recognized as an operating expense over the lease period. Lessees will be also required to remeasure the lease liability upon the occurrence of certain events (e.g., a change in the lease term, a change in future lease payments resulting from a change in an index or rate used to determine those payments). The lessee will generally recognize the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset.TERMINATION BENEFITS Termination benefits are payable when the employment is terminated by the Group before the normaretirement date or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when the Group can no longer withdraw the offer.EARNINGS PER SHAREEarnings per share are calculated by dividing the profit or loss for the period by the weighted averagenumber of ordinary shares outstanding over the course of the period. Earnings per share fully dilutedare calculated based on the result or the year divided by the average number of shares fully diluted. The effect of dilution is not counted in when the result is a decrease loss per share.EQUITY TRANSACTIONSIncremental costs directly attributable to the issue of ordinary shares are recognized as a deductionfrom equity. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with IAS 12.CASH FLOWThe cash flow statement has been drawn up in accordance with the indirect method and reportscash flows during the period classified by operating, investing and financing activities.GOVERNMENT GRANTSGovernment grants are recognized when there is reasonable assurance that the grant will be receivedand all attaching conditions will be complied with. When the grant relates to an expense item, it is recognized as a reduction in expense. When the grant can be viewed as payment for a deliverable or performance of service, it is recognized as other revenue.SEGMENT REPORTING The Group currently reports only in one business segment. Hence, all revenue and cost are related to the fingerprint sensor technology business segment.INCOME TAXESDeferred tax assets related to losses carried forward is recognized when it is probable that the loss carried forward may be utilized. Evaluation of probability is based on historical earnings, expected futuremargins and the size of the order backlog. Future events may lead to these estimates being changed. Such changes will be recognized when reliable new estimates can be made.ESTIMATES AND JUDGEMENTSPreparation of financial statements in accordance with IFRS requires that the management makes judgments and prepares estimates and assumptions which have an impact on the recognized amountsfor assets, liabilities, revenue and costs. Estimates and related assumptions have been based on the management\u2019s best knowledge of past and recent events, experience and other factors which are considered reasonable under the circumstances. Actual results may deviate from such assumptions. Estimates and underlying assumptions are subject to continuous evaluation.Critical account estimates for the Group are:Share-based remuneration: The Group estimates the fair value of options at the grant date. The cost of options granted to employeesand employee option social security costs are classified as employee costs while cost of options granted to consultants/contractors are classified as other operating costs. The Group has applied the Black-Scholes option-pricing model when valuing the options. The option valuation is based on assumptions about share price, volatility, interest rates and duration of the options. The cost of share-based remuneration is expensed over the vesting period. Estimates with regards to future attrition are applied. Such estimates are updated at the balance sheet date. Changes in this estimate will impact theexpensed cost of share-based remuneration in the period.Research and development expenses/ Intangible assets: Research costs are expensed as incurred. An intangible asset arising from the development expenditureon an individual project is recognized only when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, the Group\u2019s intention and capability of completing the development and realize the assets, and the net future financial benefits of use or sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-11-2": { "value": "BASIS OF PREPARATIONThese financial statements have been prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the EU, being standards and interpretations issued by the InternationaAccounting Standards Board (\u201cIASB\u201d), in force at 31 December 2022. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-12-2": { "value": "GOING CONCERNIn accordance with \u00a73-3a of the Norwegian Accounting Act, the Board of Directors confirms that thefinancial statements have been prepared under the assumption of going concern. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-13-3": { "value": "MEASUREMENT BASISThe financial statements have been prepared under the historical cost convention, unless otherwise presented in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. NEXT uses market observable data to the extent possible when measuring the fair value of an asset or a liability. If the fair value of an asseor a liability is not directly observable, it is estimated by NEXT using valuation techniques that maximizethe use of relevant observable inputs and minimize the use of unobservable inputs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-14-2": { "value": "CONSOLIDATION NEXT\u2019s consolidated financial statements comprise of the Parent company and companies in which theParent company has a controlling interest. A controlling interest is normally obtained when the Group holds more than 50 per cent of the voting rights or has decisive power on the entity\u2019s operational and financial management. Minority interests are included in the Group\u2019s equity. Intragroup transactions and balance sheet items and any unrealized gains or losses or revenue and cost related to intragroup transactions have been eliminated when preparing the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-15-2": { "value": "REVENUE FROM CONTRACTS WITH CUSTOMERSThe Group develops, manufactures and sell fingerprint sensors. In general, sales are recognized when control of the products has transferred at delivery according to delivery terms. The Group delivers products and send invoices both to distributors and directly to end-customers. The Group assess individual contracts and determines whether a distributor is a customer or a sales agent. When making this assessment it will be considered whether the buyer could have the opportunity to return products to the Group, whether the distributor/agent independently can set end customer prices and sell products toany end customer. The classification of a distributor as a customer or a sales agent will have an impact on the timing and measurement of revenue recognition.The goods are sold based on fixed prices with no variable consideration. No significant element of financing is deemed present as the sales are normally made with a credit term of 30 days upon delivery,which is consistent with market practice. A receivable is recognized when the goods are delivered as thisis the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.NOTE 3 - REVENUES AND SEGMENT REPORTING(amounts in NOK 1,000) 2022 2021Fingerprint sensor technology 46,508 49,788Total operating revenues 46,508 49,788THE GROUPThe Group targets four markets for the technology;(i) Notebook (ii) Government ID (iii) Access control (iv) Smart CardsThe same generic fingerprint sensor technology and products is used for all customers. Most of the Group\u2019s key IP, including our NEXT Active Thermal\u2122 is shared and used in all products. The employees in the Group work across all products and customers. The R&D personnel are focused on technology, rather than specific customer groups such as notebook or Government ID. Based on this, the Group consider that we only operate within one business segment, and therefore also report only within one business segment, \u201cFingerprint sensor technology\u201d. The operating revenue, both in 2022 and in 2021, was mainly related to customers geographically located in Asia (Japan, Singapore, China, Taiwan and India).All of the group\u2019s revenue is point in time type of revenue.Other revenue of NOK 1.8 million mainly relates to sale of electronical components.The CEO is the chief operating decision maker (CODM) of the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-15-3": { "value": "REVENUE FROM CONTRACTS WITH CUSTOMERSThe Group develops, manufactures and sell fingerprint sensors. In general, sales are recognized when control of the products has transferred at delivery according to delivery terms. The Group delivers products and send invoices both to distributors and directly to end-customers. The Group assess individual contracts and determines whether a distributor is a customer or a sales agent. When making this assessment it will be considered whether the buyer could have the opportunity to return products to the Group, whether the distributor/agent independently can set end customer prices and sell products toany end customer. The classification of a distributor as a customer or a sales agent will have an impact on the timing and measurement of revenue recognition.The goods are sold based on fixed prices with no variable consideration. No significant element of financing is deemed present as the sales are normally made with a credit term of 30 days upon delivery,which is consistent with market practice. A receivable is recognized when the goods are delivered as thisis the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-16-3": { "value": "CURRENCY These financial statements are presented in Norwegian kroner, which is also the Parent company\u2019s functional currency. Each entity in the Group determines its own functional currency based on local operations, and items included in the financial statements are measured using that functional currency.Monetary assets and liabilities denominated in foreign currency are converted to the functional currencyusing the exchange rates of the balance sheet date. Revenues and expenses in foreign currency are converted using the exchange rate at the transaction date.Assets and liabilities in foreign operations are translated into the presentation currency using the exchange rates on the balance sheet date. Incomes and expenses relating to foreign operations are translated into the presentation currency using the average exchange rate. Translation differences are recognized in other comprehensive income (loss). Translation differences previously recognized in other comprehensive income (loss) are reversed and recognized in profit and loss when the foreign operations are disposed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-16-4": { "value": "CURRENCY These financial statements are presented in Norwegian kroner, which is also the Parent company\u2019s functional currency. Each entity in the Group determines its own functional currency based on local operations, and items included in the financial statements are measured using that functional currency.Monetary assets and liabilities denominated in foreign currency are converted to the functional currencyusing the exchange rates of the balance sheet date. Revenues and expenses in foreign currency are converted using the exchange rate at the transaction date.Assets and liabilities in foreign operations are translated into the presentation currency using the exchange rates on the balance sheet date. Incomes and expenses relating to foreign operations are translated into the presentation currency using the average exchange rate. Translation differences are recognized in other comprehensive income (loss). Translation differences previously recognized in other comprehensive income (loss) are reversed and recognized in profit and loss when the foreign operations are disposed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-17-3": { "value": "INTANGIBLE ASSETS Separately acquired intangible assetsOn initial recognition, intangible assets acquired separately are measured at cost. The cost of a separately acquired intangible asset comprises its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates and any directly attributable cost of preparing the asset for its intended use.After initial recognition, intangible assets are carried at cost less any accumulated amortization and impairment losses. The estimated useful life and amortization method are revised at the end of each reporting period with the effect of any changes in estimate being accounted for on a prospective basis.An intangible asset is derecognized on disposal, or when no future economic benefits are expected fromuse or disposal. Gains or losses arising from derecognition of an intangible asset - measured as the difference between the net disposal proceeds and the carrying amount of the asset - are recognized in profit or loss when the asset is derecognized.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-18-3": { "value": "Internally generated intangible assetsDevelopment costs represent typical internally generated intangible assets of relevance for the Group. Costs incurred in relation to individual projects are capitalized only when the future economic benefit of the project is probable and the following main conditions are met: (i) the development costs can be measured reliably, (ii) the technical feasibility of the product has been ascertained and (iii) Managementhas the intention and ability to complete the intangible asset and use or sell it.When expenditure is initially recognized as an expense, for example where it cannot be determined whether future economic benefits are probable, it cannot later be recognized as part of the cost of an intangible asset.Research costs are expensed as incurred.Research and development expenses/ Intangible assets: Research costs are expensed as incurred. An intangible asset arising from the development expenditureon an individual project is recognized only when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, the Group\u2019s intention and capability of completing the development and realize the assets, and the net future financial benefits of use or sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-19-3": { "value": "PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipment are held at cost less accumulated depreciation and impairment losses. When assets are sold or disposed, the gross carrying amount and accumulated depreciations are reversed. Any gain or loss on the sale or disposal is recognized in the profit and loss.The gross carrying amount is the purchase price, including duties/taxes and direct acquisition costs related to making the asset ready for use. Subsequent costs, such as repair and maintenance expensesare normally recognized in profit or loss as incurred. When increased future economic benefits as a result of repair/maintenance work can be proven, such expenses will be recognized in the balance sheet as additions to property, plant and equipment.The assets are depreciated using the straight-line method over each asset\u2019s useful life. Estimated useful life and residual value are reviewed at least at each financial year end. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-20-3": { "value": "IMPAIRMENT OF ASSETSAssessments of indications that assets may be impaired are made by the end of each reporting period. If an asset\u2019s carrying amount is higher than the asset\u2019s recoverable amount, an impairment loss will be recognized in profit and loss. The recoverable amount is the higher of the fair value less costs to sell andthe discounted cash flow from continued use. The fair value less costs to sell is the net amount that canbe obtained from a sale to an independent third party. The recoverable amount is determined separatelyfor each asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-21-3": { "value": "PROVISIONSProvisions are recognized when, and only when, the Group has a valid liability (legal or constructive) as a result of events that have taken place and it is more probable than not that a financial settlementwill take place as a result of the event(s), and the size of the amount can be measured reliably. Provisions are reviewed on each balance sheet date and their level reflects the best estimate of the liability. When the effect of time is insignificant, the provisions will be equal to the size of the expense necessary to be free of the liability. When the effect of time is significant, the provisions will amount to the present value of future payments to cover the liability. Any increase in the provisions due to timeis recorded as other financial expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-22-3": { "value": "FINANCIAL ASSETS AND LIABILITIES Initial recognition and measurement Financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument. Trade receivables are initially recognized when they are originatedA financial asset or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.On initial recognition, a financial asset is classified as measured at amortized cost, fair value through other comprehensive income (FVOCI) or fair value through profit or loss (FVTPL).The Group makes an assessment of the objective of the business model in which a financial asset is held. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial asset or both. In assessing whether the contractual cash flows are solely payments of principal and interest (SPPI test), the Group considers the contractual terms of the instrument. The Groups financial assets at amortized cost includes trade receivables. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-22-4": { "value": "FINANCIAL ASSETS AND LIABILITIES Initial recognition and measurement Financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument. Trade receivables are initially recognized when they are originatedA financial asset or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.On initial recognition, a financial asset is classified as measured at amortized cost, fair value through other comprehensive income (FVOCI) or fair value through profit or loss (FVTPL).The Group makes an assessment of the objective of the business model in which a financial asset is held. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial asset or both. In assessing whether the contractual cash flows are solely payments of principal and interest (SPPI test), the Group considers the contractual terms of the instrument. The Groups financial assets at amortized cost includes trade receivables. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-23-3": { "value": "Financial asset impairment The Group recognizes loss allowances for ECLs on financial assets measured at amortized cost. For trade receivables that do not contain a significant financing component, the simplified approach is applied, and the Group recognize lifetime expected credit loss (ECL). The Group applies the provision matrix as a practical expedient to calculate ECL. The provision matrix is based on historical losses and forward-looking information and is updated at each reporting date. In addition, the trade receivables are grouped in customer segments that have a similar loss pattern. For trade receivables which are individually assessed the ECL is calculated as the exposure at default multiplied with the probability of default multiplied with the exposure at default. The Group consider the rebuttable presumption that default does not occur later than 90 days past due as its policy. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitativeinformation and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.ECLs are discounted at the effective interest rate of the financial asset. For trade receivables without significant financing component, the time value of money will not need to be considered as it is insignificant and the ECL will therefore not be discounted. Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.Financial asset write-off The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. However, financial assetsthat are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-25-3": { "value": "INVENTORYRaw materials, work in progress and finished products are valued at the lower of cost and net realizablevalue after deduction for obsolescence. Net realizable value is estimated as the selling price less cost of completion and the cost necessary to make the sale. Costs are determined using the FIFO method. Work in progress and finished goods includes variable cost and non-variable cost which can reasonablybe allocated to items based on normal capacity.Finished products, work in progress and raw materials are valued at the lower of cost and net realizablevalue. Net realizable value is estimated as the selling price less cost of completion and the cost necessary to make the sale. Costs are determined using the weighted average method. Raw materials, work in progress and finished products includes variable cost and non-variable cost which can be allocated to items based on normal capacity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-26-3": { "value": "CASHCash include cash in hand, deposits held at call with banks and bank deposits related to employeewithholding tax (restricted funds).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-27-3": { "value": "TAXES The tax expense consists of the tax payable and changes in deferred tax. Deferred tax has been calculated based on the temporary differences between the recorded and tax values, as well as on any tax loss carry-forward at the balance sheet closing date. Any temporary differences increasing or reducing tax that will or may reverse in the same period, have been netted.A deferred tax asset will be recognized when it is probable that the Group will have sufficient profit fotax purposes to utilize the tax asset. At each balance sheet date, the Group reviews its unrecognized deferred tax assets and the value it has recognized. The Group recognizes an unrecognized deferred tax asset to the extent that is has become probable that the Group can utilize the deferred tax asset. Similarly, the Group will reduce its deferred tax asset to the extent that it can no longer utilize it.Deferred tax and deferred tax assets are measured on the basis of the expected future tax rates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-27-4": { "value": "TAXES The tax expense consists of the tax payable and changes in deferred tax. Deferred tax has been calculated based on the temporary differences between the recorded and tax values, as well as on any tax loss carry-forward at the balance sheet closing date. Any temporary differences increasing or reducing tax that will or may reverse in the same period, have been netted.A deferred tax asset will be recognized when it is probable that the Group will have sufficient profit fotax purposes to utilize the tax asset. At each balance sheet date, the Group reviews its unrecognized deferred tax assets and the value it has recognized. The Group recognizes an unrecognized deferred tax asset to the extent that is has become probable that the Group can utilize the deferred tax asset. Similarly, the Group will reduce its deferred tax asset to the extent that it can no longer utilize it.Deferred tax and deferred tax assets are measured on the basis of the expected future tax rates. INCOME TAXESDeferred tax assets related to losses carried forward is recognized when it is probable that the loss carried forward may be utilized. Evaluation of probability is based on historical earnings, expected futuremargins and the size of the order backlog. Future events may lead to these estimates being changed. Such changes will be recognized when reliable new estimates can be made.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-27-5": { "value": "TAXES The tax expense consists of the tax payable and changes in deferred tax. Deferred tax has been calculated based on the temporary differences between the recorded and tax values, as well as on any tax loss carry-forward at the balance sheet closing date. Any temporary differences increasing or reducing tax that will or may reverse in the same period, have been netted.A deferred tax asset will be recognized when it is probable that the Group will have sufficient profit fotax purposes to utilize the tax asset. At each balance sheet date, the Group reviews its unrecognized deferred tax assets and the value it has recognized. The Group recognizes an unrecognized deferred tax asset to the extent that is has become probable that the Group can utilize the deferred tax asset. Similarly, the Group will reduce its deferred tax asset to the extent that it can no longer utilize it.Deferred tax and deferred tax assets are measured on the basis of the expected future tax rates. INCOME TAXESDeferred tax assets related to losses carried forward is recognized when it is probable that the loss carried forward may be utilized. Evaluation of probability is based on historical earnings, expected futuremargins and the size of the order backlog. Future events may lead to these estimates being changed. Such changes will be recognized when reliable new estimates can be made.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-28-3": { "value": "CONTINGENT LIABILITIES AND ASSETSContingent liabilities are possible obligations resulting from past events which existence depends on future events; obligations that are not recognized because it is not probable that they will lead to an outflow of resources; and obligations that cannot be measured with sufficient reliability.Contingent liabilities are not recognized in the annual financial statements but will be disclosed in the notes if applicable. A contingent asset is not recognized in the annual financial statements but isdisclosed in the notes if there is a degree of probability that a benefit will accrue to the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-29-3": { "value": "SHARE-BASED REMUNERATIONShare-based payments are equity-settled share options granted to employees, contractors and membersof the board of directors. The options are charged against the income statements at their fair value over the vesting period, with a corresponding increase in equity. The fair value of share-based options is determined using the Black-Scholes option-pricing model. The social security contribution payable in connection with the exercise of the share options is accrued on a straight-line basis as current liabilities, based on the intrinsic value of the share options at the end of each accounting period with consequent charges to the payroll expenses.Share-based remuneration and option social security costs related to employees and members of the board are charged as payroll expenses, while costs related to contractors are charged as other operating expenses.Critical account estimates for the Group are:Share-based remuneration: The Group estimates the fair value of options at the grant date. The cost of options granted to employeesand employee option social security costs are classified as employee costs while cost of options granted to consultants/contractors are classified as other operating costs. The Group has applied the Black-Scholes option-pricing model when valuing the options. The option valuation is based on assumptions about share price, volatility, interest rates and duration of the options. The cost of share-based remuneration is expensed over the vesting period. Estimates with regards to future attrition are applied. Such estimates are updated at the balance sheet date. Changes in this estimate will impact theexpensed cost of share-based remuneration in the period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-30-3": { "value": "LEASING AGREEMENTS The Group recognizes the lease liability and a corresponding right-of-use asset at the commencement date of the lease. Lease liabilities are measured at the present value of the remaining lease payments not paid at the commencement date. The lease payments are discounted using the lessee\u2019s interest rateimplicit in the lease, or incremental borrowing rate when the interest rate implicit in the lease cannot be readily determined. Lease payments consists of the following elements: fixed payments, variable lease payment that are based on an index or a rate, amounts expected to be payable by the lessee under residual value guarantees, the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and payments of penalties for terminating the lease if the lease term reflects the lessee exercising that option. A corresponding asset representing the right to use the underlying asset during the lease term (right-of-use asset) is recognized, adjusted for prepayments done before commencement date, and initial direct costs and restoration costs if any. The right-of-use-asset is depreciated over the lease term and the depreciation expense is recognized as an operating expense. Interest expense on the lease liability is recognized as a financial expense.Lease contracts entered with a duration of less than 12 months and leases with a low value will not be recognized in the statement of financial position but recognized as an operating expense over the lease period. Lessees will be also required to remeasure the lease liability upon the occurrence of certain events (e.g., a change in the lease term, a change in future lease payments resulting from a change in an index or rate used to determine those payments). The lessee will generally recognize the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-31-3": { "value": "TERMINATION BENEFITS Termination benefits are payable when the employment is terminated by the Group before the normaretirement date or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when the Group can no longer withdraw the offer.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-32-3": { "value": "EARNINGS PER SHAREEarnings per share are calculated by dividing the profit or loss for the period by the weighted averagenumber of ordinary shares outstanding over the course of the period. Earnings per share fully dilutedare calculated based on the result or the year divided by the average number of shares fully diluted. The effect of dilution is not counted in when the result is a decrease loss per share.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-33-3": { "value": "EQUITY TRANSACTIONSIncremental costs directly attributable to the issue of ordinary shares are recognized as a deductionfrom equity. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with IAS 12.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-34-3": { "value": "CASH FLOWThe cash flow statement has been drawn up in accordance with the indirect method and reportscash flows during the period classified by operating, investing and financing activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-35-3": { "value": "GOVERNMENT GRANTSGovernment grants are recognized when there is reasonable assurance that the grant will be receivedand all attaching conditions will be complied with. When the grant relates to an expense item, it is recognized as a reduction in expense. When the grant can be viewed as payment for a deliverable or performance of service, it is recognized as other revenue.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-36-3": { "value": "SEGMENT REPORTING The Group currently reports only in one business segment. Hence, all revenue and cost are related to the fingerprint sensor technology business segment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-38-3": { "value": "ESTIMATES AND JUDGEMENTSPreparation of financial statements in accordance with IFRS requires that the management makes judgments and prepares estimates and assumptions which have an impact on the recognized amountsfor assets, liabilities, revenue and costs. Estimates and related assumptions have been based on the management\u2019s best knowledge of past and recent events, experience and other factors which are considered reasonable under the circumstances. Actual results may deviate from such assumptions. Estimates and underlying assumptions are subject to continuous evaluation.", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-40-4": { "value": "Research and development expenses/ Intangible assets: Research costs are expensed as incurred. An intangible asset arising from the development expenditureon an individual project is recognized only when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, the Group\u2019s intention and capability of completing the development and realize the assets, and the net future financial benefits of use or sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-40-5": { "value": "Research and development expenses/ Intangible assets: Research costs are expensed as incurred. An intangible asset arising from the development expenditureon an individual project is recognized only when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, the Group\u2019s intention and capability of completing the development and realize the assets, and the net future financial benefits of use or sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-42-2": { "value": "NOTE 4 \u2013 PAYROLL EXPENSES AND REMUNERATION(amounts in NOK 1,000) 2022 2021Salaries, fees -27,025 -28,563Share based remuneration (salary part) -4,728 -8,471Share based remuneration (employer's tax) 2,663 -4,495Social security taxes -2,598 -3,002Pension contribution -747 -675Other personnel expenses -951 -779Total payroll expenses -33,385 -45,983Average numbers of employees 27 26The Group employed an average number of employees of 27. In addition, the company has 9 contractors who are working for the company on a part time or full time basis.The parent company, NEXT Biometrics Group ASA, provides a contribution-based pension insurance scheme for all employees. The scheme satisfies the mandatory service pension (\u2018OTP\u2019) in Norway.NEXT Biometrics Inc has a 401-K plan for its employees, which allows employees to save for retirement with pre-tax funds. The company currently does not contribute to this plan but pays for its administration. NEXT Biometrics Taiwan Ltd offers an employee pension plan with an annual contribution of 6% of the salary, but capped at TWD 9000 per month per employee (NOK 2900 per month). NEXT Biometrics China Ltd and NEXT Biometrics Solutions Pvt Ltd have no local pension plans.NOTE 20 \u2013 REMUNERATION KEY PERSONNEL AND AUDIT FEESACTUAL REMUNERATION - SENIOR EXECUTIVES2022Fair value (amounts in NOK Board Other Pension granted Total1,000)remuneration Salary Bonusbenefitscostoptions *remunerationSenior ExecutivesPeter Heuman, CEO - 3,493 800 4 162 1,509 5,968Eirik Underthun, CFO - 1,805 - 4 162 704 2,675Ulf Ritsvall, SVP Sales and - 1,706 - 2 - 1,402 3,110marketingBoard of DirectorsPetter Fjeldstad, Chairman 500 - - - - 500Odd Harald Hauge 200 - - - - 200Emine Lundkvist 200 - - - - 2001Siri B\u00f8rsum - - - - - 96 96 2Live Haukvik 200 - - - - 200 - Nomination committee - Jon Frode Vaksvik, 30 - - - - - 30ChairmanHaakon S\u00e6ter 20 - - - - - 20Hans-Herman Horn 20 - - - - - 20Total remuneration 1,170 7,004 800 10 324 3,712 13,020* Fair value of granted options is equal to expensed share option remuneration for the year, which is based on fair value at grant date and vesting period (see note 2 for further information). 1 Siri B\u00f8rsum was board member from 19 May 2022. 2 Live Haukvik was board member until 19 May 2022. ACTUAL REMUNERATION - SENIOR EXECUTIVES2021Fair value 2021 (amounts in Board Other Pension granted TotalNOK 1,000)remuneration Salary Bonusbenefitscostoptions *remunerationSenior ExecutivesPeter Heuman, CEO - 3,534 1,700 4 145 3,209 8,592Eirik Underthun, CFO - 1,731 - 5 145 1,257 3,138Ulf Ritsvall, SVP Sales and - 366 - 5 - 180 5511marketingBoard of DirectorsPetter Fjeldstad, Chairman 500 - - - - 500Odd Harald Hauge 200 - - - - 200Emine Lundkvist 200 - - - - 200Live Haukvik 200 - - - - 200 - Nomination committee - Jon Frode Vaksvik, 30 - - - - - 30ChairmanHaakon S\u00e6ter 20 - - - - - 202Hans-Herman Horn - - - - - - -Total remuneration 1,150 5,631 1,700 14 290 4,646 13,4311 Ulf Ritsvall was SVP sales and marketing effective from 18 October 2021.2 Hans Herman Horn was elected as new member of the nomination committee at the annual general meeting held on 12 May 2021. CEO REMUNERATIONPeter Heuman has a salary of NOK 2.9 million per year. In addition, he is part of the Company\u2019s option plan and the bonus program, which provides annual bonuses based upon the achievement of performance objectives established by the company. Further, the CEO is entitled to a pension benefit o15% of annual base salary. Peter Heuman was awarded a bonus in 2022 and 2021 and the company also paid pension benefits as salary for the amount in excess of the company\u2019s standard pension contribution for 2022 and 2021, which is reported under salary in the tables above.SEVERANCE Peter Heuman has a severance agreement whereby he will receive 100% pay for 6 months fortermination by the Company without cause.LOANS AND GUARANTEES FOR SENIOR EXECUTIVESThe Company has not made any advance payments or issued loans to, or guarantees in favor of, any senior executives or members of the board as per 31 December 2022.SHARE BASED REMUNERATION Salary, pension and any bonuses will attract employer\u2019s tax, which will be expensed simultaneously with the remuneration. The notional cost of options as share-based remuneration is expensed, but the equity effect is nil because the contra item is a notional equity injection of equal amount. In addition, employer\u2019s tax is accrued on the intrinsic value of the option on the balance sheet date. For the shareholders, a possible exercise of share options will represent a dilution. At the end of 2022, the number of outstanding options to senior executives amounted to 9,780,000 corresponding to 10.6% of the share capital. At the end of 2021, the number of outstanding options to senior executives amounted to 8,080,000 corresponding to 8.8% of the share capital. For further details regarding share-based remuneration, see note 19.OPTIONS - SHARE BASED REMUNERATIONAccumulated Expired/ Average Accumulated Averagequantity Granted adjusted Exercised exercise quantity exercise2022options OBoptions optionsoptionsprice - Aoptions CBprice - BSenior ExecutivesPeter Heuman, CEO 4,720,000 - - - - 4,720,000 3.99Eirik Underthun, CFO 1,300,000 200,000 - - - 1,500,000 4.67Ulf Ritsvall, SVP Sales 400,000 1,500,000 - - - 1,900,000 5.34and MarketingBoard of DirectorsPetter Fjeldstad, 1,030,000 - - - - 1,030,000 2.66ChairmanOdd Harald Hauge 200,000 - - - - 200,000 2.49Emine Lundkvist 230,000 - - - - 230,000 3.27Siri B\u00f8rsum - 200,000 - - - 200,000 4.89Live Haukvik 200,000 - - -200,000 2.49 - Total 8,080,000 1,900,000 - - 9,780,000Accumulated Expired/ Average Accumulated Averagequantity Granted adjusted Exercised exercise quantity exercise2021options OBoptions optionsoptionsprice - Aoptions CBprice - BSenior ExecutivesPeter Heuman, CEO 2,720,000 2,000,000 - - - 4,720,000 3.99Eirik Underthun, CFO 1,000,000 800,000 - -500,000 2.49 1,300,000 4.63Ulf Ritsvall, SVP Sales - 400,000 - - - 400,000 7.25and MarketingBoard of DirectorsPetter Fjeldstad, 1,030,000 - - - - 1,030,000 2.66ChairmanOdd Harald Hauge 200,000 - - - - 200,000 2.49Emine Lundkvist 230,000 - - - - 230,000 3.27Live Haukvik 200,000 - - - - 200,000 2.49Total 5,380,000 3,200,000 - - 8,080,000A - Average exercise price for options exercised during the financial year (amounts in NOK)B - Average exercise price for quantity of options by the end of the financial year (amounts in NOK", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-42-3": { "value": "NOTE 4 \u2013 PAYROLL EXPENSES AND REMUNERATION(amounts in NOK 1,000) 2022 2021Salaries, fees -27,025 -28,563Share based remuneration (salary part) -4,728 -8,471Share based remuneration (employer's tax) 2,663 -4,495Social security taxes -2,598 -3,002Pension contribution -747 -675Other personnel expenses -951 -779Total payroll expenses -33,385 -45,983Average numbers of employees 27 26The Group employed an average number of employees of 27. In addition, the company has 9 contractors who are working for the company on a part time or full time basis.The parent company, NEXT Biometrics Group ASA, provides a contribution-based pension insurance scheme for all employees. The scheme satisfies the mandatory service pension (\u2018OTP\u2019) in Norway.NEXT Biometrics Inc has a 401-K plan for its employees, which allows employees to save for retirement with pre-tax funds. The company currently does not contribute to this plan but pays for its administration. NEXT Biometrics Taiwan Ltd offers an employee pension plan with an annual contribution of 6% of the salary, but capped at TWD 9000 per month per employee (NOK 2900 per month). NEXT Biometrics China Ltd and NEXT Biometrics Solutions Pvt Ltd have no local pension plans.NOTE 5 \u2013 OTHER OPERATING EXPENSES(amounts in NOK 1,000) 2022 2021Product and marketing costs -2,657 -1,796R&D costs -5,516 -5,252Business services costs -6,793 -9,7691R&D and government grants224 10,5052Fees to contractors, auditors, lawyers and others-4,615 -6,1243Other expenses-2,845 -2,8724Share based remuneration (operating part)-5 36Total other operating expenses (22,207) (15,2721) R&D grants and other government grants are related to Skattefunn grants in 2021/2022 and US-COVID-19 loan relief in 20212) Fees to contractors, auditors, lawyers refers to amounts paid the company\u2019s contractors and service providers who are working for the company on a part time or full time basis3) Share based remuneration (operating part) refers to share options granted to consultants (see note 19 for further information)4) Share based remuneration (operating part) refers to share options granted to contractors (see note 19 for further information)The company changed its accounting policy on the classification of certain types of transport and logistic costs connected to intra-factory movements in Asia with effect from January 2022. Prior to January 2022, these costs were included in the costs of goods sold cost category. These costs have now been reclassified to other operating expenses. As a result of the change in accounting policy, the company has made the following restatements for the comparative accounting periods in 2021. As a result of the changed cost classification, NEXT costs of goods sold was reduced by NOK 1.1 million for 2021 while other operating costs was increased by the same amounts. See table below for further details.NOTE 19 \u2013 SHARE CAPITAL, SHAREHOLDER\u2019S INFORMATION AND SHARE-BASED OPTIONSThere is one class of shares. All shares have equal rights and are freely negotiable. The share capital is fully paid in. The par value of the shares is NOK 1 per share.There were 91,980,763 shares in the company on 31 December 2022, compared to 91,680,763 shares on 31 December 2021. At the end of 2022 there were 4,392 shareholder accounts compared to 5,377 at the end of 2021.NUMBER OF SHARES OUTSTANDING(amounts in NOK 1,000) 2022 2021Opening balance 91,680,763 75,944,489Share issue(s) - 14,819,897Exercised incentive share options 300,000 916,377Closing balance 91,980,763 91,680,763In August 2022, 300,000 share options were exercised at an average subscription price of NOK 2.49 per share, corresponding to gross proceeds of NOK 0.7 million. Total net proceeds from share issues for the year 2022 amounted to NOK 0.7 million.There are no authorizations to the board to purchase own shares.In February 2021, NEXT successfully completed a private placement issuing 14,819,897 new shares at a subscription price of NOK 6.0 per share, corresponding to gross proceeds of NOK 89 million. Estimated expenses related to the private placement was NOK 4.8 million and net proceeds were NOK 84 million. Moreover, in May and September 2021, NEXT issued additional 916,377 shares and raised total gross proceeds of NOK 2.7 million in two equity issues related to exercise of employee share options. Total net proceeds for the year 2021 amounted to NOK 86.7 million.As of 31 December 2022, the Company has one share option program:I) LONG-TERM SHARE OPTIONS PROGRAMNEXT has allotted long-term share options to employees. The options in the 2016-2019 program vest 1/3 after 1 year, additionally 1/3 after 2 years, additionally 1/3 after 3 years. The options expire after 6 years. The options in the 2020 program are fully vested as per 31. December 2021. The options in the 2021 program vest 1/3 in quarter three 2021, 1/3 in quarter three 2022 and 1/3 in quarter three 2023. The options allocated to employees in the 2022 program vest 1/3 in quarter three 2022, 1/3 in quarter three 2023 and 1/3 in quarter three 2024. The options allocated to the board member in the 2022 program vest 1/2 in quarter three 2022 and 1/2 in quarter three 2023. The options in the 2020, 2021 and 2022 program expire 3 years after the options have been granted.There are currently an accumulated 11,932,228 (13.0% of total number of shares in the Company) share options outstanding. Out of these, 8,755,897 share options have vested.Each option gives the holder the right to acquire one share from the Company at a strike price defined inthe individual share option agreement.The option agreements include a clause on accelerated vesting in case of a majority of shares in the Company are (i) sold to an acquirer, (ii) the Company is merged with another company, (iii) a demerger occurs, and (iv) if the company\u2019s shares are delisted.At the Annual General Meeting (AGM) 19 May 2022 the Board of Directors was granted authorization to issue up to 9,309,100 shares shares in the company in relation to options granted to employees and board members.2022 2021Weighted average Weighted average Options - movement Number of optionsexercise price Number of optionsexercise priceOutstanding options - Beginning period 9,828,646 4.84 6,682,460 5.17Granted 2,681,000 4.83 4,649,998 6.09Exercised -300,000 2.49 -916,377 2.96Forfeited or expired -277,418 - -587,435 Modifications - - - Outstanding options - End period 11,932,228 4.86 9,828,646 4.84Vested options - End period 8,755,897 4.66 6,665,419 4.252022 2021Weighted average Weighted averageNumber of optionsfair value Number of optionsfair valueGranted options - During period 2,681,000 1.32 4,649,998 2.582022Net expense in the Of which Remaining Number of optionsperiod (NOK 1,000)adjustment prior expense future expected to vestperiods expense periods (NOK (number of optionsbecause of change 1,000)in estimated number of options that will vest (NOK 1,000)2016-2019 grants 39 - 623,5652020 grants - - - 4,586,0002021 grants 3,540 -183 1,057 4,140,9972022 grants 1,154 -20 2,238 2,581,666Total 4,733 -203 3,296 11,932,2282022Weighted average Total numberemaining Number of options of optionsRange of exercise contractual life expected to vest outstandingprice(years)(number of options)(number of options2016-2019 grants 3,13-78,04 2.3 623,565 623,5652020 grants 2,49-3,21 0.47 4,586,000 4,586,0002021 grants 4,32-7,45 1.47 4,001,031 4,140,9972022 grants 4,48-4,89 2.41 2,362,082 2,581,666Total - - 11,572,678 11,932,228The fair value for the share-based options granted in the year has been calculated by use of the Black (1976) option-pricing model for 2021 and Black-Scholes for 2022 and the following assumptions have been applied in2022 and 2021: Exercise price:2022: Weighted average NOK 4.83 per share2021: Weighted average NOK 6.09 per shareVesting period:2022 employee options: 1/3 have 1 years, 1/3 have 2 years and 1/3 have 3 years2022 board of director options: 1/2 have 1 years, 1/2 have 2 years2021: 1/3 have 1 years, 1/3 have 2 years and 1/3 have 3 yearsVolatility:2022: 45%-93% depending on time to maturity of individual options.2021: 90% Risk free interest rate: 2022: 1.24%-2.92% depending on time to maturity of individual options.2021: 0.33%-0.73% depending on time to maturity of individual options.Attrition:2022: Estimated 10%-15% attrition depending on time to maturity of individual non-vested share-based options.2021: Estimated 10%-15% attrition depending on time to maturity of individual non-vested share-based options.No expected dividend payment NOTE 20 \u2013 REMUNERATION KEY PERSONNEL AND AUDIT FEESACTUAL REMUNERATION - SENIOR EXECUTIVES2022Fair value (amounts in NOK Board Other Pension granted Total1,000)remuneration Salary Bonusbenefitscostoptions *remunerationSenior ExecutivesPeter Heuman, CEO - 3,493 800 4 162 1,509 5,968Eirik Underthun, CFO - 1,805 - 4 162 704 2,675Ulf Ritsvall, SVP Sales and - 1,706 - 2 - 1,402 3,110marketingBoard of DirectorsPetter Fjeldstad, Chairman 500 - - - - 500Odd Harald Hauge 200 - - - - 200Emine Lundkvist 200 - - - - 2001Siri B\u00f8rsum - - - - - 96 96 2Live Haukvik 200 - - - - 200 - Nomination committee - Jon Frode Vaksvik, 30 - - - - - 30ChairmanHaakon S\u00e6ter 20 - - - - - 20Hans-Herman Horn 20 - - - - - 20Total remuneration 1,170 7,004 800 10 324 3,712 13,020* Fair value of granted options is equal to expensed share option remuneration for the year, which is based on fair value at grant date and vesting period (see note 2 for further information). 1 Siri B\u00f8rsum was board member from 19 May 2022. 2 Live Haukvik was board member until 19 May 2022. ACTUAL REMUNERATION - SENIOR EXECUTIVES2021Fair value 2021 (amounts in Board Other Pension granted TotalNOK 1,000)remuneration Salary Bonusbenefitscostoptions *remunerationSenior ExecutivesPeter Heuman, CEO - 3,534 1,700 4 145 3,209 8,592Eirik Underthun, CFO - 1,731 - 5 145 1,257 3,138Ulf Ritsvall, SVP Sales and - 366 - 5 - 180 5511marketingBoard of DirectorsPetter Fjeldstad, Chairman 500 - - - - 500Odd Harald Hauge 200 - - - - 200Emine Lundkvist 200 - - - - 200Live Haukvik 200 - - - - 200 - Nomination committee - Jon Frode Vaksvik, 30 - - - - - 30ChairmanHaakon S\u00e6ter 20 - - - - - 202Hans-Herman Horn - - - - - - -Total remuneration 1,150 5,631 1,700 14 290 4,646 13,4311 Ulf Ritsvall was SVP sales and marketing effective from 18 October 2021.2 Hans Herman Horn was elected as new member of the nomination committee at the annual general meeting held on 12 May 2021. CEO REMUNERATIONPeter Heuman has a salary of NOK 2.9 million per year. In addition, he is part of the Company\u2019s option plan and the bonus program, which provides annual bonuses based upon the achievement of performance objectives established by the company. Further, the CEO is entitled to a pension benefit o15% of annual base salary. Peter Heuman was awarded a bonus in 2022 and 2021 and the company also paid pension benefits as salary for the amount in excess of the company\u2019s standard pension contribution for 2022 and 2021, which is reported under salary in the tables above.SEVERANCE Peter Heuman has a severance agreement whereby he will receive 100% pay for 6 months fortermination by the Company without cause.LOANS AND GUARANTEES FOR SENIOR EXECUTIVESThe Company has not made any advance payments or issued loans to, or guarantees in favor of, any senior executives or members of the board as per 31 December 2022.SHARE BASED REMUNERATION Salary, pension and any bonuses will attract employer\u2019s tax, which will be expensed simultaneously with the remuneration. The notional cost of options as share-based remuneration is expensed, but the equity effect is nil because the contra item is a notional equity injection of equal amount. In addition, employer\u2019s tax is accrued on the intrinsic value of the option on the balance sheet date. For the shareholders, a possible exercise of share options will represent a dilution. At the end of 2022, the number of outstanding options to senior executives amounted to 9,780,000 corresponding to 10.6% of the share capital. At the end of 2021, the number of outstanding options to senior executives amounted to 8,080,000 corresponding to 8.8% of the share capital. For further details regarding share-based remuneration, see note 19.OPTIONS - SHARE BASED REMUNERATIONAccumulated Expired/ Average Accumulated Averagequantity Granted adjusted Exercised exercise quantity exercise2022options OBoptions optionsoptionsprice - Aoptions CBprice - BSenior ExecutivesPeter Heuman, CEO 4,720,000 - - - - 4,720,000 3.99Eirik Underthun, CFO 1,300,000 200,000 - - - 1,500,000 4.67Ulf Ritsvall, SVP Sales 400,000 1,500,000 - - - 1,900,000 5.34and MarketingBoard of DirectorsPetter Fjeldstad, 1,030,000 - - - - 1,030,000 2.66ChairmanOdd Harald Hauge 200,000 - - - - 200,000 2.49Emine Lundkvist 230,000 - - - - 230,000 3.27Siri B\u00f8rsum - 200,000 - - - 200,000 4.89Live Haukvik 200,000 - - -200,000 2.49 - Total 8,080,000 1,900,000 - - 9,780,000Accumulated Expired/ Average Accumulated Averagequantity Granted adjusted Exercised exercise quantity exercise2021options OBoptions optionsoptionsprice - Aoptions CBprice - BSenior ExecutivesPeter Heuman, CEO 2,720,000 2,000,000 - - - 4,720,000 3.99Eirik Underthun, CFO 1,000,000 800,000 - -500,000 2.49 1,300,000 4.63Ulf Ritsvall, SVP Sales - 400,000 - - - 400,000 7.25and MarketingBoard of DirectorsPetter Fjeldstad, 1,030,000 - - - - 1,030,000 2.66ChairmanOdd Harald Hauge 200,000 - - - - 200,000 2.49Emine Lundkvist 230,000 - - - - 230,000 3.27Live Haukvik 200,000 - - - - 200,000 2.49Total 5,380,000 3,200,000 - - 8,080,000A - Average exercise price for options exercised during the financial year (amounts in NOK)B - Average exercise price for quantity of options by the end of the financial year (amounts in NOK", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-43-3": { "value": "NOTE 5 \u2013 OTHER OPERATING EXPENSES(amounts in NOK 1,000) 2022 2021Product and marketing costs -2,657 -1,796R&D costs -5,516 -5,252Business services costs -6,793 -9,7691R&D and government grants224 10,5052Fees to contractors, auditors, lawyers and others-4,615 -6,1243Other expenses-2,845 -2,8724Share based remuneration (operating part)-5 36Total other operating expenses (22,207) (15,2721) R&D grants and other government grants are related to Skattefunn grants in 2021/2022 and US-COVID-19 loan relief in 20212) Fees to contractors, auditors, lawyers refers to amounts paid the company\u2019s contractors and service providers who are working for the company on a part time or full time basis3) Share based remuneration (operating part) refers to share options granted to consultants (see note 19 for further information)4) Share based remuneration (operating part) refers to share options granted to contractors (see note 19 for further information)The company changed its accounting policy on the classification of certain types of transport and logistic costs connected to intra-factory movements in Asia with effect from January 2022. Prior to January 2022, these costs were included in the costs of goods sold cost category. These costs have now been reclassified to other operating expenses. As a result of the change in accounting policy, the company has made the following restatements for the comparative accounting periods in 2021. As a result of the changed cost classification, NEXT costs of goods sold was reduced by NOK 1.1 million for 2021 while other operating costs was increased by the same amounts. See table below for further details.NOTE 18 \u2013 LEASESThe table below shows the amounts related to leases recognized in the statement of financial position:(amounts in NOK 1,000) 2022 2021Property - office leases (included in \"Property, plant and equipment\") 2,879 3,491Total right-of-use assets 2,879 3,491Current lease receivables - 517Total lease receivables - 517Non-current lease liabilities 1,218 1,899Current lease liabilities 1,748 2,597Total lease liabilities 2,966 4,496See note 11 for more information regarding right-of-use assets.In 2021, the office lease agreements in China, USA and Taiwan expired and the Group entered into new office leases with significantly smaller individual office sizes and monthly cost. The individual lease terms for the new leases are 2-3 years including extension periods. The new lease agreements were recognized with NOK 3.8 million in right-of-use assets and NOK 3.7 million in lease liabilities.The office lease in Norway related to the company\u2019s previous office was subleased from October 2020. Related lease receivable for the sublease was NOK 0.5 million as per 31 December 2021. The office lease expired and the sublease was terminated in December 2022.The table below shows the amounts related to leases recognized in the statement of comprehensive income(amounts in NOK 1,000) 2022 2021Gain on sub-lease (included in \"Other revenues\") - Depreciation property right-of-use assets (included in \"Depreciation and amortization\") -1,887 -1,728Impairment losses property right-of-use assets (included in \"Impairment losses\") - Expenses relating to low-value leases (included in \"Other operating expenses\") - Expenses relating to short-term leases (included in \"Other operating expenses\") - Gain on changes in lease liabilities (included in \"Other financial income\") - Interest income (included in \"Financial income\") 19 62Interest expenses (included in \"Financial expenses\") -111 -238Net expenses related to leases -1,979 -1,903The table below shows a reconciliation of the opening and closing balance for lease liabilities arising from financing activities:(amounts in NOK 1,000) 2022 2021Opening balance 4,496 3,254Changes from financing cash flows -2,738 -2,787Changes in lease liabilities due to new/amended lease agreements or CPI adjustments 992 3,774Other changes -88 66Translation differences 304 190Closing balance as of 31 December 2,966 4,496The total cash outflow for leases in 2022 was NOK 2.7 million (2021: NOK 2.8 million).The table below shows the maturity profile for the lease liabilities based on contractual undiscounted payments:(amounts in NOK 1,000) 2022 2021Within one year 2,140 2,725More than 1 year but within 5 years 1,033 1,987After 5 years - Total contractual cash flows related to leases 3,173 4,712", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-43-4": { "value": "NOTE 5 \u2013 OTHER OPERATING EXPENSES(amounts in NOK 1,000) 2022 2021Product and marketing costs -2,657 -1,796R&D costs -5,516 -5,252Business services costs -6,793 -9,7691R&D and government grants224 10,5052Fees to contractors, auditors, lawyers and others-4,615 -6,1243Other expenses-2,845 -2,8724Share based remuneration (operating part)-5 36Total other operating expenses (22,207) (15,2721) R&D grants and other government grants are related to Skattefunn grants in 2021/2022 and US-COVID-19 loan relief in 20212) Fees to contractors, auditors, lawyers refers to amounts paid the company\u2019s contractors and service providers who are working for the company on a part time or full time basis3) Share based remuneration (operating part) refers to share options granted to consultants (see note 19 for further information)4) Share based remuneration (operating part) refers to share options granted to contractors (see note 19 for further information)The company changed its accounting policy on the classification of certain types of transport and logistic costs connected to intra-factory movements in Asia with effect from January 2022. Prior to January 2022, these costs were included in the costs of goods sold cost category. These costs have now been reclassified to other operating expenses. As a result of the change in accounting policy, the company has made the following restatements for the comparative accounting periods in 2021. As a result of the changed cost classification, NEXT costs of goods sold was reduced by NOK 1.1 million for 2021 while other operating costs was increased by the same amounts. See table below for further details.NOTE 6 \u2013 RESEARCH AND DEVELOPMENT COSTIn general, research costs are expensed when incurred. Internal and external researching and development performed in 2022 do not meet the Group\u2019s capitalization criteria. The reported research and development (R&D) costs includes external project costs for work and material purchased from various companies and institutions. The payroll cost of R&D staff is included inpayroll, and any capitalization reported as a credit on a separate line. The major parts of the R&D costs are related to development of the sensor technology as well as production trials and pilot production of new sensor modules. Expensed R&D costs for the Group amounted to NOK 10.2 million in 2022 (2021: NOK 15.5 million), of which NOK 5.7 million (2021: NOK 9.9 million) is presented in payroll expenses and NOK 5.5 million (2021: NOK 5.3 million) in other operating expenses.Government grantsThe subsidiary NEXT Biometrics AS\u2019 estimated R&D public grant in connection with SkatteFUNN (Norwegian tax deduction scheme) for 2022 is NOK 1.5 million (2021: NOK 2.5 million). The total amount is presented as part of \u201cOther current assets\u201d in the balance sheet and has correspondingly ledto a reduction in other operating expenses. The grant is subject to final approval by the tax authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-43-5": { "value": "NOTE 5 \u2013 OTHER OPERATING EXPENSES(amounts in NOK 1,000) 2022 2021Product and marketing costs -2,657 -1,796R&D costs -5,516 -5,252Business services costs -6,793 -9,7691R&D and government grants224 10,5052Fees to contractors, auditors, lawyers and others-4,615 -6,1243Other expenses-2,845 -2,8724Share based remuneration (operating part)-5 36Total other operating expenses (22,207) (15,2721) R&D grants and other government grants are related to Skattefunn grants in 2021/2022 and US-COVID-19 loan relief in 20212) Fees to contractors, auditors, lawyers refers to amounts paid the company\u2019s contractors and service providers who are working for the company on a part time or full time basis3) Share based remuneration (operating part) refers to share options granted to consultants (see note 19 for further information)4) Share based remuneration (operating part) refers to share options granted to contractors (see note 19 for further information)The company changed its accounting policy on the classification of certain types of transport and logistic costs connected to intra-factory movements in Asia with effect from January 2022. Prior to January 2022, these costs were included in the costs of goods sold cost category. These costs have now been reclassified to other operating expenses. As a result of the change in accounting policy, the company has made the following restatements for the comparative accounting periods in 2021. As a result of the changed cost classification, NEXT costs of goods sold was reduced by NOK 1.1 million for 2021 while other operating costs was increased by the same amounts. See table below for further details.AUDIT FEES(amounts in NOK 1,000) 2022 2021Audit fee 829 693Attestation 75 Tax services 74 241Non-audit services - 22Total audit fees 979 956", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-43-6": { "value": "NOTE 5 \u2013 OTHER OPERATING EXPENSES(amounts in NOK 1,000) 2022 2021Product and marketing costs -2,657 -1,796R&D costs -5,516 -5,252Business services costs -6,793 -9,7691R&D and government grants224 10,5052Fees to contractors, auditors, lawyers and others-4,615 -6,1243Other expenses-2,845 -2,8724Share based remuneration (operating part)-5 36Total other operating expenses (22,207) (15,2721) R&D grants and other government grants are related to Skattefunn grants in 2021/2022 and US-COVID-19 loan relief in 20212) Fees to contractors, auditors, lawyers refers to amounts paid the company\u2019s contractors and service providers who are working for the company on a part time or full time basis3) Share based remuneration (operating part) refers to share options granted to consultants (see note 19 for further information)4) Share based remuneration (operating part) refers to share options granted to contractors (see note 19 for further information)The company changed its accounting policy on the classification of certain types of transport and logistic costs connected to intra-factory movements in Asia with effect from January 2022. Prior to January 2022, these costs were included in the costs of goods sold cost category. These costs have now been reclassified to other operating expenses. As a result of the change in accounting policy, the company has made the following restatements for the comparative accounting periods in 2021. As a result of the changed cost classification, NEXT costs of goods sold was reduced by NOK 1.1 million for 2021 while other operating costs was increased by the same amounts. See table below for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-43-7": { "value": "NOTE 5 \u2013 OTHER OPERATING EXPENSES(amounts in NOK 1,000) 2022 2021Product and marketing costs -2,657 -1,796R&D costs -5,516 -5,252Business services costs -6,793 -9,7691R&D and government grants224 10,5052Fees to contractors, auditors, lawyers and others-4,615 -6,1243Other expenses-2,845 -2,8724Share based remuneration (operating part)-5 36Total other operating expenses (22,207) (15,2721) R&D grants and other government grants are related to Skattefunn grants in 2021/2022 and US-COVID-19 loan relief in 20212) Fees to contractors, auditors, lawyers refers to amounts paid the company\u2019s contractors and service providers who are working for the company on a part time or full time basis3) Share based remuneration (operating part) refers to share options granted to consultants (see note 19 for further information)4) Share based remuneration (operating part) refers to share options granted to contractors (see note 19 for further information)The company changed its accounting policy on the classification of certain types of transport and logistic costs connected to intra-factory movements in Asia with effect from January 2022. Prior to January 2022, these costs were included in the costs of goods sold cost category. These costs have now been reclassified to other operating expenses. As a result of the change in accounting policy, the company has made the following restatements for the comparative accounting periods in 2021. As a result of the changed cost classification, NEXT costs of goods sold was reduced by NOK 1.1 million for 2021 while other operating costs was increased by the same amounts. See table below for further details.NOTE 6 \u2013 RESEARCH AND DEVELOPMENT COSTIn general, research costs are expensed when incurred. Internal and external researching and development performed in 2022 do not meet the Group\u2019s capitalization criteria. The reported research and development (R&D) costs includes external project costs for work and material purchased from various companies and institutions. The payroll cost of R&D staff is included inpayroll, and any capitalization reported as a credit on a separate line. The major parts of the R&D costs are related to development of the sensor technology as well as production trials and pilot production of new sensor modules. Expensed R&D costs for the Group amounted to NOK 10.2 million in 2022 (2021: NOK 15.5 million), of which NOK 5.7 million (2021: NOK 9.9 million) is presented in payroll expenses and NOK 5.5 million (2021: NOK 5.3 million) in other operating expenses.Government grantsThe subsidiary NEXT Biometrics AS\u2019 estimated R&D public grant in connection with SkatteFUNN (Norwegian tax deduction scheme) for 2022 is NOK 1.5 million (2021: NOK 2.5 million). The total amount is presented as part of \u201cOther current assets\u201d in the balance sheet and has correspondingly ledto a reduction in other operating expenses. The grant is subject to final approval by the tax authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-43-8": { "value": "NOTE 5 \u2013 OTHER OPERATING EXPENSES(amounts in NOK 1,000) 2022 2021Product and marketing costs -2,657 -1,796R&D costs -5,516 -5,252Business services costs -6,793 -9,7691R&D and government grants224 10,5052Fees to contractors, auditors, lawyers and others-4,615 -6,1243Other expenses-2,845 -2,8724Share based remuneration (operating part)-5 36Total other operating expenses (22,207) (15,2721) R&D grants and other government grants are related to Skattefunn grants in 2021/2022 and US-COVID-19 loan relief in 20212) Fees to contractors, auditors, lawyers refers to amounts paid the company\u2019s contractors and service providers who are working for the company on a part time or full time basis3) Share based remuneration (operating part) refers to share options granted to consultants (see note 19 for further information)4) Share based remuneration (operating part) refers to share options granted to contractors (see note 19 for further information)The company changed its accounting policy on the classification of certain types of transport and logistic costs connected to intra-factory movements in Asia with effect from January 2022. Prior to January 2022, these costs were included in the costs of goods sold cost category. These costs have now been reclassified to other operating expenses. As a result of the change in accounting policy, the company has made the following restatements for the comparative accounting periods in 2021. As a result of the changed cost classification, NEXT costs of goods sold was reduced by NOK 1.1 million for 2021 while other operating costs was increased by the same amounts. See table below for further details.NOTE 6 \u2013 RESEARCH AND DEVELOPMENT COSTIn general, research costs are expensed when incurred. Internal and external researching and development performed in 2022 do not meet the Group\u2019s capitalization criteria. The reported research and development (R&D) costs includes external project costs for work and material purchased from various companies and institutions. The payroll cost of R&D staff is included inpayroll, and any capitalization reported as a credit on a separate line. The major parts of the R&D costs are related to development of the sensor technology as well as production trials and pilot production of new sensor modules. Expensed R&D costs for the Group amounted to NOK 10.2 million in 2022 (2021: NOK 15.5 million), of which NOK 5.7 million (2021: NOK 9.9 million) is presented in payroll expenses and NOK 5.5 million (2021: NOK 5.3 million) in other operating expenses.Government grantsThe subsidiary NEXT Biometrics AS\u2019 estimated R&D public grant in connection with SkatteFUNN (Norwegian tax deduction scheme) for 2022 is NOK 1.5 million (2021: NOK 2.5 million). The total amount is presented as part of \u201cOther current assets\u201d in the balance sheet and has correspondingly ledto a reduction in other operating expenses. The grant is subject to final approval by the tax authorities.NOTE 14 \u2013 OTHER NON-CURRENT AND CURRENT ASSETS(amounts in NOK 1,000) 2022 2021Prepayments 2,060 2,575Government grants (see note 6) 1,541 2,525Deposits 923 896Income taxes and other taxes receivables 325 843Other receivables 3,538 342Total other current assets as of 31 December 8,387 7,181The group had NOK 3.5 million in other receivables as per 31 December 2022, of which NOK 1.7 million that mainly relates to estimated refunds of public duties.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-47-5": { "value": "NOTE 6 \u2013 RESEARCH AND DEVELOPMENT COSTIn general, research costs are expensed when incurred. Internal and external researching and development performed in 2022 do not meet the Group\u2019s capitalization criteria. The reported research and development (R&D) costs includes external project costs for work and material purchased from various companies and institutions. The payroll cost of R&D staff is included inpayroll, and any capitalization reported as a credit on a separate line. The major parts of the R&D costs are related to development of the sensor technology as well as production trials and pilot production of new sensor modules. Expensed R&D costs for the Group amounted to NOK 10.2 million in 2022 (2021: NOK 15.5 million), of which NOK 5.7 million (2021: NOK 9.9 million) is presented in payroll expenses and NOK 5.5 million (2021: NOK 5.3 million) in other operating expenses.Government grantsThe subsidiary NEXT Biometrics AS\u2019 estimated R&D public grant in connection with SkatteFUNN (Norwegian tax deduction scheme) for 2022 is NOK 1.5 million (2021: NOK 2.5 million). The total amount is presented as part of \u201cOther current assets\u201d in the balance sheet and has correspondingly ledto a reduction in other operating expenses. The grant is subject to final approval by the tax authorities.NOTE 14 \u2013 OTHER NON-CURRENT AND CURRENT ASSETS(amounts in NOK 1,000) 2022 2021Prepayments 2,060 2,575Government grants (see note 6) 1,541 2,525Deposits 923 896Income taxes and other taxes receivables 325 843Other receivables 3,538 342Total other current assets as of 31 December 8,387 7,181The group had NOK 3.5 million in other receivables as per 31 December 2022, of which NOK 1.7 million that mainly relates to estimated refunds of public duties.NOTE 18 \u2013 LEASESThe table below shows the amounts related to leases recognized in the statement of financial position:(amounts in NOK 1,000) 2022 2021Property - office leases (included in \"Property, plant and equipment\") 2,879 3,491Total right-of-use assets 2,879 3,491Current lease receivables - 517Total lease receivables - 517Non-current lease liabilities 1,218 1,899Current lease liabilities 1,748 2,597Total lease liabilities 2,966 4,496See note 11 for more information regarding right-of-use assets.In 2021, the office lease agreements in China, USA and Taiwan expired and the Group entered into new office leases with significantly smaller individual office sizes and monthly cost. The individual lease terms for the new leases are 2-3 years including extension periods. The new lease agreements were recognized with NOK 3.8 million in right-of-use assets and NOK 3.7 million in lease liabilities.The office lease in Norway related to the company\u2019s previous office was subleased from October 2020. Related lease receivable for the sublease was NOK 0.5 million as per 31 December 2021. The office lease expired and the sublease was terminated in December 2022.The table below shows the amounts related to leases recognized in the statement of comprehensive income(amounts in NOK 1,000) 2022 2021Gain on sub-lease (included in \"Other revenues\") - Depreciation property right-of-use assets (included in \"Depreciation and amortization\") -1,887 -1,728Impairment losses property right-of-use assets (included in \"Impairment losses\") - Expenses relating to low-value leases (included in \"Other operating expenses\") - Expenses relating to short-term leases (included in \"Other operating expenses\") - Gain on changes in lease liabilities (included in \"Other financial income\") - Interest income (included in \"Financial income\") 19 62Interest expenses (included in \"Financial expenses\") -111 -238Net expenses related to leases -1,979 -1,903The table below shows a reconciliation of the opening and closing balance for lease liabilities arising from financing activities:(amounts in NOK 1,000) 2022 2021Opening balance 4,496 3,254Changes from financing cash flows -2,738 -2,787Changes in lease liabilities due to new/amended lease agreements or CPI adjustments 992 3,774Other changes -88 66Translation differences 304 190Closing balance as of 31 December 2,966 4,496The total cash outflow for leases in 2022 was NOK 2.7 million (2021: NOK 2.8 million).The table below shows the maturity profile for the lease liabilities based on contractual undiscounted payments:(amounts in NOK 1,000) 2022 2021Within one year 2,140 2,725More than 1 year but within 5 years 1,033 1,987After 5 years - Total contractual cash flows related to leases 3,173 4,712", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-45-2": { "value": "NOTE 7 \u2013 FINANCIAL ITEMS(amounts in 1,000 NOK) 2022 2021Interest income 693 646Interest income on sub-leases (see note 18) 19 62Other financial income - 340Total financial income 712 1,048Interest expenses -20 -108Interest expenses right-to-use assets (see note 18) -111 -238Other financial expenses 13 -953Total financial expenses -118 -1,299Realized currency gains (losses) 125 -339Change in unrealized currency gains (losses) 957 446Net currency gains (losses) 1,082 108Net financial items 1,676 -143Other financial income in 2021 includes fair value gain of NOK 0.3 million of US government loan that was repaid in 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-45-3": { "value": "NOTE 7 \u2013 FINANCIAL ITEMS(amounts in 1,000 NOK) 2022 2021Interest income 693 646Interest income on sub-leases (see note 18) 19 62Other financial income - 340Total financial income 712 1,048Interest expenses -20 -108Interest expenses right-to-use assets (see note 18) -111 -238Other financial expenses 13 -953Total financial expenses -118 -1,299Realized currency gains (losses) 125 -339Change in unrealized currency gains (losses) 957 446Net currency gains (losses) 1,082 108Net financial items 1,676 -143Other financial income in 2021 includes fair value gain of NOK 0.3 million of US government loan that was repaid in 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-45-4": { "value": "NOTE 7 \u2013 FINANCIAL ITEMS(amounts in 1,000 NOK) 2022 2021Interest income 693 646Interest income on sub-leases (see note 18) 19 62Other financial income - 340Total financial income 712 1,048Interest expenses -20 -108Interest expenses right-to-use assets (see note 18) -111 -238Other financial expenses 13 -953Total financial expenses -118 -1,299Realized currency gains (losses) 125 -339Change in unrealized currency gains (losses) 957 446Net currency gains (losses) 1,082 108Net financial items 1,676 -143Other financial income in 2021 includes fair value gain of NOK 0.3 million of US government loan that was repaid in 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-45-5": { "value": "NOTE 7 \u2013 FINANCIAL ITEMS(amounts in 1,000 NOK) 2022 2021Interest income 693 646Interest income on sub-leases (see note 18) 19 62Other financial income - 340Total financial income 712 1,048Interest expenses -20 -108Interest expenses right-to-use assets (see note 18) -111 -238Other financial expenses 13 -953Total financial expenses -118 -1,299Realized currency gains (losses) 125 -339Change in unrealized currency gains (losses) 957 446Net currency gains (losses) 1,082 108Net financial items 1,676 -143Other financial income in 2021 includes fair value gain of NOK 0.3 million of US government loan that was repaid in 2021.NOTE 18 \u2013 LEASESThe table below shows the amounts related to leases recognized in the statement of financial position:(amounts in NOK 1,000) 2022 2021Property - office leases (included in \"Property, plant and equipment\") 2,879 3,491Total right-of-use assets 2,879 3,491Current lease receivables - 517Total lease receivables - 517Non-current lease liabilities 1,218 1,899Current lease liabilities 1,748 2,597Total lease liabilities 2,966 4,496See note 11 for more information regarding right-of-use assets.In 2021, the office lease agreements in China, USA and Taiwan expired and the Group entered into new office leases with significantly smaller individual office sizes and monthly cost. The individual lease terms for the new leases are 2-3 years including extension periods. The new lease agreements were recognized with NOK 3.8 million in right-of-use assets and NOK 3.7 million in lease liabilities.The office lease in Norway related to the company\u2019s previous office was subleased from October 2020. Related lease receivable for the sublease was NOK 0.5 million as per 31 December 2021. The office lease expired and the sublease was terminated in December 2022.The table below shows the amounts related to leases recognized in the statement of comprehensive income(amounts in NOK 1,000) 2022 2021Gain on sub-lease (included in \"Other revenues\") - Depreciation property right-of-use assets (included in \"Depreciation and amortization\") -1,887 -1,728Impairment losses property right-of-use assets (included in \"Impairment losses\") - Expenses relating to low-value leases (included in \"Other operating expenses\") - Expenses relating to short-term leases (included in \"Other operating expenses\") - Gain on changes in lease liabilities (included in \"Other financial income\") - Interest income (included in \"Financial income\") 19 62Interest expenses (included in \"Financial expenses\") -111 -238Net expenses related to leases -1,979 -1,903The table below shows a reconciliation of the opening and closing balance for lease liabilities arising from financing activities:(amounts in NOK 1,000) 2022 2021Opening balance 4,496 3,254Changes from financing cash flows -2,738 -2,787Changes in lease liabilities due to new/amended lease agreements or CPI adjustments 992 3,774Other changes -88 66Translation differences 304 190Closing balance as of 31 December 2,966 4,496The total cash outflow for leases in 2022 was NOK 2.7 million (2021: NOK 2.8 million).The table below shows the maturity profile for the lease liabilities based on contractual undiscounted payments:(amounts in NOK 1,000) 2022 2021Within one year 2,140 2,725More than 1 year but within 5 years 1,033 1,987After 5 years - Total contractual cash flows related to leases 3,173 4,712", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-45-6": { "value": "NOTE 7 \u2013 FINANCIAL ITEMS(amounts in 1,000 NOK) 2022 2021Interest income 693 646Interest income on sub-leases (see note 18) 19 62Other financial income - 340Total financial income 712 1,048Interest expenses -20 -108Interest expenses right-to-use assets (see note 18) -111 -238Other financial expenses 13 -953Total financial expenses -118 -1,299Realized currency gains (losses) 125 -339Change in unrealized currency gains (losses) 957 446Net currency gains (losses) 1,082 108Net financial items 1,676 -143Other financial income in 2021 includes fair value gain of NOK 0.3 million of US government loan that was repaid in 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-45-7": { "value": "NOTE 7 \u2013 FINANCIAL ITEMS(amounts in 1,000 NOK) 2022 2021Interest income 693 646Interest income on sub-leases (see note 18) 19 62Other financial income - 340Total financial income 712 1,048Interest expenses -20 -108Interest expenses right-to-use assets (see note 18) -111 -238Other financial expenses 13 -953Total financial expenses -118 -1,299Realized currency gains (losses) 125 -339Change in unrealized currency gains (losses) 957 446Net currency gains (losses) 1,082 108Net financial items 1,676 -143Other financial income in 2021 includes fair value gain of NOK 0.3 million of US government loan that was repaid in 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-45-8": { "value": "NOTE 7 \u2013 FINANCIAL ITEMS(amounts in 1,000 NOK) 2022 2021Interest income 693 646Interest income on sub-leases (see note 18) 19 62Other financial income - 340Total financial income 712 1,048Interest expenses -20 -108Interest expenses right-to-use assets (see note 18) -111 -238Other financial expenses 13 -953Total financial expenses -118 -1,299Realized currency gains (losses) 125 -339Change in unrealized currency gains (losses) 957 446Net currency gains (losses) 1,082 108Net financial items 1,676 -143Other financial income in 2021 includes fair value gain of NOK 0.3 million of US government loan that was repaid in 2021.NOTE 16 \u2013 INTEREST-BEARING LOANSThe group had no interest bearing loans as per year-end 2022 and 2021. In April 2020, NEXT Biometrics Inc. was granted a loan amounting to USD 1.0 million under the COVID-19 US government sponsored loan program. NEXT qualified for loan forgiveness amounting to NOK 8.0 million and repaid the remaining loan balance of NOK 0.6 million during 2021. Interest expense for 2021 amounted to NOK 0.1 million (2020: NOK 0.3 million). Net fair value, interest and exchange gain was NOK 0.7 million in 2021.The table below shows a reconciliation of the opening and closing balance for liabilities arising from financing activities:(amounts in NOK 1,000) 2022 2021Opening balance - 7,955Loan relief - -8,040Changes from financing cash flows - -626Net changes in foreign exchange rates and fair value - 710Closing balance as of 31 December - NOTE 18 \u2013 LEASESThe table below shows the amounts related to leases recognized in the statement of financial position:(amounts in NOK 1,000) 2022 2021Property - office leases (included in \"Property, plant and equipment\") 2,879 3,491Total right-of-use assets 2,879 3,491Current lease receivables - 517Total lease receivables - 517Non-current lease liabilities 1,218 1,899Current lease liabilities 1,748 2,597Total lease liabilities 2,966 4,496See note 11 for more information regarding right-of-use assets.In 2021, the office lease agreements in China, USA and Taiwan expired and the Group entered into new office leases with significantly smaller individual office sizes and monthly cost. The individual lease terms for the new leases are 2-3 years including extension periods. The new lease agreements were recognized with NOK 3.8 million in right-of-use assets and NOK 3.7 million in lease liabilities.The office lease in Norway related to the company\u2019s previous office was subleased from October 2020. Related lease receivable for the sublease was NOK 0.5 million as per 31 December 2021. The office lease expired and the sublease was terminated in December 2022.The table below shows the amounts related to leases recognized in the statement of comprehensive income(amounts in NOK 1,000) 2022 2021Gain on sub-lease (included in \"Other revenues\") - Depreciation property right-of-use assets (included in \"Depreciation and amortization\") -1,887 -1,728Impairment losses property right-of-use assets (included in \"Impairment losses\") - Expenses relating to low-value leases (included in \"Other operating expenses\") - Expenses relating to short-term leases (included in \"Other operating expenses\") - Gain on changes in lease liabilities (included in \"Other financial income\") - Interest income (included in \"Financial income\") 19 62Interest expenses (included in \"Financial expenses\") -111 -238Net expenses related to leases -1,979 -1,903The table below shows a reconciliation of the opening and closing balance for lease liabilities arising from financing activities:(amounts in NOK 1,000) 2022 2021Opening balance 4,496 3,254Changes from financing cash flows -2,738 -2,787Changes in lease liabilities due to new/amended lease agreements or CPI adjustments 992 3,774Other changes -88 66Translation differences 304 190Closing balance as of 31 December 2,966 4,496The total cash outflow for leases in 2022 was NOK 2.7 million (2021: NOK 2.8 million).The table below shows the maturity profile for the lease liabilities based on contractual undiscounted payments:(amounts in NOK 1,000) 2022 2021Within one year 2,140 2,725More than 1 year but within 5 years 1,033 1,987After 5 years - Total contractual cash flows related to leases 3,173 4,712", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-46-2": { "value": "NOTE 8 \u2013 INCOME TAXES(amounts in NOK 1,000) 2022 2021Current taxes 49 1,730Change in deferred taxes -109 -109Total income tax expenses -60 1,621INCOME TAX EXPENSE RECONCILIATION:(amounts in NOK 1,000) 2022 2021Profit (loss) before taxes -46,394 -58,394Expected income tax expenses at Norwegian nominal tax rate (22%) -10,207 -12,847Difference between local tax rates and Norwegian nominal tax rate -88 40Effect of change in local tax rates - Tax effect of permanent differences 529 -1,643Change in deferred tax assets not recognized 11,020 18,409Prior year underaccrual/(overaccrual) of income tax -5,513 Other 4,199 -2,338Actual income tax expenses -60 1,621Effective tax rate 0% -3%Deferred tax related to the following temporary differences: (amounts in NOK 1,000) 2022 2021Property, plant and equipment -1,783 -3,152Inventories -13,254 -13,207Accounts receivables and other assets -3,175 -2,005Lease liabilities -863 -1,225Other temporary differences -2,817 -4,497Tax losses carried forward -1,262,587 -1,213,105Total temporary differences and tax losses carried forward -1,284,480 -1,237,190Deferred tax assets 282,560 272,184Deferred tax assets not recognized -282,598 -272,216Deferred tax assets(-)/liability(+) in the balance sheet -38 -32As of 31 December 2022, NOK 1 263 million (2021: NOK 1 213 million) of tax losses carried forward are related to the Norwegian companies with no limitations in expiry date.Due to a history of losses, deferred tax assets are not recognized.The following table illustrates the deferred tax balance recognized in the statement of financial position: (amounts in NOK 1,000) 2022 2021Deferred tax assets 38 32Deferred tax liabilities - Net deferred taxes as of 31 December 38 32", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-46-3": { "value": "NOTE 8 \u2013 INCOME TAXES(amounts in NOK 1,000) 2022 2021Current taxes 49 1,730Change in deferred taxes -109 -109Total income tax expenses -60 1,621INCOME TAX EXPENSE RECONCILIATION:(amounts in NOK 1,000) 2022 2021Profit (loss) before taxes -46,394 -58,394Expected income tax expenses at Norwegian nominal tax rate (22%) -10,207 -12,847Difference between local tax rates and Norwegian nominal tax rate -88 40Effect of change in local tax rates - Tax effect of permanent differences 529 -1,643Change in deferred tax assets not recognized 11,020 18,409Prior year underaccrual/(overaccrual) of income tax -5,513 Other 4,199 -2,338Actual income tax expenses -60 1,621Effective tax rate 0% -3%Deferred tax related to the following temporary differences: (amounts in NOK 1,000) 2022 2021Property, plant and equipment -1,783 -3,152Inventories -13,254 -13,207Accounts receivables and other assets -3,175 -2,005Lease liabilities -863 -1,225Other temporary differences -2,817 -4,497Tax losses carried forward -1,262,587 -1,213,105Total temporary differences and tax losses carried forward -1,284,480 -1,237,190Deferred tax assets 282,560 272,184Deferred tax assets not recognized -282,598 -272,216Deferred tax assets(-)/liability(+) in the balance sheet -38 -32As of 31 December 2022, NOK 1 263 million (2021: NOK 1 213 million) of tax losses carried forward are related to the Norwegian companies with no limitations in expiry date.Due to a history of losses, deferred tax assets are not recognized.The following table illustrates the deferred tax balance recognized in the statement of financial position: (amounts in NOK 1,000) 2022 2021Deferred tax assets 38 32Deferred tax liabilities - Net deferred taxes as of 31 December 38 32", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-46-4": { "value": "NOTE 8 \u2013 INCOME TAXES(amounts in NOK 1,000) 2022 2021Current taxes 49 1,730Change in deferred taxes -109 -109Total income tax expenses -60 1,621INCOME TAX EXPENSE RECONCILIATION:(amounts in NOK 1,000) 2022 2021Profit (loss) before taxes -46,394 -58,394Expected income tax expenses at Norwegian nominal tax rate (22%) -10,207 -12,847Difference between local tax rates and Norwegian nominal tax rate -88 40Effect of change in local tax rates - Tax effect of permanent differences 529 -1,643Change in deferred tax assets not recognized 11,020 18,409Prior year underaccrual/(overaccrual) of income tax -5,513 Other 4,199 -2,338Actual income tax expenses -60 1,621Effective tax rate 0% -3%Deferred tax related to the following temporary differences: (amounts in NOK 1,000) 2022 2021Property, plant and equipment -1,783 -3,152Inventories -13,254 -13,207Accounts receivables and other assets -3,175 -2,005Lease liabilities -863 -1,225Other temporary differences -2,817 -4,497Tax losses carried forward -1,262,587 -1,213,105Total temporary differences and tax losses carried forward -1,284,480 -1,237,190Deferred tax assets 282,560 272,184Deferred tax assets not recognized -282,598 -272,216Deferred tax assets(-)/liability(+) in the balance sheet -38 -32As of 31 December 2022, NOK 1 263 million (2021: NOK 1 213 million) of tax losses carried forward are related to the Norwegian companies with no limitations in expiry date.Due to a history of losses, deferred tax assets are not recognized.The following table illustrates the deferred tax balance recognized in the statement of financial position: (amounts in NOK 1,000) 2022 2021Deferred tax assets 38 32Deferred tax liabilities - Net deferred taxes as of 31 December 38 32NOTE 14 \u2013 OTHER NON-CURRENT AND CURRENT ASSETS(amounts in NOK 1,000) 2022 2021Prepayments 2,060 2,575Government grants (see note 6) 1,541 2,525Deposits 923 896Income taxes and other taxes receivables 325 843Other receivables 3,538 342Total other current assets as of 31 December 8,387 7,181The group had NOK 3.5 million in other receivables as per 31 December 2022, of which NOK 1.7 million that mainly relates to estimated refunds of public duties.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-51-2": { "value": "NOTE 9 \u2013 EARNINGS PER SHAREThe calculations of earnings per share attributable to the equity holders of the parent company are based on the following data:2022 2021Profit (loss) after taxes (NOK 1,000) -46,333 -60,014Number of shares outstanding as of 1 January 91,680,763 75,944,489New shares issued during the year (see note 19) - 14,819,897Exercised incentive options during the year (see note 19) 300,000 916,377Number of shares outstanding as of 31 December 91,980,763 91,680,763Weighted average number of shares for the year * 91,791,722 89,246,049Effect of dilution option programmes - Weighted average number of shares adjusted for effect of dilution 91,791,722 89,246,049Earnings per share, basic and diluted (NOK) -0.50 -0.67* When the period result is a loss, diluted earnings per share is not to be reduced by the diluted number of shares but equals to basic earnings per share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-52-2": { "value": "NOTE 10 \u2013 INTANGIBLE ASSETSIntangible assets mainly consist of the patent and know-how (IP) described as the NEXT Active Thermal\u2122 Sensing principle, internally generated ASIC designs and source code license.(amounts in NOK 1,000) 2022 2021Accumulated cost as of 1 January 27,471 26,780Additions - Disposals at cost - Translation differences 2,308 691Accumulated cost as of 31 December 29,779 27,471Accumulated amortization and impairment losses as of 1 January -23,545 -21,345Amortization -1,393 -1,607Accumulated amortization and impairment losses of disposed items - Translation differences -2,262 -593Accumulated amortization and impairment losses as of 31 December (27,200) (23,545Carrying amount as of 31 December 2,579 3,926Amortization period in years (straight line) 3-12 3-12As of 31 December 2022, in carrying amount, there is no internally generated assets, the net book value of intangible assets of NOK 2.6 million (2021: NOK 3.9 million) are separately acquired assets. There are no impairments related to intangible assets in 2022 and 2021.The patent and know-how (IP) is amortized over 12 years (equal to the patent life from initial recognition) and the source code license is amortized over 5 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-52-3": { "value": "NOTE 10 \u2013 INTANGIBLE ASSETSIntangible assets mainly consist of the patent and know-how (IP) described as the NEXT Active Thermal\u2122 Sensing principle, internally generated ASIC designs and source code license.(amounts in NOK 1,000) 2022 2021Accumulated cost as of 1 January 27,471 26,780Additions - Disposals at cost - Translation differences 2,308 691Accumulated cost as of 31 December 29,779 27,471Accumulated amortization and impairment losses as of 1 January -23,545 -21,345Amortization -1,393 -1,607Accumulated amortization and impairment losses of disposed items - Translation differences -2,262 -593Accumulated amortization and impairment losses as of 31 December (27,200) (23,545Carrying amount as of 31 December 2,579 3,926Amortization period in years (straight line) 3-12 3-12As of 31 December 2022, in carrying amount, there is no internally generated assets, the net book value of intangible assets of NOK 2.6 million (2021: NOK 3.9 million) are separately acquired assets. There are no impairments related to intangible assets in 2022 and 2021.The patent and know-how (IP) is amortized over 12 years (equal to the patent life from initial recognition) and the source code license is amortized over 5 years.NOTE 11 \u2013 PROPERTY, PLANT AND EQUIPMENT(amounts in NOK 1,000) 2022 2021RoU-RoU-PPEassets Total PPEassets TotaAccumulated cost as of 1 January 41,595 4,852 46,447 55,251 8,769 64,020Additions 68 1,020 1,089 203 3,828 4,031Disposals at cost -6,924 -817 -7,741 -15,548 -7,850 -23,398Translation differences 1,357 366 1,724 1,689 104 1,794Accumulated cost as of 31 December 36,097 5,421 41,519 41,595 4,852 46,447Accumulated depreciation and impairment losses as of 1 January -28,581 -1,361 -29,942 -39,224 -7,599 -46,823Depreciation -3,946 -1,887 -5,833 -3,734 -1,728 -5,461Impairment losses - - - - - Accumulated depreciation and impairment losses of disposed items 6,875 817 7,692 15,500 7,850 23,350Translation differences -977 -111 -1,088 -1,123 116 -1,007Accumulated depreciation and impairment losses (26,629) (2,542) (29,171) (28,581) (1,361) (29,942as of 31 DecemberCarrying amount as of 31 December 9,468 2,879 12,347 13,014 3,491 16,504Depreciation period in years (straight line) 3-10 2-4 3-10 2-4As of 31 December 2022, carrying amount of property, plant and equipment consists of machinery of NOK 9.3 million (2021: NOK 12.7 million) and office equipment of NOK 0.2 million (2021: NOK 0.3 million). Additions in 2022 for right-of-use assets (RoU-assets) were mainly related to new office lease in Oslo. See also note 18 for further information regarding leases. There are no impairments related to property, plant and equipment in 2022 and 2021.Right-of-use assets (RoU-assets) represent office leases.NOTE 18 \u2013 LEASESThe table below shows the amounts related to leases recognized in the statement of financial position:(amounts in NOK 1,000) 2022 2021Property - office leases (included in \"Property, plant and equipment\") 2,879 3,491Total right-of-use assets 2,879 3,491Current lease receivables - 517Total lease receivables - 517Non-current lease liabilities 1,218 1,899Current lease liabilities 1,748 2,597Total lease liabilities 2,966 4,496See note 11 for more information regarding right-of-use assets.In 2021, the office lease agreements in China, USA and Taiwan expired and the Group entered into new office leases with significantly smaller individual office sizes and monthly cost. The individual lease terms for the new leases are 2-3 years including extension periods. The new lease agreements were recognized with NOK 3.8 million in right-of-use assets and NOK 3.7 million in lease liabilities.The office lease in Norway related to the company\u2019s previous office was subleased from October 2020. Related lease receivable for the sublease was NOK 0.5 million as per 31 December 2021. The office lease expired and the sublease was terminated in December 2022.The table below shows the amounts related to leases recognized in the statement of comprehensive income(amounts in NOK 1,000) 2022 2021Gain on sub-lease (included in \"Other revenues\") - Depreciation property right-of-use assets (included in \"Depreciation and amortization\") -1,887 -1,728Impairment losses property right-of-use assets (included in \"Impairment losses\") - Expenses relating to low-value leases (included in \"Other operating expenses\") - Expenses relating to short-term leases (included in \"Other operating expenses\") - Gain on changes in lease liabilities (included in \"Other financial income\") - Interest income (included in \"Financial income\") 19 62Interest expenses (included in \"Financial expenses\") -111 -238Net expenses related to leases -1,979 -1,903The table below shows a reconciliation of the opening and closing balance for lease liabilities arising from financing activities:(amounts in NOK 1,000) 2022 2021Opening balance 4,496 3,254Changes from financing cash flows -2,738 -2,787Changes in lease liabilities due to new/amended lease agreements or CPI adjustments 992 3,774Other changes -88 66Translation differences 304 190Closing balance as of 31 December 2,966 4,496The total cash outflow for leases in 2022 was NOK 2.7 million (2021: NOK 2.8 million).The table below shows the maturity profile for the lease liabilities based on contractual undiscounted payments:(amounts in NOK 1,000) 2022 2021Within one year 2,140 2,725More than 1 year but within 5 years 1,033 1,987After 5 years - Total contractual cash flows related to leases 3,173 4,712", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-53-3": { "value": "NOTE 11 \u2013 PROPERTY, PLANT AND EQUIPMENT(amounts in NOK 1,000) 2022 2021RoU-RoU-PPEassets Total PPEassets TotaAccumulated cost as of 1 January 41,595 4,852 46,447 55,251 8,769 64,020Additions 68 1,020 1,089 203 3,828 4,031Disposals at cost -6,924 -817 -7,741 -15,548 -7,850 -23,398Translation differences 1,357 366 1,724 1,689 104 1,794Accumulated cost as of 31 December 36,097 5,421 41,519 41,595 4,852 46,447Accumulated depreciation and impairment losses as of 1 January -28,581 -1,361 -29,942 -39,224 -7,599 -46,823Depreciation -3,946 -1,887 -5,833 -3,734 -1,728 -5,461Impairment losses - - - - - Accumulated depreciation and impairment losses of disposed items 6,875 817 7,692 15,500 7,850 23,350Translation differences -977 -111 -1,088 -1,123 116 -1,007Accumulated depreciation and impairment losses (26,629) (2,542) (29,171) (28,581) (1,361) (29,942as of 31 DecemberCarrying amount as of 31 December 9,468 2,879 12,347 13,014 3,491 16,504Depreciation period in years (straight line) 3-10 2-4 3-10 2-4As of 31 December 2022, carrying amount of property, plant and equipment consists of machinery of NOK 9.3 million (2021: NOK 12.7 million) and office equipment of NOK 0.2 million (2021: NOK 0.3 million). Additions in 2022 for right-of-use assets (RoU-assets) were mainly related to new office lease in Oslo. See also note 18 for further information regarding leases. There are no impairments related to property, plant and equipment in 2022 and 2021.Right-of-use assets (RoU-assets) represent office leases.NOTE 18 \u2013 LEASESThe table below shows the amounts related to leases recognized in the statement of financial position:(amounts in NOK 1,000) 2022 2021Property - office leases (included in \"Property, plant and equipment\") 2,879 3,491Total right-of-use assets 2,879 3,491Current lease receivables - 517Total lease receivables - 517Non-current lease liabilities 1,218 1,899Current lease liabilities 1,748 2,597Total lease liabilities 2,966 4,496See note 11 for more information regarding right-of-use assets.In 2021, the office lease agreements in China, USA and Taiwan expired and the Group entered into new office leases with significantly smaller individual office sizes and monthly cost. The individual lease terms for the new leases are 2-3 years including extension periods. The new lease agreements were recognized with NOK 3.8 million in right-of-use assets and NOK 3.7 million in lease liabilities.The office lease in Norway related to the company\u2019s previous office was subleased from October 2020. Related lease receivable for the sublease was NOK 0.5 million as per 31 December 2021. The office lease expired and the sublease was terminated in December 2022.The table below shows the amounts related to leases recognized in the statement of comprehensive income(amounts in NOK 1,000) 2022 2021Gain on sub-lease (included in \"Other revenues\") - Depreciation property right-of-use assets (included in \"Depreciation and amortization\") -1,887 -1,728Impairment losses property right-of-use assets (included in \"Impairment losses\") - Expenses relating to low-value leases (included in \"Other operating expenses\") - Expenses relating to short-term leases (included in \"Other operating expenses\") - Gain on changes in lease liabilities (included in \"Other financial income\") - Interest income (included in \"Financial income\") 19 62Interest expenses (included in \"Financial expenses\") -111 -238Net expenses related to leases -1,979 -1,903The table below shows a reconciliation of the opening and closing balance for lease liabilities arising from financing activities:(amounts in NOK 1,000) 2022 2021Opening balance 4,496 3,254Changes from financing cash flows -2,738 -2,787Changes in lease liabilities due to new/amended lease agreements or CPI adjustments 992 3,774Other changes -88 66Translation differences 304 190Closing balance as of 31 December 2,966 4,496The total cash outflow for leases in 2022 was NOK 2.7 million (2021: NOK 2.8 million).The table below shows the maturity profile for the lease liabilities based on contractual undiscounted payments:(amounts in NOK 1,000) 2022 2021Within one year 2,140 2,725More than 1 year but within 5 years 1,033 1,987After 5 years - Total contractual cash flows related to leases 3,173 4,712", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-53-4": { "value": "NOTE 11 \u2013 PROPERTY, PLANT AND EQUIPMENT(amounts in NOK 1,000) 2022 2021RoU-RoU-PPEassets Total PPEassets TotaAccumulated cost as of 1 January 41,595 4,852 46,447 55,251 8,769 64,020Additions 68 1,020 1,089 203 3,828 4,031Disposals at cost -6,924 -817 -7,741 -15,548 -7,850 -23,398Translation differences 1,357 366 1,724 1,689 104 1,794Accumulated cost as of 31 December 36,097 5,421 41,519 41,595 4,852 46,447Accumulated depreciation and impairment losses as of 1 January -28,581 -1,361 -29,942 -39,224 -7,599 -46,823Depreciation -3,946 -1,887 -5,833 -3,734 -1,728 -5,461Impairment losses - - - - - Accumulated depreciation and impairment losses of disposed items 6,875 817 7,692 15,500 7,850 23,350Translation differences -977 -111 -1,088 -1,123 116 -1,007Accumulated depreciation and impairment losses (26,629) (2,542) (29,171) (28,581) (1,361) (29,942as of 31 DecemberCarrying amount as of 31 December 9,468 2,879 12,347 13,014 3,491 16,504Depreciation period in years (straight line) 3-10 2-4 3-10 2-4As of 31 December 2022, carrying amount of property, plant and equipment consists of machinery of NOK 9.3 million (2021: NOK 12.7 million) and office equipment of NOK 0.2 million (2021: NOK 0.3 million). Additions in 2022 for right-of-use assets (RoU-assets) were mainly related to new office lease in Oslo. See also note 18 for further information regarding leases. There are no impairments related to property, plant and equipment in 2022 and 2021.Right-of-use assets (RoU-assets) represent office leases.NOTE 14 \u2013 OTHER NON-CURRENT AND CURRENT ASSETS(amounts in NOK 1,000) 2022 2021Prepayments 2,060 2,575Government grants (see note 6) 1,541 2,525Deposits 923 896Income taxes and other taxes receivables 325 843Other receivables 3,538 342Total other current assets as of 31 December 8,387 7,181The group had NOK 3.5 million in other receivables as per 31 December 2022, of which NOK 1.7 million that mainly relates to estimated refunds of public duties.NOTE 18 \u2013 LEASESThe table below shows the amounts related to leases recognized in the statement of financial position:(amounts in NOK 1,000) 2022 2021Property - office leases (included in \"Property, plant and equipment\") 2,879 3,491Total right-of-use assets 2,879 3,491Current lease receivables - 517Total lease receivables - 517Non-current lease liabilities 1,218 1,899Current lease liabilities 1,748 2,597Total lease liabilities 2,966 4,496See note 11 for more information regarding right-of-use assets.In 2021, the office lease agreements in China, USA and Taiwan expired and the Group entered into new office leases with significantly smaller individual office sizes and monthly cost. The individual lease terms for the new leases are 2-3 years including extension periods. The new lease agreements were recognized with NOK 3.8 million in right-of-use assets and NOK 3.7 million in lease liabilities.The office lease in Norway related to the company\u2019s previous office was subleased from October 2020. Related lease receivable for the sublease was NOK 0.5 million as per 31 December 2021. The office lease expired and the sublease was terminated in December 2022.The table below shows the amounts related to leases recognized in the statement of comprehensive income(amounts in NOK 1,000) 2022 2021Gain on sub-lease (included in \"Other revenues\") - Depreciation property right-of-use assets (included in \"Depreciation and amortization\") -1,887 -1,728Impairment losses property right-of-use assets (included in \"Impairment losses\") - Expenses relating to low-value leases (included in \"Other operating expenses\") - Expenses relating to short-term leases (included in \"Other operating expenses\") - Gain on changes in lease liabilities (included in \"Other financial income\") - Interest income (included in \"Financial income\") 19 62Interest expenses (included in \"Financial expenses\") -111 -238Net expenses related to leases -1,979 -1,903The table below shows a reconciliation of the opening and closing balance for lease liabilities arising from financing activities:(amounts in NOK 1,000) 2022 2021Opening balance 4,496 3,254Changes from financing cash flows -2,738 -2,787Changes in lease liabilities due to new/amended lease agreements or CPI adjustments 992 3,774Other changes -88 66Translation differences 304 190Closing balance as of 31 December 2,966 4,496The total cash outflow for leases in 2022 was NOK 2.7 million (2021: NOK 2.8 million).The table below shows the maturity profile for the lease liabilities based on contractual undiscounted payments:(amounts in NOK 1,000) 2022 2021Within one year 2,140 2,725More than 1 year but within 5 years 1,033 1,987After 5 years - Total contractual cash flows related to leases 3,173 4,712", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-53-5": { "value": "NOTE 11 \u2013 PROPERTY, PLANT AND EQUIPMENT(amounts in NOK 1,000) 2022 2021RoU-RoU-PPEassets Total PPEassets TotaAccumulated cost as of 1 January 41,595 4,852 46,447 55,251 8,769 64,020Additions 68 1,020 1,089 203 3,828 4,031Disposals at cost -6,924 -817 -7,741 -15,548 -7,850 -23,398Translation differences 1,357 366 1,724 1,689 104 1,794Accumulated cost as of 31 December 36,097 5,421 41,519 41,595 4,852 46,447Accumulated depreciation and impairment losses as of 1 January -28,581 -1,361 -29,942 -39,224 -7,599 -46,823Depreciation -3,946 -1,887 -5,833 -3,734 -1,728 -5,461Impairment losses - - - - - Accumulated depreciation and impairment losses of disposed items 6,875 817 7,692 15,500 7,850 23,350Translation differences -977 -111 -1,088 -1,123 116 -1,007Accumulated depreciation and impairment losses (26,629) (2,542) (29,171) (28,581) (1,361) (29,942as of 31 DecemberCarrying amount as of 31 December 9,468 2,879 12,347 13,014 3,491 16,504Depreciation period in years (straight line) 3-10 2-4 3-10 2-4As of 31 December 2022, carrying amount of property, plant and equipment consists of machinery of NOK 9.3 million (2021: NOK 12.7 million) and office equipment of NOK 0.2 million (2021: NOK 0.3 million). Additions in 2022 for right-of-use assets (RoU-assets) were mainly related to new office lease in Oslo. See also note 18 for further information regarding leases. There are no impairments related to property, plant and equipment in 2022 and 2021.Right-of-use assets (RoU-assets) represent office leases.NOTE 13 \u2013 ACCOUNTS RECEIVABLES(amounts in NOK 1,000) 2022 2021Accounts receivables - gross 9,115 14,092Accounts receivables - loss allowance -2,853 -2,291Total accounts receivables as of 31 December 6,261 11,8012022More than More than More than 30 days 60 days 120 days (amounts in NOK 1,000) Currentpast duepast duepast due TotalExpected loss rate 0% 1% 2% 5%Gross carrying amount (Class 1 and 2) 3,754 1 80 276Loss allowance (Class 1 and 2) - - 2 14 15Gross carrying amount (Class 3) 2,165 2,839Loss allowance (Class 3: individual assessment) 2,839 2,839Total loss allowance 2,8542021More than More than More than 30 days 60 days 120 days (amounts in NOK 1,000) Currentpast duepast duepast due TotalExpected loss rate 0% 1% 2% 5%Gross carrying amount (Class 1 and 2) 10,851 351 29 12Loss allowance (Class 1 and 2) - 4 1 1 5Gross carrying amount (Class 3) 2,540Loss allowance (Class 3: individual assessment) 2,286 2,286Total loss allowance 2,291(amounts in NOK 1,000) 2022 2021Opening balance 2,291 2,350This year's allowance for expected credit loss 15 5This year actual credit loss -4 Change in estimate previous year's expected credit loss 551 (64)Closing balance 2,854 2,291NEXT\u2019s major customers are represented in class one while other customers are defined as class two. Further, class three customers are defined as customers that have significant overdue balances and/or where there is an increased risk of non-payment relative to class one and two.IMPAIRMENT OF FINANCIAL ASSETSThe increase in allowance for expected credit loss as per 31 December is due to increased provisions onlong dated receivables and strengthening of the USD/NOK exchange rate from 2021 to 2022.NOTE 18 \u2013 LEASESThe table below shows the amounts related to leases recognized in the statement of financial position:(amounts in NOK 1,000) 2022 2021Property - office leases (included in \"Property, plant and equipment\") 2,879 3,491Total right-of-use assets 2,879 3,491Current lease receivables - 517Total lease receivables - 517Non-current lease liabilities 1,218 1,899Current lease liabilities 1,748 2,597Total lease liabilities 2,966 4,496See note 11 for more information regarding right-of-use assets.In 2021, the office lease agreements in China, USA and Taiwan expired and the Group entered into new office leases with significantly smaller individual office sizes and monthly cost. The individual lease terms for the new leases are 2-3 years including extension periods. The new lease agreements were recognized with NOK 3.8 million in right-of-use assets and NOK 3.7 million in lease liabilities.The office lease in Norway related to the company\u2019s previous office was subleased from October 2020. Related lease receivable for the sublease was NOK 0.5 million as per 31 December 2021. The office lease expired and the sublease was terminated in December 2022.The table below shows the amounts related to leases recognized in the statement of comprehensive income(amounts in NOK 1,000) 2022 2021Gain on sub-lease (included in \"Other revenues\") - Depreciation property right-of-use assets (included in \"Depreciation and amortization\") -1,887 -1,728Impairment losses property right-of-use assets (included in \"Impairment losses\") - Expenses relating to low-value leases (included in \"Other operating expenses\") - Expenses relating to short-term leases (included in \"Other operating expenses\") - Gain on changes in lease liabilities (included in \"Other financial income\") - Interest income (included in \"Financial income\") 19 62Interest expenses (included in \"Financial expenses\") -111 -238Net expenses related to leases -1,979 -1,903The table below shows a reconciliation of the opening and closing balance for lease liabilities arising from financing activities:(amounts in NOK 1,000) 2022 2021Opening balance 4,496 3,254Changes from financing cash flows -2,738 -2,787Changes in lease liabilities due to new/amended lease agreements or CPI adjustments 992 3,774Other changes -88 66Translation differences 304 190Closing balance as of 31 December 2,966 4,496The total cash outflow for leases in 2022 was NOK 2.7 million (2021: NOK 2.8 million).The table below shows the maturity profile for the lease liabilities based on contractual undiscounted payments:(amounts in NOK 1,000) 2022 2021Within one year 2,140 2,725More than 1 year but within 5 years 1,033 1,987After 5 years - Total contractual cash flows related to leases 3,173 4,712", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-54-2": { "value": "NOTE 12 \u2013 INVENTORIES(amounts in NOK 1,000) 2022 2021Raw material, consumables and supplies 12,732 10,587Work in progress 3,139 3,367Finished products 7,065 5,033Total inventories 22,935 18,987Cost of goods sold is defined as cost of materials and production service expenses.Cost of goods sold includes net write-downs of inventories. In 2022, net reversal of write-downs on inventories was NOK 0.05 million (reversal of writedown) while the write-down of inventories was NOK 6.3 million in 2021 (net cost).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-55-3": { "value": "NOTE 13 \u2013 ACCOUNTS RECEIVABLES(amounts in NOK 1,000) 2022 2021Accounts receivables - gross 9,115 14,092Accounts receivables - loss allowance -2,853 -2,291Total accounts receivables as of 31 December 6,261 11,8012022More than More than More than 30 days 60 days 120 days (amounts in NOK 1,000) Currentpast duepast duepast due TotalExpected loss rate 0% 1% 2% 5%Gross carrying amount (Class 1 and 2) 3,754 1 80 276Loss allowance (Class 1 and 2) - - 2 14 15Gross carrying amount (Class 3) 2,165 2,839Loss allowance (Class 3: individual assessment) 2,839 2,839Total loss allowance 2,8542021More than More than More than 30 days 60 days 120 days (amounts in NOK 1,000) Currentpast duepast duepast due TotalExpected loss rate 0% 1% 2% 5%Gross carrying amount (Class 1 and 2) 10,851 351 29 12Loss allowance (Class 1 and 2) - 4 1 1 5Gross carrying amount (Class 3) 2,540Loss allowance (Class 3: individual assessment) 2,286 2,286Total loss allowance 2,291(amounts in NOK 1,000) 2022 2021Opening balance 2,291 2,350This year's allowance for expected credit loss 15 5This year actual credit loss -4 Change in estimate previous year's expected credit loss 551 (64)Closing balance 2,854 2,291NEXT\u2019s major customers are represented in class one while other customers are defined as class two. Further, class three customers are defined as customers that have significant overdue balances and/or where there is an increased risk of non-payment relative to class one and two.IMPAIRMENT OF FINANCIAL ASSETSThe increase in allowance for expected credit loss as per 31 December is due to increased provisions onlong dated receivables and strengthening of the USD/NOK exchange rate from 2021 to 2022.NOTE 14 \u2013 OTHER NON-CURRENT AND CURRENT ASSETS(amounts in NOK 1,000) 2022 2021Prepayments 2,060 2,575Government grants (see note 6) 1,541 2,525Deposits 923 896Income taxes and other taxes receivables 325 843Other receivables 3,538 342Total other current assets as of 31 December 8,387 7,181The group had NOK 3.5 million in other receivables as per 31 December 2022, of which NOK 1.7 million that mainly relates to estimated refunds of public duties.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-58-7": { "value": "NOTE 14 \u2013 OTHER NON-CURRENT AND CURRENT ASSETS(amounts in NOK 1,000) 2022 2021Prepayments 2,060 2,575Government grants (see note 6) 1,541 2,525Deposits 923 896Income taxes and other taxes receivables 325 843Other receivables 3,538 342Total other current assets as of 31 December 8,387 7,181The group had NOK 3.5 million in other receivables as per 31 December 2022, of which NOK 1.7 million that mainly relates to estimated refunds of public duties.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-58-8": { "value": "NOTE 14 \u2013 OTHER NON-CURRENT AND CURRENT ASSETS(amounts in NOK 1,000) 2022 2021Prepayments 2,060 2,575Government grants (see note 6) 1,541 2,525Deposits 923 896Income taxes and other taxes receivables 325 843Other receivables 3,538 342Total other current assets as of 31 December 8,387 7,181The group had NOK 3.5 million in other receivables as per 31 December 2022, of which NOK 1.7 million that mainly relates to estimated refunds of public duties.NOTE 18 \u2013 LEASESThe table below shows the amounts related to leases recognized in the statement of financial position:(amounts in NOK 1,000) 2022 2021Property - office leases (included in \"Property, plant and equipment\") 2,879 3,491Total right-of-use assets 2,879 3,491Current lease receivables - 517Total lease receivables - 517Non-current lease liabilities 1,218 1,899Current lease liabilities 1,748 2,597Total lease liabilities 2,966 4,496See note 11 for more information regarding right-of-use assets.In 2021, the office lease agreements in China, USA and Taiwan expired and the Group entered into new office leases with significantly smaller individual office sizes and monthly cost. The individual lease terms for the new leases are 2-3 years including extension periods. The new lease agreements were recognized with NOK 3.8 million in right-of-use assets and NOK 3.7 million in lease liabilities.The office lease in Norway related to the company\u2019s previous office was subleased from October 2020. Related lease receivable for the sublease was NOK 0.5 million as per 31 December 2021. The office lease expired and the sublease was terminated in December 2022.The table below shows the amounts related to leases recognized in the statement of comprehensive income(amounts in NOK 1,000) 2022 2021Gain on sub-lease (included in \"Other revenues\") - Depreciation property right-of-use assets (included in \"Depreciation and amortization\") -1,887 -1,728Impairment losses property right-of-use assets (included in \"Impairment losses\") - Expenses relating to low-value leases (included in \"Other operating expenses\") - Expenses relating to short-term leases (included in \"Other operating expenses\") - Gain on changes in lease liabilities (included in \"Other financial income\") - Interest income (included in \"Financial income\") 19 62Interest expenses (included in \"Financial expenses\") -111 -238Net expenses related to leases -1,979 -1,903The table below shows a reconciliation of the opening and closing balance for lease liabilities arising from financing activities:(amounts in NOK 1,000) 2022 2021Opening balance 4,496 3,254Changes from financing cash flows -2,738 -2,787Changes in lease liabilities due to new/amended lease agreements or CPI adjustments 992 3,774Other changes -88 66Translation differences 304 190Closing balance as of 31 December 2,966 4,496The total cash outflow for leases in 2022 was NOK 2.7 million (2021: NOK 2.8 million).The table below shows the maturity profile for the lease liabilities based on contractual undiscounted payments:(amounts in NOK 1,000) 2022 2021Within one year 2,140 2,725More than 1 year but within 5 years 1,033 1,987After 5 years - Total contractual cash flows related to leases 3,173 4,712", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-58-9": { "value": "NOTE 14 \u2013 OTHER NON-CURRENT AND CURRENT ASSETS(amounts in NOK 1,000) 2022 2021Prepayments 2,060 2,575Government grants (see note 6) 1,541 2,525Deposits 923 896Income taxes and other taxes receivables 325 843Other receivables 3,538 342Total other current assets as of 31 December 8,387 7,181The group had NOK 3.5 million in other receivables as per 31 December 2022, of which NOK 1.7 million that mainly relates to estimated refunds of public duties.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-59-2": { "value": "NOTE 15 - CASH(amounts in NOK 1,000) 2022 2021Cash - unrestricted 68,682 101,998Cash - employee withholding tax deposits 621 708Total cash 69,302 102,706CAPITAL RESOURCESNEXT manages its liquidity passively, which means that funds are placed in floating-interest bank accounts. The majority of cash is held in Norwegian kroner at parent company level and is distributed when appropriate to the affiliates. This is both to have control of the overall liquidity situation and to manage expense levels in the affiliates.NEXT has no interest bearing debt by the end of 2022.NEXT targets to have an equity ratio above 80%, measured as total equity divided by total assets.Equity ratio 2022 2021Total equity 96,000 134,253Total assets 121,850 161,655Equity share 79% 83%Capital resources 2022 2021Current debt 24,571 25,376Non-current debt 1,279 2,027Less cash -69,302 -102,706Net debt (net cash) -43,452 -75,303Total equity 96,000 134,253Total capital resources 52,548 58,949Gearing ratio (%) -83% -128%The largest shareholders at year end and shares owned by executive and Directors of the Board:Number of Percent ofTop 20 shareholders at 31 December 2022sharessharesSkandinaviska Enskilda Banken AB 7,413,614 8.1 %TVENGE TORSTEIN INGVALD 6,000,000 6.5 %SILVERCOIN INDUSTRIES AS 5,360,770 5.8 %NORUS AS 4,600,000 5.0 %UBS Switzerland AG 3,369,331 3.7 %BNP Paribas 3,257,000 3.5 %NORUS HOLDING DATTER AS 3,135,000 3.4 %SONGA CAPITAL AS 2,505,486 2.7 %LUCELLUM AS 2,350,000 2.6 %CAMIKO AS 2,109,912 2.3 %CAMACA AS 1,950,602 2.1 %DNB Markets Aksjehandel/-analyse 1,868,325 2.0 %ECOMNEX HOLDING AS 1,519,484 1.7 %AS AUDLEY 1,474,037 1.6 %MUEN INVEST AS 1,300,000 1.4 %Avanza Bank AB 1,276,927 1.4 %HANOMA HOLDING AS 1,201,000 1.3 %SPECTER INVEST AS 1,186,000 1.3 %AVEO INVEST AS 1,160,000 1.3 %SIX-SEVEN AS 1,124,909 1.2 %TOTAL top 20 54,162,397 58.9 %Others 37,818,366 41.1%Total number of shares 91,980,763 100.0%Number of Percent of Shares owned by Executives and Directors of the Boardsharesshares Held throughSenior ExecutivesPeter Heuman, CEO 0 0.00%Eirik Underthun, CFO 0 0.00%Ulf Ritsvall, SVP Sales and Marketing 0 0.00%Board of DirectorsPetter Fjeldstad, Chairman 832,779 0.91% Aponia ASOdd-Harald Hauge 548,907 0.60% Odd-Harald HaugeSiri B\u00f8rsum 0 0.00%Emine Lundkvist 79,738 0.09%Nomination CommitteeJon Frode Vaksvik 35,000 0.04% Jon Frode Vaksvik& Skavak InvesAS1Haakon S\u00e6ter6,485,679 7.05% SilvercoinIndustries ASSix-Seven AS &Haakon S\u00e6teHans Herman Horn 8,510,000 9.25% NORUS AS, NorusHolding DatteAS, EdgewaterDatter AS & HansHerman Horn16,492,103 17.93%1) In addition to the shares held directly through Silvercoin Industries AS and Six-Seven AS, Silvercoin Industries AS held futures contracts on 2,000,000 NEXT shares as per 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-60-3": { "value": "NOTE 16 \u2013 INTEREST-BEARING LOANSThe group had no interest bearing loans as per year-end 2022 and 2021. In April 2020, NEXT Biometrics Inc. was granted a loan amounting to USD 1.0 million under the COVID-19 US government sponsored loan program. NEXT qualified for loan forgiveness amounting to NOK 8.0 million and repaid the remaining loan balance of NOK 0.6 million during 2021. Interest expense for 2021 amounted to NOK 0.1 million (2020: NOK 0.3 million). Net fair value, interest and exchange gain was NOK 0.7 million in 2021.The table below shows a reconciliation of the opening and closing balance for liabilities arising from financing activities:(amounts in NOK 1,000) 2022 2021Opening balance - 7,955Loan relief - -8,040Changes from financing cash flows - -626Net changes in foreign exchange rates and fair value - 710Closing balance as of 31 December - ", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-60-4": { "value": "NOTE 16 \u2013 INTEREST-BEARING LOANSThe group had no interest bearing loans as per year-end 2022 and 2021. In April 2020, NEXT Biometrics Inc. was granted a loan amounting to USD 1.0 million under the COVID-19 US government sponsored loan program. NEXT qualified for loan forgiveness amounting to NOK 8.0 million and repaid the remaining loan balance of NOK 0.6 million during 2021. Interest expense for 2021 amounted to NOK 0.1 million (2020: NOK 0.3 million). Net fair value, interest and exchange gain was NOK 0.7 million in 2021.The table below shows a reconciliation of the opening and closing balance for liabilities arising from financing activities:(amounts in NOK 1,000) 2022 2021Opening balance - 7,955Loan relief - -8,040Changes from financing cash flows - -626Net changes in foreign exchange rates and fair value - 710Closing balance as of 31 December - ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-60-5": { "value": "NOTE 16 \u2013 INTEREST-BEARING LOANSThe group had no interest bearing loans as per year-end 2022 and 2021. In April 2020, NEXT Biometrics Inc. was granted a loan amounting to USD 1.0 million under the COVID-19 US government sponsored loan program. NEXT qualified for loan forgiveness amounting to NOK 8.0 million and repaid the remaining loan balance of NOK 0.6 million during 2021. Interest expense for 2021 amounted to NOK 0.1 million (2020: NOK 0.3 million). Net fair value, interest and exchange gain was NOK 0.7 million in 2021.The table below shows a reconciliation of the opening and closing balance for liabilities arising from financing activities:(amounts in NOK 1,000) 2022 2021Opening balance - 7,955Loan relief - -8,040Changes from financing cash flows - -626Net changes in foreign exchange rates and fair value - 710Closing balance as of 31 December - ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-61-2": { "value": "NOTE 17 \u2013 OTHER CURRENT LIABILITIES(amounts in NOK 1,000) 2022 2021Accrued salary, vacation pay and board remuneration 1,797 2,704Public duties payable 3,430 1,825Share options social security tax 1,614 4,277Unearned revenue - 59Other current liabilities 8,064 6,810Total other current liabilities 14,904 15,676Other current liabilities of NOK 8.1 million mainly relates to uninvoiced goods and services that has been received by the group. For financial liabilities at amortised cost, the carrying amount is assessed to be a reasonable approximation of fair value. All items above are at amortised cost or nominal value.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-61-3": { "value": "NOTE 17 \u2013 OTHER CURRENT LIABILITIES(amounts in NOK 1,000) 2022 2021Accrued salary, vacation pay and board remuneration 1,797 2,704Public duties payable 3,430 1,825Share options social security tax 1,614 4,277Unearned revenue - 59Other current liabilities 8,064 6,810Total other current liabilities 14,904 15,676Other current liabilities of NOK 8.1 million mainly relates to uninvoiced goods and services that has been received by the group. For financial liabilities at amortised cost, the carrying amount is assessed to be a reasonable approximation of fair value. All items above are at amortised cost or nominal value.NOTE 18 \u2013 LEASESThe table below shows the amounts related to leases recognized in the statement of financial position:(amounts in NOK 1,000) 2022 2021Property - office leases (included in \"Property, plant and equipment\") 2,879 3,491Total right-of-use assets 2,879 3,491Current lease receivables - 517Total lease receivables - 517Non-current lease liabilities 1,218 1,899Current lease liabilities 1,748 2,597Total lease liabilities 2,966 4,496See note 11 for more information regarding right-of-use assets.In 2021, the office lease agreements in China, USA and Taiwan expired and the Group entered into new office leases with significantly smaller individual office sizes and monthly cost. The individual lease terms for the new leases are 2-3 years including extension periods. The new lease agreements were recognized with NOK 3.8 million in right-of-use assets and NOK 3.7 million in lease liabilities.The office lease in Norway related to the company\u2019s previous office was subleased from October 2020. Related lease receivable for the sublease was NOK 0.5 million as per 31 December 2021. The office lease expired and the sublease was terminated in December 2022.The table below shows the amounts related to leases recognized in the statement of comprehensive income(amounts in NOK 1,000) 2022 2021Gain on sub-lease (included in \"Other revenues\") - Depreciation property right-of-use assets (included in \"Depreciation and amortization\") -1,887 -1,728Impairment losses property right-of-use assets (included in \"Impairment losses\") - Expenses relating to low-value leases (included in \"Other operating expenses\") - Expenses relating to short-term leases (included in \"Other operating expenses\") - Gain on changes in lease liabilities (included in \"Other financial income\") - Interest income (included in \"Financial income\") 19 62Interest expenses (included in \"Financial expenses\") -111 -238Net expenses related to leases -1,979 -1,903The table below shows a reconciliation of the opening and closing balance for lease liabilities arising from financing activities:(amounts in NOK 1,000) 2022 2021Opening balance 4,496 3,254Changes from financing cash flows -2,738 -2,787Changes in lease liabilities due to new/amended lease agreements or CPI adjustments 992 3,774Other changes -88 66Translation differences 304 190Closing balance as of 31 December 2,966 4,496The total cash outflow for leases in 2022 was NOK 2.7 million (2021: NOK 2.8 million).The table below shows the maturity profile for the lease liabilities based on contractual undiscounted payments:(amounts in NOK 1,000) 2022 2021Within one year 2,140 2,725More than 1 year but within 5 years 1,033 1,987After 5 years - Total contractual cash flows related to leases 3,173 4,712CAPITAL RESOURCESNEXT manages its liquidity passively, which means that funds are placed in floating-interest bank accounts. The majority of cash is held in Norwegian kroner at parent company level and is distributed when appropriate to the affiliates. This is both to have control of the overall liquidity situation and to manage expense levels in the affiliates.NEXT has no interest bearing debt by the end of 2022.NEXT targets to have an equity ratio above 80%, measured as total equity divided by total assets.Equity ratio 2022 2021Total equity 96,000 134,253Total assets 121,850 161,655Equity share 79% 83%Capital resources 2022 2021Current debt 24,571 25,376Non-current debt 1,279 2,027Less cash -69,302 -102,706Net debt (net cash) -43,452 -75,303Total equity 96,000 134,253Total capital resources 52,548 58,949Gearing ratio (%) -83% -128%The largest shareholders at year end and shares owned by executive and Directors of the Board:Number of Percent ofTop 20 shareholders at 31 December 2022sharessharesSkandinaviska Enskilda Banken AB 7,413,614 8.1 %TVENGE TORSTEIN INGVALD 6,000,000 6.5 %SILVERCOIN INDUSTRIES AS 5,360,770 5.8 %NORUS AS 4,600,000 5.0 %UBS Switzerland AG 3,369,331 3.7 %BNP Paribas 3,257,000 3.5 %NORUS HOLDING DATTER AS 3,135,000 3.4 %SONGA CAPITAL AS 2,505,486 2.7 %LUCELLUM AS 2,350,000 2.6 %CAMIKO AS 2,109,912 2.3 %CAMACA AS 1,950,602 2.1 %DNB Markets Aksjehandel/-analyse 1,868,325 2.0 %ECOMNEX HOLDING AS 1,519,484 1.7 %AS AUDLEY 1,474,037 1.6 %MUEN INVEST AS 1,300,000 1.4 %Avanza Bank AB 1,276,927 1.4 %HANOMA HOLDING AS 1,201,000 1.3 %SPECTER INVEST AS 1,186,000 1.3 %AVEO INVEST AS 1,160,000 1.3 %SIX-SEVEN AS 1,124,909 1.2 %TOTAL top 20 54,162,397 58.9 %Others 37,818,366 41.1%Total number of shares 91,980,763 100.0%Number of Percent of Shares owned by Executives and Directors of the Boardsharesshares Held throughSenior ExecutivesPeter Heuman, CEO 0 0.00%Eirik Underthun, CFO 0 0.00%Ulf Ritsvall, SVP Sales and Marketing 0 0.00%Board of DirectorsPetter Fjeldstad, Chairman 832,779 0.91% Aponia ASOdd-Harald Hauge 548,907 0.60% Odd-Harald HaugeSiri B\u00f8rsum 0 0.00%Emine Lundkvist 79,738 0.09%Nomination CommitteeJon Frode Vaksvik 35,000 0.04% Jon Frode Vaksvik& Skavak InvesAS1Haakon S\u00e6ter6,485,679 7.05% SilvercoinIndustries ASSix-Seven AS &Haakon S\u00e6teHans Herman Horn 8,510,000 9.25% NORUS AS, NorusHolding DatteAS, EdgewaterDatter AS & HansHerman Horn16,492,103 17.93%1) In addition to the shares held directly through Silvercoin Industries AS and Six-Seven AS, Silvercoin Industries AS held futures contracts on 2,000,000 NEXT shares as per 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-61-4": { "value": "NOTE 17 \u2013 OTHER CURRENT LIABILITIES(amounts in NOK 1,000) 2022 2021Accrued salary, vacation pay and board remuneration 1,797 2,704Public duties payable 3,430 1,825Share options social security tax 1,614 4,277Unearned revenue - 59Other current liabilities 8,064 6,810Total other current liabilities 14,904 15,676Other current liabilities of NOK 8.1 million mainly relates to uninvoiced goods and services that has been received by the group. For financial liabilities at amortised cost, the carrying amount is assessed to be a reasonable approximation of fair value. All items above are at amortised cost or nominal value.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-62-12": { "value": "NOTE 18 \u2013 LEASESThe table below shows the amounts related to leases recognized in the statement of financial position:(amounts in NOK 1,000) 2022 2021Property - office leases (included in \"Property, plant and equipment\") 2,879 3,491Total right-of-use assets 2,879 3,491Current lease receivables - 517Total lease receivables - 517Non-current lease liabilities 1,218 1,899Current lease liabilities 1,748 2,597Total lease liabilities 2,966 4,496See note 11 for more information regarding right-of-use assets.In 2021, the office lease agreements in China, USA and Taiwan expired and the Group entered into new office leases with significantly smaller individual office sizes and monthly cost. The individual lease terms for the new leases are 2-3 years including extension periods. The new lease agreements were recognized with NOK 3.8 million in right-of-use assets and NOK 3.7 million in lease liabilities.The office lease in Norway related to the company\u2019s previous office was subleased from October 2020. Related lease receivable for the sublease was NOK 0.5 million as per 31 December 2021. The office lease expired and the sublease was terminated in December 2022.The table below shows the amounts related to leases recognized in the statement of comprehensive income(amounts in NOK 1,000) 2022 2021Gain on sub-lease (included in \"Other revenues\") - Depreciation property right-of-use assets (included in \"Depreciation and amortization\") -1,887 -1,728Impairment losses property right-of-use assets (included in \"Impairment losses\") - Expenses relating to low-value leases (included in \"Other operating expenses\") - Expenses relating to short-term leases (included in \"Other operating expenses\") - Gain on changes in lease liabilities (included in \"Other financial income\") - Interest income (included in \"Financial income\") 19 62Interest expenses (included in \"Financial expenses\") -111 -238Net expenses related to leases -1,979 -1,903The table below shows a reconciliation of the opening and closing balance for lease liabilities arising from financing activities:(amounts in NOK 1,000) 2022 2021Opening balance 4,496 3,254Changes from financing cash flows -2,738 -2,787Changes in lease liabilities due to new/amended lease agreements or CPI adjustments 992 3,774Other changes -88 66Translation differences 304 190Closing balance as of 31 December 2,966 4,496The total cash outflow for leases in 2022 was NOK 2.7 million (2021: NOK 2.8 million).The table below shows the maturity profile for the lease liabilities based on contractual undiscounted payments:(amounts in NOK 1,000) 2022 2021Within one year 2,140 2,725More than 1 year but within 5 years 1,033 1,987After 5 years - Total contractual cash flows related to leases 3,173 4,712", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-62-13": { "value": "NOTE 18 \u2013 LEASESThe table below shows the amounts related to leases recognized in the statement of financial position:(amounts in NOK 1,000) 2022 2021Property - office leases (included in \"Property, plant and equipment\") 2,879 3,491Total right-of-use assets 2,879 3,491Current lease receivables - 517Total lease receivables - 517Non-current lease liabilities 1,218 1,899Current lease liabilities 1,748 2,597Total lease liabilities 2,966 4,496See note 11 for more information regarding right-of-use assets.In 2021, the office lease agreements in China, USA and Taiwan expired and the Group entered into new office leases with significantly smaller individual office sizes and monthly cost. The individual lease terms for the new leases are 2-3 years including extension periods. The new lease agreements were recognized with NOK 3.8 million in right-of-use assets and NOK 3.7 million in lease liabilities.The office lease in Norway related to the company\u2019s previous office was subleased from October 2020. Related lease receivable for the sublease was NOK 0.5 million as per 31 December 2021. The office lease expired and the sublease was terminated in December 2022.The table below shows the amounts related to leases recognized in the statement of comprehensive income(amounts in NOK 1,000) 2022 2021Gain on sub-lease (included in \"Other revenues\") - Depreciation property right-of-use assets (included in \"Depreciation and amortization\") -1,887 -1,728Impairment losses property right-of-use assets (included in \"Impairment losses\") - Expenses relating to low-value leases (included in \"Other operating expenses\") - Expenses relating to short-term leases (included in \"Other operating expenses\") - Gain on changes in lease liabilities (included in \"Other financial income\") - Interest income (included in \"Financial income\") 19 62Interest expenses (included in \"Financial expenses\") -111 -238Net expenses related to leases -1,979 -1,903The table below shows a reconciliation of the opening and closing balance for lease liabilities arising from financing activities:(amounts in NOK 1,000) 2022 2021Opening balance 4,496 3,254Changes from financing cash flows -2,738 -2,787Changes in lease liabilities due to new/amended lease agreements or CPI adjustments 992 3,774Other changes -88 66Translation differences 304 190Closing balance as of 31 December 2,966 4,496The total cash outflow for leases in 2022 was NOK 2.7 million (2021: NOK 2.8 million).The table below shows the maturity profile for the lease liabilities based on contractual undiscounted payments:(amounts in NOK 1,000) 2022 2021Within one year 2,140 2,725More than 1 year but within 5 years 1,033 1,987After 5 years - Total contractual cash flows related to leases 3,173 4,712", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-62-14": { "value": "NOTE 18 \u2013 LEASESThe table below shows the amounts related to leases recognized in the statement of financial position:(amounts in NOK 1,000) 2022 2021Property - office leases (included in \"Property, plant and equipment\") 2,879 3,491Total right-of-use assets 2,879 3,491Current lease receivables - 517Total lease receivables - 517Non-current lease liabilities 1,218 1,899Current lease liabilities 1,748 2,597Total lease liabilities 2,966 4,496See note 11 for more information regarding right-of-use assets.In 2021, the office lease agreements in China, USA and Taiwan expired and the Group entered into new office leases with significantly smaller individual office sizes and monthly cost. The individual lease terms for the new leases are 2-3 years including extension periods. The new lease agreements were recognized with NOK 3.8 million in right-of-use assets and NOK 3.7 million in lease liabilities.The office lease in Norway related to the company\u2019s previous office was subleased from October 2020. Related lease receivable for the sublease was NOK 0.5 million as per 31 December 2021. The office lease expired and the sublease was terminated in December 2022.The table below shows the amounts related to leases recognized in the statement of comprehensive income(amounts in NOK 1,000) 2022 2021Gain on sub-lease (included in \"Other revenues\") - Depreciation property right-of-use assets (included in \"Depreciation and amortization\") -1,887 -1,728Impairment losses property right-of-use assets (included in \"Impairment losses\") - Expenses relating to low-value leases (included in \"Other operating expenses\") - Expenses relating to short-term leases (included in \"Other operating expenses\") - Gain on changes in lease liabilities (included in \"Other financial income\") - Interest income (included in \"Financial income\") 19 62Interest expenses (included in \"Financial expenses\") -111 -238Net expenses related to leases -1,979 -1,903The table below shows a reconciliation of the opening and closing balance for lease liabilities arising from financing activities:(amounts in NOK 1,000) 2022 2021Opening balance 4,496 3,254Changes from financing cash flows -2,738 -2,787Changes in lease liabilities due to new/amended lease agreements or CPI adjustments 992 3,774Other changes -88 66Translation differences 304 190Closing balance as of 31 December 2,966 4,496The total cash outflow for leases in 2022 was NOK 2.7 million (2021: NOK 2.8 million).The table below shows the maturity profile for the lease liabilities based on contractual undiscounted payments:(amounts in NOK 1,000) 2022 2021Within one year 2,140 2,725More than 1 year but within 5 years 1,033 1,987After 5 years - Total contractual cash flows related to leases 3,173 4,712CAPITAL RESOURCESNEXT manages its liquidity passively, which means that funds are placed in floating-interest bank accounts. The majority of cash is held in Norwegian kroner at parent company level and is distributed when appropriate to the affiliates. This is both to have control of the overall liquidity situation and to manage expense levels in the affiliates.NEXT has no interest bearing debt by the end of 2022.NEXT targets to have an equity ratio above 80%, measured as total equity divided by total assets.Equity ratio 2022 2021Total equity 96,000 134,253Total assets 121,850 161,655Equity share 79% 83%Capital resources 2022 2021Current debt 24,571 25,376Non-current debt 1,279 2,027Less cash -69,302 -102,706Net debt (net cash) -43,452 -75,303Total equity 96,000 134,253Total capital resources 52,548 58,949Gearing ratio (%) -83% -128%The largest shareholders at year end and shares owned by executive and Directors of the Board:Number of Percent ofTop 20 shareholders at 31 December 2022sharessharesSkandinaviska Enskilda Banken AB 7,413,614 8.1 %TVENGE TORSTEIN INGVALD 6,000,000 6.5 %SILVERCOIN INDUSTRIES AS 5,360,770 5.8 %NORUS AS 4,600,000 5.0 %UBS Switzerland AG 3,369,331 3.7 %BNP Paribas 3,257,000 3.5 %NORUS HOLDING DATTER AS 3,135,000 3.4 %SONGA CAPITAL AS 2,505,486 2.7 %LUCELLUM AS 2,350,000 2.6 %CAMIKO AS 2,109,912 2.3 %CAMACA AS 1,950,602 2.1 %DNB Markets Aksjehandel/-analyse 1,868,325 2.0 %ECOMNEX HOLDING AS 1,519,484 1.7 %AS AUDLEY 1,474,037 1.6 %MUEN INVEST AS 1,300,000 1.4 %Avanza Bank AB 1,276,927 1.4 %HANOMA HOLDING AS 1,201,000 1.3 %SPECTER INVEST AS 1,186,000 1.3 %AVEO INVEST AS 1,160,000 1.3 %SIX-SEVEN AS 1,124,909 1.2 %TOTAL top 20 54,162,397 58.9 %Others 37,818,366 41.1%Total number of shares 91,980,763 100.0%Number of Percent of Shares owned by Executives and Directors of the Boardsharesshares Held throughSenior ExecutivesPeter Heuman, CEO 0 0.00%Eirik Underthun, CFO 0 0.00%Ulf Ritsvall, SVP Sales and Marketing 0 0.00%Board of DirectorsPetter Fjeldstad, Chairman 832,779 0.91% Aponia ASOdd-Harald Hauge 548,907 0.60% Odd-Harald HaugeSiri B\u00f8rsum 0 0.00%Emine Lundkvist 79,738 0.09%Nomination CommitteeJon Frode Vaksvik 35,000 0.04% Jon Frode Vaksvik& Skavak InvesAS1Haakon S\u00e6ter6,485,679 7.05% SilvercoinIndustries ASSix-Seven AS &Haakon S\u00e6teHans Herman Horn 8,510,000 9.25% NORUS AS, NorusHolding DatteAS, EdgewaterDatter AS & HansHerman Horn16,492,103 17.93%1) In addition to the shares held directly through Silvercoin Industries AS and Six-Seven AS, Silvercoin Industries AS held futures contracts on 2,000,000 NEXT shares as per 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-67-3": { "value": "NOTE 19 \u2013 SHARE CAPITAL, SHAREHOLDER\u2019S INFORMATION AND SHARE-BASED OPTIONSThere is one class of shares. All shares have equal rights and are freely negotiable. The share capital is fully paid in. The par value of the shares is NOK 1 per share.There were 91,980,763 shares in the company on 31 December 2022, compared to 91,680,763 shares on 31 December 2021. At the end of 2022 there were 4,392 shareholder accounts compared to 5,377 at the end of 2021.NUMBER OF SHARES OUTSTANDING(amounts in NOK 1,000) 2022 2021Opening balance 91,680,763 75,944,489Share issue(s) - 14,819,897Exercised incentive share options 300,000 916,377Closing balance 91,980,763 91,680,763In August 2022, 300,000 share options were exercised at an average subscription price of NOK 2.49 per share, corresponding to gross proceeds of NOK 0.7 million. Total net proceeds from share issues for the year 2022 amounted to NOK 0.7 million.There are no authorizations to the board to purchase own shares.In February 2021, NEXT successfully completed a private placement issuing 14,819,897 new shares at a subscription price of NOK 6.0 per share, corresponding to gross proceeds of NOK 89 million. Estimated expenses related to the private placement was NOK 4.8 million and net proceeds were NOK 84 million. Moreover, in May and September 2021, NEXT issued additional 916,377 shares and raised total gross proceeds of NOK 2.7 million in two equity issues related to exercise of employee share options. Total net proceeds for the year 2021 amounted to NOK 86.7 million.CAPITAL RESOURCESNEXT manages its liquidity passively, which means that funds are placed in floating-interest bank accounts. The majority of cash is held in Norwegian kroner at parent company level and is distributed when appropriate to the affiliates. This is both to have control of the overall liquidity situation and to manage expense levels in the affiliates.NEXT has no interest bearing debt by the end of 2022.NEXT targets to have an equity ratio above 80%, measured as total equity divided by total assets.Equity ratio 2022 2021Total equity 96,000 134,253Total assets 121,850 161,655Equity share 79% 83%Capital resources 2022 2021Current debt 24,571 25,376Non-current debt 1,279 2,027Less cash -69,302 -102,706Net debt (net cash) -43,452 -75,303Total equity 96,000 134,253Total capital resources 52,548 58,949Gearing ratio (%) -83% -128%The largest shareholders at year end and shares owned by executive and Directors of the Board:Number of Percent ofTop 20 shareholders at 31 December 2022sharessharesSkandinaviska Enskilda Banken AB 7,413,614 8.1 %TVENGE TORSTEIN INGVALD 6,000,000 6.5 %SILVERCOIN INDUSTRIES AS 5,360,770 5.8 %NORUS AS 4,600,000 5.0 %UBS Switzerland AG 3,369,331 3.7 %BNP Paribas 3,257,000 3.5 %NORUS HOLDING DATTER AS 3,135,000 3.4 %SONGA CAPITAL AS 2,505,486 2.7 %LUCELLUM AS 2,350,000 2.6 %CAMIKO AS 2,109,912 2.3 %CAMACA AS 1,950,602 2.1 %DNB Markets Aksjehandel/-analyse 1,868,325 2.0 %ECOMNEX HOLDING AS 1,519,484 1.7 %AS AUDLEY 1,474,037 1.6 %MUEN INVEST AS 1,300,000 1.4 %Avanza Bank AB 1,276,927 1.4 %HANOMA HOLDING AS 1,201,000 1.3 %SPECTER INVEST AS 1,186,000 1.3 %AVEO INVEST AS 1,160,000 1.3 %SIX-SEVEN AS 1,124,909 1.2 %TOTAL top 20 54,162,397 58.9 %Others 37,818,366 41.1%Total number of shares 91,980,763 100.0%Number of Percent of Shares owned by Executives and Directors of the Boardsharesshares Held throughSenior ExecutivesPeter Heuman, CEO 0 0.00%Eirik Underthun, CFO 0 0.00%Ulf Ritsvall, SVP Sales and Marketing 0 0.00%Board of DirectorsPetter Fjeldstad, Chairman 832,779 0.91% Aponia ASOdd-Harald Hauge 548,907 0.60% Odd-Harald HaugeSiri B\u00f8rsum 0 0.00%Emine Lundkvist 79,738 0.09%Nomination CommitteeJon Frode Vaksvik 35,000 0.04% Jon Frode Vaksvik& Skavak InvesAS1Haakon S\u00e6ter6,485,679 7.05% SilvercoinIndustries ASSix-Seven AS &Haakon S\u00e6teHans Herman Horn 8,510,000 9.25% NORUS AS, NorusHolding DatteAS, EdgewaterDatter AS & HansHerman Horn16,492,103 17.93%1) In addition to the shares held directly through Silvercoin Industries AS and Six-Seven AS, Silvercoin Industries AS held futures contracts on 2,000,000 NEXT shares as per 31 December 2022. As of 31 December 2022, the Company has one share option program:I) LONG-TERM SHARE OPTIONS PROGRAMNEXT has allotted long-term share options to employees. The options in the 2016-2019 program vest 1/3 after 1 year, additionally 1/3 after 2 years, additionally 1/3 after 3 years. The options expire after 6 years. The options in the 2020 program are fully vested as per 31. December 2021. The options in the 2021 program vest 1/3 in quarter three 2021, 1/3 in quarter three 2022 and 1/3 in quarter three 2023. The options allocated to employees in the 2022 program vest 1/3 in quarter three 2022, 1/3 in quarter three 2023 and 1/3 in quarter three 2024. The options allocated to the board member in the 2022 program vest 1/2 in quarter three 2022 and 1/2 in quarter three 2023. The options in the 2020, 2021 and 2022 program expire 3 years after the options have been granted.There are currently an accumulated 11,932,228 (13.0% of total number of shares in the Company) share options outstanding. Out of these, 8,755,897 share options have vested.Each option gives the holder the right to acquire one share from the Company at a strike price defined inthe individual share option agreement.The option agreements include a clause on accelerated vesting in case of a majority of shares in the Company are (i) sold to an acquirer, (ii) the Company is merged with another company, (iii) a demerger occurs, and (iv) if the company\u2019s shares are delisted.At the Annual General Meeting (AGM) 19 May 2022 the Board of Directors was granted authorization to issue up to 9,309,100 shares shares in the company in relation to options granted to employees and board members.2022 2021Weighted average Weighted average Options - movement Number of optionsexercise price Number of optionsexercise priceOutstanding options - Beginning period 9,828,646 4.84 6,682,460 5.17Granted 2,681,000 4.83 4,649,998 6.09Exercised -300,000 2.49 -916,377 2.96Forfeited or expired -277,418 - -587,435 Modifications - - - Outstanding options - End period 11,932,228 4.86 9,828,646 4.84Vested options - End period 8,755,897 4.66 6,665,419 4.252022 2021Weighted average Weighted averageNumber of optionsfair value Number of optionsfair valueGranted options - During period 2,681,000 1.32 4,649,998 2.582022Net expense in the Of which Remaining Number of optionsperiod (NOK 1,000)adjustment prior expense future expected to vestperiods expense periods (NOK (number of optionsbecause of change 1,000)in estimated number of options that will vest (NOK 1,000)2016-2019 grants 39 - 623,5652020 grants - - - 4,586,0002021 grants 3,540 -183 1,057 4,140,9972022 grants 1,154 -20 2,238 2,581,666Total 4,733 -203 3,296 11,932,2282022Weighted average Total numberemaining Number of options of optionsRange of exercise contractual life expected to vest outstandingprice(years)(number of options)(number of options2016-2019 grants 3,13-78,04 2.3 623,565 623,5652020 grants 2,49-3,21 0.47 4,586,000 4,586,0002021 grants 4,32-7,45 1.47 4,001,031 4,140,9972022 grants 4,48-4,89 2.41 2,362,082 2,581,666Total - - 11,572,678 11,932,228The fair value for the share-based options granted in the year has been calculated by use of the Black (1976) option-pricing model for 2021 and Black-Scholes for 2022 and the following assumptions have been applied in2022 and 2021: Exercise price:2022: Weighted average NOK 4.83 per share2021: Weighted average NOK 6.09 per shareVesting period:2022 employee options: 1/3 have 1 years, 1/3 have 2 years and 1/3 have 3 years2022 board of director options: 1/2 have 1 years, 1/2 have 2 years2021: 1/3 have 1 years, 1/3 have 2 years and 1/3 have 3 yearsVolatility:2022: 45%-93% depending on time to maturity of individual options.2021: 90% Risk free interest rate: 2022: 1.24%-2.92% depending on time to maturity of individual options.2021: 0.33%-0.73% depending on time to maturity of individual options.Attrition:2022: Estimated 10%-15% attrition depending on time to maturity of individual non-vested share-based options.2021: Estimated 10%-15% attrition depending on time to maturity of individual non-vested share-based options.No expected dividend payment ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-67-4": { "value": "NOTE 19 \u2013 SHARE CAPITAL, SHAREHOLDER\u2019S INFORMATION AND SHARE-BASED OPTIONSThere is one class of shares. All shares have equal rights and are freely negotiable. The share capital is fully paid in. The par value of the shares is NOK 1 per share.There were 91,980,763 shares in the company on 31 December 2022, compared to 91,680,763 shares on 31 December 2021. At the end of 2022 there were 4,392 shareholder accounts compared to 5,377 at the end of 2021.NUMBER OF SHARES OUTSTANDING(amounts in NOK 1,000) 2022 2021Opening balance 91,680,763 75,944,489Share issue(s) - 14,819,897Exercised incentive share options 300,000 916,377Closing balance 91,980,763 91,680,763In August 2022, 300,000 share options were exercised at an average subscription price of NOK 2.49 per share, corresponding to gross proceeds of NOK 0.7 million. Total net proceeds from share issues for the year 2022 amounted to NOK 0.7 million.There are no authorizations to the board to purchase own shares.In February 2021, NEXT successfully completed a private placement issuing 14,819,897 new shares at a subscription price of NOK 6.0 per share, corresponding to gross proceeds of NOK 89 million. Estimated expenses related to the private placement was NOK 4.8 million and net proceeds were NOK 84 million. Moreover, in May and September 2021, NEXT issued additional 916,377 shares and raised total gross proceeds of NOK 2.7 million in two equity issues related to exercise of employee share options. Total net proceeds for the year 2021 amounted to NOK 86.7 million.CAPITAL RESOURCESNEXT manages its liquidity passively, which means that funds are placed in floating-interest bank accounts. The majority of cash is held in Norwegian kroner at parent company level and is distributed when appropriate to the affiliates. This is both to have control of the overall liquidity situation and to manage expense levels in the affiliates.NEXT has no interest bearing debt by the end of 2022.NEXT targets to have an equity ratio above 80%, measured as total equity divided by total assets.Equity ratio 2022 2021Total equity 96,000 134,253Total assets 121,850 161,655Equity share 79% 83%Capital resources 2022 2021Current debt 24,571 25,376Non-current debt 1,279 2,027Less cash -69,302 -102,706Net debt (net cash) -43,452 -75,303Total equity 96,000 134,253Total capital resources 52,548 58,949Gearing ratio (%) -83% -128%The largest shareholders at year end and shares owned by executive and Directors of the Board:Number of Percent ofTop 20 shareholders at 31 December 2022sharessharesSkandinaviska Enskilda Banken AB 7,413,614 8.1 %TVENGE TORSTEIN INGVALD 6,000,000 6.5 %SILVERCOIN INDUSTRIES AS 5,360,770 5.8 %NORUS AS 4,600,000 5.0 %UBS Switzerland AG 3,369,331 3.7 %BNP Paribas 3,257,000 3.5 %NORUS HOLDING DATTER AS 3,135,000 3.4 %SONGA CAPITAL AS 2,505,486 2.7 %LUCELLUM AS 2,350,000 2.6 %CAMIKO AS 2,109,912 2.3 %CAMACA AS 1,950,602 2.1 %DNB Markets Aksjehandel/-analyse 1,868,325 2.0 %ECOMNEX HOLDING AS 1,519,484 1.7 %AS AUDLEY 1,474,037 1.6 %MUEN INVEST AS 1,300,000 1.4 %Avanza Bank AB 1,276,927 1.4 %HANOMA HOLDING AS 1,201,000 1.3 %SPECTER INVEST AS 1,186,000 1.3 %AVEO INVEST AS 1,160,000 1.3 %SIX-SEVEN AS 1,124,909 1.2 %TOTAL top 20 54,162,397 58.9 %Others 37,818,366 41.1%Total number of shares 91,980,763 100.0%Number of Percent of Shares owned by Executives and Directors of the Boardsharesshares Held throughSenior ExecutivesPeter Heuman, CEO 0 0.00%Eirik Underthun, CFO 0 0.00%Ulf Ritsvall, SVP Sales and Marketing 0 0.00%Board of DirectorsPetter Fjeldstad, Chairman 832,779 0.91% Aponia ASOdd-Harald Hauge 548,907 0.60% Odd-Harald HaugeSiri B\u00f8rsum 0 0.00%Emine Lundkvist 79,738 0.09%Nomination CommitteeJon Frode Vaksvik 35,000 0.04% Jon Frode Vaksvik& Skavak InvesAS1Haakon S\u00e6ter6,485,679 7.05% SilvercoinIndustries ASSix-Seven AS &Haakon S\u00e6teHans Herman Horn 8,510,000 9.25% NORUS AS, NorusHolding DatteAS, EdgewaterDatter AS & HansHerman Horn16,492,103 17.93%1) In addition to the shares held directly through Silvercoin Industries AS and Six-Seven AS, Silvercoin Industries AS held futures contracts on 2,000,000 NEXT shares as per 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-75-4": { "value": "NOTE 20 \u2013 REMUNERATION KEY PERSONNEL AND AUDIT FEESACTUAL REMUNERATION - SENIOR EXECUTIVES2022Fair value (amounts in NOK Board Other Pension granted Total1,000)remuneration Salary Bonusbenefitscostoptions *remunerationSenior ExecutivesPeter Heuman, CEO - 3,493 800 4 162 1,509 5,968Eirik Underthun, CFO - 1,805 - 4 162 704 2,675Ulf Ritsvall, SVP Sales and - 1,706 - 2 - 1,402 3,110marketingBoard of DirectorsPetter Fjeldstad, Chairman 500 - - - - 500Odd Harald Hauge 200 - - - - 200Emine Lundkvist 200 - - - - 2001Siri B\u00f8rsum - - - - - 96 96 2Live Haukvik 200 - - - - 200 - Nomination committee - Jon Frode Vaksvik, 30 - - - - - 30ChairmanHaakon S\u00e6ter 20 - - - - - 20Hans-Herman Horn 20 - - - - - 20Total remuneration 1,170 7,004 800 10 324 3,712 13,020* Fair value of granted options is equal to expensed share option remuneration for the year, which is based on fair value at grant date and vesting period (see note 2 for further information). 1 Siri B\u00f8rsum was board member from 19 May 2022. 2 Live Haukvik was board member until 19 May 2022. ACTUAL REMUNERATION - SENIOR EXECUTIVES2021Fair value 2021 (amounts in Board Other Pension granted TotalNOK 1,000)remuneration Salary Bonusbenefitscostoptions *remunerationSenior ExecutivesPeter Heuman, CEO - 3,534 1,700 4 145 3,209 8,592Eirik Underthun, CFO - 1,731 - 5 145 1,257 3,138Ulf Ritsvall, SVP Sales and - 366 - 5 - 180 5511marketingBoard of DirectorsPetter Fjeldstad, Chairman 500 - - - - 500Odd Harald Hauge 200 - - - - 200Emine Lundkvist 200 - - - - 200Live Haukvik 200 - - - - 200 - Nomination committee - Jon Frode Vaksvik, 30 - - - - - 30ChairmanHaakon S\u00e6ter 20 - - - - - 202Hans-Herman Horn - - - - - - -Total remuneration 1,150 5,631 1,700 14 290 4,646 13,4311 Ulf Ritsvall was SVP sales and marketing effective from 18 October 2021.2 Hans Herman Horn was elected as new member of the nomination committee at the annual general meeting held on 12 May 2021. CEO REMUNERATIONPeter Heuman has a salary of NOK 2.9 million per year. In addition, he is part of the Company\u2019s option plan and the bonus program, which provides annual bonuses based upon the achievement of performance objectives established by the company. Further, the CEO is entitled to a pension benefit o15% of annual base salary. Peter Heuman was awarded a bonus in 2022 and 2021 and the company also paid pension benefits as salary for the amount in excess of the company\u2019s standard pension contribution for 2022 and 2021, which is reported under salary in the tables above.SEVERANCE Peter Heuman has a severance agreement whereby he will receive 100% pay for 6 months fortermination by the Company without cause.LOANS AND GUARANTEES FOR SENIOR EXECUTIVESThe Company has not made any advance payments or issued loans to, or guarantees in favor of, any senior executives or members of the board as per 31 December 2022.SHARE BASED REMUNERATION Salary, pension and any bonuses will attract employer\u2019s tax, which will be expensed simultaneously with the remuneration. The notional cost of options as share-based remuneration is expensed, but the equity effect is nil because the contra item is a notional equity injection of equal amount. In addition, employer\u2019s tax is accrued on the intrinsic value of the option on the balance sheet date. For the shareholders, a possible exercise of share options will represent a dilution. At the end of 2022, the number of outstanding options to senior executives amounted to 9,780,000 corresponding to 10.6% of the share capital. At the end of 2021, the number of outstanding options to senior executives amounted to 8,080,000 corresponding to 8.8% of the share capital. For further details regarding share-based remuneration, see note 19.OPTIONS - SHARE BASED REMUNERATIONAccumulated Expired/ Average Accumulated Averagequantity Granted adjusted Exercised exercise quantity exercise2022options OBoptions optionsoptionsprice - Aoptions CBprice - BSenior ExecutivesPeter Heuman, CEO 4,720,000 - - - - 4,720,000 3.99Eirik Underthun, CFO 1,300,000 200,000 - - - 1,500,000 4.67Ulf Ritsvall, SVP Sales 400,000 1,500,000 - - - 1,900,000 5.34and MarketingBoard of DirectorsPetter Fjeldstad, 1,030,000 - - - - 1,030,000 2.66ChairmanOdd Harald Hauge 200,000 - - - - 200,000 2.49Emine Lundkvist 230,000 - - - - 230,000 3.27Siri B\u00f8rsum - 200,000 - - - 200,000 4.89Live Haukvik 200,000 - - -200,000 2.49 - Total 8,080,000 1,900,000 - - 9,780,000Accumulated Expired/ Average Accumulated Averagequantity Granted adjusted Exercised exercise quantity exercise2021options OBoptions optionsoptionsprice - Aoptions CBprice - BSenior ExecutivesPeter Heuman, CEO 2,720,000 2,000,000 - - - 4,720,000 3.99Eirik Underthun, CFO 1,000,000 800,000 - -500,000 2.49 1,300,000 4.63Ulf Ritsvall, SVP Sales - 400,000 - - - 400,000 7.25and MarketingBoard of DirectorsPetter Fjeldstad, 1,030,000 - - - - 1,030,000 2.66ChairmanOdd Harald Hauge 200,000 - - - - 200,000 2.49Emine Lundkvist 230,000 - - - - 230,000 3.27Live Haukvik 200,000 - - - - 200,000 2.49Total 5,380,000 3,200,000 - - 8,080,000A - Average exercise price for options exercised during the financial year (amounts in NOK)B - Average exercise price for quantity of options by the end of the financial year (amounts in NOK", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-75-5": { "value": "NOTE 20 \u2013 REMUNERATION KEY PERSONNEL AND AUDIT FEESACTUAL REMUNERATION - SENIOR EXECUTIVES2022Fair value (amounts in NOK Board Other Pension granted Total1,000)remuneration Salary Bonusbenefitscostoptions *remunerationSenior ExecutivesPeter Heuman, CEO - 3,493 800 4 162 1,509 5,968Eirik Underthun, CFO - 1,805 - 4 162 704 2,675Ulf Ritsvall, SVP Sales and - 1,706 - 2 - 1,402 3,110marketingBoard of DirectorsPetter Fjeldstad, Chairman 500 - - - - 500Odd Harald Hauge 200 - - - - 200Emine Lundkvist 200 - - - - 2001Siri B\u00f8rsum - - - - - 96 96 2Live Haukvik 200 - - - - 200 - Nomination committee - Jon Frode Vaksvik, 30 - - - - - 30ChairmanHaakon S\u00e6ter 20 - - - - - 20Hans-Herman Horn 20 - - - - - 20Total remuneration 1,170 7,004 800 10 324 3,712 13,020* Fair value of granted options is equal to expensed share option remuneration for the year, which is based on fair value at grant date and vesting period (see note 2 for further information). 1 Siri B\u00f8rsum was board member from 19 May 2022. 2 Live Haukvik was board member until 19 May 2022. ACTUAL REMUNERATION - SENIOR EXECUTIVES2021Fair value 2021 (amounts in Board Other Pension granted TotalNOK 1,000)remuneration Salary Bonusbenefitscostoptions *remunerationSenior ExecutivesPeter Heuman, CEO - 3,534 1,700 4 145 3,209 8,592Eirik Underthun, CFO - 1,731 - 5 145 1,257 3,138Ulf Ritsvall, SVP Sales and - 366 - 5 - 180 5511marketingBoard of DirectorsPetter Fjeldstad, Chairman 500 - - - - 500Odd Harald Hauge 200 - - - - 200Emine Lundkvist 200 - - - - 200Live Haukvik 200 - - - - 200 - Nomination committee - Jon Frode Vaksvik, 30 - - - - - 30ChairmanHaakon S\u00e6ter 20 - - - - - 202Hans-Herman Horn - - - - - - -Total remuneration 1,150 5,631 1,700 14 290 4,646 13,4311 Ulf Ritsvall was SVP sales and marketing effective from 18 October 2021.2 Hans Herman Horn was elected as new member of the nomination committee at the annual general meeting held on 12 May 2021. CEO REMUNERATIONPeter Heuman has a salary of NOK 2.9 million per year. In addition, he is part of the Company\u2019s option plan and the bonus program, which provides annual bonuses based upon the achievement of performance objectives established by the company. Further, the CEO is entitled to a pension benefit o15% of annual base salary. Peter Heuman was awarded a bonus in 2022 and 2021 and the company also paid pension benefits as salary for the amount in excess of the company\u2019s standard pension contribution for 2022 and 2021, which is reported under salary in the tables above.SEVERANCE Peter Heuman has a severance agreement whereby he will receive 100% pay for 6 months fortermination by the Company without cause.LOANS AND GUARANTEES FOR SENIOR EXECUTIVESThe Company has not made any advance payments or issued loans to, or guarantees in favor of, any senior executives or members of the board as per 31 December 2022.SHARE BASED REMUNERATION Salary, pension and any bonuses will attract employer\u2019s tax, which will be expensed simultaneously with the remuneration. The notional cost of options as share-based remuneration is expensed, but the equity effect is nil because the contra item is a notional equity injection of equal amount. In addition, employer\u2019s tax is accrued on the intrinsic value of the option on the balance sheet date. For the shareholders, a possible exercise of share options will represent a dilution. At the end of 2022, the number of outstanding options to senior executives amounted to 9,780,000 corresponding to 10.6% of the share capital. At the end of 2021, the number of outstanding options to senior executives amounted to 8,080,000 corresponding to 8.8% of the share capital. For further details regarding share-based remuneration, see note 19.OPTIONS - SHARE BASED REMUNERATIONAccumulated Expired/ Average Accumulated Averagequantity Granted adjusted Exercised exercise quantity exercise2022options OBoptions optionsoptionsprice - Aoptions CBprice - BSenior ExecutivesPeter Heuman, CEO 4,720,000 - - - - 4,720,000 3.99Eirik Underthun, CFO 1,300,000 200,000 - - - 1,500,000 4.67Ulf Ritsvall, SVP Sales 400,000 1,500,000 - - - 1,900,000 5.34and MarketingBoard of DirectorsPetter Fjeldstad, 1,030,000 - - - - 1,030,000 2.66ChairmanOdd Harald Hauge 200,000 - - - - 200,000 2.49Emine Lundkvist 230,000 - - - - 230,000 3.27Siri B\u00f8rsum - 200,000 - - - 200,000 4.89Live Haukvik 200,000 - - -200,000 2.49 - Total 8,080,000 1,900,000 - - 9,780,000Accumulated Expired/ Average Accumulated Averagequantity Granted adjusted Exercised exercise quantity exercise2021options OBoptions optionsoptionsprice - Aoptions CBprice - BSenior ExecutivesPeter Heuman, CEO 2,720,000 2,000,000 - - - 4,720,000 3.99Eirik Underthun, CFO 1,000,000 800,000 - -500,000 2.49 1,300,000 4.63Ulf Ritsvall, SVP Sales - 400,000 - - - 400,000 7.25and MarketingBoard of DirectorsPetter Fjeldstad, 1,030,000 - - - - 1,030,000 2.66ChairmanOdd Harald Hauge 200,000 - - - - 200,000 2.49Emine Lundkvist 230,000 - - - - 230,000 3.27Live Haukvik 200,000 - - - - 200,000 2.49Total 5,380,000 3,200,000 - - 8,080,000A - Average exercise price for options exercised during the financial year (amounts in NOK)B - Average exercise price for quantity of options by the end of the financial year (amounts in NOK", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-83-2": { "value": "NOTE 21 \u2013 CLIMATE RISKThe Group does not own or operate manufacturing facilities. Manufacturing is done through third parties.Climate impact and potential risk is low in the short to medium term. The Group is not directly impacted by physical climate risk such as potential flooding or general increase in the sea level. Moreover, the Group does not face any potential liabilities due to damage caused by climate change. Still, the Group is likely to be impacted by the regulatory and technological changes that are to be implemented (in the future) to reach a carbon neutral society, which may lead to long term increased electronic component purchase and manufacturing costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-84-2": { "value": "NOTE 22 - RELATED PARTIES The Group\u2019s significant shareholders, board members and management are considered related partiesTransactions between related parties are always aims at being carried at arm\u2019s length principle. Board members have received remuneration according to the general meetings decisions. In addition, board members have been granted options. Salary and board remuneration to related parties have been disclosed in note 20. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-85-2": { "value": "NOTE 23 - EVENTS OCCURRING AFTER THE BALANCE SHEET DATEBetween 31 December 2022 and the resolution of these financial statements, there has not been anyevent which have had any noticeable impact on the Group\u2019s or the parent company\u2019s result for 2022 orthe value of the Group or the parent company\u2019s assets and liabilities as of 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }