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Registered number: 13830442
Helvetic Blockchain Technologies Plc
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 January 2024
R&R Accounting & Taxation Services Ltd
Suite 3, Unit 8
Kingsdale Business Centre
Chelmsford
CM1 1PE
Contents
Page
Strategic Report 1—2
Directors' Report 3—4
Independent Auditor's Report 5—8
Profit and Loss Account 9
Balance Sheet 10
Statement of Changes in Equity 11
Notes to the Financial Statements 12—16
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 January 2024.
Review of the Business
After ETH 2.0 that have been implemented on Sept 15th 2022, we stopped mining ETH and we tried to mine other coins, but no other coin was providing any relevant profitability;
ETH 2.0, was originally planned for 2019 but it kept postponing for many reasons, but mainly there was no way of telling what might happen after The Merge:
- The system could stop working for whatever reason, or that the blockchain’s validators could act maliciously. 
This could lead to a significant amount of reputational damage for Ethereum, which could, in theory, lead to a serious market crash. 
- Also, once Ethereum moves to its new consensus mechanism, there is the risk that it could become just another proof-of-stake blockchain. 
Nobody was imagining such a drastic change.
As management we correctly forecasted the energy issues experienced by Europe by moving to Paraguay, well in advance of the energy crisis, but we couldn’t imagine such a drastic and sudden change in the ETH!
Our first reaction/strategy post merge:
On early 2023 we kept performing tests (dual/triple mining, immersion cooling, etc..) hoping that some other project would become relevant and would provide profitability with our hardware. 
Our main goal was trying to resume our revenues stream in a fast and sustainable way. 
To achieve this objective, we tried to implement other strategies, such as:
1)  Mining other coins with our GPUs: 
During 2023 it became evident that any other project (such as DNX, IRON, etc..) would take some time to become            profitable; In addition, there was the risk that any new project would be cannibalized by ASICs as it happened to KAS.  
Since no GPU mining activity was profitable, we decided to preserve the hardware.
2)  Using our hardware for other projects; 
Simultaneously we tried to use our hardware for other projects, such as film rendering or AIaaS (AI as a Service).  In this respect we connected with a company participated by Urania, called B3YOND S.r.l. to help us finding counterparties that could use our hardware, but nothing was profitable.
3)  Implementing new activities/services:
Since we are in a location with cheap and green source of electricity, we tried to implement new activities and/or offer new services. In particular, we have investigated the two activities: i) Hosting other miners in our location; ii) Start mining BTC;
...CONTINUED
Page 1
Page 2
Review of the Business - continued
Key Performance indicators
Post halving BTC production cost for each miner (average cost of production is US$37,856): 
We have estimated the weighted average for the cost of production and cash cost, which stood at approximately $16,800 and $25,000 per bitcoin respectively for Q3 2023. 
Following the halving event, that happened in April 2024, these costs raised to $29,300 and $38,100 respectively.
Since the first Bitcoin halving in 2012, followed by subsequent halvings in 2016 and 2020, a pattern has emerged where the hashrate typically drops about 9% below the trend line post-halving, a situation that usually lasts for around six months.
Principal Risks and Uncertainties
The principle risks or uncertainties of the company are as follows:
The company runs out of capital before making a profit
Risk of damage to the mining operations
Price fluctuations in ETH/BTC
Cyber security and hacking of the wallets
On behalf of the board
Mr Francesco Fico
Director
30th July 2024
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 January 2024.
Principal Activity
The company's principal activity continues to be that of building 'farms' to mine for Ether currency.
Directors
The directors who held office during the year were as follows:
Mr Francesco Fico
Mr David Marconi
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to: 
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements.
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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Independent Auditors
The auditors, Anstey Bond LLP, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Francesco Fico
Director
30th July 2024
Page 4
Page 5
Independent Auditor's Report
Opinion
We have audited the financial statements of Helvetic Blockchain Technologies Plc (the 'company') for the year ended 31 January 2024 which comprise the Income Statement,Balance Sheet and notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards , including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of
the financial statements section of our report. We are independent of the company in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical
Standard , and the provisions available for small entities, in the circumstances set out in note 9 to the financial
statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The director is responsible for the other information. The other information comprises the information in the Report
of the Director but does not include the financial statements and our Report of the Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial statements, or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a
material misstatement in the financial statements themselves. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
Page 5
Page 6
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Report of the Directors have been prepared in accordance with applicable legal requirements.
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit, or
  • the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. 
Responsibilities of Directors
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. 
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our
opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities in identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following: 
• the nature of the industry and sector, control environment and business performance including the design of the
Company’s remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets.
• results of our enquiries of management about their own identification and assessment of the risks of irregularities.
• any matters we identified having obtained and reviewed the Company's documentation of their policies and
procedures relating to
...CONTINUED
Page 6
Page 7
Auditor's Responsibilities for the Audit of the Financial Statements - continued
• identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of
noncompliance.
• detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud,
• the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
• the matters discussed among the audit engagement team and involving relevant internal specialists, including tax
and IT specialists regarding how and where fraud might occur in the financial statements and any potential
indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in relation to revenue deferrals. In common with
all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of
management override.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing
on provisions of those laws and regulations that had a direct effect on the determination of material amounts and
disclosures in the financial statements. The key laws and regulations we considered in this context included the UK
Companies Act and local tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial
statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a
material penalty.
Audit response to the risks identified
Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and verifying through obtaining supporting documentation to assess
compliance with provisions of relevant laws and regulations described as having a direct effect on the financial
statements.
• enquiring of management and external legal counsel concerning actual and potential litigation and claims.
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud.
• reading minutes of meetings of those charged with governance and reviewing regulatory correspondence.
• obtained an understanding of provisions and held discussions with management to understand the basis of
recognition or non-recognition of tax provisions; and
• obtained an understanding of provisions and held discussions with management to understand the basis of
recognition or non-recognition of tax provisions; and in addressing the risk of fraud through management override
of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the
judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business
rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
members including internal specialists and significant component audit teams and remained alert to any indications
of fraud or noncompliance with laws and regulations throughout the audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of
the Auditors.
Page 7
Page 8
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those
matters that we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the
company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Colin Ellis FCCA (Senior Statutory Auditor)
for and on behalf of Anstey Bond LLP , Statutory Auditor
30th July 2024
Page 8
Page 9
Profit and Loss Account
31 January 2024 31 January 2023
Notes £ £
TURNOVER - 27,463
GROSS PROFIT - 27,463
Administrative expenses (6,823,060 ) (48,673,224 )
OPERATING LOSS AND LOSS FOR THE FINANCIAL YEAR (6,823,060 ) (48,645,761 )
The notes on pages 12 to 16 form part of these financial statements.
Page 9
Page 10
Balance Sheet
Registered number: 13830442
31 January 2024 31 January 2023
Notes £ £ £ £
FIXED ASSETS
Investments 7 8,660,879 15,361,605
8,660,879 15,361,605
CURRENT ASSETS
Debtors 8 28,365 28,163
Cash at bank and in hand 27,231 155,700
55,596 183,863
Creditors: Amounts Falling Due Within One Year 9 (13,569 ) (19,502 )
NET CURRENT ASSETS (LIABILITIES) 42,027 164,361
TOTAL ASSETS LESS CURRENT LIABILITIES 8,702,906 15,525,966
NET ASSETS 8,702,906 15,525,966
CAPITAL AND RESERVES
Called up share capital 11 646,094 646,094
Share premium account 63,525,633 63,525,633
Profit and Loss Account (55,468,821 ) (48,645,761 )
SHAREHOLDERS' FUNDS 8,702,906 15,525,966
On behalf of the board
Mr Francesco Fico
Director
30th July 2024
The notes on pages 12 to 16 form part of these financial statements.
Page 10
Page 11
Statement of Changes in Equity
Share Capital Share Premium Profit and Loss Account Total
£ £ £ £
As at 5 January 2022 646,094 - - 646,094
Loss for the period and total comprehensive income - - (48,645,761 ) (48,645,761)
Arising on shares issued during the period - 63,525,633 - 63,525,633
As at 31 January 2023 and 1 February 2023 646,094 63,525,633 (48,645,761 ) 15,525,966
Loss for the year and total comprehensive income - - (6,823,060 ) (6,823,060)
As at 31 January 2024 646,094 63,525,633 (55,468,821 ) 8,702,906
Page 11
Page 12
Notes to the Financial Statements
1. General Information
Helvetic Blockchain Technologies Plc is a private company, limited by shares, incorporated in England & Wales, registered number 13830442 . The registered office is Level 1 Devonshire House, One Mayfair Place, London, W1J 8AJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Investments
Investments in subsidiaries, associates and joint ventures are accounted for using the equity method, except when they are classified as held for sale, in which case they are measured at the lower of carrying amount and fair value less costs to sell. Under the equity method, the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the investor’s share of the investee’s net assets. The investor’s profit or loss includes its share of the investee’s profit or loss and the investor’s other comprehensive income includes its share of the investee’s other comprehensive income.
Investments in other entities are classified as either fair value through profit or loss (FVTPL). Investments that are held for trading or that do not meet the criteria for FVOCI are measured at FVTPL. Changes in fair value of investments at FVTPL are recognised in profit or loss. 
The fair values of investments are based on quoted market prices or, if unavailable, estimated using valuation techniques. Impairment losses on investments are recognised when there is objective evidence of a significant or prolonged decline in their fair value below their cost or amortised cost. Impairment losses are measured as the difference between the carrying amount and the present value of estimated future cash flows discounted at the original effective interest rate for investments measured at amortised cost. Impairment losses are recognised in profit or loss and are reversed if the impairment indicator no longer exists.
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2.4. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Operating Loss
The operating loss is stated after charging:
2024
2023
£
£
Impairment of tangible fixed assets
6,745,494
48,459,672

31 January 2024 31 January 2023
£ £
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4. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
31 January 2024 31 January 2023
£ £
Audit Services
Audit of the company's financial statements 10,000 9,600
5. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
6. Tax on Profit
The tax (credit)/charge on the loss for the year was as follows:
31 January 2024 31 January 2023
£ £
Current tax
UK Corporation Tax - -
The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
31 January 2024 31 January 2023
£ £
Profit before tax (6,823,060) (48,645,761)
Tax on profit at 0% (UK standard rate) - -
Total tax charge for the period - -
7. Investments
Unlisted Other Total
£ £ £
Cost
As at 1 February 2023 15,230,740 130,865 15,361,605
Disposals - (80,882 ) (80,882 )
Revaluations (6,745,494 ) - (6,745,494 )
Other 125,650 - 125,650
As at 31 January 2024 8,610,896 49,983 8,660,879
...CONTINUED
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Provision
As at 1 February 2023 - - -
As at 31 January 2024 - - -
Net Book Value
As at 31 January 2024 8,610,896 49,983 8,660,879
As at 1 February 2023 15,230,740 130,865 15,361,605
8. Debtors
31 January 2024 31 January 2023
£ £
Due within one year
Prepayments and accrued income 28,365 28,163
9. Creditors: Amounts Falling Due Within One Year
31 January 2024 31 January 2023
£ £
Other loans 710 451
Other creditors 784 4,651
Accruals and deferred income 12,075 14,400
13,569 19,502
10. Loans
An analysis of the maturity of loans is given below:
31 January 2024 31 January 2023
£ £
Amounts falling due within one year or on demand:
Other loans 710 451
11. Share Capital
31 January 2024 31 January 2023
Allotted, called up and fully paid £ £
646,094 Ordinary Shares of £ 1.00 each 646,094 646,094
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12. Related Party Disclosures
Enzo MarconiRelative of David Marconi (director)Provides consultancy and social media services. The total amount of transactions involved is £30,352

Enzo Marconi

Relative of David Marconi (director)

Provides consultancy and social media services. The total amount of transactions involved is £30,352

Ben Asher MerconiRelative of David Marconi (director)Provides consultancy and social media services. The total amount of transactions involved is £6,026

Ben Asher Merconi

Relative of David Marconi (director)

Provides consultancy and social media services. The total amount of transactions involved is £6,026

Helvetic Mine SAHelvetic Blockchain Technologies holds 100% shares in Helvetic Mine SAShares bought at a total of £631,507, Loan balance

Helvetic Mine SA

Helvetic Blockchain Technologies holds 100% shares in Helvetic Mine SA

Shares bought at a total of £631,507, Loan balance

Ziduc SAHelvetic Blockchain Technologies PLC owns 96% shares in Ziduc SAShares bought at a total of £4,035

Ziduc SA

Helvetic Blockchain Technologies PLC owns 96% shares in Ziduc SA

Shares bought at a total of £4,035

Loan balances
Helvetic Mine SA - CHF 151,000 due to HBTPLC
Helvetic Mine SA - EUR 105,290 due to HBTPLC
Helvetic Mine SA - USD 211,080 due to HBTPLC
Ziduc SA - USD 16,500 due to HBTPLC
There are no terms of payment or interest for the loans above.
13. Controlling Parties
The company's controlling party are Mr Franco Fico and Mr David Marconi by virtue of their ownership of 50%
each of the issued share capital in the company.
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