REGISTERED NUMBER: 11939140 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FIAT FLOW SOLUTIONS LTD.

Page

Company Information

1

Group Strategic Report

2

Report of the Director

5

Report of the Independent Auditors

7

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

21

DIRECTOR:

F Ogue

REGISTERED OFFICE:

1 Bow Churchyard

London

United Kingdom

EC4M 9DQ

REGISTERED NUMBER:

11939140 (England and Wales)

AUDITORS:

Belluzzo Audit Limited

Chartered Accountants and Statutory Auditors

38 Craven Street

London

WC2N 5NG

The director presents his strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The company's success is dependent on the continued provision of a high-quality cryptocurrency exchange platform and ongoing management of the risks it faces. The company will continue to review its position and focus its efforts on achieving maximum growth in the cryptocurrency industry, through extending its trading pairs, product proposition and growing its customer base. The management aims to improve efficiency in all areas of the company's operations through effective cost management.

At year end the company held crypto stock with a value of $93,398,567 relating to customers via our platform, this is not represented in the accounts as title does not belong to the company. We are focused on maintaining customer service as our top priority while expanding the business and our addressable market in the future.

Financial Review

During 2024, the Company’s revenue amounted to $299,287,243 compared to $235,699,830 in the previous year. This growth was primarily driven by an uptick in traded volume and a recovery in the global crypto market, which led to renewed user interest in the space.

In terms of business metrics, the volume traded on our platform increased by 41% to $476,981,000, assets under custody increased by 64% to $103,208,000 as crypto prices grew at the end of the year, and total users grew by 10% to 906,101. Monthly trading users decreased by 14% and funded accounts decreased by 7%.

Regarding headcount, we made some hires during 2024, so we ended the year with 84 employees.

Strategy

During 2024, on the corporate structure front we completed the migration of our cryptocurrency brokerage and custody operations to Oware SAS, a wholly owned subsidiary in Uruguay. On the operational side we continued to strengthen our internal processes by improving monitoring systems and enhancing the integrity and traceability of internal data. In terms of expenses, we spent the year focusing on cost savings, simplifying our structure to conserve cash and extend our runway. Regarding our product, among others features, we:

- Launched of "Vaults" feature, which allows users to set savings goals for specific purposes and time frames;

- Listed new chains for deposits and withdrawals;

- Listed new tokens and trading pairs;

- Upgraded on home screen, UX and portfolio balances;

- Listed 270 stocks and ETFs on BuenDolar product;

- Launched a new system of transactions limits to allow for higher trading volumes while maintaining compliance;

- Expanded our Loyalty Program by boosting APYs to increase our retention and trading volumes;

- Launched an instant on-ramp feature in Peru;

- Launched the possibility to deposit USD via bank transfer or ACH.

Additionally, on the investment side, our strategies yielded an annual return of 10.61% for users and we deployed new strategies for more tokens.

Key Performance Indicators

Fiat Flow Solutions uses a range of financial and non-financial indicators so that the directors are able to monitor and measure the current and expected performance of the business with respect to the budget and prior year.

These KPIs aim to measure the productivity of the business, the liquidity of the different banks and wallets and the effectiveness of user's operations. Volume of Assets under custody and under management are reviewed and compared against the budget and prior period records. The company measures all the information in US Dollars.

Among others, the company monitors user`s behavior, measuring amount and quantity of deposits, withdrawals, active users (investing, depositing, trading), first time depositors, funded accounts and churn.

PRINCIPAL RISKS AND UNCERTAINTIES

The company is primarily, exposed to risks from movement in exchange rates that affect the cash flows arising from financial assets and liabilities. Since the financing of the company is done exclusively from equity, interest rate risk is limited. In addition, the company is also exposed to credit risks related to its financial assets. Financial risk management aims to manage these risks primarily through regular monitoring of ongoing operational and finance activities, with no active dealing-based risk management.

Market Risk

Market risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises of three types of risk:

- Foreign currency risk

- Interest rate risk

- Price risk

The fundamentals of the company's financing strategy are established each year by the board of directors. The company's finance department is responsible for implementing the finance policy and the company's risk department is responsible for ongoing risk management. The details of foreign exchange, liquidity and counterparty risk management guidelines are determined and monitored by the company's treasury and risk departments continuously.

Foreign Currency Risk

Foreign currency risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Currency risks primarily arise on financial instruments denominated in a currency that is not the functional currency of the company.

The FX exposure of the company is mostly related to operating activities through revenues, expenses and capital expenditure contracted with vendors in foreign currency. In line with currency risk management objectives, the company holds sufficient amounts of foreign currencies on its bank accounts, the amounts of which are determined considering the balance of short term FX denominated trade payables and trade receivables in order to hedge the currency risk arising in connection with those assets and liabilities (the amounts held in foreign currencies by the company are economic hedges and do not trigger hedge accounting by the company). The gap between the company foreign currency denominated liabilities and assets is not material, therefore changes of the functional currencies' exchange rates would have no significant impact on the profit of the company.

Interest rate risk

The company is exposed to limited interest rate fluctuations. This is due to the fact that the financing is done in the form of equity from the shareholders. The company has no long-term loans with fixed or variable rates.

Operational Risk

Operational risk is the risk of loss or disruption to the company from inadequate or failed processes or systems, or due to external events. The company operates exclusively on a web and mobile-based platform and has well-developed cyber security features enabled to minimise the risk of disruption to operations as well as to protect against loss or damage to clients and their data.

People Risks

Our employees are our greatest and most important asset. Our employees are the key to the long term success of our business. Managing staff costs is the focus of our remuneration policy which aims to align remuneration with the long term success of the Firm: we apply the principal of pay for performance balanced with a mechanism of bonus for enhanced performance.

Counterparty Risks

Counterparty risk refers to the risk of financial loss that we may encounter if the other party in a financial transaction fails to fulfill their obligations. This risk is particularly relevant in credit transactions, derivatives, and other financial contracts.Strategies to mitigate counterparty risk include using credit insurance, requiring collateral or guarantees, and structuring contracts to include risk-reducing clauses. Regular monitoring and reviewing of the counterparties' creditworthiness is also carried out.

Regulation Risks

As the market advances, the different countries of the world are working on regulating the cryptocurrency business, a situation that fully affects the activity of the economy. The lack of knowledge of the use of cryptocurrencies by regulators could cause adverse effects and/or discourage the use of this type of virtual assets. For this reason, the company is in constant contact with the regulators of the countries where it operates, in order to establish best practices and contribute to the construction of a regulation that transmits transparency and security for users.

SECTION 172(1) STATEMENT

As directors, we are committed to promoting the long-term success of the company while considering the interests of our stakeholders. In fulfilling our duties under Section 172 of the Companies Act 2006, we have given careful consideration to the following matters:

A. Long-term Consequences

We have focused on building a sustainable trading platform that can adapt to the rapidly evolving cryptocurrency market. This involved investing in robust security measures, staying abreast of regulatory developments, and diversifying our trading strategies to mitigate risks.

Employee Interests - Our employees are crucial to our success. We have implemented competitive compensation packages, provided ongoing training on cryptocurrency technologies and trading strategies, and fostered a culture of innovation and collaboration

B.Business Relationships

We have cultivated strong relationships with our suppliers, liquidity providers, and technology partners. Regular communication and feedback loops have been established to ensure smooth operations and identify areas for improvement.

C. Community and Environmental Impact

Recognising the energy-intensive nature of some cryptocurrencies, we have explored ways to offset our carbon footprint.

D. Business Conduct

Maintaining high standards of business conduct is paramount in the crypto industry. We have implemented rigorous compliance procedures, including Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, to ensure we operate ethically and transparently.

E. Fair Treatment of Members

We have ensured that all shareholders receive timely and accurate information about our operations and performance. Our decision-making process considers the interests of all members equally. By considering these factors, we believe we have acted in the best interests of the company and its stakeholders, positioning our business for long-term success in this dynamic and challenging market.

FUTURE OUTLOOK AND NON-ADJUSTING POST BALANCE SHEET EVENTS

Going forward, we'll take advantage of the enthusiasm around crypto and our scalable tech stack by listing more tokens and enabling more blockchains for deposits and withdrawals. In terms of traditional assets, we'll add more equities to allow users to diversify their portfolios, and we'll focus on creating a unique UX, trying to position the brand as an integrated and user-friendly savings and investment platform.

ON BEHALF OF THE BOARD:

F Ogue - Director

15 October 2025

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of a digital platform offering crypto-currency exchange services to its users.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

RESEARCH AND DEVELOPMENT

The group has a structured development programme to develop the crypto trading platform that is specific for the South American economy. Investment in this crypto trading platform development is seen as the key to the group's success. The group continues to utilise its technical expertise to remain at the forefront of innovative technology in the specialist crypto trading platform and it plans to expand the services of this product for a worldwide use.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

F Ogue held office during the whole of the period from 1 January 2024 to the date of this report.

ENERGY AND CARBON REPORTING

The directors have not presented the streamlined and carbon and energy reporting disclosures as the company and subsidiary companies do not operate in the UK.

MATTERS COVERED IN THE STRATEGIC REPORT

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Belluzzo Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

F Ogue - Director

15 October 2025

Qualified Opinion

Basis for qualified opinion

The group holds current assets of $1,560,401 and has current liabilities of $10,819,314 at the year end. We have been unable to satisfy ourselves of the existence and the recoverability of the current assets or ascertain the existence or completeness of the current liabilities as at 31 December 2024. In addition, we have not been able to confirm the validity of payments made with crypto tokens for payroll purposes amounting to $1,823,337, the existence of overhead costs of $1,934,059, the completeness and existence of other income of $1,119,603 and the valuation of share options at $5.71 per option.

Consequently, we are unable to determine whether any adjustments to these amounts were necessary.

We conducted our audit in accordance with International Standards on Auditing (ISAs UK) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 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 qualified opinion.

Material uncertainty related to going concern

We draw your attention to Note 2 in respect of Going Concern as the group made a loss for the year of $3,762,569.

As stated in Note 2, the director and senior management have considered the cashflow requirements of the group whilst improving operational efficiency to generate future profits, however, the loss in the current period and in the previous balance sheet period together with the unpredictability and uncertainty inherent in the crypto industry indicates a material uncertainty exists that may cast doubt on the group's ability to continue as a 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.

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 Group Strategic Report and 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.

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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

Except for the matters referred to in our basis for qualified opinion paragraph, we have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you, if in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page five, 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 group's and the parent 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 group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those relating to the reporting framework (United Kingdom Generally Accepted Accounting Practice) and the relevant direct and indirect tax compliance regulations.

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and

-other management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation and employment legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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 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.

Tony Castagnetti (Senior Statutory Auditor)

for and on behalf of Belluzzo Audit Limited

Chartered Accountants and Statutory Auditors

38 Craven Street

London

WC2N 5NG

15 October 2025

TURNOVER

3

299,287,243

235,699,830

Cost of sales

(296,449,872

)

(227,899,311

)

GROSS PROFIT

2,837,371

7,800,519

Administrative expenses

(7,646,523

)

(18,193,599

)

(4,809,152

)

(10,393,080

)

Other operating income

989,012

567,471

OPERATING LOSS

5

(3,820,140

)

(9,825,609

)

Interest receivable and similar income

486,143

429,111

(3,333,997

)

(9,396,498

)

Interest payable and similar expenses

6

(220,459

)

(787,915

)

LOSS BEFORE TAXATION

(3,554,456

)

(10,184,413

)

Tax on loss

7

(208,113

)

101,564

LOSS FOR THE FINANCIAL YEAR

(3,762,569

)

(10,082,849

)

Loss attributable to:

Owners of the parent

(3,762,569

)

(10,082,849

)

LOSS FOR THE YEAR

(3,762,569

)

(10,082,849

)

OTHER COMPREHENSIVE INCOME

Other movements in reserves

36,795

(278,650

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

36,795

(278,650

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(3,725,774

)

(10,361,499

)

Note

Prior year adjustment

9

(1,173,355

)

(4,451,676

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

(4,899,129

)

(14,813,175

)

Total comprehensive income attributable to:

Owners of the parent

(4,899,129

)

(14,813,175

)

FIXED ASSETS

Intangible assets

10

1,548,392

2,269,039

Tangible assets

11

114,208

198,062

Investments

12

-

-

1,662,600

2,467,101

CURRENT ASSETS

Stocks

13

-

42,853

Debtors

14

1,448,299

2,824,173

Investments

15

6,422,800

1,619,901

Cash at bank

5,875,420

4,812,024

13,746,519

9,298,951

CREDITORS

Amounts falling due within one year

16

(12,829,268

)

(6,944,525

)

NET CURRENT ASSETS

917,251

2,354,426

TOTAL ASSETS LESS CURRENT LIABILITIES

2,579,851

4,821,527

CAPITAL AND RESERVES

Called up share capital

18

16,483

16,433

Share premium

19

14,675,038

14,675,038

Other reserves

19

(1,039,248

)

(1,076,043

)

Non Distributable Reserves

19

3,005,572

1,848,890

Retained earnings

19

(14,077,994

)

(10,642,791

)

SHAREHOLDERS' FUNDS

2,579,851

4,821,527

The financial statements were approved by the director and authorised for issue on 15 October 2025 and were signed by:

F Ogue - Director

FIXED ASSETS

Intangible assets

10

541,417

853,228

Tangible assets

11

111,378

192,409

Investments

12

354,451

385,226

1,007,246

1,430,863

CURRENT ASSETS

Stocks

13

-

42,853

Debtors

14

109,474

1,959,917

Cash at bank

-

51,242

109,474

2,054,012

CREDITORS

Amounts falling due within one year

16

(622,160

)

(6,851,549

)

NET CURRENT LIABILITIES

(512,686

)

(4,797,537

)

TOTAL ASSETS LESS CURRENT LIABILITIES

494,560

(3,366,674

)

CAPITAL AND RESERVES

Called up share capital

18

16,483

16,433

Share premium

19

14,675,038

14,675,038

Non Distributable Reserves

19

3,005,572

1,848,890

Retained earnings

19

(17,202,533

)

(19,907,035

)

SHAREHOLDERS' FUNDS

494,560

(3,366,674

)

Company's profit/(loss) for the financial year

2,377,136

(9,662,243

)

The financial statements were approved by the director and authorised for issue on 15 October 2025 and were signed by:

F Ogue - Director

Called up

share

Retained

Share

Other

capital

earnings

premium

reserves

$

$

$

$

Balance at 1 January 2023

14,256

(5,006,747

)

13,150,538

(797,393

)

Prior year adjustment

-

(4,451,676

)

-

-

As restated

14,256

(9,458,423

)

13,150,538

(797,393

)

Changes in equity

Issue of share capital

2,177

-

1,524,500

-

Total comprehensive income

-

(8,909,494

)

-

(278,650

)

Share Option Exercised

-

8,898,481

-

-

Balance at 31 December 2023

16,433

(9,469,436

)

14,675,038

(1,076,043

)

Prior year adjustment

-

(1,173,355

)

-

-

As restated

16,433

(10,642,791

)

14,675,038

(1,076,043

)

Changes in equity

Issue of share capital

50

-

-

-

Total comprehensive income

-

(3,762,569

)

-

36,795

Share Option Exercised

-

327,366

-

-

Balance at 31 December 2024

16,483

(14,077,994

)

14,675,038

(1,039,248

)

Non

Distributable

Non-controlling

Total

Reserves

Total

interests

equity

$

$

$

$

Balance at 1 January 2023

4,773,046

12,133,700

-

12,133,700

Prior year adjustment

-

(4,451,676

)

-

(4,451,676

)

As restated

4,773,046

7,682,024

-

7,682,024

Changes in equity

Issue of share capital

-

1,526,677

-

1,526,677

Total comprehensive income

-

(9,188,144

)

-

(9,188,144

)

Share Option Granted

5,674,325

5,674,325

-

5,674,325

Share Option Exercised

(8,898,481

)

-

-

-

Amounts attributable to SAFE

300,000

300,000

-

300,000

Balance at 31 December 2023

1,848,890

5,994,882

-

5,994,882

Prior year adjustment

-

(1,173,355

)

-

(1,173,355

)

As restated

1,848,890

4,821,527

-

4,821,527

Changes in equity

Issue of share capital

-

50

-

50

Total comprehensive income

-

(3,725,774

)

-

(3,725,774

)

Share Option Granted

1,484,048

1,484,048

-

1,484,048

Share Option Exercised

(327,366

)

-

-

-

Balance at 31 December 2024

3,005,572

2,579,851

-

2,579,851

Called up

Non

share

Retained

Share

Distributable

Total

capital

earnings

premium

Reserves

equity

$

$

$

$

$

Balance at 1 January 2023

14,256

(14,691,597

)

13,150,538

4,773,046

3,246,243

Prior year adjustment

-

(4,451,676

)

-

-

(4,451,676

)

As restated

14,256

(19,143,273

)

13,150,538

4,773,046

(1,205,433

)

Changes in equity

Issue of share capital

2,177

-

1,524,500

-

1,526,677

Total comprehensive income

-

(8,488,888

)

-

-

(8,488,888

)

Share Option Granted

-

-

-

5,674,325

5,674,325

Share Option Exercised

-

8,898,481

-

(8,898,481

)

-

Amounts attributable to SAFE

-

-

-

300,000

300,000

Balance at 31 December 2023

16,433

(18,733,680

)

14,675,038

1,848,890

(2,193,319

)

Prior year adjustment

-

(1,173,355

)

-

-

(1,173,355

)

As restated

16,433

(19,907,035

)

14,675,038

1,848,890

(3,366,674

)

Changes in equity

Issue of share capital

50

-

-

-

50

Total comprehensive income

-

2,377,136

-

-

2,377,136

Share Option Granted

-

-

-

1,484,048

1,484,048

Share Option Exercised

-

327,366

-

(327,366

)

-

Balance at 31 December 2024

16,483

(17,202,533

)

14,675,038

3,005,572

494,560