FORTIFAI LTD — Interim / Quarterly Report 2020

Apr 19, 2021

MIGHTY KINGDOM LIMITED A.B.N.39.627.145.260 CONSOLIDATED STATEMENT OF FINANCIAL POSITION - PRO FORMA AS AT 31 DECEMBER 2020

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----- Start of picture text ----- ConsolidatedPro Forma31 Dec 2020 Adjustments Pro Forma$ $AssetsCurrent assetsCash and cash equivalents 2,995,325 18,419,211 21,414,536Trade and other receivables 592,889 592,889Contract assets 86,068 86,068Other assets 66,590 66,590Total current assets 3,740,872 18,419,211 22,160,083Non current assetsDeferred tax asset 942,523 942,523Property, plant and equipment 221,646 221,646Right-of-use assets 417,645 417,645Total non-current assets 1,581,814 - 1,581,814Total assets 5,322,686 18,419,211 23,741,897LiabilitiesCurrent liabilitiesTrade and other payables 1,426,590 1,578,000 3,004,590Contract liabilities 48,394 48,394Employee benefits 1,611,213 1,611,213Loans and borrowings 3,780,789 - 3,580,789 200,000Lease liabilities 96,909 96,909Total current liabilities 6,963,895 - 2,002,789 4,961,106Non-current liabilitiesTrade and other payables 1,569,564 1,569,564Deferred tax liabilities 896,371 896,371Employee benefits 65,511 65,511- -Loans and borrowingsLease liabilities 339,653 339,653Total non-current liabilities 2,871,099 - 2,871,099Total liabilities 9,834,994 - 2,002,789 7,832,205-Net liabilities - 4,512,308 20,422,000 15,909,692Equity / (deficit)Share capital 3,501,000 23,194,250 26,695,250Share-based payment reserve 424,400 100,000 524,400Retained losses (8,437,708) (2,872,250) - 11,309,958Total equity/ (deficit) (4,512,308) 20,422,000 15,909,692----- End of picture text -----