GINSMS Inc. — Interim / Quarterly Report 2021

Aug 12, 2021

GINSMS INC.

Condensed Interim Consolidated Financial Statements Six months period ended June 30, 2021 and 2020 (Unaudited)

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To the Shareholders of GINSMS Inc.:

Management is responsible for the preparation and presentation of the accompanying unaudited condensed interim consolidated financial statements, including responsibility for significant accounting judgments and estimates in accordance with International Financial Reporting Standards. This responsibility includes selecting appropriate accounting principles and methods, and making decisions affecting the measurement of transactions in which objective judgment is required.

In discharging its responsibilities for the integrity and fairness of the unaudited condensed interim consolidated financial statements, management designs and maintains the necessary accounting systems and related internal controls to provide reasonable assurance that transactions are authorized, assets are safeguarded and financial records are properly maintained to provide reliable information for the preparation of consolidated financial statements.

The majority of the Audit Committee is composed of Directors who are neither management nor employees of the Corporation. The Committee is responsible for overseeing management in the performance of its financial reporting responsibilities. The Audit Committee has the responsibility of meeting with management and external auditors to discuss the internal controls over the financial reporting process, auditing matters and financial reporting issues. The Audit Committee is also responsible for recommending the appointment of the Corporation’s external independent auditors.

The auditor of GINSMS Inc. has not performed a review of the unaudited condensed interim consolidated financial statements for the three-month and six-month periods ended June 30, 2021 and 2020.

August 12, 2021

/s/ “JoeI Siang Hui Chin” Chief Executive Officer

/s/ “Kuen Kuen Lau” Director

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GINSMS INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

(In Canadian Dollars)

Revenue 7 Cost of sales Gross profit Expenses Salaries and wages Professional fees Directors’ fees Allowance for doubtful debts General and administrative Depreciation of property, plant and equipment Depreciation of right-of-use asset Foreign currency exchange gain/(loss) Profit/(loss) from operations Finance costs Interest expenses Profit/(loss) before tax Income tax expense Net profit/(loss) for the period Other comprehensive income/(loss), net of tax: Items that may be reclassified to profit or loss Foreign exchange differences on translating of foreign currency financial operations Total comprehensive income/(loss) for the period Net profit/(loss) for the period attributable to: Shareholders Non-controlling interest Total comprehensive income/(loss) for the period attributable to: Shareholders Non-controlling interest Profit/(loss) per share 10 Basic (In Canadian cents) Diluted	(Unaudited) Three months ended June 30, 2021 $ 760,489 (497,729) 262,760 (46,294) (65,854) (10,000) - (22,449) (1,402) (15,206) 21,292 (139,913) 122,847 (2,518) 120,329 - 120,329 239,322 359,651 119,706 623 120,329 358,405 1,246 359,651 0.080 0.080	(Unaudited) Three months ended June 30, 2020 $ 647,536 (440,396) 207,140 (114,853) (78,161) (10,000) (1,568) (28,132) (1,527) (11,049) 141,453 (103,837) 103,303 (4,045) 99,258 (244) 99,014 (221,980) (122,966) 97,878 1,136 99,014 (123,983) 1,017 (122,966) 0.065 0.065	(Unaudited) Six months ended June 30, 2021 $ 1,296,675 (818,614) 478,061 (120,173) (147,131) (20,000) - (40,895) (2,901) (31,302) 15,992 (346,410) 131,651 (5,639) 126,012 - 126,012 328,911 454,923 125,363 649 126,012 453,331 1,592 ` 454,923 0.084 0.084	(Unaudited) Six months ended June 30, 2020 $ 1,372,282 (904,438) 467,844 (210,868) (145,808) (20,000) (1,568) (68,092) (3,094) (22,393) (119,495) (591,318) (123,474) (8,570) (132,044) (37) (132,081) (76,369)
				(208,450)
				(131,829) (252)
				(132,081)
				(208,181) (269)
				(208,450)
				(0.088) N/A

The accompanying notes are an integral part of these consolidated financial statements.

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GINSMS INC. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT JUNE 30, 2021 AND DECEMBER 31, 2020

(In Canadian Dollars) Note Non-current assets Property, plant and equipment 11 Right-of-use assets 12 Goodwill 13 Current assets Accounts receivable 14 Other receivables, prepayments and deposits Bank and cash balances Current liabilities Accounts payable and accrued liabilities 15 Advances from related parties 17 Loan from related parties 19 Promissory note payable 18 Lease Liabilities 20 Current tax liabilities Net current liabilities Total assets less current liabilities Non-current liabilities Lease Liabilities 20 NET LIABILITIES EQUITY Share capital 21 Deficit Accumulated other comprehensive income Total deficiency attributable to equity shareholders of the Corporation Non-controlling interests TOTAL DEFICIENCY Going Concern ( Note 2)	(Unaudited) June 30, 2021 $ 27,433 76,492 - 103,925 623,650 64,250 6,158,911 6,846,811 619,281 6,975,351 4,636,856 580,000 66,174 1,382 12,879,044 (6,032,233) (5,928,308) 9,930 9,930 (5,938,238) 11,415,709 (17,908,847) 567,417 (5,925,721) (12,517) (5,938,238)	(Audited) December 31, 2020
		$ 39,999 73,331 -
		113,330
		557,834 76,576 296,312
		930,722
		749,061 1,100,130 4,933,186 580,000 38,717 1,490
		7,402,584
		(6,471,862)
		(6,358,532)
		34,629
		34,629
		(6,393,161)
		11,415,709 (18,034,210) 239,449
		(6,379,052) (14,109)
		(6,393,161)

Approved on behalf of the board on August 12, 2021

Director Director /s/ “JoeI Siang Hui Chin” /s/ “Kuen Kuen Lau”

The accompanying notes are an integral part of these consolidated financial statements .

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GINSMS INC. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

(In Canadian Dollars)

(In Canadian Dollars)
Balance as at January 1, 2021 Profit for the period Other comprehensive income Balance as at June 30, 2021 Balance as at January 1, 2020 Loss for the period Other comprehensive loss Balance as at June 30, 2020	Attributable to equity shareholders of the Corporation						Non- controlling interests		Total deficiency $ (6,393,161) 126,012 328,911 (5,938,238) Total deficiency
	Share capital	Deficit	Accumulated other comprehensive income	Total
	$ 11,415,709 - -	$ (18,034,210) 125,363 -	$ 239,449 - 327,968	$ (6,379,052) 125,363 327,968			$ (14,109) 649 943
	11,415,709	(17,908,847)	567,417	(5,925,721)			(12,517)
							Non- controlling interests
	Share capital	Deficit	Accumulated other comprehensive income		Total
	$ 11,415,709 - -	$ (18,032,088) (131,829) -	$ 189,253 - (76,352)		$ (6,427,126) (131,829) (76,352)		$ (13,019) (252) (17)		$ (6,440,145) (132,081) (76,369)
	11,415,709	(18,163,917)	112,901		(6,635,307)		(13,288)		(6,648,595)

The accompanying notes are an integral part of these consolidated financial statements.

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GINSMS INC. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

(In Canadian Dollars) OPERATING ACTIVITIES Net profit/(loss) for the period Deferred income tax expenses Allowance for doubtful debts Lease interest on right-of-use assets Foreign currency exchange (gain)/loss Depreciation of property, plant and equipment Depreciation of right-of-use assets Changes in non-cash working capital items: Accounts receivable Other receivables, prepayments and deposits Accounts payable and accrued liabilities Interest on lease liabilities Net cash generated from/(used in) operating activities FINANCING ACTIVITIES Advance received from a related party Advance from related parties Repayment of advance from a related party Principal elements of lease payments Net cash generated from financing activities INVESTING ACTIVITIES Purchase of property, plant and equipment Net cash used in investing activities Effect of exchange rate changes on cash held in foreign currencies Increase in cash Cash, beginning of period Cash, end of period	(Unaudited) Three months ended June 30, 2021 $ 120,329 - - 2,518 (21,292) 5,496 15,206 (115,461) 8,755 57,689 (2,518) 70,722 5,950,591 233,180 (295) (17,955) 6,165,521 - - (252,281) 5,983,962 174,949 6,158,911	(Unaudited) Three months ended June 30, 2020 $ 99,014 244 1,568 4,045 (141,453) 7,527 11,049 57,885 (441) (34,194) (4,045) 1,199 - 79,556 (672) (9,262) 69,622 - - (29,199) 41,622 190,224 231,846	(Unaudited) Six months ended June 30, 2021 $ 126,012 - - 5,639 (15,992) 12,538 31,302 (65,816) 12,326 (129,784) (5,639) (29,414) 5,950,591 233,180 (295) (44,243) 6,139,233 (2,737) (2,737) (244,483) 5,862,599 296,312 6,158,911	(Unaudited) Six months ended June 30, 2020
				$ (132,081) 37 1,568 8,570 119,495 15,179 22,393 (57,865) 5,882 (109,995) (8,570)
				(135,387)
				- 204,283 (1,845) (20,137)
				182,301
				(7,918)
				(7,918)
				(1,561)
				37,435 194,411
				231,846

The accompanying notes are an integral part of these consolidated financial statements.

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

(In Canadian Dollars)

1. GENERAL INFORMATION

GINSMS Inc. (the “Corporation”) was incorporated in Alberta under the Canada Business Corporations Act on March 20, 2009. The address of its registered office is 421 7th Avenue S.W., Suite 1700, Calgary, Alberta T2P 4K9. The Corporation’s shares are listed on the TSX Venture Exchange (“TSXV”).

The Corporation is an investment holding company. The principal activities of its subsidiaries are set out in note 23 to the unaudited condensed interim consolidated financial statements.

In the opinion of the directors of the Corporation, Xinhua Mobile Limited (“Xinhua Mobile”), a company incorporated in the Cayman Islands, is the immediate parent; Beat Holdings Limited (“Beat Holdings”), a company incorporated in the Cayman Islands, is the ultimate parent.

Beat Holdings’ securities are listed on Tokyo Stock Exchange’s Second Section (9399).

The principal activities of the Corporation are as follows:

(a) Provision of messaging service (“Messaging Service”)

The Corporation, through its subsidiary, GIN International Limited in Hong Kong, was originally involved in the provision of inter-operator short message services. On March 27, 2014, the Corporation launched its cloud-based application-to-peer (“A2P”) messaging service (“A2P Service”). Through the provision of A2P Service, the Corporation enables the mobile application developers, short message service (“SMS”) gateway, enterprises and financial institution to deliver SMS worldwide without any upfront capital investment through the use of the Corporation’s rich application programming interface.

(b) Provision of software products and services (“Software Products and Services”)

The Corporation operates its Software Products and Services business through Inphosoft Group Pte. Ltd. (“Inphosoft”), its wholly-owned subsidiary. Inphosoft is headquartered in Singapore with subsidiaries in Malaysia and Indonesia. The activities of Inphosoft consist of providing software products and services with a focus in the following areas:

• i. Provision of support and maintenance services to customers that have purchased its products and solutions.

• ii. Maintain the A2P Cloud platform and develop new features as and when necessary, to support the Corporation’s A2P business.

• iii. Outsource technical resources to customers for the purpose of software development based on a time and material basis.

Software Products and Services revenues are primarily derived from customers in Singapore, Malaysia and Indonesia.

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

2. BASIS OF PREPARATION

These unaudited interim consolidated financial statements are prepared according to International Accounting Standard ((“IAS”) 34 Interim Financial Reporting using accounting policies consistent with International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”).

Amounts are reported in Canadian dollars (“CDN” or “$”) unless otherwise indicated.

The Corporation has faced considerable competition in its existing principal activities, and the profitability of the businesses has been affected. As at June 30, 2021, the Corporation had net current liabilities and net liabilities of $6,032,233 and $5,938,238 respectively. These conditions indicate the existence of a material uncertainty which may cast significant doubt on the Corporation’s ability to continue as a going concern. Therefore, the Corporation may be unable to realize its assets and discharge its liabilities in the normal course of business.

The spread of COVID-19 in all relevant jurisdictions has impacted the Corporation’s operation and customer base and uncertainty regarding the extent, duration and are having a material impact on all aspects of the Corporation’s operations. The Corporation confirms to adopt the going concern basis in preparing its unaudited condensed interim consolidated financial statements. Management has instituted plans to address these matters:

• (a) The liquidity risk is mitigated as related parties have confirmed with the Corporation that they will not demand settlement of the interest-free loans of $4,280,039 and cash advances of $1,024,760 until the Corporation is in sound financial position to repay to them. Furthermore, the immediate parent and the promissory note holder have agreed to extend the due dates of the loan of $356,817 and promissory note of $580,000 to March 31, 2022 and have confirmed with the Corporation that they will not demand settlement of the loan and promissory note until the Corporation is in sound financial position to repay to them.

• (b) The ultimate parent has agreed to provide adequate funds for the Corporation to meet all third party obligations for at least the ensuing twelve month period. During the quarter ended June 30, 2021, the ultimate parent has provided advance of 5,950,591 to the Corporation as a short-term working capital funding to be repaid on or before September, 2021 .

• (c) The directors will continuously and closely monitor the Corporation’s liquidity position and financial performance and implement measures to improve the Corporation cash flows.

As a result, after considering all relevant information, including its actions completed to date and its future plans, the management has concluded that the Corporation is able to continue as a going concern for a period of 12 months from June 30, 2021.

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

3. ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS

The new and revised international financial reporting standards that have been adopted by the Corporation are described in Note 3 of the audited consolidated financial statements for the year ended December 31, 2020.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These unaudited condensed interim consolidated financial statements as at and for the six months ended June 30, 2021 have been prepared under the historical cost convention.

The preparation of these unaudited condensed interim consolidated financial statements in conformity with IFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Corporation’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 5.

The unaudited condensed interim consolidated financial statements do not include all of the information required for annual financial statements and should be read in conjunction with the audited consolidated financial statement for the twelve months ended December 31, 2020 which has been prepared in accordance with IFRS.

.

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

5. CRITICAL JUDGEMENTS AND KEY ESTIMATES

Critical judgement in applying accounting policies

In the process of applying the accounting policies, the directors have made the following judgment that has the most significant effect on the amounts recognised in the consolidated financial statements (apart from those involving estimations, which are dealt with below).

(a) Going concern basis

These unaudited condensed interim consolidated financial statements have been prepared on a going concern basis, the validity of which depends upon the financial support of the ultimate parent at a level sufficient to finance the working capital requirements of the Corporation. Details are explained in note 2 to the unaudited condensed interim consolidated financial statements.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.

(a) Impairment of trade receivables and contract assets

The management of the Corporation estimates the amount of impairment loss for ECL on trade receivables and contract assets based on the credit risk of trade receivables and contract assets. The amount of the impairment loss based on ECL model is measured as the difference between all contractual cash flows that are due to the Corporation in accordance with the contract and all the cash flows that the Corporation expects to receive, discounted at the effective interest rate determined at initial recognition. Where the future cash flows are less than expected, or being revised downward due to changes in facts and circumstances, a material impairment loss may arise.

As at June 30, 2021, the carrying amount of trade receivables and contract assets is $623,650 (net of allowance for doubtful debts of $9,048) (December 31, 2020: $557,834 (net of allowance for doubtful debts of $25,876)).

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

6. FINANCIAL RISK MANAGEMENT

The Corporation’s activities expose it to a variety of financial risks: foreign currency risk, credit risk, liquidity risk and interest rate risk. The Corporation’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Corporation’s financial performance.

(a) Foreign currency risk

The Corporation is exposed to foreign currency rate variability primarily in relation to certain assets and liabilities denominated in foreign currencies such as United States Dollars (“USD”). However, the Corporation has no material exposure to foreign currency risk as most of its foreign operations are self-sustaining and these foreign operations’ functional currencies are in HKD and SGD. The Corporation is mainly exposed to the effects of fluctuation in SGD and USD.

The Corporation also mitigates foreign currency risks, within each segment, by transacting in their functional currency for material procurement, sales contracts and financing activities.

The Corporation currently does not have a foreign currency hedging policy in respect of foreign currency transactions, assets and liabilities. The Corporation monitors its foreign currency exposure closely and will consider hedging significant foreign currency exposure should the need arise.

The following presents the carrying amounts of the financial instruments that are denominated in the currencies:

CDN $ Bank and cash balances 3,307 Trade receivables - Other receivables and Deposits - Accounts payable and accrued liabilities (99,659) Advances from related parties - Promissory note payable (580,000) Loans from related parties - CDN $ Bank and cash balances 2,423 Trade receivables - Other receivables and Deposits - Accounts payable and accrued liabilities (88,014) Advances from related parties - Promissory note payable (580,000) Loans from related parties -			At June 30, 2021 (Unaudited)	At June 30, 2021 (Unaudited)	At June 30, 2021 (Unaudited)
		SGD $ 50,171 476,879 - (33,141) (159,506) - (1,384,648)	HKD $ 5,958,276 - 101 (191,605) (6,219,815) - (2,427,924)	USD $ 47,915 763 - (6,030) - - (824,284)	Euro $ 18,259 101,291 24,131 (41,883) - - -	Others $ 80,983 32,803 21,250 (216,573) (596,030) - -	Total $ 6,158,911 611,736 45,482 (588,891) (6,975,351) (580,000) (4,636,856)
		SGD $ 46,886 485,670 3,575 (23,905) (167,778) - (1,445,456)	HKD $ 3,065 - 108 (144,119) (289,228) - (2,608,304)	USD $ 105,287 701 - (37,009) - - (879,426)	Euro $ 67,517 40,309 25,924 (53,175) - - -	Others $ 71,134 31,154 23,066 (305,797) (643,124) - -	Total $ 296,312 557,834 52,673 (652,019) (1,100,130) (580,000) (4,933,186)

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

6. FINANCIAL RISK MANAGEMENT (CONT ’ D)

(a) Foreign currency risk (cont ’ d)

At June 30, 2021, if the SGD had weakened or strengthened 5 per cent against USD with all other variables held constant, consolidated loss after tax and the deficiency for the year would have been $19,000 (December 31, 2020: $20,000) higher or lower, arising mainly as a result of the foreign exchange gain or loss denominated on net payables denominated in USD.

(b) Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Corporation is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. The Corporation’s exposure to credit risk arising from cash and cash equivalents is limited because the counterparties are banks and financial institutions with high credit-rating assigned by international credit-rating agencies, for which the Corporation considers to have low credit risk.

Trade receivables and contract assets

Customer credit risk is managed by each business unit subject to the Corporation’s established policy, procedures and control relating to customer credit risk management. Individual credit evaluations are performed on all customers requiring credit over a certain amount. These evaluations focus on the customer’s past history of making payments when due and current ability to pay, and take into account information specific to the customer as well as pertaining to the economic environment in which the customer operates. Trade receivables are due within 30 days from the date of billing. Debtors with balances that are more than 180 days past due are requested to settle all outstanding balances before any further credit is granted. Normally, the Corporation does not obtain collateral from customers.

The Corporation measures loss allowances for trade receivables and contract assets at an amount equal to lifetime ECLs, which is calculated using a provision matrix. As the Corporation’s historical credit loss experience does not indicate significantly different loss patterns for different customer segments, the loss allowance based on past due status is not further distinguished between the Corporation’s different customer bases. The Corporation assessed that there is no significant loss allowance recognised in accordance with IFRS 9 as at December 31, 2020 and June 30, 2021.

No additional impairment for trade receivables and contract assets as at June 30, 2021 is recognised.

Expected loss rates are based on actual loss experience over the past 4 years. These rates are adjusted to reflect differences between economic conditions during the period over which the historic data has been collected, current conditions and the Corporation’s view of economic conditions over the expected lives of the receivables.

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

6. FINANCIAL RISK MANAGEMENT (CONT ’

(b) Credit risk (cont ’ d)

Trade receivables and contract assets

Movement in the loss allowance account in respect of trade receivables and contract assets during the period/year is as follows:

At beginning of period/ year Allowance for doubtful debt for the year Write off against receivables Exchange differences At end of period/year	(Unaudited) As at June 30, 2021 $ 25,876 - (15,505) (1,323) 9,048	(Audited) As at December 31, 2020
		$ 25,872 2,083 - (2,079)
		25,876

(c) Liquidity risk

The Corporation manages its risk of not meeting its financial obligations through management of its capital structure, and annual budgeting of its revenues, expenditures and cash flows.

The maturity analysis based on contractual undiscounted cash flows of the Corporation’s non-derivative financial liabilities is as follows:

At June 30, 2021 (Unaudited) Accounts payable and accrued liabilities Advances from related parties Promissory note payable Loans from related parties Lease liabilities At December 31, 2020 (Audited) Accounts payable and accrued liabilities Advance from related parties Promissory note payable Loans from related parties Lease liabilities	Less than 1 year	Between 1 and 2 years	Between 2 and 5 years	Total
	$ 588,891 6,975,351 580,000 4,636,856 70,617 652,019 1,100,130 580,000 4,933,186 45,756	$ - - - - 10,009 - - - - 36,606	$ - - - - - - - - - -	$ 588,891 6,975,351 580,000 4,636,856 80,626 652,019 1,100,130 580,000 4,933,186 82,362

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

6. FINANCIAL RISK MANAGEMENT (CONT ’ (c) Liquidity risk (cont’d)

The Corporation has working capital deficiency of $6,032,233 as at June 30, 2021 (December 31, 2020: $6,471,862). The liquidity risk is mitigated as related parties have confirmed with the Corporation that they will not demand settlement of the interest-free loans of $4,280,039 and cash advances of $1,024,760 until the Corporation is in sound financial position to repay to them. Furthermore, the immediate parent and the promissory note holder have agreed to extend the due dates of the loan of $356,817 and promissory note of $580,000 to March 31, 2022 and have confirmed with the Corporation that they will not demand settlement of the loan and promissory note until the Corporation is in sound financial position to repay to them. During the quarter ended June 30, 2021, the ultimate parent has provided advance of 5,950,591 to the Corporation as a short-term working capital funding to be repaid on or before September 30, 2021.

(d) Interest rate risk

As the Corporation has no significant interest-bearing assets, its earnings and operating cash flows are substantially independent of change in market interest rates.

The Corporation’s borrowings are interest-free and is not exposed to fair value interest rate risk. The Corporation is not exposed to cash flow interest rate risk as at June 30, 2021 and December 31, 2020.

(e) Categories of financial instruments

Financial assets: Financial assets measured at amortised cost Financial liabilities: Financial liabilities at amortized costs	(Unaudited) As at June 30, 2021 $ 6,816,129 12,781,098	(Audited) As at December 31, 2020
		$ 906,819 7,265,335

(f) Fair values

The carrying amounts of the Corporation’s financial assets and financial liabilities as reflected in the consolidated statement of financial position approximate their respective fair values.

(g)

Capital management

Capital is comprised of shareholders equity (deficit) on the consolidated statement of financial position. The Corporation’s objective when managing capital is to safeguard its ability to continue as a going concern, so that it can continue to provide returns to shareholders. The Corporation’s sources of additional capital and policies for distribution of excess capital may also be affected by the Corporation’s capital management objectives.

The Corporation manages capital by regularly monitoring its current and expected liquidity requirements rather than using debt/equity ratio analysis. The capital is generally used for defraying the administrative expenses in promoting the objectives of the Corporation. The external imposed capital requirement for the Corporation is to have a public float of at least 10% of the shares in order to maintain its listing on the TSX Venture Exchange. As at June 30, 2021, 15.63% (December 31, 2020, 15.63%) of the shares were held in public hands.

There have been no changes in the Corporation’s capital management policies for the six months ended June 30, 2021 and year ended December 31, 2020.

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

7. REVENUE

An analysis of the Corporation’s revenue is as follows:

Revenue from contracts with customers within the scope of IFRS 15 A2P Messaging Service Income Software Product & Service Income Other income Administrative income from related parties Government grants Miscellaneous income	(Unaudited) Three months ended June 30, 2021 $ 398,179 346,739 744,918 15,571 - - 760,489	(Unaudited) Three months ended June 30, 2020 $ 328,660 311,632 640,292 - 7,244 - 647,536	(Unaudited) Six months ended June 30, 2021 $ 571,577 637,112 1,208,689 33,938 - 54,048 1,296,675	(Unaudited) Six months ended June 30, 2020
				$ 738,887 603,137
				1,342,024 - 7,244 23,014
				1,372,282

8. SEGMENT INFORMATION

The Corporation’s reportable segments are (1) provision of Messaging Service (“MS”) and (2) Software Products and Services (“SPS”). They are managed separately because each business requires different technology and marketing strategies. In addition, the Corporation has corporate expenses, assets and liabilities, and such information is included in the “unallocated” column.

The accounting policies of the segments are the same as those described in note 4 to the consolidated financial statements.

(a) Revenue by customers

The revenues are primarily generated in HKD, USD, and SGD. Six major customers have contributed to sales revenue for the three and six months ended June 30, 2021 and June 30, 2020 as indicated in the following table.

Customer A Next five top customers Customer B Customer C Customer D Customer E Customer F All other customers	(Unaudited) Three months ended June 30, 2021	(Unaudited) Three months ended June 30, 2021	(Unaudited) Three months ended June 30, 2020	(Unaudited) Three months ended June 30, 2020
	$	% of total revenue	$	% of total revenue
	265,046 135,168 145,245 71,330 85,157 7,653 50,890	34.9 17.8 19.1 9.4 11.2 1.0 6.6	207,565 66,583 166,660 42,119 32,411 21,864 110,334	32.1 10.3 25.7 6.5 5.0 3.4 17.0
	760,489	100.0	647,536	100.0

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

8. SEGMENT INFORMATION (CONT ’ D)

(a) Revenue by customers (Cont’d)

Customer A Next five top customers Customer B Customer C Customer D Customer E Customer F All other customers	(Unaudited) Six months ended June 30, 2021	(Unaudited) Six months ended June 30, 2021	(Unaudited) Six months ended June 30, 2020	(Unaudited) Six months ended June 30, 2020
	$	% of total revenue	$	% of total revenue
	536,736 227,508 146,342 111,197 98,628 24,408 151,856	41.4 17.5 11.3 8.6 7.6 1.9 11.7	397,243 220,759 221,843 150,380 64,400 27,118 290,539	28.9 16.1 16.2 11.0 4.7 2.0 21.1
	1,296,675	100.0	1,372,282	100.0

(b) Revenue by geographical location

Singapore Indonesia Other Asia countries Europe United States Other regions Singapore Indonesia Other Asia countries Europe United States Other regions	(Unaudited) Three months ended June 30, 2021	(Unaudited) Three months ended June 30, 2021	(Unaudited) Three months ended June 30, 2020	(Unaudited) Three months ended June 30, 2020
	$	% of total revenue	$	% of total revenue
	258,466 78,983 51,284 87,378 281,474 2,904	34.0 10.4 6.7 11.5 37.0 0.4	268,778 63,983 26,455 46,238 233,244 8,838	41.5 9.9 4.1 7.1 36.0 1.4
	760,489	100.0	647,536	100.0
	$	% of total revenue	$	% of total revenue
	591,636 135,606 74,821 114,999 375,512 4,101	45.6 10.5 5.8 8.9 29.0 0.2	546,535 177,498 82,397 102,996 442,602 20,254	39.8 12.9 6.0 7.5 32.3 1.5
	1,296,675	100.0	1,372,282	100.0

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

8. SEGMENT INFORMATION (CONT ’ D)

(c) Total assets by geographical location

Singapore Indonesia Other Asia countries Europe United States Other regions	(Unaudited)	(Unaudited)	(Audited) Twelve months ended December 31, 2020 $ % of total assets 45,245 4.3 586,881 56.2 381,092 36.5 5,006 0.5 20,717 2.0 5,111 0.5 1,044,052 100.0	(Audited) Twelve months ended December 31, 2020 $ % of total assets 45,245 4.3 586,881 56.2 381,092 36.5 5,006 0.5 20,717 2.0 5,111 0.5 1,044,052 100.0
	Six months ended June 30, 2021
	$	% of total assets		% of total assets
	60,705 537,415 6,270,021 1,222 75,042 6,331	0.9 7.7 90.2 0.0 1.1 0.1		4.3 56.2 36.5 0.5 2.0 0.5
	6,950,736	100.0		100.0

(d) Financial information by business segments

Six months ended June 30, 2021(Unaudited) Revenue Intersegment revenue Amortisation and depreciation Interest income Interest and finance expenses Segment profit/(loss) Additions to segment non-current assets As at June 30, 2021 (Unaudited) Segment assets Segment liabilities	MS	SPS $ 725,098 75,875 43,840 80 5,639 144,728 43,591 782,675 **(980,234) **	Unallocated	Total $ 1,296,675 86,259 43,840 94 5,639 126,012 43,591 6,950,736 (12,888,974)
	$ 571,577 10,384 - 14 - 48,570 - 214,226 (3,575,860)		$ - - - - - (67,286) - 5,953,835 (8,332,880)

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

8. SEGMENT INFORMATION (CONT’D)

(d) Financial information by business segments (cont’d)

Six months ended June 30, 2020_(Unaudited) Revenue Intersegment revenue Amortisation and depreciation Interest income Interest and finance expenses Income tax expenses Segment profit/(loss) Additions to segment non-current assets As at June 30, 2020 (Unaudited)_ Segment assets Segment liabilities	MS	SPS	Unallocated	Total
	$ 738,887 - - - - - 59,705 - 287,073 (3,924,194)	$ 633,395 102,492 37,572 127 8,570 37 20,926 7,918 631,945 (2,361,836)	$ - - - - - - (212,712) - 1,013 (1,282,596)	$ 1,372,282 102,492 37,572 127 8,570 37 (132,081) 7,918 920,031 (7,568,626)

The totals of above items disclosed in the segment information are the same as the consolidated totals.

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

9. EMPLOYEE BENEFITS EXPENSE

Directors’ fees Employee benefits expense (including key management personnel): Salaries, bonuses and allowances (Note) Retirement benefit scheme contributions	(Unaudited) Three months ended June 30, 2021	(Unaudited) Three months ended June 30, 2020 $ 10,000 245,588 32,184 287,772	(Unaudited) Six months ended June 30, 2021	(Unaudited) Six months ended June 30, 2020
	$ 10,000 176,514 29,944		$ 20,000 399,059 58,107	$ 20,000 465,914 58,202
	216,458		477,166	544,116

Note: Included expenses of $336,993 (Six months ended June 30, 2020: $313,249) recognised in cost of sales.

10. LOSS PER SHARE

The calculation of the basic loss per share is based on the following:

Profit/(loss) Profit/(loss) for the purpose of calculating basic loss per share Weighted average number of ordinary shares for the purpose of calculating basic loss per share	(Unaudited) Three months ended June 30, 2021 $ 119,706 149,793,861	(Unaudited) Three months ended June 30, 2020	(Unaudited) Six months ended June 30, 2021	(Unaudited) Six months ended June 30, 2020 $ (131,829) 149,793,861
		$ 97,878	$ 125,363
		149,793,861	149,793,861

The Corporation did not have any dilutive potential ordinary shares during the three and six months ended June 30, 2021 and June 30, 2020.

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

11. PROPERTY, PLANT AND EQUIPMENT

Cost At January 1, 2020 Additions Exchange difference At December 31, 2020 and January 1, 2021 Additions Exchange difference At June 30, 2021 Accumulated depreciation and impairment At January 1, 2020 Depreciation Exchange difference At December 31, 2020 and January 1, 2021 Depreciation Exchange difference At June 30, 2021 Carrying amount As at June 30, 2021 As at December 31, 2020	Computer equipment and software
	$ 147,841 18,732 (3,075)
	163,498 2,737 (15,532)
	150,703
	96,982 28,686 (2,169)
	123,499 12,538 (12,767)
	123,270
	27,433
	39,999

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

12. RIGHT-OF-USE ASSETS

At January 1, 2020 Depreciation Exchange differences At December 31, 2020 and January 1, 2021 Addition Depreciation Exchange difference At June 30, 2021	Leased properties $ 120,385 (44,340) (2,714) 73,331 40,854 (31,302) (6,391) 76,492	Total
		$ 120,385 (44,340) (2,714)
		73,331 40,854 (31,302) (6,391)
		76,492

Lease liabilities of $76,104 (December 31, 2020: $73,346) are recognised with related right-of-use assets of $76,492 (December 31, 2020: $73,331) as at June 30, 2021. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.

Depreciation expenses on right-of-use assets Interest expense on lease liabilities (included in finance cost) Expenses relating to short-term lease (included in administrative)	(Unaudited) Six months ended June 30, 2021 $ 31,302 5,639 1,466	(Unaudited) Six months ended June 30, 2020
		$ 22,393 8,570 14,070

The Corporation leased offices in Indonesia and Malaysia, for its operations. Lease contract were entered into for fixed term of 2-3 years.

13. GOODWILL

Cost less impairment At January 1, 2020, December 31, 2020, January 1, 2021 and June 30, 2021	$ -

Due to changes in market condition, the recoverable amount of the goodwill was determined to be below its carrying value at March 31, 2015, and accordingly, the goodwill was considered fully impaired during the year ended March 31, 2015.

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

14. ACCOUNTS RECEIVABLE

Trade receivables Less: Allowance for doubtful debts Contract assets (Note 16) Total		(Unaudited) As at June 30, 2021 $ 620,784 (9,048) 611,736 11,914 623,650		(Audited) As at December 31, 2020
				$ 583,710 (25,876)
				557,834 -
				557,834

As at June 30, 2021, an allowance was made for estimated irrecoverable trade receivables of approximately $9,000 (December 31, 2020: $26,000).

15. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Trade payables Contract liabilities (Note 16) Accrued liabilities and other payable Total	(Unaudited) As at June 30, 2021 $ 15,986 - 603,295 619,281	(Audited) As at December 31, 2020
		$ 76,515 60,874 611,672
		749,061

Accrued liabilities consist mainly of accrued rental, professional fees and general administration expenses.

16. CONTRACT ASSETS/CONTRACT LIABILITIES

Contract assets Receivables from contracts with customers within the scope of IFRS 15, which are included in “Account receivables”	(Unaudited) As at June 30, 2021 $ 11,914	(Audited) As at December 31, 2020
		$ -

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

16. CONTRACT ASSETS/CONTRACT LIABILITIES (CONT’D)

Amounts relating to contract assets are balances due from customers under software products and services that arise when the Corporation receives payments from customers in line with a series of performance related milestones.

There were no significant changes in the contract assets balances during the reporting period.

Contract liabilities Billings in advance of performance obligation - Software products and services	(Unaudited) As at June 30, 2021 $ -	(Audited) As at December 31, 2020
		$ 60,874

Contract liabilities relating to software products and services are balances due to customers under software products and services. These arise if a particular milestone payment exceeds the revenue recognised to date under the cost-to-cost method.

There were no significant changes in the contract liabilities balances during the reporting period.

17. ADVANCES FROM RELATED PARTIES

The amounts of $1,024,760 represent advances from an officer and related companies which are unsecured, interest-free and repayable on demand.

The officer and related companies have confirmed to the Corporation that they will not demand settlement of the advances until the Corporation is in sound financial position to repay to them.

The amount of $5,950,591 represent advances from the ultimate parent which is unsecured, interest-free and repayable on or before September 30, 2021.

18. PROMISSORY NOTE PAYABLE

As at January 1, 2020, December 31, 2020, January 1, 2021 and June 30, 2021	Total
	$ 580,000

During the quarter ended March 31, 2021, the Corporation negotiated with the note holder, Inphosoft Pte. Ltd. (“IPL”) (Note 19(b)) on extending the due date of the note payable and IPL has agreed to extend the due date of the promissory note payable to March 31, 2022. Moreover, IPL confirmed that it will not demand settlement of the note payable until the Corporation is in sound financial position. IPL also agreed to convert the note payable from that with simple interest of 12% per annum to interest-free with effect from January 1, 2020.

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

19. LOANS FROM RELATED PARTIES

Note Current: Loans from a director (a) Loan from a related party (b) Loan from immediate parent (c) Total	(Unaudited) As at June 30, 2021 $ 3,504,931 775,108 356,817 4,636,856	(Audited)
		As at December 31, 2020
		$ 3,743,500 822,911 366,775
		4,933,186

All above loans from related parties are non-trade nature and unsecured.

• (a) The loans are from the Corporation’s director, Mr. Joel Siang Hui Chin, and are interest free loans, unsecured and repayable on demand. During the quarter ended June 30, 2021, Mr. Joel Siang Hui Chin confirmed to the Corporation that he will not demand settlement of the loans until the Corporation is in sound financial position to repay to him.

• (b) The loan is from IPL, the former holding company of Inphosoft Group Pte. Ltd., and is interest-free. On September 24, 2015, IPL converted its convertible debentures of the Corporation and became a shareholder of the Corporation. A director of the Corporation, Mr. Joel Siang Hui Chin, two directors of the Corporation’s subsidiaries, Mr. Wang Xianxiang and Mr. Xu Hongwei, each has significant influence over IPL. During the quarter ended June 30, 2021, IPL confirmed to the Corporation that it will not demand settlement of the loan until the Corporation is in sound financial position to repay.

• (c) The loan is from Xinhua Mobile, the immediate parent of the Corporation, and is interest-free, unsecured and repayable on demand. During the prior quarter ended March 31, 2021, Xinhua Mobile agreed to extend the due date of the loan to March 31, 2022 and confirmed to the Corporation that it will not demand settlement of the loan until the Corporation is in sound financial position to repay.

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

20. LEASE LIABILITIES

Within one year In the second to fifth years, inclusive Less: Future finance charges Present value of lease obligations Less: Amount due for settlement within 12 months (shown under current liabilities) Amount due for settlement after 12 months	Minimum lease payments	Minimum lease payments	Present value of minimum lease payments	Present value of minimum lease payments
	(Unaudited) As at June 30, 2021 $ 70,617 10,009	(Audited) As at December 31, 2020 $ 45,756 36,606	(Unaudited) As at June 30, 2021 $ 66,174 9,930	(Audited) As at December 31, 2020 $ 38,717 34,629
	80,626 (4,522)	82,362 (9,016)	76,104 N/A	73,346 N/A
	**76,104 **	73,346	76,104 (66,174)	73,346 (38,717)
			9,930	34,629

The weighted average incremental borrowing rates applied to lease liabilities for the quarter ended June 30, 2021 was 5.5% - 15.0% (December 31, 2020: 15.0%). The lease liabilities are denominated in Indonesian Rupiah and Malaysian Ringgit (December 31, 2020: Indonesian Rupiah).

21. SHARE CAPITAL

Authorised:

Unlimited common shares

Unlimited preferred shares, non-voting, non-participating, non-cumulative dividends, redeemable and retractable at the amount paid.

Issued:

Balance, beginning and end of period/year	Common shares	(Unaudited) Six months ended June 30, 2021 Amount	Common shares	(Audited) Twelve months ended December 31, 2020 Amount
	149,793,861	$ 11,415,709	149,793,861	$ 11,415,709

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

22. RELATED PARTY TRANSACTIONS

(a) The Corporation had the following related party transactions for the three and six months ended June 30, 2021 and June 30, 2020:

Revenue and accounting fee income from companies controlled by immediate parent / a director Accounting fee paid to an officer	(Unaudited) Three months ended June 30, 2021 $ 265,046 14,674	(Unaudited) Three months ended June 30, 2020	(Unaudited) Six months ended June 30, 2021 $ 536,736 37,521	(Unaudited) Six months ended June 30, 2020 $ 509,449 28,409
		$ 255,902 13,558

(b) The Corporation had the following related party balances at the end of the reporting period:

As at June 30, 2021 (Unaudited) Directors An officer A company controlled by a director A related party Ultimate parent Immediate parent As at December 31, 2020 (Audited) Directors An officer Companies controlled by a director A related party Immediate parent	Accounts receivable	Accounts payables and accrued liabilities	Advances payable	Promissory note payable	Loan payables
	$ - - 467,859 - -	$ (100,000) (3,712) (3,110) - - -	$ (269,225) - (713,617) (41,918) (5,950,591) -	$ - - - (580,000) - -	$ (3,504,931) - - (775,108) - (356,817)
	- - 495,424 - -	(80,000) (7,357) (3,320) - -	(289,228) - (766,088) (44,814) -	- - - (580,000) -	(3,743,500) - - (822,911) (366,775)

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

22. RELATED PARTY TRANSACTIONS (CONT’D)

(c) Key management personnel compensation

Accounting fees Directors’ fees Total	(Unaudited) Three months ended June 30, 2021	(Unaudited) Three months ended June 30, 2020	(Unaudited) Six months ended June 30, 2021 $ 37,521 20,000 57,521	(Unaudited) Six months ended June 30, 2020
	$ 14,674 10,000	$ 13,558 10,000		$ 28,409 20,000
	24,674	23,558		48,409

23. PARTICULARS OF SUBSIDIARIES

Particulars of the principal subsidiaries as at June 30, 2021 and December 31, 2020 are as follows:

Name	Place of incorporation / registration and operation	Particular of Issued share capital	Percentage of ownership interest / voting power / profit sharing	Percentage of ownership interest / voting power / profit sharing	Percentage of ownership interest / voting power / profit sharing	Principal activities
Inphosoft Group Pte. Limited PT Inphosoft Indonesia GIN International Limited	Singapore Indonesia Hong Kong	1,000,000 ordinary shares of SGD1,614,500 1,000 ordinary shares of IDR962,500,000 100 ordinary shares of HKD100		Direct 100% - -	Indirect - 99% 100%	Investment holding Provision for messaging service and outsourcing of technical resources to customers Provision for short message services

24. EVENTS AFTER THE REPORTING PERIOD

- (a) Uncertainty of the Coronavirus (COVID 19) Outbreak

The extent that the coronavirus (COVID-19) outbreak will spread widely and its impact on our result will depend on future developments, which are highly uncertain and unpredictable. Although uncertain at this time, the outbreak could impede our ability to sell, grow and attract new customers. A number of our employees travel frequently to establish and maintain relationships with our customers. Although we continue to monitor the situation and may adjust our current policies as more information and guidance become available, suspending travel, not doing business in-person, and employees government imposed quarantined or sanitary public health authority imposed closures could negatively impact our operations and marketing efforts and also challenge our ability to enter into new customer contracts in a timely manner, which in turn could harm our business performance and the recoverability of the account receivables.

(b) Appointment of New Chairman of Ultimate Parent

Subsequent to the quarter ended June 30, 2021, Mr. Joel Siang Hui Chin, the director of the Corporation, was appointed as the Chairman of the Board of Beat Holdings.

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GINSMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020 (Unaudited)

25. APPROVAL OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

The unaudited condensed interim consolidated financial statements were approved and authorised for issue by the Board of Directors on August 12, 2021.