JCURVE SOLUTIONS LTD - Annual Report 2024

ABN 63 088 257 729 9 Help St, Chatswood NSW 2067, Level 8, Australia

https://www.jcurvesolutions.com/

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30 August 2024

Appendix 4E and Audited Annual Financial Report

JCURVE SOLUTIONS LIMITED (ASX: JCS) (Jcurve), the company that builds partnerships that help people and businesses grow, attaches the following documents in relation to the reporting period for the Year ended 30 June 2024.

Appendix 4E
Audited Annual Financial Report

This announcement has been authorised for release by the Board of JCurve Solutions Limited.

About Jcurve

Jcurve works collaboratively with ambitious organisations to drive growth through the effective use of technology. Serving as a trusted guide in an on-demand world, Jcurve helps build growing and resilient organisations to withstand market disruption.

From business management solutions and consulting services to field service management and digital marketing services – Jcurve is uniquely positioned to help organisations on their business transformation journey.

For more information, please visit www.jcurvesolutions.com.

ABN 63 088 257 729 9 Help St, Chatswood NSW 2067, Level 8, Australia

https://www.jcurvesolutions.com/

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30 August 2024

Results for announcement to the market Full Year Results 30 June 2024

JCURVE SOLUTIONS LIMITED (ASX: JCS) (Jcurve), the company that builds partnerships that help people and businesses grow, provides the following update to the previously reported unaudited preliminary results for the Year ended 30 June 2024.

The results for the year ended 30 June 2024 are shown below with comparisons to the previous corresponding period, being the year ended 30 June 2023.

Results for announcement to the market	Year ended 30 June 2024 ($)	Year ended 30 June 2023 ($)	Percentage increase / decrease over previous corresponding period
Revenue	12,738,932	16,397,138	22% decrease
Operating (loss)/profit before interest, taxation, depreciation and amortisation (EBITDA)	(394,832)	1,577,841	125% decrease
Normalised (loss)/profit before interest, taxation, depreciation and amortisation (Normalised EBITDA)	(106,063)	1,643,415	106% decrease
Net (loss)/profit before tax	(1,680,075)	290,734	678% decrease
Net loss after tax	(1,904,553)	(340,875)	459% decrease
Loss from ordinary activities after tax attributable to members	(1,904,553)	(340,875)	459% decrease
Net loss for the period attributable to members	(1,904,553)	(340,875)	459% decrease

The results presented above are the audited financial results for the year ended 30 June 2024. They are in line with the unaudited preliminary results released on 13 August 2024.

Dividends

While a dividend relating to the 2023 financial year was declared on 27 July 2023 and subsequently paid on 5 September 2023, no dividends have been declared or paid relating to the financial year ended 30 June 2024.

Net Tangible Assets / Earnings Per Share

	30 June 2024	30 June 2023
Net tangible assets per ordinary share for continuing operations	(0.05)cents	0.65 cents
Basic earnings/(loss) per ordinary share for continuing operations	(0.58) cents	(0.10) cents
Diluted earnings/(loss) per ordinary share for continuing operations	(0.57) cents	(0.10) cents

ABN 63 088 257 729 9 Help St, Chatswood NSW 2067, Level 8, Australia https://www.jcurvesolutions.com/

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Entities over which control has been gained

There were no acquisitions during the period ended 30 June 2024.

Independent Auditor’s Report

The information outlined above is presented in accordance with ASX Listing Rule 4.3A and the Corporations Act 2001 ( Corporations Act ). The Appendix 4E is based on the audited Financial Report for the year ended 30 June 2024. The Independent Auditor’s Report is included in the Annual Report.

Accounting Policies, Estimation Methods and Measurements

Estimation methods and measurement bases used in the Appendix 4E are the same as those used in the previous annual report.

Explanation of Result

Our financial results for FY2024 have clearly been disappointing with a drop in year-on-year revenues to $12,738,932 and an overall normalised EBITDA loss (removing one off items) for FY2024 of $106,063. The Company has reported a statutory net loss after tax of $1,904,553.

Pleasingly, there have been strong improvements in performance in the second half, with normalised EBITDA (removing one off items) moving from a loss of $612,058 in the first half to a normalised EBITDA gain of $505,995 for the second half of FY2024. We expect these improvements in performance to continue.

Cash at bank on 30 June 2024 of $1,596,275. The company remains debt free and has access to unused working capital facilities of $500,000.

Yours faithfully

Mark Jobling

Chairman

About Jcurve

For more information, please visit www.jcurvesolutions.com.

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Audited Annual Financial Report For the year ended 30 June 2024 Jcurve Solutions Limited ABN 63 088 257 729

Jcurve Solutions Limited

	Page
Message from the Chair	3
Directors' Report including remuneration report	4 - 25
Auditor's Independence Declaration	26
Consolidated Statement of Profit or Loss and Other Comprehensive Income	27
Consolidated Statement of Financial Position	28
Consolidated Statemnt of Cash Flows	29
Consolidated Statement of Changes in Equity	30
Contents to the Notes to the Financial Statements	31
Notes to the Financial Statements	31 - 72
Consolidated Entity Disclosure Statement	73
Director's Declaration	74
Independent Auditor's Report	75 - 78
Shareholder Information	79 - 82
Corporate Information	83 - 84

Page 2 of 84

Jcurve Solutions Limited

MESSAGE FROM THE CHAIR

Dear fellow shareholders

On behalf of the Board of Directors, the Jcurve Solutions Limited Annual Report for the year ended 30 June 2024 (FY2024) is presented to shareholders.

Significantly, FY2024 has been marked by key changes in our senior management team. The appointment of Chris King as Chief Executive Officer in mid-August 2023 saw Chris commence delivering a companywide change agenda, immediately actioning a plan to right-size the overall Group, reduce the historic cost structures that surrounded our service delivery, and realign the business to a front of house and sales focused organisation.

The transformation of Jcurve has been a large undertaking and our new Chief Executive Officer had no time to impact the first half results in a meaningful way. Pleasingly, there have been strong improvements in performance in the second half, with normalised EBITDA (removing one off items) moving from a loss of $612,058 in the first half to a normalised EBITDA gain of $505,995 for the second half of FY2024. We expect these improvements in performance to continue.

Cash at bank has stabilised at $1,596,275 as at 30 June 2024, with the company remaining debt free and with access to working capital facilities of $500,000.

I would personally like to thank all shareholders, and stakeholders more generally, for their ongoing support. Your company is re-invigorated, and well positioned to continue the positive growth shown in the second half of FY2024.

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Mark Jobling Chair

Page 3 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT

Your directors present the annual financial report of the consolidated entity (referred to hereafter as ‘Jcurve Solutions’ or ‘the Group’) consisting of Jcurve Solutions Limited and the entities it controlled at the end of, or during, the year ended 30 June 2024. In order to comply with the provisions of the Corporations Act 2001, the Directors’ Report is as follows:

Directors and Company Secretary

The names of directors who held office during or since the end of the year and until the date of this report are as follows. Directors were in office for the entire year unless otherwise stated.

Mr. Mark Jobling Non-Executive Chairman Mr. Bruce Hatchman (Resigned 22 November 2023) Non-Executive Director Mr. Graham Baillie Non-Executive Director Mr. Martin Green Non-Executive Director Mr. Robert Wright (Appointed 22 November 2023) Non-Executive Director Mr. David Franks Company Secretary

Names, qualifications, experience and special responsibilities

The following information is current as at the date of this report

MARK JOBLING B.ECO, B.LAWS (HONS) (NON-EXECUTIVE CHAIRMAN)

Experience and expertise

Mark Jobling joined the company on 8 April 2015 as a Non-Executive Director. Mark is a substantial shareholder of the Company and holds a Bachelor of Economics and Bachelor of Laws (Hons) from Monash University.

Mark is involved in a number of businesses across Asia including acting as Chairman of Impact Solar Group Limited, an Impact Electrons and Mitsubishi Corporation joint venture in renewable energy. Mark is also Chairman of Tomorrow Entertainment Group Pte Ltd which owns and operates a number of entertainment based attractions in Asia, primarily in Singapore.

Mark began his career as a commercial lawyer with Mallesons Stephen Jaques in Australia and went on to hold senior executive roles in multi-billion dollar companies, including Managing Director of South East Asia and Taiwan for CLP Holdings Limited, and CEO of OneEnergy Limited, a CLP/Mitsubishi Corporation joint venture in Asia.

Directorships of other listed companies None.

Former directorships of other listed companies None.

Page 4 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT (CONTINUED)

Special responsibilities

Chairman of the Remuneration Committee.

ROBERT WRIGHT FINSIA, AIM, FIPA

Experience and expertise

Rob Wright joined the Group on 22 November 2023 as a Non-Executive Director. He has a career spanning the international banking sector and he has held senior management roles at St. George Banking Group, National Australia Bank, Commonwealth Bank of Australia and Westpac.

Directorships of other listed companies

None.

Former directorships of other listed companies

None.

Special responsibilities

Chairman of the Audit and Risk Management Committee and Member of the Remuneration Committee.

GRAHAM BAILLIE FAICD (NON-EXECUTIVE DIRECTOR)

Experience and expertise

Graham Baillie was appointed a Non-Executive Director of Stratatel Limited (ASX:STE “Stratatel”) back in September 2007. Subsequent to Stratatel’s acquisition of Jcurve Solutions Pty Ltd, he was appointed Managing Director for period December 2013 to June 2014, then taking up the appointment of Executive Chairman in July 2014, overseeing the revitalisation of the commercial operations of Stratatel to re-emerge as Jcurve Solutions Limited (ASX:JCS). In November 2014, Graham returned to his original Non-Executive Director’s role following the appointment of a new JCS independent Chairman. Post this transition process, he relinquished his NonExecutive Director’s position in November 2015. Following an absence of nearly four years, Graham rejoined the Group as a Non-Executive Director on 26 August 2019.

Graham is Jcurve Solutions’ largest shareholder through shares held by his family’s superannuation fund.

Graham has a track record of growing small start-up businesses into sizeable and profitable business entities, ultimately with a national and international presence. In 1994, Graham established Outsource Australia Pty Ltd (OSA) to provide “white collar” business process outsourcing (BPO) services to both the private and public market sectors in Australia. In his capacity as majority shareholder and Chief Executive Officer he developed the company nationally and internationally. Today OSA is known as Converga. Prior to this, Graham was with AUSDOC during its formative years through to its ultimate ASX listing in September 1993. In this time, he was not only integral to the development of the company throughout Australia but was also involved in establishing similar business operations in New Zealand, USA and United Kingdom.

Page 5 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT (CONTINUED)

Directorships of other listed companies

None.

Former directorships of other listed companies

None.

Special responsibilities

Member of the Audit and Risk Management Committee.

MARTIN GREEN

BA (HONS) IN ACCOUNTING AND FINANCE (NON-EXECUTIVE DIRECTOR)

Experience and expertise

Martin Green joined the Group on 18 January 2021 as a Non-Executive Director. He has a strong corporate background having played a significant role in the private investment arm of Consolidated Press Holdings Pty Limited (CPH) for more than 10 years and subsequently Hong Kong where he helped set up CPH’s operations. After leaving CPH, Martin has assisted in building and monetising technology and other businesses in Asia through his extensive corporate network. Martin is based in Hong Kong and holds a BA (Hons) in Accounting and Finance.

Directorships of other listed companies

None.

Former directorships of other listed companies

None.

Special responsibilities

Member of the Audit and Risk Management Committee and Member of the Remuneration Committee.

DAVID FRANKS B.EC, CA, F FIN, FGIA, JP. (COMPANY SECRETARY)

Experience and expertise

David Franks joined Jcurve Solutions on 15 September 2014 as Company Secretary and a Non-Executive Director. He was a Non-Executive Director until 18 January 2022. He is a Chartered Accountant, Fellow of the Financial Services Institute of Australia, Fellow of the Governance Institute of Australia, Justice of the Peace, Registered Tax Agent and holds a Bachelor of Economics (Finance and Accounting) from Macquarie University. With over 20 years in finance and accounting, initially qualifying with Price Waterhouse in their Business Services and Corporate Finance Divisions, David has been CFO, Company Secretary and/or Director for numerous ASX listed and unlisted public and private companies, in a range of industries covering energy retailing, transport, financial services, mineral exploration, technology, automotive, software development and healthcare. Apart from Jcurve Solutions, Mr Franks is currently also the Company Secretary for the following ASX Listed entities: COG Financial Services Limited, Cogstate Limited, Dubber Corporation Limited, Evergreen Lithium Limited, Tryptamine Therapeutics Limited, IRIS Metals Limited, IXUP Limited, Noxopharm Limited, Nyrada Inc, Omega Oil and Gas Limited and White Energy Company Limited. David is also a Principal of the Automic Group and Director of Automic Finance Pty Ltd.

Page 6 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT (CONTINUED)

Directorships of other listed companies

None.

Former directorships of other listed companies

None.

Special responsibilities

None.

Interests in the shares and options of the Group and related bodies corporate

As at the date of this report, the interests of the directors in the shares and options of Jcurve Solutions were:

Mr. Mark Jobling Mr. Graham Baillie Mr. Martin Green Mr. Robert Wright	Options over Ordinary Ordinary Shares Shares 50,704,301 - 83,124,215 - - - 50,000 - 133,878,516 -

Dividends and shareholder returns

While a dividend relating to the 2023 financial year was declared on 27 July 2023 and subsequently paid on 5 September 2023, no dividends were declared or paid relating to the financial year ended 30 June 2024.

Principal activities

The principal activities of Jcurve Solutions during the year ended 30 June 2024 consisted of:

1) the sale, implementation and support of Enterprise Resource Planning (ERP) solutions, which consisted of:

(i) the exclusively licensed small business edition of Oracle NetSuite, JCurveERP (in Australia and New Zealand);
(ii) the Oracle NetSuite mid-market and enterprise editions (in Australia, New Zealand and South East Asia);

2) the sale and support of proprietary Telecommunications Expense Management Solutions;

3) the continued development of Quicta, the Group’s proprietary owned Service Management Platform including the sale and support of the platform to paying customers.

Page 7 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT (CONTINUED)

Review of Operations - Operating financial review

Financial Results for the Year

The Group incurred a net loss after tax of $1,904,553 for year ended 30 June 2024 (loss after tax for 2023 was $340,875).

The ‘Normalised EBITDA’ for the full year ended 30 June 2024 was a loss of $106,063 (2023 was a profit of $1,643,415), which has been determined as follows:

Operating (loss)/profit as reported Total non-cash expenses Total non-recurring items Normalised EBITDA • Share-based payment (write back)/expense • Dual CEO costs relating to period 1 August 2023 to October 2023 • Redundancies on restructuring • Government Subsidy - Singapore • Due diligence costs • Depreciation • Amortisation • Impairment	2024 2023 (1,648,772) 319,673 622,757 627,505 366,196 630,663 264,987 - - (7,783) 1,253,940 1,250,385 4,536 100,810 176,572 - 107,661 - - (27,453) 288,769 73,357 (106,063) 1,643,415 Consolidated $

Normalised EBITDA is a financial measure which is not prescribed by Australian Accounting Standards (AAS) and represents the profit under AAS adjusted for specific significant items. The table above summarises key items between the statutory profit/loss after tax and normalised EBITDA. The directors use normalised EBITDA to assess the performance of the Group.

Normalised EBITDA has not been subject to any specific review procedures by our auditor but has been extracted from the accompanying audited financial report. The normalised EBITDA result outlined for the comparative period has been adjusted to ensure consistency between the reporting periods.

Page 8 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT (CONTINUED)

The Group’s total revenue for the year ended 30 June 2024 was $12,738,932 (2023: $16,397,138), which includes:

revenue from the sale of JCurveERP/NetSuiteERP licenses and support and implementation revenue of $11,153,254 (2023: $14,367,129);
- revenue from the sale of Telecommunications Expense Management Solutions $934,109 (2023: $1,046,278);
revenue from the sale of digital marketing solutions from the Dygiq business division $395,815 (2023: $673,892); and
revenue from the sale and implementation of Quicta solutions $255,754 (2023: $309,839).

Total expenses including depreciation for the full year ended 30 June 2024 was $14,419,007 (2023: $16,106,404). The largest expense during the year ended 30 June 2024 was employment expense with $9,280,100 (2023: $9,070,377).

Financial Position as at 30 June 2024

Jcurve Solutions continues to maintain a robust financial position, with significant shifts in asset composition and liability management over the past year. As of 30 June 2024, total assets stand at $8,085,861, a reduction from $13,900,298 in the previous year. This change primarily reflects decreased cash and receivables, strategic divestments, including the disposal of our digital marketing agency, and ongoing amortisation of intangible assets.

Our cash position has decreased to $1,596,275 from $4,265,288, primarily as a result of unfavourable changes in our working capital as well as the losses we incurred in the current financial year and the costs associated with restructuring our business. Despite these reductions, our financial stability is underpinned by solid recurring revenue streams, careful expense management, and a shift towards a leaner organisational structure.

Total liabilities have reduced to $5,808,883 from $9,168,901, demonstrating successful efforts in cost containment. Equity has seen a substantial decrease to $2,276,978 due to accumulated losses, partially impacted by our our strategic investments in business transformation and restructuring initiatives.

Risk management

The Group recognises the need to pro-actively manage the risks and opportunities associated with both day-today operations of the Group and its longer-term strategic objectives and has developed a risk management policy.

The Board is responsible for the establishment, oversight and approval of the Group’s risk management strategy, internal compliance and controls. The Board is also responsible for defining the “risk appetite” of the Group so that the strategic direction of the Group can be aligned with its risk management policy.

Page 9 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT (CONTINUED)

The Group has the following risk management controls embedded in the Group’s management and reporting system:

1) A comprehensive annual insurance program. This program is facilitated by an external broker;
2) A risk register which is regularly reviewed by the Executive Management Team and reported to the Board as part of the Board meeting packs;
3) Annual Strategic and operational business plans; and
4) Annual budgeting and forecasting and monthly forecasting and system evaluation which enable the monitoring of performance against expected targets and the evaluation of trends.

The Chief Executive Officer and Chief Financial Officer through monthly Board papers, report to the Board as to whether all identified material risks are being managed effectively across the Group.

During the year, ongoing monitoring, mitigation and reporting on material risks was conducted by Executive Management Team, the Audit and Risk Committee and the Board and took place in accordance with the process disclosed above.

The Risk Management Policy can be found on the Group’s website: - https://www.jcurvesolutions.com/corporate governance/

Significant changes in the state of affairs

There were no significant changes in the state of affairs of Jcurve Solutions during the financial year.

Divestment of our digital marketing agency

In line with our strategic focus on optimising our portfolio for enhanced profitability and recurring revenue growth, as outlined by our Chief Executive Officer, Mr. Chris King, during the Annual General Meeting, we announced the disposal of our digital marketing subsidiary, Dygiq in January 2024.

This decision follows a thorough evaluation of Dygiq's alignment with our core business objectives and longterm financial sustainability. The agency was divested to its original founder under an agreement finalised on 31 January 2024. This transaction not only simplified our operational focus but also improved our financial position by eliminating net liabilities from our balance sheet.

The purchaser assumed responsibility for all outstanding contracts and operational costs associated with Dygiq. This strategic move is expected to bolster our commitment to streamlining operations and focusing on sectors that promise the highest growth potential and stability.

Events since the end of the financial year

There have been no events since the end of the financial year, which have materially impacted the operations of the Group.

Page 10 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT (CONTINUED)

Likely developments and expected results of operations

As we mark one year since the appointment of Chris King as Chief Executive Officer, we are pleased to provide

an update on the strategic review that has been underway. This comprehensive review was designed to ensure

that Jcurve Solutions not only grows quickly but does so in a profitable and sustainable manner.

Key initiatives and outcomes

Cost Containment and Rightsizing : Initially, our focus was on containing expenses and rightsizing the business to better match our strategic priorities. We implemented significant cost-saving measures and optimised resource allocation, which have substantially improved our operational efficiency.
Leaner Sales Organisation: We transitioned to a leaner sales organisation, restructuring our support and admin teams to enhance focus on sales and high-value clients and sectors. This shift has not only reduced overhead but also increased the effectiveness of our sales efforts.
Portfolio Optimisation: We have completed a thorough assessment of our business units, resulting

in the divestment of non-core assets and increased investment in areas with high-growth potential.

Financial Performance : These strategic changes have begun to reflect positively in our financial results, demonstrating improved profitability and a stronger balance sheet.

Looking ahead, we remain committed to building on this momentum with ongoing strategic initiatives aimed at enhancing our competitive position and securing long-term growth. We believe these efforts will continue to drive our mission of delivering superior value to our shareholders.

Indemnification of Directors, Officers and Auditors

The Group has agreed to indemnify all the directors and officers for any breach of laws and regulations arising from their role as a director and officer. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium.

Jcurve Solutions has not indemnified or agreed to indemnify an auditor of the Group or any related body corporate against liability incurred as an auditor.

Page 11 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT (CONTINUED)

Meetings of Directors

The number of meetings of directors (including meetings of committees of directors) held during the year and the number of meetings attended by each director were as follows:

	Director's	Audit & Risk	Remuneration
	Meetings	Committee	Committee
	Attended/	Attended/	Attended/
Number of meetings:	(Eligible)	(Eligible)	(Eligible)
Mr. Mark Jobling	9 / (9)	n/a	3 / (3)
Mr. Bruce Hatchman	3 / (3)	2 / (2)	1 / (1)
Mr. Graham Baillie	9 / (9)	4 / (4)	n/a
Mr. Martin Green	9 / (9)	4 / (4)	3 / (3)
Mr. Robert Wright	5 / (6)	2 / (2)	2 / (2)

Retirement, election and continuation in office of Directors

It is the Board’s policy to consider the appointment and retirement of Non-Executive Directors on a case-bycase basis. In doing so, the Board must take into account the requirements of the Australian Securities Exchange Listing Rules and the Corporations Act 2001.

Clause 13.4 of the Jcurve Solutions Constitution allows the Directors to at any time appoint a person to be a Director, either to fill a casual vacancy or as an addition to the existing Directors, but so that the total number of Directors does not at any time exceed the maximum number specified by the Jcurve Solutions Constitution. Any Director so appointed holds office only until the next following annual general meeting and is then eligible for reelection but shall not be taken into account in determining the Directors who are to retire by rotation (if any) at that meeting.

Clause 13.2 of the Jcurve Solutions Constitution requires that no director who is not the Chief Executive Officer may hold office without re-election beyond the third AGM following the meeting at which the director was last elected or re-elected.

The current board was re-elected by shareholders at the following prior AGMs:

board was re-elected	by sharehol
Mark Jobling	2022
Graham Baillie	2023
Martin Green	2021

Therefore, under clause 13.2 of the Jcurve Solutions Constitution Martin Green is due for election at the next Annual General Meeting. Furthermore as Robert Wright was appointed during the year, he is due for election under clause 13.4.

Page 12 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT (CONTINUED)

Proceedings on behalf of the company

No person has applied for leave of the Court to bring proceedings on behalf of the Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings. The Company was not a party to any such proceedings during the year.

Auditor Independence and Non-Audit Services

Section 307C of the Corporations Act 2001 requires our auditors, LNP Audit and Assurance Pty Ltd, to provide the directors of the Company with an Independence Declaration in relation to the audit of the annual report. This Independence Declaration is set out on page 26 and forms part of this Directors’ Report for the year ended 30 June 2024.

Non-Audit Services

There were no non-audit related activities carried out by the Company’s auditors during the year ended 30 June 2024.

Corporate Governance Statement

In fulfilling its obligations and responsibilities to its various stakeholders, the Board is a strong advocate of

corporate governance. The Board supports a system of corporate governance to ensure that the management of

Jcurve Solutions is conducted to maximise shareholder wealth in a proper and ethical manner.

The Corporate Governance Statement and other corporate governance practices which outline the principal corporate governance procedures of Jcurve Solutions can be found on the company’s website at: - http://www.jcurvesolutions.com/corporate governance/.

Page 13 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT (CONTINUED)

Remuneration report (Audited)

The directors are pleased to present Jcurve Solutions Limited’s (“the Company’s”) remuneration report for the year ended 30 June 2024. The remuneration report is prepared in accordance with section 300A of the Corporations Act 2001 and has been audited as required by section 308(3C) of the Corporations Act 2001.

The remuneration report outlines the key aspects of Jcurve Solutions remuneration policy, framework and remuneration awarded for Jcurve Solutions directors and executives. The Executives for the purpose of this report are Key Management Personnel who are not Non-Executive Directors.

The Remuneration Report is structured as follows:

1) Directors and other Key Management Personnel
2) Remuneration Governance
3) Remuneration Structure
4) Remuneration of key management personnel
5) Relationship between remuneration and Jcurve Solutions performance
6) Voting and comments made at the Company’s 2023 Annual General Meeting
7) Details of share-based compensation
8) Shareholdings of Key Management Personnel
9) Transactions with Directors and Key Management Personnel

1) Directors and other Key Management Personnel

Non-Executive Directors

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----- Start of picture text -----

Mark Jobling Non-Executive Chairman – Not Independent
Bruce Hatchman Non-Executive Director – Independent Resigned 23 November
2023
Robert Wright Non-Executive Director – Independent Appointed 23 November
2023
Graham Baillie Non-Executive Director – Not Independent
Martin Green Non-Executive Director – Independent
----- End of picture text -----

Executive Management Team (Executives)

Christopher King	Chief Executive Officer	Appointed	14	August
			2023
Stephen Canning	Chief Executive Officer	Resigned	31	August
			2023
Anton Posthumus	Chief Financial Officer	Appointed	2	January
			2024
James Aulsebrook	Chief Financial Officer	Resigned	12	January
			2024
Katrina Doring	Chief Operating Officer	Resigned	20	August
			2024
Arthur Fernandez	Chief Growth Officer	Resigned	30 June 2023

Page 14 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT (CONTINUED)

Remuneration report (Audited) (continued)

Key Management Personnel are defined as those persons having the authority and responsibility for planning, directing and controlling the activities of the Company directly or indirectly (and include the directors of the Company). The Executive Management team are responsible for preparing the Group’s Strategic Plan and evaluating the Company’s progress against that Strategic Plan.

2) Remuneration governance

Remuneration philosophy

The performance of the Company depends upon the quality of the directors and executives employed by Jcurve Solutions. The philosophy of the Company in determining remuneration levels is to:

(i) set competitive remuneration packages to attract and retain high calibre employees;
(ii) link executive rewards to shareholder value creation; and
(iii) establish appropriate performance hurdles for variable executive remuneration.

Nomination and Remuneration Committee

The Nomination and Remuneration Committee is responsible for determining and reviewing compensation arrangements for the directors and the executive management team.

The composition of the Nomination and Remuneration Committee during the year ended 30 June 2024 was as follows:

(i) Mark Jobling (Chairman) (Non Executive Director – Not Independent);
(ii) Robert Wright (Non Executive Director - Independent); and
(iii) Martin Green (Non Executive Director - Independent).

In relation to the above, all are non-executive directors, the majority of members are independent however the Chairman is not independent.

On this basis, the Nomination and Remuneration Committee is partially compliant with the ASX Corporate Governance Principles and Recommendations.

Members of the Nomination and Remuneration Committee are appointed, removed and/or replaced by the Board.

The Nomination and Remuneration Committee assesses the appropriateness of the nature and amount of remuneration which the directors and executives receive on a periodic basis by reference to relevant employment market conditions with overall objectives of:

(i) Ensuring maximum stakeholder benefit from the retention of a high-quality Board and executive team;
(ii) Aligned to the Company’s strategic business priorities which have been set to achieve shareholder value;
(iii) Ensuring that the remuneration structure is transparent and easily understood;
(iv) Acceptable to all shareholders.

The Company’s Corporate Governance Statement which can be found on the Company’s website: http://www.jcurvesolutions.com/corporate-governance, provides further information on the role of the Nomination and Remuneration Committee and its composition and structure. A copy of the Nomination and Remuneration Committee’s charter is included on the Company’s website.

Page 15 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT (CONTINUED) Remuneration report (Audited) (continued)

3) Remuneration Structure

In accordance with best practice Corporate Governance, the structure of non-executive director and executive remuneration is separate and distinct.

Non-executive director remuneration

The Board seeks to set aggregate remuneration at a level that provides Jcurve Solutions with the ability to attract and retain directors of the highest calibre, whilst incurring a cost that is acceptable to shareholders.

Jcurve Solutions’ constitution adopted at the AGM on 9 November 2010 specifies that the aggregate remuneration of nonexecutive directors shall be a maximum of $400,000 per year, and can be varied by ordinary resolution of the shareholders in a General Meeting. There have been no changes to the constitution of Jcurve Solutions since this date.

The amount of aggregate remuneration sought to be approved by shareholders and the manner in which it is apportioned amongst directors is reviewed annually.

Non-executive directors are paid their director fees in cash, including statutory superannuation contributions. They do not receive any bonus payments nor are they entitled to any payment upon retirement or resignation.

The remuneration structure for the directors from 1 July 2022 was as follows:

(i) Chairman: $99,000 per annum;
(ii) Resident non-executive directors: $73,260 including compulsory superannuation per annum;
(iii) Non-resident non-executive directors: $66,000 per annum;
(iv) Chair of the Audit Committee: $11,100 including compulsory superannuation per annum.

There was no change to the remuneration structure for the directors from 1 July 2023.

The remuneration of non-executive directors for the year ended 30 June 2024 and comparative year is detailed in Section 4, Table 1 of the Remuneration report.

Executive remuneration

The Company’s Executive remuneration structure consists of three components:

Fixed components Variable ‘at-risk’ components (i) Base salary and benefits, including (i) Short-term incentives in the form of cash superannuation bonuses; and (ii) Long-term incentives, through participation in the Jcurve Solutions Equity Incentive Plan (EIP).

(i) Base salary and benefits

Executives are given the opportunity to receive their fixed (primary) remuneration in a variety of forms including cash, superannuation/CPF and fringe benefits. It is intended that the manner of payment chosen will be optimal for the recipient without creating undue cost for the Group.

Page 16 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT (CONTINUED) Remuneration report (Audited) (continued)

3) Remuneration Structure (continued)

Each executive’s remuneration is reviewed annually by the Nomination and Remuneration Committee. The process consists of a review of relevant comparative remuneration in the market, internally and, where appropriate, external advice on policies and practices. The Nomination and Remuneration committee has access to external, independent advice if required.

(ii) Short-term incentive

The Short-term incentive (STI) scheme is designed to reward the Executive Management team for their contribution to the success of Jcurve Solutions in achieving its financial goals, as well as the individual contribution of each employee to business goals, as determined by the Board.

A new short term incentive bonus scheme was implemented from 1 July 2022 for the Executive Management Team.

For FY2024, the Board set KPI targets for the Short-term Incentive Plan (STIP) based on the strategic goals and objectives of Jcurve Solutions. Given the changes in executive leadership during the year, specific performance metrics were aligned with the company's immediate priorities under the new management.

In FY2023, the KPI targets for the STIP were determined by the Board based on Key Result Areas (KRAs) deemed critical to Jcurve Solutions' performance. The primary KRA for the year ended 30 June 2023 was a total revenue metric. These metrics were established with reference to Jcurve Solutions' strategic goals and objectives and were measured based on the audited statutory financial results. The KRA targets for FY2023 were not met, and consequently, no bonuses were payable.

This short-term incentive scheme takes the form of a cash bonus payable

The potential value of the short-term incentive schemes as a proportion of each Executive’s base salary was as follows:

Executives		FY2024 STI Potential	FY2023 STI Potential
Stephen Canning (**)	Resigned 15/06/23	Not applicable	55%
Chris King	Appointed 1/08/23	67%	Not applicable
James Aulsebrook	Resigned 12/01/24	Not applicable	43%
Anton Posthumus	Appointed 2/01/24	20%	Not applicable
Katrina Doring	Resigned 20/08/24	46%	46%
Arthur Fernandez	Resigned 30/06/23	Not applicable	44%

(iii) Long-term incentive

The long-term equity incentive plan is designed to align a portion of Executive Remuneration with long term shareholder value.

Page 17 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT (CONTINUED) Remuneration report (Audited) (continued)

3) Remuneration Structure (continued)

The Jcurve Solutions Equity Incentive Plan (EIP) was approved by shareholders at the Annual General Meeting held on 22 November 2016 and reapproved on 19 November 2019. New performance rights issued during the year ended 30 June 2024 have been disclosed in Table 1 of Section 7.

The following performance rights expired during the year ended 30 June 2023 after the share price performance condition was not met.

Executives	Vesting Date - 31/01/23
Stephen Canning (**)	1,000,000
Chris King	0
James Aulsebrook	600,000
Anton Posthumus	0
Katrina Doring	500,000
Arthur Fernandez	500,000

As at 30 June 2024, there are no remaining performance rights active for the Executive Management Team.

The following performance and services rights were issued during the year ended 30 June 2024.

Executives Performance rights Chris King Service Rights Chris King	Vesting Date
	30-Jun-26 31-Dec-26 30-Jun-27 2,500,000 2,500,000 7,000,000 14-Aug-24 14-Aug-25 14-Aug-26 2,000,000 2,000,000 2,000,000

Page 18 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT (CONTINUED) Remuneration report (Audited) (continued)

4) Remuneration of key management personnel

Table 1: Key Management Personnel remuneration for the year ended 30 June 2024: Directors

		Director	Bonuses	Other short	Super-
		Fees	Commission	term benefits	annuation	Shares		Total
Mark Jobling	2024	99,000	-	-	-		-	99,000
Non-Executive Chairman – Not Independent	2023	99,000	-	-	-		-	99,000
Bruce Hatchman	2024	31,667	-	-	3,483		-	35,150
Director (non-executive)	2023	68,513	-	-	15,467		-	83,980
Robert Wright	2024	46,233	-	-	5,086		-	51,319
Non-Executive Director – Independent	2023	-	-	-	-		-	-
Graham Baillie	2024	66,000	-	-	7,260		-	73,260
Non-Executive Director – Not Independent	2023	66,000	-	-	6,930		-	72,930
Martin Green	2024	66,000	-	-	-		-	66,000
Non-Executive Director – Independent	2023	66,000	-	-	-		-	66,000
Total Director Fees	2024	308,900	-	-	15,829		-	324,729
Total Director Fees	2023	299,513	-	-	22,397		-	321,910

Page 19 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT (CONTINUED)

Remuneration report (Audited) (continued)

4) Remuneration of key management personnel

Table 2: Key Management Personnel remuneration for the year ended 30 June 2024: Executives

			Bonuses/	Other short	Long service	Retirement			Shares and
		Salary	Commission	term benefits	Leave	funding	Other		share rights	Total
Chris King	2024	288,333	131,250	22,631	-	27,540		-	55,966	525,720
Chief Executive Officer - appointed 14/08/24	2023	-	-	-	-	-		-	-	-
Stephen Canning	2024	207,525	-	(7,014)	-	-		-	-	200,511
Chief Executive Officer - resigned 15/06/23	2023	439,874	10,952	16,075	-	151		-	2,683	469,735
Anton Posthumus	2024	99,231	10,000	5,307	-	12,015		-	-	126,553
Chief Financial Officer - appointed 2/01/24	2023	-	-	-	-	-		-	-	-
James Aulsebrook	2024	172,023	-	(52,340)	(23,281)	16,934		-	-	113,336
Chief Financial Officer - resigned 12/01/24	2023	235,000	-	7,008	8,474	16,954		-	1,610	269,046
Katrina Doring	2024	230,000	-	(1,445)	10,177	25,300		-	-	264,032
Chief Operating Officer - resigned 20/08/24	2023	220,000	-	(2,837)	6,591	15,773		-	1,342	240,869
Arthur Fernandez	2024	-	-	(41,561)	-	-		-	-	(41,561)
Chief Growth Officer	2023	261,772	11,740	4,045	-	14,459		52,354	1,342	345,712
Total Executive Remuneration	2024	997,112	141,250	(74,422)	(13,104)	81,789		-	55,966	1,188,591
Total Executive Remuneration	2023	1,156,646	22,692	24,291	15,065	47,337		52,354	6,977	1,325,362

Page 20 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT (CONTINUED)

Remuneration report (Audited) (continued)

4) Remuneration of key management personnel (continued)

Table 3: Service Agreements

Remuneration and other terms of employment for the Executive Management Team are formalised in service agreements, in the form of a contract of employment.

Arrangements relating to remuneration of the Company’s Executive Management Team currently in place are set out below:

==> picture [402 x 153] intentionally omitted <==

----- Start of picture text -----

Executive Title Term of agreement Current base salary excluding Contractual termination
super-annuation () benefits ()
Chris King Chief Commenced 14 August $ 325,000.00 6 months base salary
Executive 2023 on a rolling contract
Officer
Anton Chief Commenced 2 January $ 200,000.00 3 months base salary
Posthumu Financial 2024 on a rolling contract
s Officer
Katrina Chief Commenced 5 July 2016 $ 230,000.00 3 months and 1 week base
Doring Operating on a rolling contract salary
Officer
----- End of picture text -----*

(*) Current base salaries excluding superannuation are quoted for the year commencing 1 July 2024 unless otherwise noted below. They are reviewed annually by the Remuneration Committee. The salaries recorded in Table 2 are for the years ending 30 June 2024 and 30 June 2023.

(**) As at the date the Remuneration Report is approved. The service agreement contracts outlined above may be terminated in the following circumstances:

(i) Voluntary termination by the Company: the contractual termination benefit outlined in the table above as well as any statutory entitlements accrued will be paid; or

(ii) Termination by the Company for cause without notice: no contractual termination benefits are payable. Only statutory entitlements accrued will be paid.

5) Relationship between remuneration and Jcurve Solutions performance

Performance in respect of the current year and the previous four years is detailed in the table below:

		2024		2023		2022		2021		2020
Total profit/(loss) for the year	($1,904,553)			($340,875)		($66,390)		$ 152,255		($298,804)
Normalised EBITDA (*)		($106,063)	$	1,643,228	$	1,721,067	$	1,234,954		$ 670,501
Share price at year end ($)	$	0.024	$	0.039	$	0.060	$	0.058	$	0.036
Increase/(decrease) in share price		(38%)		(35%)		3%		61%		6%
Dividends paid		$ 574,601	$	-	$	-	$	-	$	-

(*) The 2022 prior year comparative has been adjusted to ensure consistency in the calculation of normalised EBITDA between periods.

The remuneration of Jcurve Solutions Executives outlined in Table 2 of section 4 has consisted primarily of salaries, short term incentives and superannuation. Performance related remuneration which was inclusive of short-term incentives and long-term incentives was 2% of the Key Management Personnel’s remuneration package, as outlined in table 2.

Page 21 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT (CONTINUED) Remuneration report (Audited) (continued)

6) Voting and comments made at the Company’s 2023 Annual General Meeting

The 2022 Jcurve Solutions Remuneration Report resolution was carried by a poll, with the results of 98.57% in favour and therefore in excess of 75% in favour of the resolution. Comments raised by shareholders during the Annual General Meeting were responded to by the Directors during the meeting.

7) Details of share-based compensation

There were no long-term incentives that were issued to employees or Directors of the Company over the past two years.

Table 1: Performance rights issued to members of the Executive Management Team under the Jcurve Solutions Equity Incentive Plan on 7 February 2020:

Executives Chris King	30-Jun-26 31-Dec-26 30 June 2027 2,500,000(i) 2,500,000(ii) 7,000,000(iii) Vesting Date

(i) 2,500,000 rights will vest if VWAP of JCurve for any continuous 30-day period during the period to 30 June 2026 equal or exceeds 10.0 cents
(ii) 2,500,000 rights will vest if VWAP of JCurve for any continuous 30-day period during the period to 31 December 2026 equal or exceeds 10.0 cents
(iii) 1,000,000 rights will vest if VWAP of JCurve for any continuous 30-day period during the period to 30 June 2027 equal or exceeds 11.0 cents
(iii) 1,000,000 rights will vest if VWAP of JCurve for any continuous 30-day period during the period to 30 June 2027 equal or exceeds 12.0 cents
(iii) 1,000,000 rights will vest if VWAP of JCurve for any continuous 30-day period during the period to 30 June 2027 equal or exceeds 13.0 cents
(iii) 1,000,000 rights will vest if VWAP of JCurve for any continuous 30-day period during the period to 30 June 2027 equal or exceeds 14.0 cents
(iii) 3,000,000 rights will vest if VWAP of JCurve for any continuous 30-day period during the period to 30 June 2027 equal or exceeds 15.0 cents

Table 2: Service rights issued to members of the Executive Management Team under the Jcurve Solutions Equity Incentive Plan on 7 February 2020:

Executives Chris King	14-Aug-24 14-Aug-25 14-Aug-26 2,000,000 2,000,000 2,000,000 Vesting Date

Table 3: Performance rights issued to members of the Executive Management Team under the Jcurve Solutions Equity Incentive Plan on 7 February 2020 which expired during the year ended 30 June 2023

Executives	Vesting Date – 31 January 2023
Stephen Canning (**)	1,000,000
James Aulsebrook	600,000
Katrina Doring	500,000
Arthur Fernandez	500,000

Page 22 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT (CONTINUED)

Remuneration report (Audited) (continued)

7) Details of share-based compensation (continued)

Table 4: Service and performance rights issued which formed part of remuneration during the year ended 30 June 2024: 2020 Plan

	Value of total	Value of	Total value of	Value of	%
	service and	service and	total service	service and	Remuneration
	performance	performance	and	performance	consisting of
	rights granted	rights lapsed	performance	rights	shares for the
			rights	included in	year
			granted,	remuneration
			exercised and	for the year
			lapsed
Executives
Stephen Canning (**)	-	-	-	-	0.0%
James Aulsebrook	-	-	-	-	0.0%
Katrina Doring	-	-	-	-	0.0%
Arthur Fernandez	-	-	-	-	0.0%
Christopher King	55,966	-	-	-	0.0%

The value of each performance right granted under each tranche of the equity incentive plan was as follows: (1) Tranche one of the 16 March 2021 Incentive Plan: $0.0058 per performance right;

(2) Tranche two of the 16 March 2021 Incentive Plan: $0.0137 per performance right

(3) Tranche three of the 16 March 2021 Incentive Plan: $0.0095 per performance right

Table 4: Performance rights issued which formed part of remuneration during the year ended 30 June 2023: 2020 Plan

	Value of total	Value of	Total value of	Value of	%
	performance	performance	total	performance	Remuneration
	rights granted	rights lapsed	performance	rights	consisting of
			rights	included in	shares for the
			granted,	remuneration	year
			exercised and	for the year
			lapsed
Executives
Stephen Canning (**)	-	13,741	13,741	2,683	0.6%
James Aulsebrook	-	8,245	8,245	1,610	0.6%
Katrina Doring	-	6,871	6,871	1,342	0.6%
Arthur Fernandez	-	6,871	6,871	1,342	0.4%

The value of each performance right granted under each tranche of the equity incentive plan was as follows:

(1) Tranche one of the 16 March 2021 Incentive Plan: $0.0058 per performance right;

(2) Tranche two of the 16 March 2021 Incentive Plan: $0.0137 per performance right

(3) Tranche three of the 16 March 2021 Incentive Plan: $0.0095 per performance right

Page 23 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT (CONTINUED) Remuneration report (Audited) (continued)

7) Details of share-based compensation (continued)

8) Shareholdings of Key Management Personnel

Ordinary shares held in Jcurve Solutions Limited (number)

30 June 2024
Directors
Bruce Hatchman
Mark Jobling
Graham Baillie
Martin Green
Robert Wright
Executives
Stephen Canning - resigned 15/06/23
Christopher King - appointed 14/08/23
James Aulsebrook - resigned 12/01/24
Anton Posthumus - appointed 2/01/24
Katrina Doring - resigned 20/8/24
Arthur Fernandez
Total
30 June 2023
Directors
Bruce Hatchman
Mark Jobling
Graham Baillie
Martin Green
Robert Wright
Executives
Stephen Canning - resigned 15/06/23
Christopher King - appointed 14/08/23
James Aulsebrook - resigned 12/01/24
Anton Posthumus - appointed 2/01/24
Katrina Doring - resigned 20/8/24
Arthur Fernandez
Total

Balance
Granted
Bought back
Net Change
Balance
30-Jun-23
as remune-
under
other ()
30-Jun-24
ration
employee
share plan
3,500,000
-
-
(3,500,000)
-
50,704,301
-
-
-
50,704,301
83,124,215
-
-
-
83,124,215
-
-
-
-
-
-
-
-
50,000
50,000
3,233,418
-
-
(3,233,418)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,975,534
-
-
-
1,975,534
1,000,000
-
-
(1,000,000)
-
143,537,468
-
-
(7,683,418)
135,854,050
Balance
Granted
Bought back
Net Change
Balance
30-Jun-22
as remune-
under
other ()
30-Jun-23
ration
employee
share plan
3,500,000
-
-
-
3,500,000
50,704,301
-
-
-
50,704,301
83,124,215
-
-
-
83,124,215
-
-
-
-
-
-
-
-
-
-
3,233,418
-
-
-
3,233,418
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,975,534
-
-
-
1,975,534
1,400,000
-
-
(400,000)
1,000,000
143,937,468
-
-
(400,000)
143,537,468

All equity transactions with key management personnel other than those arising from the exercise of remuneration options have been entered into under terms and conditions no more favourable than those the company would have adopted if dealing at arm’s length.

(*) Includes movements due to changes in directors and key management personnel

Page 24 of 84

Jcurve Solutions Limited

DIRECTOR'S REPORT (CONTINUED)

Remuneration report (Audited) (continued)

9) Transactions with Directors and Key Management Personnel

Sales to and purchases from related parties are made in arm’s length transactions both at normal market prices and on normal commercial terms. Outstanding balances at year-end are unsecured, interest free and settlement occurs in cash.

End of Audited Remuneration Report

This report is made in accordance with a resolution of the directors, pursuant to section 298(2)(a) of the Corporations Act 2001.

==> picture [72 x 62] intentionally omitted <==

Mark Jobling Chairman 30 August 2024

Page 25 of 84

ABN 65 155 188 837 L8 309 Kent Street Sydney NSW 2000 L24 570 Bourke Street Melbourne VIC 3000 L14 167 Eagle Street Brisbane QLD 4000 L28 140 St Georges Terrace Perth WA 6000 1300 551 266 www.lnpaudit.com

AUDITOR ’ S INDEPENDENCE DECLARATION

UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF JCURVE SOLUTIONS LIMITED

As lead auditor of Jcurve Solutions Limited for the year ended 30 June 2024, I declare that, to the best of my knowledge and belief, there have been:

no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and
no contraventions of any applicable code of professional conduct in relation to the audit.

LNP Audit and Assurance Pty Ltd

==> picture [63 x 30] intentionally omitted <==

David Sinclair Director Sydney

30 August 2024

==> picture [595 x 90] intentionally omitted <==

Jcurve Solutions Limited

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2024

Notes
Revenue
3.1
Cost of revenue
Gross profit
Sales and marketing
4
General and administration
4
Product design and development
4
Operating (loss)/profit before depreciation, amortisation
and impairment expenses
Depreciation, amortisation & impairment expenses
4
Operating (loss)/profit
Interest income from cash and cash equivalents
(Loss)/profit before financing and income tax expense
Finance expense on borrowings and lease liabilities
(Loss)/profit before income tax expense
Income tax expense
5
Loss for the year
Other comprehensive income, net of tax:
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations
Share-based payments
Total comprehensive loss for the year
Basic loss per share (cents/share)
15
Diluted loss per share (cents/share)
15

2024
2023
(Restated)
12,738,932
16,397,138
(1,198,486)
(2,113,276)
11,540,446
14,283,862
(495,311)
(306,046)
(10,961,673)
(11,724,902)
(478,294)
(675,073)
(1,253,940)
(1,258,168)
(1,648,772)
319,673
19,201
24,685
(1,629,571)
344,358
(50,504)
(53,624)
(1,680,075)
290,734
(224,478)
(631,609)
(1,904,553)
(340,875)
(31,231)
78,606
55,966
-
(1,879,818)
(262,269)
(0.58)
(0.10)
(0.57)
(0.10)
Consolidated $
(394,832)
1,577,841

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.

The comparative statement of profit or loss and other comprehensive income has been restated. Refer to note 24 for more detail.

Page 27 of 84

Jcurve Solutions Limited

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2024

Notes
Assets
Current Assets
Cash and cash equivalents
6
Trade and other receivables
7
Contract assets
3.2
Total current assets
Non-current assets
Plant and equipment
8
Right-of-use assets
9
Intangible assets
10
Goodwill
10
Security Deposits
11
Deferred tax asset
5
Total non-current asset
Total assets
Liabilities
Current liabilities
Trade and other payables
12
Contract liabilities
3.3
Current tax liability
Lease liabilities
13
Provisions
14
Total current liabilities
Non-current liabilities
Contract liabilities
3.3
Lease liabilities
13
Deferred tax liabilities
5
Provisions
14
Total non-current liabilities
Total liabilities
Net assets
Equity
Share capital
17
Reserves
Accumulated losses
Total equity

2024
2023
1,596,275
4,265,288
1,635,888
3,090,090
207,887
1,126,135
3,440,050
8,481,513
44,605
122,770
597,614
915,765
2,449,123
2,325,010
-
261,535
218,180
208,183
1,336,289
1,585,522
4,645,811
5,418,785
8,085,861
13,900,298
1,355,660
2,396,389
1,864,188
3,210,303
63,550
35,198
533,807
503,243
377,168
560,551
4,194,373
6,705,684
240,931
298,382
131,539
503,380
1,098,042
1,511,446
143,998
150,006
1,614,510
2,463,214
5,808,883
9,168,898
2,276,978
4,731,400
17,586,326
17,586,326
1,737,550
1,712,815
(17,046,898)
(14,567,744)
2,276,978
4,731,397
Consolidated $

Page 28 of 84

Jcurve Solutions Limited

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024

Notes
Cash flows from operating activities
Receipts from customers (inclusive of GST)
Payments to suppliers and employees (inclusive of GST)
Net Interest received
Income tax paid
Net cash used in operating activities
6
Cash flows used in investing activities
Payments for plant and equipment
Payments for development costs
Proceeds from the sale of plant and equipment
Net cash used in investing activities
Cash flows used in financing activities
Payment of dividends
16
Repayment of principal of leases
Interest expense of leases
Net cash used in financing activities
Net decrease in cash and cash equivalents held
Cash and cash equivalents, beginning of financial year
Effect of exchange rate changes on cash and cash equivalents
Cash and cash equivalents, end of financial year
6

2024
2023
12,779,385
15,978,132
(13,806,267)
(15,303,509)
5,721
23,009
(196,126)
(843,572)
(1,217,287)
(145,940)
-
(37,883)
(491,512)
-
5,155
450
(486,357)
(37,433)
(574,601)
-
(341,277)
(561,585)
(37,024)
(83,094)
(952,902)
(644,679)
(2,656,546)
(828,052)
4,265,288
5,108,316
(12,464)
(14,976)
1,596,278
4,265,288
Consolidated $

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Page 29 of 84

Jcurve Solutions Limited

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2024

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2024
		Consolidated
Balance as at 1 July 2022	Notes	Share Capital Foreign Share-based Capital Accumulated Total currency trans- payment reserve Losses lation reserve reserve 17,586,326 (88,804) 7,783 1,723,013 (14,226,869) 5,001,449
Loss for the year		- - - (340,875) (340,875)
Other comprehensive income, net of tax		-
Foreign currency translation differences in respect of foreign operations		- 78,606 - - - 78,606
Total comprehensive income		- 78,606 - - - 78,606
Transactions with owners in their capacity as owners, recorded directly in equity: -
Contributions by and distributions to owners
Payment of dividends	16	- - - - -
Share-based payment transactions	18	- - (7,783) - (7,783)
Total contributions by and distributions to owners		- - (7,783) - - (7,783)
		- 78,606 (7,783) - - 70,823
Balance at 30 June 2023		17,586,326 (10,198) - 1,723,013 (14,567,744) 4,731,397
Balance as at 1 July 2023		17,586,326 (10,198) - 1,723,013 (14,567,744) 4,731,397
Loss for the year		- - - (1,904,553) (1,904,553)
Other comprehensive income, net of tax		-
Foreign currency translation differences in respect of foreign operations		- (31,231) - - (31,231)
Total comprehensive income		- (31,231) - - - (31,231)
Transactions with owners in their capacity as owners, recorded directly in equity: -
Contributions by and distributions to owners
Payment of dividends	16	- - - (574,601) (574,601)
Share-based payment transactions	18	- - 55,966 - 55,966
Total contributions by and distributions to owners		- - 55,966 - (574,601) (518,635)
		- (31,231) 55,966 - (574,601) (549,866)
Balance at 30 June 2024		17,586,326 (41,429) 55,966 1,723,013 (17,046,898) 2,276,978

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Page 30 of 84

Jcurve Solutions Limited

CONTENTS TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note
Number		Page
1	Significant changes in the current reporting period	34
2	Segment reporting	34
3	Revenue from contracts with customers	39
4	Expenses	44
5	Income tax	45
6	Cash and cash equivalents	48
7	Trade and other receivables	49
8	Plant and equipment	52
9	Right of use assets	53
10	Intangible assets	55
11	Security Deposits	58
12	Trade and other payables	58
13	Lease liabilities	59
14	Provisions	60
15	Earnings per share	60
16	Dividends	61
17	Share capital	61
18	Share-based payments	62
19	Remuneration of auditors	64
20	Related party transactions	65
21	Financial risk management	66
22	Contingent liabilities and commitments	70
23	Parent entity financial information	70
24	Impact of early adoption of AABS18	70
25	Events after the reporting date	72
26	Discontinued operations	72

Page 31 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS

About this report

Jcurve Solutions Limited (“the Company”) is a Australian registered company and is listed on the Australian Stock Exchange (“ASX”). The consolidated financial statements of the Company for the year ended 30 June 2024 comprise the Company and its subsidiaries. Where reference is made to the Group in the accounting policies, it should be interpreted as referring to the Company where the context requires, unless otherwise noted.

Statement of Compliance

These consolidated financial statements are general purpose financial statements, which have been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards (AAS) and other authoritative pronouncements of the Australian Accounting Standards Board (AASB). The consolidated financial statements also comply with International Financial Reporting Standards (IFRS) and interpretations (IFRICs) adopted by the International Accounting Standards Board. The consolidated financial statements were authorised for issue by the Group’s Board of Directors on 30 August 2024 and released on 30 August 2024.

Basis of Preparation

Jcurve Solutions Limited is a for-profit entity for the purpose of preparing the consolidated financial statements. The consolidated financial statements are presented in Australian Dollars, which is the Group’s functional currency, on a historical-cost basis.

Changes in accounting standards and regulatory requirements

The Group has adopted all new and revised accounting standards and interpretations issued by the Australian Accounting Standards Board that are relevant to its operations and effective for an accounting period that begins on or after 1 July 2023. Please refer to note 1 for further information.

Critical Judgements and Estimates

The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that may affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

Page 32 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

About this report (continued)

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only affects that period, or in the period of the revision and future periods if the revision affects both current and future periods. Judgements made by management in the application of IFRS that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are disclosed in the following notes:

recognition of revenue and allocation of purchase price (note 3, page 39). This includes critical judgements related to determining whether the company acts as a principal or an agent in transactions.
income tax determination in relation to assets and liabilities (note 5, page 46)
trade receivables, expected credit losses (note 7, page 50)
estimation of goodwill impairment (note 10, page 56)
recognition, recoverability and amortisation of intangible assets (note 10, page 56)
estimation uncertainties and judgements made in relation to lease accounting (note 13, page 60)
going concern assessment (page 34)

Detailed information about each of these estimates and judgements is included in other notes together with information about the basis of calculation for each affected line item in the financial statements.

Material Accounting Policies

The material accounting policies adopted in the preparation of the Group financial statements are set out on the following pages and in the related notes to the Group financial statements. Where applicable, the principal accounting policies applied in the Company financial statements are consistent with those applied in the Group financial statements. The principal accounting policies applied are consistent with those adopted in the prior year.

New and Amended Accounting Pronouncements Adopted by the Group

As disclosed in note 1, a number of new pronouncements and/or interpretations were effective from 1 July 2023. These had no material effect on the Group’s financial statements.

New and Amended Accounting Pronouncements Issued But Not Effective

As disclosed in Note 1, certain new standards, amendments, and interpretations to existing standards have been published that are mandatory for the Group’s accounting periods beginning on or after 1 July 2024, or later periods, which the Group has not early adopted, with the exception of AASB 18, Presentation and Disclosure in Financial Statements. The Group has elected to early adopt AASB 18, as detailed in Note 24, but will assess the impact of other new standards and amendments in future reporting periods.

Page 33 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Going Concern

The financial statements have been prepared on a going concern basis, which contemplates the realisation of assets and settlement of liabilities in the ordinary course of business.

The Group incurred a loss after tax for the year of $1,904,553 (30 June 2023: loss after tax of $340,875) and incurred operating cash outflows of $1,217,287 (30 June 2023: operating cash outflows of $145,940). The Group has positive cash balances of $1,596,275 (30 June 2023: $4,265,288). During the year the Group secured a bank loan facility of $500,000, which was undrawn at the end of the year.

The directors have performed an assessment of the company's ability to meet its obligations via the preparation of a detailed cash flow forecast for the period of twelve months from the date of these financial statements. The cash flow forecast reflects the benefit of certain business improvement strategies and cost reduction initiatives that were undertaken during the financial year. The cash flow forecast accounts for new business and the achievement of revenue targets, ensuring that commission rates are sustained at their current levels throughout the second half of the forecast period."

Based on the cash flow forecast, the directors are satisfied that the Group will be able to realise its assets and settle its liabilities in the ordinary course of business.

Note 1. Changes in accounting standards

The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.

The Group has opted to early adopt AASB 18 Presentation and Disclosure in Financial Statements.

Note 2. Segment information

An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the other components. The Group's business is conducted in Australia, New Zealand, Singapore, Thailand and the Philippines. The Group's Chief Operating Decision-Maker makes financial decisions and allocates resources based on the information it receives from it's internal management system. The Chief Operating DecisionMaker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors and Executive Management Team of Jcurve Solutions.

In addition to revenue, segment results are reported to the Chief Operating Decision-Maker with two measures of profitability:

Operating profit (“Operating Income”); and
Earnings before interest, tax, depreciation, amortisation and normalisation items (“Normalised EBITDA”).

Jcurve Solutions sells a portfolio of solutions and derives its revenues and profits from a variety of sources.

Page 34 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 2. Segment information (continued)

The Chief Operating Decision-Maker for the year ended 30 June 2024, considered the business from a product perspective and identified four reportable segments, summarised and described below:

Enterprise Resource Planning (ERP) Solutions

==> picture [448 x 324] intentionally omitted <==

----- Start of picture text -----

Commissions are earned based on NetSuite's tiered partner system, which
ranks partners by their Annual Recurring Revenue (ARR) and customer
Netsuite
growth. The tiers range from 0 to 4, with higher tiers corresponding to greater
growth and higher commission rates.
Subscription fees earned from selling licenses for JCurve ERP software, a
Jcurve ERP cloud-based ERP solution designed to meet the needs of small and medium-
sized enterprises in Australia
Income earned from selling other third party software associated with ERP
Other Third Party Licenses
solutions such as bank feeds, payroll, integrations etc.
Consulting and professional support for NetSuite and JCurve ERP
Support
Consulting and professional fees earned whilst implementing ERP solutions
Services
Telecommunications Expense Management Solutions
Cloud-based platform that allows customers to manage multiple carriers
TEMS
across mobile, PABX, fixed line, and IP for managing telecom expenses
Quicta Solutions
Quicta is a cloud based platform that provides scheduling and rostering
Quicta solutions with the capability to allocate and communicate with field based
resources
Dygiq
Provides digital marketing services to customers in South East Asia.
Dygiq
----- End of picture text -----

The principles applied in the presented disclosures have been consistently applied during the current financial year. However, certain changes were implemented as part of a management transition, and these are retrospectively adjusted for in the previous financial year's disclosures where applicable.

Page 35 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 2. Segment information ( continued )

In accordance with AASB 18, the Group presents Management Performance Measures (MPMs) that reflect management's perspective on the financial performance of the entity. While these MPMs may differ from similarly named measures used by other entities, the Group has provided reconciliations to the most comparable subtotals required by AASB standards. Detailed disclosures explain the calculation of each reconciling item and its relevance to the MPM.

Operating profit and Normalised EBITDA are presented before recognising the following:

Operating (loss)/profit as reported Total non-cash expenses Total non-recurring items Normalised EBITDA • Share-based payment (write back)/expense • Depreciation • Due diligence costs • Dual CEO costs relating to period 1 August 2023 to October 2023 • Impairment • Amortisation • Redundancies on restructuring • Government Subsidy - Singapore	2024 2023 (1,648,772) 319,673 622,757 627,505 366,196 630,663 264,987 - - (7,783) 1,253,940 1,250,385 4,536 100,810 176,572 - 107,661 - - (27,453) 288,769 73,357 (106,063) 1,643,415 Consolidated $

Description of Management Performance Measure: Normalised EBITDA

The Group uses Normalised EBITDA as a key Management Performance Measure (MPM) to communicate an aspect of its financial performance that management believes is crucial for understanding the underlying profitability and operational efficiency of the business. Normalised EBITDA is calculated by adjusting EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) for non-recurring, non-cash, and unusual items that are not indicative of the ongoing performance of the Group.

Why Normalised EBITDA Provides Useful Information

Normalised EBITDA provides useful information by offering a clearer view of the Group’s core operating performance, excluding the impact of financing, accounting, and other factors that can obscure the true economic performance of the business. This measure is particularly valuable for assessing the Group’s ability to generate cash flows from its operations, which is a critical indicator of long-term financial health and sustainability.

Page 36 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 2. Segment information ( continued )

Calculation of Normalised EBITDA

Normalised EBITDA is derived from the Group’s EBITDA by making adjustments for certain items that management considers do not reflect the ongoing operating performance. These adjustments may include nonrecurring expenses, restructuring costs, and other items that are excluded to provide a more accurate reflection of the Group’s operational performance. The calculation of Normalised EBITDA aligns with the Group’s accounting policies under AASB Accounting Standards, but differs by excluding specific items that are included in EBITDA as defined by those standards.

Page 37 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 2. Segment information (continued)

The measures presented below are those that The Chief Operating Decision-Maker of the Group monitors on an ongoing basis. This provides more insight into revenue, earnings before interest, tax, depreciation and amortisation before normalised items (Normalised EBITDA), operating profit before capital items and depreciation disclosed in the statement of comprehensive income.

The segment revenues, earnings before interest, tax, depreciation and amortisation before normalised items (Normalised EBITDA) and operating profit generated by each of the Group’s segments are summarised as follows:

Annual Recurring Revenue
Existing Customers
New Customers
Non-recurring and other
Existing Customers
New Customers
Total Revenue
Cost of revenues
Gross profit
Other income
Employee benefits
Shared costs and other
EBITDA
Depreciation and amortisation
Impairment
Finance costs
Total Expenses
Profit/(loss) before tax
Tax expense
Profit/(loss) for the year
Segment assets
Segment liabilities

2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
7,482,920
10,940,280
833,986
941,464
146,510
156,634
36,346
1,251
8,499,762
12,039,629
962,710
314,110
-
-
19,481
51,688
-
-
982,191
365,798
1,716,008
884,040
100,123
101,540
17,007
47,524
-
-
1,833,138
1,033,104
991,616
2,228,699
-
3,274
72,756
53,993
359,469
672,641
1,423,841
2,958,607
11,153,254
14,367,129
934,109
1,046,278
255,754
309,839
395,815
673,892
12,738,932
16,397,138
(1,166,098)
(2,113,275)
-
-
(32,388)
-
-
-
(1,198,486)
(2,113,275)
9,987,156
12,253,854
934,109
1,046,278
223,366
309,839
395,815
673,892
11,540,446
14,283,863
-
14,350
-
-
-
-
31,029
75,226
31,029
89,576
(8,242,764)
(7,962,875)
(47,280)
(357,651)
(44,223)
(235,784)
(945,833)
(514,067)
(9,280,100)
(9,070,377)
-
-
-
-
-
-
(2,686,215)
(3,725,221)
(2,686,215)
(3,725,221)
1,744,392
4,305,329
886,829
688,627
179,143
74,055
(3,205,204)
(3,490,170)
(394,840)
1,577,841
-
-
(969)
(947)
(969)
(110,947)
(987,006)
(1,146,274)
(988,944)
(1,258,168)
(264,987)
-
-
-
-
-
-
-
(264,987)
-
-
-
-
-
-
-
(31,304)
(28,939)
(31,304)
(28,939)
(8,507,751)
(7,948,525)
(48,249)
(358,598)
(45,192)
(346,731)
(4,619,329)
(5,339,275)
(13,220,521)
(13,993,129)
1,479,405
4,305,329
885,860
687,680
178,174
(36,892)
(4,223,514)
(4,665,383)
(1,680,075)
290,734
(224,478)
(631,609)
(224,478)
(631,609)
1,479,405
4,305,329
885,860
687,680
178,174
(36,892)
(4,447,992)
(5,296,992)
(1,904,553)
(340,875)
5,181,297
9,432,198
702,900
515,851
493,074
94,038
1,708,589
3,534,166
8,085,861
13,576,253
4,576,242
8,110,531
696,179
556,247
398,729
253,904
137,733
248,219
5,808,883
9,168,901
Head Office and Other
Total
Enterprise Resource Planning
(ERP) Solutions
Telecommunications
Expense Management
Quicta Solutions

During the year, the Group disposed of an immaterial part of its business, Dygic, which was based in the Philippines and specialised in digital marketing. Refer to note 26 for further information.

Page 38 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 3. Revenue from contracts with customers

The Group derives revenue from contracts with customers and other revenue as follows:

Note 3.1 Revenue Commission earned Jcurve ERP license subscriptions Other third party licenses Support Services Total enterprise resource planning (ERP) solutions* Telecommunications expense management solutions Quicta solutions Dygiq	2024 2023 4,149,545 4,279,228 2,913,341 4,843,528 105,051 616,807 1,356,220 1,524,262 2,629,097 3,103,304 11,153,254 14,367,129 934,109 1,046,279 255,754 309,838 395,815 673,892 12,738,932 16,397,138 Consolidated $

Revenue from commissions earned, comprising 33% of total revenue (2023: 26%), is derived from a single customer

Other Income Government subsidy (*) Interest income from cash and cash equivalents Sundry Income	- 27,640 19,201 24,685 - 37,251 19,201 89,576

(*) $27,640 of government subsidies were received and recognised in Financial Year 2023 from Jcurve Solutions Singapore business operations.

Assets and liabilities related to contracts with customers

The group has recognised the following assets and liabilities related to contracts with customers:

Note 3.2 Total contract assets Total contract assets Total contract assets comprise: Accrued revenue Deferred expenditure Total contract assets	2024 2023 207,887 2,369,614 207,887 2,369,614 206,578 1,010,463 1,309 115,672 207,887 1,126,135 Consolidated $

Page 39 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 3. Revenue from contracts with customers ( continued )

Contract assets are recognised when revenue is earned but billing occurs later, given an enforceable right to collect from the customer. The Group accounts for potential impairments of these assets using a simplified approach that records expected lifetime losses from the time the assets are initially recognised.

Contract assets are grouped by shared credit risk characteristics and days past due to measure expected credit losses. The expected loss rates for each ageing category are detailed in note 7. None of the contract assets were past due as of 30 June 2024.

==> picture [448 x 277] intentionally omitted <==

----- Start of picture text -----

Consolidated $
Note 3.3. Total contract liabilities 2024 2023
Non-current contract liabilities 240,931 298,382
Enterprise Resource Planning (ERP) Solutions 210,981 278,885
Telecommunications expense management solutions 28,080 557
- -
Dygiq
Quicta solutions 1,870 18,940
Current contract liabilities 1,864,188 3,210,303
Enterprise Resource Planning (ERP) Solutions 1,616,787 2,969,214
Telecommunications expense management solutions 140,861 136,561
-
Dygiq 42,812
Quicta solutions 106,540 61,716
Total contract liabilities 2,105,119 3,508,685
Contract liabilities recognised in revenue and significant movements during the year
Total contract liabilities at the beginning of the year 3,508,685 3,994,290
Revenue recognised in the current year in relation to current (3,054,415) (3,879,131)
Contract liabilities recognised during the current year for new projects 1,650,849 3,393,526
Total contract liabilities at the end of the year 2,105,119 3,508,685
----- End of picture text -----

The closing balance represents new contracts where the performance obligations have not yet been met by year-end. The current portion of contract liabilities is expected to be recognised as revenue in the next financial year. Contract liabilities mainly arise from customer prepayments for goods or services yet to be delivered. These liabilities are primarily related to contracts where revenue is recognised at a point in time, usually within one to three years.

Page 40 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 3. Revenue from contracts with customers ( continued )

Revenue by segment

The Jcurve group is a diversified group which derives its revenues and profits from a variety of sources.

Segmentation is based on the group’s internal organisation and reporting of revenue based upon internal accounting presentation.

Revenue by reportable segment is disaggregated by major product/service and geographic region below.

Revenue by product
Enterprise resource planning (ERP) solutions
At a point in time
Over the contract period
Telecommunications expense management solutions
Over the contract period
Quicta solutions
At a point in time
Over the contract period
Dygiq
At a point in time
Total revenue

Australia
South East
Group
Australia
South East
Group
New Zealand
Asia
New Zealand
Asia
6,975,215
1,980,954
8,956,169
8,190,179
1,342,919
9,533,098
1,940,318
256,767
2,197,085
3,232,835
1,601,196
4,834,031
934,109
-
934,109
1,047,279
-
1,047,279
89,763
-
89,763
-
-
-
138,562
27,429
165,991
309,838
-
309,838
-
395,815
395,815
-
673,892
673,892
10,077,967
2,660,965
12,738,932
12,780,131
3,618,007
16,398,138
2024
2023

Page 41 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 3. Revenue From Contracts with Customers (continued)

Accounting policy

Revenue recognition

Revenue is recognised based on the transfer of promised goods or services to customers in an amount that reflects the consideration expected to be received.

(i) Enterprise Resource Planning (ERP) solutions - JCurveERP and NetSuite

JCurveERP Edition – implementation of JCurveERP and JCurveERP software licenses

The Group enters into contracts with customers to implement and organise the transfer of JCurveERP licenses. The software requires substantial customisation to interface with the customer’s existing systems. Since this customisation can only be performed by a Group consultant due to the uniqueness of JCurveERP, it does not constitute a distinct performance obligation. Therefore, the sole performance obligation is delivering a functional and integrated software system. The transaction price is fixed and specified in the contract. Revenue is recognised over the project’s implementation period as the Group’s performance enhances an asset controlled by the customer. Revenue is recognised using an input method, based on the labour hours incurred to date as a percentage of total expected contracted hours, provided the Group can reasonably measure its progress towards fulfilling the performance obligation.

When JCurveERP licenses are renewed or additional licenses are sold after the implementation is complete, revenue is recognised at the point in time when the license is granted to the customer, as specified by the contract start date in the customer’s renewal contract.

NetSuite Edition – Reseller of software licenses

The Group is an authorised reseller of NetSuite software licenses. As the Group does not obtain control of these licenses, it acts as an agent in these arrangements. The NetSuite edition is not unique to the Group, and the implementation can be performed by multiple parties, making the license commission earned and the implementation process separate performance obligations. Commission revenue for the NetSuite edition licenses is recognised at a net amount, representing the commission earned, at the point in time when the customer provides NetSuite with a signed sales order.

Service revenue

The performance obligation for NetSuite edition implementations and service upsells for both JCurveERP and NetSuite edition customers is the delivery of contracted service hours. This obligation is satisfied progressively as services are delivered to the customer. The total contract revenue is fixed and specified in the signed contract. Revenue is recognised using an input method, based on the labour hours incurred to date as a percentage of the total expected contracted hours.

Page 42 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 3. Revenue From Contracts with Customers (continued)

Accounting policy (continued)

Revenue recognition (continued)

Support

Customers have the option to purchase support services at their stand-alone selling prices, for a fixed period of time. These additional support services, if purchased, are a separate performance obligation to the implementation and licenses and are recognised over time as the customer receives and consumes the benefit. Revenue is recognised using an output method, being the total days elapsed relative to the total contracted support period.

(ii) Telecommunications expense management solutions

The Group has contracts with customers to provide telephone expense management services at a fixed price, as defined in the contract. Revenue is recognised over time as the customer receives and consumes the benefit, using an output method based on the proportion of total days elapsed relative to the total contracted period.

(iii) Quicta solutions

Subscription License Revenue

The Group offers Software-as-a-Service through its proprietary software, Quicta. Revenue is recognised over time as the customer receives and consumes the benefit through their use of the Quicta platform. Revenue is recognised using an output method, based on the proportion of total days elapsed relative to the total contracted period of use.

For all sales, when consideration is received upfront, it is initially recognised as a contract liability and only recognised as revenue as or when the performance obligation is satisfied.

Service Revenue

For Quicta customers, the performance obligation is the delivery of contracted service hours. This obligation is satisfied progressively as services are delivered to the customer. The total contract revenue is fixed and specified in the signed contract. Revenue is recognised using an input method, based on the labour hours incurred to date as a percentage of the total expected contracted hours.

(iv) Quicta solutions

Judgements applied in recognising revenue from contracts with customers

The Group applied the requirements of IFRS 15, Revenue from Contracts with Customers, in the current year. Judgement was applied in recognising revenue for certain revenue streams as detailed below:

Page 43 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 3. Revenue From Contracts with Customers (continued)

Judgements applied in recognising revenue from contracts with customers ( continued )

Service Revenue

The Group has contracts with customers where its performance obligation is to provide digital marketing and event based projects. The transaction price, which is at a fixed price, is defined in the contract. Revenue is recognised over time as the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. Revenue is recognised using an output method, being the total days elapsed relative to the total contracted project period.

Software, cloud service and related licenses, including software assurance service

The Group provides cloud-related services to our customers. Judgement has been applied to determine whether it acts as an agent or principal in these arrangements, in accordance with the principles of IFRS 15. One key judgement is whether control passes to the Group before passing to the customer. The Group has concluded that control does not pass to it; therefore, it acts as an agent in these arrangements, as the vendor has the primary obligation to fulfil the services to the customers.

The Group's software and related licenses include access to the latest updates from the vendor. Judgement has been applied to determine whether access to these updates is a separate performance obligation by assessing if the third-party delivered updates are critical to the core functionality of the software.

Where the Group concludes that the updates are critical to the functionality of the software and can only be delivered by the vendor, it acts as an agent for such software sales, as the vendor has the primary obligation to fulfil the services to the customers.

Note 4. Expenses

Sales and marketing Product design and development	2024 2023 495,311 306,046 478,294 675,073 Consolidated $

Page 44 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 4. Expenses (continued)

IT and communications expenses
Occupancy expenses, net of recoveries
Travel expenses
Provision for bad debt (written back)/expense
Due diligence costs
Insurance
Other income
Other expenses
Employee benefits expense
Directors’ Fees (includes superannuation)
Consultancy Fees
Audit Fees
Company Secretarial Fees (includes fees paid to non-related parties overseas)
General and administration
Depreciation of plant and equipment
Depreciation of right of use asset
Amortisation of intangibles
Depreciation and amortisation expenses
Impairment of goodwill
Depreciation, amortisation and impairment expense
Note 5.
Income Tax
Income tax recognised in profit or loss
The major components of tax benefit/(expense) are:
Current tax expense (i)
Origination and reversal of temporary differences
Under provision from prior years - current tax
Income tax expense

2024
2023
507,912
688,704
(18,493)
2,027
167,940
263,929
(49,460)
79,928
4,536
100,810
259,148
265,316
(31,029)
(89,576)
154,826
257,276
9,280,101
9,070,376
324,729
321,910
85,204
542,861
166,464
148,157
109,795
73,184
10,961,673
11,724,902
82,490
96,064
540,267
531,441
366,196
630,663
988,953
1,258,168
264,987
-
1,253,940
1,258,168
(349,398)
(458,748)
126,170
(247,386)
(1,250)
74,525
(224,478)
(631,609)
Consolidated $

Page 45 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 5. *Income Tax(continued)***	Consolidated $
	2024 2023
The prima facie income tax expense on pre-tax accounting profit from
operations reconciles to the income tax (benefit)/expense in the financial
statements as follows:
Accounting (loss)/profit before tax	(1,680,075) 290,734
Income tax calculated at the Australian tax rate: 25% (2023: 25%)	420,019 (72,684)
Tax effect of amounts which are not taxable/(deductible) in calculating taxable
income:
Permanent differences	(90,661) (107,006)
Temporary differences	(43,368) (9,213)
Difference in overseas tax rates	(134,029) (116,219) (56,963) (151,800)
Tax losses not recognised	(398,097) (137,252)
Previously recognised tax losses no longer recognised	(54,158) (228,179)
Under/(over) provision in prior years	(1,250) 74,525
Income tax benefit/(expense) reported in the statement of profit or loss and
other comprehensive Income	(224,478) (631,609)
Effective tax rate (income tax expense as a percentage of profit before tax)	13% (217%)
Deferred Taxes (Non-Current)
Analysis of deferred tax assets:
Deductible temporary differences available to offset against future taxable
income
Deferred expenditure & intangible assets	116,747 242,786
Lease liabilities	166,336 251,657
Accruals and provisions	820,910 817,176
Tax losses available to offset against future taxable income	232,296 273,903
	1,336,289 1,585,522
Analysis of deferred tax liabilities:
Plant and equipment	16,604 15,630
Deferred license revenue	518,152 918,454
Right-of-use asset	504,094 525,170
Other	59,192 52,192
	1,098,042 1,511,446
Net Deferred Tax Asset/(Liability)	238,247 74,076

Page 46 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 5. Income Tax (continued)

Significant accounting judgments, estimates and assumptions: Recovery of deferred tax assets

Deferred tax assets are recognised for deductible temporary differences when management considers it probable that sufficient future taxable profits will be available to utilise those temporary differences. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based on the likely timing and level of future taxable profits, along with future tax planning strategies.

Unrecognised deferred tax assets and deferred tax liabilities

The balance of carried forward tax losses that have not been recognised in the financial statements amounts to $3,094,444 (2023: $2,554,559 unrecognised). The deductible temporary differences and tax losses do not expire under current legislation. Deferred tax assets totalling $398,097 (2022: $466,738) have not been recognised for these items at this stage because it is not probable that future taxable profits will be available against which the Group can utilise the benefits.

There are no unrecognised deferred tax liabilities.

Tax consolidation

Jcurve Solutions and its 100% owned Australian resident subsidiaries have implemented the tax consolidation legislation from 1 January 2014. The accounting policy for the implementation of the tax consolidation legislation is set out in note 5 (1) and below. Current and deferred tax amounts are accounted for in each individual entity as if each entity continued to act as a taxpayer on its own.

Jcurve Solutions Limited, being the head entity, recognises its own current and deferred tax amounts and those current tax liabilities, current tax assets and deferred tax assets arising from unused tax credits and unused tax losses which it has assumed from its controlled entities within the tax consolidated Group.

Assets or Liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts payable or receivable from or payable to other entities in the Group. Any difference between the amounts receivable or payable under the tax funding agreement are recognised as a contribution to (or distribution from) controlled entities in the tax consolidated Group.

Jcurve Solutions Asia Pte Ltd is a tax resident entity of Singapore and current and deferred tax amounts are accounted for the company based on Jcurve Solutions Asia Pte Ltd as a taxpayer on a stand alone basis.

Jcurve Solutions Philippines Inc. is a tax resident entity of the Philippines and current and deferred tax amounts are accounted for the company based on Jcurve Solutions Philippines Inc. as a taxpayer on a stand alone basis.

Page 47 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 5. Income Tax (continued)

Tax consolidation (continued)

Jcurve Solutions Thailand Co Ltd. is a tax resident entity of Thailand and current and deferred tax amounts are accounted for the company based on Jcurve Solutions Thailand Co Ltd. as a taxpayer on a stand alone basis.

Note 6. Cash and cash equivalents

Cash at bank and on hand	2024 2023 1,596,275 4,265,288 Consolidated $

Cash at bank earns interest at floating rates based on daily bank deposit rates. For purposes of the consolidated statement of cash flow, cash and cash equivalents include cash on hand, deposits held at call with financial institutions, and other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts.

At 30 June 2024, the Group has an available working capital facility of $500,000.

Reconciliation of net profit to net cash flow from operations

Notes
Loss for the year
Loss (gain) on disposal of property, equipment and software
Depreciation and amortisation
4
Non-cash employee benefits expense — share-based payments
18
Other
Change in operating assets and liabilities
Decrease/(increase) in receivables
Decrease/(increase) in contract assets
Decrease/(increase) in other operating assets
Decrease/(increase) in net deferred tax assets
Decrease in payables
Decrease in contract liabilities
Increase/(decrease) in current tax liabilities
Increase in provision for employee benefits
Net cash inflow (outflow) from operating activities

2024
2023
(1,904,553)
(340,875)
5,155
-
988,953
1,258,168
55,966
(7,783)
65,550
7,861
(31,303)
-
1,454,202
531,165
918,248
251,020
-
39,089
(164,171)
247,387
(1,040,729)
(1,215,676)
(1,403,566)
(485,606)
28,352
(453,968)
(189,391)
23,278
(1,217,287)
(145,940)
Consolidated $

Page 48 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 6. Cash and cash equivalents (continued)

Non-cash transactions

During FY24 the Group entered into new leases resulting in the recognition of additional lease assets of $ 57,329 (FY23: $140,306) and corresponding lease liabilities of $57,329 (FY23: $140,306 lease liabilities. These transactions are excluded from the consolidated statement of cash flows.

Note 7. Trade and other receivables

Financial assets at amortised cost Current Gross Trade receivables Expected Credit Loss allowance Other receivables Non-financial assets Prepayments Other receivables GST/VAT receivable Total trade and other receivables	2024 2023 1,280,079 2,632,023 (24,465) (77,897) 1,255,614 2,554,126 93,396 231,199 1,349,010 2,785,325 275,057 304,765 3,903 - 7,918 - 286,878 304,765 1,635,888 3,090,090 Consolidated $

Trade receivables

The average credit period on sales of goods and rendering of services is 30 days. Trade receivables, which are non-interest bearing and generally due for settlement within 30 days, are recognised initially at fair value and subsequently measured at amortised cost, less an allowance expected credit losses.

Page 49 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 7. Trade and other receivables (continued)

Expected Credit Loss

A provision has been made for estimated credit losses that might occur in relation to trade receivable balances arising from the past sale of goods and rendering of services. Refer to this note for ageing of receivables. The Group recognised an impairment loss of $ nil in the current year (FY23: $ 6,763). Impairment amounts are included in profit or loss within other expenses. Movements in the provision for impairment loss were as follows:

Provision for expected credit losses (ECL) reconciliation Carrying amount at the beginning of the year Provision recognised during the year Receivables written off during the year Unused provision reversed during the year Carrying amount at the end of the year	2024 2023 77,897 78,632 - 6,763 - (7,498) (53,432) - 24,465 77,897 Consolidated $

Accounting Policy

The Group carries loans and receivables at amortised cost. An allowance for impairment is established using the simplified approach, recognising expected lifetime losses from initial recognition.

Trade receivables are categorised by shared credit risk characteristics and days past due for measuring expected credit losses. Expected loss rates are derived from historical credit losses and are adjusted to reflect both current conditions and reasonable and supportable forward-looking macroeconomic factors that may affect borrowers' ability to pay.

Receivables are recognised at the original invoice amount less an allowance for expected credit losses. This allowance reflects the Group's estimate of losses on trade receivable balances, applying a probability-weighted model that is discounted using the effective interest rate inherent in the asset. The Group's ECL model considers all contractual cash flows over the life of the asset and is sensitive to changes in economic conditions.

Page 50 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 7. Trade and other receivables ( continued )

Exposure to credit risk

The Group's ageing of trade receivables, receivables past due not impaired, and the expected loss percentage applied to each ageing category, reflecting it's exposure to credit risk at the reporting date is as follows:

==> picture [585 x 142] intentionally omitted <==

----- Start of picture text -----

2024 2023
Expected Trade Credit loss Past due Expected Trade Credit loss Past due
loss receivables allowance not impaired loss receivables allowance not impaired
% $ $ $ % $ $ $
Current 1.26% 1,085,987 13,728 - 1.21% 1,953,843 23,641 -
31-60 days 2.82% 88,854 2,503 86,351 2.79% 414,358 11,581 402,777
61-90 days 4.03% 62,695 2,525 60,170 4.63% 34,218 1,584 32,634
91-120 days 10.24% 15,925 1,630 14,295 8.88% 114,312 10,150 104,162
+120 days 15.32% 26,618 4,078 22,540 26.84% 115,292 30,941 84,351
1,280,079 24,464 183,356 2,632,023 77,897 623,924
----- End of picture text -----

For trade receivables that are past due, each customer’s account has been placed on hold where deemed necessary until full payment is made.

Page 51 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 8. Plant and equipment

Plant & equipment Leasehold improvements Make good assets Net carrying amount	Cost Accumulated Total Cost Accumulated Total depreciation depreciation and impairment and impairment 589,885 (553,201) 36,684 596,458 (487,742) 108,716 2,740 (2,740) - 2,740 (2,740) - 41,128 (33,207) 7,921 41,128 (27,074) 14,054 633,753 (589,148) 44,605 640,326 (517,556) 122,770 2024 2023

Reconciliation of plant and equipment

Carrying amount as at 1 July 2023 Disposals Additions at cost Translation of foreign operations Depreciation for the year Carrying amount as at 30 June 2024 Carrying amount as at 1 July 2022 Disposals Additions at cost Translation of foreign operations Depreciation for the year Carrying amount as at 30 June 2023	Plant & Leasehold Make good Total equipment improvements assets 108,718 - 14,052 122,770 (2,123) - - (2,123) - - - - (4,450) - - (4,450) (65,459) - (6,133) (71,592) 36,686 - 7,919 44,605 156,423 - 20,184 176,607 - - - - 37,883 - - 37,883 11,177 - - 11,177 (96,765) - (6,132) (102,897) 108,718 - 14,052 122,770 Consolidated

Page 52 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 8. Plant and equipment (continued)

Property, plant, and equipment are recorded at cost, less accumulated depreciation and any impairment losses. Costs include charges related to the replacement of parts that qualify for capitalisation. The Group offers a choice between the straight-line method and diminishing value method for depreciation, applying it over the assets' estimated useful lives of 2 to 4 years. Leasehold improvements are amortised on a straight-line basis over the shorter of their estimated useful lives, ranging from 1 to 6 years, or the lease term.

Residual values, useful lives, and depreciation methods are reviewed annually and adjusted if necessary. There have been no changes to the useful lives and residual values assessments from the previous year. Assets are derecognised upon disposal or when no further benefits are expected, with any gains or losses recognised in profit or loss in the year of derecognition.

Note 9. Right-of-use Assets

Buildings Office equipment Net carrying amount Reconciliation of right-of-use assets Carrying amount as at 1 July 2023 Disposals Additions at cost Translation of foreign operations Depreciation for the year Carrying amount as at 30 June 2024	Cost Accumulated Total amortisation and impairment 1,950,240 (1,352,626) 597,614 66,136 (66,136) - 2,016,376 (1,418,762) 597,614 2024	Cost Accumulated Total amortisation and impairment 2,034,546 (1,138,989) 895,557 66,136 (45,928) 20,208 2,100,682 (1,184,917) 915,765 Buildings Office Total equipment 895,557 20,208 915,765 (141,635) - (141,635) 57,329 - 57,329 - - - (213,637) (20,208) (233,845) 597,614 - 597,614 2023

Page 53 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 9. Right-of-use assets (continued)

Reconciliation of right-of-use assets Carrying amount as at 1 July 2022 Disposals Additions at cost Translation of foreign operations Depreciation for the year Carrying amount as at 30 June 2023	Buildings Office Total equipment 1,350,459 42,445 1,392,904 - (192) (192) 140,306 - 140,306 - - - (595,208) (22,045) (617,253) 895,557 20,208 915,765

Accounting policy

The Group has elected not to recognise a right-of-use asset for all short-term leases with terms of 12 months or less and leases of low-value assets. Where applicable, lease payments on these assets are expensed to profit and loss as incurred. In FY2024, $nil (FY23: $2,027) of lease payments were directly expensed to profit and loss.

Page 54 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 10. Intangible assets

Licenses
Quicta
Goodwill
Customer relationships
Jtel Next Platform
Other
Net carrying amount

Cost
Accumulated
Total
Cost
Accumulated
Total
amortisation
amortisation
and impairment
and impairment
3,100,000
(1,296,095)
1,803,905
3,100,000
(1,065,810)
2,034,190
372,938
-
372,938
-
-
-
10,593,913
(10,593,913)
-
10,596,500
(10,334,965)
261,535
666,069
(512,363)
153,706
683,695
(419,684)
264,011
118,574
-
118,574
-
4,117,318
(4,117,318)
-
4,122,378
(4,095,569)
26,809
18,968,812
(16,519,689)
2,449,123
18,502,573
(15,916,028)
2,586,545
2024
2023

Reconciliation of intangible assets

Carrying amount as at 1 July 2023
Disposals
Additions at cost
Translation of foreign operations
Amortisation for the year
Carrying amount as at 30 June 2024

Licenses
Quicta
Goodwill
Customer
JTel
Other
Total
relationships
Next
platform
2,034,190
-
261,535
264,011
-
26,809
2,586,545
-
-
-
-
-
-
-
-
372,938
-
-
118,574
-
491,512
-
-
(2,587)
(17,626)
-
(5,060)
(25,273)
(230,285)
-
(258,948)
(92,679)
-
(21,749)
(603,661)
1,803,905
372,938
-
153,706
118,574
-
2,449,123
Consolidated

Page 55 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 10. Intangible assets (continued)

Carrying amount as at 1 July 2022 Disposals Additions at cost Translation of foreign operations Amortisation for the year Carrying amount as at 30 June 2023	Licenses Quicta Goodwill Customer Jtel Other Total platform relationships Next upgrade platform 2,264,476 245,058 359,308 - 309,710 3,178,552 - - - - - - - - - - - - - - - - 16,477 18,849 - 10,738 46,064 (230,286) - - (114,146) - (293,639) (638,071) 2,034,190 - 261,535 264,011 - 26,809 2,586,545 Consolidated

During the fiscal year ended 30 June 2024, the Group capitalised development costs associated with our innovative projects, JTel Next and Quicta, reflecting our strategic commitment to portfolio optimisation and enhancing our technology offerings. This capitalisation aligns with our expectation of significant future economic benefits from these assets.

Accounting policy

Goodwill

The Group initially measure goodwill on acquisition at cost, being the excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities. Subsequently goodwill is carried at cost less any accumulated impairment losses. The Group tests goodwill for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired, and if appropriate will write its value down when impaired (refer below).

Page 56 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 10. Intangible assets (continued)

(i) License intangible asset

The licenses intangible asset reflects the carrying value of the unimpaired amount paid for the purchase of the exclusive reseller agreement with NetSuite for the JCurveERP edition of the NetSuite software. This agreement grants Jcurve Solutions exclusive selling rights for the JCurveERP edition of the NetSuite business software for an indefinite period. It was the foundation for Interfleet Pty Ltd to become a NetSuite partner when it became a NetSuite Solution Provider in August 2016. This agreement has been integral to the Company’s ERP practice.

The NetSuite JCurveERP reseller agreement stipulates that in the event of cancellation, Jcurve Solutions' customers would be assigned to NetSuite. NetSuite would then be required to pay Jcurve Solutions a royalty of 30% of the future revenue stream to NetSuite for a three-year period.

(ii) License intangible asset

On 9 July 2021, Jcurve Solutions Asia Pte Ltd, a wholly-owned subsidiary of Jcurve Solutions Limited, purchased the business assets of Rapid E-Suite Pte Ltd’s Thailand operations, a NetSuite Solution Provider in Thailand. The purchase price was allocated to customer contracts and customer relationships. The customer contracts intangible asset is assessed as having a useful life of 2 years, while the customer relationships intangible asset is assessed as having a useful life of 7 years. Both assets are being amortised on a straight-line basis over their respective useful lives.

Significant accounting judgments, estimates and assumptions

(i) Impairment of intangibles with indefinite useful lives

The Group assesses whether goodwill and intangibles with indefinite useful lives are impaired at least annually. This involves estimating the recoverable amount of the cash-generating units to which these assets are allocated.

(ii) Useful life of NetSuite ERP Licenses – Australia

The Group has determined that the useful life of the ERP licenses in Australia for NetSuite is 10 years. These licenses are amortised on a straight-line basis over this period.

(iii) Useful life of the Quicta Platform

The Group has determined that the useful life of the Quicta Platform is 5 years. The platform is amortised on a straight-line basis over this period.

Page 57 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 10. Intangible assets (continued)

Impairment testing of intangible assets with indefinite lives

(i) Goodwill

The goodwill balance was recognised upon the acquisition of the Spectrum business in December 2018 and is allocated to the ERP Asia CGU.

The carrying value of the goodwill balance increased to $261,535 after revaluation from exchange rate movements. The Asia ERP Cash Generating Unit includes goodwill, NetSuite customer contracts, customer relationships intangible assets, and allocated group non-current assets.

The recoverable amount of the Asia ERP Cash Generating Unit has been determined based on a value-in-use calculation using cash flow projections over a 5-year period. The discount rate applied was 10.2% (2023: 13.5%), with a long-term growth rate of 2% (2023: 5%) and a terminal value assumed. Accordingly, an impairment charge of $264,987 was recognised for the year ended 30 June 2024 (2023: nil).

Note 11. Security Deposits

Rental bond Term Deposit	2024 2023 49,736 37,854 168,444 170,329 218,180 208,183 Consolidated $

Note 12. Trade and other payables

Financial liabilities at amortised cost Current Trade payables - unsecured Other payables - unsecured Accrued expenses Non-financial liabilities Payroll liabilities GST/VAT payable	2024 2023 548,500 1,033,511 13,498 719,720 185,507 643,158 747,505 2,396,389 468,064 140,091 608,155 - 1,355,660 2,396,389 Consolidated $

Page 58 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 13. Lease liabilities

Opening balance Current lease liabilities Non-current lease liabilities Leases entered into Principal lease repayments Interest expense of lease Translation of foreign operations Total lease liabilities Balance as at 30 June Current lease liabilities Non-current lease liabilities Payments made for low-value leases	2024 2023 1,006,623 1,474,757 503,243 498,024 503,380 976,733 - (341,280) (561,585) 37,024 83,094 (37,021) 10,357 665,346 1,006,623 665,346 1,006,623 533,807 503,243 131,539 503,380 12,393 2,027 Consolidated $

Accounting policy

Leases are recognised as a right-of-use asset and a corresponding lease liability at the lease commencement date, when the asset becomes available for use. The lease liability is initially measured at the present value of lease payments over the lease term, discounted using the interest rate implicit in the lease or the Group’s incremental borrowing rate if the implicit rate is not readily determinable. Lease payments include fixed payments, less any lease incentives, variable payments linked to an index or rate, amounts expected under residual value guarantees, purchase option exercise prices if reasonably certain, and anticipated termination penalties. Variable lease payments not linked to an index or rate are expensed as incurred.

Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease term to maintain a constant periodic rate of interest on the remaining balance of the liability. The right-of-use asset is depreciated on a straight-line basis over the shorter of the asset’s useful life or the lease term, unless ownership transfers to us by the end of the lease term or the right-of-use asset’s cost reflects that we will exercise a purchase option. In such cases, the asset is depreciated over its useful life.

Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in future lease payments due to an index or rate change, residual guarantee, lease term, certainty of a purchase option, or termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of-use asset or to profit or loss if the right-of-use asset is fully written down.

The Group has elected not to recognise a lease liability for short-term leases (terms of 12 months or less) and leases of low-value assets. Lease payments for these assets are expensed to profit or loss as incurred.

Page 59 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 14. Provisions

Current Annual leave Long service leave Non-current Make good provision Long service leave Movements in provisions other than employee benefits are as follows: Balance at 1 July 2022 Increase to present value Used during the year Balance at 30 June 2023 Increase to present value Used during the year Balance at 30 June 2024	2024 2023 377,168 560,551 283,149 480,671 94,019 79,880 143,998 150,006 68,627 62,941 75,371 87,065 Make good provision 57,920 5,021 - 62,941 5,686 - 68,627 Consolidated $

Note 15. Earnings per share

Earnings used for calculation of basic and diluted earnings per share
Loss from operations - basic earnings per share
Loss from operations - diluted earnings per share
Weighted average number of shares
Basic loss per share (cents/share)
Diluted loss per share (cents/share)
Weighted average number of ordinary shares for diluted earnings per share
(number)
Weighted average number of ordinary shares for basic earnings per share
(number)
Adjustment for dilutive elements (share rights)

2024
2023
(1,904,553)
(340,875)
(1,904,553)
(340,875)
6,000,000
-
(0.58)
(0.10)
(0.57)
(0.10)
334,343,439
328,343,439
Consolidated $
328,343,439
328,343,439

No shares were issued during the year (FY23 - none) under the Jcurve Long Term Incentive Plan.

Page 60 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 16. Dividends

Dividends declared (not recognised as a liability at year end) Final fully franked dividend for FY24: 0.00c per share (FY23: 0.175c) The tax rate at which dividends paid have been franked is 25%.	2024 2023 - 574,601 - 574,601 Consolidated $

Franking credit balance

Franking credits available for subsequent financial years based on a tax rate of 25% (FY23: 25%)

The above amounts represent the balance of the franking account as at the end of the financial year, adjusted for:

(a) franking credits that will arise from the payment of the current tax liability;

(b) franking debits that will arise from the payment of dividends recognised as a liability at the reporting date; and

Note 17. Share Capital

Ordinary shares issued and fully paid (i)
Unissued shares
(i) Fully paid ordinary shares carry one vote per share and carry the right to dividends
(a) Movement in ordinary shares capital
Ordinary shares on issue at 1 July 2022
Ordinary shares issued during the year
Ordinary shares on issue at 30 June 2023
Ordinary shares issued during the year
Ordinary shares on issue at 30 June 2024

2024
2023
17,380,969
17,380,969
205,357
205,357
17,586,326
17,586,326
No.
$
328,343,439
17,380,969
-
-
328,343,439
17,380,969
-
-
328,343,439
17,380,969
Consolidated $

(b) Ordinary shares

All ordinary shares issued as at 30 June 2024 and 2023 are fully paid. Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the company in proportion to the number of and amounts paid on the shares held. Every holder of ordinary shares present at a meeting in person or by proxy is entitled to one vote per share. Ordinary shares have no par value and the company has an unlimited amount of authorised capital. Subject to legislative requirements, the directors control the issue of shares in the company.

Page 61 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 17. Share Capital (continued)

(c) Share options

No share options are outstanding as at 30 June 2024.

(d) Share rights

Please refer to note 18

(e) Capital Management

When managing capital (equity), the board’s objectives are to ensure the Group continues as a going concern as well as to maintain optimal returns to shareholders and benefits for other stakeholders. The board adjusts the capital structure as necessary to take advantage of favourable costs of capital or high returns on assets. As the market is constantly changing, the board may change the amount of dividends to be paid to shareholders, return capital to shareholders, issue new shares or reduce debt that may be incurred to acquire assets.

During FY24, the Board paid no dividends (FY23: $574,601). The Board has carefully reviewed the current market conditions and the Group's funding requirements. As a result of this review, the Board has determined that it will not declare dividends in the foreseeable future. This decision is aligned with our strategic focus on reinvesting earnings to support the long-term growth and sustainability of the business.

The Group is not subject to any externally imposed capital requirements.

Note 18. Share-based payments

Shares Issued under Equity Incentive Plan

The Employee Incentive Plan was approved by shareholders at the Annual General Meeting held on 22 November 2023. The plan allows for the issuance of up to a maximum of 38,000,000 securities, comprising up to 18,000,000 securities for the CEO and up to 20,000,000 securities for future general allocation under the Incentive Plan.

CEO Securities

On 12 July 2023, the Company announced the appointment of Mr. Christopher King as Chief Executive Officer (CEO), effective 14 August 2023. As part of his remuneration package, it was agreed to issue Mr. King 18,000,000 share rights consisting of 12,000,000 performance rights and 6,000,000 service rights, subject to shareholder approval at the Annual General Meeting held on 22 November 2022 which was duly received.

These share rights have been accounted for as equity-settled share-based payments. The fair value of the awards granted is recognised as an expense over the vesting period.

Page 62 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 18. Share-based payments (continued)

Balance at 30 June 2022
Issued during the year
Movement during the year
Balance at 30 June 2023
Issued during the year
Movement during the year
Balance at 30 June 2024
Share based payments reserve at the start of the financial year
Employee benefits expense/(income) in relation to service/performance rights
Movement in deferred tax related to performance rights
Share based payments reserve at 30 June

Fair value
Share rights
per right
$
No.
-
3,600,000
-
-
0.0076
(3,600,000)
-
-
0.0116
18,000,000
-
-
-
18,000,000
2024
2023
-
7,783
55,966
(7,783)
-
-
55,966
-
Consolidated $
Consolidated

The fair value of services received in return for share rights granted is measured by reference to the fair value of the share rights granted.

The estimate of the fair value of the services received is measured using the Black-Scholes Model.

Fair value and assumptions of share rights awarded Fair value at grant date Share price per share Exercise price Expected volatility Option life Dividend yield Risk- free interest rate	0.033c - 0.034c n/a 0.034c n/a - n/a 65.00% n/a 1 - 3.5 years n/a 0% n/a 4.19% n/a

Page 63 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 19. Remuneration of auditor

The auditor of Jcurve Solutions Limited (the Group) for the period ending 30 June 2023 was Grant Thornton Audit Pty Ltd. The auditor of the Group for the period ending 30 June 2024 was LNP Audit and Assurance Pty Ltd.

The following fees were paid or payable to the auditor for audit and non-audit services:

Audit and other assurance services
Audit and review of financial statements
Previous Auditor
Group (Grant Thornton Audit Pty Ltd)
Controlled entities (network firms of Grant Thornton Audit Pty Ltd)
Current Auditor
Group (LNP Audit and Assurance Pty Ltd)
Total services provided by Group auditor
Other auditors and their related network firms
Audit and review of financial statements
Controlled entities
Total services provided by other auditor

2024
2023
56,750
127,533
8,115
7,976
118,000
-
182,865
135,509
15,788
12,648
15,788
12,648
Consolidated $

Note 20. Related party transactions

(1) Subsidiaries

The consolidated financial statements include the financial statements of Jcurve Solutions Limited and the subsidiaries listed in the following table.

	Country of	% Equity Interest
	Incorporation	Jun-24	Jun-23
Jcurve Business Software Pty Ltd	Australia	100%	100%
Fleet Manager Pty Ltd	Australia	100%	100%
Phoneware Pty Ltd	Australia	100%	100%
Interfleet Pty Ltd	Australia	100%	100%
The Full Circle Group Pty Ltd	Australia	100%	100%
JCS Tech Solutions Pty Ltd	Australia	100%	100%
Jcurve Solutions Asia Pte Ltd	Singapore	100%	100%
Jcurve Mobile Services Pty Ltd	Australia	100%	100%
Jcurve Solutions Philippines Inc	the Philippines	100%	100%
Riyo Tech Solutions Pte Ltd	Singapore	100%	100%
Sumptuous Tech Holdings Pte Ltd	Singapore	100%	100%
Jcurve Solutions Thailand Co Ltd	Thailand	100%	100%

Page 64 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 20. Related party transactions (continued)

Basis of Consolidation

Subsidiaries

Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed to or has rights to variable returns from its involvement with the investee and can influence those returns through its power to direct the investee's relevant activities. Subsidiaries are included in the consolidated financial statements from the date control commences until the date control ceases.

Non-controlling interests in the acquiree may be measured either at fair value or at the non-controlling shareholders’ proportion of the net identifiable assets and liabilities assumed, on an acquisition-by-acquisition basis.

Eliminations on consolidation

Intra-group balances and transactions, including unrealised gains or losses, are eliminated in the consolidated financial statements. Unrealised gains from transactions with associates and joint ventures are eliminated to the extent of the Group’s interest. Unrealised losses from such transactions are also eliminated unless there is evidence of impairment.

(2) Director and Key Management Personnel Compensation

Key management personnel compensation is set out below. Share-based compensation (long-term employee benefits) Change in non-current employment provisions (long-term employee benefits) Post-employment benefits Total Compensation Short-term employee benefits (including change in current employment provisions)	2024 2023 55,966 6,977 (13,104) 15,065 81,789 122,089 1,513,320 1,647,273 Consolidated $ 1,503,142 1,388,669

Transactions with key management personnel

There were no transactions during FY24 or FY23 with key management personnel or their personally related entities other than compensation and transactions in relation to shares and performance rights as discussed in this report (refer to Note 17).

The following table shows the rights granted and outstanding at the beginning and end of the reporting period in relation to key management personnel:

Balance at 30 June 2022 Issued during the year Movement during the year Balance at 30 June 2023 Issued during the year Movement during the year Balance at 30 June 2024	Fair value Share rights per right $ No. - 3,600,000 - - 0.0076 (3,600,000) - - 0.0116 18,000,000 - - - 18,000,000 Consolidated

Page 65 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 21. Financial risk management

The Group's business activities exposes it to various financial risks, including market risk (foreign exchange, price, and interest rate risk), credit risk, and liquidity risk. The Group's risk management program focuses on minimising potential adverse effects on financial performance due to market unpredictability. The Group does not use derivative financial instruments but employs sensitivity analysis for interest rate and foreign exchange risks, and aging analysis for credit risk. Risk management is conducted by the CFO under policies approved by the board of directors, with close cooperation from senior management to identify, evaluate, and mitigate financial risks.

All financial assets, except cash and cash equivalents, are classified as loans and receivables at amortised cost. All financial liabilities are recorded at amortised cost.

(a) Market risk

(i) Foreign exchange risk

Foreign exchange risk arises for us when future commercial transactions and recognised assets and liabilities are denominated in a currency other than the Australian dollar. The Group earns income in United States Dollar ("USD").

At 30 June 2024 if the foreign exchange rates had changed, as illustrated in the table below, with all other variables remaining constant, other comprehensive income and equity would have been affected as follows:

Australian Dollar amount Trade and other receivables Cash and cash equivalents Trade and other payables Gross balance sheet exposure	2024 2023 USD USD 189,149 409,968 89,727 272,312 - 13,836 278,876 696,116 Consolidated

The following significant exchange rates were used for the conversion of foreign operations on consolidation balances at year-end:

30 June 2023 Average rate Closing rate	2024 2023 1.3936 1.4475 1.5183 1.4877 USD

Page 66 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 21. Financial risk management (continued)

(a) Market risk (continued)
(i) Foreign exchange risk (continued)

The Group seeks to limit its exposure to foreign currency risk, by maintaining bank accounts with DBS Bank denominated in Singapore Dollars and Union Bank denominated in Philippines Peso and US Dollars, so that income received from Asian customers is deposited and held in the overseas currency without the need to translate in multiple currencies.

Sensitivity analysis

A 1% strengthening/weakening in the Australian Dollar against the following currencies at reporting date would have increased/(decreased) profit or loss and equity by the amounts shown below.

This analysis assumes that all other variables, in particular interest rates, remain constant. The analysis is performed on the same basis for 2023.

The movement in other currencies are not material to us and consequently are not elaborated on any further.

	Profit or	Profit or
	loss and	loss and
	equity	equity
	Strengthening	Weakening
	$	$
30 June 2023
United States Dollar	6,961	(6,961)
30 June 2024
United States Dollar	2,789	(2,789)

(ii) Price risk

The Group is not exposed to equity securities or commodity price risk.

(iii) Interest rate risk

The Group's exposure to cash flow interest rate risk arises mainly from cash and cash equivalents bearing variable interest rates. The Group's surplus cash position fluctuates regularly, and most funds are kept in at-call accounts due to ongoing liquidity needs. It's borrowings are not material, and lease liabilities are fixed rate instruments, not exposing us to fair value interest rate risk. At balance date, the Group maintained the following variable rate accounts:

Page 67 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 21. Financial risk management (continued)

(a) Market risk (continued)

(iii) Interest rate risk (continued)

*Financial risk management(continued)* Market risk(continued)** Interest rate risk (continued)
Weighted average interest rate Cash and cash equivalents Deposits at call Balance Cash and cash equivalents Deposits at call	2024 2023 Consolidated $
	1.47% 0.68% 4.63% 2.25% 1,596,275 4,265,288 168,444 170,329

(b) Credit risk

Credit risk arises from our financial assets, including cash and cash equivalents, contract assets, and trade, finance lease, and other receivables. The Group's exposure to credit risk stems from potential counterparty default, with a maximum exposure equal to the carrying amount of these instruments. The Group does not use credit derivatives to offset this risk. Policies are in place to ensure that sales are made to customers with an appropriate credit history, and collateral is not typically obtained. The Group sets and regularly monitors risk limits for each customer in accordance with board-approved parameters.

Specific information as to the Group's credit risk exposures is as follows:

Cash and cash equivalents are maintained at a large financial institution with high credit ratings.
During the FY24 year, the Group received significant commissions from NetSuite, which
constitutes a substantial portion of our revenue and cash receipts. Refer to note 3 for further information.

• At 30 June 2024 the group's largest customer and material debtor and accounted for more than 10% of the total balance. The ten largest debtors comprised approximately 41% of total debtors (FY23: 60%). These debtors are primarily from the private sector, reflecting our customer base in the software industry.

• Customers typically lack independent credit ratings. The Group evaluates customer credit quality based on financial position, historical data, and other relevant factors. Risk limits are set individually, guided by internal assessments and market intelligence, within board-approved parameters. The credit management department regularly ensures compliance with these limits. Upfront payment is generally sought for all revenue streams; however, it is mandatory before the commencement of system implementation for new clients.

• Management believes the credit quality of the Group's customer base is high based on the very low level of bad debt write-offs experienced historically. In FY24 total bad debt write-offs as a percent of the trade receivables carrying amount as at 30 June 2024 was 0.00% (FY23: 0.04%).

Please refer to note 7 for a breakdown of the debtors age analysis.

Page 68 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 21. Financial risk management (continued) (c) Liquidity risk

Prudent liquidity risk management involves maintaining sufficient cash and access to committed credit facilities. The Group ensures flexibility in funding by keeping committed credit lines available. Liquidity risk is managed by monitoring cash flows and maintaining adequate cash and unused borrowing facilities.

At reporting date the Group had used none (FY23: $ Nil ) of the working capital facility and had access to an undrawn working capital facility of $500,000 at the reporting date.

The working capital facility is a borrowing facility which includes a bank overdraft facility and is subject to certain financial undertakings. The facility is subject to annual review. Interest is variable and is charged at prevailing market rates. The weighted average interest rate for FY24 was 6.8% p.a (FY23: N/A).

Maturity of financial liabilities

The table below categorises the Group's financial liabilities into relevant maturity groups based on their contractual maturities, calculated as their undiscounted cash flows. All the financial liabilities are non-derivative and measured at amortised cost.

At 30 June 2023 Lease liabilities Total At 30 June 2024 Lease liabilities Total Trade and other payables Contract Liabilities Trade and other payables Contract Liabilities	Total Carrying contractual amount cash flows $ $ - 3,508,685 1,078,834 1,006,623 3,475,223 6,911,697 - 2,105,119 700,530 665,346 1,448,035 3,517,970 388,117 503,243 503,380 801,762 Less than Between 1 and 2 years 1 year 2,396,389 3,210,303 6,109,935 1,864,188 747,505 $ $ 747,505 747,505 2,396,389 2,396,389 553,344 3,165,037 - 298,382 - 240,931 147,186

The carrying amounts of financial assets (net of any provision for impairment) and current financial liabilities approximate fair value primarily because of their short maturities. The carrying amount of the non-current receivables approximates fair value because the interest rate applicable to the receivables approximates current market rates.

Page 69 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 22. Contingent liabilities and commitments

The group does not have any contingent liabilities or commitments at 30 June 2024 (2023: Nil )

Note 23. Parent entity financial information

Financial position Assets Current Assets Non-current assets Total assets Liabilities Current liabilities Non-current liabilities Total liabilities Net assets Equity Share capital Reserves Accumulated losses Total equity Financial performance Net loss for the year	2024 2023 2,439,061 40,097,589 2,630,737 4,493,833 5,069,798 44,591,422 8,572,733 43,691,159 71,870 470,785 8,644,603 44,161,944 (3,574,805) 429,478 17,586,326 17,586,326 (18,887,589) (18,887,589) (2,273,542) 1,731,011 (3,574,805) 429,748 Year ended Year ended 30 June 2024 30 June 2023 (4,004,553) (4,578,916) $

Note 24. Impact of Early Adoption of AASB 18

The Group has early adopted AASB 18, Presentation and Disclosure in Financial Statements, issued by the Australian Accounting Standards Board in June 2024. The standard is effective for annual periods beginning on or after 1 January 2027, but the Group has elected to apply it from 30 June 2024. The Group has applied the standard retrospectively, as required by AASB 108, Accounting Policies, Changes in Accounting Estimates and Errors. The retrospective application has involved the following adjustments and restatements:

1. Reclassification of Income and Expenses:

Income and expenses have been reclassified into the newly defined categories of operating, investing, and financing activities as required by AASB 18. This reclassification provides a clearer distinction between the core operating results and other financial activities of the Group.
Subtotals such as operating profit and profit before income and taxes have been introduced to enhance the analytical usefulness of the income statement.

Page 70 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 24. Impact of Early Adoption of AASB 18 (continued)

2. -

Restatement of Prior Period:

The comparative between for the previous financial year ended 30 June 2023 have been restated to reflect the new presentation and disclosure requirements under AASB 18. This ensures comparability between periods and adherence to the standard’s requirements. The impact of these restatements is summarised below:

Revenue
Cost of goods sold
Gross profit
Other income
Employee benefits expenses
Other employee related expenses
IT and communications expenses
Advertising and marketing expenses
Professional fees
Occupancy expenses
Travel expenses
Bad debt expenses
Finance expense
Due diligence costs
Other expenses
Sales and marketing
General and administration
Product design and development
Operating profit before depreciation,
amortisation and impairment expenses
Depreciation and amortisation expenses
Operating profit
Interest income from cash and cash equivalents
Profit before financing and income tax expense
Finance expense
Finance expenses on borrowings and finance
Profit before income tax expense
Description
Net Income

As Reported
As Restated
(Prior Period)
Adjustment
(Current Period)
$
$
$
16,397,138
-
16,397,138
(2,113,276)
-
(2,113,276)
-
-
14,283,862
89,576
(89,576)
-
(8,519,157)
8,519,157
-
(551,219)
551,219
-
(688,704)
688,704
-
(306,046)
306,046
-
(1,773,830)
1,773,830
-
(2,027)
2,027
-
(263,929)
263,929
-
(79,928)
79,928
-
(53,624)
53,624
-
(100,810)
100,810
-
(485,262)
485,262
-
-
(306,046)
(306,046)
-
(11,724,902)
(11,724,902)
-
(675,073)
(675,073)
-
28,939
1,577,841
(1,258,168)
-
(1,258,168)
-
28,939
319,673
-
24,685
24,685
-
53,624
344,358
(53,624)
53,624
-
-
(53,624)
(53,624)
290,734
-
290,734
(340,875)
-
(340,875)

3. Disclosure of Management Performance Measures:

Additional disclosures have been included regarding management-defined performance measures (MPMs). These measures reflect the management’s view of the Group’s performance and are reconciled to the most directly comparable subtotals specified in AASB 18.
The MPMs are disclosed in Note 2, including an explanation of why they are used, how they are calculated, and their reconciliation to the statement of profit or loss subtotals.

Page 71 of 84

Jcurve Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Note 25. Events after the reporting date

On 14 August 2024, 6,000,000 CEO Service Rights were converted into fully paid ordinary shares of the company in accordance with the vesting conditions set forth from the date of commencement.

Since the end of the financial year, no other matters or circumstances have arisen that significantly affect, or may significantly affect:

(a) the Group’s operations in future financial years, or

(b) the results of those operations in future financial years, or

(c.) the Group’s state of affairs in future financial years.

Note 26. Discontinued operations

During the year, the Group disposed of an immaterial part of its business, Dygic, which was based in the Philippines and specialised in digital marketing, for Php 35. The revenue for Dygic was $395,815 (2023: $673,892) with a profit of $25,342 (2023: loss of $145,489).

Page 72 of 84

Jcurve Solutions Limited

CONSOLIDATED ENTITY DISCLOSURE STATEMENT As at 30 June 2024

As at 30 June 2024
				Tax
	Country of Incorporation	% Equity	Interest	residency
		Jun-24	Jun-23
Jcurve Solutions Ltd	Australia	100%	100%	Australia
Jcurve Business Software Pty Ltd	Australia	100%	100%	Australia
Fleet Manager Pty Ltd	Australia	100%	100%	Australia
Phoneware Pty Ltd	Australia	100%	100%	Australia
Interfleet Pty Ltd	Australia	100%	100%	Australia
The Full Circle Group Pty Ltd	Australia	100%	100%	Australia
JCS Tech Solutions Pty Ltd	Australia	100%	100%	Australia
Jcurve Solutions Asia Pte Ltd	Singapore	100%	100%	Singapore
Jcurve Mobile Services Pty Ltd	Australia	100%	100%	Australia
Jcurve Solutions Philippines Inc	The Philippines	100%	100%	The Philippines
Riyo Tech Solutions Pte Ltd	Singapore	100%	100%	Singapore
Sumptuous Tech Holdings Pte Ltd	Singapore	100%	100%	Singapore
Jcurve Solutions Thailand Co Ltd	Thailand	100%	100%	Thailand

Page 73 of 84

Jcurve Solutions Limited

DIRECTORS' DECLARATION

In the directors' opinion:

the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements;
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the International Accounting Standards Board as described in note 2 to the financial statements;
the attached financial statements and notes give a true and fair view of the Group's financial position as at 30 June 2024 and of its performance for the financial year ended on that date;
there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable; and
the information disclosed in the attached consolidated entity disclosure statement is true and correct.

The directors have been given the declarations required by section 295A of the Corporations Act 2001.

Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.

On behalf of the directors

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Mark Jobling Chair 30 August 2024 Sydney

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ABN 65 155 188 837

L8 309 Kent Street Sydney NSW 2000 L24 570 Bourke Street Melbourne VIC 3000 L14 167 Eagle Street Brisbane QLD 4000 L28 140 St Georges Terrace Perth WA 6000

1300 551 266 www.lnpaudit.com

INDEPENDENT AUDIT OR’S REPORT

TO THE MEMBERS OF JCURVE SOLUTIONS LIMITED

REPORT ON THE AUDIT OF THE FINANCIAL REPORT

Opinion

We have audited the financial report of Jcurve Solutions Limited (the “ Company ”) and its controlled entities (the “ Group ” ), which comprises the consolidated statement of financial position as at 30 June 2024, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration.

In our opinion the accompanying financial report of the Group, is in accordance with the Corporations Act 2001 , including:

a) g iving a true and fair view of the Group’s consolidated financial position as at 30 June 20 24 and of its financial performance for the year then ended; and
b) complying with Australian Accounting Standards and the Corporations Regulations 2001.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the “ Code ” ) that are relevant to our audit of the financial report in Australia. We have fulfilled our other ethical responsibilities in accordance with the Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current year. This matter was addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon. We do not provide a separate opinion on this matter. For the matter below, our description of how our audit addressed the matter is provided in that context.

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Key Audit Matter

Revenue recognition

The Group recognised revenue of $12,738,932 in the consolidated statement of profit or loss and other comprehensive income during the year ended 30 June 2024. In addition, contract assets of $207,887 representing rights to payment conditional on further performance and contract liabilities of $2,105,119 representing unsatisfied performance obligations were also recognised in the consolidated statement of financial position as of that date.

The Group ’s revenue comprises fees and commissions derived across a number of revenue streams from the sale and implementation of software and the provision of support services.

We determined revenue recognition to be a key audit matter due to the following:

The balances are material to the Group and there are risks associated with management judgements relating to the identification of contracts and performance obligations, allocation of the transaction price and the timing of revenue recognition based on the nature of products sold or services provided; and

How our audit addressed the matter Our procedures included, amongst others:

Assessment of the revenue recognition policies for appropriateness and compliance with AASB 15 Revenue from Contracts with Customers , including reviewing their consistency with the prior periods;
Testing of a sample of revenue transactions to supporting documentation to assess whether recognition criteria was met for each revenue stream;
Assessment of the identification of performance obligations and evaluating the timing of revenue recognition for a sample of contracts;
Testing a sample of contract asset and contract liability balances by assessing assumptions used to estimate costs to complete and evaluating the timing of revenue recognition based on expected completion dates; and
Assessment of the adequacy of revenue disclosures in the financial statements.
Revenue recognition is a presumed fraud risk under Australian Auditing Standards.

Other information

The Directors are responsible for the other information included in the annual report for the year ended 30 June 2024 which does not include the financial report and the auditor’s report thereon. Our opinion on the financial report does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based upon 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.

Responsibilities of the Directors for the Financial Report

The Directors of the Company are responsible for the preparation of:

the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 ; and
the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001 ; and
for such internal control as the Directors determine is necessary to enable the preparation of:

Page 76 of 84

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the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and
the consolidated entity disclosure statement that is true and correct and is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the Directors are responsible for assessing the Group ’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 Directors either intend to liquidate the Group or cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards 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 this financial report.

As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group ’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors.
Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events and conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor’s report to the disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. O ur conclusions are based on the evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.
Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Group financial report. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the Group audit. We remain solely responsible for our audit opinion.

We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated to the Directors, we determine those matters that were of most significance in the audit of the financial report of the current year and are therefore the key audit matters. We describe these matters in our auditor’s report un less law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

REPORT ON THE REMUNERATION REPORT

Opinion on the Remuneration Report

We have audited the Remuneration Report included in pages 14 to 25 of the Directors' Report for the year ended 30 June 2024.

In our opinion, the Remuneration Report of Jcurve Solutions Limited for the year ended 30 June 20xx, complies with section 300A of the Corporations Act 2001 .

Responsibilities

The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.

LNP Audit and Assurance Pty Ltd

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David Sinclair Director Sydney

30 August 2024

Page 78 of 84

Jcurve Solutions Limited

SHAREHOLDER INFORMATION

Unless stated otherwise, information is current as at 7 August 2024

(a) Distribution of ordinary shareholder numbers

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Units as % of
Category Holders Units issued capital
1 - 1,000 73 7,419 0.00%
1,001 - 5,000 13 38,666 0.01%
5,001 - 10,000 47 415,719 0.13%
10,001 - 100,000 151 6,198,510 1.89%
100,001 - and over 131 321,683,125 97.97%
Totals 415 328,343,439 100.00%
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There are 190 shareholders that hold less than a marketable parcel as at 7 August 2024 with the share price at $0.022.

(b) Substantial Shareholders

The names of the substantial shareholders listed in the Group’s register as at 30 June 2024 and 7 August 2024 are outlined below, based on the shareholders last lodged Substantial Shareholder notice:

	30 June 2024		7 August 2024
	Number of ordinary shares held	% held of ordinary share capital	Number of ordinary shares held	% held of ordinary share capital
Graham Baillie	83,124,215	25.35%	83,124,215	25.35%
Philip Ewart	64,806,294	19.74%	64,806,294	19.74%
Mark Jobling	50,704,301	15.47%	50,704,301	15.47%
Jacana Glen Pty Ltd	18,534,001	5.60%	18,534,001	5.60%

(c) Voting Rights

At members’ meetings, each eligible voter (i.e. eligible member, proxy, attorney or representative of an eligible member) has one vote on a show of hands; and one vote on a poll (except where a share has not been fully paid, that share will only confer that fraction of one vote which has been paid, and if the total number of votes does not constitute a whole number, the fractional part of that total will be disregarded). This is subject to the following:

Where any calls due and payable have not been paid;
Where there is a breach of a restriction agreement;
- Where a member and their proxy or attorney are both present at the meeting, or if more than one proxy or attorney is present;
Where a vote on a particular resolution is prohibited by the Corporations Act 2001, Listing Rules, ASIC or order of a Court.

(d) Company Secretary

The name of the company secretary is David Franks

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Jcurve Solutions Limited

SHAREHOLDER INFORMATION (CONTINUED)

(e) Registered Office

The address of the principal registered office in Australia is: c/- Automic Pty Ltd Deutsche Bank Building Level 5/126 Phillip St, Sydney NSW 2000 Ph. (02) 8072 1400

(f) Register of Securities

The registers of securities are held at the following address: Automic Registry Services Level 5/126 Phillip St, Sydney NSW 2000 1300 288 664 or +61 2 9698 5414

(g) Top 20 Registered Holders - Ordinary Shares as of 7 August 2024

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Name Number of
Ordinary % of Ordinary
Shares Held Shares Held
1 MR GRAHAM ALEXANDER BAILLIE & MRS DARRELL BAILLIE 83,124,215 25.32%

2 MR MARK CHRISTOPHER JOBLING 48,399,564 14.74%
3 DR PHILIP GORDON WILSON EWART & MRS KYLIE EWART 38,983,230 11.87%

4 JACANA GLEN PTY LTD 20,650,000 6.29%
5 P EWART INVESTMENTS PTY LTD 16,418,280 5.00%
6 ROUND ETERNAL INVESTMENTS PTY LTD 6,723,857 2.05%

7 BENGER SUPERANNUATION PTY LIMITED 5,891,102 1.79%

8 MR GREGORY PETER WILSON 5,000,000 1.52%
9 MR DAVID JAMES FRANKS & MR WALTER GEORGE FRANKS
4,206,174 1.28%
10 MR NEIL WILSON EWART 4,140,000 1.26%
11 MS KYLIE LYNETTE NUSKE & MR MATTHEW JAMES COOK 4,000,000 1.22%

12 DR PHILIP GORDON WILSON EWART 3,905,188 1.19%
13 MR CHARLES BYRON ORAZIO SMITH 3,785,600 1.15%
14 DR ROSS STANLEY BENGER 3,466,986 1.06%
15 EMERALD SHARES PTY LIMITED 3,375,000 1.03%
16 MR STEVEN GEORGE CARTER & MRS GAIL MAREE CARTER 3,025,861 0.92%

17 POTENTATE INVESTMENTS PTY LTD 2,798,614 0.85%
18 TRADINGWORXS PTY LTD 2,766,515 0.84%
19 MR PETER GRAHAM DORAN & MRS BARBARA LINDA DORAN 2,571,973 0.78%

20 MR ANDREW JOHN PETTINELLA 2,160,000 0.66%
Totals 265,392,159 80.83%
Total Issued Capital 328,343,439 100.00%
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Page 80 of 84

Jcurve Solutions Limited

SHAREHOLDER INFORMATION (CONTINUED)

(h) Stock Exchange Listing - Ordinary Shares (As of 30 June 2024)

Quotation has been granted for all the ordinary shares of the Company on the Australian Securities Exchange.

(i) Restricted Securities

As at 30 June 2024 and 7 August 2024 there are no restricted security classes recorded in the Company's share register.

(j) Unquoted Securities

As at 30 June 2024 and 7 August 2024, there are the following unquoted securities: All of the following securities are held by one holder, being Mr Christopher King as CEO Incentive Securities:

CEO Share Price Performance Rights:

Granting of 12,000,000 rights (“ CEO Share Price Performance Rights ”) at an exercise price of 0.0 cents per right with each right to convert into one fully paid ordinary share in the Company upon meeting of the relevant performance condition.

Performance condition of the rights:

1) if the Volume Weighted Average Price for any 30-day (continuous) period during the period to 30 June 2026 equals or exceeds 10.0 cents, then 2,500,000 rights vest.

2) if the Volume Weighted Average Price for any 30-day (continuous) period during the period to 31 December 2026 equals or exceeds 10.0 cents, then 2,500,000 rights vest.

3) if the Volume Weighted Average Price for any 30-day (continuous) period during the period to 30 June 2027 equals or exceeds 11.0 cents, then 1,000,000 rights vest.

4) if the Volume Weighted Average Price for any 30-day (continuous) period during the period to 30 June 2027 equals or exceeds 12.0 cents, then 1,000,000 rights vest.

5) if the Volume Weighted Average Price for any 30-day (continuous) period during the period to 30 June 2027 equals or exceeds 13.0 cents, then 1,000,000 rights vest.

6) if the Volume Weighted Average Price for any 30-day (continuous) period during the period to 30 June 2027 equals or exceeds 14.0 cents, then 1,000,000 rights vest.

6) if the Volume Weighted Average Price for any 30-day (continuous) period during the period to 30 June 2027 equals or exceeds 15.0 cents, then 3,000,000 rights vest.

Each of the share price hurdles is a ‘cliff face’ hurdle, with no intermediate share price hurdles. If the vesting condition is not met, the rights automatically lapse.

If the CEO leaves employment for any reason, the remaining rights will lapse, unless the Board determines otherwise depending on the circumstances of the termination.

Page 81 of 84

Jcurve Solutions Limited

SHAREHOLDER INFORMATION (CONTINUED)

(j) Unquoted Securities (continued)

CEO Service Rights

Granting of 6,000,000 rights (“ CEO Service Rights ”) at an exercise price of 0.0 cents per right with each right to convert into one fully paid ordinary share in the Company upon meeting the Vesting Conditions, namely:

(i) Continuous employment from the date of commencement to the first anniversary of commencement, 2,000,000 rights will vest.

(ii) Continuous employment from the date of commencement to the second anniversary of commencement, 2,000,000 rights will vest.

(iii) Continuous employment from the date of commencement to the third anniversary of commencement, 2,000,000 rights will vest.

In the event that the CEO leaves Jcurve employment for any reason, the CEO Service Rights will lapse, unless the Board determines otherwise depending on the circumstances of the termination.

(k) Listing Rule 3.13.1 and 14.3

The Company advises that the Annual General Meeting (AGM) of the Company is currently scheduled for Thursday 21 November 2024 at 11.00am (AEDT). Further details will be confirmed closer to the AGM.

Further to Listing Rule 3.13.1, Listing Rule 14.3, nominations for election of directors at the AGM must be received not less than 30 Business Days before the meeting, being no later than Thursday 10 October 2024.

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Jcurve Solutions Limited

CORPORATE INFORMATION

ABN 63 088 257 729

Directors

Mr Mark Jobling Mr Robert Wright Mr Graham Baillie Mr Martin Green

Company Secretary

Mr David Franks (Automic Pty Ltd)

Registered Office

The address of the principal registered office in Australia is: c/- Automic Pty Ltd Deutsche Bank Building Level 5 126 Phillip Street Sydney NSW 2000 Ph. (02) 8072 1400

Principal place of business in Australia

Level 8, 9 Help Street Chatswood New South Wales 2067

Share Register

The registers of securities are held at the following address: Automic Registry Services Deutsche Bank Building Level 5 126 Phillip Street Sydney NSW 2000 1300 288 664 or +61 2 9698 5414 https://www.automicgroup.com.au/contact-us/

Auditor for JCurve Solutions Limited

LNP Audit and Assurance Pty Ltd Level 8 309 Kent Street Sydney NSW 2000

Securities Exchange Listing

Australian Securities Exchange ASX Code: JCS

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Jcurve Solutions Limited

CORPORATE INFORMATION (CONTINUED)

Website Address

www.jcurvesolutions.com

Key Dates

Annual general meeting currently scheduled for 21 November 2024

Page 84 of 84

AI assistant

JCURVE SOLUTIONS LTD — Annual Report 2024

65158_rns_2024-08-29_6efe909f-4350-4208-91bb-d4ace10d7ca7.pdf

Appendix 4E and Audited Annual Financial Report

About Jcurve

30 August 2024

Results for announcement to the market Full Year Results 30 June 2024

Dividends

Net Tangible Assets / Earnings Per Share

Entities over which control has been gained

Independent Auditor’s Report

Accounting Policies, Estimation Methods and Measurements

Explanation of Result

Mark Jobling

About Jcurve

CONTENTS

MESSAGE FROM THE CHAIR

DIRECTOR'S REPORT

Directors and Company Secretary

Names, qualifications, experience and special responsibilities

Experience and expertise

DIRECTOR'S REPORT (CONTINUED)

Special responsibilities

Experience and expertise

Directorships of other listed companies

Former directorships of other listed companies

Special responsibilities

Experience and expertise

DIRECTOR'S REPORT (CONTINUED)

Directorships of other listed companies

Former directorships of other listed companies

Special responsibilities

Experience and expertise

Directorships of other listed companies

Special responsibilities

Experience and expertise

DIRECTOR'S REPORT (CONTINUED)

Directorships of other listed companies

Former directorships of other listed companies

Special responsibilities

Interests in the shares and options of the Group and related bodies corporate

Dividends and shareholder returns

Principal activities

DIRECTOR'S REPORT (CONTINUED)

Review of Operations - Operating financial review

Financial Results for the Year

DIRECTOR'S REPORT (CONTINUED)

Financial Position as at 30 June 2024

Risk management

DIRECTOR'S REPORT (CONTINUED)

Significant changes in the state of affairs

Divestment of our digital marketing agency

Events since the end of the financial year

DIRECTOR'S REPORT (CONTINUED)

Likely developments and expected results of operations

Key initiatives and outcomes

Indemnification of Directors, Officers and Auditors

DIRECTOR'S REPORT (CONTINUED)

Meetings of Directors

Retirement, election and continuation in office of Directors

DIRECTOR'S REPORT (CONTINUED)

Proceedings on behalf of the company

Auditor Independence and Non-Audit Services

Non-Audit Services

Corporate Governance Statement

DIRECTOR'S REPORT (CONTINUED)

Remuneration report (Audited)

1) Directors and other Key Management Personnel

Executive Management Team (Executives)

DIRECTOR'S REPORT (CONTINUED)

Remuneration report (Audited) (continued)

2) Remuneration governance

Remuneration philosophy

Nomination and Remuneration Committee

3) Remuneration Structure

Non-executive director remuneration

Executive remuneration

(i) Base salary and benefits

3) Remuneration Structure (continued)

(ii) Short-term incentive

JCURVE SOLUTIONS LTD Annual Report 2024