SQID Technologies Limited — Interim / Quarterly Report 2025

Apr 23, 2025

SCHEDULE A

SQID Technologies Limited

ABN 44 121 655 472

Condensed Interim Financial Report (Unaudited) for the three month period ended - 31 March 2025

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SCHEDULE A

SQID Technologies Limited Corporate directory 31 March 2025

Directors
- Athan Lekkas
- Michael Clarke
- Andrew Sterling

Company secretary
- Mark Pryn

Registered office
- Level 14
- 440 Collins Street
- Melbourne VIC 3000

Principal place of business
- Level 14
- 440 Collins Street
- Melbourne VIC 3000

Auditor
- Connect National Audit
- Level 11
- 333 Collins Street
- Melbourne VIC 3000

Website
- sqidtechnologies.com

Stock exchange listing:
- Canadian Securities Exchange (CSE:SQID)

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SCHEDULE A

SQID Technologies Limited
Contents
31 March 2025

Statement of financial position 3
Statement of profit or loss and other comprehensive income 4
Statement of changes in equity 5
Statement of cash flows 6
Notes to the financial statements 7

General information

The financial statements cover SQID Technologies Limited as a stand alone entity. The financial statements are presented in Australian dollars, which is SQID Technologies Limited's functional and presentation currency.

SQID Technologies Limited is a public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is:

Level 14
440 Collins Street
Melbourne VIC 3000

The financial statements were authorised for issue, in accordance with a resolution of Directors. The Directors have the power to amend and reissue the financial statements.

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SCHEDULE A

SQID Technologies Limited
Statement of financial position
As at 31 March 2025

| | Note | 31 Mar 2025
$ | 31 Dec 2024
$ |
| --- | --- | --- | --- |
| Assets | | | |
| Current assets | | | |
| Cash and cash equivalents | | 23,637 | 33,394 |
| Receivables | | 17,205 | 16,064 |
| Other current assets | | 1,108 | 1,108 |
| Total current assets | | 41,950 | 50,566 |
| Non-current assets | | | |
| Other financial assets | | 25,191 | 25,191 |
| Total non-current assets | | 25,191 | 25,191 |
| Total assets | | 67,141 | 75,757 |
| Liabilities | | | |
| Current liabilities | | | |
| Trade and other payables | | 34,533 | 34,704 |
| Total current liabilities | | 34,533 | 34,704 |
| Total liabilities | | 34,533 | 34,704 |
| Net assets | | 32,608 | 41,053 |
| Equity | | | |
| Issued capital | 6 | 8,824,267 | 8,824,267 |
| Accumulated losses | | (8,791,659) | (8,783,214) |
| Total equity | | 32,608 | 41,053 |
| Approved by: | | | |
| "Athan Lekkas" | | | |
| Director | | | |
| Date: 23 April 2025 | | | |

The above statement of financial position should be read in conjunction with the accompanying notes

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SCHEDULE A

SQID Technologies Limited

Statement of profit or loss and other comprehensive income

For the period ended 31 March 2025

| | Note | 31 Mar 2025
$ | 31 Mar 2024
$ |
| --- | --- | --- | --- |
| Revenue from contracts with customers (Commission) | 3 | 44,330 | 48,909 |
| Interest income | | 1 | 1 |
| Expenses | | | |
| Consultancy expenses | | (30,170) | (39,795) |
| Listing and registry expenses | | (4,255) | (6,922) |
| Non-executive director fees | | (4,500) | (6,000) |
| Professional fees | | (7,500) | (11,250) |
| Other expenses | | (6,351) | (2,446) |
| Total expenses | | (52,776) | (66,413) |
| Loss before income tax expense | | (8,445) | (17,503) |
| Income tax expense | | - | - |
| Loss after income tax expense for the period | | (8,445) | (17,503) |
| Other comprehensive income for the period, net of tax | | - | - |
| Total comprehensive income for the period | | (8,445) | (17,503) |
| | | Cents | Cents |
| Basic earnings per share | 9 | (0.06) | (0.12) |
| Diluted earnings per share | 9 | (0.06) | (0.12) |

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

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SCHEDULE A

SQID Technologies Limited

Statement of changes in equity

For the period ended 31 March 2025

	Issued capital $	Retained profits $	Total equity $
Balance at 1 January 2024	8,824,267	(8,724,169)	100,098
Loss after income tax expense for the period	-	(17,503)	(17,503)
Other comprehensive income for the period, net of tax	-	-	-
Total comprehensive income for the period	-	(17,503)	(17,503)
Balance at 31 March 2024	8,824,267	(8,741,672)	82,595
	Issued capital $	Retained profits $	Total equity $
Balance at 1 January 2025	8,824,267	(8,783,214)	41,053
Loss after income tax expense for the period	-	(8,445)	(8,445)
Other comprehensive income for the period, net of tax	-	-	-
Total comprehensive income for the period	-	(8,445)	(8,445)
Balance at 31 March 2025	8,824,267	(8,791,659)	32,608

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

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SCHEDULE A

SQID Technologies Limited

Statement of cash flows

For the period ended 31 March 2025

| | 31 Mar 2025
$ | 31 Mar 2024
$ |
| --- | --- | --- |
| Cash flows from operating activities | | |
| Receipts from customers | 47,622 | 50,694 |
| Payments to suppliers and employees | (57,380) | (66,092) |
| | (9,758) | (15,398) |
| Interest received | 1 | 1 |
| Net cash used in operating activities | (9,757) | (15,397) |
| Net decrease in cash and cash equivalents | (9,757) | (15,397) |
| Cash and cash equivalents at the beginning of the financial period | 33,394 | 65,368 |
| Cash and cash equivalents at the end of the financial period | 23,637 | 49,971 |

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

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SCHEDULE A

SQID Technologies Limited

Notes to the financial statements

31 March 2025

Note 1. Nature and continuance of operations

SQID Technologies Limited is incorporated under the Laws of Australia, specifically the Corporations Act 2001. The registered office and principal place of business of SQID Technologies Limited is located at Level 14 440 Collins St Melbourne, Victoria, 3000, Australia. The Company's shares are listed on the Canadian Securities Exchange (CSE:SQID).

During the financial period the principal continuing activities of the Company include:

• the provision of merchant services and payment transaction processing solutions customers across both Business to Business (B2B) and Business to Consumer (B2C) segments through its leading partner platform; and
• management of investments held.

Note 2. Material accounting policy information

These general purpose financial statements for the interim half-year reporting period ended 31 March 2025 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'.

These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 31 December 2024.

The principal accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated.

New or amended Accounting Standards and Interpretations adopted

The Company 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. There were no new mandatory Accounting Standards and Interpretations adopted during the reporting period that had a material impact.

There are a number of new accounting standards, interpretations and amendments that have been issued but are not yet effective. None of these new accounting standards, interpretations and amendments are expected to have a material impact on the financial statements in the period of initial application.

The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

Going concern

The financial statements have been prepared on a going concern basis.

For the period ended 31 March 2025, the Company recorded revenue from contracts with customers of $44,330 (2024: $48,909) incurred a net loss of $8,445 (2024: $17,503) and had operating cash outflows of $9,757 (2024: $15,397). As at 31 March 2025 the Company had a net current assets of $7,417 (31 December 2024: $15,862) and net tangible assets of $32,608 (31 December 2024: $41,053).

The Directors have concluded that the going concern basis of accounting is appropriate, based on the operating cashflow projections whereby the Company envisages being able to settle its obligations as and when they fall due.

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SCHEDULE A

SQID Technologies Limited

Notes to the financial statements

31 March 2025

Note 3. Revenue from contracts with customers

The disaggregation of revenue from contracts with customers is as follows:

| | 31 Mar 2025
$ | 31 Mar 2024
$ |
| --- | --- | --- |
| Commission ( recognised at a point in time) | 44,330 | 48,909 |
| Note 4. Other financial assets | | |
| | 31 Mar 2025
$ | 31 Dec 2024
$ |
| Non-current assets | | |
| Shares in unlisted securities (a) (b) | 25,191 | 25,191 |

(a) The Company holds 1,079,545 shares (3.77%) in Sienna Mining Limited which holds land positions in prospective uranium mining geology in Tanzania. The carrying value for the Sienna Mining Limited holding at $75,568 or $0.07 per share is in line with the most recent capital raise
(b) On 2 February 2022, the Company acquired 4,260,000 fully paid ordinary shares and 1,065,000 options in MSM Corporation International Limited (MSMCI) under a share placement, for a total investment of $200,220 or $0.047 cents per ordinary share acquired. The options have an exercise price of $0.047 and an expiry date of 31 December 2024. Effective 31 December 2023, the fair value of the investment was assessed to be nil.

Refer to note 8 'Fair value measurement' for further information.

Note 5. Intangibles

| | 31 Mar 2025
$ | 31 Dec 2024
$ |
| --- | --- | --- |
| Non-current assets | | |
| Cryptocurrencies under development(a) | 100,000 | 100,000 |
| Less: Impairment | (100,000) | (100,000) |

(a) On 24 March 2022, the Company announced that it had signed a collaboration agreement with tagSpace Pty Ltd (tagSpace). Under this agreement SQID invested A$100,000 in a cryptocurrency ITO undertaken by tagSpace. As at 31 December 2022 this investment was fully impaired.

Note 6. Issued capital

| | 31 Mar 2025
Shares | 31 Dec 2024
Shares | 31 Mar 2025
$ | 31 Dec 2024
$ |
| --- | --- | --- | --- | --- |
| Ordinary shares - fully paid | 14,416,827 | 14,416,827 | 8,824,267 | 8,824,267 |

Ordinary share rights

Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorised capital.

Generally, every member present at a meeting in person or by proxy shall have one vote for each share held.

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SCHEDULE A

SQID Technologies Limited

Notes to the financial statements

31 March 2025

Note 6. Issued capital (continued)

Capital management

Management controls the capital of the Group in order to ensure that the Group can fund its operations and continue as a going concern. There are no externally imposed capital requirements. Management effectively manages the Group's capital by assessing the Group's financial risks and adjusting its capital structure in response to changes in these risks and in the market.

Note 7. Financial instruments

The board of directors has overall responsibility for identifying and managing operational and financial risks.

Price risk

The Company's exposure to equity securities price relates to investments held and classified in the statement of financial position as listed and unlisted equities at fair value through profit or loss. The impact of 10% increase or decrease in security prices on the The Company's loss before tax and net assets is set out below.

31 Mar 2025	Average price increase			Average price decrease
	% change	Effect on profit before tax	Effect on equity	% change	Effect on profit before tax	Effect on equity
Unlisted securities	10%	2,519	2,519	10%	(2,519)	(2,519)
31 Dec 2024	Average price increase			Average price decrease
	% change	Effect on profit before tax	Effect on equity	% change	Effect on profit before tax	Effect on equity
Unlisted securities	10%	2,519	1,519	10%	(2,519)	(2,519)

Credit risk arises from cash and cash equivalents held with banks and financial institutions, as well as customer contract credit exposures to customers.

Risk management

Credit risk is managed through the maintenance of procedures ensuring to the extent possible that customers and counterparties to transactions are of sound credit worthiness. Such monitoring is used in assessing receivables for impairment.

Management maintains a close relationship with its major customer to ensure that contract deliverables are met in a timely manner.

Risk is also minimised through holding cash and cash equivalent balances with financial institutions that maintain a high credit rating.

Liquidity risk

Liquidity risk management requires the Company to maintain sufficient liquid assets (mainly cash and cash equivalents) to be able to pay debts as and when they become due and payable.

The Company manages liquidity risk by endeavouring to maintaining adequate cash reserves through continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities.

Financing arrangements

As at 31 March 2025 there were no unused borrowing facilities available.

Remaining contractual maturities

The following tables detail the Company's remaining contractual maturity for its financial instrument liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to be paid. The remaining contractual liabilities shown in the tables below match the respective carrying amount in the statement of financial position.

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SCHEDULE A

SQID Technologies Limited
Notes to the financial statements
31 March 2025

Note 7. Financial instruments (continued)

31 Mar 2025	Weighted average interest rate %	1 year or less $	Between 1 and 2 years $	Between 2 and 5 years $	Over 5 years $	Remaining contractual maturities $
Non-derivatives
Non-interest bearing
Trade and other payables	-	34,533	-	-	-	34,533
Total non-derivatives		34,533	-	-	-	34,533
	Weighted average interest rate %	1 year or less $	Between 1 and 2 years $	Between 2 and 5 years $	Over 5 years $	Remaining contractual maturities $
31 Dec 2024
Non-derivatives
Non-interest bearing
Trade and other payables	-	34,704	-	-	-	34,704
Total non-derivatives		34,704	-	-	-	34,704

Fair value of financial instruments

Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.

Note 8. Fair value measurement

Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the fair value measurement.

Fair value hierarchy

The following tables detail the Company's assets and liabilities, measured or disclosed at fair value, using a three level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly

Level 3: Unobservable inputs for the asset or liability

31 Mar 2025	Level 1 $	Level 2 $	Level 3 $	Total $
Financial assets at fair value through profit or loss
Unlisted securities	-	25,191	-	25,191
Total assets	-	25,191	-	25,191
	Level 1 $	Level 2 $	Level 3 $	Total $
31 Dec 2024
Financial assets at fair value through profit or loss
Unlisted securities	-	25,191	-	25,191
Total assets	-	25,191	-	25,191

There were no transfers between levels during the financial period.

The carrying amounts of trade and other receivables and trade and other payables are assumed to approximate their fair values due to their short-term nature.

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SCHEDULE A

SQID Technologies Limited

Notes to the financial statements

31 March 2025

Note 8. Fair value measurement (continued)

Valuation techniques for fair value measurements categorised within level 2

The fair value of unquoted investments is based on recent capital raisings proposed and / or completed by the investee company.

Accounting policy for fair value measurement

When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market.

For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when the valuation is deemed to be significant. External valuers will be selected based on market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources of data.

The Group has determined that recent capital raises provide the best indicator of the fair value of investment securities (financial assets) held. Accordingly, no external valuations were sought during the reporting period.

The Group policy is to reassess the fair value hierarchy level for each investment at the end of each reporting period. Where applicable investments will be transferred between fair value hierarchy levels at the most recent fair value determination prior to the transfer. There were no transfers between fair value hierarchy levels during the reporting period.

Note 9. Earnings per share

| | 31 Mar 2025
$ | 31 Mar 2024
$ |
| --- | --- | --- |
| Earnings per share for loss from continuing operations | | |
| Loss after income tax | (8,445) | (17,503) |
| | Cents | Cents |
| Basic earnings per share | (0.06) | (0.12) |
| Diluted earnings per share | (0.06) | (0.12) |
| | 31 Mar 2025
$ | 31 Mar 2024
$ |
| Loss after income tax | (8,445) | (17,503) |
| | Cents | Cents |
| Basic earnings per share | (0.06) | (0.12) |
| Diluted earnings per share | (0.06) | (0.12) |
| | Number | Number |
| Weighted average number of ordinary shares used in calculating basic earnings per share | 14,416,827 | 14,416,827 |
| Weighted average number of ordinary shares used in calculating diluted earnings per share | 14,416,827 | 14,416,827 |

Note 10. Events after the reporting period

No matter or circumstance has arisen since 31 March 2025 that has significantly affected, or may significantly affect the Company's operations, the results of those operations, or the Company's state of affairs in future financial years.