Ann: Half Yearly Report and Accounts, page-2

Notwithstanding , there remains material uncertainty as to whether the Group can raisesufficient funding as outlined above which may cast doubt about the Group’s ability to continue asa going concern and, therefore, whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the consolidated financial statements.

Going concern

For the half year ended 31 December 2022, the Group recorded a net loss after tax of $5,674,166 and had operating cash outflows of $1,038,057. As at 31 December2022, the Group’s cash andcash equivalents amounted to $4,336,080 with a restricted cash balance of $977,895. The Group has implemented a number of measures to improve its revenue and margins, as well as to manage its operating expenditure. These initiatives include the following:

• - Growth of offshore workforce to enable the Group to increase its development team and employment resources at a more efficient rate;

• - Growth of its loan receivables book through the use of its debt warehouse facility;

• - Execution of its existing key strategic customers and partnerships, most notably Carpet

  Court;

• - Salary sacrifice arrangements, where the Board, Executive Leadership Team and

  management can elect to receive their net salary in ordinary shares of the Company; and

• - The ability for the Group to raise additional capital if required.