Note 11: Commitments and Contingencies

In the ordinary course of operating the Company’s business, it may, from time to time, be subject to various claims or possible claims. Management’s view that there are no claims or possible claims that if resolved would either individually or collectively result in a material adverse impact on the Company’s financial position, results of operations, or cash flows. These matters are inherently uncertain, and management’s view of these matters may change in the future.

On April 27, 2018, the Company identified a judgement dated August 8, 2016, against six Defendants including a former subsidiary of the Company as well as a predecessor of the Company as currently named and constituted. The amount of the judgement including costs is $4,423,910. An appeal was filed on November 9, 2016, by the previous management. A decision on the appeal was rendered on June 22, 2018, and the original judgement was upheld. As a result, the Company has recorded a contingent liability of $6,390,429 as of June 30, 2025 (2024: $6,281,346), which includes accrued interest at a rate of 5% per annum from the date of judgment. In connection with this matter, the Company identified that interest on the judgment had not been previously accrued in the financial statements of prior periods. Accordingly, the financial statements for the applicable prior period have been restated to reflect the correct accrued interest liability (see Note 18 – Restatement). The Company, since its last report, has not been contacted by the Plaintiff.