Exhibit 99.1
KiQ Limited |
1 Financial statements for the year ended 30 June 2004 and unaudited management accounts for the period ended 30 September 2004 |
KiQ Limited
Financial Statements for the Year Ended 30 June 2004 and unaudited management accounts for the period ended 30 September 2004
Contents
1. | Audited financial statements for the year ended 30 June 2004 | |
2. | Cashflow statement and Note 12 to the financial statements for the year ended 30 June 2004 | |
3. | Unaudited management accounts for the period ended 30 September 2004 |
KiQ Limited | ||
1. | Financial Statements | |
For the Year Ended 30 June 2004 | ||
Company Registration Number 2528273 |
KiQ Limited
Financial Statements
Year Ended 30 June 2004
Contents | Pages | |
Officers and Professional Advisers | 1 | |
The Directors’ Report | 2 to 3 | |
Independent Auditors’ Report to the Shareholders | 4 to 5 | |
Profit and Loss Account | 6 | |
Statement of Total Recognised Gains and Losses | 7 | |
Balance Sheet | 8 | |
Notes to the Financial Statements | 9 to 11 |
KiQ Limited
Officers and Professional Advisers
The Board of Directors | D Barrow | |||
C W Baker | ||||
Company Secretary | D Barrow | |||
Registered Office | Salisbury House | |||
Station Road | ||||
Cambridge | ||||
CB1 2LA | ||||
Auditors | Peters Elworthy & Moore | |||
Chartered Accountants | ||||
& Registered Auditors | ||||
Salisbury House | ||||
Station Road | ||||
Cambridge | ||||
CB1 2LA |
KiQ Limited
The Directors’ Report
Year Ended 30 June 2004
The directors present their report and the financial statements of the company for the year ended 30 June 2004.
Principal Activities and Review of the Business
The principal activities of the company during the year were the development and sale of computer software systems and the provision of related consultancy.
Product development continued with the broadening of the product range and with developments for real-time intelligent decisioning. January 2004 saw the release of OMEGA 3.3 with features to facilitate data preparation, deployment management and business monitoring. In parallel, development has continued on real-time servers and decision-support applications and on deployment and monitoring for real-time decisioning. This advanced area of support for intelligent, real-time and batch decisioning will be the focus for the company going forward.
The company has licensed the distribution of OMEGA for decisioning in the health care field.
Market demand has grown through the year as KiQ has become better known. Sales have been made to O2 in the UK and DSB Bank, SNS Bank, Lotto and Telfort in Holland, and additional product has been sold to Fortis, Levob and T-Mobile. Notably, the company has been successful in completing large and more complex projects around the installation and integration of its products.
The very high quality and dedicated staff have continued to show great loyalty and perseverance in very challenging and demanding times. The company owes them its continued gratitude.
The result has been a profitable year, and the outlook is positive. The management expects further growth within the next financial year, both in terms of the number of deals and in the scale of our geographic operation.
The Directors and their Interests in the Shares of the Company
The directors who served the company during the year together with their beneficial interests in the shares of the company were as follows:
Ordinary Shares of £0.01 each | ||||
At 30 June 2004 | At 1 July 2003 | |||
D Barrow | 700 | 700 | ||
C W Baker | 311 | 311 | ||
Directors’ Responsibilities
Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company at the end of the year and of the profit or loss for the year then ended.
In preparing those financial statements, the directors are required to select suitable accounting policies, as described on page 9, and then apply them on a consistent basis, making judgements and estimates that are prudent and reasonable. The directors must also prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
KiQ Limited
The Directors' Report(continued)
Year Ended 30 June 2004
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 1985. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditors
A resolution to re-appoint Peters Elworthy & Moore as auditors for the ensuing year will be proposed at the annual general meeting in accordance with section 385 of the Companies Act 1985.
Small Company Provisions
This report has been prepared in accordance with the special provisions for small companies under Part VII of the Companies Act 1985.
Signed by order of the directors
/s/ D Barrow |
D Barrow |
Company Secretary |
Approved by the directors on 25 November 2004
KiQ Limited
Independent Auditors’ Report to the Shareholders of KiQ Limited
Year Ended 30 June 2004
We have audited the financial statements on pages 6 to 11 which have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective June 2002), under the historical cost convention and the accounting policies set out on page 9.
This report is made solely to the company’s shareholders, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work has been undertaken so that we might state to the company’s shareholders those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s shareholders as a body, for our audit work, for this report, or for the opinions we have formed.
Respective Responsibilities of Directors and Auditors
As described in the Statement of Directors’ Responsibilities the company’s directors are responsible for the preparation of the financial statements in accordance with applicable law and United Kingdom Accounting Standards.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion, the Directors’ Report is not consistent with the financial statements, if the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors’ remuneration and transactions with the company is not disclosed.
We read the Directors’ Report and consider the implications for our report if we become aware of any apparent misstatements within it.
Basis of Audit Opinion
We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
KiQ Limited
Independent Auditors’ Report to the Shareholders of KiQ Limited(continued)
Year Ended 30 June 2004
Opinion
In our opinion the financial statements give a true and fair view of the state of the company’s affairs as at 30 June 2004 and of its profit for the year then ended, and have been properly prepared in accordance with the Companies Act 1985.
/s/ PETERS ELWORTHY & MOORE | ||
PETERS ELWORTHY & MOORE | ||
Salisbury House | Chartered Accountants | |
Station Road | & Registered Auditors | |
Cambridge | ||
CB1 2LA |
7 December 2004
KiQ Limited
Profit and Loss Account
Year Ended 30 June 2004
2004 | 2003 | ||||||
(restated) | |||||||
Note | £ | £ | |||||
Turnover | 1,706,295 | 425,454 | |||||
Cost of sales | 870,530 | 809,474 | |||||
Gross Profit/(Loss) | 835,765 | (384,020 | ) | ||||
Administrative expenses | 281,917 | 234,964 | |||||
Operating Profit/(Loss) | 2 | 553,848 | (618,984 | ) | |||
Interest receivable | 450 | 128 | |||||
Profit/(Loss) on Ordinary Activities Before Taxation | 554,298 | (618,856 | ) | ||||
Tax on profit/(loss) on ordinary activities | — | — | |||||
Retained Profit/(Loss) for the Financial Year | 554,298 | (618,856 | ) | ||||
The notes on pages 9 to 11 form part of these financial statements.
KiQ Limited
Statement of Total Recognised Gains and Losses
Year Ended 30 June 2004
2004 | 2003 | |||||
(restated) | ||||||
£ | £ | |||||
Profit/(Loss) for the financial year attributable to the shareholders | 554,298 | (618,856 | ) | |||
Currency translation differences on foreign currency net investments | 5,471 | (29,664 | ) | |||
Total recognised gains and losses relating to the year | 559,769 | (648,520 | ) | |||
Prior year adjustment (see note 3) | (128,485 | ) | ||||
Total gains and losses recognised since the last annual report | 431,284 | |||||
The notes on pages 9 to 11 form part of these financial statements.
KiQ Limited
Balance Sheet
30 June 2004
2004 | 2003 | |||||||||||
(restated) | ||||||||||||
Note | £ | £ | £ | £ | ||||||||
Fixed Assets | ||||||||||||
Tangible assets | 4 | 1,281 | 13,079 | |||||||||
Current Assets | ||||||||||||
Debtors | 5 | 561,481 | 191,849 | |||||||||
Cash at bank | 78,033 | 14,019 | ||||||||||
639,514 | 205,868 | |||||||||||
Creditors: Amounts Falling due Within One Year | 6 | 349,574 | 541,132 | |||||||||
Net Current Assets/(Liabilities) | 289,940 | (335,264 | ) | |||||||||
Total Assets Less Current Liabilities | 291,221 | (322,185 | ) | |||||||||
Capital and Reserves | ||||||||||||
Called-up equity share capital | 9 | 19 | 19 | |||||||||
Share premium account | 2,059,254 | 2,059,254 | ||||||||||
Other reserves | 10 | 53,637 | — | |||||||||
Profit and loss account | 11 | (1,821,689 | ) | (2,381,458 | ) | |||||||
Shareholders’ Funds/(Deficiency) | 291,221 | (322,185 | ) | |||||||||
These financial statements have been prepared in accordance with the special provisions for small companies under Part VII of the Companies Act 1985 and with the Financial Reporting Standard for Smaller Entities (effective June 2002).
These financial statements were approved by the directors on 25 November 2004 and are signed on their behalf by:
/s/ D Barrow
The notes on pages 9 to 11 form part of these financial statements.
KiQ Limited
Notes to the Financial Statements
Year Ended 30 June 2004
1. | Accounting Policies |
Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective June 2002).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of value added tax.
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Computer & Equipment | - | 25.0% straight line | ||
Furniture | - | 33.3% straight line |
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken to the profit and loss account.
2. | Operating Profit/(Loss) |
Operating profit/(loss) is stated after charging/(crediting):
2004 | 2003 | |||||
(restated) | ||||||
£ | £ | |||||
Directors’ emoluments | 44,771 | 48,378 | ||||
Depreciation of owned fixed assets | 11,798 | 12,086 | ||||
Auditors’ fees | 3,000 | 3,000 | ||||
Net profit on foreign currency translation | (203 | ) | (51,620 | ) | ||
3. | Prior Year Adjustment |
In accordance with FRS 5 Reporting the Substance of Transactions, specifically Application Note G Revenue Recognition, revenue is now recognised in line with performance on contracts and with the fulfilment of contractual obligations. Revenue on annual licences and maintenance contracts is therefore spread over the period of the contract. This has resulted in a prior year adjustment of £128,485. The effect on the current period is £177,539.
KiQ Limited
Notes to the Financial Statements
Year Ended 30 June 2004
4. | Tangible Fixed Assets |
Computer & Office Equipment | Furniture | Total | ||||
£ | £ | £ | ||||
Cost | ||||||
At 1 July 2003 and 30 June 2004 | 49,471 | 10,174 | 59,645 | |||
Depreciation | ||||||
At 1 July 2003 | 39,436 | 7,130 | 46,566 | |||
Charge for the year | 8,754 | 3,044 | 11,798 | |||
At 30 June 2004 | 48,190 | 10,174 | 58,364 | |||
Net Book Value | ||||||
At 30 June 2004 | 1,281 | — | 1,281 | |||
At 30 June 2003 | 10,035 | 3,044 | 13,079 | |||
5. Debtors
|
2004 | 2003 | |||
(restated) | ||||
£ | £ | |||
Trade debtors | 546,150 | 168,680 | ||
VAT recoverable | — | 7,346 | ||
Other debtors | 15,331 | 15,823 | ||
561,481 | 191,849 | |||
6. Creditors: Amounts Falling due Within One Year
|
2004 | 2003 | |||
(restated) | ||||
£ | £ | |||
Trade creditors | 46,481 | 186,315 | ||
Other creditors | 303,093 | 354,817 | ||
349,574 | 541,132 | |||
7. Commitments under Operating Leases
|
At 30 June 2004 the company had aggregate annual commitments under non-cancellable operating leases as set out below. | ||||
2004 | 2003 | |||
(restated) | ||||
£ | £ | |||
Operating leases which expire: | ||||
Within 2 to 5 years | 65,777 | 65,777 | ||
KiQ Limited
Notes to the Financial Statements
Year Ended 30 June 2004
8. | Related Party Transactions |
The directors are D Barrow and C Baker.
During the year, the company received consultancy services of £80,955 (2003: £71,100) from David Barrow & Associates, a business in which D Barrow has an interest. Expenses of £3,687 (2003: £2,178) were also incurred and recharged to the company by David Barrow and Associates. At the year end, a total of £16,863 (2003: £58,787) was outstanding as a creditor.
Included in other creditors is £700 (2003: £700) owed to D Barrow and £300 (2003: £300) owed to C Baker.
9. | Share Capital |
Authorised share capital: | ||||||||
2004 | 2003 | |||||||
(restated) | ||||||||
£ | £ | |||||||
10,000 Ordinary shares of £0.01 each | 100 | 100 | ||||||
Allotted, called up and fully paid:
| ||||||||
2004 | 2003 | |||||||
No | £ | No | £ | |||||
Ordinary shares of £0.01 each | 1,901 | 19 | 1,901 | 19 | ||||
10. | Other Reserves |
2004 | 2003 | |||
(restated) | ||||
£ | £ | |||
Issue of options in the year and balance carried forward | 53,637 | — | ||
During the year, options over 40 ordinary 1p shares in the company were granted for consideration of £53,637.
The options each have an exercise price of €500, and can be exercised up to ten years after the date of grant (being May 2004).
11. | Profit and Loss Account |
2004 | 2003 | |||||
(restated) | ||||||
£ | £ | |||||
Original balance brought forward | (2,252,973 | ) | (1,732,938 | ) | ||
Prior year adjustment (note 3) | (128,485 | ) | — | |||
Restated balance brought forward | (2,381,458 | ) | (1,732,938 | ) | ||
Retained profit/(accumulated loss) for the financial year | 554,298 | (618,856 | ) | |||
Foreign currency retranslation | 5,471 | (29,664 | ) | |||
Balance carried forward | (1,821,689 | ) | (2,381,458 | ) | ||
KiQ Limited |
2. Cashflow statement and Note 12 to the Financial Statements
For the Year Ended 30 June 2004 |
KiQ Limited
Independent Auditors’ Report to the Shareholders of KiQ Limited
Cashflow Statement and Note 12 to the Financial Statements for the Year Ended 30 June 2004
By reference to our audit report dated 7 December 2004 on the financial statements for the year ended 30 June 2004, we have extended the scope of our work to include the cashflow statement for the year. The respective responsibilities of Directors and Auditors and the Basis of Audit Opinion are as previously referred to in our report.
Opinion
In our opinion the cashflow statement gives a true and fair view of the state of the company’s cashflow for the year ended 30 June 2004, and has been properly prepared in accordance with the Companies Act 1985, and, as discussed in Note 12, there are no significant differences between US and UK generally accepted accounting principles used in the financial statements of KiQ Limited to which we consider attention should be drawn.
/s/ PETERS ELWORTHY & MOORE | ||
PETERS ELWORTHY & MOORE | ||
Salisbury House | Chartered Accountants | |
Station Road | & Registered Auditors | |
Cambridge | ||
CB1 2LA |
.1 KiQ Limited
Cashflow Statement and Note 12 to the Financial Statements for the Year Ended 30 June 2004
£ | £ | |||||
Year ended June 30 | ||||||
2004 | 2003 | |||||
.A Operating Activities | ||||||
Net income | 554,298 | (618,856 | ) | |||
Depreciation | 11,798 | 12,086 | ||||
Debtors | (369,632 | ) | 122,990 | |||
Creditors | (191,558 | ) | 424,516 | |||
Total Operating Activities | 4,906 | (59,264 | ) | |||
Investing Activities | ||||||
Purchase of fixed assets | — | — | ||||
Total Investing Activities | — | — | ||||
Financing Activities | ||||||
Sale of options | 53,637 | — | ||||
Foreign Currency translation | 5,471 | (29,664 | ) | |||
Total Financing Activities | 59,108 | (29,664 | ) | |||
Net cash Flow | 64,014 | (88,298 | ) | |||
Beginning Cash | 14,019 | 102,947 | ||||
Ending Cash | 78,033 | 14,019 | ||||
.1 KiQ Limited
Cashflow Statement and Note 12 to the Financial Statements for the Year Ended 30 June 2004
12. | Comparison between US and UK generally accepted accounting practice (GAAP) |
There are no significant differences between US and UK GAAP used in the financial statements of KiQ Limited to which we consider attention should be drawn.
KiQ Limited |
3. Unaudited management accounts
For the Period Ended 30 September 2004 |
The following pages 1 to 6 show the unaudited management accounts for the period ended 30 September 2004. They do not form part of the audited financial statements and are not subject to the independent auditors’ reports on the audited financial statements and the cashflow statement as shown previously in this report. |
KiQ Limited
.1 | Unaudited Management Accounts for the Period Ended 30 September 2004 |
Profit and loss account
£ | £ | |||||
3 months ended September 30 | ||||||
2004 | 2003 | |||||
(unaudited) | (unaudited) | |||||
Turnover | 363,290 | 185,037 | ||||
Cost of Sales | 299,299 | 191,582 | ||||
Gross Profit | 63,991 | (6,545 | ) | |||
Administrative expenses | 97,116 | 55,418 | ||||
Operating Profit / (Loss) | (33,125 | ) | (61,963 | ) | ||
Interest Receivable | 131 | — | ||||
Profit (loss) on Ordinary Activities Before Taxation | (32,994 | ) | (61,963 | ) | ||
Tax on Profit/(loss) on ordinary activities | — | — | ||||
Retained Profit / (Loss) for the Financial year | (32,994 | ) | (61,963 | ) | ||
KiQ Limited
Unaudited Management Accounts for the Period Ended 30 September 2004
Balance Sheet at 30 September 2004
£ | |||
2004 September 30 | |||
(unaudited) | |||
Fixed Assets | |||
Tangible Assets | |||
Cost | 71,690 | ||
Accumulated Depreciation | 60,649 | ||
11,041 | |||
Current Assets | |||
Debtors: | |||
Trade debtors | 317,569 | ||
VAT recoverable | — | ||
Other debtors | 21,841 | ||
339,410 | |||
Cash at Bank | 285,917 | ||
625,327 | |||
Creditors: Amounts Falling due Within One Year | |||
Trade creditors | 85,366 | ||
Other creditors | 292,775 | ||
378,141 | |||
Net Current Assets / (Liabilities) | 247,186 | ||
Total Assets Less Current Liabilities | 258,227 | ||
Capital and Reserves | |||
Called-up equity share capital | 19 | ||
Share premium account | 2,059,254 | ||
Other reserves | 53,637 | ||
Profit and loss account | (1,854,683 | ) | |
Shareholders’ Funds / (Deficiency) | 258,227 | ||
KiQ Limited
Unaudited Management Accounts for the Period Ended 30 September 2004
Cashflow Statement
£ | £ | |||||
3 months ended September 30 | ||||||
2004 | 2003 | |||||
(unaudited) | (unaudited) | |||||
.B Operating Activities | ||||||
Net income | (32,994 | ) | (61,963 | ) | ||
Depreciation | 2,285 | 2,950 | ||||
Debtors | 222,071 | 138,858 | ||||
Creditors | 28,567 | (78,151 | ) | |||
Total Operating Activities | 219,929 | 1,694 | ||||
Investing Activities | ||||||
Purchase of fixed assets | (12,045 | ) | — | |||
Total Investing Activities | (12,045 | ) | — | |||
Financing Activities | ||||||
Sale of options | — | — | ||||
Foreign Currency translation | — | — | ||||
Total Financing Activities | — | — | ||||
Net cash Flow | 207,884 | 1,694 | ||||
Beginning Cash | 78,033 | 14,019 | ||||
Ending Cash | 285,917 | 15,713 | ||||
KiQ Limited
Unaudited Management Accounts for the Period Ended 30 September 2004
Notes to the unaudited management accounts
1. | Accounting Policies |
Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective June 2002).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of value added tax.
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Computer & Equipment | - | 25.0% straight line | ||
Furniture | - | 33.3% straight line |
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken to the profit and loss account.
2. | Operating Profit/(Loss) |
Operating profit/(loss) is stated after charging/(crediting):
September 2004 | ||
£ | ||
Directors’ emoluments | 13,734 | |
Depreciation of owned fixed assets | 2,285 | |
Auditors’ fees | — | |
Net profit on foreign currency translation | — | |
KiQ Limited
Unaudited Management Accounts for the Period Ended 30 September 2004
Notes to the unaudited management accounts
3. | Tangible Fixed Assets |
Computer & Office Equipment | Furniture | Total | ||||
£ | £ | £ | ||||
Cost | ||||||
At 1 July 2004 | 49,471 | 10,174 | 59,645 | |||
Additions in the period | 12,045 | 12,045 | ||||
At 30 September 2004 | 61,516 | 10,174 | 71,690 | |||
Depreciation | ||||||
At 1 July 2004 | 48,190 | 10,174 | 58,364 | |||
Charge for the period | 2,285 | — | 2,285 | |||
At 30 September 2004 | 50,475 | 10,174 | 60,649 | |||
Net Book Value | ||||||
At 30 September 2004 | 11,041 | — | 11,041 | |||
At 30 June 2004 | 1,281 | — | 1,281 | |||
4. | Debtors |
September 2004 | ||
£ | ||
Trade debtors | 317,569 | |
VAT recoverable | — | |
Other debtors | 21,841 | |
339,410 | ||
5. | Creditors: Amounts Falling due Within One Year |
September 2004 | ||
£ | ||
Trade creditors | 85,366 | |
Other creditors | 292,775 | |
378,141 | ||
KiQ Limited
Unaudited Management Accounts for the Period Ended 30 September 2004
Notes to the unaudited management accounts
6. | Share Capital |
Authorised share capital:
September 2004 | ||
£ | ||
10,000 Ordinary shares of £0.01 each | 100 | |
Allotted, called up and fully paid: | ||||
September 2004 | ||||
No | £ | |||
Ordinary shares of £0.01 each | 1,901 | 19 | ||
7. | Other Reserves |
September 2004 | ||
£ | ||
Issue of options brought forward and carried forward | 53,637 | |
In May 2004, options over 40 ordinary 1p shares in the company were granted for consideration of £53,637. The options each have an exercise price of €500, and can be exercised up to ten years after the date of grant.
8. | Profit and Loss Account |
September 2004 | |||
£ | |||
Balance brought forward | (1,821,689 | ) | |
Retained profit/(accumulated loss) for the financial period | (32,994 | ) | |
Foreign currency retranslation | |||
Balance carried forward | (1,854,683 | ) | |
9. | Comparison between US and UK generally accepted accounting practice (GAAP) |
There are no significant differences between US and UK GAAP used in the financial statements of KiQ Limited to which we consider attention should be drawn.