Exhibit 99.3
LIFE CLIPS, INC.
INDEX TO PRO FORMA FINANCIAL INFORMATION
Unaudited Pro Forma Combined Financial Information
of Belfrics Holdings Limited and its related entities (collectively “Belfrics”)
| 1 |
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
The unaudited pro forma condensed combined balance sheet presents the historical balance sheets of Life Clips, Inc. (“Life Clips”) and Belfrics Holdings Limited and its related entities (collectively “Belfrics*”) as of June 30, 2021 and accounts for the merger of Life Clips and Belfrics with Life Clips as the accounting acquirer giving effect to the transaction as if it had occurred as of June 30, 2020. On August 25, 2021, Life Clips purchased 100% of the outstanding shares of Belfrics in exchange for $26,014,226 in Series C Convertible Preferred Stock and $15,788,699 in Contingent Series C Convertible Preferred Stock consideration. As a result of the Exchange Agreement, Belfrics became a wholly owned subsidiary of the Life Clips, Inc.
The Life Clips and Belfrics balance sheet information was derived from its audited balance sheets as of June 30, 2021. The unaudited pro forma condensed combined statements of operations are based on the historical statements of Life Clips and Belfrics and combine the results of operations giving effect to the transaction as if it occurred on July 1, 2020, and reflecting the pro forma adjustments expected to have a continuing impact on the combined results.
The unaudited pro forma condensed combined financial statements are for informational purposes only. They do not purport to indicate the results that would have actually been obtained had the acquisitions been completed on the assumed dates or for the periods presented, or that may be realized in the future. Furthermore, while the pro forma financial information reflects transaction costs incurred with the merger on June 30, 2021, the pro forma financial information does not reflect the impact of any reorganization or restructuring expenses or operating efficiencies resulting from the transaction. The unaudited pro forma condensed combined financial statements, including the notes thereto, are qualified in their entirety by reference to, and should be read in conjunction with, the historical financial statements referred to above.
*
Belfrics Global PTE Ltd., a Singapore corporation
Belfrics BT Pvt Ltd, an India corporation
Belfrics Cryptex Pvt Ltd, an India corporation
Belfrics Tanzania Ltd, a Tanzania corporation
Belfrics Nigeria Pvt Ltd, a Nigeria corporation
Belfrics BT SDN BHD, a Malaysia corporation
Belfrics Holding Limited, a Malaysia corporation
Belfrics Academy SDN BHD, a Malaysia corporation
Belfrics International Ltd, a Malaysia corporation
Belfrics Europe SL, a Spain corporation
Belfrics Kenya Pvt. Ltd, a Kenya corporation
Incrypts SDN BHD, a Malaysia corporation
Belfrics Malaysia SDN BHD
| 2 |
LIFE CLIPS, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEETS
AS OF JUNE 30, 2021
| Life Clips, Inc. | Belfrics Companies | Pro Forma Adjustments | Pro Forma Combined | |||||||||||||||
| ASSETS | ||||||||||||||||||
| Current assets | ||||||||||||||||||
| Cash | $ | 230,685 | $ | 75,231 | $ | - | $ | 305,916 | ||||||||||
| Due from Related Party | 34,271 | - | - | 34,271 | ||||||||||||||
| Other Current Assets | - | 1,515,088 | - | 1,515,088 | ||||||||||||||
| Total current assets | 264,956 | 1,590,319 | - | 1,855,275 | ||||||||||||||
| Investments - Ehave Inc | 38,422 | - | - | 38,422 | ||||||||||||||
| Property and Equipment, Net | - | 139,796 | 926,373 | (4) | 1,066,169 | |||||||||||||
| Intangible Assets | - | 3,503,890 | 24,332,773 | (3) | 27,836,663 | |||||||||||||
| Other Non-Current Assets | - | 114,348 | - | 114,348 | ||||||||||||||
| Goodwill | - | - | 17,738,622 | (2) | 17,738,622 | |||||||||||||
| Total assets | $ | 303,378 | $ | 5,348,353 | $ | 42,997,768 | $ | 48,649,499 | ||||||||||
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||||||||||||
| Current liabilities: | ||||||||||||||||||
| Accounts payable | $ | 399,670 | 4,126,922 | $ | - | $ | 4,526,592 | |||||||||||
| Accrued expenses and interest payable | 521,521 | 117,682 | - | 639,203 | ||||||||||||||
| Deferred revenue | 50,000 | - | - | 50,000 | ||||||||||||||
| Due to Related Party | 1,155,550 | 2,298,592 | - | 3,454,142 | ||||||||||||||
| Convertible Note Payable, less discount of $80,369 at June 30, 2021 | 3,582,872 | - | - | 3,582,872 | ||||||||||||||
| Convertible notes payable, related party, net of discount | 541,051 | - | - | 541,051 | ||||||||||||||
| Derivative Liability - Convertible Notes Payable | 1,577,001 | - | - | 1,577,001 | ||||||||||||||
| Total current liabilities | 7,827,665 | 6,543,196 | - | 14,370,861 | ||||||||||||||
| Non-current liabilities: | ||||||||||||||||||
| Contingent Liability | - | - | 15,788,699 | (1) | 15,788,699 | |||||||||||||
| Total liabilities | 7,827,665 | 6,543,196 | 15,788,699 | 30,159,560 | ||||||||||||||
| Commitments and contingencies | ||||||||||||||||||
| Stockholder’s Equity | ||||||||||||||||||
| Preferred stock, $0.001 par value, 10,000,000 shares authorized; | ||||||||||||||||||
| Preferred Stock - Series A ($0.001 par value; 5,000,000 shares authorized, 4,000,000 shares issued and outstanding) | 4,000 | - | - | 4,000 | ||||||||||||||
| Preferred Stock - Series B ($0.001 par value; 5,760,000 shares authorized, 5,760,000 shares issued and outstanding) | 5,760 | - | - | 5,760 | ||||||||||||||
| Preferred Stock - Series C ($0.001 par value; 3,500,000 shares authorized, 2,000,000 shares issued and outstanding) | - | 2,000 | (1) | 2,000 | ||||||||||||||
| Common Stock, ($0.001 par value; 5,000,000,000 shares authorized, 1,322,822,904 and 1,259,831,337 shares issued and outstanding, respectively) | 1,322,823 | 532,146 | (532,146 | ) | (2) | 1,322,823 | ||||||||||||
| Common stock to be issued | 125,032 | - | - | 125,032 | ||||||||||||||
| Additional paid in capital | 23,866,298 | - | 26,012,226 | (1) | 49,878,524 | |||||||||||||
| Accumulated other comprehensive income (loss) | (67,965 | ) | - | - | (67,965 | ) | ||||||||||||
| Accumulated deficit | (32,780,235 | ) | (1,726,989 | ) | 1,726,989 | (2) | (32,780,235 | ) | ||||||||||
| Total stockholders’ equity | (7,524,287 | ) | (1,194,843 | ) | 27,209,069 | 18,489,939 | ||||||||||||
| Total liabilities and stockholders’ equity | 303,378 | 5,348,353 | 42,997,768 | �� | 48,649,499 | |||||||||||||
See notes to the unaudited pro forma condensed combined financial statements
| 3 |
UNAUDITED PRO FORMA CONDENSED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
FOR THE YEARS ENDED JUNE 30, 2021
| Life Clips, Inc. | Belfrics Companies | Pro Forma Adjustments | Pro Forma Combined | |||||||||||||
| Revenues | ||||||||||||||||
| License Income | $ | 50,000 | $ | - | $ | - | $ | 50,000 | ||||||||
| Revenue | 120,897 | - | 120,897 | |||||||||||||
| Cost of Goods Sold | - | 95,921 | - | 95,921 | ||||||||||||
| Gross Profit | 50,000 | 24,976 | - | 74,976 | ||||||||||||
| Operating Costs | ||||||||||||||||
| Professional Fees | 527,604 | 68,443 | - | 596,047 | ||||||||||||
| Payroll Expense | 68,588 | - | - | 68,588 | ||||||||||||
| Other General and Administrative Expenses | 3,398 | 254,670 | - | 258,068 | ||||||||||||
| Total Operating Costs | 599,590 | 323,113 | - | 922,703 | ||||||||||||
| Loss from Operations | (549,590 | ) | (298,137 | ) | - | (847,727 | ) | |||||||||
| - | - | |||||||||||||||
| Other Income/(Expense) | - | |||||||||||||||
| Gain on Batterfly Settlement | 468,505 | - | $ | - | $ | 468,504.50 | ||||||||||
| Loss on Extinguishment of Debt | (67,814 | ) | - | - | (67,814.21 | ) | ||||||||||
| Loss on Impairment of Intangibles | (10,036,200 | ) | - | - | (10,036,200 | ) | ||||||||||
| Interest Expense | (568,168 | ) | (25 | ) | - | (568,631 | ) | |||||||||
| Change in Fair Value of Derivative | 7,274,230 | - | $ | - | $ | 7,274,230 | ||||||||||
| Total Other Income (Expense) | (2,929,447 | ) | (25 | ) | - | (2,929,910 | ) | |||||||||
| Income/(Loss) Before Income Taxes | (3,479,037 | ) | (298,162 | ) | - | (3,777,179 | ) | |||||||||
| Provision for Income Taxes | - | (879 | ) | - | (879 | ) | ||||||||||
| Net Income/(Loss) | $ | (3,479,037 | ) | $ | (299,041 | ) | $ | - | (3,778,078 | ) | ||||||
| - | - | - | ||||||||||||||
| Other Comprehensive Loss: | - | - | - | |||||||||||||
| Foreign currency translation adjustment | (6,387 | ) | - | - | (6,387 | ) | ||||||||||
| Change in Value of Investment | (61,578 | ) | - | - | (61,578 | ) | ||||||||||
| Comprehensive Loss | $ | (3,547,002 | ) | $ | - | $ | - | (3,846,043 | ) | |||||||
| Earnings/(Loss) Per Share: Basic and Diluted | $ | (0.00 | ) | $ | (0.00 | ) | ||||||||||
| Weighted Average Number of Common Shares Outstanding: | ||||||||||||||||
| Basic and Diluted | 1,262,254,090 | 1,262,254,090 | ||||||||||||||
See notes to the unaudited pro forma condensed combined financial statements
| 4 |
NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
On August 25, 2021, Life Clips purchased 100% of the outstanding shares of Belfrics in exchange for $26,014,226 in Series C Convertible Preferred Stock and $15,788,699 in Contingent Series C Convertible Preferred Stock consideration. As a result of the Exchange Agreement, Belfrics became a wholly owned subsidiary of the Life Clips, Inc.
The following is the calculation of goodwill (gain on bargain purchase)
| Belfrics | ||||
| Purchase price | $ | 41,802,925 | ||
| Less: net book value of assets | (1,194,843 | ) | ||
| Excess purchase price | 42,997,768 | |||
| Fair value adjustments | 25,259,146 | |||
| Excess purchase price after adjustments | 17,738,622 | |||
| Goodwill | $ | 17,738,622 | ||
The goodwill calculated was $17,738,622.
| Debit | Credit | ||||||||
| Journal Entry 1 | |||||||||
| Investment in Belfrics | $ | 41,802,925 | 1 | ||||||
| Series C Preferred Stock | $ | 2,000 | 1 | ||||||
| Additional paid in capital | 26,012,226 | 1 | |||||||
| Contingent Liability | 15,788,699 | 1 | |||||||
| To record investment in Belfrics | |||||||||
| Journal Entry 2 | |||||||||
| Investment in Belfrics | 41,802,925 | 2 | |||||||
| Common Stock | 532,148 | 2 | |||||||
| Accumulated Deficit | 1,726,989 | 2 | |||||||
| Intangible Assets | 24,332,773 | 2 | |||||||
| Property and Equipment, Net | 926,373 | 2 | |||||||
| Goodwill | 17,738,622 | 2 | |||||||
| To eliminate investment in Belfrics and equity of Belfrics and Record Fair Value Adjustments | |||||||||
| 5 |
FAIR VALUE ADJUSTMENTS
3. The following table illustrates the fair value adjustments of the crypto-currency.
| Belfrics Holding Ltd | Belfrics BT SDN BHD | |||||||
| Crypto-currency value prior to write up for fair value | 3,332,030 | 102,331 | ||||||
| Fair value | 27,556,263 | 210,871 | ||||||
| Change in fair value | 24,224,233 | 108,540 | ||||||
4. The following table illustrates the fair value adjustments of the crypo-currency software.
| Belfrics Global PTE Ltd | ||||
| Software value prior to write up for fair value | 73,627 | |||
| Fair value | 1,000,000 | |||
| Change in fair value | 926,373 | |||
| 6 |
BELFRICS GROUP OF COMPANIES RECONCILIATION TO US GAAP
The following are the key difference in accounting under as reported accounting standards versus USGAAP:
| 1. | Depreciation/Amortization |
Property & Equipment & Intangible assets are subject to depreciation and amortization under USGAAP and accordingly necessary depreciation/amortization is provided.
| 2. | Receivable write off |
Belfrics International Ltd has prepared accounts under Malaysian Private Entities Reporting Standard and auditor have qualified the audit report for December 31, 2020 with respect to long outstanding receivables for which no allowance for doubtful debts have been made by the company.
Under USGAAP, company has provided for allowance for uncollectible receivable
| 3. | Reclassification to Current Liabilities |
Under IFRS, Belfrics Nigeria has disclosed deposit for share from the existing shareholder has injected more capital beyond the existing authorized share capital. Increase is authorised share capital is yet not approved by the Corporate Affairs Commission of Nigeria CAC to accommodate the excess above the current share capital.
Under USGAAP, pending regulatory approval as per local law amount invested by existing shareholders have been reclassified to due to related party.
Annexure:
| 1. | Accumulated Profit and Loss Accounts for the year ended June 30, 2021 | |
| 2. | Summarised Balance Sheet in accordance with USGAAP as on June 30, 2021 | |
| 3. | Shareholders’ equity in accordance with USGAAP as on June 30, 2021 | |
| 4. | Total assets in accordance with USGAAP as on June 30, 2021 | |
| 5. | Short term borrowings in accordance with USGAAP as on June 30, 2021 |
| 7 |
Annexures
| 1. | Accumulated Profit and Loss Accounts for the year ended June 30, 2021 in accordance with USGAAP |
The significant adjustments required to convert earnings available for shareholders in accordance with respective GAAP to accumulated profit and loss in accordance with US GAAP are:
| All amounts are in USD | ||||||||||||||||||||||
| Sr. No. | Company | GAAP | Accumulated Profit/(Loss) after Tax (GAAP) | Depreciation/Amortization | Receivable w/off | Accumulated Profit/(Loss) after Tax (US GAAP) | ||||||||||||||||
| 1. | Belfrics Global PTE Ltd | SFRS | (197,568 | ) | (294,508 | ) | - | (492,076 | ) | |||||||||||||
| 2. | Belfrics BT Pvt Ltd | IGAAP | (10,277 | ) | - | - | (10,277 | ) | ||||||||||||||
| 3. | Belfrics Cryptex Pvt Ltd | IGAAP | 22,502 | - | - | 22,502 | ||||||||||||||||
| 4. | Belfrics Tanzania Ltd | IFRS | (132,338 | ) | - | - | (132,338 | ) | ||||||||||||||
| 5. | Belfrics Malaysia SDN BHD | MPERS | (279,393 | ) | - | - | (279,393 | ) | ||||||||||||||
| 6. | Belfrics Nigeria Pvt Ltd | IFRS | (111,539 | ) | (3,571 | ) | - | (115,110 | ) | |||||||||||||
| 7. | Belfrics BT SDN BHD | MPERS | (155,258 | ) | (2,476 | ) | - | (157,734 | ) | |||||||||||||
| 8. | Belfrics Holding Ltd | MFRS | (196,498 | ) | - | - | (196,498 | ) | ||||||||||||||
| 9. | Belfrics Academy SDN BHD | MPERS | (23,024 | ) | - | - | (23,024 | ) | ||||||||||||||
| 10. | Belfrics International Ltd | MPERS | (127,577 | ) | - | (63,110 | ) | (190,687 | ) | |||||||||||||
| 11. | Incrypts SDN BHD | MPERS | (10,779 | ) | - | - | (10,779 | ) | ||||||||||||||
| 12. | Belfrics Kenya Ltd | IFRS | (141,575 | ) | - | - | (141,575 | ) | ||||||||||||||
| 13. | Belfrics Europe SLU | IFRS | - | - | - | - | ||||||||||||||||
| TOTAL | (1,363,324 | ) | (300,555 | ) | (63,110 | ) | 1,726,989 | |||||||||||||||
| 8 |
| 2. | Summarized Balance Sheet as on June 30, 2021 |
| Assets and Liabilities | Belfrics Global PTE Ltd | Belfrics BT Pvt Ltd | Belfrics Cryptex Pvt Ltd | Belfrics Tanzania Ltd | Belfrics Malaysia SDN BHD | Belfrics Nigeria Pvt Ltd | Belfrics BT SDN BHD | Belfrics Holding Ltd | Belfrics Academy SDN BHD | Belfrics International Ltd | Incrypts SDN BHD | Belfrics Kenya Ltd | Belfrics Europe SLU | Total Group Companies | ||||||||||||||||||||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity and Reserves | (196,835 | ) | (8,477 | ) | 23,902 | (92,338 | ) | (68,933 | ) | (59,539 | ) | (142,878 | ) | (186,498 | ) | (10,644 | ) | 56,423 | (8,378 | ) | (140,646 | ) | 3,665 | (831,176 | ) | |||||||||||||||||||||||||||||||
| Total Current & Non-Current Liabilities | 1,607,832 | 170,477 | 124,329 | 104,342 | 102,256 | 72,729 | 293,662 | 3,581,553 | 11,016 | 28,035 | 8,434 | 438,529 | - | 6,543,194 | ||||||||||||||||||||||||||||||||||||||||||
| Total Equity and Liabilities | 1,410,997 | 162,000 | 148,231 | 12,004 | 33,323 | 13,190 | 150,784 | 3,395,055 | 372 | 84,458 | 56 | 297,883 | 3,665 | 5,712,018 | ||||||||||||||||||||||||||||||||||||||||||
| Adjustments: US GAAP | (294,508 | ) | - | - | - | - | (3,571 | ) | (2,476 | ) | - | - | (63,110 | ) | - | - | - | (363,665 | ) | |||||||||||||||||||||||||||||||||||||
| Stockholders’ Equity and Liabilities (US GAAP) | 1,116,489 | 162,000 | 148,231 | 12,004 | 33,323 | 9,619 | 148,308 | 3,395,055 | 372 | 21,348 | 56 | 297,883 | 3,665 | 5,348,353 | ||||||||||||||||||||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PPE & Non-Current Assets | 368,136 | - | 68,130 | 10,884 | 20,828 | 12,714 | 148,973 | 3,392,532 | - | 84,110 | - | 15,392 | - | 4,121,699 | ||||||||||||||||||||||||||||||||||||||||||
| Current Assets | 1,042,861 | 162,000 | 80,101 | 1,120 | 12,495 | 476 | 1,811 | 2,523 | 372 | 348 | 56 | 282,491 | 3,665 | 1,590,319 | ||||||||||||||||||||||||||||||||||||||||||
| Total Assets | 1,410,997 | 162,000 | 148,231 | 12,004 | 33,323 | 13,190 | 150,784 | 3,395,055 | 372 | 84,458 | 56 | 297,883 | 3,665 | 5,712,018 | ||||||||||||||||||||||||||||||||||||||||||
| Adjustments: US GAAP | (294,508 | ) | - | - | - | - | (3,571 | ) | (2,476 | ) | - | - | (63,110 | ) | - | - | - | (363,665 | ) | |||||||||||||||||||||||||||||||||||||
| Total Assets (US GAAP) | 1,116,489 | 162,000 | 148,231 | 12,004 | 33,323 | 9,619 | 148,308 | 3,395,055 | 372 | 21,348 | 56 | 297,883 | 3,665 | 5,348,353 | ||||||||||||||||||||||||||||||||||||||||||
| 9 |
| 3. | Shareholders’ equity in accordance with USGAAP |
The significant adjustments required to convert shareholders’ funds in respective GAAP to shareholders’ equity in accordance with US GAAP are:
| Adjustments | Share-holders’ equity (US GAAP) | |||||||||||||||||||||||||||
| Sr.No. | Company | GAAP | Shareholders’ equity | Depreciation/Amortization | Receivable w/off | Reclass to Current Liabilities | ||||||||||||||||||||||
| 1 | Belfrics Global PTE Ltd | SFRS | (196,835 | ) | (294,508 | ) | - | - | (491,344 | ) | ||||||||||||||||||
| 2 | Belfrics BT Pvt Ltd | IGAAP | (8,477 | ) | - | - | - | (8,477 | ) | |||||||||||||||||||
| 3 | Belfrics Cryptex Pvt Ltd | IGAAP | 23,902 | - | - | - | 23,902 | |||||||||||||||||||||
| 4 | Belfrics Tanzania Ltd | IFRS | (92,338 | ) | - | - | - | (92,338 | ) | |||||||||||||||||||
| 5 | Belfrics Malaysia SDN BHD | MPERS | (68,933 | ) | - | - | - | (68,933 | ) | |||||||||||||||||||
| 6 | Belfrics Nigeria Pvt Ltd | IFRS | 13,190 | (3,571 | ) | - | (72,729 | ) | (63,110 | ) | ||||||||||||||||||
| 7 | Belfrics BT SDN BHD | MPERS | (142,878 | ) | (2,476 | ) | - | - | (145,354 | ) | ||||||||||||||||||
| 8 | Belfrics Holding Ltd | MFRS | (186,498 | ) | - | - | - | (186,498 | ) | |||||||||||||||||||
| 9 | Belfrics Academy SDN BHD | MPERS | (10,644 | ) | - | - | - | (10,644 | ) | |||||||||||||||||||
| 10 | Belfrics International Ltd | MPERS | 56,423 | - | (63,110 | ) | - | (6,687 | ) | |||||||||||||||||||
| 11 | Incrypts SDN BHD | MPERS | (8,379 | ) | - | - | - | (8,379 | ) | |||||||||||||||||||
| 12 | Belfrics Kenya Ltd | IFRS | (140,646 | ) | - | - | - | (140,646 | ) | |||||||||||||||||||
| 13 | Belfrics Europe SLU | IFRS | 3,665 | - | - | - | 3,665 | |||||||||||||||||||||
| TOTAL | (758,448 | ) | (300,556 | ) | (63,110 | ) | (72,729 | ) | (1,194,843 | ) | ||||||||||||||||||
| 10 |
| 4. | Total assets in accordance with USGAAP |
The significant adjustments required to convert Total assets in respective GAAP to shareholders’ equity in accordance with US GAAP are:
| Adjustments | ||||||||||||||||||||||||
| Sr.No. | Company | GAAP | Total Assets | Depreciation/Amortization | Receivable w/off | Total Assets (USGAAP) | ||||||||||||||||||
| 1 | Belfrics Global PTE Ltd | SFRS | 1,410,997 | (294,508 | ) | - | 1,116,489 | |||||||||||||||||
| 2 | Belfrics BT Pvt Ltd | IGAAP | 162,000 | - | - | 162,000 | ||||||||||||||||||
| 3 | Belfrics Cryptex Pvt Ltd | IGAAP | 148,231 | - | - | 148,231 | ||||||||||||||||||
| 4 | Belfrics Tanzania Ltd | IFRS | 12,004 | - | - | 12,004 | ||||||||||||||||||
| 5 | Belfrics Malaysia SDN BHD | MPERS | 33,323 | - | - | 33,323 | ||||||||||||||||||
| 6 | Belfrics Nigeria Pvt Ltd | IFRS | 13,190 | (3,571 | ) | - | 9,619 | |||||||||||||||||
| 7 | Belfrics BT SDN BHD | MPERS | 150,784 | (2,476 | ) | - | 148,308 | |||||||||||||||||
| 8 | Belfrics Holding Ltd | MFRS | 3,395,055 | - | - | 3,395,055 | ||||||||||||||||||
| 9 | Belfrics Academy SDN BHD | MPERS | 372 | - | - | 372 | ||||||||||||||||||
| 10 | Belfrics International Ltd | MPERS | 84,458 | - | (63,110 | ) | 21,348 | |||||||||||||||||
| 11 | Incrypts SDN BHD | MPERS | 56 | - | - | 56 | ||||||||||||||||||
| 12 | Belfrics Kenya Ltd | IFRS | 297,883 | - | - | 297,883 | ||||||||||||||||||
| 13 | Belfrics Europe SLU | IFRS | 3,665 | - | - | 3,665 | ||||||||||||||||||
| TOTAL | 5,712,018 | (300,556 | ) | (63,110 | ) | 5,348,353 | ||||||||||||||||||
| 11 |