Hadley Allen Ordonez

SPORTANGO PTE. LTD. DIRECTOR’S REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2019 The directors present their report to the members together with the unaudited financial statements for the financial year ended 31 March 2019. Director The director in office at the date of this report is Mohamad Raqie Bin Mohd Aiksan. Arrangements to enable directors to acquire shares or debentures Neither at the end of nor at any time during the financial year was the Company a party to any arrangement, the object was to enable the directors to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate. Directors’ interest in shares or debentures According to the register of directors’ shareholdings, none of the directors holding office at the end of the financial year had any interest in the shares or debentures of the Company or its related corporations, except as follows: Holdings registered in name of directors at 31 March 2019 Name of Director Mohamad Raqie Bin Mohd Aiksan No. of ordinary shares 1 Directors’ contractual benefits During the financial year, no director has received or become entitled to receive a benefit by reason of a contract made by the Company or a related corporation with the director or with a firm of which he is a member or with a company in which he has a substantial financial interest, except as disclosed in the accompanying financial statements and in this report, and except that certain directors receive remuneration as a result of their employment with related corporations. SPORTANGO PTE. LTD. DIRECTOR’S REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2019 Share options No options were granted during the financial year to subscribe for unissued shares of the Company. No shares were issued during the financial year by virtue of the exercise of options to take up unissued shares of the Company. There were no unissued shares of the Company under option as at the end of the financial year. Audit exemptions For the financial year ended 31 March 2019, the Company is exempted from audit requirements as its revenue for the year does not exceed the prescribed amount pursuant to Companies Act Chapter 50. No notice has been received from any member under Section 205B (6) of the Companies Act requiring the Company to obtain an audit of its financial statements in relation to the financial period. The accounting and other records required to be kept by the Company in accordance with Section 199 of Act has been so kept. On behalf of the directors Mohamad Raqie Bin Mohd Aiksan Director Dated: SPORTANGO PTE. LTD. STATEMENT BY DIRECTORS FOR THE FINANCIAL YEAR ENDED MARCH 31, 2019 In the opinion of the directors, a. the unaudited financial statements as set out on pages 4 to 12 are drawn up so as to give a true and fair view of the state of affairs of the Company as at 31 March 2019 and of the results, changes in equity and cash flows of the Company for the financial year then ended; and b. at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. On behalf of the directors Mohamad Raqie Bin Mohd Aiksan Director Dated: Sportango Pte. Ltd. Unaudited Financial Statement March 31, 2019 SPORTANGO PTE. LTD. UNAUDITED STATEMENT OF FINANCIAL POSITION FOR THE FINANCIAL YEAR ENDED MARCH 31, 2019 ASSETS Current Assets Cash in banks Total Current Assets Noncurrent Asset Property and equipment - net (Note 4) Total Noncurrent Assets TOTAL ASSETS $38,749 38,749 1,876 1,876 $40,625 LIABILITIES AND EQUITY Noncurrent Liability Advances from related parties Total Liabilities Equity Capital Retained earnings Total Equity TOTAL LIABILITIES AND EQUITY See accompanying Notes to Unaudited Financial Statements. $14,638 14,638 1 25,986 25,987 $40,625 SPORTANGO PTE. LTD. UNAUDITED STATEMENT OF INCOME FOR THE FINANCIAL YEAR ENDED MARCH 31, 2019 SALES COST OF GOODS SOLD $165,929 129,622 GROSS PROFIT 36,307 OPERATING EXPENSES (Note 5) 10,321 INCOME BEFORE INCOME TAX 25,986 PROVISION FOR INCOME TAX NET INCOME See accompanying Notes to Unaudited Financial Statements. − $25,986 SPORTANGO PTE. LTD. UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED MARCH 31, 2019 Initial investment Net income for the year Equity at March 31, 2019 See accompanying Notes to Unaudited Financial Statements. $1 25,986 $25,987 SPORTANGO PTE. LTD. UNAUDITED STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED MARCH 31, 2019 CASH FLOWS FROM OPERATING ACTIVITIES Income before income tax Adjustments for depreciation (Note 4) Net cash flows provided by operating activities $25,-,040 CASH FLOWS FROM AN INVESTING ACTIVITY Acquisitions of office equipment (Note 4) (1,930) CASH FLOWS FROM FINANCING ACTIVITIES Initial investment Advances from related parties Net cash flows provided by operating activities 1 14,638 14,639 NET INCREASE IN CASH AND CASH EQUIVALENTS 38,749 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR CASH AND CASH EQUIVALENTS AT END OF YEAR See accompanying Notes to Unaudited Financial Statements. − $38,749 SPORTANGO PTE. LTD. NOTES TO UNAUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED MARCH 31, 2019 1. Corporate Information Sportango Pte. Ltd. is an Exempt Private Company Limited by Shares which is incorporated and domiciled in the Republic of Singapore on April 12, 2018. The registered principal office address of the Company is 22 Sin Ming Lane #06-76, Midview City, Singapore (573969). The principal activity of the Company is wholesale of sporting goods and equipment (including bicycle and healthcare equipment). There have been no significant changes in the nature of these activities during the financial year. 2. Basis of Preparation and Statement of Compliance Basis of Preparation The unaudited financial statements have been prepared under the historical cost basis. The financial statements are presented in Singapore dollars ($), which is the Company’s functional and presentation currency. Statement of Compliance The unaudited financial statements of the Company have been prepared in accordance with Singapore Financial Reporting Standards (SFRS). 3. Summary of Significant Accounting Policies Current versus Noncurrent Classification The Company presents assets and liabilities in the statement of assets, liabilities and fund balance based on current or noncurrent classification. An asset is current when it is: a. b. c. d. Expected to be realized or intended to be sold or consumed in normal operating cycle; Held primarily for the purpose of trading; Expected to be realized within 12 months after the reporting period; or Cash or cash equivalent, unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as noncurrent. A liability is current when: a. b. c. d. It is expected to be settled in normal operating cycle; It is held primarily for the purpose of trading; It is due to be settled within 12 months after the reporting period; or There is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as noncurrent. Cash in Banks Cash in banks are deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less from date of acquisition and that are subject to an insignificant risk of change in value. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is charged so as to allocate the cost of assets over their estimated useful lives using the straight-line method. The estimated useful lives of property and equipment are 1.5 to 5 years. If there is an indication that there has been a significant change in depreciation method and useful lives of property and equipment, these estimates are revised prospectively to reflect the new expectations. Fully depreciated property and equipment are retained in the account until they are no longer in use and no further depreciation or amortization is charged to statement of revenues and expenses. At each reporting date, property and equipment are reviewed to determine whether there is any indication that they have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. The recoverable amount is the higher of the asset’s fair value less costs to sell and value-inuse (VIU). The fair value less costs to sell is the amount obtainable from the sale of an asset in an arm’s length transaction less the cost of disposal. The VIU is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual assets or, if it is not possible, for the cash generating units to which the asset belongs. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognized immediately in the statement of revenue and expenses. If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognized for the asset in prior years. A reversal of an impairment loss is recognized immediately in the statement of revenue and expenses. Advances from related parties Advances from related parties are obligations arising directly from the Company’s operations on the basis of normal credit terms and do not bear interest. These are recognized in the statement of financial position when it is probable that an outflow of resources embodying economic benefits will result from the settlement of a present obligation and the amount at which the settlement will take place can be measured reliably. Revenue Recognition Revenue is recognized to the extent that it is probable that the economic benefits associated with the transaction will flow to the Company and the amount of revenue can be measured reliably. The following specific recognition criteria must also be met before revenue is recognized: Sales Sales are recognized when earned. Interest Income Interest income from bank deposits and short-term investments is recognized as it accrues using the effective interest rate (EIR) method. Expenses Expenses are decreases in economic benefits during the accounting period in the form of outflows or decreases of assets or incurrence of liabilities that result in decreases in fund balance. Expenses are generally recognized when the services are used or the expenses arise. The Company’s expenses consist primarily of cost of goods sold and operating expenses. Cost of Goods Sold Cost of goods sold are expenses incurred by the Company in for products sold including delivery charges. Operating Expenses Operating expenses are expenses incurred in the direction and general administration of the day-today operation of the Company and are generally recognized when the services are used or the expenses arise. Equity Equity represents initial contributions and cumulative balance of net income(loss). 4. Property and Equipment Cost: Balances at beginning of year Additions Balances at end of year Accumulated depreciation: Balances at beginning of year Depreciation (Note 9) Balances at end of year Net book value $− 1,930 1,930 − 54 54 $1,876 The Company has no property and equipment which were used as collateral to secure its obligations. 5. Operating Expenses Taxes and Licenses Advertising and Promotion Meals and Entertainment Dues and Subscriptions Office Supplies Rent Professional Fees Bank Service Charge Depreciation (Note 4) $6,005 2,- $10,321