LABSTER ApS

Labster is a leading provider of virtual laboratory environments for STEM, and virtual reality-based simulations for interactive education in nursing and healthcare. ​​Labster provides cloud-based virtual software simulations primarily to the global education industry, with a majority of its revenue coming from higher education institutions in the United States. Labster provides students and educators with access to a realistic virtual laboratory experience that allows them to perform virtual experiments and practice skills in a fun and risk-free learning environment. ​​High-tech education and training can be expensive and inefficient, and physical labs cost millions of dollars to create, run and maintain. Labster helps our customers significantly reduce this cost by providing an alternat…

Description of material changes in activities and finances

Since the presentation of the annual report for 2024, the Company has identified a correction to previous years' annual reports regarding the IP rights between the group entities. Please see description in the accounting policies. ​​As a result of the realised loss for the year, as well as the realised losses from previous years, the company has lost more than half of its share capital and is therefore subject to the rules of the Companies Act concerning capital loss. Management expects that the equity will be restored through future positive operational profits or capital contributions from the parent company. ​​The company has received a full letter of support from its parent company, Labster Group ApS, which allows the financial statements to be prepared with a view to continued operations. ​​​​​​​​​​​

As a result of deficits in recent years, tax assets have not been fully recognized. ​​The company invests in the development of Virtual Reality (VR) and simulation technology related to its offerings, including developing a new technology platform for the Labster (i.e. non-UbiSim) offering, with initial release completed during 2025. Expenses on projects in the development phase are capitalised at cost on initial recognition and are valued on an ongoing basis by Management. Management assesses the completion costs and expected future cash flows for each development project. An impairment loss is recognized if management estimates that the future net income is less than the value of the development project. ​​Projections of future net income are based on significant estimates and are thus associated with some uncertainty. The company continuously assess its development projects to ensure they align with the company's strategy.

As a result of deficits in recent years, tax assets have not been fully recognized. ​ ​The company invests in the development of Virtual Reality (VR) and simulation technology related to its offerings, including developing a new technology platform for the non-UbiSim offering. Expenses on projects in the development phase are capitalised at cost on initial recognition and are valued on an ongoing basis by Management. Management assesses the completion costs and expected future cash flows for each development project. An impairment loss is recognized if management estimates that the future net income is less than the value of the development project. ​ ​Projections of future net income are based on significant estimates and are thus associated with some uncertainty.

No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.

The entity participates in a Danish joint taxation arrangement where Labster Group ApS serves as the ​administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity ​is therefore liable for income taxes etc for the jointly taxed entities,and for obligations, if any, relating to the ​

withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total ​known net liability under the joint taxation arrangement is disclosed in the administration company's financial ​statements.

16 Assets charged and collateral

A floating charge of a nominal amount of tDKK 19,000 has been provided as security for loans from Danske Bank ​ and Triplepoint Capital. The floating charge are covering the Company’s goodwill, domain names and rights protected by the Danish Consolidate Patents Act, the Danish Consolidate Trademark Act, the Danish Consolidate Designs Act, the Danish Utility Models Act, the Danish Patterns Act, the Danish Copyright Act and the Danish Act on Protection of the Design of Semiconductor Products (topography), operating equipment and unsecured claims ​relating to the sale of goods and services, also including inventories of raw materials, semi-manufactures and finished goods as well as vehicles that are not or have not previously been registered. ​ ​The carrying amount of intangible assets and trade receivables is tDKK 114,410 (2024: tDKK 119,809)