Shapewatch ApS

The Company objects are to carry on business in the field of IT solutions, scanning, software, trading and other services, and to undertake, perform and carry on all such other things as the Executive Board deems incidental to the attainment of such objects

The income statement for 2019 shows a loss of USD 3,879,095, and the balance sheet at 31 December 2019 shows a negative equity of USD 3,873,098. Management considers the Company's financial performance in the year unsatisfactory. The company has lost more than 50% of its equity during 2019. Management expects to explain how the equity will be recapitalized on the companys annual general meeting. The company is dependent upon continued financing from the Group company Global Scanning Denmark A/S. Global Scanning Denmark A/S have issued a letter of subordination stating that all intercompany balances (loans, operational funding etc.) granted by it to the company which were existing on 31 December 2019 shall be subordinated to all the company's other creditors until the date of the company's ordinary annual general meeting, to be held in 2021, in relation to the company's annual report for the year ended 31 December 2020.

After the balance sheet date, the company has ceased all activities and spendings. No other post balance sheet events have occurred in 2020 which could materially affect the assessment of the Company´s financial position.

Follow up – text in relation to sale of Shapewatch Asset in 2020

Other contingent liabilities

The Company is jointly taxed with its parent, Global Scanning A/S, which acts as management company, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes for the income year 2019 onwards as well as withholding taxes on interest, royalties and dividends.