36718285 2024-04-01 2025-03-31 2 36718285 2024-04-01 2025-03-31 3 36718285 2024-04-01 2025-03-31 36718285 2024-04-01 2025-03-31 2 36718285 2023-04-01 2024-03-31 36718285 2025-03-31 36718285 2024-03-31 36718285 2024-04-01 d:FixturesFittingsToolsAndEquipmentMember 36718285 2025-03-31 d:FixturesFittingsToolsAndEquipmentMember 36718285 2024-04-01 2025-03-31 d:FixturesFittingsToolsAndEquipmentMember 36718285 2024-04-01 2025-03-31 d:LeaseholdImprovementsMember 36718285 2025-03-31 d:LeaseholdImprovementsMember 36718285 2024-04-01 2025-03-31 d:DepositsLongtermInvestmentsAndReceivablesMember 36718285 2025-03-31 d:DepositsLongtermInvestmentsAndReceivablesMember 36718285 2024-04-01 d:ContributedCapitalMember 36718285 2023-04-01 d:ContributedCapitalMember 36718285 2025-03-31 d:ContributedCapitalMember 36718285 2024-03-31 d:ContributedCapitalMember 36718285 2024-04-01 d:RetainedEarningsMember 36718285 2023-04-01 d:RetainedEarningsMember 36718285 2024-04-01 2025-03-31 d:RetainedEarningsMember 36718285 2023-04-01 2024-03-31 d:RetainedEarningsMember 36718285 2025-03-31 d:RetainedEarningsMember 36718285 2024-03-31 d:RetainedEarningsMember 36718285 2024-04-01 d:ProposedDividendRecognisedInEquityMember 36718285 2023-04-01 d:ProposedDividendRecognisedInEquityMember 36718285 2024-04-01 2025-03-31 d:ProposedDividendRecognisedInEquityMember 36718285 2023-04-01 2024-03-31 d:ProposedDividendRecognisedInEquityMember 36718285 2025-03-31 d:ProposedDividendRecognisedInEquityMember 36718285 2024-03-31 d:ProposedDividendRecognisedInEquityMember 36718285 2024-04-01 2025-03-31 1 36718285 2024-04-01 2025-03-31 1 36718285 2024-04-01 2025-03-31 2 36718285 2024-04-01 2025-03-31 3 iso4217:DKK xbrli:pure Årsrapport 32285201 Martinsen, Statsautoriseret Revisionspartnerselskab Øster Allé, 42 2100, København Ø 2023-04-01 2024-03-31 2024-04-01 2025-03-31 36718285 Grazper Technologies ApS Frederiksgade 7, 1. sal 1265 København K 2015-04-20 København KPMG, Godkendt Revisionspartnerselskab 25578198 Jesper Bo Pedersen statsautoriseret revisor mne42778 Dampfærgevej 28 2100 København Ø Danmark 70707760 2025-08-20 Yasser Kilde Bajwa Regnskabsklasse B Revisionspåtegning CaseWare fra Revisorgruppen Danmark anpartshaverne København 2025-08-20 Copenhagen 2025-08-20 Grundlag for konklusion Konklusion The key figures appearing from the survey have been calculated as follows:  /   /   /    /   /   /  12804322 10721115 9781979 8706766 262949 139345 2759394 1875004 4325 0 5646 13942 2758073 1861062 607268 412780 2150805 1448282 1923000 1425000 227805 23282 153266 368852 38750 0 192016 368852 446190 435866 446190 435866 638206 804718 42964 12253 14000 97495 198085 266518 62455 51452 317504 427718 10711891 9377032 11029395 9804750 11667601 10609468 0 125008 125008 8326848 8099043 1923000 1425000 10374856 9649051 0 92643 637978 502797 654767 364977 1292745 960417 1292745 960417 11667601 10609468 8919849 7848630 768970 762756 93160 95380 9781979 8706766 11 10 797707 797707 428855 215586 644441 153266 86113 86113 -30140 17223 47363 38750 10324 10324 10324 125008 125008 125008 125008 8099043 8075761 227805 23282 8326848 8099043 1425000 2941000 1425000 2941000 1923000 1425000 1923000 1425000 Today, the Board of Directors and the Managing Director have approved the annual report of Grazper Technologies ApS for the financial year 1 April 2024 - 31 March 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 March 2025 and of the results of the Company's operations for the financial year 1 April 2024 – 31 March 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Yasser Kilde Bajwa Kenji Oishi Yoshiharu Seiriki Yasser Kilde Bajwa We have audited the financial statements of Grazper Technologies ApS for the financial year 1 April 2024 - 31 March 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 March 2025, and of the results of the Company's operations for the financial year 1 April 2024 - 31 March 2025 in accordance with the Danish Financial Statements Act. Basis for conclusionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Den­mark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Den­mark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on Management’s ReviewManagement is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. The principal activities of the companyLike previous years, the activities are development of facial recognition software. Development in activities and financial matters The gross profit for the year totals DKK 12.804.322 against DKK 10.721.115 last year. Income or loss from ordinary activities after tax totals DKK 2.150.805 against DKK 1.448.282 last year. Management considers the net profit or loss for the year satisfactory. Events occurring after the end of the financial yearNo events have occurred after the balance sheet date of material importance to the annual report for the financial year of 2024/25. The annual report for Grazper Technologies ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Gross profitGross profit comprises the revenue, changes in inventories of finished goods, and work in progress, own work capitalised, other operating income, and external costs. The enterprise will be applying IAS 18 as its basis of interpretation for the recognition of revenue. Revenue comprises the value of services provided during the year, including outlay for customers less VAT and price concessions directly associated with the sale. Revenue is recognised in the income statement on the completion of sales. This is generally considered to be the case when:The service has been provided before the end of the financial yearA binding sales agreement existsThe sales price has been determinedPayment has been received, or is anticipated with a reasonable degree of certainty. This ensures that recognition does not take place until the total income and costs and stage of completion at the reporting date can be reliably validated and it seems probable that the economic benefits, including payments, will flow to the enterprise. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other external costs comprise costs incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and writedown for impairmentDepreciation, amortisation, and writedown for impairment comprise depreciation on, amortisation of, and writedown for impairment of intangible and tangible assets, respectively. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The company acts as an administration company in relation to the joint taxation. This means that the total Danish tax payable by the Danish consolidated companies is paid to the tax authorities by the company. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Property, plant, and equipmentProperty, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. Land is not subject to depreciation. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing, and the individual component representing a material part of the total cost. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets:  Other fixtures and fittings, tools and equipment Useful life 3-5 years Residual value 0-20 %Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. Leasehold improvementsLeasehold improvements are measured at cost less accrued depreciations. Depreciation is done on a straightline basis over the estimated useful life of the asset, which is set at 5 years. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired.If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experience with historical losses. Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. Equity DividendDividend expected to be distributed for the year is recognised as a separate item under equity. Income tax and deferred taxAs administration company, Grazper Technologies ApS is liable to the tax authorities for the subsidiaries' corporate income taxes. Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsOther liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. 5.ContingenciesContingent liabilitiesLease liabilitiesThe company has entered into lease agreements, where the rent commitments amount to approx. TDKK 576 in the notice period. Joint taxationThe company acts as administration company for the group of companies subject to the Danish scheme of joint taxation and is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, to pay the total corporation tax. TheThe company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. Any subsequent adjustments of corporate taxes or withholding taxes, etc., may result in changes in the company's liabilities.