40664548 2022-01-01 2022-12-31 40664548 2021-01-01 2021-12-31 40664548 2022-12-31 40664548 2021-12-31 40664548 2020-12-31 fsa:ContributedCapitalMember 40664548 2021-01-01 2021-12-31 fsa:ContributedCapitalMember 40664548 2020-12-31 fsa:RetainedEarningsMember 40664548 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 40664548 2020-12-31 40664548 2021-12-31 fsa:ContributedCapitalMember 40664548 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 40664548 2022-12-31 fsa:ContributedCapitalMember 40664548 2021-12-31 fsa:RetainedEarningsMember 40664548 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 40664548 2022-12-31 fsa:RetainedEarningsMember 40664548 2022-01-01 2022-12-31 1 40664548 2022-01-01 2022-12-31 1 40664548 2022-01-01 2022-12-31 2 40664548 2022-01-01 2022-12-31 3 40664548 2022-01-01 2022-12-31 4 iso4217:DKK xbrli:pure Christopher Holland Burney Today, the Executive Board has approved the annual report of Nordic IT Denmark ApS for the financialyear 1 January - 31 December 2022.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 statementsgive a true and fair view of the financial position of the Company at 31 December 2022 and of the resultsof the Company's operations for the financial year 1 January – 31 December 2022.Further, in our opinion, the Management's review gives a true and fair review of the matters discussed inthe Management's review.We recommend that the annual report be approved at the Annual General Meeting. Kgs. Lyngby To the Shareholders of Nordic IT Denmark ApS We have audited the financial statements of Nordic IT Denmark ApS for the financial year 1 January - 31December 2022, which comprise a summary of significant accounting policies, income statement, balancesheet, statement of changes in equity and notes, for the Company. The financial statements are preparedunder the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the financial position of the Company at31 December 2022, and of the results of the Company's operations for the financial year 1 January - 31December 2022 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additionalrequirements applicable in Denmark. Our responsibilities under those standards and requirements arefurther described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section ofour report. We are independent of the Company in accordance with the International Ethics StandardsBoard for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and theadditional ethical requirements applicable in Denmark, and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the IESBA Code. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Without modifying our opinion, we refer to the information in the note 1 in the financial statements, wherethe management has explained the preconditions for presenting the annual accounts with continuedoperations in mind. We have not found a basis for making a different assessment than the management, but highlight theuncertainty associated with the company's continued operations. The management of Nordic IT has after the submission of the 2021 financial report concluded the goodwilland intangibles assets was subject to impairment. The regulation is considered to be a significant error inthe accounting estimates regarding the goodwill and the intangible assets in 2021 which is why thecomparative figures has been changed. For further information we refer to the section under the accountingpolicies, where the changes are described and specified. Management is responsible for the preparation of financial statements that give a true and fair view inaccordance with the Danish Financial Statements Act, and for such internal control as Managementdetermines is necessary to enable the preparation of financial statements that are free from materialmisstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the Company’s ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using the goingconcern basis of accounting in preparing the financial statements unless Management either intends toliquidate 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 arefree from material misstatement, whether due to fraud or error, and to issue an auditor’s report thatincludes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an auditconducted in accordance with ISAs and the additional requirements applicable in Denmark will alwaysdetect a material misstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if, individually or in the aggregate, they could reasonably be expected to influence theeconomic 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 inDenmark, 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 tofraud or error, design and perform audit procedures responsive to those risks, and obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resulting from error asfraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override ofinternal control.Obtain an understanding of internal control relevant to the audit in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Company’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting inpreparing the financial statements and, based on the audit evidence obtained, whether a materialuncertainty exists related to events or conditions that may cast significant doubt on the Company’sability to continue as a going concern. If we conclude that a material uncertainty exists, we arerequired to draw attention in our auditor’s report to the related disclosures in the financialstatements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are basedon the audit evidence obtained up to the date of our auditor’s report. However, future events orconditions may cause the Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and events ina manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scopeand timing of the audit and significant audit findings, including any significant deficiencies in internalcontrol that we identify during our audit. Management is responsible for Management’s Review.Our opinion on the financial statements does not cover Management’s Review, and we do not express anyform of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read Management’s Reviewand, in doing so, consider whether Management’s Review is materially inconsistent with the financialstatements 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 informationrequired under the Danish Financial Statements Act.Based on the work we have performed, we conclude that Management’s Review is in accordance with thefinancial statements and has been prepared in accordance with the requirements of the Danish FinancialStatement Act. We did not identify any material misstatement of Management’s Review. Copenhagen V 25492145 Peter Arent Benkjer State Authorised Public Accountant mne35785 Nordic IT Denmark ApS Lottenborgvej 26 2800 Kgs. Lyngby 40664548 3 Justin Alexander Brady Christopher Holland Burney Paul Crandle Salisbury John Michael Girdley RSM Denmark Statsautoriseret Revisionspartnerselskab Ved Vesterport 6, 5. sal 1612 København V Parent companyNordic IT, LLC, 425 Soledad St. Suite 250, San Antonio, TX 78205,USA The principal activities of the companyThe objectives of the company are developing software applications, and to operate agency, commercial-and manufactoring business. Uncertainties about recognition or measurementManagement is aware that the company has lost the equity and is covered by section 119 of the DanishCompanies Act.The management is working on adjusting the costs to the current level of activity and it is the management'sexpectation that operations will be profitable going forward.The company has almost exclusively intercompany debt as of 31 December 2022. The company'scontinued operations are dependent on financial support from the parent company, which has submitted astatement of support for the next 12 months after approval of the annual report. The intercompany debtdoes not fall due for payment in 2023. On that basis, the management assesses that the company fulfills thecondition of going concern.Development in activities and financial mattersThe gross profit for the year totals DKK 11.881.365 against DKK 7.234.363 last year. Managementconsiders the net profit or loss for the year satisfactory. The company's income statement for the year ended31 December 2022 shows a loss of DKK 503.462, and the balance sheet at 31 December 2022 showsnegative equity of DKK 6.244.189.Events occurring after the end of the financial yearAfter end of the financial year, no events have occurred that will significantly affect the company´sfinancial position. true The annual report is presented in DKK.Change in the accounting estimatesAfter the audit of the 2021 annual report, the company have made changes to the accounting estimates in2021 regarding the goodwill and the intangibles assests. The reason behind the change in the accountingestime because the goodwill and intangible assets was subject to imparment as this would be give a morefair and accurate depiction of the goodwill and intangible assets.The accoumulated effects of the change in accounting estimates pr. 31. december 2021 is: ·Netprofit or loss 0 DKK.·Intangibles asstes -3.399.682 DKK ·Receivables from subsidiaries 3.075.399 DKK ·Equity 203.365 DKK.·Payables from subsidiaries 235.971 DKKBesides the above changes are the accounting policies are unchanged from last year The Comparative figures have been changed accordingly to the change in the accounting policies.Recognition and measurement in generalIncome is recognised in the income statement as earned, including value adjustments of financial assets andliabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised inthe income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits will low to thecompany and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flowfrom the company and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets andliabilities are measured as described below for each individual accounting item.Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interestrate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as theoriginal cost less any payments, plus/less accrued amortisations of the difference between cost and nominalamount. In this way, capital losses and gains are allocated over the useful life of the liability.Upon recognition and measurement, allowances are made for such predictable losses and risks which mayarise prior to the presentation of the annual report and concern matters that exist on the reporting date.Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of thetransaction. Differences in the rate of exchange arising between the rate at the date of transaction and therate at the date of payment are recognised in the profit and loss account as an item under net financials. Ifcurrency positions are considered to hedge future cash flows, the value adjustments are recognised directlyin equity in a fair value reserve.Income statementGross profitGross profit comprises the revenue, changes in inventories of finished goods, and work in progress, ownwork capitalised, other operating income, and external costs.Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken placebefore the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue ismeasured at the fair value of the consideration promised exclusive of VAT and taxes and less any discountsrelating directly to sales.Cost of sales comprises costs concerning hosting fees etc. Other external costs comprise costs incurred for distribution, sales, advertising, administration, premisesand loss on receivables.Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social securitycosts, etc., for staff members.Depreciation, amortisation, and writedown for impairmentDepreciation, amortisation, and writedown for impairment comprise depreciation on, amortisation of, andwritedown for impairment of intangible and tangible assets, respectively.Financial income and expensesFinancial income and expenses are recognised in the income statement at the amounts that relate to thefinancial year. Net financials include interest income and expenses, financial expenses relating to financeleases, realised and unrealised capital/exchange gains and losses on securities, liabilities and foreigncurrency transactions, amortisation of financial assets and liabilities and surcharges and allowances underthe Danish Tax Prepayment 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 isrecognised in the income statement with the share attributable to the net profit or loss for the year anddirectly in equity with the share attributable to entries directly in equity. Statement of financial positionIntangible assetsDevelopment projects, patents, and licencesDevelopment costs and internally generated rights are recognised in the income statement as costs in theacquisition year.Patents and licenses are measured at cost less accrued amortisation. Patents are amortised on a straightlinebasis over the remaining patent period and licenses are amortised over the contract period, however, for amaximum of 10 years.GoodwillAcquired goodwill is measured at cost less accumulated amortisation. Given that it is impossible to make areliable estimate of the useful life, the amortisation period is set at 10 years.Property, plant, and equipmentProperty, plant, and equipment are measured at cost less accrued depreciation and writedown forimpairment.The cost comprises acquisition cost and costs directly associated with the acquisition until the time whenthe asset is ready for use. The cost of self-constructed assets comprises direct and indirect costs ofmaterials, components, sub-suppliers and wages.Depreciation is done on a straight-line basis according to an assessment of the expected useful life:Useful lifeOther fixtures and fittings, tools and equipment 3-5 yearsMinor assets with an expected useful life of less than 1 year are recognised as costs in the income statementin the year of acquisition.Gains or losses from the disposal of property, plant and equipment are recognised in the income statementas other operating income or other operating expenses, respectively.Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets are subject to annual impairment tests inorder to disclose any indications of impairment beyond those expressed by amortisation and depreciationrespectively.If indications of impairment are disclosed, impairment tests are carried out for each individual asset orgroup of assets, respectively. Writedown for impairment is done to the recoverable amount if this value islower than the carrying amount.The recoverable amount is the higher value of value in use and selling price less expected selling cost. Thevalue in use is calculated as the present value of the expected net cash flows from the use of the asset or theasset group and expected net cash flows from the sale of the asset or the asset group after the end of theiruseful life.Previously recognised impairment losses are reversed when conditions for impairment no longer exist.Impairment relating to goodwill is not reversed.DepositsDeposits are measured at amortised cost and represent lease deposits, etc.ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables isimpaired. If there is objective evidence that an individual receivable is impaired, an impairment loss for thatindividual asset is recognised.Prepayments and accrued incomePrepayments and accrued income recognised under assets comprise incurred costs concerning the followingfinancial year.Cash on hand and demand depositsCash on hand and demand deposits comprise cash at bank.Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position ascalculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and fortax paid on account.Deferred tax is measured according to the liability method in respect of temporary differences between thecarrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of theasset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at thevalue at which they are expected to be realisable, either by settlement against tax of future earnings or byset-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured atnet realisable value.Liabilities other than provisionsOther liabilities other than provisions are measured at amortised cost which usually corresponds to thenominal value.Accruals and deferred incomePayments received concerning future income are recognised under accruals and deferred income. 11940376 7150871 6965875 4320611 3540561 3701708 1433940 -871448 595779 0 3229280 1900221 -1199561 -2771669 0 144014 -1199561 -2915683 -1199561 -2915683 1285148 3458547 1066760 1530176 8019669 8834525 10371577 13823248 0 88889 0 88889 194004 182183 194004 182183 10565581 14094320 2860647 1385644 4643280 4410186 80007 80007 6891 158994 55926 0 7646751 6034831 2767754 3377370 10414505 9412201 20980086 23506521 40000 40000 -6980288 -5712281 -6940288 -5672281 20911726 20148107 20911726 20148107 79814 33083 2105047 1782013 659479 2073653 653504 653504 3510804 4488442 7008648 9030695 27920374 29178802 20980086 23506521 40000 -2999963 -2959963 0 -2915683 0 203365 203365 40000 -5712281 0 -1199561 0 68446 68446 40000 -6980288 Uncertainties concerning recognition and measurementManagement is aware that the company has lost the equity and is covered by section 119 of theDanish Companies Act.The management is working on adjusting the costs to the current level of activity and it is themanagement's expectation that operations will be profitable going forward.The company has almost exclusively intercompany debt as of 31 December 2022. The company'scontinued operations are dependent on financial support from the parent company, which hassubmitted a statement of support for the next 12 months after approval of the annual report. Theintercompany debt does not fall due for payment in 2023. On that basis, the management assessesthat the company fulfills the condition of going concern. Staff costsSalaries and wages6.747.3293.907.353Pension costs209.458349.279Other costs for social security9.08863.9796.965.875 4.320.611 8 6 Other financial costsFinancial costs, group enterprises3.167.724528.460Other financial costs61.5561.371.7613.229.280 1.900.221 Tax on net profit or loss for the yearAdjustment of deferred tax for the year0144.0140 144.014 Completed development projects, including patents andsimilar rights arising from development projectsCost1 January 202210.866.99910.866.999Cost 31 December 2022 10.866.999 10.866.999Amortisation and writedown1 January 2022-7.408.452-3.078.983Amortisation and depreciation for the year-2.173.399-2.173.400Impairment loss for the year0-2.156.069Amortisation and writedown 31 December 2022 -9.581.851 -7.408.452Carrying amount, 31 December 2022 1.285.148 3.458.547Concessions, patents, licenses, trademarks, and similar rightsacquiredCost1 January 20223.096.1843.096.184Cost 31 December 2022 3.096.184 3.096.184Amortisation and writedown1 January 2022-1.566.008-656.506Amortisation and depreciation for the year-463.416-463.416Impairment loss for the year0-446.086Amortisation and writedown 31 December 2022 -2.029.424 -1.566.008Carrying amount, 31 December 2022 1.066.760 1.530.176GoodwillCost1 January 202212.701.60612.701.606Cost 31 December 2022 12.701.606 12.701.606Amortisation and writedown1 January 2022-3.867.081-1.812.162Amortisation and depreciation for the year-814.856-1.257.393Impairment loss for the year0-797.526Amortisation and writedown 31 December 2022 -4.681.937 -3.867.081Carrying amount, 31 December 2022 8.019.669 8.834.525 Other fixtures and fittings, tools and equipmentCost1 January 2022400.000400.000Cost 31 December 2022 400.000 400.000Depreciation and writedown1 January 2022-311.111-177.778Amortisation and depreciation for the year-88.889-133.333Depreciation and writedown 31 December 2022 -400.000 -311.111Carrying amount, 31 December 2022 0 88.889 DepositsCost1 January 2022182.183179.491Additions during the year11.8212.692Cost 31 December 2022 194.004 182.183Carrying amount, 31 December 2022 194.004 182.183 ContingenciesContingent liabilitiesThe company has a rent contract with a total obligation of TDKK 302. The rent contract cannot beterminated until 31.07.2022 whereafter it can be terminated with a 6 months´ notice. Related partiesControlling interestNordic IT, LLC, 425 Soledad St. Suite 250, San Antonio, TX 78205, USAMajority shareholderConsolidated financial statementsThe company is included in the consolidated financial statements of Dura Software, INC., USA,Texas. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-01-01 2022-12-31 2021-01-01 2021-12-31 2023-07-06 Reporting class B 2023-07-06 55399719 JH Revision Godkendt Revisionspartnerselskab Kingosvej 3 2630 Taastrup Opinion Basis for Opinion 2023-07-06