29631123 2022-12-31 29631123 2021-12-31 29631123 2022-12-31 ClassOfSharesIdentifier_list_1 29631123 2022-12-31 ClassOfSharesIdentifier_list_2 29631123 2022-01-01 fsa:ContributedCapitalMember 29631123 2022-01-01 fsa:RetainedEarningsMember 29631123 2022-12-31 fsa:ContributedCapitalMember 29631123 2022-12-31 fsa:RetainedEarningsMember 29631123 2022-01-01 fsa:AcquiredLicencesMember 29631123 2022-12-31 fsa:AcquiredLicencesMember 29631123 2022-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 29631123 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 29631123 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember fsa:LeasedAssetsMember 29631123 2022-12-31 fsa:LongtermLeaseCommitmentsMember 29631123 2021-12-31 fsa:LongtermLeaseCommitmentsMember 29631123 2022-01-01 2022-12-31 29631123 2022-01-01 2022-12-31 1 29631123 2022-01-01 2022-12-31 memberOfBoardIdentifier_executive_board_1 29631123 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_1 29631123 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_2 29631123 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_3 29631123 2022-01-01 2022-12-31 2 29631123 2021-01-01 2021-12-31 29631123 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 29631123 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 29631123 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 29631123 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 29631123 2022-01-01 2022-12-31 fsa:AcquiredLicencesMember 29631123 2022-01-01 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember iso4217:DKK shares pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2022-01-01 2021-01-01 2022-12-31 2021-12-31 29631123 Front-Safe A/S (under tvangsopløsning) Spotorno Alle 10 2630 Taastrup Høje-Taastrup 2006-06-29 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2023-11-17 Bret Lock Piatt Regnskabsklasse B Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Financial Statements of Front-Safe A/S (under tvangsopløsning) for the financial year 1 January - 31 December 2022. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2022 of the Company and of the results of the Company operations for 2022. We recommend that the Financial Statements be adopted at the Annual General Meeting. 2023-11-17 Taastrup Bret Lock Piatt Director Seema Elizabeth Chacko Chairman Bret Lock Piatt Alton William Alberts To the shareholder of Front-Safe A/S (under tvangsopløsning) Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2022 and of the results of the Company´s operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Front-Safe A/S (under tvangsopløsning) for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion We 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 judgement and maintain professional scepticism 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. We draw the attention to Note 1 in the Financial Statements stating that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. Non-compliance with the Danish accounting legislation Contrary to the Danish Financial Statements Act, the Company has not filed the Annual Report for 2022 to the Danish Business Authority within the required deadlines by which Management may incur liability. Hellerup 2023-11-17 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Bo Schou-Jacobsen State Authorised Public Accountant mne28703 Anders Røjleskov State Authorised Public Accountant mne28699 1 1 3356367 8045984 6806388 7493800 3910328 3899527 -7360349 -3347343 31414 48144 -7391763 -3395487 -1093472 -536378 -6298291 -2859109 -6298291 -2859109 1488 2538 1488 2538 3813183 7386571 3813183 7386571 2432388 2961556 840594 69450 5831164 8261431 9645835 15650540 3814671 7389109 830503 0 1549465 3290913 5652950 6321919 178214 1939512 544086 544086 0 1093472 0 1093472 0 183919 0 183919 183915 721495 734991 760838 3701880 114649 544086 544086 806991 7105282 1351077 7649368 3265049 4440964 408923 685835 8294758 6723781 8294758 6907700 9645835 15650540 A-shares 506000 506000 B-shares 38086 38086 There have been no changes in the share capital in the past five years. 544086 7105282 0 -6298291 544086 806991 **Capital resources and subsequent events**Due to late submission of the Annual Report for 2022, the Danish Business Authority sent the Company to the Sø- og Handelsrettens Skifteretsafdeling for a compulsory dissolution. With the submission of this Annual Report, the process to terminate the compulsory dissolution will be initiated and it is expected that the Company soon will resume normal operations.The Company is part of the Jungle Disk LLC Group in Texas, USA (“the Group”). By the end of 2021, the Group acquired the Company and other group enterprises. During 2022 and 2023, the Group is ongoing a larger restructure, which is expected to be finalized during the first half of 2024. Due to this, the Danish operations have been running with a deficit, and Management expects that the deficit for 2023 will be reduced to approx. DKK 1 million, however mainly due to invoicing for intercompany services of approx. DKK 10 million to the ultimate parent company Jungle Disk LLC. For 2024, Management expects a positive result. The ultimate parent and other group enterprises have in 2023 supported the Company with financial resources and it is Management’s expectation that this will continue for the remaining part of 2023 and in 2024. However, on 16 November 2023, the shareholder granted a cash group contribution of DKK 1,800k with the purpose of restoring positive equity.Furthermore, Management has obtained a letter of support from the ultimate parent company Jungle Disk LLC and two other group enterprises to support and ensure that sufficient capital resources are available to cover the Company's obligations until 31 December 2023. In addition, in case of that intercompany receivables from the ultimate parent Jungle Disk LLC is not settled, then other group enterprises have confirmed that they will not call repayment of their intercompany debt and in case of loss on the receivable from the ultimate parent furthermore subordinated their debt in favor of other creditors. The letter of subordination is valid until 30 June 2024. It is Management's expectation that the measures to be taken will ensure that the Company has sufficient capital resources to continue their operations until 31 December 2023. However, additional capital resources will be necessary in 2024. Management therefore submits the Annual Report on the assumption of going concern. However, the above also by nature indicates that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. No other events have occurred after the balance sheet date, which could significantly affect the Company’s financial position. The Company's main activity is to deliver backup- and archiving solutions. 6435573 7169150 327928 302306 31500 22344 11387 0 6806388 7493800 9 7 1050 26050 3909278 3873477 -1093472 -566004 0 29626 -1093472 -536378 9188116 9188116 9185578 1050 9186628 1488 Amortised over 3-10 years 3-10 years 21478337 335890 21814227 14091766 3909278 18001044 296073 3813183 3-5 years 0 0 0 183919 183915 721495 183915 905414 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt. The debt falls due for payment as specified below: Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 73,874 73,874 0 The Company was until September 2021 jointly taxed with J2 Global Denmark A/S. Entities subject to mandatory joint taxation have unlimited, joint and several liability for Danish corporation taxes. The Company's immediate Parent Company is KeepItSafe (Ireland) Limited and the Ultimate Parent Company is Jungle Disk LLC, USAThe Company is included in the Group Report of the Ultimate Parent Company: Name Place of registered office Jungle Disk LLC San Antonio, Texas, USA The Annual Report of Front-Safe A/S (under tvangsopløsning) for 2022 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2022 are presented in DKK. 1 Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, 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 flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the maturity period. Amortised cost is calculated as original cost less any repayments and with addition/deduction of the cumulative amortisation of any difference between cost and the nominal amount. In this way, capital losses and gains are allocated over the maturity period. Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date. Leases in terms of which the Company assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Company. The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement. All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Danish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company.Revenue from subscriptions and other services is recognised on a straight-line basis over the period in which the service is delivered. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Cost of goods sold comprise the raw materials and consumables consumed to achieve revenue for the year. Other external expenses comprise expenses for premises, sales and distribution as well as office expenses, etc. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, expenses for raw materials and consumables and other external expenses. Staff expenses comprise wages and salaries as well as payroll related expenses. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Acquired licences are measured at the lower of cost less accumulated amortisation and recoverable amount. Patents are amortised over the remaining patent period, and licences are amortised over the licence period; however not exceeding 10 years. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Other fixtures and fittings, tools and equipment 3-5 years Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Debts are measured at amortised cost, substantially corresponding to nominal value.