The executive board has today discussed and approved the annual report of PatchXR ApS for the financial year 22 December 2020 - 31 December 2021.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 company's financial position at 31 December 2021 and of the results of the company's operations for the financial year 22 December 2020 - 31 December 2021.In our opinion, management's review includes a fair review of the matters dealt with in the management's review.The financial statements have not been audited. Management considers the criteria for not auditing the financial statements to be met.Management recommends that the annual report should be approved by the company in general meeting.Jose Eduardo Fouilloux UgaldeMelodie MoussetTo the shareholders of PatchXR ApSWe have compiled the financial statements of PatchXR ApS for the financial year 22 December 2020 - 31 December 2021 based on the company's bookkeeping records and other information made available by enterprise. The financial statements comprises a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. We performed the engagement in accordance with ISRS 4410, Compilation Engagements. We have applied our professional expertise to assist the enterprise in the preparation and presentation of the financial statements in accordance with the Danish Financial Statements Act. We complied with the relevant provisions of the Danish Act on Approved Auditors and with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code), including principles relating to integrity, objectivity, professional competence and due care. The financial statements and the accuracy and completeness of the information used to compile the financial statements are the enterprise´s responsibility. As a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information provided by enterprise for our compilation of the financial statements. Accordingly, we do not express an audit or a review conclusion on whether the financial statements have been prepared in accordance with the Danish Financial Statements Act.Copenhagen2022-06-28Baker Tilly DenmarkMorten Friis Munksgaardstatsautoriseret revisormne34482Business review The company's main activity is to develop and implement projects, in particular related to virtual reality, as well as related activities.Financial review The company's income statement for the year ended 31 December 2021 shows a loss of DKK 165.511, and the balance sheet at 31 December 2021 shows negative equity of DKK 125.511.Significant events occurring after the end of the financial year No events have occurred after the balance sheet date which could significantly affect the company's financial position.1168304133379322-1655110-165511-16551176907690769014937149372262740000-165511-125511558914254914813814813822627400000-16551140000-165511122800536434154025395213337933Årsrapport35257691Baker Tilly DenmarkPoul Bundgaards Vej 1, 1.2500 Valby2020-12-222021-12-3141988177PatchXR ApS1432København KDKDanmark2020-12-22KøbenhavnBaker Tilly Denmark35257691Morten Friis Munksgaardstatsautoriseret revisorPoul Bundgaards Vej1, 1.2500ValbyDKDanmark334510002022-06-28Jose Eduardo Fouilloux UgaldeRegnskabsklasse BtrueAndre erklæringer uden sikkerhedCaseWare-FSRThe annual report of PatchXR ApS for 2020/21 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B, as well as provisions applying to reporting class C entities. As 2020/21 is the company's first reporting period, no comparatives have been presented.Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits 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 from 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 and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount. On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date.Other external expenses include expenses related to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.Staff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity's employees. The item is net of refunds made by public authorities.Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year. Net financials include interest income and expenses, financial expenses relating to finance leases, realised and unrealised capital/exchange gains and losses on securities, liabilities and foreign currency transactions, amortisation of financial assets and liabilities and surcharges and allowances under the Danish Tax Prepayment Scheme, etc.Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity.Other financial assets, which consist of deposita measured at price of cost.Receivables are measured at amortised cost.Provisions comprise expected expenses relating to warranty commitments, losses on work in progress, restructuring, etc. Provisions are recognised when, as a result of a past event, the company has a legal or constructive obligation and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account. Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity. Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value.Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value.419881772020-12-222021-12-31419881772020-12-222021-12-311419881772020-12-222021-12-31g:RetainedEarningsMember419881772021-12-31419881772020-12-222021-12-311419881772020-12-222021-12-312419881772020-12-22g:ContributedCapitalMember419881772021-12-31g:ContributedCapitalMember419881772020-12-22g:RetainedEarningsMember419881772020-12-222021-12-31g:RetainedEarningsMember419881772021-12-31g:RetainedEarningsMemberiso4217:DKKxbrli:pure