382503022021-01-012021-12-31382503022021-01-012021-12-311382503022021-01-012021-12-312382503022021-01-012021-12-313382503022021-01-012021-12-314382503022021-01-012021-12-312382503022021-01-012021-12-31RevPers5382503022021-01-012021-12-31fsa:RetainedEarningsMember382503022021-01-012021-12-31fsa:ContributedCapitalMember382503022021-01-012021-12-31fsa:ReserveForDevelopmentExpenditureMember382503022021-01-012021-12-31fsa:RetainedEarningsMember382503022020-01-012020-12-31382503022020-01-012020-12-31fsa:RetainedEarningsMember382503022021-12-31382503022021-01-01fsa:ContributedCapitalMember382503022021-01-01fsa:ReserveForDevelopmentExpenditureMember382503022021-01-01fsa:RetainedEarningsMember382503022020-12-31xbrli:purexbrli:pureiso4217:DKKxbrli:sharesTo the shareholders of Hiveonline ApS Basis of opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibility under those standards and requirements are further described in the “Auditors' responsibility 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 (including International Independence Standards) (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statement 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. Opinion We have audited the financial statements of Hiveonline ApS for the financial year 1 January 2021 - 31 December 2021, which comprise an income statement, balance sheet, statement of changes in equity and notes. The financial statements are 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 its operations for the financial year 1 January 2021 - 31 December 2021 in accordance with the Danish Financial Statements Act. 2022-07-06ElsinoreThe auditor's responsibility for the audit of the financial statements Our responsibility is to obtain reasonable assurance as to whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements. Misstatements can arise from fraud or error and can be considered material if it would be reasonable to expect that these - either individually or collectively - could influence the economic decisions taken by the users of financial statements on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain an attitude of professional skepticism throughout the audit. We also: * Identify and assess the risk of material misstatements in 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 a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or 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 whether the accounting policies used are appropriate and whether the accounting estimates and the related disclosures made by Management are reasonable. * Conclude on whether Management's use of the going concern basis of accounting in preparing the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists relating to events or conditions, which could 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 auditors' 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 auditors' report. However, future events or conditions may imply that the Company can no longer remain a going concern. * Evaluate the overall presentation, structure and contents of the financial statements, including note disclosures, and whether the financial statements reflect 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 which we identify during our audit. , Our responsibility is to obtain reasonable assurance as to whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements. Misstatements can arise from fraud or error and can be considered material if it would be reasonable to expect that these - either individually or collectively - could influence the economic decisions taken by the users of financial statements on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain an attitude of professional skepticism throughout the audit. We also: * Identify and assess the risk of material misstatements in 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 a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or 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 whether the accounting policies used are appropriate and whether the accounting estimates and the related disclosures made by Management are reasonable. * Conclude on whether Management's use of the going concern basis of accounting in preparing the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists relating to events or conditions, which could 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 auditors' 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 auditors' report. However, future events or conditions may imply that the Company can no longer remain a going concern. * Evaluate the overall presentation, structure and contents of the financial statements, including note disclosures, and whether the financial statements reflect 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 which we identify during our audit. Management's responsibility for the financial statements 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 considers 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 either liquidate the Company or suspend operations, or has no realistic alternative but to do so. 30195264mne34299Morten BjerregaardAnna Sofie BlakstadJohan Grundström ErikssonAnna Sofie BlakstadJohanna Margaret CampionCarl Fredik WettermarkKallermann Revision A/S - statsautoriseret revisionsfirmaChairmanChairmanRevisionspåtegningtrue13369326103419953511732360Regnskabsklasse C, mellemstor virksomhed64544645441603263492589174611746102702Equity investments in group enterprises and associates Equity investments in group enterprises and associates are measured at cost. Dividends that exceed accumulated earnings of the group enterprise or the associate during the ownership period are treated as a reduction of the cost. If cost exceeds the net realizable value, a write-down to this lower value will be performed. 117127929796135 Reporting Class The annual report of Hiveonline ApS for 2021 has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with additional choice of a few rules from class C enterprises. The Company has also decided not to include an cash flow statement due to Danish Financial Statements Act §86, 4. The accounting policies applied remain unchanged from last year. Consolidated Financial Statements With reference to § 110 of the Danish Financial Statements Act, no Consolidated Financial Statement have been prepared because the Group enterprises do not exceed the amount limits. Reporting currency The annual report is presented in Danish kroner. Translation policies Transactions in foreign currencies are translated into DKK at the exchange rate prevailing at the date of transaction. Monetary assets and liabilities in foreign currencies are translated into DKK based on the exchange rates prevailing at the balance sheet day. Realised and unrealised foreign exchange gains and losses are included in the income statement under financial income and expenses. Government grants Government grants provided to cover costs are recognised in the income statement when it is probable that all the conditions for the grant have been fulfilled. Grants to be repaid under certain circumstances are recognised only so far as they are not expected to be repaid. Grants provided for purchasing assets are set off in the cost of the asset. General information Basis of recognition and measurement The financial statement have been prepared under the historical cost principle. Income is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortized cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortization, 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 accrue 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 attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are 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 term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the financial statement, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Income statement Revenue Revenue is recognised in the income statement if the goods have been delivered and the risk has passed to the buyer before year-end and if the revenue can be reliably calculated and expected to be received. Revenue is recognised excluding VAT and all discounts granted are recognised in revenue. Income from delivery of services is recognised on a straight-line basis in net sales, as the service is delivered. Other external expenses Other external expenses include expenses for distribution, sales, advertising, administration, premises, bad debts, operating leasing expenses etc. Staff costs Staff costs include wages and salaries including compensated absence and pension to the Companies employees, as well as other social security contributions etc. The item is deducted from refunds from public authorities. Other staff expenses are recognised in other external expenses. Amortisation and impairment of tangible and intangible assets Amortization and impairment of intangible assets, property, plant and equipment has been performed based on a continuing assessment of the useful life of the assets in the Company. Non-current assets are amortized on a straight line basis, based on cost, on the basis of the following assessment of useful life and residual values: Financial income and expenses Financial income and expenses are recognised in the income statement based at the amounts that concern the financial year. Financial income and expenses include interest revenue and expenses, realised and unrealised capital gains and losses regarding trade receivables and accounts payable and transactions in foreign currencies, surcharges and allowances under the advance-payment of tax scheme. Tax on net profit for the year Tax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity. Balance sheet Intangible assets Development projects that are clearly defined and identifiable, and where the degree of technical utilization, sufficient resources and a potential future market or development potential in the Company are provable and where the intention is to manufacture, market or use the product or process are recognised as intangible assets if the value in use can be determined reliably and it is sufficiently certain that future earnings can cover production, sales and administration costs as well as total development costs. Other development costs are recognised as costs in the income statement as they incur. Development costs comprise costs, including wages, salaries and amortization, that are directly or indirectly attributable to the development activities of the enterprise and meet the recognition criteria. Capitalized development costs are measured at cost on initial recognition and subsequently at the lower of cost less accumulated amortization and the recoverable amount. Property, plant and equipment Property, plant and equipment are measured at cost on initial recognition and subsequently at cost less accumulated depreciation and impairment losses. The depreciable amount is calculated taking into consideration the residual value of the asset at the end of its useful life, reduced by impairment losses, if any. The depreciation period and the residual value are determined at the data of acquisition. If the residual value exceeds the carrying amount of the asset, depreciation is discontinued. In case of changes in depreciation period or residual value, the effect of a change in depreciation period is recognised prospectively in accounting estimates. Cost includes the purchase price and expenses directly related to the acquisition until the time when the asset is ready for use. The cost of self-constructed assets includes costs for materials, components, subcontractors, direct payroll costs and indirect production costs. The cost of composite asset is disaggregated into components, which are separately depreciated if the useful lives of the individual component differ. Expected useful life Residual value Other fixtures and fittings, tools and equipment 3-5 years 0 The carrying amounts of property plant and equipment are tested annually to determine whether there is any indication of impairment other than what is expressed by amortization and depreciation. If so, the assets are tested for impairment to determine whether the recoverable amounts are lower than the carrying amounts and the relevant assets are written down to such lower recoverable amounts. An impairment test is carried out annually of ongoing development projects, whether or not there is any indication of impairment. The recoverable amount of an asset is determined as the higher of the net sales price and the value in use. Where the recoverable amount of the individual assets cannot be determined, the assets are grouped together into the smallest group of assets that can be estimated to determine an aggregate reliable recoverable amount for those units. Equity investments in group enterprises and associates Equity investments in group enterprises and associates are measured at cost. Dividends that exceed accumulated earnings of the group enterprise or the associate during the ownership period are treated as a reduction of the cost. If cost exceeds the net realizable value, a write-down to this lower value will be performed. Deposits Deposits are measured at cost. Receivables Receivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. Impairment of accounts receivables past due is established on individual assessment of receivables. Accrued income, assets Accrued income recognised in assets comprises prepaid costs regarding subsequent financial years. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. Equity Equity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association. Development cost reserve Development cost reserve includes recognised development costs. The reserve is not available for the payment of dividend or losses. The reserve is deducted or dissolved by depreciation of the recognized costs or abandonment of the activity. Such reduction or dissolution is made by means of a transfer to distributable reserves. Current tax liabilities Current tax liabilities and current tax receivables are recognised in the balance sheet as estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Liabilities Financial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement over the life of the financial instrument. Mortgage debt is accordingly measured at amortized cost, corresponding to the outstanding balance in case of cash loans. In case of bond loans, amortized cost corresponds to the outstanding balance determined as the underlying cash value of the loans at the time of borrowing adjusted for amortisation of capital losses on the loans over the repayment period. Other liabilities are measured at net realisable value. Other payables Other payables are measured at amortized cost, which usually corresponds to the nominal value. Contingent assets and liabilities Contingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. 10. Contingent liabilities No contingent liabilities exist at the balance sheet date. 2021 2020 DKK DKK 2. Staff costs Wages and salaries 628.216 635.999 Post-employement benefit expense 31.428 117.600 Social security contributions 10.725 14.620 670.369 768.219 Average number of employees 3 5 Reserve for Contributed development Retained capital expenditure earnings Total DKK DKK DKK DKK Equity 1 January 2021 64.544 7.640.935 -2.660.849 5.044.630 Other adjustments of equity 0 1.494.993 -1.494.993 0 Profit (loss) 0 0 930.400 930.400 Equity 31 December 2021 64.544 9.135.928 -3.225.442 5.975.030 5. Development projects in progress Cost at the beginning of the year 9.796.134 7.032.724 Addition during the year 1.916.658 2.763.411 Cost at the end of the year 11.712.792 9.796.135 Carrying amount at the end of the year 11.712.792 9.796.135 hiveonline is a suite of applications, integrations and dashboard that provides a financial and commercial ecosystem for communities without access to traditional financial services or markets. It is based on low-energy blockchain technology and machine learning, to provide financial infrastructure where none exists. The design and community based structure enables customers without access to a phone to have an ID, a wallet and a digital credit history, and to make buyers aware of their crops. Financial institutions, buyers, NGOs and governments can get data analytics and integrations to link their services to the communities. hiveonline's suite of applications gives unbanked community groups, primarily in sub-Saharan Africa, access to financial services and markets to build better economies. It can provide the bridge between communities such as savings groups, farmers' associations and cooperatives, and the formal financial system and buyers. It is delivered as both an app for savings groups and another for agricultural cooperatives providing identity, credit scoring, management, accounting and crop forecasting, together with dashboards and integrations for partner and customer organisations. The platform provides remote access to group data, which can be used for remote credit assessment and KYC for lenders, remote input management for buyers and a reduction in friction for the commercial ecosystems we support, giving the groups, their suppliers and buyers the ability to generate profits and grow higher yielding crops. In 2021 we added vouchers for distribution of agricultural inputs to the platform. hiveonline's platform is live in Mozambique, Zambia and Uganda with additional countries in scope for 2022. There are live customers on both the vsla.online and myCoop.online apps. We continue to develop additional features, service enhancements and user driven changes on both the myCoop.online and vsla.online platforms. This is both driven by our technology roadmap, and by the needs of our users, agricultural ecosystem players and NGO partners. We have segmented project activity into build projects and "pure rollout projects" managed by our project team, which form a small but important revenue stream, and require very little development time. In 2021 we migrated our backend services to a fully containerized environment and delivered offline functionality for existing features, so more customers can use the app without needing connectivity. We built a new transaction gateway, blockchain based vouchers and dashboards, integrated with new data systems and also built a new app, the "agent app" for use by merchants and other agents with our vouchers. We onboarded new language features and repurposed our vsla app to work for families in Lebanon who are not in savings groups. Management assesses that the market for the hiveonline platform is still in the scale-up phase of its lifecycle and will be expanding significantly in the coming years. Management assesses that the large resource investment in the development of the platform to support this market will be able to provide the Company a significant competitive advantage in the coming years. 8. Disclosure in long-term investments in group enterprises and associates Group enterprises Name Registered office Share held in % Equity Profit Apiary Network AB Klarabergsviadukten 63 111 64 Stockholm, Sweden 100,00 81.429 41.355 HIVE ONLINE APS Limited Kigali, Nyarugenge, Umujyi wa Kigali, RWANDA 100,00 -555.793 15.464 -474.364 56.819 , 7. Long-term investments in group enterprises Cost at the beginning of the year 35.810 35.810 Cost at the end of the year 35.810 35.810 Carrying amount at the end of the year 35.810 35.810 9. Long-term liabilities The Company has a loan from the parent company amounting to 200,000 EUR (1,493,940 DKK) recognised in Amounts owed to group enterprises raised against issue of a convertible debt instrument. The loan can be converted to shares in the Company on the same conditions and valuation as a possible future equity financing. The loan falls due after five years and more. In 2019 the Company has obtained 2 loans amounting to 125,000 USD (826,269 DKK) recognised in Amounts owed to shareholders and management and raised against issue of a convertible debt instrument. The loans can be converted to shares in the Company on the same conditions and valuation as a possible future equity financing. The loan falls due after five years and more. In 2021 the Company has obtained 4 loans amounting to 280,000 USD (2.113.521 DKK) recognised in Amounts owed to shareholders and management and raised against issue of a convertible debt instrument. The loans can be converted to shares in the Company on the same conditions and valuation as a possible future equity financing. The loan falls due after five years and more. Due Due Due after 1 year within 1 year after 5 years DKK DKK DKK Payables to group enterprises 1.970.664 0 1.970.664 Payables to shareholders and management 3.824.275 0 3.824.275 5.794.939 0 5.794.939 11. Collaterals and securities No securities or mortgages exist at the balance sheet date. 3. Financial expenses Interest expense assigned to group enterprises etc. 92.576 55.986 Other interest expense 29.065 17.707 121.641 73.693 1. Other operating income The financial year 2020 was significantly affected by the spreading of the Covid-19 pandemic causing planned projects to be postponed by the Company's partners and customers. The Company used the established compensation schemes from the Danish Government and received a compensation of DKK 92,000 in 2020, which were recognised in other operating income in the income statement for 2020. 2021 2020 DKK DKK 6. Fixtures, fittings, tools and equipment Cost at the beginning of the year 9.714 9.714 Cost at the end of the year 9.714 9.714 Depreciation and amortisation at the beginning of the year -9.714 -7.012 Amortisation for the year 0 -2.702 Impairment losses and amortisation at the end of the year -9.714 -9.714 Carrying amount at the end of the year 0 0 4. Tax expense Current tax expense -159.797 -446.923 Adjustment of defererred tax assets 422.778 958.000 262.981 511.077 6703697682192660849-64544-764093559750305044630The Company has also decided not to include an cash flow statement due to Danish Financial Statements Act §86, 4. 19853912403715117127929796135133693261034199560135184339365532715327135810358105794939373359019706642081181382427516524091176606398494060-149499314949931216417369309200017007956045930400009304009304001048024104802411933811559101131502216327941380778958000138077895800091359287640935-3225442-2660849false045169721857960577543002749258915979844692348500980337223613407262981511077Helsingør, 3000Stationspladsen 1 og 32022-07-063825030230195264ÅrsrapportAnna Sofie BackstadHiveonline ApSKallermann Revision A/S - statsautoriseret revisionsfirma2020-01-012020-12-312021-12-312021-01-01Development in activities and the financial situation The Company's Income Statement of the financial year 1 January 2021 - 31 December 2021 shows a result of 930.400 DKK and the Balance Sheet at 31 December 2021 a total of 13.369.326 DKK and an equity of 5.975.030 DKK. The financial year has been characterized by continous scaling of the Company and the development of the hiveonline platform and app for small businesses. The financial year has been significantly affected by the spreading of the Covid-19 pandemic causing planned projects to be postponed by the Company's partners and customers. In order to finance the approved budget and plans for 2022 the Company is depending on a capital injection. The Company has initiated negotiations with new investors and expects the negotiation to turn out in favor of the Company. The shareholders have declared that adequate liquidity will be injected in the Company to finance the present budget and plans as a minimum for 12 months from the balance sheet date or at least until an agreement on new equity financing with new investors have been finalized. Based on this declaration the financial statements for 2021 have been prepared under the assumption of going concern. The Company's principal activities The Company's principal activities consist in development and marketing of online products related to financial administration. Research and development activities hiveonline is a suite of applications, integrations and dashboard that provides a financial and commercial ecosystem for communities without access to traditional financial services or markets. It is based on low-energy blockchain technology and machine learning, to provide financial infrastructure where none exists. The design and community based structure enables customers without access to a phone to have an ID, a wallet and a digital credit history, and to make buyers aware of their crops. Financial institutions, buyers, NGOs and governments can get data analytics and integrations to link their services to the communities. hiveonline's suite of applications gives unbanked community groups, primarily in sub-Saharan Africa, access to financial services and markets to build better economies. It can provide the bridge between communities such as savings groups, farmers' associations and cooperatives, and the formal financial system and buyers. It is delivered as both an app for savings groups and another for agricultural cooperatives providing identity, credit scoring, management, accounting and crop forecasting, together with dashboards and integrations for partner and customer organisations. The platform provides remote access to group data, which can be used for remote credit assessment and KYC for lenders, remote input management for buyers and a reduction in friction for the commercial ecosystems we support, giving the groups, their suppliers and buyers the ability to generate profits and grow higher yielding crops. In 2021 we added vouchers for distribution of agricultural inputs to the platform. hiveonline's platform is live in Mozambique, Zambia and Uganda with additional countries in scope for 2022. There are live customers on both the vsla.online and myCoop.online apps. We continue to develop additional features, service enhancements and user driven changes on both the myCoop.online and vsla.online platforms. This is both driven by our technology roadmap, and by the needs of our users, agricultural ecosystem players and NGO partners. We have segmented project activity into build projects and "pure rollout projects" managed by our project team, which form a small but important revenue stream, and require very little development time. In 2021 we migrated our backend services to a fully containerized environment and delivered offline functionality for existing features, so more customers can use the app without needing connectivity. We built a new transaction gateway, blockchain based vouchers and dashboards, integrated with new data systems and also built a new app, the "agent app" for use by merchants and other agents with our vouchers. We onboarded new language features and repurposed our vsla app to work for families in Lebanon who are not in savings groups. Management assesses that the market for the hiveonline platform is still in the scale-up phase of its lifecycle and will be expanding significantly in the coming years. Management assesses that the large resource investment in the development of the platform to support this market will be able to provide the Company a significant competitive advantage in the coming years. The Company's principal activities The Company's principal activities consist in development and marketing of online products related to financial administration. Development in activities and the financial situation The Company's Income Statement of the financial year 1 January 2021 - 31 December 2021 shows a result of 930.400 DKK and the Balance Sheet at 31 December 2021 a total of 13.369.326 DKK and an equity of 5.975.030 DKK. The financial year has been characterized by continous scaling of the Company and the development of the hiveonline platform and app for small businesses. The financial year has been significantly affected by the spreading of the Covid-19 pandemic causing planned projects to be postponed by the Company's partners and customers. In order to finance the approved budget and plans for 2022 the Company is depending on a capital injection. The Company has initiated negotiations with new investors and expects the negotiation to turn out in favor of the Company. The shareholders have declared that adequate liquidity will be injected in the Company to finance the present budget and plans as a minimum for 12 months from the balance sheet date or at least until an agreement on new equity financing with new investors have been finalized. Based on this declaration the financial statements for 2021 have been prepared under the assumption of going concern. Post financial year events After the end of the financial year, no events have occurred which may change the financial position of the entity substantially. Research and development activities hiveonline is a suite of applications, integrations and dashboard that provides a financial and commercial ecosystem for communities without access to traditional financial services or markets. It is based on low-energy blockchain technology and machine learning, to provide financial infrastructure where none exists. The design and community based structure enables customers without access to a phone to have an ID, a wallet and a digital credit history, and to make buyers aware of their crops. Financial institutions, buyers, NGOs and governments can get data analytics and integrations to link their services to the communities. hiveonline's suite of applications gives unbanked community groups, primarily in sub-Saharan Africa, access to financial services and markets to build better economies. It can provide the bridge between communities such as savings groups, farmers' associations and cooperatives, and the formal financial system and buyers. It is delivered as both an app for savings groups and another for agricultural cooperatives providing identity, credit scoring, management, accounting and crop forecasting, together with dashboards and integrations for partner and customer organisations. The platform provides remote access to group data, which can be used for remote credit assessment and KYC for lenders, remote input management for buyers and a reduction in friction for the commercial ecosystems we support, giving the groups, their suppliers and buyers the ability to generate profits and grow higher yielding crops. In 2021 we added vouchers for distribution of agricultural inputs to the platform. hiveonline's platform is live in Mozambique, Zambia and Uganda with additional countries in scope for 2022. There are live customers on both the vsla.online and myCoop.online apps. We continue to develop additional features, service enhancements and user driven changes on both the myCoop.online and vsla.online platforms. This is both driven by our technology roadmap, and by the needs of our users, agricultural ecosystem players and NGO partners. We have segmented project activity into build projects and "pure rollout projects" managed by our project team, which form a small but important revenue stream, and require very little development time. In 2021 we migrated our backend services to a fully containerized environment and delivered offline functionality for existing features, so more customers can use the app without needing connectivity. We built a new transaction gateway, blockchain based vouchers and dashboards, integrated with new data systems and also built a new app, the "agent app" for use by merchants and other agents with our vouchers. We onboarded new language features and repurposed our vsla app to work for families in Lebanon who are not in savings groups. Management assesses that the market for the hiveonline platform is still in the scale-up phase of its lifecycle and will be expanding significantly in the coming years. Management assesses that the large resource investment in the development of the platform to support this market will be able to provide the Company a significant competitive advantage in the coming years. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2021 and of the results of the Company's operations for the financial year 1 January 2021 - 31 December 2021. 2022-07-06Today, Management has considered and adopted the Annual Report of Hiveonline ApS for the financial year 1 January 2021 - 31 December 2021. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. CopenhagenWe recommend that the Annual Report be adopted at the Annual General Meeting. Today, Management has considered and adopted the Annual Report of Hiveonline ApS for the financial year 1 January 2021 - 31 December 2021. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2021 and of the results of the Company's operations for the financial year 1 January 2021 - 31 December 2021. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen, 6 July 2022 Executive Board Anna Sofie Blakstad Supervisory Board Anna Sofie Blakstad Johan Grundström Eriksson Johanna Margaret Campion Chairman Carl Fredik Wettermark