33383835 2025-01-01 2025-12-31 33383835 2025-01-01 2025-12-31 1 33383835 2025-01-01 2025-12-31 1 33383835 2025-01-01 2025-12-31 1 33383835 2025-01-01 2025-12-31 2 33383835 2024-01-01 2024-12-31 33383835 2025-12-31 33383835 2024-12-31 33383835 2024-01-01 d:ContributedCapitalMember 33383835 2024-01-01 d:SharePremiumMember 33383835 2024-01-01 d:RetainedEarningsMember 33383835 2024-01-01 2024-12-31 d:RetainedEarningsMember 33383835 2024-12-31 d:ContributedCapitalMember 33383835 2024-12-31 d:SharePremiumMember 33383835 2024-12-31 d:RetainedEarningsMember 33383835 2025-01-01 2025-12-31 d:RetainedEarningsMember 33383835 2025-12-31 d:ContributedCapitalMember 33383835 2025-12-31 d:SharePremiumMember 33383835 2025-12-31 d:RetainedEarningsMember iso4217:DKK xbrli:pure Anthony F. W. Grenon Erklæring om udvidet gennemgang Regnskabsklasse B Årsrapport Langagervej 1 2024-12-31 Beierholm 9220 Aalborg Ø Langagervej 2026-06-04 9220 Opinion Basis for Opinion 2026-06-04 2024-01-01 2025-01-01 2025-12-31 33383835 Steeper Energy ApS Korinthvej 5 9220 Aalborg Øst Aalborg Beierholm 32895468 1 Aalborg Øst Danmark true We have on this day presented the annual report for the financial year 01.01.25 - 31.12.25 for Steeper Energy ApS. 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 company's assets, liabilities and financial position as at 31.12.25 and of the results of the company's activities for the financial year 01.01.25 - 31.12.25. The annual report is submitted for adoption by the general meeting. Bevan Eugene May Anthony F. W. Grenon Chairman John-Paul Joseph Grenon The general meeting has decided not to have the financial statements for the coming financial year audited. To the capital owners of Steeper Energy ApS We have conducted an extended review of the fi­nan­cial sta­te­ments of Steeper Energy ApS for the financial year 01.01.25 - 31.12.25, which comprise in­co­me sta­te­ment, ba­lan­ce sheet, statement of changes in equity and notes to the financial statements, including material accounting policy information. The fi­nan­cial sta­te­ments are prepared in accordance with the Danish Finan­cial Sta­te­ments Act.Based on the work performed, in our opinion, the fi­nan­cial sta­te­ments give a true and fair view of the company's financial position at 31.12.25 and of the results of the company's operations for the financial year 01.01.25 - 31.12.25 in accordance with the Danish Finan­cial Sta­te­ments Act. We conducted our extended review in accordance with the Danish Business Authority’s Assurance Standard for Small Enterprises and FSR – Danish Auditors’ standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the ‘Auditor’s responsibilities for the extended review 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 evidence we have obtained is sufficient and appropriate to provide a basis for our basis for conclusion. Management is responsible for the preparation of fi­nan­cial sta­te­ments that give a true and fair view in accordance with the 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 responsibility is to express a conclusion on the fi­nan­cial sta­te­ments. This requires that we plan and perform procedures in order to obtain limited assurance for our conclusion on the fi­nan­cial sta­te­ments and in addition perform specifically required supplementary procedures to obtain further assurance for our conclusion.An extended review comprises procedures that primarily consist of inquiries to management and others within the company, as appropriate, analytical procedures, the specifically required supplementary procedures as well as evaluation of the evidence obtained.The procedures performed in an extended review are less than those performed in an audit, and accordingly, we do not express an audit opinion on the financial statements. Aalborg Peter Thor Kellmer State Authorised Public Accountant mne26805 7823250 7823250 7823250 7823250 0 0 7823250 7823250 7823250 7823250 7034292 14068587 7034292 14068587 77567 155133 77567 155133 7111859 14223720 779532 0 446167 814234 3333 6667 1229032 820901 696266 689609 1925298 1510510 9037157 15734230 259754 259754 102314921 102314921 -122165715 -129988965 -19591040 -27414290 891491 891491 891491 891491 8800 500 646135 2238491 26469242 39737890 612529 280148 27736706 42257029 28628197 43148520 9037157 15734230 Figures in DKKShare capitalShare premiumRetained earningsTotal equityStatement of changes in equity for 01.01.24 - 31.12.24Balance as at 01.01.24259,754102,314,921-137,812,215-35,237,540Net profit/loss for the year007,823,2507,823,250Balance as at 31.12.24259,754102,314,921-129,988,965-27,414,290Statement of changes in equity for 01.01.25 - 31.12.25Balance as at 01.01.25259,754102,314,921-129,988,965-27,414,290Net profit/loss for the year007,823,2507,823,250Balance as at 31.12.25259,754102,314,921-122,165,715-19,591,040 259754 102314921 -137812215 7823250 259754 102314921 -129988965 7823250 259754 102314921 -122165715 1.Information as regards going concernThe company incurred a profit of DKK 7,823,250 in 2025 and had negative equity of DKK 19,591,040 as of December 31, 2025. The company’s financial situation indicates uncertainty about its continued operations.On January 1, 2024, the company transferred all of its shares in Steeper Energy Canada Limited to 2176 Investments Ltd. (the "Lender") as partial settlement of its outstanding debt. On the same day, the company also agreed to transfer certain other assets to Steeper Energy Canada Limited, with the asset transfer structured to occur over three years. Title to one-third of the assets will vest each year, in line with a scheduled reduction of the principal debt.Following these transactions, the company entered into an arrangement with Steeper Energy Canada Limited to continue performing operational activities, but now solely on its behalf.As a result, the company no longer has the financial capacity or ability to operate independently. Its activities are now carried out under the direction of Steeper Energy Canada Limited, and any future benefit to the company is uncertain.These developments confirm that the company is no longer a going concern in the conventional sense. 2.Subsequent eventsIn early 2026, the company began transitioning out of its role as the operating entity in Denmark, with operations being migrated to a newly established entity, Steeper Energy Technologies ApS. As part of the post-year-end transition, the company’s operating activities, including certain contracts and employees, were transferred to Steeper Energy Technologies ApS. 3.Primary activitiesThe company's mandate is to conduct technology-based business, along with any other activities the Board deems related or incidental to such business, on behalf of Steeper Energy Canada Limited.As of 2024, the company has divested its operating activities. Accordingly, all income and expenses are incurred on behalf of Steeper Energy Canada Limited. The income statement reflects this transition, and as such, no income or expenses are reported for the period. 4.Charges and securityThe company has issued active security to credit institutions through a deposit of t.DKK 200 for all outstanding balances. 7 14 The annual report is presen­ted in ac­cord­ance with the provisions of the Danish Fi­nan­cial Statements Act (Årsregn­skabs­lov­en) for enterprises in re­port­ing class B with application of pro­vi­sions for a higher reporting class. Basis of recognition and measurementIncome is recognised in the income state­ment as earned, including value adjust­ments of fin­an­cial assets and liabilities. All ex­penses, including depreciation, amortisa­tion, impair­ment losses and write-downs, 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 such assets 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 such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below.On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. GRANTSGrants are recognised when there is reasonable certainty that the grant conditions have been met and that the grant will be re­ceived.Grants to cover expenses incurred are recog­nised on a proportionate basis in the in­come statement over the period in which the expenses eligible for grants are expensed. Grants are recognised under other operating income. Gross profitGross profit comprises other operating income and other external ex­penses. Other operating incomeOther operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income, salary supplements and refunds, negative goodwill and gains on the sale of intangible assets and property, plant and equipment. Other external expensesOther external expenses comprise costs re­lating to distribution, sales and advertising and administration, premises and bad debts to the extent that these do not exceed normal write-downs. De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment lossesThe de­pre­ci­a­tion and amor­ti­sa­tion of in­tan­gi­ble as­sets and prop­er­ty, plant and equip­ment aim at systematic de­pre­ci­a­tion and amor­ti­sa­tion over the expected useful lives of the assets. Assets are de­pre­ci­ated and amor­tised according to the straight-line method based on the following ex­pected useful lives and residual values: Tax on profit/loss for the yearThe current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity. Intangible assetsDe­vel­op­ment projects in progressDevelopment projects are recognised in the balance sheet where the project aims at developing a specific product or a specific process, intended to be produced or used, respectively, by the company in its production process. On initial recognition, development projects are measured at cost. Cost comprises the purchase price plus expenses resulting directly from the purchase, including wages and salaries directly attributable to the development projects until the asset is ready for use. Interest on loans arranged to finance development projects in the development period is not included in the cost. Other development projects and development costs are recognised in the income statement in the year in which they are incurred.Development projects in progress are trans­ferred to completed development projects when the asset is ready for use. Development projects are subsequently measured in the balance sheet at cost less accumulated amortisation and impairment losses.Acquired rightsAquired rights are measured in the balance sheet at cost less accumulated amortisation and impairment losses.Acquired rights are amortised using the straight-line method based on useful lives, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses’ section.Gains or losses on the disposal of intangi­ble assetsGains or losses on the disposal of intangible assets are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal. Equity investments in group en­tre­prisesEquity investments in subsidiaries are measured in the balance sheet at cost less any impairment losses. Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments. Gains or losses on disposal of equity investments are determined as the difference between the disposal consideration and the carrying amount of net assets at the time of sale, including non-amortised goodwill, as well as the expected costs of divestment or discontinuation. Gains and losses are recognised in the income statement under income from equity investments. Impairment losses on fixed assetsThe carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in de­pre­ci­a­tion and amor­ti­sa­tion.If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment.If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets.If dividends are distributed on equity investments in sub­si­di­ar­ies exceeding the year earnings from the enterprise in question, this is considered an indication of impairment.The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount.The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives.Impairment losses are reversed when the reasons for the impairment no longer exist. ReceivablesReceivables are measured at amortised cost, which usually corresponds to the nom­inal value, less write-downs for bad debts.Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable.Deposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company. PrepaymentsPrepayments recognised under assets com­prise costs incurred in respect of subse­quent financial years. CashCash includes deposits in bank account. Current and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account.Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differ­ences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the tax­able income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability.Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities or elimination in tax on future earnings.Deferred tax is measured on the basis of the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. PayablesLong-term payables are measured at cost at the time of contracting such liabilities (raising of the loan). The payables are subsequently measured at amortised cost where capital losses and loan expenses are recognised in the income statement as a financial expense over the term of the payable on the basis of the calculated effective interest rate in force at the time of contracting the liability.Short-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value.