XLON:GST ESEF Annual Report

GSTECHNOLOGIES LTD (XLON:GST)

ESEF Annual Report 2025-09-11 For: 2025-03-31

View Original

Added on October 02, 2026

CONTENTS	PAGE


Board of Directors	1

Company Highlights	3

Chairman's Statement	5

Financial Review	10

Strategic Report	11

Viability Statement	16

Corporate Governance Report	19

Task Force on Climate-related Financial Disclosures Report	26

Directors Report	30

Independent Auditors Report	33

Consolidated Statement of Profit or Loss and Comprehensive Income	42

Consolidated Statement of Financial Position	43

Consolidated Statement of Changes in Equity	44

Consolidated Statement of Cash Flows	45

Notes to the Group Consolidated Financial Statements	46

Website Compliance Statement	79

Parent Company Statement of Profit and Loss	80

Parent Company Statement of Financial Position	81

Parent Company Statement of Changes in Equity	82

•	Completed the full integration of the Bake Cryptocurrency Platform, following the acquisition of the business and assets of Cake Pte. Ltd. and Cake DeFi UAB (together “CAKE”). The acquisition was in line with the Company's strategy to expand and enhance the international presence and capabilities of its GS20 Exchange platform.

•	The Group continued to make significant progress with its GS Money strategy of developing a borderless Neobanking platform providing next-generation digital money solutions particularly in the areas of money remittance and digital asset exchanges services.

•	Plan to expand European footprint through agreement to acquire MetaPay SP. Z.O.O in Poland, increasing reach across the EU payments market.

•	Net operating income for the year of US$2.96 million (FY24: US$1.55 million), an increase of 91%.

•	Net loss for the year of US$2.29 million (FY24: US$1.22 million loss) as the Company continued to invest in developing its GS Money solutions.

•	Successfully completed £3.75 million of equity fundraising to accelerate the Group's GS Money strategy organically and via acquisition.

•	As of 31 March 2025, the Company had US$4.21 million in cash and cash equivalents (31 March 2024: US$2.61 million).

•	Net assets as at 31 March 2025 increased significantly to US$8.44 million compared to US$5.34 million at 31 March 2024, following the acquisition of the business and assets of CAKE and the progress of the Group's businesses.

•	Formally adopted a Bitcoin treasury reserve policy to hold a significant proportion of the Company's cash in Bitcoin, reflecting confidence in Bitcoin's ability to reduce counterparty and exchange rate risk, enhance shareholder value, and align with the Group's GS Money strategy and integration of the Bake Cryptocurrency Platform.

•	Raised £1.925 million via a placing and retail offer to build the Company's Bitcoin treasury reserve.

	1.	Blockchain-Based Payment and Financial Services: Through GS Money stablecoins, we provide secure, efficient, and scalable payment solutions for cross-border transactions. Leveraging blockchain technology, we offer real-time, transparent financial services for B2B and B2C clients, ensuring low-cost and seamless global payments.

	2.	Foreign Exchange Solutions: Our FX services, integrated with Angra Global, deliver competitive exchange rates and hedging options to mitigate currency volatility for clients operating in international markets, supporting stable financial operations.

	3.	Crypto Asset Exchange and Wealth Management: The Bake Cryptocurrency platform, a key acquisition, positions GSTechnologies Limited as a leader in digital asset markets. We offer cryptocurrency exchange trading, stablecoin solutions, and wealth management services, catering to the growing demand for decentralized finance and crypto-based investment opportunities.

Metric	Mar-25 (US$ '000)	Mar-24 (US$ '000)	Change	Trend

Revenue	2,964	1,554	+1,410 (+91%)	Strong top-line growth
Net Operating Expenses	5,159	2,535	+2,624 (+104%)	Higher investment in operations
Total Net Loss	(2,298)	(1,223)	-1,075 (-88%)	Increased losses reflecting scale-up
Basic Loss per Share	(0.00106)	(0.00064)	-0.00042(-66%)	Dilution impact from higher costs
Revenue per Employee	72	43	+67%	Productivity gains per headcount
Operating Margin	-74%	-63%	-11 pts	Margin pressure from expansion costs
Net Loss Margin	-78%	-79%	+1 pt	Stable net margin despite higher spend
Expense-to-Revenue Ratio	174%	163%	+11 pts	Costs growing ahead of revenue
Operating leverage	—	—	Negative	Revenue scale not yet covering fixed costs
Net Loss per Employee	(56)	(34)	-65%	Higher staff cost absorption during growth phase

	•	Revenue Growth: A 91% year-on-year increase reflects successful market expansion and product adoption, particularly in crypto asset exchange and blockchain-based services.
	•	Cost Management: Operating expenses grew by 104%, driven by investments in proprietary technology, regulatory licenses, and workforce expansion. Expense growth lagged revenue growth, indicating improved operational leverage.
	•	Profitability: The Group remains operating at a net loss, but is making progress toward profitability, in line with the board's focus on scaling revenue while managing costs.
	•	Efficiency: Revenue per employee increased by 67% reflecting higher efficiency.

1.	Strategic Execution and Market Expansion:
	o	Expanded into Europe and Southeast Asia, targeting high-growth fintech markets.
	o	Secured key B2B partnerships, including integrations with Stripe and Nuvei for payment processing.
	o	GS20 Exchange and Bake's crypto asset operations has been combined into one single operating entity, GS Fintech UAB.
	o	Achieved regulatory milestones, including progress toward FCA approval for issuance of electronic money and MiCA compliance.

2.	Technology Development and Innovation:
	o	Deployed scalable blockchain infrastructure for stablecoin and payment solutions.
	o	Achieved 99.9% system uptime across Angra Global and Bake platforms.
	o	Enhanced platform scalability to handle a 50% increase in transaction volume.

	o	Strengthened AML/KYC frameworks, achieving a clean regulatory audit in FY25.
	o	Implemented advanced cybersecurity protocols via Semnet, including zero-trust
		architecture.
	o	Conducted quarterly third-party penetration tests with zero critical vulnerabilities.

	o	Increased headcount to 41 employees, focusing on tech and compliance hires.
	o	Improved employee retention rate to 92%, reflecting strong workplace culture.
	o	Reduced carbon footprint by 10% through LED lighting and recycling initiatives,
		aligned with GHG Protocol standards.

	o	Published at least four trading updates in FY2025, maintaining transparency with GST shareholders.

	o	Secured US$2.75 million in equity capital, supporting GST investments in strategic areas.

	o	Received positive coverage in fintech-focused publications.

	o	Achieved a 90% client satisfaction score through direct feedback surveys.
	o	Acquired more than 700,000 registered users, of which 100,000 of users are
		funded users.
	o	Onboarded 15 new B2B clients, including regional banks and fintech startups.
	o	Renewed 95% of existing partnership contracts, reflecting strong ecosystem trust.

	2.	Operational resilience and cybersecurity: As a fully digital financial services group, the threat landscape includes data breaches, ransomware and platform disruption. Controls include zero-trust architecture via Semnet, quarterly independent penetration tests (with zero critical vulnerabilities reported in FY25), robust high-availability infrastructure achieving 99.9% uptime, staff training, and independent security audits.

	3.	Technology dependence and third-party concentration: The Group relies on proprietary platforms and external vendors for critical components (e.g., cloud, payments rails). Mitigations include increased in-house development, modular architectures, vendor due diligence, and dual-sourcing where proportionate.

	4.	Digital asset market volatility: Crypto price shocks can impact trading volumes, fees and customer confidence. Mitigations include expansion of stablecoin solutions, diversified product mix, enhanced risk modelling, and hedging instruments tailored to cryptocurrency markets.

	5.	Foreign exchange risk: Multi-currency operations expose the Group to FX movements. Mitigations include hedging strategies, diversified currency flows, and strong banking partnerships (e.g., ClearBank) to support liquidity management.

	6.	Regulatory change and authorisations: The Group operates under evolving regimes (e.g., FCA permissions, EU MiCA). Risks include higher compliance costs, constraints on products, or delays in approvals. Mitigations include active regulator engagement, robust AML/KYC controls (evidenced by a clean regulatory audit in FY25), and investment in regulatory technology to automate compliance.

	7.	Capital availability and liquidity: Execution of the strategic plan requires ongoing investment. Mitigations include diversified funding options (equity and debt), staged capital expenditure, and disciplined prioritisation. The Group successfully raised US$2.75m in equity during FY25, supporting confidence in access to capital.

	8.	Strategic execution (acquisitions, integration, and expansion): Integrating Bake/GS20 into GS Fintech UAB and expanding into Europe and Southeast Asia introduces integration, culture and localisation risks. Mitigations include a dedicated integration office, milestone tracking and go-to-market gating based on regulatory readiness.

	9.	Climate-related risks: Climate change could disrupt hosting, offices and suppliers, and stakeholders expect demonstrable progress on ESG. Mitigations include climate risk assessments, emission reduction initiatives (10% carbon footprint reduction achieved in FY2025), and development of green fintech products under GS Money.

	•	Crypto market dislocation: Sharp cryptocurrency market drawdowns with resulting
		volume reductions.

	•	Cybersecurity incident or operational disruption: Platform downtime or data breach
		requiring recovery actions.

Principle	Status

1 - Purpose & Strategy	Compliant - published purpose, strategic objectives aligned to long-term value
2 - Culture & Behaviour	Compliant - ethical tone from board; embedding culture. Formal cultural metrics in progress
3 - Shareholder Engagement	Compliant - proactive engagement; summary disclosures in AR. Minority protection in place
4 - Stakeholder & ESG	Partial/compliance-in-progress - frameworks in place; deeper KPI reporting under development
5 - Risk & Controls	Compliant - regularly reviewed; covers climate and cyber risk; disclosures robust
6 - Board Composition	Not currently Compliant - Board includes only one independent NonExecutive Director; independence annually assessed
7 -Governance Structure	Compliant - audit & remuneration committees in place; nomination handled by full board
8 - Board Evaluation	Compliant - annual reviews with improvement action plans
9 - Remuneration	Compliant - pay policy simple, linked to strategy; independent oversight on non-executive pay
10 - Reporting	Compliant - full governance reporting; explanations and transition plans published where needed

Meetings held	Board	Audit Committee	Remuneration Committee
Tone Goh	✓	✓	✓
Jack Bai	✓	✓	✓
Shayne Tan	✓	✓	✓
Galvin Bai	✓	✓	✓
Malcolm Groat	✓	✓	✓
Christopher Wellesley	✓	✓	✓

	•	Revenue shock and slower adoption: A 30-50% fall in trading volumes and user growth,
		combined with margin pressure.

	Salary	Government Contributions	Total
Director's Name	US$	US$	US$
Jack Bai	138,230	5,464	143,694
Tone Goh	116,498	9,970	126,468
Christopher Wellesley	124,367	-	124,367
Galvin Bai	88,851	10,320	99,171
Shayne Tan	88,851	10,320	99,171
Malcolm Groat	5,665	-	5,665
Total	562,462	36,074	598,536

	•	Climate Action Governance: Galvin Bai (GST Executive Director) was appointed by management to be responsible for climate related risk.

	•	GHG Emissions: GHG emissions inventory was completed for FY25. Based on the calculated emission, relevant reduction targets are being evaluated in the upcoming year

Relevant Risks	Definitions
Regulatory and	Evolving environmental regulations, particularly in regions like Singapore
Compliance Risks	and the UK, may introduce compliance requirements that, if unmet,
	could lead to penalties or reputational impacts.
Reputational Risks	Expectations from stakeholders regarding ESG transparency are
	increasing, and the company may face scrutiny if it does not align with
	emerging norms.

Strategic Risks	Shifts in market dynamics, investor priorities, or customer preferences
	toward sustainability could influence demand for existing iservices and
	solutions.
Financial Risks	Environmental factors may lead to higher operational costs—such as
	energy or insurance—and influence long-term strategic decisions.

	o	Scope 1 & 2 emissions: NA.

	o	Scope 3 emissions:
		▸41.9 tCO2 were reported, from overseas business travel and upstream leased
		assets

Category	Metric
Total Employees	41
	Male - 20 out of 41(49%)
Gender Diversity	Female - 21 out of 41 (51%)
	Chinese - 51%
Ethnic Diversity	European - 22%
	Indian, Other Asian - 20%
Annual Leave Policy	14 to 33 days (location-specific)
Maternity Leave	Up to 273 paid + 92 unpaid days
Childcare Support	6 days paid / 90 days unpaid
Flexi/Hybrid Work	Yes (6 out of 8 locations)

	Number of ordinary shares	Percentage of voting rights
Jack Bai	224,200,000	10.36%

		As at 31 March 2025	% of	As at 31 March 2024	% of
Name	Position	Number of Ordinary	Share	Number of Ordinary	Share
		Shares	Capital	Shares	Capital

Tone Goh	Executive	43,234,348	2.00%	43,234,348	2.33%
	Chairman
Jack Bai*	CEO	224,200,000	10.36%	224,200,000	12.08%
Shayne Tan	COO	5,000,000	0.23%	5,000,000	0.27%
Galvin Bai	Executive	29,800,000	1.38%	29,800,000	1.61%
	Director
Malcolm	Non-Executive	1,000,000	0.05%	1,000,000	0.05%
Groat	Director
Christopher	Non-Executive	3,035,000	0.14%	0	0.00%
Wellesley	Director

	●	So far as the Director was aware there was no relevant audit information of which the Company's auditor was unaware; and

	●	The Director has taken all steps that he ought to have taken as a Director to make himself aware of any relevant audit information and to establish that the Company's auditor was aware of that information.

•	give a true and fair view of the state of the Group's and the Parent Company's affairs as at 31 March 2025 and of the group's loss for the year then ended;
•	the Group financial statements have been properly prepared in accordance with IFRS; and
•	the Parent Company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice

•	Review of managements cash flow projections for the period ended 31 March 2027;
•	Review of management's assumptions based on historical expenditure and contractual commitments;
•	Sensitivity analysis on cash flow forecast to consider the available headroom under different reasonably possible scenarios;
•	Consideration of certainty of receipt of finance inflows including review of conditions precedent on financing agreements; and
•	Review of adequacy and completeness of disclosures in the financial statements in respect of the going concern assumption.

Key audit matter	How our work addressed this matter
Revenue Recognition	Our work included:
Revenue recognition is a presumed risk of fraud	•	Reviewing the component auditors work
under International Auditing Standards. We		with considerations to:
have therefore identified revenue recognition as	•	Accounting policies adopted and
a significant risk.		ensuring these are in accordance with
		IFRS;
	•	Confirming revenue has been
		recognised in accordance with the
		accounting policies; and
	•	Tests of detail confirming completeness
		and cut off;
	•	Review of agreements underpinning
		sales in the parent company; and
	•	Recalculation of expected turnover for
		all customers based off agreements.

Management override of controls	Our work included:
Professional standards require us to	•	Journals testing, which involves
communicate the fraud risk from management		completeness of journal review, reviewing
override of controls as significant because		journals posted during and after the year
management is typically in a unique position to		end for any activity that is not in line with
perpetrate fraud because of its ability to		our knowledge;
manipulate accounting records and prepare	•	Reviewing the consolidation and
fraudulent financial statements by overriding		corroboration of all consolidation journal
controls that otherwise appear to be operating		items to supporting documentation;
effectively.	•	Reviewing management estimations,
		judgements and application of accounting
		policies for undue bias in the financial
		statements. The significant judgements and
		estimates are noted separately in this
		report;
	•	Reviewing unadjusted audit differences for
		indications of bias of a deliberate
		misstatement; and
	•	Applying professional scepticism in our
		audit procedures.
	•
Accounting for cryptocurrency assets and	Our work included:
liabilities (Client balances & deposits)	•	Reviewing the component auditors work
Considered to be a key risk Due to complexity,		and perform additional work if required
rapid change in value, and complex accounting		with considerations to:
treatment, higher risk of misstatements has	•	Assess the audit procedures performed
been determined for applicable assertions for		over digital asset balances and related
digital assets and liabilities. The risk arises due to		client liabilities.
the complexity in determining ownership,	•	Evaluate whether the component auditor
control, and valuation of the assets; these		assessed ownership and control of digital
should be assessed for appropriate gross		assets, including the use of blockchain
presentation as both an asset and a		explorers or confirmations from third-party
corresponding liability, with confirmation		custodians or wallet providers.
procedures and controls evaluated at the	•	Confirm that the component auditor
component level.		assessed the gross presentation of client
		balances (digital assets as assets and
		matching liabilities) in accordance with
		relevant accounting standards.
	•	Review component auditor's testing of
		valuation procedures, including fair value
		assessment at the reporting date and
		classification within the fair value hierarchy
		(IFRS 13).
	•	Assess the component auditor's evaluation
		of internal controls around custody, access,
		and reconciliation of digital assets and
		client deposits.
	•	Hold discussions with the component
		auditor to confirm their understanding of
		the accounting framework and ensure that

		appropriate audit evidence was obtained to
		support the balances reported.

Carrying value of intangibles assets	Our work included:
Intangibles assets consists mainly of software,	•	Reviewing the impairment model
platforms and licenses. Intangible assets'		provided and checking that the value in
valuation and measurement involves estimation		use model is appropriate;
and judgment therefore there is risk of	•	Testing the integrity of the cashflow
misstatements in recognition and measurement		model;
of the intangible assets.	•	Discussing with management the
Amongst the intangibles, the company hold 2		assumptions used and obtaining
software which requires licenses to operate:		support for key assumptions;
	•	Sensitising the cash flow for key
1. Angra B2B		assumptions and considering if the
The company holds an FCA licence that allows it		disclosures in the financial statements
to operate as a payment provider in the UK. This		reflect appropriately the requirement to
licence is essential for offering services through		disclosure key judgements and
the Angra B2B software. If the company does not		estimates;
comply with FCA requirements, the licence could	•	Challenging the intangible asset
be suspended or revoked, which would affect		capitalisation policy of the group and
the ability to operate the software and could		ensuring this is consistent with the
impact its value.		requirements of IAS36;
	•	Considering the need for use of a
2. Bake App -The Bake App is a platform for		management expert to confirm
crypto trading, swaps, and staking. To operate in		feasibility of the project; and
the EU, the company needs a MiCA licence. The	•	Comparing the market capitalisation of
application is still in progress. Until the licence is		the group with the reported equity
granted, there is a risk that the app cannot be		funds in the financial statements.
used in certain markets, which could affect its
value and the recoverability of capitalised
development costs.

Carrying value of investment in subsidiaries	Our work included:
There is a risk that the carrying value of	•	Reviewing the impairment model
investments in subsidiaries may be overstated if		provided and checking that the value in
impairment indicators exist but are not properly		use model is appropriate;
identified or the impairment loss is not	•	Testing the integrity of the cashflow
accurately measured. This risk arises due to the		model;
significant judgment involved in estimating	•	Evaluating management's impairment
future cash flows, discount rates, and other		assessment, including triggers and
assumptions used in impairment testing.		assumptions (e.g. DCF).
	•	Evaluating the methodology used by
		management to assess recoverable
		amounts, including whether a value-in-
		use or fair value less costs to sell
		approach was applied.
	•	Performing benchmarking against
		external data.
	•	Conducting sensitivity analysis on key
		assumptions (growth rate, discount
		rate).

	•	Reviewing any supporting
		documentation, such as board minutes,
		strategic plans, or restructuring
		decisions, that may indicate future
		performance issues.

Regulatory Compliance and Licensing Risk	Our work included:
The group operates in a highly regulated	•	Obtain and review copies of current
environment across multiple jurisdictions,		licences and regulatory registrations for
including the UK, Canada, and Lithuania, where		each regulated entity.
its subsidiaries are engaged in regulated	•	Inspect correspondence with regulators
financial activities such as crypto-asset		(e.g. FCA, local regulators) for evidence
exchange, foreign exchange, and digital payment		of non-compliance, breaches, or
services. These activities require appropriate		ongoing investigations.
licences and ongoing compliance with a range of	•	Discuss with management and
regulatory frameworks, including FCA rules,		Compliance Officers/MLROs to
PSD2, and AML/KYC requirements. There is a risk		understand how compliance is
that one or more subsidiaries may not remain		monitored across jurisdictions and
fully compliant with the relevant licensing		obtain confirmation of compliance
conditions or regulatory obligations, whether		status as at year-end.
due to evolving legislation, internal control	•	Review internal compliance reports or
weaknesses, or inconsistent application of		audit committee minutes for any
policies across jurisdictions. Any instances of		identified compliance issues or
non-compliance could result in regulatory		regulatory risks.
sanctions, reputational damage, or limitations	•	Assess the adequacy of disclosures in
on the group's ability to operate in certain		the financial statements related to
markets, all of which could have a material		regulatory matters, including contingent
impact on the financial statements.		liabilities where relevant.
	•	Consider legal or regulatory
		confirmations where appropriate,
		especially if there is a known risk of non-
		compliance or past issues.
	•	Evaluate whether compliance
		obligations are properly reflected in the
		group's going concern assessment and
		forecasts.

	•	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

	•	the parent company financial statements are not in agreement with the accounting records and returns; or

	•	certain disclosures of directors' remuneration specified by law are not made; or

	•	we have not received all the information and explanations we require for our audit.

•	We obtained an understanding of the legal and regulatory frameworks within which the Group operates focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.

•	We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and reviewing accounting estimates for biases, including challenging estimates made by management and discussion of those estimates with those charged with governance.

	Notes	2025	2024
		US$'000	US$'000
			(Restated)


Net operating income
Revenue	6	2,817	1,466
Other income	7	147	88
		2,964	1,554
Net operating expense
Continuing operations	8	(5,159)	(2,535)
Foreign exchange loss		(118)	(242)
Operating loss before tax		(2,313)	(1,223)
Income tax expense	20	15	-
Net loss for the year		(2,298)	(1,223)

Other comprehensive income/(loss)
Revaluation gain from digital assets		58	-
Movement in foreign exchange reserve		(52)	1,046
Total comprehensive loss for the year		(2,292)	(177)

Net Loss for the year attributable to:

Equity holders for the parent		(2,195)	(1,236)
Non-controlling interest	22	(103)	13
		(2,298)	(1,223)

Total comprehensive loss for the year attributable to:
Equity holders for the parent		(2,189)	(190)
Non-controlling interest		(103)	13
		(2,292)	(177)
(Loss)/Earnings per share attributable
to members of the Parent:

Basic (loss) per share	11	(0.00106)	(0.00064)
Diluted (loss) per share	11	(0.00106)	(0.00064)

025SO202LIDATED	Shareholder Capital	Treasury Shares	FX Reserve	NCI	OCI	Retained Earnings	Total
2025 Consolidated2	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000

Balance at 1 April 2024	10,870	(808)	44	52	-	(4,822)	5,336

Comprehensive Income / (Loss)
Loss for the year	-	-	-	-	-	(2,298)	(2,298)
Revaluation gains on digital assets	-	-	-	-	58	-	58
Other comprehensive loss for the year	-	-	(52)	-	-	-	(52)
Non-controlling interest	-	-	-	(103)	-	-	(103)
Total comprehensive loss for the year	-	-	(52)	(103)	58	(2,298)	(2,395)

Transactions with owners in their capacity as owners:
Shares issued during the year	4,712	792	-	-	-	-	5,504
Balance at 31 March 2025	15,582	(16)	(8)	(51)	58	(7,120)	8,445

	Notes	2025 US$'000	2024 US$'000
			(Restated)
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before taxation from operations		(2,313)	(1,223)
Adjustments:
Depreciation on property, plant and equipment	16	14	55
Depreciation on right-of use of asset	17	41	14
Impairment	18	833	106
Interest expense on lease		6	13
Income tax	20	(15)	-
(Profit) / Loss on foreign exchange		(194)	242
Loss on disposal		-	58
Operating loss before working capital changes		(1,628)	(735)

Increase in inventories		(3)	(10)
Increase in trade and other receivables		(37,655)	(529)
Increase/(Decrease) in trade and other payables		37,404	(1,361)
Net cash flow used in operating activities		(1,882)	(2,635)

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment		(3)	(257)
Deferred consideration paid		(220)	-
Purchase of intangible asset		(866)	(1,910)
Net cash flow used in investing activities		(1,089)	(2,167)

CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of new shares		4,712	2,282
Treasury shares		-	-
Principal elements of lease payments		(69)	131
Decrease in loan payable		(17)	(297)
Forex reserves		(52)	1,045
Net cash flow from financing activities		4,574	3,160

Net increase/(decrease) in cash and cash equivalents		1,603	(1,641)
Cash and cash equivalents at beginning of the period		2,611	4,252
Cash and cash equivalents at end of the period	13	4,214	2,611