# EDGAR Filing Document

**Accession Number:** 0002076975
**File Stem:** 0001493152-25-021436
**Filing Date:** 2025-11
**Character Count:** 1778385
**Document Hash:** d8ebfad2220d2204a606df3b1b311802
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-021436.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001493152-25-021436

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 104

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Braiin Ltd
- **CENTRAL INDEX KEY:** 0002076975
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** C3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291410
- **FILM NUMBER:** 251464677

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 83 ROKEBY ROAD
- **CITY:** SUBIACO
- **NON US STATE TERRITORY:** WESTERN AUSTRALIA
- **PROVINCE COUNTRY:** C3
- **ZIP:** 6008
- **BUSINESS PHONE:** 312-953-0086

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 83 ROKEBY ROAD
- **CITY:** SUBIACO
- **NON US STATE TERRITORY:** WESTERN AUSTRALIA
- **PROVINCE COUNTRY:** C3
- **ZIP:** 6008

As filed with the Securities and Exchange Commission on November 10, 2025

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM F-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**Braiin Limited**

(Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Australia** | **6770** | **98-1850021** |
| (State or other jurisdiction<br> of incorporation or organization) | (Primary Standard Industrial <br> Classification Code Number) | (I.R.S. Employer <br> Identification No.) |

---

**283** **Rokeby Road**

**Subiaco, Western Australia 6008**

**+61 412 474 180**

(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)

**Cogency Global Inc.**

**122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor**

**New York, NY 10168**

**+1 800-221-0102**

(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)

***Copies to:***

**Michael J. Blankenship, Esq.**

**Beniamin D. Smolij, Esq.**

**Winston & Strawn LLP**

**800 Capitol Street, Suite 2400**

**Houston, TX 77002**

**Telephone: (713) 651-2600**

**Approximate date of commencement of proposed sale to the public: As soon as practicable after this registration statement becomes effective.**

If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

† The
 term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board
 to its Accounting Standards Codification after April 5, 2012.

[**Table of Contents**](#TOC_001)

**The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**Subject to Completion, dated NOVEMBER 10, 2025**

**PRELIMINARY PROSPECTUS**

**68,696,076** **Ordinary Shares**

**Braiin Limited**

**Ordinary Shares**

This prospectus relates to the registration of the resale of up to ordinary 68,696,076 shares (the "ordinary shares") by our shareholders identified in this prospectus (the "Registered Shareholders"). Unlike an initial public offering, the resale by the Registered Shareholders is not being underwritten on a firm-commitment basis by any investment bank. The Registered Shareholders may, or may not, elect to sell their ordinary shares covered by this prospectus, as and to the extent they may determine. If the Registered Shareholders utilize a broker-dealer in the sale of the ordinary shares being offered by this prospectus on the Nasdaq Global Market (the "Primary Exchange"), such broker-dealer may receive commissions in the form of discounts, concessions, or commissions which may be in excess of those customary in the types of transactions involved. See "*Plan of Distribution.*" If the Registered Shareholders choose to sell their ordinary shares, we will not receive any proceeds from the sale of ordinary shares by the Registered Shareholders.

No public market for our ordinary shares currently exists, and our ordinary shares have a limited history of trading in private transactions. Recent purchase prices of our common stock in private transactions may have little or no relation to the opening public price of our shares of common stock on the Primary Exchange or the subsequent trading price of our shares of common stock on the Primary Exchange. We have sold ordinary shares in private transactions for a price of $40.68 per share. See "Sale Price History of Our Capital Stock" below. Further, the listing of our ordinary shares on the Primary Exchange, without a firm-commitment underwritten offering, is a novel method for commencing public trading in ordinary shares, and consequently, the trading volume and price of ordinary shares may be more volatile than if ordinary shares were initially listed in connection with an initial public offering underwritten on a firm-commitment basis.

On the day that our ordinary shares are initially listed on the Primary Exchange, the Primary Exchange will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price (as defined below) on the basis of such accepted orders. The Current Reference Price is calculated each second and, during a 10-minute "Display Only" period, is disseminated, along with other indicative imbalance information, to market participants by the Primary Exchange on its NOII and BookViewer tools. Following the "Display Only" period, a "Pre-Launch" period begins, during which Maxim Group, LLC (the "Advisor" or "Maxim"), in its capacity as our financial advisor, must notify the Primary Exchange that our shares are "ready to trade." Once the Advisor has notified the Primary Exchange that our ordinary shares are ready to trade, the Primary Exchange will confirm the Current Reference Price for our ordinary shares, in accordance with the Primary Exchange rules. If the Advisor then approves proceeding at the Current Reference Price, the applicable orders that have been entered will be executed at such price and regular trading of our ordinary shares on the Primary Exchange will commence, subject to the Primary Exchange conducting validation checks in accordance with the Primary Exchange rules. Under the Primary Exchange rules, the "Current Reference Price" means: (i) the single price at which the maximum number of orders to buy or sell can be matched; (ii) if there is more than one price at which the maximum number of orders to buy or sell can be matched, then it is the price that minimizes the imbalance between orders to buy or sell (i.e. minimizes the number of shares that would remain unmatched at such price); (iii) if more than one price exists under (ii), then it is the entered price (i.e. the specified price entered in an order by a customer to buy or sell) at which our ordinary shares will remain unmatched (i.e. will not be bought or sold); and (iv) if more than one price exists under (iii), a price determined by the Primary Exchange in consultation with the Advisor in its capacity as our financial advisor. In the event that more than one price exists under (iii), the Advisor will exercise any consultation rights only to the extent that it can do so consistent with the anti-manipulation provisions of the federal securities laws, including Regulation M, or applicable relief granted thereunder. The Registered Shareholders will not be involved in the Primary Exchange's price-setting mechanism, including any decision to delay or proceed with trading, nor will they control or influence the Advisor in carrying out its role as a financial adviser. The Advisor will determine when our ordinary shares are ready to trade and approve proceeding at the Current Reference Price primarily based on considerations of volume, timing and price. In particular, the Advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open trading at the Current Reference Price. For more information, see "Plan of Distribution."

We are considered a "controlled company" within the meaning of the Primary Exchange's corporate governance rules because Mr. Balasubramanian, our Founder and Chief Executive Officer, controls approximately 61% of our combined voting power. As a result of Mr. Balasubramanian's voting control, Mr. Balasubramanian will effectively be able to determine the outcome of all matters requiring shareholder approval, including the election and removal of directors, mergers and acquisitions, payment of dividends and other matters of corporate or management policy. As a controlled company, we are permitted to elect not to comply with certain corporate governance requirements of the Primary Exchange, including the requirements that our board of directors be comprised of a majority of independent directors and that we establish fully independent compensation and nominating and corporate governance committees. While we qualify for these exemptions, we do not currently intend to rely on any exemptions. Accordingly, although we are a controlled company, we believe our governance structure will provide shareholders with meaningful independent oversight while allowing us to retain the stability and long-term vision associated with founder leadership.

We expect to remain a controlled company until Mr. Balasubramanian no longer controls more than 50% of our combined voting power.

We have applied to list our ordinary shares on the Primary Exchange under the symbol "BRAI." We expect our ordinary shares to begin trading on the Primary Exchange on or about , 2025.

We are an "emerging growth company" as defined under U.S. federal securities laws and, as such, have elected to comply with reduced public company reporting requirements. This prospectus complies with the requirements that apply to an issuer that is an emerging growth company.

**Investing in our ordinary shares involves risks. See the "Risk Factors" section beginning on page 26 for risks you should consider before investing in our ordinary shares.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved, or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**Prospectus dated November 10, 2025**

[**Table of Contents**](#TOC_001)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [About This Prospectus](#ar_001) | ii |
| [Prospectus Summary](#ar_002) | 1 |
| [Summary Financial and Other Data](#ar_003) | 25 |
| [Risk Factors](#ar_004) | 26 |
| [Cautionary Note Regarding Forward-Looking Statements](#ar_005) | 47 |
| [Market and Industry Data](#ar_006) | 48 |
| [Trademarks, Service Marks and Tradenames](#ar_007) | 49 |
| [Offer Statistics and Expected Timeline](#ar_008) | 50 |
| [Use of Proceeds](#ar_009) | 51 |
| [Dividend Policy](#ar_010) | 52 |
| [Capitalization and Indebtedness](#ar_011) | 53 |
| [Unaudited Pro Forma Condensed Consolidated Combined Financial Information](#ar_012) | 54 |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#ar_013) | 65 |
| [Business](#ar_014) | 83 |
| [Management](#ar_015) | 106 |
| [Related Party Transactions](#VV_001) | 110 |
| [Executive and Director Compensation](#ar_016) | 114 |
| [Certain Relationships and Related Person Transactions](#ar_017) | 115 |
| [Principal and Registered Shareholders](#ar_018) | 116 |
| [Description of Capital Stock](#ar_019) | 118 |
| [Shares Eligible for Future Sale](#ar_020) | 119 |
| [Sale Price History of Our Capital Stock](#ar_021) | 120 |
| [Material U.S. Federal Income Tax Consequences to Non-U.S. Holders of Our Ordinary Shares](#ar_022) | 121 |
| [Plan of Distribution](#ar_023) | 125 |
| [Expenses Related to the Offering](#ar_024) | 129 |
| [Legal Matters](#ar_025) | 130 |
| [Experts](#ar_026) | 130 |
| [Where You Can Find Additional Information](#ar_027) | 131 |
| [Index to Consolidated Financial Statements](#fin_toc) | F-1 |

---

You should rely only on the information contained in this prospectus or contained in any free writing prospectus filed with the Securities and Exchange Commission (the "SEC"). Neither we nor any of the Registered Shareholders have authorized anyone to provide any information different from, or in addition to, the information contained in this prospectus and in any free writing prospectuses we have prepared. Neither we nor any of the Registered Shareholders take responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. The Registered Shareholders are offering to sell, and seeking offers to buy, shares of their ordinary shares only under the circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date, regardless of the time of delivery of this prospectus or of any sale of our ordinary shares. Our business, financial condition, results of operations and prospects may have changed since such date.

**Through and including December 26, 2025 (approximately the 25<sup>th</sup> day after the listing date of our ordinary shares), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus.**

For investors outside the United States: Neither we nor any of the Registered Shareholders have done anything that would permit the use of or possession or distribution of this prospectus or any related free writing prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the shares of our ordinary shares by the Registered Shareholders and the distribution of this prospectus outside the United States.

i

[**Table of Contents**](#TOC_001)

**ABOUT THIS PROSPECTUS**

This prospectus is a part of a registration statement on Form F-1 that we filed with the Securities and Exchange Commission (the "SEC"), using a "shelf" registration or continuous offering process. Under this process, the Registered Shareholders may, from time to time, sell the ordinary shares covered by this prospectus in the manner described in the section titled "*Plan of Distribution*." Additionally, we may provide a prospectus supplement to add information to, or update or change information contained in, this prospectus, including the section titled "*Plan of Distribution*". You may obtain this information without charge by following the instructions under the "*Where You Can Find Additional Information*" section of this prospectus. You should read this prospectus and any prospectus supplement before deciding to invest in our ordinary shares.

This prospectus contains summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed or will be filed as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those documents as described under "*Where You Can Find Additional Information*."

ii

[**Table of Contents**](#TOC_001)

**PROSPECTUS SUMMARY**

*This summary highlights select information contained elsewhere in this prospectus and does not contain all the information you should consider before making an investment decision. You should read the entire prospectus carefully, including the sections entitled "Risk Factors," "Cautionary Note Regarding Forward-Looking Statements," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our financial statements and the accompanying notes included elsewhere in this prospectus before making an investment decision. Unless otherwise indicated or the context otherwise requires, all references in this prospectus to outstandings share and all references to "we," "us," "our," the "Company," "Braiin" and similar terms refer to Braiin Limited.*

**Company Overview**

Braiin Limited is an Australian technology company leveraging proprietary intellectual property and patented artificial intelligence/machine learning ("AI/ML") technologies to deliver actionable insights across high-growth verticals: Agriculture, Property Technology, and Customer Experience as a Service ("CXaaS"). Our platforms are designed to address inefficiencies and drive data-backed decision-making across traditionally analog sectors. Our first commercial focus is on the agriculture technology sector, where we have successfully deployed our AI-powered solutions across multiple implementations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Our AI Enabled AgTech Platform**

Our AgTech platform uses autonomous aerial robots, AI/ML-based analytics, and internet of things ("IoT") integration to provide real-time insights into crop health, irrigation, soil conditions, pest detection, yield prediction, and weather risk management. Braiin was the first company in the world to be certified by a national aviation authority to operate fully autonomous aerial drones for crop spraying. These robots are capable of generating multispectral maps and executing precision spraying, significantly reducing chemical use and increasing efficiency.

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![](formdrsa_004.jpg)

AI Dashboard and Insights

Our AI-powered dashboard integrates satellite and drone imagery, IoT sensors, and predictive models to offer actionable insights in real-time. Users can visualize vegetation health, pest risks, irrigation needs, and expected yield via a unified platform. Technologies like EfficientNet, ResNet-50, YOLOv8, and LSTM are used for image recognition, anomaly detection, weather forecasting, and yield prediction. Farmers receive real-time alerts and intelligent recommendations.

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ERP and Smart Farm Automation

Braiin's enterprise resource platform ("ERP") system provides end-to-end farm management, from inventory and financial tracking to crop scheduling and weather risk mitigation. Drones and AI models continuously collect and learn from new data, enabling automated and optimized responses for resource allocation, crop spraying, and harvesting. This system supports sustainability by minimizing pesticide usage and maximizing resource efficiency.

![](formdrsa_010.jpg)

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Market Opportunity

The agriculture technology sector presents the largest near-term opportunity for Braiin. With the global AgTech market expected to reach $74 billion by 2034<sup>1</sup>, precision farming solutions are in high demand. The integration of AI, aerial robotics, and IoT represents a major leap forward for global food production and sustainability efforts.

Platform Architecture and Technology Stack

The core technology stack includes AI/ML frameworks like TensorFlow and PyTorch, spectral imaging with OpenCV and Google Earth Engine, and cloud solutions such as AWS SageMaker. IoT integration is enabled via AWS Greengrass and Apache Kafka for real-time analytics and edge computing capabilities.

<sup>1</sup> Exploding Topics. (n.d.). AgTech Market: Growth, Trends & Forecast. Retrieved from https://explodingtopics.com/blog/agtech-market.

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**Expanded Detail:**

Agriculture Technology Sector:

One of our flagship offerings is our Autonomous Aerial Robots, equipped with advanced sensors, cameras, and AI/ML capabilities. We believe these robots have the potential to revolutionize agriculture by providing real-time insights into crop health, soil conditions, and other variables, which assists with optimizing farming practices, reducing resource wastage, and maximizing yields. Braiin was the first company in the world to be certified by a country to operate fully Autonomous Aerial Robots for crop spraying.

In the agriculture technology sector, our Autonomous Aerial Robots collect data on crop health and soil conditions, enabling farmers to make data-driven decisions. The maps captured from Braiin's Autonomous Aerial Robots are used for analysis and monitoring of crop harvests. The Autonomous Aerial Robots can produce both two-dimensional and three-dimensional maps using data from hyper spectral, multispectral light detecting and ranging or thermal sensors. By employing AI/ML algorithms, these robots offer actionable recommendations for irrigation, fertilization, and pest management, with the goal of providing increased productivity and reduced environmental impact.

The Autonomous Aerial Robots are capable of scanning an entire plantation for plant health, seven to ten days before human eyes can identify any hydration, insect or herbicide issues. This information can be used to determine how to reallocate plant treatment and when to pick crops, which subsequently increases yields.

The data collected from our Autonomous Aerial Robots can also be used to pre-plan estate development. The Autonomous Aerial Robots can scan drainage elevation across a plantation, which can then be used to optimize irrigation, drainage and determine whether any topography changes are needed and determine where to put the next field.

![](formdrsa_012.jpg)

[**Table of Contents**](#TOC_001)

Plant and Land Health Scanning Map

Our Autonomous Aerial Drones are used for more than just collecting data. We also provide customized Autonomous Aerial Drones for crop spraying that can cover 2-3 hectares per hour and carry 50 kilograms of chemicals. The Autonomous Aerial Drones have the capability to spray crops based on some or all insights provided in our ERP (described further below). By utilizing the Autonomous Aerial Drones, crops can be sprayed at up to 15 times the speed of humans while using less chemicals, which has the potential to save both time and money. We believe that using the Autonomous Aerial Drone for spraying is also safer than using human labor to spray crops and limits pesticide exposure risk to humans.

![](formdrsa_013.jpg)

Autonomous Aerial Drones Spraying Crops

While we recognize the potential of AI/ML across the various sectors in which we operate, we also acknowledge the need for a balanced approach to address our customers' diverse needs and requirements. For example, we offer a comprehensive ERP platform that offers quality control services, production and post-production planning services, and inventory, sales and analytic services that is currently tailored for the agriculture technology sector, but has the potential to be expanded for use across other industries. By integrating processes such as inventory management, sales, and financial reporting, we believe our ERP platform enables farmers and agribusinesses to manage their farming operations, supply chains, and financial transactions efficiently in a single platform, thereby enhancing productivity, reducing errors, and improving decision-making capabilities.

The single-user friendly dashboard can enable a user to easily make decisions based on our technology's actionable insights. For example, our Autonomous Aerial Drones may alert one of our users of a specific weather pattern resulting in abnormally high rainfall amounts, resulting in a certain portion of the user's farm receiving more water than is typical. This insight could be displayed on the ERP platform, allowing the user to make adjustments to react to the data, such as adjustments to reduce the amount of water being used in irrigation. These types of insights help farmers identify and act on decisions, increasing productivity and reducing negative environmental impacts through lowering pesticide or water usage, for example. Each Autonomous Aerial Drone incorporates AI/ML by running continually and adding to the dataset available to our users and further improving the quality of the actionable intelligence and reporting.

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Industry Overview and Market Opportunity

We believe that we operate at the forefront of technology, targeting a range of industries, including agriculture, finance, insurance, and telecommunications among others. With our innovative solutions and commitment to excellence, we believe that we are poised to seize market opportunities and establish ourselves as leaders in the technology industry.

![](formdrsa_014.jpg)

**Drone services market size by industry ($ billions)**

Agriculture Technology Sector

The agriculture technology sector ("AgTech") represents the largest market opportunity for Braiin. As the global population is expected to reach 9.7 billion by 2050, there is mounting pressure to increase food production while minimizing environmental impact. We expect that the integration of agricultural technology solutions that integrate IoT and aerial robotics, among other technologies, will play a crucial role in addressing these challenges. According to market research, the global AgTech market is currently worth approximately $26.27 billion and is expected to reach $74 billion by 2034, growing at a CAGR of 12.2%.<sup>2</sup>

The total addressable market for AgTech solutions like IoT and aerial robotics in crop spraying is substantial. According to market research, the global smart agriculture market size is projected to grow from $15.7 billion in 2025 to $23.38 billion by 2029, with a CAGR of 10.2% during the forecast period.<sup>3</sup> This growth is primarily driven by the increasing adoption of precision farming techniques and the need for sustainable agricultural practices.

Within the smart agriculture market, the IoT segment is expected to experience significant growth. The integration of IoT devices in agriculture enables farmers to monitor and control various aspects of their operations remotely. IoT sensors can collect data on soil moisture, temperature, humidity, and other environmental factors, providing farmers with valuable insights for informed decision-making. The global market for IoT in agriculture is estimated to reach $15.95 billion by 2025, with a CAGR of 14.32% and $31.08 billion by 2030.<sup>4</sup>

In addition to IoT, aerial robotics for crop spraying also has a substantial global market. While traditional crop spraying methods often involve the indiscriminate use of chemicals, resulting in wastage and potential harm to the environment, our Autonomous Aerial Robots have the potential to revolutionize crop spraying processes. These Autonomous Aerial Robots can precisely apply pesticides and fertilizers, minimizing chemical wastage and reducing the environmental impact. This technology not only enhances the effectiveness of crop protection but also promotes sustainable farming practices. The market for agricultural drones, which includes aerial robots used for crop spraying, is projected to grow from $6.10 billion in 2024 to $23.78 billion by 2032, with a CAGR of 18.5% during the forecast period.<sup>5</sup>

<sup>2</sup> Exploding Topics. (n.d.). AgTech Market: Growth, Trends & Forecast. Retrieved from https://explodingtopics.com/blog/agtech-market.

<sup>3</sup> MarketsandMarkets. (2024). *Smart Agriculture Market by Precision Farming, Livestock Monitoring, Precision Aquaculture, On-Cloud, On-Premises, System Integration & Consulting, Harvesting Management, HVAC Management and Water and Fertilizer Management – Global Forecast to 2029*. Retrieved from https://www.marketsandmarkets.com/Market-Reports/smart-agriculture-market-239736790.html.

<sup>4</sup> 360iResearch. (2025). *Agriculture IoT Market by Application, Component, Technology, Farm Type, Connectivity – Global Forecast 2025–2030*. Retrieved from https://www.360iresearch.com/library/intelligence/agriculture-iot

<sup>5</sup> Fortune Business Insights. (2025). *Agriculture Drone Market Size, Share & Industry Analysis, By Offering, Components, Payload Capacity, Application, and Regional Forecast, 2024–2032*. Retrieved from https://www.fortunebusinessinsights.com/agriculture-drones-market-102589.

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Braiin's AgTech platform is built from the ground up using proprietary AI/ML models, integrating aerial robotics, edge IoT sensors, and a full-service ERP. Unlike standalone drone or sensor vendors, Braiin unifies data collection, real-time processing, and predictive analytics into one seamless decision-making system for farmers.

Our AI models power disease detection, irrigation optimization, fertilization recommendation, and yield forecasting. The platform continuously learns from incoming sensor and image data, fine-tuning recommendations and increasing operational efficiency. These tools directly impact farmer profitability, sustainability, and risk management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. AI Enabled Customer Experience and Employee Experience Sector**

Braiin currently owns a patent on a Semi-supervised question answering machine **(**Patent number #10650818), which Braiin believes has significant applicability is the CXaaS industry. See "Intellectual Property" below. Through the acquisition of VIS Private Networks Limited ("VIS Networks") (as described below), Braiin will significantly expanding its capabilities in the CX and EX as a Service sector. VIS Networks is a global provider of unified communications, contact center solutions, video conferencing, audio-visual systems, and AI-powered customer engagement tools, with operations across Singapore, Malaysia, the United Kingdom, Oman, and other jurisdictions.

Our CXaaS platform is an AI-powered, end-to-end solution designed to transform how enterprises engage with customers and manage internal teams. By integrating cloud-based CRM, workforce management, and contact center technologies, our platform delivers a unified, intelligent customer engagement experience.

Through advanced analytics, speech recognition, sentiment analysis, call routing, and real-time behavioral insights, the platform captures every customer and agent interaction to generate predictive insights and next-best-action recommendations. These tools empower frontline teams to personalize experiences, resolve issues faster, and improve customer satisfaction and retention.

Our proprietary AI/ML engines continuously learn from interactions, enhancing operational intelligence through behavioral analytics at the individual, team, and enterprise levels. This learning capability enables rapid adaptation to changing customer demands while driving efficiency across all service touchpoints. VIS's advanced capabilities include:

● AI-driven speech analytics and intelligent call routing.

● Secure, scalable CX platforms supporting high-volume enterprise environments.

● Cloud-native integration across multiple customer interaction channels.

● End-to-end consulting and system design for large-scale CX transformation programs.

Through VIS Networks and our proprietary AI frameworks, we deliver comprehensive contact center management solutions via a consulting-led approach that provides clients with deep insights into their operational challenges and actionable recommendations for improvement.

With this combination of VIS Networks's global scale and Braiin's proprietary AI/ML capabilities, our CXaaS platform is positioned to deliver a complete, integrated, and future-ready solution that spans:

● **CX Design & Consulting** — Understanding what customers and employees want, then designing connected journeys supported by the right people, processes, and technology.

● **CX Products & Platforms** — A comprehensive suite of products and platforms delivering highly connected experiences in an agile and cost-effective way.

● **CX Services & Digital** — Orchestrating CX operations across applications, infrastructure, and network domains, wrapped in digital-first, microservices-based architectures.

● **CX Cloud** — Pre-built integrations with leading contact center and CX solutions to simplify and de-risk cloud adoption without sacrificing performance or control.

● **Analytics, Automation & AI** — Leveraging analytics and automation to enhance CX and EX in real time across all channels.

This unified approach allows us to deliver scalable, cloud-native tools that are customizable, agile, and deeply embedded in our clients' business workflows — providing measurable return on investment, stronger customer retention, and increased enterprise agility.

**OUR SOLUTION**

***Customer Experience as a Service Sector***

System integration as a cloud service is a relatively new market opportunity to combine professional services based software development with cloud based service delivery as well as provide unified user and application management and business insights as high-margin value added services. While system integration as a cloud service is generic and applicable to multiple business processes, it is particularly attractive in the customer engagement and agent experience management market where customer relationship management and contact center solutions are provided by different software as a service vendors thus necessitating integration and customization of these applications to suit the business needs of the enterprise.

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With the signing of a binding term sheet to acquire VIS Private Networks Limited — an acquisition that will complete upon Braiin's admission to the Primary Exchange — we are expanding our capabilities in the CX and EX as a Service sector. Through this acquisition and our proprietary technologies, we are well-positioned to deliver comprehensive contact center management solutions via a consulting-led framework that provides clients with detailed insights into their existing challenges and actionable recommendations for improvement. With the growth trajectory in the similar space, we plan to expand into other related areas of marketing technology, automation and customer relationship management, which creates a significant opportunity to scale. The below tables depict the total addressable market for the customer experience space and way to expand further.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. AI-Enabled Property Technology Platform**

**Utility Connections, Comparison and Billing Infrastructure**

With the signing of a binding term sheet to acquire Connect Simple — an acquisition that will complete upon Braiin's admission to the Primary Exchange we are expanding our capabilities in the Property Technology Sector. Our property technology ("PropTech") division is focused on simplifying residential service delivery and billing through an AI-powered, white-labelled platform. This platform serves as a digital infrastructure layer for utility connections, bill comparison, and ongoing household expense management, with applications across rental, ownership, and agency-managed properties.

![](formdrsa_016.jpg)

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Using AI-trained assistants and proprietary application programming interface ("APIs"), the platform automates the process of connecting essential services (electricity, gas, broadband, insurance, and more) at the point of property transaction, such as leasing, purchasing, or moving. Customers interact through a unified portal that facilitates connections and enables ongoing bill tracking and payments. AI also personalises the customer journey, offering hyper-relevant product suggestions, optimised based on usage and household composition.

![](formdrsa_017.jpg)

Key technologies include:

● **Real-time API integrations** with service providers for automated switching and provisioning.

● **AI-driven lead routing and call centre support**, informed by 15+ years of behavioural insights.

● **Digital assistant interface** that enables non-technical users to manage multiple services in one place.

● **Secure payment infrastructure**, supported by a regulated digital wallet partner, enabling card issuance, transaction analytics, and bill smoothing.

The PropTech platform acts as the connective tissue between property movements and downstream services. By embedding into tenancy applications, bond deposit processes, or conveyancing platforms, it captures high-intent customers at the ideal moment and converts them into recurring bill management users.

Customer platform can support:

● Household energy usage.

● Home warranty and protection add-ons.

● SME (small business) product lines for landlord and commercial property services.

As a high-cash-flow, data-rich business, the PropTech unit complements our broader AI strategy and contributes to long-term revenue resilience through repeat billing, embedded finance, and cross-selling opportunities for home services and devices (e.g security, cameras, doorbells, smart devices).

**OCR-Powered Bill Comparison Engine**

Bill Comparison platform includes proprietary Optical Character Recognition ("OCR") technology that automatically scans uploaded utility bills, extracting key data such as usage, supply charges, tariff structures, and billing periods. This data is then matched in real time against a curated panel of service providers. By analysing cost structures and plan suitability, the system identifies and recommends better-value options tailored to each customer's profile. This AI-enhanced process simplifies switching, ensures customers remain on competitive rates, and eliminates manual data entry, delivering both savings and convenience.

![](formdrsa_018.jpg)

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**Energy and Home Insurance Sectors**

The Company's core platform is designed to engage high-intent consumers at key transition moments, particularly when moving home and to capitalise on recurring service needs across the energy and home insurance sectors. These two verticals represent foundational pillars in the household services ecosystem, offering strong revenue predictability and natural alignment with the Company's embedded referral model.

**United Kingdom**

The UK energy sector is one of the most active switching environments globally, with over 1 million electricity customers changing providers annually. Regulatory mandates for price transparency and consumer protections have led to a fragmented but competitive retail energy landscape. New challenger brands are winning share, creating demand for comparison engines that offer clarity and trust. Our ability to plug directly into tenancy and mover data streams allows the business to reach customers at their moment of need — resulting in high conversion, low churn, and low acquisition cost.

**United States**

Energy market deregulation across key states like Texas, New York, and Ohio opens up an addressable market of over 20 million households.<sup>6</sup> While energy switching rates vary by region, the combination of rising energy prices, climate-focused product innovation, and policy-driven customer empowerment is fuelling demand for comparison and concierge switching services. The US strategy involves operating in deregulated states. The Company's AI agent and API stack allows for rapid onboarding of partners and customers alike.

**Australia & New Zealand**

In Australia and New Zealand, we believe utility switching is increasingly digital, with growing consumer interest in comparing energy and telco plans. We already operate with over 50 integrated real estate and property platforms in this region. This B2B2C model has proven efficient in reaching moving customers and delivering a high return per referral through commission-based revenue models. The platform's success here serves as a blueprint for replication in larger markets.

![](formdrsa_019.jpg)

<sup>6</sup> U.S. Energy Information Administration. (n.d.). *Texas - State Energy Profile Overview*., from https://www.eia.gov/electricity/state/Texas/ and U.S. Energy Information Administration. (2024). *Electric Power Annual*, from https://www.eia.gov/electricity/annual/pdf/epa.pdf

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**United Kingdom:** The UK home insurance market shows high product penetration<sup>7</sup> but suffers from customer fatigue due to policy complexity and inconsistent claims experiences<sup>8</sup>. By embedding curated insurance options within the onboarding and bill management workflows, the platform delivers simplicity, speed, and better alignment with customer needs. This approach can drive incremental revenue while maintaining low acquisition cost through digital automation.

**United States:** With a fragmented insurance landscape and a rise in direct-to-consumer models, the US market is ripe for disruption.<sup>9</sup> Renters in particular remain underserved — creating a clear opportunity to offer bundled insurance options at the point of utility or broadband activation<sup>10</sup>. Our unified service experience positions it to introduce embedded insurance into the user journey, increasing wallet share and deepening engagement.

**Australia & New Zealand:** The Australia and New Zealand operation has secured exclusive distribution relationships with innovative underwriters, allowing the Company to offer unique insurance propositions within its tenancy and property ecosystem. These offers are built into real estate and finance partner journeys, with referral flows built directly into CRMs and lease platforms. The rollout of contents insurance, landlord protection, and home warranty products has already begun, delivering a new recurring revenue layer.

**Strategic Alignment:** The integration of energy and home insurance within a single customer platform enhances both customer experience and business performance. These services are not only essential — they are expected. By embedding them into the property journey via CRM integrations, referral APIs, and AI-powered bill management tools, Connect Simple (as defined below) becomes the default hub for setting up and managing the home. As product verticals mature, cross-sell opportunities will further increase customer lifetime value and partner monetisation.

![](formdrsa_020.jpg)

By the end of 2023, North America's installed base of smart electricity meters had reached nearly 146 million units, with penetration surpassing 80%. Forecasts anticipate continued growth, with both installed units and penetration climbing towards the low- to mid-90s by the end of the decade.<sup>11</sup>

<sup>7</sup> MarkWide Research. (n.d.). *UK Home Insurance Market*., from https://markwideresearch.com/uk-home-insurance-market.

<sup>8</sup> Financial Conduct Authority. (2025, July 22). *Home and travel claims handling arrangements: good practice and areas for improvement*. Retrieved from https://www.fca.org.uk/publications/good-and-poor-practice/home-travel-claims-handling-arrangement.

<sup>9</sup> William Blair Equity Research. (2025). *Insurance Distribution: Expanding Opportunities and Evolving Business Models*. Retrieved from https://www.williamblair.com/-/media/downloads/eqr/2025/williamblair-insurance-distribution-expanding-opportunities-and-evolving-business-models.pdf

<sup>10</sup> Assurant. (n.d.). *Renters Affinity Market Opportunity [Infographic]*. Retrieved August 27, 2025, from https://www.assurant.com/documents/assurant/multifamily-housing-docs/renters-affinity-market-opportunity-infographic.pdf

<sup>11</sup> Spencer Jones, J. (2024, June 11). *Smart meter penetration surpasses 80% in North America*. Smart Energy International. Retrieved from https://www.smart-energy.com/industry-sectors/smart-meters/smart-meter-penetration-surpasses-80-in-north-america.

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Projections indicate that the global smart meter market will grow from around 1.06 billion in 2023 to over 1.75 billion by 2030, driven by an approximate 6% CAGR.<sup>12</sup>

![](formdrsa_021.jpg)

These sectors present significant opportunities for growth, driven by recurring customer needs and the increasing demand for streamlined digital solutions. By embedding essential services into the customer journey — particularly during high-intent moments like moving — we provide meaningful value to both end users and strategic partners. With strong foundations already in place and scalable infrastructure, we are well-positioned to expand our impact, enhance customer retention, and increase the long-term value of every relationship we support.

**Unified Technology Stack**

**Single IP Spine:** All platforms leverage the same architecture for ingestion, insight generation, and automation — enabling speed to market across verticals

***Raptor 300, Inc.***

Raptor 300 Inc. ("Raptor")**,** established in 2015, holds the core intellectual property underpinning our Autonomous Aerial Robots (see "— Intellectual Property" below). For a detailed overview of these technologies and the market segments they serve, refer to "Diverse Range of Services and Products — Agriculture Technology Sector" below.

Raptor's customer base is primarily composed of enterprises within the agricultural industry. Raptor has secured binding long-term contracts for its AI/ML-powered robotic services totaling $35.93 million over a five-year term, and has also executed non-binding Memoranda of Understanding ("MoUs") representing an additional **$**111.98 million in potential contract value. Raptor's operations are headquartered in Subiaco, Western Australia**.**

On July 26, 2022**,** Braiin acquired 100% of Raptor's outstanding equity, making it a wholly owned subsidiary of Braiin.

***Connect Simple Pty Ltd***

Connect Simple Pty Ltd ("connect Simple") was incorporated in Australia on December 01, 2023 having registered office in Melbourne, Victoria Australia. It has business operations in Australia, New Zealand, UK and the United States. Connect Simple is focused on simplifying residential service delivery and billing through an AI-powered, white-labelled platform. This platform serves as a digital infrastructure layer for utility connections, bill comparison, and ongoing household expense management, with applications across rental, ownership, and agency-managed properties.

Pursuant to the binding Amended and Restated Heads of Agreement, dated September 5, 2025, by and between Braiin and Connect Simple, Braiin will acquire 100% of the shares of Connect Simple for an aggregate consideration of $98 million (the "Connect Simple Agreement"). The consummation of the transactions contemplated by the Connect Simple Agreement are subject to customary closing conditions, including Braiin's successful admission to the Primary Exchange and effectiveness of a Registration Statement with the SEC. The shares will also be subject to a lock-up period as described in the Connect Simple Agreement, dated as of September 5, 2025. The Connect Simple Agreement may be terminated on the later of October 30, 2025 or the listing of Braiin's securities on the Primary Exchange if the conditions precedent have not been satisfied or waived.

<sup>12</sup> Krishnan, A. (2024, February 21). *Smart electricity meter market 2024: Global adoption landscape*. IoT Analytics. Retrieved August 27, 2025, from https://iot-analytics.com/smart-meter-adoption.

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***VIS Networks Private Limited***

VIS Networks Private Limited ("VIS Networks") was Incorporated on April 18, 2011, and headquartered in Bangalore, Karnataka, VIS **Networks** has evolved into a global provider of next-generation communication and CX technologies. The company operates through its subsidiaries across Singapore, Malaysia, the United Kingdom, Oman, and other jurisdictions, delivering enterprise-grade solutions to a diverse international client base.

VIS Networks is recognized as a trusted partner for organizations seeking to modernize and optimize their CX infrastructure. Its comprehensive offering spans unified communications**,** contact center solutions**,** video conferencing**,** and audio-visual systems**.** More recently, VIS has expanded into AI-powered CX innovation**,** including speech analytics**,** intelligent call routing**,** and machine learning — driven customer engagement tools**.**

With a strong focus on secure, scalable, and efficient platforms, VIS Networks supports clients across industries in building resilient and future-ready communication ecosystems.

Pursuant to the binding Amended and Restated Heads of Agreement, dated September 5, 2025, by and between Braiin and VIS Networks PVT LTD ("VIS Networks") Braiin will acquire 100% of the shares of VIS Networks (the "VIS Acquisition") for an aggregate consideration of $24 million (the "VIS Agreement"), $12 million of which will be paid on the closing date of the VIS Acquisition, $7.2 million of which will be paid on the 12 month anniversary of the VIS Acquisition, and $4.8 million of which will be paid on the 24 month anniversary of the VIS Acquisition. VIS Networks' business relates to technology services. Also on June 27, 2025, Braiin and VIS Networks entered into a binding Heads of Agreement whereby certain owners of VIS Networks shares will be issued $44.57 million of Braiin Shares. The consummation of the transactions contemplated by the VIS Agreement are subject to customary closing conditions, including Braiin's successful admission to the Primary Exchange and effectiveness of a Registration Statement with the SEC. The shares will also be subject to lock-up period as described in the VIS Agreement, dated as of September 5, 2025. The VIS Agreement may be if a Share Subscription Agreement is not executed by the later of September 30, 2025 or the listing of Braiin's securities on the Primary Exchange (the "VIS End Date"), by mutual agreement of all Parties in writing, or by VIS or Braiin communicating at any time prior to the VIS End Date of their intent not to pursue the transactions described in the VIS Agreement. The shares issued to VIS are subject to a lock-up agreement as found in the VIS Agreement, dated as of September 5, 2025.

***Vega Global Technologies Pty Limited***

Vega is a holding company formed in 2023 that will hold all of the outstanding equity interests of Nisus and Mirragin RAS Consulting Pty Limited ("Mirragin") following the Direct Listing. Vega, through its subsidiaries, will be a technology company specializing in providing AI, and coding language services to farmers. Vega holds proprietary intellectual property in AI-enabled drone fleet management, predictive maintenance, autonomous navigation, and multispectral analytics. These capabilities are expected to generate incremental value when integrated into Nisus's and Mirragin's existing operations. See "Diverse Range of Services and Products — Agriculture Technology Sector" and "Diverse Range of Services and Products — Finance and Insurance Sectors" below for additional information on Vega's products and services. On September 12, 2023, Vega entered into a binding heads of agreement contract with Nisus Australia Pty Ltd and Nisus Payroll Pty Ltd (together, "Nisus"), pursuant to which Vega will acquire 100% of the shares of the Nisus. On September 16, 2023, Braiin entered into a binding heads of agreement contract with Vega, which was terminated on September 2, 2025.

On September 5, 2025, Nisus and Vega entered into an Amended and Restated Share Sale Agreement pursuant to which Vega will acquire 100% of the shares of Nisus for an aggregate consideration of $6,160,000 (the "Nisus Agreement"). The consummation of the transactions contemplated by the Nisus Agreement are subject to customary closing conditions. The shares will also be subject to lock-up period the terms and length of such are referenced in the aforementioned Nisus agreement as dated of September 5, 2025. The Nisus Agreement may be terminated on the later of October 30, 2025 or the listing of Braiin's securities on the Primary Exchange if the conditions precedent have not been satisfied or waived Upon the consummation of the Share Sale Agreement with Nisus, Nisus will be wholly owned by Vega.

On September 7, 2025, Braiin and Vega entered into a new binding heads of agreement contract (the "Vega Agreement"), which was subsequently amended on September 23, 2025, pursuant to which Braiin will acquire 100% of the shares of Vega for consideration of USD$82,606,096 of Braiin shares and AUD $3.55 million in cash consideration. The consummation of the transactions contemplated by the Vega Agreement are subject to customary closing conditions, including Braiin's successful admission to the Primary Exchange and effectiveness of a Registration Statement with the SEC. The Vega Agreement may be terminated on the later of October 30, 2025 or the listing of Braiin's securities on the Primary Exchange if the conditions precedent have not been satisfied or waived.

Upon the consummation of the binding heads of agreement contract with Nisus, Nisus will be wholly owned by Vega. Nisus is a specialist technology provider focused on delivering advanced data science**,** cybersecurity**,** and secure communication solutions to Australian government agencies, defense, emergency services, and enterprise clients. With a strong track record in supporting public sector digital transformation, Nisus designs and implements mission-critical systems that protect sensitive information and enable informed decision-making.

In addition to its cybersecurity and analytics capabilities, Nisus supplies a comprehensive range of secure hardware and mobility solutions that enhance communication and operational readiness across high-security environments. Its client base spans government departments, agriculture, defense, emergency services, large enterprises**, and** mobile network carriers**,** as well as small to medium-sized businesses.

Headquartered in Australia, Nisus plays a key role in strengthening national digital resilience through its expertise in data governance, threat intelligence, and secure infrastructure. See "Diverse Range of Services and Products — Customer Experience and Employee Experience Sector" below for additional information related to Nisus's products and services. Nisus's facilities are located in Canberra, Australia.

On September 5, 2025, Vega entered into the binding Fifth Amended and Restated Heads of Agreement by and between Vega and Mirragin, pursuant to which Vega will acquire 100% of the shares of Mirragain and on September 3, 2025, Vega entered into the Fourth Amended and Restated Heads of Agreement with Mirragin Project Isidore, ("Isidore") pursuant to which Vega will acquire 100% of the shares of Isidore for an aggregate consideration of AUD $7 million (together, the "Mirragin Agreement"). The consummation of the transactions contemplated by the Mirragin Agreement are subject to customary closing conditions, including Braiin's successful admission to the Primary Exchange and effectiveness of a Registration Statement with the SEC. The Mirragin Agreement may be terminated on the later of October 30, 2025 or the listing of Braiin's securities on the Primary Exchange if the conditions precedent have not been satisfied or waived. The shares are subject to a lock-up agreement as described in the Mirragin Agreement, dated as of September 5, 2025.

Upon the consummation of the Mirragin Agreement, Mirragin will be wholly-owned by Vega. Mirragin was established in Australia, on April 01, 2011, and operates under a business license issued by Australian Securities Exchange. The registered address of the Company is QLD, 4074 Australia. Mirragin is a specialist Australian consulting and technology firm focused on the deployment of high-end aerial robotics**,** autonomous systems**, and** AI/ML-driven solutions for mission-critical applications. With deep expertise in agriculture, defence, emergency response, and industrial operations, Mirragin helps organizations design and implement advanced autonomous technologies that reduce operational risk, lower costs, and enhance decision-making capabilities.

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The company is a recognized leader in the integration of drone-based systems with artificial intelligence and machine learning for use cases such as real-time surveillance**,** precision logistics, and situational awareness. Mirragin's multidisciplinary team supports both government and enterprise clients in accelerating the adoption of robotics programs through end-to-end support — from concept development to deployment.

Mirragin's solutions are built to operate in complex, high-stakes environments, making it a key partner in Australia's push for innovation in defence tech, aviation, and critical infrastructure resilience.

***Our Anticipated Structure***

![](vis_004.jpg)

**Diverse Range of Services and Products**

Our proprietary technology is currently being used in various sectors, including agriculture, CXaaS, and PropTech. We believe that our technology has the potential to span a variety of industries and sectors to increase efficiency and provide user-friendly solutions for our customers.

**Environmental Impact**

In recent years, there has been an increased global focus on environmental consciousness, digital efficiency, and sustainability. At Braiin, we believe our integrated AI-driven platforms across Agriculture, CXaaS, and PropTech are aligned with these broader sustainability goals.

**AgTech Solutions:**

Our AgTech platforms are designed to promote precision farming practices through the use of autonomous aerial robots, AI/ML analytics, and IoT integration. These technologies help reduce chemical usage, optimize water consumption, and minimize environmental degradation. Features such as multispectral imaging, real-time weather-based recommendations, and ERP integration ensure efficient use of pesticides and fertilizers, resulting in increased crop yields and reduced environmental footprint. Our blockchain-enabled transparency mechanisms also allow consumers to verify the sustainability and origin of their food, enabling ethical choices and promoting traceability in the global food chain.

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**CXaaS Platform:**

Our CXaaS division leverages AI to improve customer and employee experience while minimizing energy and resource waste through process automation. By integrating cloud-native contact centers, AI-driven analytics, and automated digital assistants, our systems reduce the carbon footprint associated with traditional legacy infrastructure and physical service centers. These platforms offer real-time insights that enable businesses to streamline operations, reduce customer service cycles, and eliminate redundancies — thus optimizing digital resource consumption. Furthermore, our Smart Hub product minimizes documentation waste by creating a centralized digital knowledge base accessible on demand, removing the need for printed manuals, long training sessions, or repetitive customer inquiries.

**PropTech Platform:**

Our AI-enabled Property Technology platform streamlines residential utility connections, energy switching, and bill management through an intelligent digital interface. This solution not only promotes operational efficiency for property managers and tenants but also supports environmental goals by enabling users to select greener energy providers and monitor household energy consumption in real time. The platform's AI-powered OCR engine ensures accurate utility comparisons, helping customers transition to more sustainable and cost-effective service options. By integrating into tenancy applications and CRM workflows, we reduce administrative overhead and help homes become more energy-aware and carbon-efficient. Additionally, embedded smart home integrations — such as intelligent thermostats, security, and connected devices — empower users to reduce waste and energy use without compromising convenience.

**Cross-Sector Strategy:**

Across all three verticals, Braiin's unified approach combines AI/ML, real-time data processing, and automation to address pressing environmental challenges. Whether through reducing chemical runoff in farming, streamlining digital communication in enterprises, or helping households choose eco-friendly utility options, our goal is to drive sustainability and long-term impact. Our platforms are not only revenue-generating — they are impact-focused, and designed to promote smarter decisions at every level of the value chain.

As environmental regulations continue to evolve, we are committed to remaining ahead of the curve — ensuring that our solutions help clients meet their environmental, social and governance ("ESG") goals, while contributing to a more sustainable, transparent, and resilient global ecosystem.

**Competition**

We operate at the intersection of artificial intelligence and industry-specific verticals — AgTech, CxaaS, and PropTech — each of which is characterized by rapid innovation, evolving customer demands, and increasing investment in digital transformation.

In the AgTech sector, we face competition from both established players and emerging startups that are leveraging AI, ML, IoT, and drone-based technologies to deliver precision agriculture solutions. Competitors in this space are continuously developing proprietary platforms to improve crop yields, optimize inputs, and provide predictive insights — many of which are adjacent to or overlap with our current offerings.

In the CxaaS space, we compete with companies offering AI-based customer service, voice intelligence, and personalized engagement solutions. This is a fast-evolving vertical, with traditional CRM and contact center platforms integrating AI features and newer entrants offering focused, verticalized AI customer solutions.

In PropTech, we expect to face competition from startups and established software as a service ("SaaS") companies deploying AI to improve asset management, rental automation, predictive maintenance, and tenant engagement.

As a general AI technology company operating across multiple verticals, we anticipate increasing competition from a diverse range of players — ranging from large incumbents expanding their feature sets to domain-specific startups bringing focused innovations. Many of these competitors dedicate substantial resources to research and development and have established customer bases, brand recognition, and deeper capital reserves. To maintain our competitive advantage, we continue to invest in proprietary technology, deep vertical expertise, and differentiated platform capabilities tailored to the unique needs of each industry we serve.

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**Competitive Strengths**

We believe that we have five main competitive strengths that set us apart from the current market:

● Technological Integration: Our integration of advanced technologies from Raptor, Connect Simple and Vega, including our Autonomous Aerial Robots, AI/ML, IoT, and ERP, allows us to deliver end-to-end solutions that cater to diverse industry needs.

● Proven Track Record: We have a successful history of conducting trials and forming partnerships with industry leaders, demonstrating our capability to execute projects and deliver positive outcomes.

● Intellectual Property: We hold essential patents and regulatory certifications, providing a barrier to entry for potential competitors and enhancing our credibility as an industry leader.

● Experienced Leadership: Our management team is comprised of experienced professionals with deep expertise in technology, data science, and investment in emerging markets.

● Collaborative Culture: Our multidisciplinary team fosters a culture of collaboration, creativity, and continuous improvement, allowing us to develop innovative solutions for complex challenges.

**Growth Strategy**

Our growth strategy encompasses:

● Continuous Innovation: We invest in research and development in key areas such as AI/ML, robotics, and software to remain at the forefront of technological advancements.

● Geographical Expansion: We are expanding into new sectors, countries, and markets, with a focus on developed markets like USA, UK, Australia and New Zealand and emerging markets like India, UAE and Sri Lanka.

● Cross-Selling: We leverage synergies between divisions to offer comprehensive and integrated solutions to our clients.

● Targeted Sales Approach: We identify potential customers' pain points and challenges and develop tailored solutions to meet their specific needs.

● Strategic Acquisitions and Investments: We seek partnerships and collaborations with complementary technology companies to access new markets, expand our customer base, and enhance our capabilities.

With these strategies, we aim to strengthen its market presence, capture new opportunities, and deliver sustainable growth in the technology industry. We remain committed to delivering value to clients and shareholders while driving innovation and achieving long-term success.

**Research and Development Policies**

Over the past three years, Braiin has maintained a strong commitment to innovation through continued investment in research and development activities across its core verticals: AgTech, CXaaS, and PropTech, which will be strengthened by the acquisition of Connect Simple. Mirragin, Nisus Australia, Nisus Payroll and VIS Networks. Our research and development initiatives have focused on the development and enhancement of proprietary technologies including autonomous aerial robotics, AI/ML-driven analytics platforms, voice and speech recognition engines, and ERP and utility-switching platforms. These efforts have supported the advancement of our autonomous agricultural drones, AI-powered call center solutions, and intelligent tenant service automation tools.

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Our research and development policies emphasize internal capability building, strategic collaborations with external domain experts, and iterative development informed by customer feedback and pilot deployments. We have prioritized agile methodologies and cross-functional innovation sprints to rapidly bring enhancements to market while maintaining product reliability and regulatory compliance.

**Intellectual Property**

**Overview**

We own certain intellectual property rights that we use in connection with our business.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OWNER OF <br> INTELLECTUAL <br> PROPERTY** | **JURISDICTION** | **SERIAL AND APPLICATION<br> NUMBER/TITLE** | **SERIAL AND APPLICATION<br> NUMBER/TITLE** | **STATUS** | **EXPIRATION<br> DATE** |
| Raptor 300 | USA | ● | Unmanned Aerial System Autonomous Tank Refilling<br>| Pending |  |
|  |  | ● | Application #63/829,259 |  |  |
| Raptor 300 | USA | ● | Unmanned Aerial System Vectorized Spraying System<br>| Pending |  |
|  |  | ● | Application #63/830,023 |  |  |
| Flamingo AI (1) | USA | ● | Semi-supervised question answering machine | Granted May 12, 2020 | November 12, 2027 |
|  |  | ● | Application #16/119,400<br> Patent number #10650818 |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| With the signing of a binding term sheet to acquire Connect Simple Pty Ltd, we expect to acquire the proprietary intellectual property it owns upon Braiin's admission to the Primary Exchange. | With the signing of a binding term sheet to acquire Connect Simple Pty Ltd, we expect to acquire the proprietary intellectual property it owns upon Braiin's admission to the Primary Exchange. | With the signing of a binding term sheet to acquire Connect Simple Pty Ltd, we expect to acquire the proprietary intellectual property it owns upon Braiin's admission to the Primary Exchange. | With the signing of a binding term sheet to acquire Connect Simple Pty Ltd, we expect to acquire the proprietary intellectual property it owns upon Braiin's admission to the Primary Exchange. | With the signing of a binding term sheet to acquire Connect Simple Pty Ltd, we expect to acquire the proprietary intellectual property it owns upon Braiin's admission to the Primary Exchange. |
| Connect Simple | USA | ● | Energy Comparison IP Framework<br>|  |
|  |  | ● | Application # 1-14951669111 | Pending |
| Connect Simple | USA | ● | Connect Easy Information Technology Infrastructure | Pending |
|  |  | ● | Application #1-14952069191 |  |
| Connect Simple | USA | ● | Proptech Integration IP Framework | Pending |
|  |  | ● | Application #: 1-14952018321 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Mr.
 Balasubramanian and Mr. McVean were owners of this patent through Flamingo AI prior to incorporation of Braiin and sold 100 percent
 of the rights to the patent to Braiin on October 31, 2022 for $1.

**Government Regulation**

***Overview***

Our business operations and product offerings span multiple jurisdictions and are subject to an evolving landscape of international, federal, and local laws and regulations. These regulatory requirements affect not only our autonomous aerial robotics activities, but also our AI-powered customer experience platforms and property technology services.

**Rapidly Evolving Drone and Aviation Regulations**

Our AgTech division relies on the operation of fully autonomous aerial robots, which are subject to stringent and evolving aviation regulations in each jurisdiction where we operate. Regulatory authorities may impose restrictions or additional licensing requirements relating to drone flight paths, chemical spraying, remote operations, airspace access, or safety standards. Failure to comply with these regulations, or delays in receiving appropriate certifications, could adversely impact our ability to deploy or scale our UAV-based offerings. Inconsistent rules across jurisdictions may further complicate international expansion of our aerial robotics services.

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**Compliance with Data Privacy and AI Governance Frameworks**

Our CXaaS and PropTech platforms collect and process significant volumes of personal and behavioral data, which subjects us to an array of data privacy and protection laws including the General Data Protection Regulation ("GDPR") in the EU, the California Consumer Privacy Act ("CCPA") in the U.S., and equivalent laws in Australia, India, and the United Kingdom. These laws regulate data collection, storage, transfer, and use, and impose significant obligations on data controllers and processors. Additionally, emerging frameworks surrounding AI governance, such as the EU AI Act, may impose transparency, explainability, and fairness requirements on machine learning systems embedded in our platforms. Non-compliance could result in fines, enforcement actions, or reputational harm.

**Regulatory Complexity in Property Technology and Embedded Services**

Our PropTech offerings involve integration with third-party utilities, insurers, and financial service providers to enable utility switching, embedded finance, and digital billing. These operations are subject to licensing, consumer protection, anti-money laundering, and financial services regulations in multiple regions. For example, the provision of comparison and switching services in the energy and insurance markets may require specific licenses, adherence to advertising standards, and mandated disclosures. In addition, partnerships with digital wallet providers and embedded payment infrastructure must comply with payment processing regulations and cybersecurity standards. Regulatory changes, investigations, or restrictions in any of these domains could impair our product delivery or monetization strategies.

**Cross-Border and Industry-Specific Regulatory Risks**

Given the global nature of our operations, we are subject to diverse compliance regimes across jurisdictions where we deliver services, including laws governing:

● Taxation and transfer pricing;

● Consumer protection and advertising;

● Telecommunications and electronic communications;

● E-commerce and online contracting;

● Environmental regulation related to electronic devices and UAV operations; and

● Workplace safety and labor laws, particularly for UAV field deployments.

Certain jurisdictions may also impose restrictions on cross-border data flows, foreign ownership of technology providers, or classify certain drone or AI systems as dual-use or export-controlled technologies.

Operational and Financial Impact of Regulatory Non-Compliance

Failure to maintain compliance with applicable laws and regulations may lead to fines, audits, license revocation, business suspension, or civil and criminal penalties. Moreover, the cost of ongoing compliance — including legal fees, internal controls, cybersecurity, and policy development — could increase as regulatory scrutiny intensifies globally. If we are required to significantly change our business practices or technologies to meet evolving legal requirements, we may experience operational delays, increased costs, or lost business opportunities.

We proactively monitor regulatory developments and engage in internal compliance reviews to minimize these risks. However, given the pace and complexity of global regulatory change, there is no assurance that we will always be in full compliance, or that new laws will not adversely affect our ability to operate or expand.

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**Environmental**

We are subject to various federal, state, local and non-U.S. laws and regulations relating to environmental protection, including the discharge, treatment, storage, disposal and remediation of hazardous substances and wastes. We could also be affected by future laws and regulations relating to climate change, including laws related to greenhouse gas emissions, chemical use, and regulating energy efficiency. These laws and regulations could lead to increased environmental compliance expenditures, increased energy and raw materials costs and new and/or additional investment in designs and technologies. We continually assess our compliance status and management of environmental matters to ensure our operations are in compliance with all applicable environmental laws and regulations. Investigation, remediation and operation and maintenance costs associated with environmental compliance and management of sites are a normal, recurring part of our operations. While environmental protection regulations have not had a significant adverse effect on our overall operations, it is possible that costs incurred to ensure continued environmental compliance in the future could have a material impact on our results of operations, financial condition or cash flows if additional work requirements or more stringent clean-up standards are imposed by regulators, new areas of soil, air and groundwater contamination are discovered and/or expansion of work scope are prompted as a result of investigations.

**Manufacturing**

We assemble our Autonomous Aerial Robots at our facilities in Sri Lanka or, in certain cases, purchase off-the-shelf drones, that we optimize for our customers' purposes. All parts of our Autonomous Aerial Robots are manufactured by third parties.

**Employees and Human Capital**

As of June 30, 2025, the Company has 5 employees and 21 consultants. Our human capital objectives include identifying, recruiting, retaining, incentivizing, and integrating both our existing and additional employees to drive our company's success.

**Facilities**

Our corporate headquarters are located in Subiaco, Western Australia. We believe that our existing facilities are adequate for our near-term needs but expect to need additional space as we grow. We believe that suitable additional or alternative space would be available as required in the future on commercially reasonable terms.

**Legal Proceedings**

Although we may be subject to litigation in the ordinary course, we are not currently a party to any material legal proceedings.

**Summary of Risk Factors**

Our business is subject to numerous risks and uncertainties that you should be aware of before making an investment decision, including those highlighted in the section entitled "*Risk Factors*" in this prospectus. These risks include, but are not limited to, the following:

● If Braiin does not effectively manage its growth and the associated demands on its operational, risk management, sales and marketing, technology, compliance and finance and accounting resources, its business may be adversely impacted.

● Braiin has identified internal control deficiencies which result in material weaknesses in its internal control over financial reporting which, if not corrected, could affect the reliability of Braiin's consolidated financial statements, and have other adverse consequences.

● Braiin's future growth depends significantly on its marketing efforts, and if its marketing efforts are not successful, its business and results of operations will be harmed.

● Adverse economic conditions may adversely affect Braiin's business.

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&nbsp;&nbsp;&nbsp;&nbsp;

● Braiin may be adversely affected by natural disasters, pandemics, and other catastrophic events, and by man-made problems such as war or terrorism, that could disrupt its business operations, and its business continuity and disaster recovery plans may not adequately protect Braiin from a serious disaster.

● Significant political, trade, regulatory developments, and other circumstances beyond our control, could have a material adverse effect on our financial condition or results of operations.

● Customers may rescind or back out of non-binding agreements due to various reasons which could adversely affect our revenue streams, project timelines, and overall financial performance.

● Acquisitions, joint ventures or other strategic transactions create certain risks and may adversely affect Braiin's business, financial condition or results of operations.

● We may not be able to realize the potential benefits of business investments or acquisitions, and we may not be able to successfully integrate acquisition targets, which could hurt our ability to grow our business, develop new products or sell our products.

● The overall agricultural industry is susceptible to commodity and raw material price changes.

● The agricultural industry is highly seasonal, which may cause Braiin's sales and operating results to fluctuate significantly.

● We may have product liability claims if our agricultural products damage individuals or property and may need to recall items which do or could cause such damage.

● Compliance with, or violation of, environmental, health and safety laws and regulations, including laws pertaining to the use of pesticides, could result in significant costs that adversely impact our reputation, businesses, financial position, results of operations and cash flows.

● If we are unable to develop and release technology enhancements and new technologies to respond to rapid technological change, or to develop new designs and technologies for our unmanned arial vehicles ("UAVs") in a timely and cost-effective manner, our business, financial condition and results of operations could be harmed.

● Braiin faces both external and internal cybersecurity threats.

● Cyberattacks and security breaches of Braiin's systems, or those impacting its customers or third parties, could adversely impact its brand and reputation and its business, operating results and financial condition.

● Because of the unique difficulties and uncertainties inherent in technology development, Braiin faces a risk of business failure.

● Successful technical development of Braiin's products does not guarantee successful commercialization.

● Braiin's intellectual property rights are valuable, and any inability to protect them could adversely impact Braiin's business, operating results, and financial condition.

● In the future Braiin may be sued by third parties for alleged infringement of their proprietary rights.

● The nature of Braiin's business involves significant risks and uncertainties that may not be covered by insurance or indemnity.

● Braiin is subject to governmental export and import controls that could impair its ability to compete in international markets due to licensing requirements and subject Braiin to liability if it is not in compliance with applicable laws.

● Braiin is subject to anti-corruption and anti-money laundering laws with respect to both its domestic and international operations, and non-compliance with such laws can subject Braiin to criminal and civil liability and harm its business.

● Government regulation is evolving and unfavorable changes could harm our business.

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&nbsp;&nbsp;&nbsp;&nbsp;

● As a foreign private issuer, Braiin will be exempt from a number of rules under the Exchange Act, Braiin will be permitted to file less information with the SEC than domestic companies and permitted to follow home country practice in lieu of the listing requirements of the Primary Exchange, subject to certain exceptions. Accordingly, there may be less publicly available information concerning Braiin than there is for issuers that are not foreign private issuers.

● It may be difficult to enforce a judgment in the United States against Braiin and its officers and directors, assert U.S. securities laws claims in Australia or serve process on Braiin's officers and directors.

● Braiin may be affected by fluctuations in currency exchange rates.

● The direct listing process differs from an initial public offering underwritten on a firm-commitment basis.

● Our ordinary shares currently have no public market. An active trading market may not develop or continue to be liquid and the market price of shares of our ordinary shares may be volatile.

● Future sales of ordinary shares by our Registered Shareholders and other existing shareholders could cause our share price to decline.

● You may be diluted by future issuances of preferred stock or additional ordinary shares in connection with our incentive plans, acquisitions or otherwise; future sales of such shares in the public market, or the expectations that such sales may occur, could lower our stock price.

● We are an emerging growth company and a smaller reporting company, and the reduced disclosure requirements applicable to emerging growth companies and smaller reporting companies may make our ordinary shares less attractive to investors.

● The public price of our ordinary shares, upon listing on the Primary Exchange, may have little or no relationship to the historical sales prices of our ordinary shares in private transactions.

● The uncertainty associated with the fact that few companies have undertaken direct listings to date may lead to increased volatility and pricing challenges for our ordinary shares.

● The direct listing process differs from an initial public offering underwritten on a firm-commitment basis and the impact of awareness of our brand and investor recognition of our Company on the demand for our ordinary shares is unpredictable and our marketing and brand development efforts may not be successful.

● We have not agreed to indemnify the Registered Shareholders for claims arising in connection with sales of our ordinary shares in this offering, however, claims for indemnification by our directors and officers may reduce the amount of money available to us.

**Implications of being an emerging growth company and a smaller reporting company**

We are an "emerging growth company" as defined in the Securities Act of 1933 (the "Securities Act"), as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As such, we are eligible to take, and intend to take, advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies for as long as we continue to be an emerging growth company, including (i) the exemption from the auditor attestation requirements with respect to internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), (ii) the exemptions from say-on-pay, say-on-frequency and say-on-golden parachute voting requirements and (iii) reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements.

We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year following the fifth anniversary of this offering, (ii) the last day of the fiscal year in which we have total annual gross revenue of at least $1.235 billion, (iii) the last day of the fiscal year in which we are deemed to be a "large accelerated filer" as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which would occur if the market value of our ordinary shares held by non-affiliates was $700.0 million or more as of the last business day of the second fiscal quarter of such year or (iv) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

In addition, the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. This allows an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to avail ourselves of this extended transition period and, as a result, we may adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-public companies instead of the dates required for other public companies.

We are also a "smaller reporting company" as defined in the Exchange Act. We may continue to be a smaller reporting company even after we are no longer an emerging growth company. We may take advantage of certain of the scaled disclosures available to smaller reporting companies until the fiscal year following the determination that our voting and non-voting ordinary shares held by non-affiliates is $250 million or more measured on the last business day of our second fiscal quarter, or our annual revenues are less than $100 million during the most recently completed fiscal year and our voting and non-voting ordinary shares held by non-affiliates is $700 million or more measured on the last business day of our second fiscal quarter.

**Corporate Information**

We were incorporated under the laws of Australia in July 2022. The mailing address and telephone of the principal executive offices of Braiin is 283 Rokeby Road, Subiaco, Western Australia 6008, +61 412 474 180 and our website address is *www.braiin.com*. Information contained on or that can be accessed through our website is neither a part of, nor incorporated by reference into, this prospectus, and you should not consider information on our website to be part of this prospectus. Our website address is included in this prospectus as an inactive textual reference only.

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**SUMMARY FINANCIAL AND OTHER DATA<sup>6</sup>**

The summary financial and other data set forth below should be read together with our financial statements and the related notes to those statements, as well as the "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" section of this prospectus.

The following tables present Braiin's summary consolidated financial data. We present our consolidated financial statements in accordance with IFRS. The summary historical consolidated statement of comprehensive income for the fiscal years ended June 30, 2025 and 2024, and the consolidated statement of financial position as of, June 30, 2025, have been derived from our consolidated financial statements, which are included elsewhere in this registration statement. Our consolidated financial statements were prepared on a basis consistent with our audited consolidated financial statements and include, in our opinion, all adjustments, consisting only of normal recurring adjustments that we consider necessary for the fair statement of the financial information set forth in those statements. Our historical results for any prior period are not necessarily indicative of results expected in any future period.

The financial data set forth below should be read in conjunction with, and is qualified by reference to, "Braiin's Management's Discussion and Analysis of Financial Condition and Results of Operations" and the consolidated financial statements and notes thereto included elsewhere in this registration statement.

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

---

| | | |
|:---|:---|:---|
|  | **Braiin Ltd.** | **Braiin Ltd.** |
|  | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** |
| Income |  |  |
| Expenses |  |  |
| Administration and other expenses | 477075 | 268307 |
| Audit fees | 201871 | 232454 |
| Professional and legal fees | 590149 | 798466 |
| Rent | 248800 |  |
| Depreciation and amortization | 113370 | 148313 |
| Interest expense | 317103 | 82755 |
| Loss on deconsolidation |  | 5469 |
| Loss on loan forgiveness |  | 175386 |
| Loss on foreign currency exchange | 24585 | 4225 |
| Total expenses | (1972954) | (1715375) |
| Loss before income tax expense | (1972954) | (1715375) |
| Income tax |  |  |
| Loss after tax from continuing operations | (1972954) | (1715375) |
| Foreign currency translation | 23720 | 19967 |
| Total comprehensive loss for the year | (1953058) | (1695408) |

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STATEMENTS OF FINANCIAL POSITION

---

| | | |
|:---|:---|:---|
|  | **Braiin Ltd.** | **Braiin Ltd.** |
|  | **As of<br> June 30, 2025** | **As of<br> June 30, 2024** |
| Total assets | 294004 | 844848 |
| Total liabilities | 5034979 | 3671056 |
| Net assets/(liabilities) | (4779266) | (2826208) |
| Total equity | (4779266) | (2826208) |

---

STATEMENTS OF CASH FLOWS

---

| | | |
|:---|:---|:---|
|  | **Braiin Ltd.** | **Braiin Ltd.** |
|  | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** |
| Net cash from (used in) operating activities | (1177659) | (706870) |
| Net cash from (used in) investing activities | (24000) | (885) |
| Net cash from (used in) financing activities | 715024 | 63826 |
| Net increase (decrease) in cash and cash equivalents | (486636) | (643929) |

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**RISK FACTORS**

*An investment in our ordinary shares involves a high degree of risk. You should carefully consider the following risks and uncertainties, together with all of the other information contained in this prospectus, including our financial statements and related notes appearing elsewhere in this prospectus, before deciding whether to invest in our ordinary shares. The occurrence of one or more of the events or circumstances described in these risk factors, alone or in combination with other events or circumstances, may have a material adverse effect on our business, reputation, revenue, financial condition, results of operations and future prospects, in which event you could lose all or part of your investment. The risks and uncertainties described below are not intended to be exhaustive and are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. This prospectus also contains forward-looking statements that involve risks and uncertainties. See "Cautionary Note Regarding Forward-Looking Statements." Our actual results could differ materially and adversely from those anticipated in these forward-looking statements as a result of certain factors, including those described below.*

**<u>Risks Relating to Braiin's Business and Industry</u>**

***If Braiin does not effectively manage its growth and the associated demands on its operational, risk management, sales and marketing, technology, compliance and finance and accounting resources, its business may be adversely impacted.***

Braiin will experience recent significant growth through its acquisition of Connect Simple, VIS Networks and Vega. These acquisitions make Braiin's business more complex by expanding the services it offers. To effectively manage and capitalize on Braiin's growth, it must continue to expand its information technology and financial, operating, and administrative systems and controls, and continue to manage headcount, capital, and processes efficiently. Braiin's continued growth could strain its existing resources, and it could experience ongoing operating difficulties in managing its business as it expands across numerous jurisdictions, including difficulties in hiring, training, and managing an employee base. Failure to scale and preserve Braiin's company culture with growth could harm its future success, including its ability to retain and recruit personnel and to effectively focus on and pursue its corporate objectives. If Braiin does not adapt to meet these evolving challenges, or if its management team does not effectively scale with its growth, Braiin may experience erosion to its brand, the quality of its products and services may suffer, and its company culture may be harmed. Moreover, the failure of Braiin systems and processes could undermine its ability to provide accurate, timely, and reliable reports on its financial and operating results, including the financial statements provided herein, and could impact the effectiveness of its internal controls over financial reporting. In addition, Braiin's systems and processes may not prevent or detect all errors, omissions, or fraud, though Braiin has experienced no such material errors, omissions or fraud in the past. For example, Braiin's employees may fail to identify transaction errors or fraudulent information provided by its customers. Any of the foregoing operational failures could lead to noncompliance with laws, loss of operating licenses or other authorizations, or loss of relationships that could substantially impair or even suspend company operations.

Braiin intends to continue to develop its technology. Successful implementation of this strategy may require significant expenditures before any substantial associated revenue is generated and Braiin cannot guarantee that these increased investments will result in corresponding and offsetting revenue growth. Braiin's growth may not be sustainable and depends on its ability to retain existing customers, attract new customers, expand product offerings, and increase processed volumes and revenue from both new and existing customers.

A customer's use of Braiin's services may decrease for a variety of reasons, including the customer's level of satisfaction with its products and services, the expansion of business to offer new products and services, the effectiveness of its support services, the pricing of its products and services, the pricing, range and quality of competing products or services, the effects of global economic conditions, regulatory limitations, trust, or perception and interest in our products and services. Furthermore, the complexity and costs associated with switching to a competitor may not be significant enough to prevent a customer from switching service providers, especially for larger customers.

Any failure by Braiin to retain existing customers, attract new customers, and increase revenue from both new and existing customers could materially and adversely affect its business, financial condition, results of operations and prospects. These efforts may require substantial financial expenditures, commitments of resources, developments of Braiin's processes, and other investments and innovations.

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***Braiin has identified internal control deficiencies which result in material weaknesses in its internal control over financial reporting which, if not corrected, could affect the reliability of Braiin's consolidated financial statements, and have other adverse consequences.***

Braiin has identified internal control deficiencies which result in material weaknesses in its internal control over financial reporting which, if not corrected, could affect the reliability of Braiin's consolidated financial statements, and have other adverse consequences. A material weakness is a deficiency or combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of Braiin's consolidated financial statements would not be prevented or detected on a timely basis.

Specifically, we have identified two material weaknesses being:

&nbsp;&nbsp;&nbsp;&nbsp;1. *the lack of a formally implemented system of internal control over financial reporting and limited or no associated written documentation of our internal control policies and procedures, and* 

&nbsp;&nbsp;&nbsp;&nbsp;2. *the lack of sufficient resources and key accounting personnel with sufficient knowledge and experience in reporting and compliance with the SEC and PCAOB* 

The identified material weaknesses, if not corrected, could result in a material misstatement to Braiin's consolidated financial statements that may not be prevented or detected. Given that Braiin operated as a private company prior to the Direct Listing, it did not have the necessary formalized processes to effectively implement review controls within its internal control over financial reporting. If we fail to remediate the material weaknesses or experience additional material weaknesses in the future or fail to otherwise maintain effective financial reporting systems and processes, we may be unable to accurately and timely report our financial results or comply with the requirements of being a public company, which could cause investors to lose confidence in our financial information and the price of our common shares could decline. We cannot assure you that the measures we have taken to date, and are continuing to implement, will be sufficient to remediate the material weaknesses. Moreover, we cannot be certain that we will not in the future have additional material weaknesses in our internal control over financial reporting, or that we will successfully remediate any that we find. See "Internal Control over Financial Reporting" below for additional information.

The material weaknesses did not result in a material misstatement of Braiin's consolidated financial statements.

We will be required pursuant to Section 404 of the Sarbanes-Oxley Act, as amended, or Section 404, to maintain internal control over financial reporting and to assess and report on the effectiveness of those controls. This assessment includes disclosure of any material weaknesses identified by our management in our internal control over financial reporting. Although we prepare our financial statements in accordance with the International Financial Reporting Standards, our internal accounting controls may not meet all standards applicable to companies with publicly traded securities. If we fail to implement any required improvements to our internal control over financial reporting or disclosure controls and procedures, we may be obligated to report control deficiencies, in which case we could become subject to regulatory sanction or investigation. Further, such an outcome could damage investor confidence in the accuracy and reliability of our financial statements, which may adversely affect the value of our common stock.

Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. Any failure to implement required or improved controls, or difficulties encountered in their implementation, could cause us to fail to meet our reporting obligations.

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***Braiin's future growth depends significantly on its marketing efforts, and if its marketing efforts are not successful, its business and results of operations will be harmed.***

Braiin has dedicated some, and intends to significantly increase, resources to marketing efforts. Braiin's ability to attract and retain customers depends in large part on the success of these marketing efforts and the success of the marketing channels it uses to promote its products and services. Braiin's marketing channels include, but are not limited to, social media, traditional media such as the press, online affiliations, search engine optimization, search engine marketing, and offline partnerships.

While Braiin's goal remains to increase the strength, recognition and trust in its brand by increasing its customer base and expanding its products and services, if any of its current marketing channels becomes less effective, if Braiin is unable to continue to use any of these channels, if the cost of using these channels was to significantly increase or if Braiin is not successful in generating new channels, it may not be able to attract new customers in a cost-effective manner or increase the use of its products and services. If Braiin is unable to recover its marketing costs through increases in the size, value or other product selection and utilization, it could have a material adverse effect on its business, financial condition, results of operations, cash flows and future prospects.

***Adverse economic conditions may adversely affect Braiin's business.***

Braiin's performance is subject to general economic conditions, and their impact on the industries in which Braiin operates, as well as its customers. Australia, the United States and other key European and other international economies have experienced cyclical downturns from time to time in which economic activity declined resulting in lower consumption rates, restricted credit, reduced profitability, weaknesses in financial markets, bankruptcies, and overall uncertainty with respect to the economy. The impact of general economic conditions on Braiin's business is highly uncertain and dependent on a variety of factors, including market activity, global economic trends, and other events beyond Braiin's control. Geopolitical developments, such as trade wars and foreign exchange limitations can also increase the severity and levels of unpredictability globally and increase the volatility of global financial markets. To the extent that conditions in the general economic markets materially deteriorate, Braiin's ability to attract and retain customers may suffer.

***Braiin may be adversely affected by natural disasters, pandemics, and other catastrophic events, and by man-made problems such as war or terrorism, that could disrupt its business operations, and its business continuity and disaster recovery plans may not adequately protect Braiin from a serious disaster.***

Natural disasters or other catastrophic events may also cause damage or disruption to Braiin's operations, international commerce, and the global economy, and could have an adverse effect on its business, operating results, and financial condition. Braiin's business operations are subject to interruption by natural disasters, fire, power shortages, and other events beyond its control.

In addition, Braiin's global operations expose it to risks associated with public health crises, such as pandemics and epidemics, which could harm our business and cause its operating results to suffer. For example, the events like the COVID-19 pandemic and/or the precautionary measures that Braiin has adopted in the past or may adopt in the future have resulted, and could result in the future, in difficulties or changes to Braiin's customer support, or create operational or other challenges, any of which could adversely impact its business and operating results.

Further, war, acts of terrorism, labor activism and other geopolitical unrest could cause disruptions in Braiin's business or the businesses of its partners or the economy as a whole. In the event of a natural disaster, including a major earthquake, blizzard, or hurricane, or a catastrophic event such as a fire, power loss, or telecommunications failure, Braiin may be unable to continue its operations and may endure system interruptions, reputational harm, delays in development of its products and services, lengthy interruptions in service, breaches of data security, and loss of critical data, all of which could have an adverse effect on its future operating results.

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***Escalating global tensions, including the conflict between Russia and Ukraine, could negatively impact Braiin.***

The ongoing conflict between Russia and Ukraine has led to disruption, instability and volatility in global markets and industries that could negatively impact Braiin's operations. The Australian government and other governments in jurisdictions in which Braiin operates have imposed severe sanctions and export controls against Russia and Russian interests and threatened additional sanctions and controls. The impact of these measures, as well as potential responses to them by Russia, is currently unknown and they could adversely affect Braiin's business, partners or customers.

***Significant political, trade, regulatory developments, and other circumstances beyond our control, could have a material adverse effect on our financial condition or results of operations.***

Significant political, trade, or regulatory developments, including tariffs, such as those stemming from the change in U.S. federal administration, are difficult to predict and may have a material adverse effect on us. Similarly, changes in U.S. federal policy that affect the geopolitical landscape could give rise to circumstances outside our control that could have negative impacts on our business operations. Political tensions as a result of trade policies could reduce trade volume, investment, technological exchange, and other economic activities between major international economies, resulting in a material adverse effect on global economic conditions and the stability of global financial markets. Any changes in political, trade, regulatory, and economic conditions, including, but not limited to, U.S. and China trade policies, could have a material adverse effect on our financial condition or results of operations.

***Customers may rescind or back out of non-binding agreements due to various reasons which could adversely affect our revenue streams, project timelines, and overall financial performance.***

We have entered into, and may continue to enter into non-binding agreements, such as memoranda of understandings, a letter of interest with customers for the purchase of services or to collaborate on projects. These memorandums of understanding and letters of interest are non-binding and the underlying contracts may not come to fruition as a result of among other things, changes in business priorities, financial constraints, regulatory changes, force majeure events, failure to obtain necessary approvals, or failure to meet contractual obligations by either party. The termination of these agreements could adversely affect our business. Additionally, loss of planned customers or projects may negatively impact our reputation and future business prospects.

***There can be no guarantee that Braiin will complete any or all of the acquisition of Vega, Nisus, Mirragin, Isidore, VIS and Connect Simple.***

There can be no assurance that any or all of the acquisitions of Vega, Nisus, Mirragin, Isidore, VIS and Connect Simple will close or that the transactions will take place as planned or at all. If one or more of the acquisitions do not close, the Company will not acquire any or all of its planned acquisitions and will not have the benefit of the acquisitions as it seeks to expand its business. Additionally, if the acquisitions do not close, it may result in the loss of business opportunities and potential disruption to the Company's strategic plans.

***Acquisitions, joint ventures or other strategic transactions create certain risks and may adversely affect Braiin's business, financial condition or results of operations.***

Acquisitions, partnerships and joint ventures are part of Braiin's growth strategy. Braiin evaluates and expects in the future to evaluate potential strategic acquisitions of, and partnerships or joint ventures with, complementary businesses, services or technologies. Braiin may not be successful in identifying acquisition, partnership and joint venture targets. In addition, Braiin may not be able to successfully finance or integrate any businesses, services or technologies that it acquires or with which it forms a partnership or joint venture.

Braiin may not be able to identify suitable acquisition candidates or complete acquisitions in the future, which could adversely affect its future growth; or businesses that it acquires may not perform as well as expected or may be more difficult or expensive to integrate and manage than expected, which could adversely affect Braiin's business and results of operations. In addition, the process of integrating these acquisitions may disrupt Braiin's business and divert its resources.

In addition, acquisitions outside Braiin's current operating jurisdictions often involve additional or increased risks including, for example:

● Managing geographically separated organizations, systems and facilities;

● integrating personnel with diverse business backgrounds and organizational cultures;

● complying with foreign regulatory requirements;

● fluctuations in exchange rates;

● enforcement and protection of intellectual property in some foreign countries;

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● difficulty entering new foreign markets due to, among other things, customer acceptance and business knowledge of these new markets; and

● general economic and political conditions.

These risks may arise for a number of reasons: Braiin may not be able to find suitable businesses to acquire at affordable valuations or on other acceptable terms; Braiin may face competition for acquisitions from other potential acquirers; Braiin may need to borrow money or sell equity or debt securities to the public to finance acquisitions and the terms of these financings may be adverse to Braiin; changes in accounting, tax, securities or other regulations could increase the difficulty or cost for Braiin to complete acquisitions; Braiin may incur unforeseen obligations or liabilities in connection with acquisitions; Braiin may need to devote unanticipated financial and management resources to an acquired business; Braiin may not realize expected operating efficiencies or product integration benefits from an acquisition; Braiin could enter markets where it has minimal prior experience; and it may experience decreases in earnings as a result of non-cash impairment charges.

Braiin cannot ensure that any acquisition, partnership or joint venture it makes will not have a material adverse effect on its business, financial condition and results of operations.

***We may not be able to realize the potential benefits of business investments or acquisitions, and we may not be able to successfully integrate acquisition targets, which could hurt our ability to grow our business, develop new products or sell our products.***

We have acquired and invested and may continue to do so in businesses that offer products, services and technologies that we believe will help expand or enhance our existing strategic objectives. Acquisitions or investments involve significant challenges and risks and could impair our ability to grow our business, develop new products or services or sell our products or services and ultimately could have a negative impact on our financial results. If we pursue a particular transaction, we may limit our ability to enter into other transactions that could help us achieve our other strategic objectives. If we are unable to timely complete acquisitions, including due to delays and challenges in obtaining regulatory approvals, we may be unable to pursue other transactions, we may not be able to retain critical talent from the target company, technology may evolve and make the acquisition less attractive, and other changes can take place which could reduce the anticipated benefits of the transaction and negatively impact our business.

Additional risks related to acquisitions or strategic investments include, but are not limited to:

● difficulty in integrating the technology, systems, products, policies, processes, or operations and integrating and retaining the employees, including key personnel, of the acquired business;

● diversion of capital and other resources, including management's attention;

● assumption of liabilities and incurring amortization expenses, impairment charges to goodwill or write-downs of acquired assets;

● integrating accounting, forecasting and controls, procedures and reporting cycles;

● coordinating and integrating operations, particularly in countries in which we do not currently operate;

● difficulty in realizing a satisfactory return and uncertainties to realize the benefits of an acquisition or strategic investment, if at all;

● difficulty or inability in obtaining governmental, regulatory approval or restrictions or other consents and approvals or financing;

● stock price impact, fines, fees or reputation harm if we are unable to obtain regulatory approval for an acquisition or are otherwise unable to close an acquisition;

● legal proceedings initiated as a result of an acquisition or investment;

● potential issuances of debt to finance our acquisitions, resulting in increased debt, increased interest expense, and compliance with debt covenants or other restrictions;

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● the potential for our acquisitions to result in dilutive issuances of our equity securities;

● the potential variability of the amount and form of any performance-based consideration;

● negative changes in general economic conditions in the regions or the industries in which we or our target operate;

● exposure to additional cybersecurity risks and vulnerabilities;

● potential failure of our due diligence processes to identify significant issues with the assets or company in which we are investing or are acquiring; and

● impairment of relationships with, or loss of our or our target's employees, vendors and customers.

For example, when integrating acquisition target systems into our own, we may experience challenges including lengthy and costly systems integration, delays in purchasing and shipping products, difficulties with system integration via electronic data interchange and other processes with our key suppliers and customers, and training and change management needs of integration personnel. These challenges may impact our results of operations.

**<u>Risk Related to the Agricultural Industry</u>**

***The overall agricultural industry is susceptible to commodity and raw material price changes.***

Prices for agricultural commodities and their byproducts are often volatile and sensitive to local and international changes in supply and demand caused by a variety of factors, including general economic conditions, farmer planting and selling decisions, government agriculture programs and policies, global and local inventory levels, demand for biofuels, weather and crop conditions, food safety concerns, government regulations, and demand for and supply of, competing commodities and substitutes. As a result, Braiin may not be able to anticipate or react to changing costs by adjusting its practices, which could cause its operating results to deteriorate. Braiin may engage in hedging or other financial transactions to mitigate these risks. If these efforts are not successful, it could materially affect Braiin' business, operating results and prospects and cause the value of its securities to decline.

***The agricultural industry is highly seasonal, which may cause Braiin's sales and operating results to fluctuate significantly.***

The sale of agricultural products is dependent upon growing and harvesting seasons, which vary from year to year and across geographies as a result of weather-related shifts in planting schedules and purchase patterns of farmers. Seasonality in the agricultural industry is expected to result in both highly seasonal patterns and substantial fluctuations in quarterly sales and profitability for Braiin's business and may be further impacted by climate change.

Seasonality also relates to the limited windows of opportunity that farmers have to complete required tasks at each stage of crop cultivation. Weather and environmental conditions and natural disasters, such as heavy rains, hurricanes, hail, floods, tornadoes, freezing conditions, excessively hot or cold weather, drought or fire, affect decisions by farmers about the types and amounts of seeds to plant and the timing of harvesting and planting such seeds. Should adverse conditions occur during key growing and harvesting seasons, such conditions could substantially impact demand for agricultural inputs. Any delayed or cancelled orders as a result of such conditions would negatively affect the quarter in which they occur and cause fluctuations in Braiin's operating results.

***Any decline in agricultural production could have a material adverse effect on the market for our services and on our results of operations and financial position.***

Conditions in the agricultural industry will significantly impact demand for our products. The agricultural industry has contracted in recent periods, and can be affected by a number of factors, including weather patterns and field conditions, current and projected agricultural inventories and prices, domestic and international demand for agricultural products and governmental policies regarding trade in agricultural products. Governmental policies, including farm subsidies and commodity support programs, as well as increases in costs of agricultural production and the prices at which agricultural goods may be sold, may also directly or indirectly influence the demand for our services.

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***We may have product liability claims if our agricultural products damage individuals or property and may need to recall items which do or could cause such damage.***

If our products or services are used for an application they are not intended for, become adulterated or mislabeled we may need to recall such products. A widespread product recall could result in significant losses due to the costs of a recall, the destruction of product inventory, and lost sales due to the unavailability of product for a period of time. We could also suffer losses from a significant product liability judgment against us. A significant product recall or product liability case could also result in adverse publicity, damage to our reputation, and a loss of confidence in our products, which could have an adverse effect on our business, results of operations and financial condition and the value of our brands.

***Compliance with, or violation of, environmental, health and safety laws and regulations, including laws pertaining to the use of pesticides, could result in significant costs that adversely impact our reputation, businesses, financial position, results of operations and cash flows.***

International, federal, state, territorial, provincial and local laws and regulations relating to environmental, health and safety matters affect us in several ways in light of the ingredients that are used in our services. The failure by one of our partners to obtain or the cancellation of any such registration, or the withdrawal from the marketplace of such pesticides, could have an adverse effect on our businesses, the severity of which would depend on the products involved, whether other products could be substituted and whether our competitors were similarly affected.

In addition, the end user application or use of certain pesticide products is regulated by various international, federal, state, provincial and local environmental and public health agencies. Although we strive to educate the end user with such laws and regulations, we may be unable to prevent violations of these or other laws and regulations from occurring. Even if we are able to comply with all applicable laws and regulations and obtain all necessary registrations and licenses, the pesticides or other products we distribute, could be alleged to cause injury to the environment, to people or to animals, or such products could be banned in certain circumstances. The costs of compliance, noncompliance, investigation, remediation, combating reputational harm or defending civil or criminal proceedings, products liability, personal injury or other lawsuits could have a material adverse impact on our reputation, businesses, financial position, results of operations and cash flows.

**<u>Risks Related to the Customer Experience as a Service (CXaaS) Sector</u>**

***A substantial part of our business depends on clients continuing their use of our services. Any decline in our client retention would harm our future operating results.***

Revenue from CXaaS is often linked to client usage volumes, such as call traffic or number of active agents. Economic downturns, client restructuring, or shifts in service models may reduce usage and in turn lower revenue. High client switching and pilot-based procurement models also create volatility and may delay meaningful scale.

***Recruiting and retaining talent in the highly specialized fields of AI and robotics is a challenge we face. The departure of key personnel could disrupt our operations and slow our pace of innovation.***

Delivering advanced CX solutions requires ongoing access to skilled professionals in AI, cloud infrastructure, and human-centered design. Talent shortages or retention issues in these critical areas may delay product roadmaps, affect service quality, and slow down implementation for enterprise clients.

***The highly competitive market for our services may continue and create adverse price pressures.***

The CXaaS space is intensely competitive, with a growing number of global and regional providers offering overlapping functionalities. Many competitors offer aggressive pricing, bundling, or free trials that may pressure Braiin to discount or increase customer acquisition costs. Failure to differentiate on value, functionality, or outcomes may limit our ability to expand market share.

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**<u>Risks Related to the Property Technology Sector</u>**

***The insurance and energy industries are subject to complex laws and regulations, and new laws or regulations and/or changes to existing laws or regulations could impact our clients and, in turn, materially and adversely impact our business or may reduce our profitability.***

The PropTech platform operates across highly regulated verticals, including energy retail and home insurance, in multiple jurisdictions such as Australia, the United Kingdom, and the United States. Each region has distinct regulatory frameworks regarding pricing transparency, switching protocols, and customer data handling. Non-compliance or sudden regulatory changes may result in penalties, loss of market access, or increased operational complexity and costs.

***A decline in general economic conditions or a disruption of financial markets may affect property markets or the discretionary income of consumers, which in turn could adversely affect our profitability.***

Our revenue model relies on reaching consumers at key moments — typically during property transactions such as leasing or moving. A downturn in the real estate market or changes in consumer behavior could reduce the volume of high-intent leads entering the platform. Economic conditions, interest rates, or housing policy shifts may adversely impact transaction flow and reduce referral-based income.

***If we fail to maintain our relationships with our partners, our business, results of operations, financial condition and business prospects could be materially and adversely affected.***

A significant portion of PropTech revenues is derived from commissions and referral fees paid by service providers. Changes to commercial terms, partner insolvency, or shifts in pricing models (e.g., regulatory caps on commissions) could materially impact profitability. The company's reliance on a relatively small number of high-volume partners may further amplify this risk.

***Defects or performance problems in our products could result in loss of customers, reputational damage, and decreased revenue, and we may face warranty, indemnity, and product liability claims arising from defective products.***

While the platform aims to simplify service setup and management, any errors in recommendation algorithms (e.g., mismatched utility plans or insurance products) could result in negative customer outcomes. Dissatisfaction could lead to refund claims, reputational harm, or regulatory complaints, particularly in jurisdictions with strong consumer protections.

**<u>Risks Related to Technology</u>**

***Our results of operations and ability to grow could be materially negatively affected if we cannot successfully keep pace with technological changes in the development and implementation of our services and solutions.***

The markets in which we operate are subject to continuous innovation and rapid evolution. If we are unable to develop and release enhancements to our aerial robotics systems, CXaaS platforms, or PropTech infrastructure in a timely and cost-effective manner, our competitive position and financial performance could be materially impacted. Competitors may introduce technologies that outperform or replace our offerings in fields such as predictive analytics, natural language processing, optical recognition, or energy management. Delays in innovation cycles or failure to meet customer expectations could result in revenue shortfalls, lost market share, or higher churn.

***We incorporate AI technologies into some of our products and services, which may present operational and reputational risks.***

Our platforms rely heavily on proprietary artificial intelligence and machine learning models. Developing and maintaining performant AI systems — whether for crop spraying optimization, speech analytics in contact centers, or household utility management — requires access to high-quality training data, compute resources, and specialist talent. Inaccurate model outputs, ethical concerns such as algorithmic bias, or regulatory restrictions on AI use could hinder adoption and diminish customer trust in our systems.

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***We rely on third parties to integrate with our offerings and as a result, our business also depends on the measures that such third parties take to ensure the continuity of their services.***

Our CXaaS and PropTech platforms rely on a complex ecosystem of third-party integrations, including cloud service providers, payment processors, customer relationship management vendors, IoT devices, and national utility APIs. Failures in any part of this interconnected system — including API deprecations, cybersecurity breaches, or latency issues — may cause disruption to our end-user experience, erode partner confidence, and impact recurring revenues. Similarly, our aerial robotics systems depend on sensor components, edge processors, and embedded firmware that must evolve in parallel to stay competitive.

***Our products may become obsolete and decreased availability or increased costs of key logistics and supply chain inputs, including third-party supplies of equipment and materials could impact our ability to keep pace with current innovations.***

Designing and maintaining our autonomous aerial robots for the agriculture technology sector is both capital-intensive and technically demanding. Changes in sensor availability, battery technology, or regulatory certification requirements could render existing units obsolete. Moreover, adding new payloads or sensors may reduce drone endurance or performance, which could affect commercial viability. We may face delays in manufacturing or supply chain disruptions that limit our ability to scale.

***Rapid advancements in robotics and AI technology can potentially outpace our current offerings. Failure to manage our resources effectively and continue to innovate could negatively affect our competitive edge.***

Developing cutting-edge solutions across three sectors — agriculture, customer experience, and property technology — requires substantial investment in engineering, design, support, and compliance. Balancing innovation pipelines across diverse verticals may strain internal resources and increase customer support costs. These factors may compress margins and extend time-to-market for key enhancements, particularly if we cannot achieve efficient cross-platform reuse or economies of scale.

***Our business is dependent on consumer awareness and market acceptance of our products. We may not be able to anticipate and react to trends within the industries we target in a timely manner or accurately assess the impact that such trends may have on consumer preferences.***

There is no assurance that our future technologies — whether in UAV automation, speech intelligence, or AI-driven utility switching — will gain market acceptance. Customers may prefer more established or lower-cost alternatives, especially during economic downturns. Even successful technology launches may cannibalize revenue from existing services or require changes in pricing strategy, which could result in temporary or permanent revenue dilution.

***Data privacy and security laws and regulations in the jurisdictions in which we do business could increase the cost of our operations and subject us to possible sanctions and other penalties.***

The platform processes large volumes of sensitive customer and employee data. Non-compliance with global data privacy regulations — including the GDPR, the CCPA, and other jurisdiction-specific frameworks — could result in substantial fines, lawsuits, and reputational damage. A cybersecurity breach or misuse of AI-generated recommendations could further erode customer trust and lead to legal liabilities.

***Braiin faces both external and internal cybersecurity threats.***

Braiin faces external threats from sophisticated cybercriminals, state-sponsored actors, and hacktivists attempting to gain unauthorized access, disrupt operations, or steal sensitive data. Braiin also faces insider threats, whether intentional or unintentional, that pose a substantial risk. These could stem from disgruntled employees, inadequate access controls, or negligent behaviors.

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***In the future, we may use "open source" software components in our solutions as well as other licensed software, which may require that we release the source code of certain software subject to open source licenses or subject us to possible litigation or other actions that could adversely affect our business.***

In the future, we may utilize software that is licensed under so-called "open source," "free" or other similar licenses, or that contain components that are licensed in such manner. Any use of open source software may entail different or greater risks than use of third-party commercial software. Open source licensors sometimes do not provide warranties or other contractual protections regarding infringement claims or the quality of the code, and open source software is sometimes made available to the general public on an "as-is" basis under the terms of a non-negotiable license. In addition, if we combine our proprietary software with open source software in a certain manner, we could, under certain open source licenses, be required to release the source code of our proprietary software to the public. We do not believe we have combined any of our proprietary software with open source software in such a manner, but if that were to occur this would allow our competitors to create similar offerings with lower development effort and time.

In the future, we may also face claims alleging noncompliance with open source license terms or other license terms, or infringement or misappropriation of proprietary software. These claims could result in litigation, require us to purchase a costly license or require us to devote additional research and development resources to change our software, any of which would have a negative effect on our business and results of operations. Few courts have interpreted open source licenses and these licenses could be construed in a way that could impose unanticipated conditions or restrictions on our ability to use our proprietary software. We cannot guarantee that we will incorporate open source or other software in our software in a manner that will not subject us to liability or require us to release the source code of our proprietary software to the public.

***Braiin's vulnerability assessment focuses and mitigation strategies may not be effective.***

Braiin is undertaking a vulnerability assessment focusing on three main areas:

● Network Security: Vulnerabilities within the network infrastructure, including outdated software, unpatched systems, or misconfigured devices, create entry points for potential breaches;

● Data Security: Storage, transmission, and handling of sensitive data may be vulnerable to breaches if encryption protocols, data classification, and access controls are not robustly implemented; and

● Third-party Risks: Dependencies on third-party vendors or partners may introduce vulnerabilities if their security standards do not align with Braiin's.

Braiin is also developing the following mitigation strategies the minimise the cyber risk to Braiin:

● Cybersecurity Framework: Implementing a robust cybersecurity framework (to identify, protect, detect, respond to, and recover from cyber threats;

● Regular Assessments and Audits: Conducting frequent security assessments, penetration testing, and audits to identify and remediate vulnerabilities;

● Employee Training and Awareness: Continuous training programs to educate employees about cybersecurity best practices and the importance of adhering to security protocols;

● Incident Response Plan: Developing and regularly testing an incident response plan to ensure a swift and coordinated response to cyber incidents;

● Cyberattacks and security breaches of Braiin's systems, or those impacting its customers or third parties, could adversely impact its brand and reputation and its business, operating results and financial condition;

● Because of the unique difficulties and uncertainties inherent in technology development, Braiin faces a risk of business failure; and

● Successful technical development of Braiin's products does not guarantee successful commercialization.

There can be no guarantee that Braiin's assessments and minimization strategies will be effective at identifying and protecting Braiin from cybersecurity attacks.

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***Cyberattacks and security breaches of Braiin's systems, or those impacting its customers or third parties, could adversely impact its brand and reputation and its business, operating results and financial condition.***

Braiin's business involves the collection, storage, processing and transmission of confidential information, customer, employee, service provider and other personal data, as well as information required to access customer assets. Any actual or perceived security breach of Braiin or its third-party partners may:

● harm its reputation and brand;

● result in its systems or services being unavailable and interrupt its operations;

● result in improper disclosure of data and violations of applicable privacy and other laws;

● result in significant regulatory scrutiny, investigations, fines, penalties, and other legal, regulatory and financial exposure;

● cause Braiin to incur significant remediation costs;

● lead to theft of irretrievable loss of its or its customers' assets;

● reduce customer confidence in, or decreased use of, its products and services;

● divert the attention of management from the operation of its business;

● result in significant compensation or contractual penalties from Braiin to its customers or third parties as a result of losses to them or claims by them; and

● adversely affect its business and operations results.

Further, any actual or perceived breach or cybersecurity attack directed at other similar institutions, whether or not Braiin is directly impacted, could lead to a general loss of customer confidence in the use of its technology, which could negatively impact Braiin including the market perception of the effectiveness of its security measures and technology infrastructure.

An increasing number of organizations, including large businesses, technology companies and financial institutions, as well as government institutions, have disclosed breaches of their information security systems, some of which have involved sophisticated and highly targeted attacks, including on their websites, mobile applications, and infrastructure. Attacks upon systems across a variety of industries are increasing in their frequency, persistence, and sophistication, and, in many cases, are being conducted by sophisticated, well-funded, and organized groups and individuals, including state actors. The techniques used to obtain unauthorized, improper, or illegal access to systems and information (including customers' personal data and digital assets), disable or degrade services, or sabotage systems are constantly evolving, may be difficult to detect quickly, and often are not recognized or detected until after they have been launched against a target. These attacks may occur on Braiin's systems or those of its third-party service providers or partners. Certain types of cyberattacks could harm Braiin even if its systems are left undisturbed. For example, attacks may be designed to deceive employees and service providers into releasing control of Braiin's systems to a hacker, while others may aim to introduce computer viruses or malware into Braiin's systems with a view to stealing confidential or proprietary data. Additionally, certain threats are designed to remain dormant or undetectable until launched against a target and Braiin may not be able to implement adequate preventative measures.

Although Braiin does not have a past history of material security breaches or cyberattacks, and does not believe it is a target of such breaches or attacks, Braiin has developed systems and processes designed to protect the data it manages, prevent data loss and other security breaches, effectively respond to known and potential risks. Braiin expects to continue to expend significant resources to bolster these protections, but there can be no assurance that these security measures will provide absolute security or prevent breaches or attacks. Threats can come from a variety of sources, including criminal hackers, hacktivists, state-sponsored intrusions, industrial espionage, and insiders. Certain threat actors may be supported by significant financial and technological resources, making them even more sophisticated and difficult to detect. As a result, Braiin's costs and the resources it devotes to protecting against these advanced threats and their consequences may increase over time.

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Although Braiin maintain insurance coverage that it believes is adequate for its business, it may be insufficient to protect Braiin against all losses and costs stemming from security breaches, cyberattacks, and other types of unlawful activity, or any resulting disruptions from such events. Outages and disruptions of Braiin's systems, including any caused by cyberattacks, may harm our reputation and Braiin's business, operating results, and financial condition.

Braiin have developed the Braiin Security Management Plan to address the issues of cyber risk to the Company. The Security Management Plan for Braiin provides a robust framework for safeguarding information assets and responding effectively to cyber threats. Through preventive measures, enhanced detection capabilities, and a well-defined incident response plan, Braiin aims to ensure the ongoing integrity and security of its operations.

● Braiin addresses the risks of security breaches, cyberattacks, and other types of unlawful activity by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Engaging
 with a team of security experts who are constantly working to identify and mitigate threats.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Using
 a variety of security measures, such as firewalls, intrusion detection systems, and data encryption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Has
 a business continuity plan in place to ensure that the company can continue to operate in the event of a security breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Regularly
 training its employees on cybersecurity best practices.

***Because of the unique difficulties and uncertainties inherent in technology development, Braiin faces a risk of business failure.***

Potential investors should be aware of the difficulties normally encountered by companies developing new technology and the high rate of failure of such enterprises. The likelihood of success must be considered in light of the problems, expenses, difficulties, complications and delays encountered in connection with the development of new technology with limited personnel and financial means. These potential problems include, but are not limited to, unanticipated technical problems that extend the time and cost of product development, or unanticipated problems with the operation of Braiin's technology or that with which Braiin is licensing that also extend the time and cost of product development.

***Successful technical development of Braiin's products does not guarantee successful commercialization.***

Braiin may successfully complete the technical development for one or all of its product development programs, but still fail to develop a commercially successful product for a number of reasons, including among others the following:

● Competing products;

● Ineffective distribution and marketing;

● Lack of sufficient cooperation from its partners; and

● Demonstrations of the products not aligning with or meeting customer needs.

Braiin's success in the market for the products it develops will depend largely on its ability to prove its products' capabilities. Upon demonstration, Braiin's products and/or technology may not have the capabilities they were designed to have or that Braiin believed they would have. Furthermore, even if Braiin does successfully demonstrate its products' capabilities, potential customers may be more comfortable doing business with a larger, more established, more proven company than Braiin. Moreover, competing products may prevent Braiin from gaining wide market acceptance of its products. Significant revenue from new product investments may not be achieved for a number of years, if at all.

**<u>Risks Related to Intellectual Property</u>**

***Braiin's intellectual property rights are valuable, and any inability to protect them could adversely impact Braiin's business, operating results, and financial condition.***

Braiin's business depends in large part on its proprietary technology and its brand. Braiin relies on, and expects to continue to rely on, a combination of trademark, trade dress, domain name, copyright, and trade secret and laws, as well as confidentiality and license agreements with its employees, contractors, consultants, and third parties with whom it has relationships, to establish and protect its brand and other intellectual property rights.

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Braiin's efforts to protect its intellectual property rights may not be sufficient or effective. Braiin's proprietary technology and trade secrets could be lost through misappropriation or breach of its confidentiality and license agreements, and any of its intellectual property rights may be challenged, which could result in them being narrowed in scope or declared invalid or unenforceable. There can be no assurance that Braiin's intellectual property rights will be sufficient to protect against others offering products, services, or technologies that are substantially similar to ours and that compete with its business.

As Braiin grows, it will seek to obtain and protect its intellectual property rights in an increasing number of countries, a process that can be expensive and may not always be successful. For example, the U.S. Patent and Trademark Office and various foreign governmental intellectual property agencies require compliance with a number of procedural requirements to complete the trademark application process and to maintain issued trademarks, and noncompliance or non-payment could result in abandonment or lapse of a trademark or trademark application, resulting in partial or complete loss of trademark rights in a relevant jurisdiction. Further, intellectual property protection may not be available to us in every country in which Braiin's products and services are available. Braiin may also agree to license its intellectual property to third parties as part of various agreements. Those licenses may diminish Braiin's ability, though, to counter-assert its intellectual property rights against certain parties that may bring claims against it.

***In the future Braiin may be sued by third parties for alleged infringement of their proprietary rights.***

In recent years, there has been considerable patent, copyright, trademark, domain name, trade secret and other intellectual property development activity, as well as litigation, based on allegations of infringement or other violations of intellectual property, including by large financial institutions. Furthermore, individuals and groups can purchase patents and other intellectual property assets for the purpose of making claims of infringement to extract settlements from companies like ours. Braiin's use of third-party intellectual property rights also may be subject to claims of infringement or misappropriation.

Braiin cannot guarantee that its internally developed or acquired/licensed technologies and content do not or will not infringe the intellectual property rights of others. From time to time, Braiin's competitors or other third parties may claim that it is infringing upon or misappropriating their intellectual property rights, and Braiin may be found to be infringing upon such rights. Any claims or litigation could cause Braiin to incur significant expenses and, if successfully asserted against Braiin, could require that Braiin pay substantial damages or ongoing royalty payments, prevent Braiin from offering its products or services or using certain technologies, force Braiin to implement expensive work-arounds, or impose other unfavorable terms. Braiin's exposure to damages resulting from infringement claims could increase and this could further exhaust its financial and management resources. Further, during the course of any litigation, Braiin may make announcements regarding the results of hearings and motions, and other interim developments. If securities analysts and investors regard these announcements as negative, the market price of Braiin's Ordinary Shares may decline. Even if intellectual property claims do not result in litigation or are resolved in Braiin's favor, these claims, and the time and resources necessary to resolve them, could divert the resources of its management and require significant expenditures. Any of the foregoing could prevent Braiin from competing effectively and could have an adverse effect on its business, operating results, and financial condition.

***If Braiin fails to protect its intellectual property rights, it could lose its ability to compete in the marketplace.***

Braiin's intellectual property and proprietary rights are important to its ability to remain competitive and for the success of its products and its business. Braiin relies on, and in the future may rely on, a combination of patent, trademark and trade secret laws as well as confidentiality agreements and procedures, non-compete agreements and other contractual provisions to protect its intellectual property, other proprietary rights and its brand. Braiin has confidentiality agreements in place with its consultants, customers and certain business suppliers and plans to require future employees to enter into confidentiality and non-compete agreements. Braiin has little protection when its must rely on trade secrets and nondisclosure agreements. Braiin's intellectual property rights may be challenged, invalidated or circumvented by third parties. Braiin may not be able to prevent the unauthorized disclosure or use of its technical knowledge or other trade secrets by employees or competitors. Furthermore, Braiin's competitors may independently develop technologies and products that are substantially equivalent or superior to its technologies and/or products, which could result in decreased revenues. Moreover, the laws of foreign countries may not protect Braiin's intellectual property rights to the same extent as the laws of the U.S. Litigation may be necessary to enforce Braiin's intellectual property rights which could result in substantial costs to it and substantial diversion of management attention.

If Braiin does not adequately protect its intellectual property, its competitors could use it to enhance their products. Braiin's inability to adequately protect its intellectual property rights could adversely affect its business and financial condition, and the value of its brand and other intangible assets.

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***Other companies may claim that Braiin infringes their intellectual property, which could materially increase our costs and harm Braiin's ability to generate future revenue and profit.***

Braiin does not believe that it infringes the proprietary rights of any third party, but claims of infringement are becoming increasingly common and third parties may assert infringement claims against Braiin. It may be difficult or impossible to identify, prior to receipt of notice from a third party, the trade secrets, patent position or other intellectual property rights of a third party, either in the United States or in foreign jurisdictions. Any such assertion may result in litigation or may require Braiin to obtain a license for the intellectual property rights of third parties. If Braiin is required to obtain licenses to use any third-party technology, Braiin would have to pay royalties, which may significantly reduce any profit on its products. In addition, any such litigation could be expensive and disruptive to Braiin's ability to generate revenue or enter into new market opportunities. If any of Braiin's products were found to infringe other parties' proprietary rights and Braiin was unable to come to terms regarding a license with such parties, Braiin may be forced to modify its products to make them non-infringing or to cease production of such products altogether.

***The nature of Braiin's business involves significant risks and uncertainties that may not be covered by insurance or indemnity.***

Braiin develops and sells products where insurance or indemnification may not be available, including:

● Designing and developing products using advanced technologies in intelligence and homeland security applications that are intended to operate in high demand, high risk situations; and

● Designing and developing products to collect, distribute and analyze various types of information.

Certain products may raise questions with respect to issues of privacy rights, civil liberties, intellectual property, trespass, conversion and similar concepts, which may raise new legal issues. Indemnification to cover potential claims or liabilities resulting from a failure of technologies developed or deployed may be available in certain circumstances but not in others. Braiin is not able to maintain insurance to protect against all operational risks and uncertainties. Substantial claims resulting from an accident, failure of its product, or liability arising from its products in excess of any indemnity or insurance coverage (or for which indemnity or insurance is not available or was not obtained) could harm Braiin's financial condition, cash flows, and operating results. Any accident, even if fully covered or insured, could negatively affect Braiin's reputation among our customers and the public, and make it more difficult for Braiin to compete effectively.

**<u>Risks Related to Legal, Compliance and Regulations</u>**

***Braiin is subject to governmental export and import controls that could impair its ability to compete in international markets due to licensing requirements and subject Braiin to liability if it is not in compliance with applicable laws.***

Exports of Braiin's technologies must be made in compliance with laws in regulations in the jurisdictions in which it operates. If Braiin fails to comply with these laws and regulations, Braiin and certain of its employees could be subject to substantial civil or criminal penalties, including the possible loss of export or import privileges; fines, which may be imposed on Braiin and the responsible employees or managers; and, in extreme cases, the incarceration of the responsible employees or managers.

In addition, changes in Braiin's technologies or changes in applicable export or import laws and regulations may create delays in the introduction and sale of products containing Braiin's technologies in international markets, prevent Braiin' customers from deploying their products or, in some cases, prevent the export or import of Braiin' technologies to certain countries, governments or persons altogether. Any change in export or import laws and regulations, shift in the enforcement or scope of existing laws and regulations, or change in the countries, governments, persons or technologies targeted by such laws and regulations, could also result in decreased use of Braiin' technologies, or in its decreased ability to export or sell its products to existing or potential customers. Any decreased use of Braiin' technologies or limitation on Braiin' ability to export or sell such technologies would likely adversely affect its business, financial condition and results of operations.

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***Braiin is subject to anti-corruption and anti-money laundering laws with respect to both its domestic and international operations, and non-compliance with such laws can subject Braiin to criminal and civil liability and harm its business.***

Braiin is subject to the U.S. Foreign Corrupt Practices Act of 1977, as amended, the U.S. domestic bribery statute contained in 18 U.S.C. § 201, the U.S. Travel Act, the USA PATRIOT Act, and possibly other anti-bribery and anti-money laundering laws in countries in which it conducts activities. Anti-corruption laws are interpreted broadly and prohibit Braiin from authorizing, offering, or directly or indirectly providing improper payments or benefits to recipients in the public or private sector. Braiin may have direct and indirect interactions with government agencies and state affiliated entities and universities in the course of its business. Braiin may also have certain matters come before public international organizations such as the United Nations. Braiin uses third-party contractors, strategic commercial partners, law firms, and other representatives for certain aspects of regulatory compliance, patent registration, lobbying, deregulation advocacy, field testing, and other purposes in a variety of countries. Braiin can be held liable for the corrupt or other illegal activities of these third-parties, Braiin's employees, representatives, contractors and agents, even if Braiin does not explicitly authorize such activities. In addition, although Braiin has implemented policies and procedures to ensure compliance with anti-corruption and related laws, there can be no assurance that all of its employees, representatives, contractors, partners, or agents will comply with these laws at all times. Noncompliance with these laws could subject Braiin to whistleblower complaints, investigations, sanctions, settlements, prosecution, other enforcement actions, disgorgement of profits, significant fines, damages, other civil and criminal penalties or injunctions, suspension and debarment from contracting with certain governments or other persons, the loss of export privileges, reputational harm, adverse media coverage, and other collateral consequences. If any subpoenas or investigations are launched, or governmental or other sanctions are imposed, or if Braiin does not prevail in any possible civil or criminal litigation, its business, results of operations and financial condition could be materially harmed. In addition, responding to any action will likely result in a materially significant diversion of management's attention and resources and significant defense costs and other professional fees. Enforcement actions and sanctions could further harm Braiin' business, results of operations and financial condition.

***Government regulation is evolving and unfavorable changes could harm our business.***

We are subject to general business regulations and laws, as well as regulations and laws specifically governing the Internet, e-commerce, electronic devices, and other services. Existing and future laws and regulations may impede establishment of our business and our growth. These regulations and laws could cover taxation, privacy, data protection, pricing, content, copyrights, distribution, mobile communications, electronic device certification, electronic waste, energy consumption, environmental regulation, electronic contracts and other communications, competition, consumer protection, web services, the provision of online payment services, information reporting requirements, unencumbered Internet access to our services, the design and operation of websites, the characteristics and quality of products and services, and the commercial operation of UAVs. It is not clear how existing laws governing issues such as property ownership, libel, and personal privacy apply to the Internet, e-commerce, digital content, and web services. Jurisdictions may regulate consumer-to-consumer online businesses, including certain aspects of our seller programs. Unfavorable regulations and laws could diminish the demand for our products and services and increase our cost of doing business.

**<u>Risks Related to Australia</u>**

***As a foreign private issuer, Braiin will be exempt from a number of rules under the Exchange Act, Braiin will be permitted to file less information with the SEC than domestic companies and permitted to follow home country practice in lieu of the listing requirements of the Primary Exchange, subject to certain exceptions. Accordingly, there may be less publicly available information concerning Braiin than there is for issuers that are not foreign private issuers.***

As a foreign private issuer, Braiin will be exempt from certain rules under the Exchange Act, including certain disclosure and procedural requirements applicable to proxy solicitations under Section 14 of the Exchange Act, Braiin's Board, officers and principal shareholders are exempt from the reporting and "short-swing" profit recovery provisions of Section 16 of the Exchange Act, and Braiin is not required to file periodic reports and financial statements with the SEC as frequently or as promptly as companies whose securities are registered under the Exchange Act but are not foreign private issuers. Foreign private issuers are also not required to comply with Regulation Fair Disclosure ("Regulation FD"), which restricts the selective disclosure of material non-public information. Accordingly, there may be less publicly available information concerning Braiin than there is for companies whose securities are registered under the Exchange Act but are not foreign private issuers, and such information may not be provided as promptly as it is provided by such companies.

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In addition, certain information may be provided by Braiin in accordance with Australian law, which may differ in substance or timing from such disclosure requirements under the Exchange Act. As a foreign private issuer, under the Primary Exchange rules Braiin is subject to less stringent corporate governance requirements. Subject to certain exceptions, the rules of the Primary Exchange permit a foreign private issuer to follow its home country practice in lieu of the listing requirements of the Primary Exchange, including, for example, certain internal controls as well as board, committee and director independence requirements. If Braiin determines to follow Australian corporate governance practices in lieu of the Primary Exchange corporate governance standards, Braiin will disclose each the Primary Exchange rule that Braiin does not intend to follow and describe the Australian practice that we will follow in lieu thereof.

***It may be difficult to enforce a judgment in the United States against Braiin and its officers and directors, assert U.S. securities laws claims in Australia or serve process on Braiin's officers and directors.***

Braiin is incorporated in Australia. The majority of Braiin's directors and executive officers are and will be non-residents of the United States, and all or a substantial portion of the assets of such persons are located outside the United States. As a result, it may not be possible for investors to effect service of process within the United States upon such persons or to enforce against them judgments obtained in U.S. courts predicated upon the civil liability provisions of the federal securities laws of the United States. There is doubt as to the enforceability in Australia in original actions, or in actions for enforcement of judgments of U.S. courts, of civil liabilities to the extent predicated upon the federal securities laws of the United States. In Australia, civil liability of directors and officers is dealt with by both common law and by various statutes, including the Corporations Act and the Civil Liability Act 2003 (Qld).

***Braiin may be affected by fluctuations in currency exchange rates.***

Braiin is potentially exposed to adverse as well as beneficial movements in currency exchange rates. An increase in the value of the dollar could increase the real cost to Braiin's customers of its products in those markets outside the U.S. where Braiin sells in dollars, and a weakened dollar could increase the cost of local operating expenses from sources outside the United States, and overseas capital expenditures. Braiin also conducts certain investing and financing activities in local currencies. Therefore, changes in exchange rates could harm Braiin's financial condition and results of operations.

**<u>Risks Related to This Offering and Ownership of Our Ordinary Shares</u>**

***The direct listing process differs from an initial public offering underwritten on a firm-commitment basis.***

This is not an underwritten initial public offering of ordinary shares. This listing of our ordinary shares on the Primary Exchange differs from an underwritten initial public offering in several significant ways, which include, but are not limited to, the following:

● There are no underwriters engaged on a firm-commitment basis. Consequently, prior to the opening of trading on the Primary Exchange, there will be no traditional book building process and no price at which underwriters initially sold shares to the public to help inform efficient and sufficient price discovery with respect to the opening trades on the Primary Exchange. Therefore, buy and sell orders submitted prior to and at the opening of trading of our ordinary shares on the Primary Exchange will not have the benefit of being informed by a published price range or a price at which the underwriters initially sold shares to the public, as would be the case in an initial public offering underwritten on a firm-commitment basis. Moreover, there will be no underwriters engaged on a firm-commitment underwritten basis assuming risk in connection with the initial resale of shares of our ordinary shares. In an initial public offering underwritten on a firm-commitment basis, the underwriters may engage in "covered" short sales in an amount of shares representing the underwriters' option to purchase additional shares. To close a covered short position, the underwriters purchase shares in the open market or exercise the underwriters' option to purchase additional shares. In determining the source of shares to close the covered short position, the underwriters typically consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase shares through the underwriters' option to purchase additional shares. Purchases in the open market to cover short positions, as well as other purchases underwriters may undertake for their own accounts, may have the effect of preventing a decline in the market price of shares. Given that there will be no underwriters' option to purchase additional shares and no underwriters engaging in stabilizing transactions, there could be greater volatility in the public price of our ordinary shares during the period immediately following the listing. See also "— *Our ordinary shares have no prior public market. An active trading market may not develop or continue to be liquid and the market price of our ordinary shares may be volatile*."

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● There is not a fixed number of ordinary shares available for sale. Therefore, there can be no assurance that any Registered Shareholders or other existing shareholders will sell any or all of their ordinary shares and there may initially be a lack of supply of, or demand for, our ordinary shares on the Primary Exchange. Alternatively, we may have a large number of Registered Shareholders or other existing shareholders who choose to sell their ordinary shares in the near term resulting in an oversupply of our ordinary shares, which could adversely impact the public price of our ordinary shares once listed on the Primary Exchange and thereafter.

● None of our Registered Shareholders or other existing shareholders have entered into contractual lock-up agreements or other contractual restrictions on transfer. In a firm-commitment underwritten initial public offering, it is customary for an issuer's officers, directors, and most of its other shareholders to enter into a 180-day contractual lock-up arrangement with the underwriters to help promote orderly trading immediately after such initial public offering. Consequently, any of our shareholders, including our directors and officers who own our ordinary shares and other significant shareholders, may sell any or all of their ordinary shares at any time (subject to any restrictions under applicable law), including immediately upon listing. If such sales were to occur in a significant volume in a short period of time following our listing, it may result in an oversupply of our ordinary shares in the market, which could adversely impact the public price of our ordinary shares.

● We will not conduct a traditional "roadshow" with underwriters prior to the opening of trading on the Primary Exchange. Instead, we intend to host an investor day, as well as engage in certain other investor education meetings. In advance of the investor day, we will announce the date for such day over financial news outlets in a manner consistent with typical corporate outreach to investors. We will prepare an electronic presentation for this investor day, which will have content similar to a traditional roadshow presentation, and make one version of the presentation publicly available, without restriction, on a website. There can be no guarantees that the investor day and other investor education meetings will have the same impact on investor education as a traditional "roadshow" conducted in connection with a firm-commitment underwritten initial public offering. As a result, there may not be efficient price discovery with respect to our ordinary shares or sufficient demand among investors immediately after our listing, which could result in a more volatile public price of our ordinary shares

Such differences from a firm-commitment underwritten initial public offering could result in a volatile trading price for our ordinary shares and uncertain trading volume, which may adversely affect your ability to sell any ordinary shares that you may purchase.

***Our ordinary shares currently have no public market. An active trading market may not develop or continue to be liquid and the market price of shares of our ordinary shares may be volatile.***

We expect our ordinary shares to be listed and traded on the Primary Exchange. Prior to the listing on the Primary Exchange, there has not been a public market for any of our securities, and an active market for our ordinary shares may not develop or be sustained after the listing, which could depress the market price of shares of our ordinary shares and could affect the ability of our shareholders to sell our ordinary shares. In the absence of an active public trading market, investors may not be able to liquidate their investments in our ordinary shares. An inactive market may also impair our ability to raise capital by selling shares of our ordinary shares, our ability to motivate our employees through equity incentive awards and our ability to acquire other companies, products or technologies by using shares of our ordinary shares as consideration.

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In addition, we cannot predict the prices at which our ordinary shares may trade on the Primary Exchange following the listing of our ordinary shares, and the market price of our ordinary shares may fluctuate significantly in response to various factors, some of which are beyond our control. In particular, as this listing is taking place through a novel process that is not a firm-commitment underwritten initial public offering, there will be no traditional book building process and no price at which traditional underwriters initially sold shares to the public to help inform efficient price discovery with respect to the opening trades on the Primary Exchange. On the day that our ordinary shares are initially listed on the Primary Exchange, the Primary Exchange will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price on the basis of such accepted orders. The Current Reference Price is calculated each second and, during a 10-minute "Display Only" period, is disseminated, along with other indicative imbalance information, to market participants by the Primary Exchange on its NOII and BookViewer tools. Following the "Display Only" period, a "Pre-Launch" period begins, during which the Advisor, in its capacity as our financial advisor to perform the functions under the Primary Exchange Rule 4120(c)(8), must notify the Primary Exchange that our shares are "ready to trade." Once the Advisor has notified the Primary Exchange that our ordinary shares are ready to trade, the Primary Exchange will calculate the Current Reference Price for our ordinary shares, in accordance with the Primary Exchange rules. If the Advisor then approves proceeding at the Current Reference Price, the Primary Exchange will conduct a price validation test in accordance with the Primary Exchange Rule 4120(c)(8). As part of conducting such price validation test, the Primary Exchange may consult with the Advisor, if the price bands need to be modified, to select the new price bands for purposes of applying such test iteratively until the validation tests yield a price within such bands. Upon completion of such price validation checks, the applicable orders that have been entered will be executed at such price and regular trading of shares of our ordinary shares on the Primary Exchange will commence. The Advisor will determine when our ordinary shares are ready to trade and approve proceeding at the Current Reference Price primarily based on considerations of volume, timing and price. In particular, the Advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open trading at the Current Reference Price. If the Advisor does not approve proceeding at the Current Reference Price (for example, due to the absence of adequate preopening buy and sell interest), the Advisor will request that the Primary Exchange delay the open until such a time that sufficient price discovery has been made to ensure a reasonable amount of volume crosses on the opening trade. For more information, see "Plan of Distribution."

Additionally, prior to the opening trade, there will not be a price at which underwriters initially sold ordinary shares to the public as there would be in a firm-commitment underwritten initial public offering. The absence of a predetermined initial public offering price could impact the range of buy and sell orders collected by the Primary Exchange from various broker-dealers. Consequently, upon listing on the Primary Exchange, the public price of our ordinary shares may be more volatile than in a firm-commitment underwritten initial public offering and could decline significantly and rapidly.

Furthermore, because of our novel listing process on the Primary Exchange, the Primary Exchange's rules for ensuring compliance with its initial listing standards, such as those requiring a valuation or other compelling evidence of value, are untested. In the absence of a prior active public trading market for our ordinary shares, if the price of our ordinary shares or our market capitalization falls below those required by the Primary Exchange's eligibility standards, we may not be able to satisfy the ongoing listing criteria and may be required to delist.

In addition, because of our novel listing process and the potential consumer awareness and brand recognition of Braiin, individual investors, retail or otherwise, may have greater influence in setting the opening public price and subsequent public prices of our ordinary shares on the Primary Exchange and may participate more in our initial trading than is typical for a firm-commitment underwritten initial public offering. These factors could result in a public price of our ordinary shares that is higher than other investors (such as institutional investors) are willing to pay, which could cause volatility in the trading price of our ordinary shares and an unsustainable trading price if the price of our ordinary shares significantly rises upon listing and institutional investors believe our ordinary shares is worth less than retail investors, in which case the price of our ordinary shares may decline over time. Further, if the public price of our ordinary shares is above the level that investors determine is reasonable for our ordinary shares, some investors may attempt to short our ordinary shares after trading begins, which would create additional downward pressure on the public price of our ordinary shares. To the extent that there is a lack of consumer awareness among retail investors, such a lack of consumer awareness could reduce the value of our ordinary shares and cause volatility in the trading price of our ordinary shares.

The public price of our ordinary shares following the listing also could be subject to wide fluctuations in response to the risk factors described in this prospectus and others beyond our control, including:

● changes in the industries in which we operate;

● variations in our operating performance and the performance of our competitors in general;

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● actual or anticipated fluctuations in our quarterly or annual operating results;

● publication of research reports by securities analysts about us or our competitors or our industry;

● the public's reaction to our press releases, our other public announcements and our filings with the SEC;

● our failure or the failure of our competitors to meet analysts' projections or guidance that we or our competitors may give to the market;

● additions and departures of key personnel;

● changes in laws and regulations affecting our business;

● commencement of, or involvement in, litigation involving us;

● changes in our capital structure, such as future issuances of securities or the incurrence of additional debt;

● the volume of shares of our ordinary shares available for public sale; and

● general economic and political conditions such as recessions, interest rates, fuel prices, foreign currency fluctuations, international tariffs, social, political and economic risks and acts of war or terrorism.

In addition, securities exchanges have experienced price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. Stock prices of many companies have fluctuated in a manner often unrelated to the operating performance of those companies. These fluctuations may be even more pronounced in the trading market for our ordinary shares shortly following the listing of our ordinary shares on the Primary Exchange as a result of the supply and demand forces described above. In the past, shareholders have instituted securities class action litigation following periods of market volatility. If we were to become involved in securities litigation, it could subject us to substantial costs, divert resources and the attention of management from our business and harm our business, results of operations and financial condition.

***Future sales of ordinary shares by our Registered Shareholders and other existing shareholders could cause our share price to decline.***

We currently expect our ordinary shares to be listed and traded on the Primary Exchange. Prior to listing on the Primary Exchange, there has been no public market for our ordinary shares and there has not been a sustained history of trading in our ordinary shares in "over-the-counter" markets. While our ordinary shares may be sold after our listing on the Primary Exchange by the Registered Shareholders pursuant to this prospectus or by our other existing shareholders in accordance with Rule 144 under the Securities Act, unlike a firm-commitment underwritten initial public offering, there can be no assurance that any Registered Shareholders or other existing shareholders will sell any of their ordinary shares and there may initially be a lack of supply of, or demand for, ordinary shares on the Primary Exchange. As described herein, certain shares of our ordinary shares outstanding as of the date hereof will be registered under this registration statement. There can be no assurance that the Registered Shareholders and other existing shareholders will not sell all of their ordinary shares, resulting in an oversupply of our ordinary shares on the Primary Exchange. In the case of a lack of supply of our ordinary shares, the trading price of our ordinary shares may rise to an unsustainable level. Further, institutional investors may be discouraged from purchasing our ordinary shares if they are unable to purchase a block of our ordinary shares in the open market due to a potential unwillingness of our existing shareholders to sell a sufficient amount of ordinary shares at the price offered by such institutional investors and the greater influence individual investors have in setting the trading price. If institutional investors are unable to purchase our ordinary shares, the market for our ordinary shares may be more volatile without the influence of long-term institutional investors holding significant amounts of our ordinary shares. In the case of a lack of market demand for our ordinary shares, the trading price of our ordinary shares could decline significantly and rapidly after our listing. Therefore, an active, liquid and orderly trading market for our ordinary shares may not initially develop or be sustained, which could significantly depress the public price of our ordinary shares and/or result in significant volatility, which could affect your ability to sell your ordinary shares.

***Limitations on investors' ability to trace their shares to this registration statement may preclude claims under Sections 11 and 12 of the Securities Act, potentially reducing our liability exposure and limiting investors remedies.***

In connection with this direct listing, we are registering 68,696,076 ordinary shares, all of which may be sold into the public market. Unlike in a traditional initial public offering, where all shares sold in the public market are issued pursuant to a registration statement, in a direct listing, both registered and unregistered shares may become freely tradeable simultaneously. As a result, purchasers in the public market following our direct listing may not be able to determine whether their shares were issued pursuant to this registration statement.

The ability to bring a claim under Section 11 of the Securities Act of 1933 requires that the security purchased be traceable to the allegedly defective registration statement. In Slack Technologies, LLC v. Pirani, 598 U.S. 759 (2023), the U.S. Supreme Court held that Section 11 applies only to shares that are actually issued pursuant to the registration statement. The U.S. Court of Appeals for the Ninth Circuit, in its 2025 opinion on remand, confirmed that the tracing requirement applies in the context of direct listings and that tracing shares to a registration statement is particularly difficult where registered and unregistered shares begin trading at the same time.

Accordingly, if you purchase our common stock in the open market following this direct listing, you may not be able to assert claims under Section 11 or Section 12(a)(2) of the Securities Act for any material misstatements or omissions in this registration statement or related prospectus. This limitation may reduce the potential remedies available to investors, limit recovery in the event of a violation of the federal securities laws, and adversely affect the market price of our common stock. Moreover, because our potential liability under the Securities Act may be reduced as compared to a traditional IPO, investors may face greater risk in the event of inaccurate or incomplete disclosures.

***We may not be able to satisfy listing requirements of the Primary Exchange or obtain or maintain a listing of our ordinary shares on the Primary Exchange.***

We intend to apply to list our ordinary shares on the Primary Exchange, however there can be no guarantee our ordinary shares will be approved for listing. If our ordinary shares are listed on the Primary Exchange, we must meet certain financial and liquidity criteria to obtain and maintain such listing. If we violate the Primary Exchange's listing requirements, or if we fail to meet any of the Primary Exchange's listing standards, our ordinary shares may be delisted. In addition, our board of directors may determine that the cost of maintaining our listing on a national securities exchange outweighs the benefits of such listing. A delisting of our ordinary shares from the Primary Exchange may materially impair our shareholders' ability to buy and sell our ordinary shares and could have an adverse effect on the market price of, and the efficiency of the trading market for, our ordinary shares. The delisting of our ordinary shares could significantly impair our ability to raise capital and the value of your investment.

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***You may be diluted by future issuances of preferred stock or additional ordinary shares in connection with our incentive plans, acquisitions or otherwise; future sales of such shares in the public market, or the expectations that such sales may occur, could lower our stock price.***

Prior to the effectiveness of the registration statement of which this prospectus forms a part, we adopted an amended and restated certificate of incorporation which will authorize us to issue ordinary shares and options, rights, warrants and appreciation rights relating to our ordinary shares for the consideration and on the terms and conditions established by our board of directors in its sole discretion. We could issue a significant number of ordinary shares in the future in connection with investments or acquisitions. Any of these issuances could dilute our existing shareholders, and such dilution could be significant. Moreover, such dilution could have a material adverse effect on the market price for the shares of our ordinary shares.

The future issuance of shares of preferred stock with voting rights may adversely affect the voting power of the holders of shares of our ordinary shares, either by diluting the voting power of our ordinary shares if the preferred stock votes together with the ordinary shares as a single class, or by giving the holders of any such preferred stock the right to block an action on which they have a separate class vote, even if the action were approved by the holders of our shares of our ordinary shares.

The future issuance of shares of preferred stock with dividend or conversion rights, liquidation preferences or other economic terms favorable to the holders of preferred stock could adversely affect the market price for our ordinary shares by making an investment in the ordinary shares less attractive. For example, investors in the ordinary shares may not wish to purchase ordinary shares at a price above the conversion price of a series of convertible preferred stock because the holders of the preferred stock would effectively be entitled to purchase ordinary shares at the lower conversion price, causing economic dilution to the holders of ordinary shares.

***Because we have no current plans to pay cash dividends on our ordinary shares, you may not receive any return on investment unless you sell your ordinary shares for a price greater than that which you paid for it.***

We currently intend to retain all available funds and any future earnings to fund the development, commercialization and growth of our business, and therefore we do not anticipate declaring or paying any cash dividends on our ordinary shares in the foreseeable future. Any future determination to declare dividends will be made at the discretion of our board of directors and will depend on our financial condition, operating results, capital requirements, general business conditions and other factors that our board of directors may deem relevant. Our future ability to pay cash dividends on our ordinary shares may also be limited by the terms of any future debt securities or credit facility. As a result, capital appreciation, if any, of the ordinary shares you purchase in this offering will be your sole source of gain for the foreseeable future.

***Upon the completion of this offering, we will be a "controlled company" within the meaning of the corporate governance rules of the Primary Exchange and, as a result, will qualify for exemptions from certain corporate governance requirements. Although we do not currently intend to rely on any such exemptions, we may do so in the future and if we utilize any of the exemptions, you will not have the same protections as those afforded to shareholders of companies that are subject to such governance requirements.***

Upon the completion of this offering, our founder and Chief Executive Officer, Natraj Balasubramanian, will control approximately 61% of total voting power. As a result, we will be a "controlled company" under the rules of the Primary Exchange. Under these rules, a listed company of which more than 50% of the voting power for the election of directors is held by an individual, a group or another company is a "controlled company" and is not required to comply with certain corporate governance requirements, including the requirements that, within one year of the date of the listing of our ordinary shares, we have a:

&nbsp;&nbsp;&nbsp;&nbsp;· board
 of directors that is composed of a majority of "independent directors," as defined
 under the rules of such exchange;

&nbsp;&nbsp;&nbsp;&nbsp;· compensation
 committee that is composed entirely of independent directors with a written charter addressing
 the committee's purpose and responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;· nominating
 and corporate governance committee that is composed entirely of independent directors with
 a written charter addressing the committee's purpose and responsibilities.

Although we do not currently intend to rely on any such exemptions, we may do so in the future and if we utilize any of the "controlled company exemptions," you will not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of the Primary Exchange.

***We are an emerging growth company and a smaller reporting company, and the reduced disclosure requirements applicable to emerging growth companies and smaller reporting companies may make our ordinary shares less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act. For as long as we continue to be an emerging growth company, we may take advantage of certain exemptions and relief from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including (i) not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, (ii) having the option of delaying the adoption of certain new or revised financial accounting standards, (iii) reduced disclosure obligations regarding executive compensation in this prospectus and our periodic reports and proxy statements and (iv) exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. We may take advantage of these exemptions until such time that we are no longer an emerging growth company. Accordingly, the information contained herein may be different than the information you receive from other public companies in which you hold stock. Further, pursuant to Section 107 of the JOBS Act, we have elected to take advantage of the extended transition period for complying with new or revised accounting standards until those standards would otherwise apply to private companies. As a result, our operating results and financial statements may not be comparable to the operating results and financial statements of other companies who have adopted the new or revised accounting standards.

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We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year following the fifth anniversary of this offering, (ii) the last day of the fiscal year in which we have total annual gross revenue of at least $1.235 billion, (iii) the last day of the fiscal year in which we are deemed to be a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our ordinary shares held by non-affiliates was $700.0 million or more as of the last business day of the second fiscal quarter of such year or (iv) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

We are also a "smaller reporting company" as defined in the Exchange Act. We may continue to be a smaller reporting company even after we are no longer an emerging growth company. We may take advantage of certain of the scaled disclosures available to smaller reporting companies until the fiscal year following the determination that our voting and non-voting ordinary shares held by non-affiliates is $250 million or more measured on the last business day of our second fiscal quarter, or our annual revenues are less than $100 million during the most recently completed fiscal year and our voting and non-voting ordinary shares held by non-affiliates is $700 million or more measured on the last business day of our second fiscal quarter.

It is possible that some investors will find our ordinary shares less attractive as a result of the foregoing, which may result in a less active trading market for our ordinary shares and higher volatility in our stock price.

***The public price of our ordinary shares, upon listing on the Primary Exchange, may have little or no relationship to the historical sales prices of our ordinary shares in private transactions.***

Prior to listing on the Primary Exchange, there has been no public market for our ordinary shares. Recent purchase prices of our common stock in private transactions may have little or no relation to the opening public price of our shares of common stock on the Primary Exchange or the subsequent trading price of our shares of common stock on the Primary Exchange. Our ordinary shares have a limited history of trading in private transactions. See "Sale Price History of our Capital Stock" below. However, this information may have little or no relation to broader market demand for our ordinary shares and thus the initial public price of our ordinary shares on the Primary Exchange once trading begins. As a result, you should not place undue reliance on these historical sales prices as they may differ materially from the opening public prices and subsequent public prices of our ordinary shares on the Primary Exchange. For additional details about how the initial listing price on the Primary Exchange will be determined, see "*Plan of Distribution.*"

***The uncertainty associated with the fact that few companies have undertaken direct listings to date may lead to increased volatility and pricing challenges for our ordinary shares.***

Few companies have conducted direct listings, and the process by which shares of our ordinary shares will be listed on the Primary Exchange is a novel process. The absence of a traditional underwritten offering may result in a less orderly market for our ordinary shares, increased volatility in the trading price, and potential difficulties in achieving a stable market price. Unlike an initial public offering, there is no firm-commitment underwritten offering to help inform efficient and sufficient price discovery. Consequently, the public price of our ordinary shares may be more volatile than it would be if shares were initially listed in connection with a firm-commitment underwritten initial public offering. In addition, the trading volume and price of shares of our ordinary shares may be more volatile and subject to greater fluctuations due to the direct listing method.

***The direct listing process differs from an initial public offering underwritten on a firm-commitment basis and the impact of awareness of our brand and investor recognition of our Company on the demand for our ordinary shares is unpredictable and our marketing and brand development efforts may not be successful.***

We will not conduct a traditional "roadshow" with underwriters prior to the opening of trading of our ordinary shares on the Primary Exchange. Instead, we may engage in certain investor presentations and educational meetings to enhance our brand awareness and investor recognition of our Company. In advance of any investor presentation or educational meeting, we will announce the date for such presentation or meeting through financial news outlets in a manner consistent with typical corporate outreach to investors. We will prepare an electronic presentation for any investor presentation or educational meeting that we hold, and will make the presentation publicly available, without restriction, on a website.

There can be no assurance that any investor presentations or other educational meetings that we hold will have the same impact on awareness of our brand and investor recognition of our Company as a traditional "roadshow" conducted in connection with a firm-commitment underwritten initial public offering. As a result, there may not be efficient price discovery with respect to our ordinary shares or sufficient demand among investors immediately following our listing, which could result in a more volatile public price of our ordinary shares.

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**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements that can involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this prospectus, including statements regarding our future results of operations and financial position, business plan and strategy, future revenue, timing and likelihood of success, plans and objectives of management for future operations, future results of anticipated products and prospects, plans and objectives of management are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements contained in this prospectus include, but are not limited to, statements about:

● the implementation of our business model and our strategic plans for our business, product, services and technology;

● our commercialization and marketing capabilities and strategy;

● our competitive position;

● the scope of protection that we able to establish and maintain for intellectual property rights covering our products, services and technology;

● developments and projections relating to our competitors and our industry;

● our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;

● the period over which we estimate our existing cash and cash equivalents will be sufficient to fund our future operating expenses and capital expenditure requirements; and

● the impact of new or existing laws and regulations on our business and strategy.

We have based these forward-looking statements largely on our current expectations and projections about our business, the industry in which we operate and financial trends that we believe may affect our business, financial condition, results of operations and prospects, and these forward-looking statements are not guarantees of future performance or development. These forward-looking statements speak only as of the date of this prospectus and are subject to a number of risks, uncertainties and assumptions, including, but not limited to, those described in the section titled "*Risk Factors*" and elsewhere in this prospectus. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein until after we distribute this prospectus, whether as a result of any new information, future events or otherwise.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this prospectus, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.

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**MARKET AND INDUSTRY DATA**

This prospectus includes estimates regarding market and industry data. Unless otherwise indicated, information concerning our industry and the markets in which we operate, including our general expectations, market position, market opportunity, and market size, are based on our management's knowledge and experience in the markets in which we operate, together with currently available information obtained from various sources, including publicly available information, industry reports and publications, surveys, our customers, trade and business organizations, and other contacts in the markets in which we operate and which were not commissioned by the Company. Certain information is based on management estimates, which have been derived from third-party sources, as well as data from our internal research.

In presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. While we believe the estimated market and industry data included in this prospectus is generally reliable, such information is inherently uncertain and imprecise. Market and industry data is subject to change and may be limited by the availability of raw data, the voluntary nature of the data gathering process, and other limitations inherent in any statistical survey of such data. In addition, projections, assumptions, and estimates of the future performance of the markets in which we operate are necessarily subject to uncertainty and risk due to a variety of factors, including those described in "*Risk Factors*" and "*Cautionary Note Regarding Forward-Looking Statements*." These and other factors could cause results to differ materially from those expressed in the estimates made by third parties and by us. Accordingly, you are cautioned not to place undue reliance on such market and industry data or any other such estimates.

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**TRADEMARKS, SERVICE MARKS AND TRADENAMES**

We own or otherwise have rights to the trademarks, including those mentioned in this prospectus, used in conjunction with the operation of our business. This prospectus includes our own trademarks, which are protected under applicable intellectual property laws, as well as trademarks, service marks and tradenames of other entities, which are the property of their respective owners. Solely for convenience, trademarks, trade names and service marks referred to in this prospectus may appear without the <sup>®</sup>, <sup>TM</sup> or <sup>SM</sup> symbols, but such references are not intended to indicate, in any way, that the applicable licensor will not assert, to the fullest extent under applicable law, its rights to these trademarks, service marks and tradenames. We do not intend our use or display of other entities' trademarks, service marks or tradenames to imply a relationship with, or endorsement or sponsorship of us by, any other entities.

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**OFFER STATISTICS AND EXPECTED TIMETABLE**

The ordinary shares offered by this prospectus are registered for the account of the Registered Shareholders named in this prospectus. There is no expected issue price. The Registered Shareholders may sell the ordinary shares at fixed prices, at prevailing market prices at the time of sale or at negotiated prices. The approximate date of proposed sale of the ordinary shares is from time to time after the registration statement of which this prospectus forms a part becomes effective, in amounts and on terms determined at the time of the sale.

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**USE OF PROCEEDS**

The Registered Shareholders may, or may not, elect to sell shares of our ordinary shares covered by this prospectus. To the extent any Registered Shareholder chooses to sell shares of our ordinary shares covered by this prospectus, we will not receive any proceeds from any such sales of our ordinary shares. See "*Principal and Registered Shareholders.*"

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**DIVIDEND POLICY**

We have never declared or paid dividends on our ordinary shares. We currently intend to retain all available funds and any future earnings to fund the development, commercialization and growth of our business, and therefore we do not anticipate declaring or paying any dividends on our ordinary shares in the foreseeable future. Any future determination as to the declaration and payment of dividends, if any, will be at the discretion of our board of directors. Any such determination will also depend upon our business prospects, operating results, financial condition, capital requirements, general business conditions and other factors that our board of directors may deem relevant. Our future ability to pay dividends on our ordinary shares may also be limited by the terms of any future debt securities or credit facility*.***

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**CAPITALIZATION AND INDEBTEDNESS**

The following table sets forth our cash and cash equivalents and capitalization as of June 30, 2025, as follows:

● on an actual basis;

● on a pro forma basis to reflect adjustments primarily reflect the conversion of convertible and SAFE notes into ordinary shares, recognition of equity financing, and issuance of shares as purchase consideration.

This table should be read in conjunction with, and is qualified in its entirety by reference to, our financial statements and related notes, and the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" appearing elsewhere in this prospectus.

---

| | | |
|:---|:---|:---|
|  | **As of**<br> **June 30, 2025** | **As of**<br> **June 30, 2025** |
|  | **Actual** | **Pro Forma** |
|  | **(Unaudited)** | **(Unaudited)** |
|  | *(in thousands, except per share numbers)* | *(in thousands, except per share numbers)* |
| Cash and cash equivalents | $111 | $2159 |
| Total Indebtedness | $3634 | $20442 |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary shares, of which 11,069,578 shares are issued and outstanding, actual; 68,696,076\* shares issued and outstanding, pro forma | 4 | 246293 |
| &nbsp;&nbsp;&nbsp;Foreign exchange reserve | 45 | 45 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (4829) | (22157) |
| Total shareholders' equity | $(4780) | $224181 |
| Total capitalization (Total shareholder equity+Total indebtedness) | $(1146) | $244623 |

---

\*On November 7, 2025, the Company effected a 4 for 1 stock split of its ordinary shares, whereby each outstanding share of common stock was converted into four shares of common stock for all periods presented. The pro forma adjusted column in the tables above reflect the stock split described above. All share and per-share amounts in the pro-forma financial statements that are presented on a per share basis have been retroactively adjusted for all periods presented to reflect the stock split.

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**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED COMBINED FINANCIAL INFORMATION**

**Introduction**

Braiin is providing the following unaudited pro forma condensed consolidated combined financial statements to aid you in your analysis of the financial aspects of the Direct Listing.

The unaudited pro forma condensed consolidated combined financial information has been derived from and should be read in conjunction with, the historical financial statements and related notes of Braiin, Nisus, Mirragin, VIS Networks and Connect Simple for the applicable periods included elsewhere in this prospectus.

The unaudited pro forma condensed consolidated combined financial statements have been presented for illustrative purposes only and do not necessarily reflect what the combined company's financial condition or results of operations would have been had the Acquisitions occurred on the dates indicated. Further, the unaudited pro forma condensed consolidated combined financial information may not be useful in predicting the future financial condition and results of operations of the Company. The actual financial position and results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors.

**Description of the Proposed Transactions**

**Acquisition of Vega Group (including Nisus and Mirragin *RAS Consulting Pty Ltd*)**

On September 7, 2025, Braiin and Vega entered into a new binding Heads of Agreement (the "Vega Agreement"), pursuant to which Braiin will acquire 100% of the shares of Vega for an aggregate consideration of approximately $85,000,000. The consummation of the transactions contemplated by the Vega Agreement is subject to customary closing conditions, including Braiin's successful admission to the Primary Exchange and the effectiveness of a Registration Statement with the SEC. The Vega Agreement may be terminated on the later of October 30, 2025 or the listing of Braiin's securities on the Primary Exchange if the conditions precedent have not been satisfied or waived.

Vega has also entered into the following agreements to expand its group prior to its acquisition by Braiin:

● On September 5, 2025, Vega and Nisus entered into an Amended and Restated Share Sale Agreement pursuant to which Vega will acquire 100% of the shares of Nisus for an aggregate consideration of $6,160,000 (the "Nisus Agreement"). The completion of the transactions under the Nisus Agreement is subject to customary closing conditions. Nisus is a specialist technology provider focused on delivering advanced data science, cybersecurity, and secure communication solutions to Australian government agencies, defense, emergency services, and enterprise clients. With a strong track record in supporting public sector digital transformation, Nisus designs and implements mission-critical systems that protect sensitive information and enable informed decision-making.

● On September 5, 2025, Vega entered into the binding Fifth Amended and Restated Heads of Agreement with Mirragin RAS Consulting Pty Ltd, pursuant to which Vega will acquire 100% of the shares of Mirragin, and on September 4, 2025, Vega entered into the Fourth Amended and Restated Heads of Agreement with Mirragin Project Isidore, pursuant to which Vega will acquire 100% of the shares of Isidore, together for an aggregate consideration of AUD $7 million (the "Mirragin Agreement"). The completion of the transactions under the Mirragin Agreement is subject to customary closing conditions.

Upon completion of the Nisus and Mirragin acquisitions, these entities will form part of the Vega Group, which will subsequently be acquired by Braiin under the Vega Agreement.

**Acquisition of VIS**

Pursuant to the binding Amended and Restated Heads of Agreement, dated September 5, 2025, by and between Braiin and VIS Networks PVT LTD ("VIS Networks") Braiin will acquire 100% of the shares of VIS Networks for an aggregate consideration of $24 million (the "VIS Agreement") $12 million of which will be paid on the closing date of the VIS Acquisition, $7.2 million of which will be paid on the 12 month anniversary of the VIS Acquisition, and $4.8 million of which will be paid on the 24 month anniversary of the VIS Acquisition. VIS Networks' business relates to technology services. Also on June 27, 2025, Braiin and VIS Networks entered into a binding Heads of Agreement whereby certain owners of VIS Networks shares will be issues $44.57 million of Braiin Shares. The consummation of the transactions contemplated by the VIS Agreement are subject to customary closing conditions.

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***Acquisition of Connect Simple Pty Ltd***

Pursuant to the binding Amended and Restated Heads of Agreement, dated September 5, 2025, by and between Braiin and Connect Simple Pty Ltd., Braiin will acquire 100% of the shares of Connect Simple for an aggregate consideration of $98 million (the "Connect Simple Agreement"). The consummation of the transactions contemplated by the Connect Simple Agreement are subject to customary closing conditions.

Connect Simple is focused on simplifying residential service delivery and billing through an AI-powered, white-labelled platform. This platform serves as a digital infrastructure layer for utility connections, bill comparison, and ongoing household expense management, with applications across rental, ownership, and agency-managed properties.

***Accounting for the Acquisition of Nisus Australia Pty Ltd, Nisus Payroll and Mirragin (Collectively referred to as Vega), VIS, and Connect Simple***

The management of Braiin has concluded that the transaction represents a business combination pursuant to IFRS 3, Business Combinations. In the proposed Business Combination, Braiin issuing shares and consideration at the closing of the Business Combination for the net assets of VIS, Connect Simple and Vega (Collectively termed as "Target Group"), Braiin has been determined to be the accounting acquirer and predecessor based on evaluation of the following facts and circumstances under **IFRS 3, paragraphs B15–B17**:

● Braiin's
 shareholders will have the largest voting interest in combined company;

● The
 board of directors of the combined company has 5 members, and Braiin has the ability to nominate
 the majority of the members of the board of directors;

● Braiin's
 senior management remains senior management post business combination as well;

● Braiin
 contributes 62.06% of the aggregate fair value post business combination, demonstrating that
 the major portion of the business is represented by Braiin.

Considering the determination of the predecessor, the Company considered the authoritative guidance in Rule 405 of Regulation C, the interpretive guidance of the staff of the SEC, including factors for registrants to consider in determining the predecessor, and analyzed the following:

(1) the order in which the entities were acquired,

Prior to direct listing i.e. receipt of pre-approval from The Primary Exchange of Braiin's Ordinary Shares to be issued in connection with the Business Combination to be listed on the Primary Exchange, Braiin will acquire VIS, Connect Simple and Vega (Collectively termed as "Target Group") and these entities will continue as wholly owned subsidiaries of Braiin.

Considering the sequence of events, Braiin will become the Holding Company of the Target Group and will continue to be the Holding Company post Business Combination as well, the Company concluded that Braiin is the Predecessor under Regulation C, Rule 405.

(2) the size of the entities,

The quantitative analysis (basis audited financial statements of June 30, 2025 as a percentage total is summarized below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Items** | **% of Braiin to Total** | **% of VIS Networks to Total** | **% of Connect Simple to Total** | **% of Vega\* to Total** | **Total** |
| **Assets** | 0.59% | 92.55% | 0.80% | 6.05% | 100% |
| **Liabilities** | 15.35% | 76.18% | 0.64% | 7.83% | 100% |
| **Expenses** | 2.48% | 74.84% | 0.56% | 22.12% | 100% |
| **Revenue** | 0.00% | 76.41% | 0.66% | 22.93% | 100% |
| **Operating Income/(Loss)** | (116.49)% | 150.01% | 5.52% | 60.96% | 100% |
| **Absolute Value** | 34.98% | 45.05% | 1.66% | 18.31% | 100% |

---

***\**** *Vega will complete the acquisitions of Nisus Australia, Nisus Payroll, and Mirragin Ras Consulting prior to its acquisition by Braiin.*

Based on the historical financial parameters as of June 30, 2025, VIS Networks constitute the significant portion of the Total Assets, Liabilities, Expenses and Revenue. However, while relative size is one of the factors in determining the predecessor, it is not the sole determining factor.

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(3) the fair value of the entities,

The Company evaluated the relative fair value of the entities to determine which entity contributes significantly to the aggregate fair value of all entities in the Business Combination.

---

| | | |
|:---|:---|:---|
| **Entity** | **Enterprise Value** | **%** |
| Braiin Limited | $447.60 | 62.06% |
| VIS Networks Private Limited ("VIS") | $87.80 | 12.17% |
| Connect Simple Pty Limited ("Connect Simple") | $101.6 | 14.09% |
| Vega Global Technologies Pty Limited ("Vega") | $84.20 | 11.67% |
| **Total** | $721.20 | 100% |

---

As determined above, Braiin contributes 62.06% of the aggregate fair value post business combination, while the remaining is represented by VIS Networks Private Limited, Vega Global Technologies Pty Limited and Connect Simple Pty Limited, demonstrating that the major portion of the business is represented by Braiin and thus indicates Braiin is the Predecessor under Regulation C, Rule 405.

(4) the historical and ongoing management structure, and

*<u>Composition of Board of Directors</u>*

Upon the consummation of Business Combination, Braiin's board of directors will consist of 5 directors, all of which will be designated by Braiin. Out of these 3 directors will be independent directors.

---

| | |
|:---|:---|
| Name | Position |
| Natraj Balasubramanian | Chief Executive Officer, Director |
| Chetan V Saligrama | President, COO, Director |
| Usha Murphy  |  |
| Ragur Kuppuswamy  | Independent Director  |
| Stephen Christopher Buehler | Independent Director  |

---

*<u>Management structure</u>*

The current management structure of Braiin is listed below and will continue after the consummation of the Business Combination:

---

| | |
|:---|:---|
| Name | Position |
| Natraj Balasubramanian | Chief Executive Officer, Director |
| Chetan V Saligrama | President, COO, Director |
| Jay Stephenson | Chief Financial Officer |
| Rohit Jhamb | Chief Business Officer |
| Samir Pandey | Chief Strategy Officer |

---

Based on the above assessment, Braiin's senior management remains senior management post business combination as well; thus, Braiin is the Predecessor under Regulation C, Rule 405.

(5) Future business plan and strategy

Braiin specializes in cutting-edge solutions across diverse domains with expertise in artificial intelligence and machine learning, robotics, internet of things, and mission-critical enterprise software and hardware applications.

Given the advanced and patented generative AI technology that Braiin possesses, the Company anticipates a significant increase in its operational impact in the near future. Braiin has significant long-term commitments and potential revenue contracts, including five-year contracts valued at $35.93 million, and has signed a Memorandum of Understanding worth $111.98 million. These agreements are aimed at supporting farmers through state-of-the-art precision farming techniques, offering end-to-end solutions that enhance crop productivity and have driven the significantly larger fair value of Braiin. Considering the above, the Company expects that Braiin's operations will continue to be the most significant in the near future.

Staff guidance and general market practice indicates that no one factor should be determinative when assessing the predecessor, but rather the assessment should be based upon a collective evaluation of all factors based on the facts and circumstances. In considering the foregoing principles of predecessor determination in light of the specific facts and circumstances outlined above, the Company concluded that the overwhelming weight of the majority of factors indicates that Braiin is the Predecessor and accounting acquirer for accounting purposes.

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Further, the Company has also evaluated the factors set forth in IFRS 3.B15–B16. Specifically, the Company has already evaluated the composition of the governing body, the composition of the senior management of the combined entity, and the relative size of the entities, as discussed above in the assessment of the Predecessor. In addition, the Company has assessed the relative voting rights in the combined entity following the business combination and concluded that Braiin holds a majority shareholding as reflected in the beneficial ownership table included under 'principal and registered shareholders' of the registration statement.

The transaction will be accounted using the acquisition method of accounting for business combinations under the guidance of IFRS 3. Accordingly, Braiin will record the identified acquired tangible and intangible assets and liabilities at their fair value as of the closing date. In addition, the excess of the consideration transferred over the estimated fair values of the net assets acquired, if applicable, will be recorded as goodwill.

Acquisition costs related to the acquisition (i.e., advisory, legal, valuation, and other professional fees) are not included as a component of the consideration transferred but are accounted for as expenses in the periods in which the costs are incurred. The unaudited pro forma condensed financial information does not reflect any cost savings, operating synergies or revenue enhancements that Braiin may achieve as a result of the acquisitions or the costs to integrate our operations. All of this transaction costs related to the Acquisition have been recognized as expenses in statements of profit or loss, and additional pro forma adjustments were recognized related to additional transaction costs expected to be incurred by management.

The Management has estimated the preliminary purchase price because it has not yet completed an external valuation analysis of the fair market value of, VIS Networks, Vega and Connect Simple assets to be acquired and liabilities to be assumed. As a result, management has estimated the allocation of the preliminary purchase price for these entities' assets and liabilities. This preliminary purchase price allocation has been used to prepare the pro forma adjustments in the unaudited pro forma condensed combined balance sheets and income statements. The final purchase price allocation, fair value of the acquired assets and liabilities and any other studies and calculations deemed necessary have not yet been completed. The final purchase consideration and purchase price allocation could differ materially from the preliminary purchase price and purchase price allocation used to prepare the pro forma financial statement and related adjustments. Also affecting the determination of the final purchase price and its allocation are the results of changes to assets and liabilities and to the ultimate purchase consideration, caused by operations during the intervening period to the closing of the transaction.

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**UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET**

**As of June 30, 2025 (US$ in thousands)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Braiin Limited (IFRS Historical)** | **Nisus Australia Pty Ltd (IFRS Historical)** | **Nisus Payroll Pty Limited (IFRS Historical)** | **Mirragin Ras Consulting Pty Ltd. (IFRS Historical)** | **Vega (IFRS Historical)** | **VIS Networks Private Limited (IFRS Historical)** | **Connect Simple Pty Limited (IFRS Historical)** | **Transaction Accounting Adjustments** | **Remove pre-merger equity balances** | **Consideration** | **Pro Forma Combined** |
| **Assets** |  |  |  |  |  |  |  |  |  |  |  |
| **Property, plant and equipment** | **1** | **-** | **-** | **-** |  | **6109** | **-** |  |  |  | **6110** |
| **Intangible assets** | **58** | **-** | **-** | **243** |  | **1353** | **-** |  |  | **241415** **D** | **243069** |
| **Investments** | **-** | **-** | **-** | **-** |  | **1045** | **-** |  |  |  | **1045** |
| **Right of Use asset** | **64** | **-** | **-** | **-** |  | **171** | **-** |  |  |  | **235** |
| **Other non current assets** | **-** | **-** | **-** | **77** |  | **512** | **-** |  |  |  | **589** |
| **Non-current assets** | **123** | **-** | **-** | **320** |  | **9190** | **-** |  |  |  | **251048** |
| **Other current assets** | **29** | **-** | **-** | **-** |  | **12184** | **-** |  |  |  | **12213** |
| **Inventory** | **-** | **-** | **-** | **-** |  | **3209** | **-** |  |  |  | **3209** |
| **Trade and other receivables** | **28** | **856** | **858** | **182** |  | **18371** | **90** | **(858)** **E** |  |  | **19527** |
| **Prepayament** | **3** |  |  |  |  |  |  |  |  |  | **3** |
| **Cash and cash equivalents** | **111** | **523** | **182** | **58** |  | **2806** | **306** |  |  | **(14394)** **C** | **4159** |
|  | **-** | **-** | **-** | **-** |  | **-** | **-** | **17400** **B** |  |  |  |
|  |  |  |  |  |  |  |  | **(3350)** **F** |  |  |  |
|  |  |  |  |  |  |  |  | **(1758)** **H** |  |  |  |
|  |  |  |  |  |  |  |  | **(25)** **G** |  |  |  |
|  |  |  |  |  |  |  |  | **300** **I** |  |  |  |
|  |  |  |  |  |  |  |  | **2000** **J** |  |  |  |
| **Current assets** | **171** | **1379** | **1040** | **240** |  | **36570** | **396** |  |  |  | **39111** |
| **TOTAL ASSETS** | **294** | **1379** | **1040** | **560** |  | **45760** | **396** |  |  |  | **290159** |
| **LIABILITIES AND EQUITY** |  |  |  |  |  |  |  |  |  |  |  |
| **Share capital** | **4** | **-** | **-** | **-** |  | **544** | **-** |  | **(544)** | **-** | **246351** |
|  |  |  |  |  |  |  |  | **3000** **B** |  |  |  |
|  |  |  |  |  |  |  |  | **13696** **G** |  |  |  |
|  |  |  |  |  |  |  |  | **2475** **A** |  | **225176** **C** |  |
|  |  |  |  |  |  |  |  | **2000** **J** |  |  |  |
| **Share premium** | **-** | **-** | **-** | **-** |  | **-** |  |  | **-** |  | **-** |
| **General reserve** | **-** | **-** | **-** | **-** |  | **-** |  |  | **-** |  | **-** |
| **Other reserves** | **-** | **-** | **-** | **61** |  | **(1449)** |  |  | **1388** |  | **-** |
| **FX Revaluation reserve** | **45** | **-** | **-** | **12** |  | **-** |  |  | **(12)** |  | **45** |
| **Accumulated loss** | **(4829)** | **329** | **4** | **-** |  | **21662** | **184** |  | **(22180)** |  | **(22157)** |
|  |  |  |  |  |  |  |  | **(3350)** **F** |  |  |  |
|  |  |  |  |  |  |  |  | **(13721)** **G** |  |  |  |
|  |  |  |  |  |  |  |  | **(314)** **H** |  |  |  |
| **Dividend paid** | **-** | **-** | **-** | **-** |  | **-** |  |  | **-** |  | **-** |
| **Shareholders' current account** | **-** | **-** | **-** | **-** |  | **-** |  |  | **-** |  | **-** |
| **Non-controlling interests** | **-** | **-** | **-** | **(4)** |  | **(170)** |  |  |  | <br> **174** <br> &nbsp;&nbsp;&nbsp;&nbsp;**C**  |  |
| **Equity** | **(4780)** | **329** | **4** | **69** |  | **20587** | **184** |  |  |  | **224181** |
| **LIABILITIES:** |  |  |  |  |  |  |  |  |  |  |  |
| **Accounts payable** | **-** | **-** | **-** | **-** |  | **-** |  |  |  |  | **-** |
| **Accrued expenses** | **-** | **-** | **-** | **-** |  | **-** | **171** |  |  |  | **171** |
| **Due to related party** | **16** | **-** | **-** | **-** |  | **-** |  |  |  |  | **16** |
| **Trade and other payables** | **796** | **973** | **157** | **58** |  | **12334** |  | **(858)** **E** |  |  | **13460** |
| **Lease liability** | **18** | **-** | **-** | **-** |  | **33** |  |  |  |  | **51** |
| **Unearned revenue** | **588** |  |  |  |  |  |  |  |  |  | **588** |
| **Financial liabilities** | **3618** | **-** | **-** | **-** |  | **2822** |  | **(2475)** **A** |  |  | **2821** |
|  |  |  |  |  |  |  |  | **(1444)** **H** |  |  |  |
|  |  |  |  |  |  |  |  | **300** **I** |  |  |  |
| **Other current liabilities** | **-** | **77** | **-** | **256** |  | **7296** | **41** |  |  |  | **7670** |
| **Current liabilities** | **5036** | **1050** | **157** | **314** |  | **22485** | **212** |  |  |  | **24777** |
| **Loan payable** | **-** | **-** | **879** | **177** |  | **2149** |  |  |  |  | **3205** |
|  | **-** | **-** | **-** | **-** |  | **-** |  |  |  |  |  |
| **Financial liabilities** | **-** | **-** | **-** | **-** |  | **-** |  | **14400** **B** |  |  | **14400** |
| **Lease liability** | **38** | **-** | **-** | **-** |  | **145** |  |  |  |  | **183** |
| **Other non-current liabilities** | **-** | **-** | **-** | **-** |  | **394** |  |  |  |  | **394** |
| **Deferred tax liability** | **-** | **-** | **-** | **-** |  | **-** |  |  |  | **12888** **C** | **12888** |
| **Deferred Consideration** | **-** | **-** | **-** | **-** |  | **-** |  |  |  | **10131** **C** | **10131** |
| **Non-current liabilities** | **38** | **-** | **879** | **177** |  | **2688** | **-** |  |  |  | **41201** |
| **Total liabilities** | **5074** | **1050** | **1036** | **491** |  | **25173** | **212** |  |  |  | **65978** |
| **TOTAL LIABILITIES AND EQUITY** | **294** | **1379** | **1040** | **560** |  | **45760** | **396** |  |  |  | **290159** |

---

[**Table of Contents**](#TOC_001)

**UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**As of June 30, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Braiin Limited<br> (IFRS Historical)** | **Nisus Australia Pty Ltd<br> (IFRS Historical)** | **Nisus Payroll Pty Limited <br> (IFRS Historical)** | **Mirragin Ras Consulting Pty Ltd. (IFRS Historical)** | **Vega** | **VIS Networks Private Limited <br> (IFRS Historical)** | **Connect Simple Pty Limited<br> (IFRS Historical)** | **Transaction Accounting Adjustments** | **Pro Forma Combined** |
| **Revenue** | **-** | **9274** | **7690** | **1620** |  | **61980** | **538** | **(7690)** **(AA)** | **73412** |
| **Cost of goods sold** | **-** | **(7690)** | **(7686)** | **(1020)** |  | **(41184)** | **(330)** | **7690** **(AA)** | **(50220)** |
| **Gross profit** | **-** | **1584** | **4** | **600** |  | **20796** | **208** |  | **23191** |
| **General and Administrative** | **(1269)** | **(609)** | **(18)** | **(524)** |  | **(18256)** | **(112)** | **309** **(EE)** | **(20479)** |
| **Sales and Marketing** |  | **(9)** | **-** | **-** |  | **-** | **(2)** |  | **(11)** |
| **Depreciation and amortization** | **(113)** | **-** | **-** | **-** |  | **-** | **-** | **(10032)** **(BB)** | **(10145**)** |
| **Net Income (Loss) Before Other Income** | **(1382)** | **966** | **(14)** | **76** |  | **2540** | **94** | **(9.723)** | **(7443)** |
| **Other Income (Expenses)** |  |  |  |  |  |  |  |  |  |
| **Other Income** | **-** | **-** | **5** | **4** |  | **297** | **-** |  | **306** |
| **Interest Income (Expense), Net** | **(317)** | **15** | **4** | **(42)** |  | **(298)** | **-** | **(2000)** **(DD)** | **(2638)** |
| **Other expenses** | **(273)** | **-** | **-** | **-** |  |  | **-** | **(3350)** **(CC)** | **(3623)** |
| **Share of net profit of associates and joint ventures accounted for using the equity method** | **-** | **-** | **-** | **-** |  | **(39)** | **-** |  | **(39)** |
| **Profit/(loss) before Tax** | **(1972)** | **981** | **(5)** | **38** |  | **2500** | **94** | **(15073)** | **(13436)** |
| **Income tax benefit / (expense)** | **-** | **(245)** | **-** | **(2)** |  | **(591)** | **(30)** |  | **(868)** |
| **Net Income/(loss)** | **(1972)** | **736** | **(5)** | **36** |  | **1909** | **64** | **(15073)** | **(14305)** |
| **Net (loss)/income per share – basic** | **(0.18)** | **7360** | **(42)** | **3.65** |  | **0.49** | **637** |  | **(0.21)** |
| **Net (loss)/income per share – diluted** | **(0.18)** | **7360** | **(42)** | **3.65** |  | **0.49** | **637** |  | **(0.21)** |

---

[**Table of Contents**](#TOC_001)

**NOTES TO THE UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS**

**Note 1 — Basis of Presentation**

The unaudited pro forma condensed combined statement of financial position as of June 30, 2025 combines the historical statement of financial position of Braiin and entities involved in the transaction, on a pro forma basis as if the transactions had been consummated on June 30, 2025. The unaudited pro forma condensed combined statement of operations for the year ended June 30, 2025 combines the historical statements of operations of Braiin and entities involved in the transaction for such period on a pro forma basis as if the Direct Listing and related transactions had been consummated on July 1, 2024 the beginning of the earliest period presented.

The historical financial information of Braiin was derived from Braiin's audited consolidated financial statements as of June 30, 2025 and for the year ended June 30, 2025, included elsewhere in this proxy statement/prospectus.

The historical financial statements of Braiin, VIS Networks, Mirragin Ras Consulting, and Connect Simple have been prepared in accordance with IFRS as issued by the IASB and in its presentation and reporting currency of the United States Dollars ($). The historical financial statements of Vega, Nisus Payroll and Nisus Australia have been prepared in accordance with IFRS as issued by the IASB and presented in their functional currency of Australian dollars. For purposes of the unaudited pro forma condensed combined financial information, the financial statements of Vega, Nisus Payroll and Nisus Australia have been translated into United States Dollars.

The financial statements of these entities have been translated into United States dollars for the purposes of presentation in the unaudited pro forma condensed combined financial information ("As Converted") using the exchange rates shown below. Foreign exchange differences arising on translation are recognized directly in the statement of operations in other comprehensive income and within the accumulated loss balance in the balance sheet.

● at the period end exchange rate as of June 30, 2025 of A$1.00 to $0.655 for the unaudited pro forma condensed combined balance sheet; and,

● the average exchange rate for the period from July 1, 2024 through June 30, 2025 of A$1.00 to $0.6471 for the unaudited pro forma condensed combined statement of operations for the year ended June 30, 2025.

The adjustments presented in the unaudited pro forma condensed combined financial information have been identified and presented to provide relevant information necessary for an accurate understanding of Braiin after giving effect to the Direct Listing. Management has made significant estimates and assumptions in its determination of the pro forma adjustments. As the unaudited pro forma condensed combined financial information has been prepared based on these preliminary estimates, the final amounts recorded may differ materially from the information presented.

The pro forma adjustments reflecting the consummation of the Direct Listing are based on certain currently available information and certain assumptions and methodologies that Braiin management believes are reasonable under the circumstances. The unaudited condensed pro forma adjustments, which are described in the accompanying notes, may be revised as additional information becomes available and is evaluated. Therefore, it is likely that the actual adjustments will differ from the pro forma adjustments, and it is possible the difference may be material. Braiin believes that its assumptions and methodologies provide a reasonable basis for presenting all of the significant effects of the Direct Listing based on information available to Braiin's management at this time and that the pro form adjustments give appropriate effect to those assumptions and are properly applied in the unaudited pro forma condensed combined financial information.

The unaudited pro forma condensed combined financial information is not necessarily indicative of what the actual results of operations and financial position would have been had the Direct Listing taken place on the dates indicated, nor are they indicative of the future consolidated results of operations or financial position of the post-combination company. They should be read in conjunction with the historical financial statements and notes thereto of Braiin and entities involved in the transaction

The unaudited pro forma condensed combined financial information does not reflect the income tax effects of the pro forma adjustments as based on the statutory rate in effect for the historical periods presented. Braiin's management believes this unaudited pro forma condensed combined financial information to not be meaningful given the pro forma combined entity incurred significant cumulative net losses during the historical periods presented, resulting in the Company concluding that any deferred taxes recognized would not be probable of being realized per IAS 12.

On November 7, 2025, the Company effected a 4 for 1 stock split of its ordinary shares, whereby each outstanding share of common stock was converted into four shares of common stock for all periods presented. All share and per-share amounts in the financial statements that are presented on a per share basis have been retroactively adjusted for all periods presented to reflect the stock split.

[**Table of Contents**](#TOC_001)

**Note 4 — Adjustments to Unaudited Pro Forma Condensed Combined Financial Information**

The following unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X.

***The Transaction Accounting Adjustments included in the unaudited pro forma condensed combined statement of financial position as of June, 30 2025 are as follows:***

A Represents the conversion of convertible notes and SAFE Notes into Braiin's ordinary shares.

---

| | |
|:---|:---|
| B | Reflects the recognition of liabilities totaling $17.4 million comprising (i) a $14.4 million secured loan from TWCC VIC Pty Limited to fund the VIS Networks acquisition and related debt repayments, bearing interest at 14% per annum with a 15-month principal moratorium and a four-year term, and (ii) a $3.0 million equity subscription under a Share Sale Agreement with Chetan Saligrama / Chetan Family Trust, priced at $10.17 (after considering share split). The shares issued to Mr. Saligrama are subject to a lock up period of 12 months. |
| C | Reflects the adjustment to issuance of shares and cash as consideration to acquire VIS Networks, Tele-Apps and Vega entities |

---

D Reflects (i) the recognition of goodwill representing the excess of the total purchase consideration over the fair value of the identifiable net assets acquired and (ii) the recognition of separately identifiable intangible assets, including intellectual property rights, exclusive arrangements and customer relationships

E Reflects the elimination of intercompany balances and transactions between Nisus Australia Pty Ltd and Nisus Payroll Pty Ltd

F Reflects estimated transaction costs to be incurred by Braiin in connection with the transaction

---

| | |
|:---|:---|
| G | Reflects the issuance of shares to Maxim in connection with the listing and the reimbursement of certain expenses, up to a maximum of $25,000 |

---

H Reflects the repayment of promissory notes at the time of listing, in line with the terms of the promissory note agreement, and assumes repayment takes place when the listing occurs.

---

| | |
|:---|:---|
| I | Reflects the adjustment to issuance of SAFE notes by Braiin subsequent to June 30, 2025 |
| J | Reflects the adjustment to issuance of shares against agreement to raised equity amounting to $2M |

---

***Transaction Accounting Adjustments to Unaudited Pro Forma Condensed Combined Statement of Operations for year ended June 30, 2025.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AA) Reflects
 pro forma adjustment to eliminate the intercompany transactions between Nisus Payroll and
 Nisus Australia

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BB) Amortization
 expense for identified intangible assets has been recognized for the year ended June 30,
 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CC) Reflects
 estimated transaction costs to be incurred by Braiin in connection with the transaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(DD) Reflects
 the pro forma adjustment for interest expense on the $14.4 million secured loan from TWCC
 VIC Pty Ltd, calculated at the committed annual coupon rate of 14%, for the fiscal year ended
 June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(EE) This
reflects a pro forma adjustment to remove interest expense, assuming that the promissory notes are repaid and the SAFE note, Convertible
Notes, and loan facilities are converted into equity at the beginning of the period.

We performed a preliminary valuation analysis of the fair value of assets acquired and liabilities assumed. This preliminary valuation has been used to prepare pro forma transaction accounting adjustments in the unaudited pro forma condensed statements of financial position.

The final measurement may include changes in the measurement of goodwill and changes in the fair value of intangible assets. We have estimated the fair value to such assets and liabilities, based on available information and certain estimates and assumptions and, therefore, the actual effects of these transactions may differ from pro forma transaction accounting adjustments.

[**Table of Contents**](#TOC_001)

Methodology

Customer Relationships and Exclusive arrangements — Exclusive arrangements comprise of contractual rights benefiting the acquired business. These arrangements restrict counterparties from engaging with competitors and secure continued access to customers, suppliers, or distribution channels. Such exclusive arrangements have been recognized as identifiable intangible assets, separate from goodwill, as they are expected to contribute to future economic arrangements is determined using Multi-period Excess Earnings Method (MPEEM). The MPEEM involves projecting the future earnings of the company, including any excess earnings that can be attributed to the intangible asset being valued. Excess earnings are the earnings that exceed a reasonable rate of return on the company's tangible assets. Like the DCF Model, it relies on projected revenues and cash flow to arrive at the valuation. But it recognizes the contributions made by other assets of the company towards generating revenues and profits from the intangible asset, thus isolating its value. They are recognized in form of "contributory asset charges" and are subtracted. The estimated useful lives are provided in the table below. MPEEM can help investors and stakeholders better understand the value drivers of a company. By analyzing the sources of excess earnings and their projected growth rates, investors can gain insights into the company's competitive position, market potential, and long-term prospects.

Patents — Intellectual Property Rights — The fair value for the same is determined using the Relief from Royalty method — the asset value is estimated based on the total revenue for which the royalties are paid.

The following summarizes preliminary allocation of the estimated purchase price as if the Merger had been completed on June 30, 2025 (in '000):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Vega** | **VIS Networks** | **Connect Simple** | **Total** |
| Property, plant and equipment | $- | $6109 | $- | $6109 |
| Cash and cash equivalents | $763 | $2806 | $306 | $3875 |
| Accounts receivable (net) | $1896 | $18371 | $90 | $20357 |
| Intangibles | $- | $1353 | $- | $1353 |
| Other assets | $320 | $17121 | $- | $17441 |
| Accounts payable and accrued expenses | $(1188) | $(12334) | $(171) | $(13693) |
| Debt and other liabilities | $(1389) | $(12839) | $(41) | $(14269) |
| **Net assets acquired** | $**402** | $**20587** | $**184** | $21173 |
| **Less: preliminary purchase price** | $85000 | $**66701** | $**98000** | $**249701** |
|  | $84598 | $46114 | $97816 | $228528 |
| **Allocated to:** |  |  |  |  |
| Intellectual Property Rights | $4100 | $1830 | $1470 | $7400 |
| Customer relationships | $850 | $5300 |  | $6150 |
| Exclusive arrangements |  |  | $38000 | $38000 |
| **Total intangible assets identified** | $**4950** | $**7130** | $**39470** | $**51550** |
| Deferred tax liability | $1238 | $1783 | $9868 | $12888 |
| **Goodwill** | $**80886** | $**40766** | $**68214** | $**189865** |
| Total | $84598 | $46114 | $97816 | $228528 |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. Represents
 deferred tax liability on the intangible assets recorded in Entry (D) other than goodwill
 in the unaudited pro forma balance sheet of Braiin using a tax rate of 25%

The below table summarizes the estimated useful life of the intangibles identified:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Vega** | **VIS** | **Connect Simple** | **Total** |
| **Intellectual Property Rights** | $4100 | $1830 | $1470 | $7400 |
| - Useful life (years) | 15 | 4 | 9 |  |
| **Customer relationships** | $850 | $5300 |  | $6150 |
| - Useful life (years) | 4 | 4 |  |  |
| **Exclusive arrangements** | $- | $- | $38000 | $38000 |
| - Useful life (years) |  |  | 5 |  |

---

[**Table of Contents**](#TOC_001)

**<u>The following summaries the consideration transferred to each target:</u>**

**<u>Number</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Consideration | **Vega** | **VIS Networks** | **Connect Simple** | **Total** |
| Cash | 2393904 | $12000000 | $- | $**14393904** |
| Deferred Consideration (Refer note 1 below) | $- | $10130785 | $- | $**10130785** |
| Shares value | $82606096 | $44570000 | $98000000 | $**225176096** |
|  | $**85000000** | $**66700785** | $**98000000** | $**249700785** |
| Share price (Refer note 2 below) | $10.17 | $10.17 | $10.17 |  |
| Shares | $8122728 | $4382604 | $9636424 |  |

---

**Note**:

&nbsp;&nbsp;&nbsp;&nbsp;1. As
 per the agreement, the Total Consideration consists of-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. 79.7%
 of the issued and paid-up share capital of VIS Networks as of the Execution Date, for a purchase
 consideration, payable in cash, of USD 12 Million (First Settlement Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. On
 the date that is 12 months after the First Settlement Date (Second Settlement Date), 12.2%
 of the issued and paid-up share capital of VIS Networks as of the Execution Date, for a purchase
 consideration, payable in cash, of USD 7.2 Million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. On
 the date that is 24 months after the First Settlement Date (Third Settlement Date), 8.1%
 of the issued and paid-up share capital of VIS Networks as of the Execution Date, for a purchase
 consideration of USD 4.8 Million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Equity
 Consideration consists of USD $44.57 million worth fully paid-up ordinary shares in the equity
 capital of Braiin Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The
 rate at which deferred consideration is to be discounted is the rate which the acquirer would
 obtain for a similar borrowing. The discount rate of 13% is used to discount the deferred
 consideration

&nbsp;&nbsp;&nbsp;&nbsp;2. Pursuant
 to Rule 11-02(a)(6)(i)(A) of Regulation S-X, the estimated stock price used to determine
 the fair value of the shares of common stock to be issued in connection with the acquisition
 has been calculated based on an implied price per share of $10.17 after considering an
 effect 4 for 1 stock split of its ordinary shares, whereby each outstanding share of common
 stock was converted into four shares of common stock for all periods presented . This
 estimated price reflects the most recent practicable trading date of June 30, 2025, which
 is the latest date prior to the filing for which data was available and reasonably reliable
 for use in estimating the fair value of the shares.

**<u>Goodwill</u>**

**The pro forma adjustments reflect the recognition of goodwill arising from the acquisitions of Vega, VIS, and Connect Simple. Goodwill represents the excess of purchase consideration over the fair value of the net assets acquired, including identifiable intangible assets such as intellectual property, customer relationships, and exclusive arrangement, and is primarily attributable to qualitative factors that are not separately recognized as intangible assets.**

**<u>Vega</u>**

**Goodwill recognized in connection with the Vega acquisition reflects expected benefits from the combination of operations with Nisus and Mirragin, including:**

● **anticipated operational synergies and cost efficiencies from shared R&D, engineering resources, and reduced duplication of platform development;** 

● **opportunities to cross-sell solutions across combined government and commercial customer bases; and** 

● **Expansion of addressable markets by uniting defense-grade and commercial UAV applications under one platform.** 

**<u>VIS</u>**

**Goodwill recognized in connection with the VIS acquisition reflects anticipated benefits from combining operations, including:**

● **Operational Synergies – Integration of VIS's AI-powered conversational analytics with Braiin's Flamingo AI is expected to enhance customer engagement, drive higher automation rates, and reduce service costs for enterprise clients.** 

● **operational synergies from integrating VIS's digital workforce capabilities into the Company's CXaaS platform;** 

● **Expansion of Enterprise Customer Base – VIS has established relationships with major financial institutions, telecom providers, and government clients across Australia and Asia. Combining these relationships with Braiin's existing client base creates cross-selling opportunities and accelerates entry into new markets.** 

[**Table of Contents**](#TOC_001)

**<u>Connect Simple</u>**

Goodwill recognized in connection with the Connect Simple acquisition reflects expected benefits from combining operations, including:

● **Operational Synergies** 

The integration of Connect Simple's proprietary property-technology platform with the Company's broader AI-enabled PropTech ecosystem is expected to reduce customer acquisition costs, improve conversion rates, enable cross-selling of multiple home services, and streamline service delivery.

● **Distribution Channels and Expansion Opportunities** 

Connect Simple's partnerships with estate agents, CRM providers, property managers, and institutional landlords are expected to provide efficient entry points into high-volume rental and resale markets, supporting scalable expansion in the United Kingdom and beyond.

● **Brand Recognition and Growth Potential** 

The Company also recognized goodwill attributable to the value of Connect Simple's brand, reputation, and market positioning in the UK PropTech sector, which the Company expects to leverage for geographic expansion into the United States, Australia, and other markets.

**Pro Forma Basic and diluted earnings per share**

Basic loss per share is calculated by dividing the net loss attributable to the owners of the Company by the weighted average of outstanding common shares. Diluted loss per share is calculated by adjusting the weighted average of outstanding common shares, assuming that all potential common shares that would cause dilution are converted. i. Basic and diluted earnings per share.

---

| | |
|:---|:---|
|  | **For the Year Ended <br> June 30, 2025** |
|  | **($ in 000s, except share and <br> per share data)\*** |
| **Numerator:** |  |
| Pro forma net profit/(loss) | (14305) |
| **Denominator:** |  |
| Total weighted average shares outstanding – basic and diluted | **68696076** |
| Net profit/(loss) per share – basic and diluted | (0.21) |

---

\*The number of outstanding shares, per-share data in this prospectus give effect to the forward stock split of our common stock at a ratio of 4-for-1, which will become effective on November 7, 2025, for all periods presented. The pro forma and pro forma as adjusted columns in the tables above reflect the stock split described above. All share and per-share amounts in the financial statements that are presented on a per share basis have been retroactively adjusted for all periods presented to reflect the stock split.

The composition of the ordinary shares outstanding following the business combination after giving effect to the stock split: -

---

| | | |
|:---|:---|:---|
|  | Number of Shares | % of Ownership |
| Shareholders |  |  |
| Existing Braiin Shareholders | 44278312 | 64% |
| Conversion of SAFEs, Convertible notes and Loans | 353090 | 0% |
| Shares issued to Maxim | 1346982 | 2% |
| Private Placement | 575936 | 1% |
| Former Shareholders of Vega | 8122728 | 12% |
| Former Shareholders of VIS | 4382604 | 6% |
| Former Shareholders of Connect Simple | 9636424 | 14% |
| Total | 68696076 | 100% |

---

[**Table of Contents**](#TOC_001)

**BRAIIN'S MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes and other financial information appearing elsewhere in this prospectus. Some of the information contained in this discussion and analysis or set forth elsewhere in this prospectus, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the "Risk Factors" section of this prospectus, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.*

*Prior to Braiin's formation in July 2022, the principal activities of Braiin were carried out by Raptor 300. In July 2023, Raptor 300 transferred all of its operations to Braiin, (collectively, the "Reorganization"). See Note 3 to Braiin's audited consolidated financial statements included elsewhere in this registration statement for more information.*

*Braiin has also entered into Amended and Restated Share Sale Agreements with Vega, pursuant to which Braiin will acquire all of the outstanding equity interests of Vega (the "Vega Acquisition"). The Vega Acquisition is conditioned upon the effectiveness of this Registration Statement..*

**Overview**

Braiin Limited is an Australian technology company leveraging proprietary intellectual property and patented artificial intelligence/machine learning ("AI/ML") technologies to deliver actionable insights across high-growth verticals: Agriculture Technology ("AgTech"), Property Technology ("PropTech"), and Customer Experience as a Service ("CXaaS"). Our platforms are designed to address inefficiencies and drive data-backed decision-making across traditionally analog sectors. Our first commercial focus is on the agriculture technology sector, where we have successfully deployed our AI-powered solutions across multiple implementations.

***Braiin's Business Model***

We believe that we operate at the forefront of technology, targeting a range of industries, including agriculture, finance, insurance, telecommunications and property technology among others. With our innovative solutions and commitment to excellence, we believe that we are poised to seize market opportunities and establish ourselves as leaders in the technology industry.

Our growth strategy encompasses:

● *Geographical Expansion:* We are expanding into new sectors, countries, and markets, with a focus on both developed markets like US, UK and Australia & emerging markets like India and Sri Lanka.

● *Cross-Selling:* We leverage synergies between divisions to offer comprehensive and integrated solutions to our clients.

● *Targeted Sales Approach:* We identify potential customers' pain points and challenges and develop tailored solutions to meet their specific needs.

● *Strategic Acquisitions and Investments:* We seek partnerships and collaborations with complementary technology companies to access new markets, expand our customer base, and enhance our capabilities.

With these strategies, we aim to strengthen our market presence, capture new opportunities, and deliver sustainable growth in the technology industry. We remain committed to delivering value to clients and shareholders while driving innovation and achieving long-term success.

[**Table of Contents**](#TOC_001)

**Key Factors Affecting Our Performance**

***Competition***

We operate at the intersection of artificial intelligence and industry-specific verticals — AgTech, CxaaS, and PropTech — each of which is characterized by rapid innovation, evolving customer demands, and increasing investment in digital transformation.

In the AgTech sector, we face competition from both established players and emerging startups that are leveraging AI, ML, IoT, and drone-based technologies to deliver precision agriculture solutions. Competitors in this space are continuously developing proprietary platforms to improve crop yields, optimize inputs, and provide predictive insights — many of which are adjacent to or overlap with our current offerings.

In the CxaaS space, we compete with companies offering AI-based customer service, voice intelligence, and personalized engagement solutions. This is a fast-evolving vertical, with traditional CRM and contact center platforms integrating AI features and newer entrants offering focused, verticalized AI customer solutions.

In PropTech, we expect to face competition from startups and established SaaS companies deploying AI to improve asset management, rental automation, predictive maintenance, and tenant engagement.

As a general AI technology company operating across multiple verticals, we anticipate increasing competition from a diverse range of players — ranging from large incumbents expanding their feature sets to domain-specific startups bringing focused innovations. Many of these competitors dedicate substantial resources to research and development and have established customer bases, brand recognition, and deeper capital reserves. To maintain our competitive advantage, we continue to invest in proprietary technology, deep vertical expertise, and differentiated platform capabilities tailored to the unique needs of each industry we serve.

**Competitive Strengths**

We believe that we have five main competitive strengths that set us apart from the current market:

● *Technological Integration:* Our integration of advanced technologies from Raptor and Vega, including our Autonomous Aerial Robots, AI/ML, IoT, and ERP, allows us to deliver end-to-end solutions that cater to diverse industry needs.

● *Proven Track Record:* We have a successful history of conducting trials and forming partnerships with industry leaders, demonstrating our capability to execute projects and deliver positive outcomes.

● *Intellectual Property:* We hold essential patents and regulatory certifications, providing a barrier to entry for potential competitors and enhancing our credibility as an industry leader.

● *Leadership:* Our management team is comprised of experienced professionals with deep expertise in technology, data science, and investment in emerging markets.

● *Collaborative Culture:* Our multidisciplinary team fosters a culture of collaboration, creativity, and continuous improvement, allowing us to develop innovative solutions for complex challenges.

***Regulatory Landscape***

Our business operates at the intersection of advanced aerial robotics, AI-driven customer engagement, and intelligent property technology, and is therefore subject to a broad and evolving set of regulations across multiple jurisdictions. These include, but are not limited to, laws and regulations related to aviation, telecommunications, data privacy, AI governance, financial services, and environmental standards.

In the AgTech vertical, our autonomous aerial robots are subject to stringent and rapidly evolving aviation regulations governing drone operations, remote chemical spraying, flight path management, and operator certification. Regulatory frameworks in this area continue to develop and differ substantially by country, and any changes could impact our deployment timelines, cost of compliance, or ability to operate in certain markets.

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In the CXaaS vertical, we operate across digital communications, speech analytics, and cloud-based contact center platforms — all of which are subject to regulations concerning data privacy, voice recording, AI transparency, and cross-border data transfer. As AI regulation becomes more formalized globally (e.g., EU AI Act, Australian AI Ethics Framework), we expect increased compliance requirements relating to algorithmic accountability, explainability, and bias mitigation.

In our PropTechn vertical, we facilitate digital onboarding, utility switching, embedded payments, and energy comparison services. These activities may fall under consumer protection, financial conduct, telecommunications, and energy regulation, depending on jurisdiction. Additionally, elements of our platform that involve processing payments or handling utility accounts may be subject to licensing requirements, anti-money laundering ("AML") regulations, and embedded finance regulations in certain markets.

Across all verticals, our operations may be impacted by a range of additional regulatory areas including taxation, electronic contracts, environmental and energy usage standards, digital advertising, web accessibility, cybersecurity, consumer rights, mobile communications, electronic waste, and device certification. In certain jurisdictions, new or proposed laws may also regulate the ethical use of AI/ML systems and autonomous technologies in both consumer and enterprise settings.

We continually assess and update our compliance strategies and internal controls to meet evolving legal and regulatory requirements. While we strive to maintain full compliance, the pace of technological innovation often outpaces regulatory clarity, and there can be no assurance that unforeseen changes or jurisdictional inconsistencies will not adversely affect our operations or expansion efforts.

***Environmental***

We are subject to various federal, state, local and non-U.S. laws and regulations relating to environmental protection, including the discharge, treatment, storage, disposal and remediation of hazardous substances and wastes. We could also be affected by future laws and regulations relating to climate change, including laws related to greenhouse gas emissions, chemical use, and regulating energy efficiency. These laws and regulations could lead to increased environmental compliance expenditures, increased energy and raw materials costs and new and/or additional investment in designs and technologies. We continually assess our compliance status and management of environmental matters to ensure our operations are in compliance with all applicable environmental laws and regulations. Investigation, remediation and operation and maintenance costs associated with environmental compliance and management of sites are a normal, recurring part of our operations. While environmental protection regulations have not had a significant adverse effect on our overall operations, it is possible that costs incurred to ensure continued environmental compliance in the future could have a material impact on our results of operations, financial condition or cash flows if additional work requirements or more stringent clean-up standards are imposed by regulators, new areas of soil, air and groundwater contamination are discovered and/or expansion of work scope are prompted as a result of investigations.

**Components of Results of Operations**

The following briefly describes the components of revenue and expenses as presented in our consolidated statements of operations.

It is noted that on 27 July 2022, Braiin Limited acquired Raptor300 Inc. and its controlled entities. The transaction comprises a group restructuring that does not result in any change of economic substance. The results shown in this document comprise the consolidated results for Braiin Limited and its controlled entities.

**Revenue**

As of 30 June 2025, Braiin is pre-revenue, with the exception of $588,000 received under a signed Purchase Order for ongoing software usage. This amount, related to services to be provided to a single customer, has been classified as unearned revenue and is being recognized progressively as the associated performance obligations are fulfilled over the contract term.

Braiin entered into binding commercial contracts with multiple counterparties, representing a total contracted value of approximately $35.93 million. These contracts relate to our drone-as-a-service platform and related technology offerings, which utilize a subscription-based model requiring no upfront capital expenditure (CAPEX) or ongoing operational expenditure (OPEX) for our customers. The services under these agreements are expected to generate revenue once contract milestones and delivery obligations are met.

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In addition, Braiin has signed non-binding Memorandums of Understanding ("MoUs") with prospective customers representing a potential contract value of approximately $111.98 million. While these MoUs do not represent guaranteed revenue, they reflect market interest and may convert into binding agreements as our capabilities scale.

The MOU by and between Braiin and Sri Lankan Tea Factory Owners Association, dated November 17, 2022, has a duration of five years, unless terminated by mutual consent, without penalty.

The Service Agreement by and between Raptor300, Inc. and Sri Lankan Tea Factory Owners Association, dated January 24, 2025, and the Services Agreement by and between Raptor 300, Inc. and Sri Lankan Tea Factory Owners Associated, dated April 10, 2025, each has a term of five years and is terminable by either party upon a material breach by the other. Each party may be entitled to claim damages in the case of a termination due to a material breach.

The Statement of Work by and between Raptor300, Inc. and Maskeliya Plantations PLC, dated October 14, 2022, has a term of five years and is terminable by either party upon a material breach by the other. Each party may be entitled to claim damages in the case of a termination due to a material breach.

The Service Agreement by and between Raptor300, Inc. and Namunukula Plantations PLC, dated October 18, 2022, has a term of five years and is terminable by either party without penalty upon one month's written notice or, if either party materially breaches, upon 60 days' written notice of such breach without cure.

The Service Agreement by and between Raptor300, Inc. and Kegalle Plantations PLC, dated October 18, 2022, has a term of five years and is terminable by either party without penalty upon one months' written notice or, if either party materially breaches, upon 60 days' written notice of such breach without cure.

The Service Agreement by and between Raptor300, Inc. and Kelani Valley, Talawakelle & Horana Plantations PLC, dated August 1, 2019, has a term of five years and is terminable by either party upon a 60-day notice of a material breach by the other, without cure. Each party may be entitled to claim damages in the case of a termination due to a material breach.

The Service Agreement by and between Raptor300, Inc. and Assam Company India Limited, dated June 28, 2021, has a term of five years and is terminable by either party upon a 60 days' notice of a material breach by the other, without cure. Each party may be entitled to claim damages in the case of a termination due to a material breach. Assam Company India Limited is also entitled to terminate at any time upon 30 days written notice without penalty.

Our vision is to lead the way in transforming the landscape of drone services, and we are excited to embark on this journey with the support of our valued stakeholders.

**Cost of Sales**

We anticipate our Cost of Sales will predominantly encompass expenses related to drone components and parts, such as batteries, raw materials, direct labor costs, warranty expenses, and the operational costs associated with our assembly facilities, which include equipment depreciation and amortization. Anticipating our expansion, we project an absolute increase in our Cost of Goods Sold to accommodate our growth.

Nevertheless, as we continue to scale our business, we foresee a positive shift. Over time, we expect our Cost of Goods Sold to decrease as a percentage of revenue. This decline is a direct outcome of our efforts to optimize operations, enhance efficiency, and leverage economies of scale. Such measures will contribute to a more favorable cost structure as we progress in our mission.

**Operating Expenses**

*Administration and Other Expenses*

Administration and other expenses consist of the costs associated with managing the Company's operations during the period leading up to its proposed direct listing on the Primary Exchange. These expenses are expected to increase as the Company advances toward listing and scale its activities in preparation for post-listing operations.

*Professional and legal fees*

Professional and legal fees expenses consist of the costs associated with the Direct Listing and associated activity.

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*Depreciation and amortization*

Depreciation and amortization expenses result from the depreciation of drones over a two-year period, the lease associated with a premises leased in Sri Lanka, the depreciation of a newly acquired motor vehicle lease, and the commencement of amortization of capitalized software development costs.

*Other expenses*

Other expenses include staffing costs together with a range of general operating and administrative expenses such as office and compliance costs, professional subscriptions and memberships, insurance, technology and communication costs, travel, and various costs associated with the Company's operations in Sri Lanka.

**Interest Expense**

***Convertible Notes***

As at 30 June 2025, the Group had on issue unsecured convertible notes with a total face value of $39,320 (the "Convertible Notes"). These notes accrue interest at a rate of 10% per annum, calculated daily on the outstanding subscription amount, with interest capitalised monthly and payable at the time of conversion or maturity. As at 30 June 2025, the total accrued interest on the convertible notes was $10,035 (30 June 2024: 6,410).

The Convertible Notes are recognised as a financial liability in accordance with IFRS 9. On initial recognition, the liability is measured at fair value and subsequently at amortised cost. The Convertible Notes contain an embedded derivative related to the conversion feature, which is separated from the host contract and measured at fair value through profit or loss. Changes in the fair value of the embedded derivative are recognised in the consolidated statement of profit or loss and other comprehensive income.

The Convertible Notes have a maturity of 18 months from the subscription date but are mandatorily convertible upon the occurrence of an IPO.

***Promissory Notes***

The Company issued unsecured promissory notes during the year ended 30 June 2025, with a total principal amount of $1,154,188. This comprised $500,000 issued in the prior period and $655,855 received, $10,000 repaid and foreign exchange movements of $8,334 in the current period. These are accounted for at amortised cost under IFRS 9. Interest accrues monthly and is calculated using the effective interest method. Total interest accrued on the promissory notes is $289,736 (2024: $25,815)."

***Loan Facilities***

The Company has issued unsecured loan facilities during the year ended 30 June 2025, with a total principal amount including interest of USD $195,499. Interest is paid at the end of each quarter at an interest rate of 25% per annum. As at 30 June 2024, the total loan facility balance was USD $181,168.

**Results of Operations**

***Comparison of the years ended June 30, 2025 and 2024:***

The following table summarizes our historical results of operations for the periods indicated.

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **% Change** |
| Income |  |  |  |
| Expenses: |  |  |  |
| Administration and other expenses | 477075 | 268307 | 78% |
| Audit fees | 201871 | 232454 | -13% |
| Professional and legal fees | 590149 | 798466 | -26% |
| Rent | 248800 |  | 100% |
| Depreciation and amortization | 113370 | 148313 | -24% |
| Interest expense | 317103 | 82755 | 283% |
| Loss on deconsolidation |  | 5469 | 100% |
| Loss on loan forgiveness |  | 175386 | 100% |
| Loss on foreign currency exchange | 24585 | 4225 | 482% |
| Total expenses | 1972954 | 1715375 | 15% |
| Loss before income tax expense | (1972954) | (1715375) | 15% |
| Income tax (benefit)/expense |  |  |  |
| Loss after tax from continuing operations | (1972954) | (1715375) | 15% |
| Items that may be classified subsequently to profit and loss |  |  |  |
| Foreign currency translation | 23720 | 19967 | 19% |
| Other comprehensive gain/(loss) | 23720 | 19967 | 19% |
| Total comprehensive loss for the period | (1953058) | (1695408) | 15% |

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*Variance Analysis*

It is noted that all activity for the year ended June 30, 2025 primarily relates to costs incurred in connection with the Direct Listing, restructuring activities, and interest costs related to convertible and promissory notes.

Items that had variances are detailed below:

*Administration and Other Expenses*

Administrative expenses increased by $208,768, or 78%, to $477,075 for the year ended 30 June 2025, compared to $268,307 for the year ended 30 June 2024. This increase was mainly driven by higher staffing costs ($186,210), general expenses ($11,304), travel ($10,870), repairs & maintenance ($8,620) and office expenses ($8,437). Some of the main items that offset this increase included memberships ($5,039), drone related expenses ($8,039), dues and subscriptions ($2,394).

*Audit Fees*

Audit fees decreased by $30,583, or 13%, to $201,871 for the year ended 30 June 2025, compared to $232,454 for the year ended 30 June 2024. The reduction reflects efficiencies achieved in the audit process and stabilisation of the Company's reporting framework following the additional work undertaken in the prior year to prepare for the direct listing on the Primary Exchange and related regulatory requirements.

*Professional and Legal Fees*

Professional and legal fees decreased by $208,317, or 26%, to $590,149 for the year ended 30 June 2025, compared to $798,466 in the prior year. The reduction reflects lower reliance on external advisors following the completion of significant preparatory work in the United States during the previous year to support the Group's planned direct listing on the Primary Exchange.

*Rent*

Rent expenses were $248,800 for the year ended 30 June 2025, compared to $0 in the year ended 30 June 2024. This reflects a new short term lease arrangement for office and operational premises commenced during 2025 in preparation for expansion and operational scaling.

*Depreciation and amortization*

Depreciation and amortization decreased by $34,943, or 24%, to $113,370 for the year ended 30 June 2025, compared to $148,313 for the year ended 30 June 2024. The decrease reflects the fully depreciated assets of Raptor300, the commencement of depreciation on a motor vehicle lease acquired during the half year and the commencement of the amortization of software and development assets.

*Finance Costs — Interest Expense*

Finance costs increased by $234,348, or 283%, to $317,103 for the year ended 30 June 2025, compared to $82,755 during the year ended June 30, 2024. This was primarily due to interest accrued on new promissory notes issued in 2025, with interest rates ranging up to 12% per annum on the promissory notes.

*Loss on Deconsolidation*

There was no loss on deconsolidation in the current period, compared to $5,469 in the year ended 30 June 2024. The prior period reflected a one-off restructuring transaction where Raptor300 Australia Pty Ltd was deconsolidated following an internal transfer of assets and shares.

*Loss (Gain) on Foreign Currency Exchange*

Loss on foreign currency exchange increased by $20,360 from $4,225 during the year ended June 30, 2024 to $24,585 during the year ended June 30, 2025. The loss arose primarily from a $10,833 revaluation of a GBP issued promissory note and movements in the Australian dollar and Sri Lankan rupee against the U.S. dollar during the reporting period.

*Loss on Loan Forgiveness*

Loss on loan forgiveness decreased to $nil for the year ended June 30, 2025, compared to $175,386 for the year ended June 30, 2024. This was due to a one-off instance of loan forgiveness during the prior year.

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**Liquidity and Capital Resources**

We have incurred net losses since inception and to date have not generated any revenue from the operations of drones. To date, we have funded our operations primarily through shareholder loans, Loan facilities, Promissory Notes, SAFE notes and Convertible Notes.

As of June 30, 2025, we had cash and cash equivalents of $110,779. We incurred a net loss after tax for the year ended June 30, 2025, of $1,972,954 and of $1,715,375 for the year ended June 30, 2024. At June 30, 2025, the Company had a net working capital deficit of $4,863,959 and a net liability position of $4,779,266.

However, the financial statements have been prepared on a going concern basis, which contemplates the continuity of normal business activity and the realization of assets and the settlement of liabilities in the ordinary course of business. Accordingly, our financial statements do not include adjustments relating to the recoverability and classification of the recorded assets and liabilities amounts that might be necessary should the Group not continue as going concern.

The Directors have assessed the Group's ability to continue as a going concern and are satisfied that the going concern basis of preparation is appropriate. While the Group recorded a net loss after tax for the year ended 30 June 2025 of $1,972,954 (2024: $1,715,375), a net operating cash outflow of $1,177,659 (2024: $706,870), and a net liability position of $4,779,266 (2024: $2,826,208), subsequent events and current funding provide sufficient basis to conclude that the Group has adequate resources to meet its obligations over the next twelve months.

During the year, the Group entered into Promissory Note Agreements with investors totaling $655,855 of which $10,000 was repaid. In addition, since year end, the Directors have issued SAFE notes totaling $275,000. The Group is also actively progressing a direct listing on the Primary Exchange, with the intention to complete the listing before 31 December 2025. An F-1 registration statement has been lodged with the U.S. Securities and Exchange Commission (SEC), and the Group is prepared to respond comprehensively to subsequent queries. The Board has also advanced discussions with strategic investors and financing partners and has prepared detailed budgets and financial forecasts demonstrating sufficient liquidity to support operations for at least twelve months from the date of this report.

Key subsequent developments supporting this assessment include:

● In September 2025, the Group successfully completed a $3,000,000 equity placement, providing additional liquidity to fund operations and strategic objectives.

● In September 2025, the Company entered into amendments to the Promissory Notes originally on issue at 30 June 2025. The amendments extend maturity terms to the original instruments. This significantly strengthens the Group's financing position and improves future cash flow forecasts.

● SAFE Notes on issue as at 30 June 2025 were converted into equity following the September placement, reducing the Group's debt obligations and simplifying its capital structure.

● In November 2025, the Group successfully completed a $2,000,000 equity placement, providing additional liquidity to fund operations and strategic objectives.

These subsequent events provide tangible evidence of investor support and improved financing conditions. Taken together, they reinforce the Directors' confidence that the Group has sufficient resources to meet its obligations as they fall due. Accordingly, the financial statements have been prepared on a going concern basis.

Separately, the Company entered into a loan arrangement with TWCC VIC Pty Limited pursuant to a Binding Term Sheet dated March 11, 2025, to raise funding of US$14.4 million. In addition, the Company executed a Share Sale Agreement with Chetan Saligrama / Chetan Family Trust to issue shares of Braiin for a total purchase price of US$3.0 million.

As of our latest assessment, management anticipates that from the time of our direct listing until the achievement of projected profitability, we will require an estimated $20.8 million (net of transaction costs). This funding will be critical to executing our comprehensive business plan, which encompasses several key components:

● Servicing of Contracts: We plan to facilitate the successful execution of contracts in Sri Lanka by acquiring and deploying advanced drone technology, which will be a cornerstone of our operations.

● Capital Expenditure: Purchase of drone components and parts, such as batteries, raw materials, warranty expenses

● Employment of the Required Labor Force: We intend to assemble a skilled and dedicated workforce, essential for the efficient and effective implementation of our business strategies.

● Hiring of the Required Administration and Finance Personnel: We will also allocate funds towards recruiting and retaining competent professionals in administration and finance, whose expertise will be pivotal in our journey toward profitability.

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This capital allocation will enable us to navigate the path towards realizing our strategic objectives.

● **Future Revenue Projections and Contract Deliverables**: Our confidence in sustaining operations without additional financing for the next twelve months and subsequently maintaining operational levels in the future years is based on firm contracts that are expected to generate approximately $35.93 million in revenue. This revenue is anticipated to significantly bolster our cash reserves and address the working capital deficit.

Until we generate sufficient operating cash flow to cover our operating expenses, working capital needs and planned capital expenditures, or if circumstances evolve differently than anticipated, we expect to utilize a combination of equity and debt financing to fund any future capital needs. If we raise funds by issuing equity securities, there may be dilution to our shareholders. Any equity securities issued may also provide for rights, preferences or privileges senior to those of holders of ordinary shares. If we raise funds by issuing debt securities, these debt securities may have rights, preferences, and privileges senior to those of preferred and common shareholders. The terms of debt securities or borrowings may impose significant restrictions on our operations. The capital markets have in the past, and may in the future, experience periods of upheaval that could impact the availability and cost of equity and debt financing.

Our principal uses of cash in recent periods have been funding activities and other personnel costs as well as costs associated with the Direct Listing. Our future capital requirements will depend on many factors, including our revenue growth rate, the timing and the amount of cash received from our customers, the expansion of sales and marketing activities, the timing and extent of spending to support our development efforts. In the future, we may enter into arrangements to acquire or invest in complementary businesses, products and technologies. We may be required to seek additional equity or debt financing. In the event that we require additional financing we may not be able to raise such financing on acceptable terms or at all. If we are unable to raise additional capital or generate cash flows necessary to continue our research and development and invest in continued innovation, we may not be able to compete successfully, which would harm our business, results of operations, and financial condition. If adequate funds are not available, we may need to reconsider our expansion plans or limit our research and development activities, which could have a material adverse impact on our business prospects and results of operations.

**Cash Flows**

Cash flows for the fiscal year ended June 30 is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **% Change** |
| Net cash used in operating activities | (1177659) | (706870) | 67% |
| Net cash used in investing activities | (24000) | (885) | 2612% |
| Net cash generated by financing activities | 715024 | 63826 | 1020% |

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***Net cash used in operating activities***

Net cash used in operating activities decreased by $470,789, or 67%, from $706,870 for the year ended 30 June 2024 to $1,177,659 for the year ended 30 June 2025. This reduction reflects stronger cash flow management despite ongoing costs associated with the Company's operations in Sri Lanka and Australia. While expenses remain elevated in preparation for the Company's planned direct listing on the Primary Exchange, there was no material increase in headcount or infrastructure expenditure during the period. Operating cash flows also included an inflow of $120,000, which has been recognised as unearned revenue in the statement of financial position.

***Net cash used in investing activities***

Net cash used in investing activities increase by $23,115 or 2,612% from an outflow of $885 during the year ended June 30, 2024 to an outflow of $24,000 for the year ended 30 June 2025. This reflects a bond paid during the current year for an office premises in New York.

***Net cash generated from financing activities***

Net cash generated from financing activities increase by $651,198 or 1,020%. The net inflow was $715,024 for the year ended 30 June 2025, compared to $63,826 in the year ended 30 June 2024. The changes were primarily due to the increase in promissory notes payable and the payback of the director loan during the period.

**Contractual Obligations and Commitments**

We have signed five-year contracts potentially worth $35.93 million with nine large agricultural companies in Sri Lanka. We have executed six contracts involving a total of nine publicly listed companies. Specifically, we engaged with the Hayleys Group, which is the holding company for three publicly listed companies: Kelani Valley Plantations PLC, Talawakelle Tea Estates PLC, and Horana Plantations PLC. Similarly, Lankem Tea and Rubber Plantations Ltd is the holding company for two publicly listed companies: Agarapathana Plantations Limited and Kotagala Plantation PLC. The remaining contracts involved Namunukula Plantations PLC, Kegalle Plantations PLC, Maskeliya Plantations PLC, Sri lanka Tea Factory Owners Association and Assam Company India Limited. We have successfully completed the mapping of all the designated areas pursuant to these contracts and have recently commenced operations to fulfill such contracts. We have also executed non-binding Memoranda of Understanding ("MoUs") representing an additional **$**111.98 million in potential contract value. See "— components of Operations — Revenue" above for a description of the terms of these contracts.

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**Off-Balance Sheet Arrangements**

Other than as described below, we do not have any off-balance-sheet arrangements other than the signing of five-year contracts worth $35.93 million for the future provision of drone services.

As at 30 June 2025, the Company had a short-term lease arrangement with monthly payments of USD $24,000, totaling approximately USD $288,000 over a 12-month period. The lease has a term of less than 12 months and does not include a purchase option. As such, it qualifies for exemption from lease liability recognition and is not recorded on the statement of financial position. This lease is considered an off-balance sheet arrangement, with the expense recognized on a straight-line basis over the lease term.

**Critical Accounting Policies and Significant Judgments and Estimates**

The application of accounting policies requires the use of judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Further information on this topic can be accessed from note 1 to the consolidated financial statements.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions are recognized in the period in which the estimate is revised if it affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

**Certain Differences Between IFRS Accounting Standards and GAAP**

IFRS differs from GAAP in certain respects, including differences related to financial liabilities such as convertible notes and SAFE notes, intangible assets, income tax and earnings per share. Management has not assessed the materiality of differences between IFRS and GAAP. Our significant accounting policies are described in Note 2 to our consolidated financial statements and the related notes thereto included elsewhere in this prospectus.

**Quantitative and Qualitative Disclosures About Market Risk**

*<u>Credit risk</u>*

Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract obligations that could lead to a financial loss to the Company.

The Company does not have any material credit risk exposure to any single receivable or group of receivables under financial instruments entered into by the Company.

*Credit risk exposures*

The maximum exposure to credit risk is to its alliance partners, which risk is limited to the carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to the financial statements.

Credit risk related to balances with banks and other financial institutions is managed by the Company in accordance with approved Board policy. Such policy requires that surplus funds are only invested with reputable financial institutions, wherever possible.

Generally, trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include the failure of a debtor to engage in a repayment plan, no active enforcement activity and a failure to make contractual payments for a period greater than 1 year.

*<u>Interest Risk</u>*

The Company is not exposed to material interest rate risk. The interest rate related to promissory notes, convertible notes and loan facilities is fixed per the agreements.

*<u>Liquidity Risk</u>*

The Company adopts prudent liquidity risk management by maintaining sufficient cash and obtaining continuous funding through capital raising as and when necessary to enable the Company to pay its debts as and when they become due and payable.

The table below analyses the Company's financial liabilities into relevant maturity groupings based on the remaining period at the reporting period date to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows. Balances due within 12 months approximate their carrying balances, as the impact of discounting is not significant.

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| | | | | |
|:---|:---|:---|:---|:---|
| **30 June 2025** | **Weighted <br> average <br> interest <br> rate <br> %** | **Less than <br> 1 year <br> $** | **More than <br> 1 year <br> $** | **Total <br> $** |
| Trade and other payables |  | 796207 |  | 796207 |
| Lease liability | 16.87% | 20159 | 40318 | 60477 |
| Loan facility | 18.00% | 163837 |  | 163837 |
| Loan Interest |  | 31662 |  | 31662 |
| Accrued Interest |  | 10035 |  | 10035 |
| Promissory Notes and accrued interest |  | 1154188 |  | 1154188 |
| Promissory note interest |  | 289736 |  | 289736 |
| Convertible notes | 10.00% | 39321 |  | 39321 |
| SAFE notes |  | 1929667 |  | 1929667 |
| **Total** |  | **4434812** | **40318** | **4475130** |

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*<u>Fair values</u>*

The fair values of financial assets and financial liabilities as presented above can be compared to their carrying values as presented in the statement of financial position. Fair values are those amounts at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction.

**Internal Control over Financial Reporting**

In connection with the preparation of our consolidated financial statements for the periods ended June 30, 2025 and 2024, we identified several material weaknesses in the design and operation of our internal control over financial reporting. Please see "*Risk Factors — Risks Related to Braiin's Business.*

*We have identified material weaknesses in our internal control over financial reporting. If our remediation of these material weaknesses is not effective, or if we experience additional material weaknesses or otherwise fail to maintain an effective system of internal controls in the future, we may not be able to report our financial results accurately, prevent fraud or file our periodic reports as a public company in a timely manner*. Specifically, we have identified two material weaknesses being:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *the lack of a formally implemented system of internal control over financial reporting and limited or no associated written documentation of our internal control policies and procedures, and* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *the lack of sufficient resources and key accounting personnel with sufficient knowledge and experience in reporting and compliance with the SEC and PCAOB.* 

**Remediation Activities**

Braiin Limited is actively addressing the material weakness identified in our internal control over financial reporting. As a Foreign Private Issuer preparing our consolidated financial statements in accordance with IFRS as issued by the IASB, we recognize the importance of establishing and maintaining effective internal controls suitable for a company preparing to operate as a U.S.-listed public company.

We are in the process of hiring additional finance and accounting personnel with the requisite technical expertise in IFRS and public company reporting expectations. These efforts are aimed at improving segregation of duties, formalizing internal accounting policies and procedures, and enhancing our ability to address complex accounting matters in accordance with IFRS.

While we have initiated steps to remediate the identified material weakness, full remediation will require successful implementation of these enhancements and evidence that they are operating effectively over a sustained period. Management remains committed to continuously improving the design and operation of our internal control environment and will monitor progress on an ongoing basis.

This material weakness will be considered remediated only once the relevant controls have been implemented, operated for a sufficient period, and management has concluded that they are operating effectively."

**JOBS Act**

We are an emerging growth company, as defined in the JOBS Act. We intend to rely on certain reduced reporting and other requirements that are otherwise generally applicable to public companies. As an emerging growth company, we are not required to, among other things, (i) provide an auditor's attestation report on our system of internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act, which would otherwise be required beginning with our second annual report on Form 20-F, and (ii) comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements (auditor discussion and analysis).

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**CONNECT SIMPLE PTY LTD**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**Overview**

Connect Simple offers a complimentary home moving service. If you're relocating, Connect Simple simplifies the process by assisting you in locating suppliers in your vicinity and organizing services seamlessly. Our service covers connections for electricity, gas, internet, phone, pay TV, and more.

**Business Model**

**Our Platform**

Connect Simple is an innovative AI and technology-powered utility services platform that provides white-label digital solutions for partners including finance brokers, SME consultants, and comparison sites. Our platform enables these partners to offer fully branded, seamless customer journeys for energy, gas, and broadband service signups.

**Our Mission**

To revolutionize utility connections for residential and SME clients through intelligent, automated online platforms that simplify the entire process from discovery to sign up.

**Core Offerings**

● Energy Services: Streamlined connections for electricity and gas providers through our partner network

● Broadband Solutions: Integrated signup processes for internet service providers

● Energy Efficiency Programs: Participation in government-backed initiatives like the Victorian Energy Upgrades (VEU) program

● Insurance Partnerships: Recently secured contract with Honey Insurance for home insurance offerings

● Our Technology Advantage

● White-label platform enabling partners to maintain their brand identity

● AI-driven customer journey optimization

● Deep B2B2C integrations with utility providers

● Fully automated onboarding and verification processes

Our unique value proposition combines cutting-edge technology with deep industry partnerships to create:

● Frictionless customer experiences

● Higher conversion rates for partners

● Comprehensive utility service offerings in one platform

● Government-approved energy efficiency solutions

● For Our Partners

● We are committed to delivering:

● Customizable white-label solutions

● Real-time performance analytics

● Dedicated support for implementation

● Ongoing platform enhancements

● Growth & Expansion

[**Table of Contents**](#TOC_001)

With our recently secured Honey Insurance partnership and VEU program participation, we are positioned for significant growth in FY2025. Our roadmap includes:

● Expanding our partner network

● Adding new utility and home services

● Enhancing our AI capabilities for personalized recommendations

● Our Commitment

● At Connect Simple, we prioritize:

● Seamless integration for our partners

● Exceptional end-user experiences

● Continuous innovation in utility technology solutions

● Compliance with all regulatory requirements.

We offer a comprehensive range of consulting services, including:

● Electricity & Gas Connections Seamless setup with trusted Australian providers, ensuring competitive rates and reliable supply.

● Pay TV & Entertainment Customized solutions for Foxtel, Fetch, and streaming services.

● Single-Point Coordination Manage all utility setups through one platform—no need for multiple calls or negotiations.

● Trusted Supplier Network Access to Australia's top utility providers for quality service and cost efficiency.

● Local & Interstate Moves Tailored solutions whether relocating nearby or across states.

● Time & Stress Savings Eliminates research, paperwork, and service delays for a faster move-in.

**Key Factors Affecting Our Performance**

*Competition*

Connect Simple operates in a competitive utility's connection market, competing with direct providers, comparison platforms, and relocation services. Our core customers include homeowners, renters, and real estate partners.

**Key Risks**

● Changes in utility regulations or pricing

● Shifts in government energy/infrastructure policies

● Disruption from digital platforms

● Fluctuations in housing market activity

[**Table of Contents**](#TOC_001)

**Components of Results of Operations**

*Revenue*

Connect Simple Pty Ltd delivers end-to-end utility connection and relocation solutions, with core revenue from residential relocation packages and corporate utility management contracts. We serve diverse clients including private renters, property managers, real estate chains, and business relocation partners throughout Australia.

*Cost of Sales*

Our Cost of Sales is Commission paid by the Company to its business partners. It also includes direct expenses incurred to earn revenue.

**Results of Operations**

**For the year ended June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **(in US dollars)** | **Year ended**<br> **June 30, 2025** | **Period from**<br> **Dec 1, 2023, to**<br> **June 30, 2024** | **Change %** |
| Revenue | 537762 | 335690 | 60% |
| Cost of sales | (330046) | (108064) | 205% |
| Gross profit | 207716 | 227626 | (9)% |
| Operating expenses |  |  |  |
| General and administrative | (112491) | (67048) | (68)% |
| Sales and marketing | (1764) | (1112) | (59)% |
| Operating income before Taxes | 93461 | 159466 | (41)% |
| Tax expense | (30288) | (39866) | (24)% |
| Net income for the year / period | 63174 | 119600 | (47)% |

---

*Revenue*

Revenue increased by 60% to USD 537,762 for in the year ended June 30, 2025, compared to USD 335,690 for the period of seven months from inception to June 30, 2024. The revenue increase was due to a full year of operation as compared to the 7 months of initial operations. Additionally, the Company also managed to grow its number of customers during the current year.

*Cost of Sales*

Cost of Sales increased to USD 330,046 in the year ended June 30, 2025, compared to USD 108,064 in the period of 7 months ended June 30, 2024, or 205%. This was mainly due to the increase in revenue. More than proportional increase in cost of sales was mainly due to higher amounts of commissions paid by the Company during the current year.

*General and Administrative*

Our General and Administrative expenses increased by 68% to USD 112,491 for the year ended June 30, 2025, as compared to USD 67,048 for the period of 7 months ended June 30, 2024. This was mainly due to USD 42,083 increase in professional fee incurred. Additionally, the increase in expenses is in line with effect of full year operations in comparison to only 7 years of operations during the prior year.

*Sales and Marketing*

Sale and Marketing expenses increased by 59% to USD 1,764 for the year ended June 30, 2025, as compared to USD 1,112 for the period of 7 months ended June 30, 2024. This increase in sales and marketing expenses is in line with effect of full year operations in comparison to only 7 years of operations during the prior year.

[**Table of Contents**](#TOC_001)

**Cash Flows**

Cash flows for the year ended June 30, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(in USD dollars)** | **Year ended**<br> **June 30, 2025** | **Period from**<br> **Dec 1, 2023, to**<br> **June 30, 2024** | **Change %** |
| Cash flows from operating activities | 231463 | 74815 | 209% |
| Cash flows from investing activities |  |  |  |
| Cash flows from financing activities |  | 66 | 100% |

---

*Net cash flows from operating activities*

Net cash generated from operating activities was USD 231,463 for the year ended June 30, 2025, which was 209% higher than USD 74,815 of cash generated during the period of 7 months ended June 30, 2024. This was mainly due to increase of USD 163,927 in accrued and other liabilities, decrease of USD 85,240 in trade receivable and other current assets, offset by a decrease of USD 67,557 in trade payables during the year ended June 30, 2025.

*Net cash used in financing activities*

Net cash from financing activities decreased to USD 0 for the year ended June 30, 2025 in comparison to USD 66 received on issuance of share capital during the comparative period.

**Liquidity and Capital Resources**

The company commenced operations on December 1, 2023, and has since established regular revenue streams and a stable financial foundation. As of June 30, 2025, the company reported retained earnings of USD 185,325 reflecting a profitable operation from the very beginning. As of June 30, 2025 the Company maintained a healthy cash balance of USD 306,344 and a positive working capital of USD 185,391, indicating that the company has sufficient current assets to meet its short-term obligations. Given the absence of significant liabilities and the presence of consistent income, the company's liquidity position is sound. The management remains focused on maintaining this positive trajectory by continuing to secure long-term customer contracts, which provide predictable cash inflows, and by implementing prudent financial management practices to ensure sustained growth and operational stability. The current liquid resources and the positive operating cash flows are sufficient to sustain the Company's operations for over a year's time. With a very promising business model the management is fully committed to fund company's financial requirements as it grows its operations.

Additionally, the company primarily operates in the utility services sector through its digital platform, which serves as the core driver of revenue. The platform enables seamless customer onboarding for services such as electricity, gas, and broadband, under white-label arrangements with partners. This business model allows for consistent and recurring income streams, driven by a network of brokers, consultants, and affiliate sites. The utility services environment provides a predictable and stable source of revenue, with long-term partner relationships contributing to reliable cash inflows. The company maintains healthy gross margins and consistently generates sufficient operating profits to cover its expenses. In the event of any short-term liquidity needs, the company has access to financial facilities that ensure the continued smooth operation of its business activities.

**Quantitative and Qualitative Disclosures About Market Risk**

We are exposed to certain market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily the result of fluctuations in interest rates and foreign currency exchange rates.

[**Table of Contents**](#TOC_001)

**VIS NETWORKS PRIVATE LIMITED**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**Overview**

VIS Networks Private Limited (the 'company'), established in 2011, has grown into a trusted partner for businesses seeking advanced communication and customer experience (CX) management solutions. VIS provides services like Unified Communication, Contact Center, Video Conferencing, and Audio-Visual Solutions, catering to global businesses. With a focus on enhancing CX management through state-of-the-art technology, VIS serves diverse industries, ensuring secure, reliable, and efficient communication infrastructures.

**Business Model**

VIS Networks Private Limited (VIS Networks or the Company) operates as a key player in the global communication and CX management space, providing advanced technological solutions to diverse business sectors. The company specializes in designing, setting up, and managing integrated communication systems tailored to meet the unique needs of clients across the globe. With over a decade of experience and a growing client base, VIS is recognized for its customer-centric approach, high-quality service delivery, and focus on long-term partnerships. Headquartered in Bangalore (India), VIS has been catering to thousands of businesses from all corners of the world across. The business model of the company is structured around the following pillars:

● Technological Advancement: VIS Networks consistently invests in the latest communication technologies, staying at the forefront of innovation in Unified Communication, Video Conferencing, and CX management solutions. By focusing on integrating cutting-edge technologies, the company ensures that its solutions evolve with the changing demands of its clients.

● Global Market Penetration: VIS Networks has expanded its reach across international markets, serving clients in various regions. The company continues to build its presence in both established and emerging markets, enabling businesses to adopt advanced communication infrastructures that enhance their operational efficiency.

● Integrated Solutions: VIS provides end-to-end, customized solutions that cater to the unique communication infrastructure needs of its clients. By leveraging strong partnerships with leading technology providers, the company offers seamless experience that includes consultancy, design, implementation, and post-sales support.

● Customer-Centric Approach: VIS's business model is built around delivering exceptional customer experience. The company prides itself on its ability to provide scalable, reliable, and secure solutions, backed by superior post-sales support and a dedicated team of professionals.

**Key Factors Affecting Performance**

Several key factors influence the performance of VIS Networks, shaping both its operational and financial outcomes:

● Technological Innovation and Investment: In a highly competitive and fast-evolving industry, staying ahead with the latest technologies is critical. VIS Networks continuously invests in technological advancements to maintain its competitive edge, but this also requires significant capital expenditure, which must be balanced with profitability.

● Global Economic Conditions: As a company with a global footprint, VIS Networks is exposed to the impact of global economic fluctuations. Exchange rate volatility, inflationary pressures, and shifts in market demand can affect the company's revenue streams and profitability.

● Operational Efficiency and Cost Management: Managing rising operational costs, particularly in the areas of administrative expenses and financing costs, remains a key challenge. While VIS is focused on streamlining operations and optimizing costs, increased expenditure in employee costs and technology upgrades could influence its bottom line if not managed effectively.

● Market Competition: The communication and CX management solutions market is highly competitive, with both established players and emerging startups vying market share. VIS Networks needs to continuously innovate and offer differentiated, value-driven solutions to maintain and grow its customer base.

● Debt Management: With rising financing costs due to increased borrowings for capital expenditures, managing debt levels is crucial to ensure that the company can continue to invest in growth without negatively impacting liquidity and profitability.

● Customer Retention and Satisfaction: As a service-oriented company, maintaining high levels of customer satisfaction is vital for sustaining long-term relationships and securing repeat business. VIS Networks' commitment to superior customer service and post-sales support is a core driver of its success.

**Components of Results of Operations**

*Revenue*

We recognize revenue from sales of products, subscription of products, sale/ distribution of licenses, annual maintenance charges and staffing support services.

*Cost of Sales*

Our Cost of Sales includes expenses directly related to the earning of revenue. It predominantly encompasses costs related to products and licenses, AMC support services and technical support services.

*Operating Expenses*

Our operating expenses mainly include distribution expenses, administrative expenses and staff costs. Main administrative expenses are employee benefits, depreciation and other expenses.

**Results of Operations**

**For the year ended June 30**

---

| | | | |
|:---|:---|:---|:---|
| **(Amount in USD)** |  **<u>2025</u>** |  **<u>2024</u>** | **Change%** |
| Revenue | 61980366 | 55573321 | 12% |
| Cost of sales | (41184132) | (35251638) | 17% |
| **Gross profit** | **20796234** | 20321684 | 2% |
| **Expenses** |  |  |  |
| Distribution costs | (267398) | (372789) | (28)% |
| Administrative expenses | (17988208) | (15936735) | 13% |
| **Operating profit** | **2540628** | 4012160 | (37)% |
| Other income – net | **296513** | 551000 | (46)% |
| Finance costs – net | **(297791)** | (412307) | (28)% |
| Share of net profit / (loss) of associates and joint ventures accounted for using the equity method | (38665) | (170476) | 77% |
| **Profit before income tax** | **2500684** | 3980377 | (37)% |
| Income tax expense | (591457) | (1373495) | 57% |
| **Profit for the period** | **1909227** | 2606882 | (27)% |

---

*-Revenue*

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **2025** | **2024** | **Change %** |
| Sale of products | 28615321 | 23703751 | 21% |
| Subscription of products | 185088 | 229954 | (20)% |
| Sale/subscription of licenses | 6245317 | 3987219 | 57% |
| Revenue from annual maintenance charges ("AMC") | 12041336 | 15494915 | (22)% |
| Manpower and Staffing support services | 14893305 | 12157482 | 23% |
|  | **61980366** | **55573321** | 12% |

---

[**Table of Contents**](#TOC_001)

Total revenue has increased by USD 6,407,045, or 12%, to USD 61,980,366 for the year ended June 30, 2025, compared to USD 55,573,321 for the year ended June 30, 2024. This increase in revenue was due to a USD 4,911,570 increase in Sale of Products, USD 2,258,098 increase in Sale/subscription of licenses, and USD 2,735,822 increase in 'Manpower and Staffing support services. This increase was offset by a USD 3,453,580 decrease in revenue from Revenue from annual maintenance charges ("AMC") and a USD 44,866 decrease in Subscription of products.

*Cost of Sales*

Cost of sales increased by USD 5,932,495, or 17%, to USD 41,184,132 for the year ended June 30, 2025, compared to USD 35,251,637 for the year ended June 30, 2024. Increase in cost of sales is due to the increase in revenue. However, this increase of 17% slightly outpaced the revenue growth of 12%, reflecting higher input costs. The increase in cost of sales was due to a USD 5,098,785 increase in costs of products sold, USD 2,998,210 increase in cost of technical support services, and USD 2,697,563 increase in costs incurred for licenses. These increases were compensated by a decrease of USD 4,862,063 in costs related to AMC support services.

*Distribution Costs*

Distribution costs has decreased by USD 105,390, or 28%, to USD 267,398 for the year ended June 30, 2025, compared to USD 372,789 for the year ended June 30, 2024.This reflected an effort towards cost management efforts.

*Administrative Expenses*

Administrative expenses increased by USD 2,051,473, or 13%, to USD 17,988,208 for the year ended June 30, 2025, compared to USD 15,936,735 for the year ended June 30, 2024. This increase indicates higher overhead and operational costs, primarily driven by increased employee salary and benefits expenses that increased by USD 983,346 to USD 11,908,344 for the year ended June 30, 2025, compared to USD 10,924,998 for the year ended June 30, 2024. Additionally, Other expenses increased by USD 1,216,895 from USD 11,908,345 in 2025 from USD 4,385,046 in year ended June 30, 2024.

*Other Income*

Other Income decreased by USD 254,487, or 46%, to USD 296,513 for the year ended June 30, 2025, compared to USD 551,000 for the year ended June 30, 2024. This decrease was primarily due to lower gains on the sale of investments and reduced foreign exchange gains, offset slightly by interest income received on income tax refund.

*Finance Costs*

Finance costs have decreased by USD 114,516, or 28%, to USD 297,791 for the year ended June 30, 2025, compared to USD 412,307 for the year ended June 30, 2024. The decrease in finance costs is primarily due to lower interest expenses and decreased utilization of financial facilities where interest cost decreased by USD 88,190 and other bank charges decreased by USD 16,741.

*Income Tax Expense*

Income tax expense has decreased by USD 782,038 or 57%, to USD 591,457 for the year ended June 30, 2025, compared to USD 1,373,495 for the year ended June 30, 2024. The fall in tax expense is consistent with the decrease in pre-tax profit.

**Cash Flows**

Analysis of cash flows for the fiscal years ended June 30 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(Amount in USD)** |  **<u>2025</u>** |  **<u>2024</u>** |  **<u>Change%</u>** |
| Cash flows generated by (used in) operating activities | 546915 | (187946) | 391% |
| Cash flows generated by (used in) investing activities | (663131) | (544101) | -22% |
| Cash flows generated by (used in) financing activities | (321279) | 1110659 | -129% |

---

*Net Cash flows Generated by (Used in) Operating Activities*

Net cash inflow from operating activities increased by USD 734,861 to USD 546,915 for the year ended June 30, 2025, compared to USD 187,946 for the year ended June 30, 2024. This change was primarily driven by a significant decrease in cash generation from operations, which declined by USD 1,700,543, reflecting increased working capital requirements. However, the decrease was partially offset by income tax refund received during the year of USD 882,554 as compared to the income tax paid of USD 1,552,850 in the prior year.

*Net Cash flows Generated by (used in) Investing Activities*

Net cash outflow from investing activities increases by USD 119,030 to a net outflow of USD (663,131) for the year ended June 30, 2025, compared to an outflow of USD (544,101) in the previous year. This was primarily due to an increasein payments for property, plant, and equipment and intangible assets, where there was net outflow of only USD 780,135 during the year ended June 30, 2025 in comparison to a net outflow of USD 651,809 during the year ended June 30, 2024.

*Net Cash flows Generated by (Used in) Financing Activities*

Net cash inflow from financing activities decreased by USD 1,431,938 to USD (321,279) for the year ended June 30, 2025, compared to a net inflow of USD 1,110,659 in the previous year. The reduction in cash inflows was mainly due to lower proceeds from borrowings (USD 169,466 in 2025 vs. USD 1,722549 in 2024).

**Liquidity and Capital Resources**

Liquidity and Capital Resources: As of June 30, 2025, the Company maintained a cash balance of USD 2,806,056 and a positive working capital position of USD 14,087,723, supported by shareholders' equity of USD 20,588,987. For the year ended June 30, 2025, the Company generated net cash inflows from operating activities of USD 546,915, reflecting operational efficiency and disciplined cash management.

The Company believes that its currently available capital resources—including cash on hand, anticipated operating cash flows, and access to committed credit facilities—are sufficient to fund operations and meet all financial obligations for at least the next 12 months from the reporting date. The Company does not anticipate the need to raise additional capital to support ongoing operations during this period.

In addition to maintaining positive operating margins, the Company continues to optimize working capital and diversify funding sources to mitigate liquidity risks and support long-term financial stability. Management remains focused on prudent capital allocation and sustaining a resilient financial position to support strategic growth initiatives.

**Quantitative and Qualitative Disclosures About Market Risk**

The Company is exposed to certain market risks in the ordinary course of its business, primarily related to fluctuations in interest rates, foreign exchange rates, and liquidity risks. Market risk represents the potential for financial loss due to adverse changes in financial market conditions.

*Interest Rate Risk*

The Company's avails financial facilities and pays interest on these facilities. The Company is exposed to the risk of changes in interest rates. The Company actively monitors interest rate fluctuations and manages its exposure through a combination of fixed and floating rate borrowings.

*Foreign Exchange Risk*

The Company operates in global markets and is exposed to foreign exchange fluctuations that may impact revenue and costs. The Company regularly assesses its exposure and implements hedging strategies where necessary to mitigate risks.

*Liquidity Risk*

The Company experienced a net cash inflow of USD 546,915 from operating activities in 2025, compared to an outflow of USD 187,946 in 2024 and maintains a strong liquidity position. As of June 30, 2025, the Company had a cash balance of USD 2,806,056, a positive working capital balance of USD 14,087,234 and a positive equity position, ensuring the ability to meet its financial obligations.

The Company actively manages market risks by diversifying its funding sources, optimizing working capital, and monitoring global economic conditions to mitigate any adverse financial impacts.

[**Table of Contents**](#TOC_001)

**MIRRAGIN RAS CONSULTING PTY LTD**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**Overview**

Mirragin RAS Consulting Pty Ltd ("Mirragin" or for the purpose of this section, "the Company") was established in Australia, on April 01, 2011, and operates under a business license issued by Australian Securities Exchange. Mirragin is a specialist technology consulting company, with a primary focus on robotics and autonomous systems. Mirragin helps implement technology programs, in order to reduce costs, increase capability and save lives. With a focus on delivering tailored solutions to meet the unique needs of each client, Mirragin leverages industry expertise and innovative strategies to drive success.

Mirragin's primary customers include Defense, Federal, State and Local Government, and large commercial businesses.

**Business Model**

● Core Methodology: Our core methodology is to "define, design, and deliver".

● **Define:** The success of any technology program starts with an in-depth understanding of our client and the key challenges they're facing. In this phase, we understand the problem or opportunity in detail, including identification of the operational scenarios, user requirements, constraints and limitations and the existing system. This phase may also include the development of strategic roadmaps and/or market scans.

● **Design:** Armed with a deep insight into the opportunity, we then design a technology program that leverages the client's existing technology, systems, processes, and people. We help the client to select the appropriate technology to meet their needs, based on our knowledge of the robotics and autonomous systems ecosystem. This includes not just the platform, but also the payloads, control system and the data processing tools. In addition, we design the appropriate workforce to operate the system, analyze the data and make decisions (which address the opportunity). The design phase also includes all the requisite enablers, such as operations, facilities, legal, financial, engineering, maintenance, supply and facilities support.

● **Deliver:** Should a customer require, we are also able to help them implement the capability within their organization. This includes aspects such as helping them obtain the required operating approvals, developing and training a workforce, writing and implementing procedures, and integration of the new capability into their existing system.

Our three services arms are:

● **Consulting Services:** We provide consulting advice and support to our clients to unlock the potential of drone technology as a powerful business asset. Improve visibility, decrease costs, and increase productivity on our client's next project.

● **Training**: We provide support to our clients to train and develop their workforce in the operation of robotics and autonomous systems technology. This may include the provision of technology education, basic training such as Remotely Piloted Aircraft Operation Licenses (RePL) (through our partner organizations), or more advanced mission training.

● **Testing & Assurance Services:** Successful implementation of a technology program requires a strong test and assurance program, to reduce the risk of incorrect technology selection or poor integration. Our test team has credentials from leading Test and Evaluation schools, and we have deep experience in this area. Our test and assurance services span from assisting our customers to conduct trials to better understand the technology, through to assurance activities to ensure that delivered capability is safe and fit for purpose.

**Key Factors Affecting Our Performance**

At Mirragin we have a focus on strategy and project management, we partner with our clients to increase capability, prioritize safety and reduce costs. As a specialized technology company, we face limited direct competition. Due to rapid technological advancement in drone technology and AI, Mirragin distinguishes itself by producing the "Australian Drone Ecosystem Directory," which is a comprehensive listing of drone service providers in the country, showcasing its central role in the industry. This not only highlights its expertise but also positions it as a key player in shaping the future of drone technology in Australia. The team at Mirragin is composed of highly experienced professionals, many of whom have extensive experience in the defense, government, and commercial sectors. We have also been a significant sponsor of local drone and robotics related events, such as the World of Drones and Robotics Congress.

Robotics and autonomous systems are still considered emerging technology. As such, we face a challenge in convincing our customers that these systems will deliver significant benefits, such as cost savings or safety outcomes, compared to the existing status quo. We also need to convince them that the technology is sufficiently complex and that they need external support to help them to implement the technology.

**Components of Results of Operations**

*Revenue*

We recognize revenue from the following major sources which are Consulting services provided to diversified sectors such as agriculture, mining, airports, commercial aviation & infrastructure, government & emergency services, construction, etc. We also offer training services, testing, and assurance services.

*Cost of Sales*

Our Cost of Sales predominantly encompasses salaries paid to the company's employees that are directly attributable to our revenue generating activities, costs related to subcontractors and travel expenses incurred for the purpose of providing services to our customers.

*Operating Expenses*

Our General and Administrative expenses primarily include our employees' salaries and benefits, fee and subscriptions expenses, travel expenses, legal and professional charges and marketing expenses incurred during the periods presented.

**Results of Operations**

**For the year ended June 30**

---

| | | | |
|:---|:---|:---|:---|
| **(Amounts in USD)** | **2025** | **2024** | **%age Change** |
| **Revenue** | **1619998** | **2730635** | (41)% |
| **Cost of sales** | **(1020458)** | **(1846059)** | (45)% |
| **Gross profit** | **599540** | **884576** | (32)% |
| **Expenses** |  |  |  |
| General and administrative | **(523957)** | **(873578)** | (40)% |
| **Operating profit/ (loss)** | **75583** | **10998** | 587% |
| Other income | **3677** | **5703** | (36)% |
| Finance cost | **(41768)** | **(14962)** | 179% |
| **Profit/(loss) before taxation** | **37492** | **1739** | 2056% |
| Taxation | **(2484)** | **(710)** | 250% |
| **Profit/(loss) after taxation** | **35008** | **1029** | 3302% |

---

*Revenue*

The following table presents our revenue breakdown for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
| **(Amounts in USD)** | **2025** | **2024** | **%age Change** |
| Consulting services | **1600982** | **2374514** | (33)% |
| Testing and Assurance services | **19016** | **254060** | (93)% |
| Other Revenue | **-** | **27305** | (100)% |
| Services Commission | **-** | **74756** | (100)% |
|  | **1619998** | **2730635** | (41)% |

---

Total revenue decreased by 41%, to USD 1,619,998 in 2025, compared to USD 2,730,623 in 2024. This decline is primarily attributable to the loss of significant customers, including Air Service Australia and SEG. Additionally, a high rate of employee turnover has also contributed to the reduction in revenue.

*Cost of Sales*

Cost of Sales was USD 1,020,458 in 2025 compared to USD 1,846,059 in 2024, showing a 45% decrease year over year. The cost of sales followed the 41% decline in revenue. This decrease was mainly attributable to the decrease of USD 832,498 in direct wages and subcontractors cost compared to previous year to compensate for the workload and provide support to its internal resources. Additionally, there was a decrease in travel cost of USD 7,642 in 2025 as compared to 2024.

*General and Administrative*

General and Administrative expenses decreased by 40% or USD 349,621 in 2025, to USD 523,957 compared to USD 873,578 in 2024. The decrease in General and Administrative costs was primarily related to a decrease in scale and activities necessary to support the decline in revenue. This decrease in G&A expenses was attributed to decrease in salaries and benefits of USD 351,921, decrease in legal & professional charges of USD 16,289, decrease in traveling cost of USD 13,345, compensated by increase of USD 11,225 in fee and subscription and increase of USD 22,868 in amortization cost.

*Other Income*

Other income decreased to USD 3,677 in 2025 compared to USD 5,703 in 2024, or 36%.

*Interest Expense*

Interest expense increased to USD 41,768 in 2025 compared to USD 14,962 in 2024, or 179%. This was due to higher utilization of financial facilities during the year ended June 30, 2025, in comparison to the prior year.

**Cash Flows**

Cash flows for the fiscal year ending June 30 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(Amounts in USD)** | **2025** | **2024** | **Change %** |
| **Cash flows generated by/ (used in) operating activities** | **(213508)** | 340038 | (163)% |
| **Cash flows generated by (used in) investing activities** | **(74209)** | (237504) | 69% |
| **Cash flows generated by (used in) financing activities** | **135012** | (47680) | 383% |

---

*Net cash used in operating activities*

For the year ended 30 June 2025, the company recorded a net profit after tax of USD 35,008. After adjustments for non-cash items, such as depreciation and amortization of USD 60,103 in the operating cash flow before changes in working capital amounted to USD 95,111.

During the year ended June 30, 2025, the company generated USD 553,546 less cash as compared to the year ended June 30, 2024, from its operating activities. This was primarily due to a decrease in current liabilities of USD 396,311 offset by a decrease of USD 87,692 in current assets.

*Net cash generated from investing activities*

Net cash used in investing activities stood at USD 74,209 in 2025 compared to an outflow of USD 237,504 in 2024. This decline in outflow of cash was mainly due to spending on developing intangible assets in 2024.

*Net cash used in financing activities*

Net cash flows from financing activities stood at USD 135,012 in 2025 compared to net cash outflow of USD 47,680 in 2024. This was mainly due to availing new financials facilities during the current year.

**Liquidity and Capital Resources**

The Company has regular revenue streams and a stable financial outlook. It is a profitable company where the revenue inflows fully covers its costs. The Company generates positive cash flow and is financially stable with a regular customer base and stable revenue outlook. The management focuses on enhancing the Company's liquidity management practices, ensuring adequate funding for our operations and obligations. This includes optimizing working capital management and diversifying funding sources to mitigate liquidity risks. Our sources of liquidity include cash and cash equivalents, cash from operations and amounts available under credit facilities. As of June 30, 2025, the Company had a cash balance of USD 57,996 and a working capital deficit of USD 73,585. However, its long-term and short-term financials facilities and stable flow of income will effectively support its operating activities for the foreseeable future. It regularly generates sufficient operating margin with a positive gross margin of approximately 37% that sufficiently contributes to covering its operating expenses.

**Quantitative and Qualitative Disclosures About Market Risk**

We are exposed to certain market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily the result of fluctuations in interest rates.

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**NISUS AUSTRALIA PTY LIMITED**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**Overview**

Nisus Australia Pty Ltd is a customer-centric company that specializes in ICT recruitment and ICT consulting services. Nisus Australia has a fast growing and strong customer base which encompasses Australian Government and private sector customers.

**Business Model**

*Recruitment Services*

Our recruitment services are fueled by a deep understanding of ICT and a passion for personalized solutions. As a team of enthusiastic ICT specialists, each with extensive experience in project delivery, we bring a unique perspective to the recruitment process.

Being a trusted member of multiple Australian Government panels and a preferred supplier of ICT contractors to Australian Federal and State/Territory government agencies, Nisus excels in providing recruitment services that cater specifically to the ICT sector. Our comprehensive range of recruitment services covers the following roles:

● Business and System Analysts: We specialise in identifying talented professionals who possess the high level analytical and communication skills necessary to focus on business outcome and drive business and system improvements.

● Data Analysts and Data Scientists: Our expertise in data analytics allows us to connect organisations with skilled individuals who can unlock the value hidden within their data.

● Solution and Enterprise Architects: Nisus has a network of exceptional architects who can design and implement innovative and scalable solutions that align with business objectives.

● Developers: Our recruitment services encompass a wide range of software development roles, connecting organisations with talented developers who excel in various programming languages and technologies.

● Test Analysts: We understand the critical role testing plays in ensuring the quality and reliability of ICT systems. Our recruitment process identifies skilled manual and automation test analysts who can execute thorough and efficient testing strategies.

● Integration Specialists: We specialise in sourcing experts who possess the knowledge and experience to seamlessly integrate diverse systems and cloud technologies.

● Other ICT Specialists: Our recruitment services extend to various other ICT specialties, ensuring that we can meet your unique staffing needs across the entire ICT spectrum.

What sets Nisus apart from other competitors is our commitment to adding genuine value to the job application process and career advancement of our candidates. We openly share and leverage our own ICT expertise, providing guidance and support to candidates throughout their journey.

For our client organizations, we are committed to delivering quality over quantity. Nisus takes the time to thoroughly understand their job requirements and only submits the most suitable candidates. Our post-placement follow-ups with both customers and the placed personnel ensure that the placement has been successful, fostering long-term partnerships built on trust and satisfaction.

*ICT Consulting Services*

At Nisus, we prioritize building effective relationships with our client organizations. Our customer-centric approach to service coordination and delivery ensures that we invest time and effort in understanding our clients' unique business domains, project requirements, and resource needs. This deep understanding allows us to tailor our services specifically to meet customers' evolving needs. Nisus continues to expand its services and personnel to meet the demands of our rapidly growing market share, we steadfastly maintain our position as a trusted and sought-after partner for ICT personnel services, particularly in the Australian Government sector. Our commitment to delivering customer-centric services, coupled with our unwavering pursuit of ICT technical excellence, drives our growth and sets us apart in the industry. We strive to be the go-to choice for organizations seeking a reliable and innovative partner who can seamlessly integrate recruitment and ICT consulting services to drive their success.

We offer a comprehensive range of consulting services, including:

● **ICT Governance and Strategy Advisory:** Our experts provide guidance and strategic advice to help organisations develop robust ICT governance frameworks and align their technology strategies with business objectives.

● **IT Procurement and Tender Evaluation:** We assist clients in navigating the complex landscape of IT procurement, ensuring fair and transparent processes while evaluating tenders to identify the best-fit solutions for their specific requirements.

● **Project Management:** Our skilled program and project managers leverage industry best practices to ensure the successful planning, execution, and delivery of ICT projects, keeping stakeholders informed and projects on track.

● **Business Analysis:** We employ a systematic and agile approach to analyse business needs, business processes, identify areas for improvement, and put forward recommendations that drive efficiency, productivity, and innovation.

● **Data Analysis and Data Science:** Our data experts help organisations unlock the power of data through advanced analytics, artificial intelligence, machine learning, and data science techniques, enabling data-driven decision-making and business optimisation.

● **Solution Design and Architecture:** We design scalable and robust ICT solutions tailored to our clients› unique needs, ensuring alignment with industry standards, security requirements, and future growth potential.

● **Testing:** We employ rigorous manual or automation testing methodologies to ensure the reliability, functionality, and security of ICT systems and applications, reducing risks and ensuring a seamless user experience.

● **Cyber Security:** Our experts provide comprehensive cyber security services, including risk assessments, iRAP assessment, vulnerability management, incident response, and proactive measures to protect critical information assets.

We are expanding our services into new sectors, states and markets, with a focus on markets in other government and private organisations to further diverse our customer base.

**Key Factors Affecting Our Performance**

*Competition*

As a recruitment and ICT consulting service provider, we face significant competition as we expand our services and market share for government and private sector contracts. Our competitors include ICT recruitment firms as well as ICT consulting companies ranging from "Big 4" consultancy firms to small and medium-sized businesses.

Our largest customers are Australian Government organizations. Significant changes to the government's spending in hiring contractors or consultants, government panel arrangement and procurement policies could be key factors affecting the ICT recruitment and ICT consulting services market in the public sector and therefore pose significant risks to our performance and revenue.

***Competitive Strengths***

We believe that we have the following competitive strengths that set us apart from the current market:

---

| |
|:---|
| *Leadership with ICT expertise*: our management team is comprised of highly experienced ICT professionals who possess an average of over 15 years of relevant experience, particularly in the market working with government organizations. |
| *Proven Track Record*: we have a successful history of delivering services and forming partnerships with Australian Federal and State government organizations, demonstrating a deep understanding of government regulations, policies, ICT systems, digital service standards, delivery methodologies, and culture. We have proven experience in successfully delivering services with over 25 government and private organizations and producing positive outcomes. |
| *Enhancing customer panel memberships and market reach*: Based on our track record in delivering services in the government sector, we are an approved vendor on several major whole-of-government panels. We are further expanding our panel memberships by increasing the coverage of service categories in the current panels as well as plan to apply to enter new panels as they become available. These comprehensive panel memberships provide us with valuable opportunities to access personnel recruitment opportunities and ICT service delivery tenders, strengthening our position in the market. |
| *Expanding our managed service offering*: Managed service arrangement with the Australian government allows us to provide services to customers via direct sourcing. Nisus is in the process of expanding our manager service offering. |

---

These developments further strengthen our position as a preferred vendor for government agencies and enhance the growth potential.

**Components of Results of Operations**

*Revenue*

Nisus Australia offers recruitment and ICT Consulting services, with its primary revenue streams stemming from recruitment service contracts and ICT managed service contracts. The customer base encompasses a diverse range of customers, spanning Australian Federal Government, State Government, and private sector organizations.

*Cost of Sales*

Our Cost of Sales predominantly encompasses wages and expenses paid to personnel provided by Nisus Payroll Pty Ltd.

Additionally, it includes expenses incurred by Nisus Australia Pty Ltd and directly attributed to the cost of servicing existing contracts.

**Results of Operations**

**For the year ended June 30**

---

| | | | |
|:---|:---|:---|:---|
| **(in Australian dollars)** | **2025** | **2024** | **Change %** |
| Revenue | **14330997** | 12673128 | 13% |
| Cost of sales | **(11883620)** | (10757811) | 10% |
| **Gross profit** | **2447377** | 1915317 | 28% |
| General and administrative | **(940509)** | (720098) | 31% |
| Sales and marketing | **(14005)** | (14938) | (6)% |
| **Operating profit / (loss)** | **1492862** | 1180281 | 26% |
| Interest income | **22530** | 20495 | 10% |
| **Profit / (loss) before taxation** | **1515392** | 1200776 | 26% |
| Taxation | **(379317)** | (300682) | 26% |
| **Profit / (loss) after taxation** | **1136075** | 900094 | 26% |

---

*Revenue*

Revenue increased to A$14,330,997 in fiscal 2025 compared to A$12,673,128 in fiscal year 2024, or 13%. The increase in revenue is due to expanding our customer base to include additional governmental entities and private clients and overall expansion in operations.

*Cost of Sales*

Cost of Sales increased to A$11,883,620 in fiscal year 2025 compared to A$10,757,811 in fiscal year 2024, or 10%. The increase in Cost of Sales is due largely to our expanded customer base and the normal increase in associated personnel costs.

*General and Administrative expenses*

General and Administrative expenses increased by A$220,411 to A$940,509 in fiscal year 2025 compared to A$720,098 in fiscal 2024 or a 31% increase. This increase in General and Administrative expenses is primarily due to an A$155,895 increase in professional fee, an increase of A$74,415 in salaries and benefits, compensated by decrease of A$6,118 in insurance and A$3,478 in travel expenses. The main increase in professional consultancy fees and salaries and benefits was driven by our revenue growth and higher level of activities during the year.

*Sales and Marketing expenses*

Sale and Marketing expenses remained relatively consistent at A$14,005 in fiscal 2025 compared to A$14,938 in fiscal year 2024, or with a slight decrease of 6%. The Company managed to successfully increase revenues with hardly any additional expenditure on marketing efforts during 2025.

*Interest Income*

Our Interest income increased to A$22,530 in fiscal year 2025 compared to A$20,495 in fiscal year 2024, or 10%. This was due to a higher bank interest earned as the balance held in bank accounts during the year ended June 30, 2025 was higher than that for the year ended June 30, 2024.

**Cash Flows**

**Cash flows for the years ended June 30 is as follows:**

---

| | | | |
|:---|:---|:---|:---|
| **(in Australian dollars)** | **2025** | **2024** | **Change %** |
| **Cash flows generated by operating activities** | 974968 | 868644 | 12% |
| **Cash flows generated by (used in) investing activities** |  |  |  |
| **Cash flows (used in) financing activities** | (970000) | (1424423) | 32% |

---

*Net cash used in operating activities*

Net cash generated from operating activities was A$974,968 in fiscal year 2025 compared to A$868,644 in fiscal year 2024, or a 12% increase. The increase was primarily due to a A$235,981 increase in net profit after tax.

*Net cash used in financing activities*

Net cash used in financing activities was A$970,000 in fiscal year 2025 compared to A$1,424,423 in fiscal 2024, or a 32 % change. The decrease in cash flows used in financing activities was mainly due to the lesser amount of dividend paid during the year.

**Liquidity and Capital Resources**

Nisus Australia Pty Ltd continues to be a profitable organization with strong, recurring cash flow, primarily driven by contracts with the Australian Government. Furthermore, with our long-term relationships with our customers, we can reasonably leverage such relationships to generate future revenue that is recurring in nature. Our personnel are also contracted at times where revenue and labor demands are higher, therefore allowing us to align our costs with our revenues more closely and variable in nature to ensure a profit, as opposed to having high fixed costs. Our workforce is deployed strategically to align labor costs with revenue-generating periods, thereby minimizing fixed overhead and ensuring that personnel expenses remain variable and directly linked to revenue cycles. Personnel costs continue to be our largest expense, but they are managed effectively through this variable cost model.

During the year ended June 30, 2025, the Company generated positive net cash from operating activities. The Company's working capital as of June 30, 2025, stood at A$503,369. Given our long-standing relationships with government clients and the recurring nature of our revenue, we are confident in our ability to maintain stable cash flow going forward.

Our closing cash balance of A$797,919 as of June 30, 2025, is sufficient to support ongoing operations. For context, our gross profits in the range of A$2.5M a healthy cash balance and positive working capital is well above our typical operating expense levels, which stood at A$954,515 for the year ended June 30, 2025.

**Contractual Obligations and Commitments**

As of June 30, 2025, we have a large number of active contracts with a diverse range of Australian Government and private customers. We have a consistently high contract renewal rate for existing contracts due to the high performing services provided.

**Quantitative and Qualitative Disclosures About Market Risk**

Our largest customers are Australian Government organizations. Significant changes to the government's spending in hiring contractors or consultants, government panel arrangement and procurement policies could be key factors affecting the ICT recruitment and consulting services market in the public sector and therefore pose significant risks to our performance and revenue. However, based on experience, generally government contracts provide a stable revenue stream and there is a low likelihood of a significant downturn in our engagement.

Nisus does not have or expect any material credit and liquidity risk exposure to any single receivable or group of receivables.

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**NISUS PAYROLL PTY LIMITED**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**Overview**

Nisus Payroll Pty Ltd is engaged in hiring contract-based employees to support the staffing requirements of its related entity, Nisus Australia Pty Ltd which is the sole customer to Nisus Payroll. Nisus Payroll Pty Ltd charges payments to Nisus Australia Pty Ltd and the payments are used to pay its contractors and sub-contractors and also cover associated costs in payroll administration.

Both Nisus Australia Pty Ltd and Nisus Payroll Pty Ltd are sister concerns wholly owned by the same shareholder.

**Key Factors Affecting Our Performance**

Please refer to *Management's Discussion and Analysis of Financial Condition and Results of Operations* of Nisus Australia for an in-depth discussion on the group's key factors affecting performance. As Nisus Payroll is a direct support to Nisus Australia, the group's key factors affecting performance would align with that of Nisus Australia given its payroll and payment revenues depend on the group's revenue with external customers.

**Components of Results of Operations**

*Revenue*

Nisus Payroll Pty Ltd generates revenue from its contracts with Nisus Australia Pty for supplying skilled professionals. The Company's business model is to provide temporary staff required for Nisus Australia's operations. Company will provide qualified personnel, meeting specific needs and requirements of Nisus Australia Pty Ltd. Company will charge Nisus Australia the number of salaries or wages paid to the manpower supplied.

*Expenses*

For Nisus Payroll Pty Ltd, Expenses primarily consist of remunerations to contractors. Payroll processing fees and business insurance are the other administrative costs.

**Results of Operations**

**For the year ended June 30**

---

| | | | |
|:---|:---|:---|:---|
| **(in Australian dollars)** | **2025** | **2024** | **Change %** |
| Revenue | **11883620** | 10820706 | 10% |
| Cost of sales | **(11876908)** | (10774956) | 10% |
| **Gross profit** | **6712** | 45750 | (85)% |
| General and administrative | **(27561)** | (37419) | (26)% |
| **Operating profit / (loss)** | **(20849)** | 8331 | (350)% |
| Other income | **7584** | 490 | 1447% |
| Interest Income | **6126** | 4791 | 28% |
| **Profit / (loss) before taxation** | **(7139)** | 13612 | (152)% |
| Taxation | - | - | 0% |
| **Profit / (loss) after taxation** | **(7139)** | 13612 | (152)% |

---

*Revenue*

Revenue increased to A$11,883,620 in fiscal 2025 compared to A$10,820,706 in fiscal 2024, or 10%. As a related entity to Nisus Australia, Nisus Payroll has seen growth in its customer base this year, which has led to a need for more staff. This has resulted in an increase in revenue for Nisus Payroll.

*Cost of Sales*

Cost of Sales increased to A$11,876,908 in fiscal 2025 compared to A$10,774,956 in fiscal 2024, or 10%. This increase is in line with the increase in revenue.

*General and Administrative Expenses*

Our General and Administrative expenses decreased to A$27,561 in fiscal 2025 compared to A$37,419 in fiscal 2024, or 26%. The decrease in General and Administrative costs is mainly due to increase of A$12,828 in office expenses and the reversal of excess accrual on account of superannuation expenses in the previous year compensated by a decrease of A$41,843 in travel costs.

*Other Income*

There was a increase of A$7,094 in fiscal year 2025 compared to A$490 in fiscal year 2024 or a 1448% increase. This is due to recovery of vehicle leasing costs from employees and a higher amount of interest earned on average bank deposits maintained by the Company during the year.

**Cash Flows**

Cash flows for the fiscal year ending June 30 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(in Australian dollars)** | **2025** | **2024** | **Change %** |
| **Cash flows from / (used in) operating activities** | **(86779)** | 219858 | (139)% |
| **Cash flows from generated by investing activities** |  |  |  |
| **Cash flows from / (used in) financing activities** | **-** | (16500) | 100% |

---

*Net cash generated from / (used in) operating activities*

The Company used A$86,779 in operating activities in fiscal 2025 compared to a net inflow from operating activities of A$219,858 in 2024. The difference can be attributed to a net loss of A$7,139 decrease in trade and other payables of A$275,741 compensated by the decrease in trade and other receivables of A$196,102.

*Net cash used in financing activities*

The Company did not use or generated any cash from investing or financing activities during year ended June 30, 2025 in comparison to the A$16,500 cash used in financing activities during the previous year. This was due to the payment of dividend during the previous year.

**Liquidity and Capital Resources**

As at June 30, 2025 Nisus Payroll had a cash balance of A$278,265 that is sufficient current assets to pay its liabilities and meet its expenses. Its cashflows depend upon recovery from Nisus Australia which has sufficient liquidity and long terms contracts to settle Nisus Payroll's invoices accordingly. The Company charges it expenses to Nisus Australia and its operating costs are accordingly fully supported.

**Contractual Obligations and Commitments**

Nisus Payroll is contractually committed to pay the personnel hired for onward placement with Nisus Australia's customers.

**Quantitative and Qualitative Disclosures About Market Risk**

The company only hires personnel after receiving a firm mandate from Nisus Australia Pty Ltd. As a result, our costs are correlated with market demand fluctuations and therefore our market risk is typically minimal.

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**BUSINESS**

**Company Overview**

Braiin Limited is an Australian technology company leveraging proprietary intellectual property and patented artificial intelligence/machine learning ("AI/ML") technologies to deliver actionable insights across high-growth verticals: Agriculture, Property Technology, and Customer Experience as a Service ("CXaaS"). Our platforms are designed to address inefficiencies and drive data-backed decision-making across traditionally analog sectors. Our first commercial focus is on the agriculture technology sector, where we have successfully deployed our AI-powered solutions across multiple implementations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Our AI Enabled AgTech Platform**

Our AgTech platform uses autonomous aerial robots, AI/ML-based analytics, and internet of things ("IoT") integration to provide real-time insights into crop health, irrigation, soil conditions, pest detection, yield prediction, and weather risk management. Braiin was the first company in the world to be certified by a national aviation authority to operate fully autonomous aerial drones for crop spraying. These robots are capable of generating multispectral maps and executing precision spraying, significantly reducing chemical use and increasing efficiency.

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AI Dashboard and Insights

Our AI-powered dashboard integrates satellite and drone imagery, IoT sensors, and predictive models to offer actionable insights in real-time. Users can visualize vegetation health, pest risks, irrigation needs, and expected yield via a unified platform. Technologies like EfficientNet, ResNet-50, YOLOv8, and LSTM are used for image recognition, anomaly detection, weather forecasting, and yield prediction. Farmers receive real-time alerts and intelligent recommendations.

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ERP and Smart Farm Automation

Braiin's enterprise resource platform ("ERP") system provides end-to-end farm management, from inventory and financial tracking to crop scheduling and weather risk mitigation. Drones and AI models continuously collect and learn from new data, enabling automated and optimized responses for resource allocation, crop spraying, and harvesting. This system supports sustainability by minimizing pesticide usage and maximizing resource efficiency.

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Market Opportunity

The agriculture technology sector presents the largest near-term opportunity for Braiin. With the global AgTech market expected to reach $74 billion by 2034<sup>13</sup>, precision farming solutions are in high demand. The integration of AI, aerial robotics, and IoT represents a major leap forward for global food production and sustainability efforts.

Platform Architecture and Technology Stack

The core technology stack includes AI/ML frameworks like TensorFlow and PyTorch, spectral imaging with OpenCV and Google Earth Engine, and cloud solutions such as AWS SageMaker. IoT integration is enabled via AWS Greengrass and Apache Kafka for real-time analytics and edge computing capabilities.

<sup>13</sup> Exploding Topics. (n.d.). AgTech Market: Growth, Trends & Forecast. Retrieved from https://explodingtopics.com/blog/agtech-market.

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**Expanded Detail:**

Agriculture Technology Sector:

One of our flagship offerings is our Autonomous Aerial Robots, equipped with advanced sensors, cameras, and AI/ML capabilities. We believe these robots have the potential to revolutionize agriculture by providing real-time insights into crop health, soil conditions, and other variables, which assists with optimizing farming practices, reducing resource wastage, and maximizing yields. Braiin was the first company in the world to be certified by a country to operate fully Autonomous Aerial Robots for crop spraying.

In the agriculture technology sector, our Autonomous Aerial Robots collect data on crop health and soil conditions, enabling farmers to make data-driven decisions. The maps captured from Braiin's Autonomous Aerial Robots are used for analysis and monitoring of crop harvests. The Autonomous Aerial Robots can produce both two-dimensional and three-dimensional maps using data from hyper spectral, multispectral light detecting and ranging or thermal sensors. By employing AI/ML algorithms, these robots offer actionable recommendations for irrigation, fertilization, and pest management, with the goal of providing increased productivity and reduced environmental impact.

The Autonomous Aerial Robots are capable of scanning an entire plantation for plant health, seven to ten days before human eyes can identify any hydration, insect or herbicide issues. This information can be used to determine how to reallocate plant treatment and when to pick crops, which subsequently increases yields.

The data collected from our Autonomous Aerial Robots can also be used to pre-plan estate development. The Autonomous Aerial Robots can scan drainage elevation across a plantation, which can then be used to optimize irrigation, drainage and determine whether any topography changes are needed and determine where to put the next field.

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Plant and Land Health Scanning Map

Our Autonomous Aerial Drones are used for more than just collecting data. We also provide customized Autonomous Aerial Drones for crop spraying that can cover 2-3 hectares per hour and carry 50 kilograms of chemicals. The Autonomous Aerial Drones have the capability to spray crops based on some or all insights provided in our ERP (described further below). By utilizing the Autonomous Aerial Drones, crops can be sprayed at up to 15 times the speed of humans while using less chemicals, which has the potential to save both time and money. We believe that using the Autonomous Aerial Drone for spraying is also safer than using human labor to spray crops and limits pesticide exposure risk to humans.

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Autonomous Aerial Drones Spraying Crops

While we recognize the potential of AI/ML across the various sectors in which we operate, we also acknowledge the need for a balanced approach to address our customers' diverse needs and requirements. For example, we offer a comprehensive ERP platform that offers quality control services, production and post-production planning services, and inventory, sales and analytic services that is currently tailored for the agriculture technology sector, but has the potential to be expanded for use across other industries. By integrating processes such as inventory management, sales, and financial reporting, we believe our ERP platform enables farmers and agribusinesses to manage their farming operations, supply chains, and financial transactions efficiently in a single platform, thereby enhancing productivity, reducing errors, and improving decision-making capabilities.

The single-user friendly dashboard can enable a user to easily make decisions based on our technology's actionable insights. For example, our Autonomous Aerial Drones may alert one of our users of a specific weather pattern resulting in abnormally high rainfall amounts, resulting in a certain portion of the user's farm receiving more water than is typical. This insight could be displayed on the ERP platform, allowing the user to make adjustments to react to the data, such as adjustments to reduce the amount of water being used in irrigation. These types of insights help farmers identify and act on decisions, increasing productivity and reducing negative environmental impacts through lowering pesticide or water usage, for example. Each Autonomous Aerial Drone incorporates AI/ML by running continually and adding to the dataset available to our users and further improving the quality of the actionable intelligence and reporting.

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Industry Overview and Market Opportunity

We believe that we operate at the forefront of technology, targeting a range of industries, including agriculture, finance, insurance, and telecommunications among others. With our innovative solutions and commitment to excellence, we believe that we are poised to seize market opportunities and establish ourselves as leaders in the technology industry.

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**Drone services market size by industry ($ billions)**

Agriculture Technology Sector

The agriculture technology sector ("AgTech") represents the largest market opportunity for Braiin. As the global population is expected to reach 9.7 billion by 2050, there is mounting pressure to increase food production while minimizing environmental impact. We expect that the integration of agricultural technology solutions that integrate IoT and aerial robotics, among other technologies, will play a crucial role in addressing these challenges. According to market research, the global AgTech market is currently worth approximately $26.27 billion and is expected to reach $74 billion by 2034, growing at a CAGR of 12.2%.<sup>14</sup>

The total addressable market for AgTech solutions like IoT and aerial robotics in crop spraying is substantial. According to market research, the global smart agriculture market size is projected to grow from $15.7 billion in 2025 to $23.38 by 2029, with a CAGR of 10.2% during the forecast period.<sup>15</sup> This growth is primarily driven by the increasing adoption of precision farming techniques and the need for sustainable agricultural practices.

Within the smart agriculture market, the IoT segment is expected to experience significant growth. The integration of IoT devices in agriculture enables farmers to monitor and control various aspects of their operations remotely. IoT sensors can collect data on soil moisture, temperature, humidity, and other environmental factors, providing farmers with valuable insights for informed decision-making. The global market for IoT in agriculture is estimated to reach $15.95 billion by 2025, with a CAGR of 14.32% and $31.08 billion by 2030.<sup>16</sup>

In addition to IoT, aerial robotics for crop spraying also has a substantial global market. While traditional crop spraying methods often involve the indiscriminate use of chemicals, resulting in wastage and potential harm to the environment, our Autonomous Aerial Robots have the potential to revolutionize crop spraying processes. These Autonomous Aerial Robots can precisely apply pesticides and fertilizers, minimizing chemical wastage and reducing the environmental impact. This technology not only enhances the effectiveness of crop protection but also promotes sustainable farming practices. The market for agricultural drones, which includes aerial robots used for crop spraying, is projected to grow from $6.10 billion in 2024 to $23.78 billion by 2032, with a CAGR of 18.5% during the forecast period.<sup>17</sup>

<sup>14</sup> Exploding Topics. (n.d.). AgTech Market: Growth, Trends & Forecast. Retrieved from https://explodingtopics.com/blog/agtech-market.

<sup>15</sup> MarketsandMarkets. (2024). *Smart Agriculture Market by Precision Farming, Livestock Monitoring, Precision Aquaculture, On-Cloud, On-Premises, System Integration & Consulting, Harvesting Management, HVAC Management and Water and Fertilizer Management – Global Forecast to 2029*. Retrieved from https://www.marketsandmarkets.com/Market-Reports/smart-agriculture-market-239736790.html.

<sup>16</sup> 360iResearch. (2025). *Agriculture IoT Market by Application, Component, Technology, Farm Type, Connectivity – Global Forecast 2025–2030*. Retrieved from https://www.360iresearch.com/library/intelligence/agriculture-iot

<sup>17</sup> Fortune Business Insights. (2025). *Agriculture Drone Market Size, Share & Industry Analysis, By Offering, Components, Payload Capacity, Application, and Regional Forecast, 2024–2032*. Retrieved from https://www.fortunebusinessinsights.com/agriculture-drones-market-102589.

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Braiin's AgTech platform is built from the ground up using proprietary AI/ML models, integrating aerial robotics, edge IoT sensors, and a full-service ERP. Unlike standalone drone or sensor vendors, Braiin unifies data collection, real-time processing, and predictive analytics into one seamless decision-making system for farmers.

Our AI models power disease detection, irrigation optimization, fertilization recommendation, and yield forecasting. The platform continuously learns from incoming sensor and image data, fine-tuning recommendations and increasing operational efficiency. These tools directly impact farmer profitability, sustainability, and risk management.

**4. AI Enabled Customer Experience and Employee Experience Sector**

Braiin currently owns a patent on a Semi-supervised question answering machine **(**Patent number #10650818), which Braiin believes has significant applicability is the CXaaS industry. See "Intellectual Property" below. Through the acquisition of VIS Private Networks Limited ("VIS Networks") (as described below), Braiin will significantly expanding its capabilities in the CX and EX as a Service sector. VIS Networks is a global provider of unified communications, contact center solutions, video conferencing, audio-visual systems, and AI-powered customer engagement tools, with operations across Singapore, Malaysia, the United Kingdom, Oman, and other jurisdictions.

Our CXaaS platform is an AI-powered, end-to-end solution designed to transform how enterprises engage with customers and manage internal teams. By integrating cloud-based CRM, workforce management, and contact center technologies, our platform delivers a unified, intelligent customer engagement experience.

Through advanced analytics, speech recognition, sentiment analysis, call routing, and real-time behavioral insights, the platform captures every customer and agent interaction to generate predictive insights and next-best-action recommendations. These tools empower frontline teams to personalize experiences, resolve issues faster, and improve customer satisfaction and retention.

Our proprietary AI/ML engines continuously learn from interactions, enhancing operational intelligence through behavioral analytics at the individual, team, and enterprise levels. This learning capability enables rapid adaptation to changing customer demands while driving efficiency across all service touchpoints. VIS's advanced capabilities include:

● AI-driven speech analytics and intelligent call routing.

● Secure, scalable CX platforms supporting high-volume enterprise environments.

● Cloud-native integration across multiple customer interaction channels.

● End-to-end consulting and system design for large-scale CX transformation programs.

Through VIS Networks and our proprietary AI frameworks, we deliver comprehensive contact center management solutions via a consulting-led approach that provides clients with deep insights into their operational challenges and actionable recommendations for improvement.

With this combination of VIS Network's global scale and Braiin's proprietary AI/ML capabilities, our CXaaS platform is positioned to deliver a complete, integrated, and future-ready solution that spans:

● **CX Design & Consulting** — Understanding what customers and employees want, then designing connected journeys supported by the right people, processes, and technology.

● **CX Products & Platforms** — A comprehensive suite of products and platforms delivering highly connected experiences in an agile and cost-effective way.

● **CX Services & Digital** — Orchestrating CX operations across applications, infrastructure, and network domains, wrapped in digital-first, microservices-based architectures.

● **CX Cloud** — Pre-built integrations with leading contact center and CX solutions to simplify and de-risk cloud adoption without sacrificing performance or control.

● **Analytics, Automation & AI** — Leveraging analytics and automation to enhance CX and EX in real time across all channels.

This unified approach allows us to deliver scalable, cloud-native tools that are customizable, agile, and deeply embedded in our clients' business workflows — providing measurable return on investment, stronger customer retention, and increased enterprise agility.

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**OUR SOLUTION**

***Customer Experience as a Service Sector***

System integration as a cloud service is a relatively new market opportunity to combine professional services based software development with cloud based service delivery as well as provide unified user and application management and business insights as high-margin value added services. While system integration as a cloud service is generic and applicable to multiple business processes, it is particularly attractive in the customer engagement and agent experience management market where customer relationship management and contact center solutions are provided by different software as a service vendors thus necessitating integration and customization of these applications to suit the business needs of the enterprise.

With the signing of a binding term sheet to acquire VIS Private Networks Limited — an acquisition that will complete upon Braiin's admission to the Primary Exchange — we are expanding our capabilities in the CX and EX as a Service sector. Through this acquisition and our proprietary technologies, we are well-positioned to deliver comprehensive contact center management solutions via a consulting-led framework that provides clients with detailed insights into their existing challenges and actionable recommendations for improvement. With the growth trajectory in the similar space, we plan to expand into other related areas of marketing technology, automation and customer relationship management, which creates a significant opportunity to scale. The below tables depict the total addressable market for the customer experience space and way to expand further.

![](pg126-150_010.jpg)

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**5. AI-Enabled Property Technology Platform**

**Utility Connections, Comparison and Billing Infrastructure**

With the signing of a binding term sheet to acquire Connect Simple — an acquisition that will complete upon Braiin's admission to the Primary Exchange we are expanding our capabilities in the Property Technology Sector. Our property technology ("PropTech") division is focused on simplifying residential service delivery and billing through an AI-powered, white-labelled platform. This platform serves as a digital infrastructure layer for utility connections, bill comparison, and ongoing household expense management, with applications across rental, ownership, and agency-managed properties.

![](pg126-150_011.jpg)

Using AI-trained assistants and proprietary application programming interface ("APIs"), the platform automates the process of connecting essential services (electricity, gas, broadband, insurance, and more) at the point of property transaction, such as leasing, purchasing, or moving. Customers interact through a unified portal that facilitates connections and enables ongoing bill tracking and payments. AI also personalises the customer journey, offering hyper-relevant product suggestions, optimised based on usage and household composition.

![](pg126-150_012.jpg)

Key technologies include:

● **Real-time API integrations** with service providers for automated switching and provisioning.

**●** **AI-driven lead routing and call centre support**, informed by 15+ years of behavioural insights.

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**●** **Digital assistant interface** that enables non-technical users to manage multiple services in one place.

● **Secure payment infrastructure**, supported by a regulated digital wallet partner, enabling card issuance, transaction analytics, and bill smoothing.

The PropTech platform acts as the connective tissue between property movements and downstream services. By embedding into tenancy applications, bond deposit processes, or conveyancing platforms, it captures high-intent customers at the ideal moment and converts them into recurring bill management users.

Customer platform can support:

● Household energy usage.

● Home warranty and protection add-ons.

● SME (small business) product lines for landlord and commercial property services.

As a high-cash-flow, data-rich business, the PropTech unit complements our broader AI strategy and contributes to long-term revenue resilience through repeat billing, embedded finance, and cross-selling opportunities for home services and devices (e.g security, cameras, doorbells, smart devices).

**OCR-Powered Bill Comparison Engine**

Bill Comparison platform includes proprietary Optical Character Recognition ("OCR") technology that automatically scans uploaded utility bills, extracting key data such as usage, supply charges, tariff structures, and billing periods. This data is then matched in real time against a curated panel of service providers. By analysing cost structures and plan suitability, the system identifies and recommends better-value options tailored to each customer's profile. This AI-enhanced process simplifies switching, ensures customers remain on competitive rates, and eliminates manual data entry, delivering both savings and convenience.

![](pg126-150_013.jpg)

**Energy and Home Insurance Sectors**

The Company's core platform is designed to engage high-intent consumers at key transition moments, particularly when moving home and to capitalise on recurring service needs across the energy and home insurance sectors. These two verticals represent foundational pillars in the household services ecosystem, offering strong revenue predictability and natural alignment with the Company's embedded referral model.

**United Kingdom**

The UK energy sector is one of the most active switching environments globally, with over 1 million electricity customers changing providers annually. Regulatory mandates for price transparency and consumer protections have led to a fragmented but competitive retail energy landscape. New challenger brands are winning share, creating demand for comparison engines that offer clarity and trust. Our ability to plug directly into tenancy and mover data streams allows the business to reach customers at their moment of need — resulting in high conversion, low churn, and low acquisition cost.

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**United States**

Energy market deregulation across key states like Texas, New York, and Ohio opens up an addressable market of over 20 million households.<sup>18</sup> While energy switching rates vary by region, the combination of rising energy prices, climate-focused product innovation, and policy-driven customer empowerment is fuelling demand for comparison and concierge switching services. The US strategy involves operating in deregulated states. The Company's AI agent and API stack allows for rapid onboarding of partners and customers alike.

**Australia & New Zealand**

In Australia and New Zealand, we believe utility switching is increasingly digital, with growing consumer interest in comparing energy and telco plans. We already operate with over 50 integrated real estate and property platforms in this region. This B2B2C model has proven efficient in reaching moving customers and delivering a high return per referral through commission-based revenue models. The platform's success here serves as a blueprint for replication in larger markets.

![](pg126-150_014.jpg)

**United Kingdom:** The UK home insurance market shows high product penetration<sup>19</sup> but suffers from customer fatigue due to policy complexity and inconsistent claims experiences<sup>20</sup>. By embedding curated insurance options within the onboarding and bill management workflows, the platform delivers simplicity, speed, and better alignment with customer needs. This approach can drive incremental revenue while maintaining low acquisition cost through digital automation.

**United States:** With a fragmented insurance landscape and a rise in direct-to-consumer models, the US market is ripe for disruption<sup>21</sup>. Renters in particular remain underserved — creating a clear opportunity to offer bundled insurance options at the point of utility or broadband activation.<sup>22</sup> Our unified service experience positions it to introduce embedded insurance into the user journey, increasing wallet share and deepening engagement.

**Australia & New Zealand:** The Australia and New Zealand operation has secured exclusive distribution relationships with innovative underwriters, allowing the Company to offer unique insurance propositions within its tenancy and property ecosystem. These offers are built into real estate and finance partner journeys, with referral flows built directly into CRMs and lease platforms. The rollout of contents insurance, landlord protection, and home warranty products has already begun, delivering a new recurring revenue layer.

<sup>18</sup> U.S. Energy Information Administration. (n.d.). *Texas - State Energy Profile Overview*., from https://www.eia.gov/electricity/state/Texas/ and U.S. Energy Information Administration. (2024). *Electric Power Annual*, from https://www.eia.gov/electricity/annual/pdf/epa.pdf

<sup>19</sup> MarkWide Research. (n.d.). *UK Home Insurance Market*., from https://markwideresearch.com/uk-home-insurance-market.

<sup>20</sup> Financial Conduct Authority. (2025, July 22). *Home and travel claims handling arrangements: good practice and areas for improvement*. Retrieved from https://www.fca.org.uk/publications/good-and-poor-practice/home-travel-claims-handling-arrangement.

<sup>21</sup> William Blair Equity Research. (2025). *Insurance Distribution: Expanding Opportunities and Evolving Business Models*. Retrieved from https://www.williamblair.com/-/media/downloads/eqr/2025/williamblair-insurance-distribution-expanding-opportunities-and-evolving-business-models.pdf

<sup>22</sup> Assurant. (n.d.). *Renters Affinity Market Opportunity [Infographic]*. Retrieved August 27, 2025, from https://www.assurant.com/documents/assurant/multifamily-housing-docs/renters-affinity-market-opportunity-infographic.pdf

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**Strategic Alignment:** The integration of energy and home insurance within a single customer platform enhances both customer experience and business performance. These services are not only essential — they are expected. By embedding them into the property journey via CRM integrations, referral APIs, and AI-powered bill management tools, Connect Simple (as defined below) becomes the default hub for setting up and managing the home. As product verticals mature, cross-sell opportunities will further increase customer lifetime value and partner monetisation.

![](pg126-150_015.jpg)

By the end of 2023, North America's installed base of smart electricity meters had reached nearly 146 million units, with penetration surpassing 80%. Forecasts anticipate continued growth, with both installed units and penetration climbing towards the low- to mid-90s by the end of the decade.<sup>23</sup>

<sup>23</sup> Spencer Jones, J. (2024, June 11). *Smart meter penetration surpasses 80% in North America*. Smart Energy International. Retrieved from https://www.smart-energy.com/industry-sectors/smart-meters/smart-meter-penetration-surpasses-80-in-north-america.

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Projections indicate that the global smart meter market will grow from around 1.06 billion in 2023 to over 1.75 billion by 2030, driven by an approximate 6% CAGR.<sup>24</sup>

![](pg126-150_016.jpg)

These sectors present significant opportunities for growth, driven by recurring customer needs and the increasing demand for streamlined digital solutions. By embedding essential services into the customer journey — particularly during high-intent moments like moving — we provide meaningful value to both end users and strategic partners. With strong foundations already in place and scalable infrastructure, we are well-positioned to expand our impact, enhance customer retention, and increase the long-term value of every relationship we support.

**Unified Technology Stack**

**Single IP Spine:** All platforms leverage the same architecture for ingestion, insight generation, and automation — enabling speed to market across verticals

***Raptor 300, Inc.***

Raptor 300 Inc. ("Raptor")**,** established in 2015, holds the core intellectual property underpinning our Autonomous Aerial Robots (see "— Intellectual Property" below). For a detailed overview of these technologies and the market segments they serve, refer to "Diverse Range of Services and Products — Agriculture Technology Sector" below.

Raptor's customer base is primarily composed of enterprises within the agricultural industry. Raptor has secured binding long-term contracts for its AI/ML-powered robotic services totaling $35.93 million over a five-year term and has also executed non-binding Memoranda of Understanding ("MoUs") representing an additional **$**111.98 million in potential contract value. Raptor's operations are headquartered in Subiaco, Western Australia**.**

On July 26, 2022**,** Braiin acquired 100% of Raptor's outstanding equity, making it a wholly owned subsidiary of Braiin.

***Connect Simple Pty Ltd***

Connect Simple Pty Ltd ("connect Simple") was incorporated in Australia on December 01, 2023 having registered office in Melbourne, Victoria Australia. It has business operations in Australia, New Zealand, UK and the United States. Connect Simple is focused on simplifying residential service delivery and billing through an AI-powered, white-labelled platform. This platform serves as a digital infrastructure layer for utility connections, bill comparison, and ongoing household expense management, with applications across rental, ownership, and agency-managed properties.

<sup>24</sup> Krishnan, A. (2024, February 21). *Smart electricity meter market 2024: Global adoption landscape*. IoT Analytics. Retrieved August 27, 2025, from https://iot-analytics.com/smart-meter-adoption.

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***VIS Networks Private Limited***

VIS Networks Private Limited ("VIS Networks") was Incorporated on April 18, 2011, and headquartered in Bangalore, Karnataka, VIS **Networks** has evolved into a global provider of next-generation communication and CX technologies. The company operates through its subsidiaries across Singapore, Malaysia, the United Kingdom, Oman, and other jurisdictions, delivering enterprise-grade solutions to a diverse international client base.

VIS Networks is recognized as a trusted partner for organizations seeking to modernize and optimize their CX infrastructure. Its comprehensive offering spans unified communications**,** contact center solutions**,** video conferencing**,** and audio-visual systems**.** More recently, VIS has expanded into AI-powered CX innovation**,** including speech analytics**,** intelligent call routing**,** and machine learning — driven customer engagement tools**.**

With a strong focus on secure, scalable, and efficient platforms, VIS Networks supports clients across industries in building resilient and future-ready communication ecosystems.

***Vega Global Technologies Pty Limited***

Vega is a holding company formed in 2023 that will hold all of the outstanding equity interests of Nisus and Mirragin following the Direct Listing. Vega, through its subsidiaries, will be a technology company specializing in providing AI, and coding language services to farmers. Vega holds proprietary intellectual property in AI-enabled drone fleet management, predictive maintenance, autonomous navigation, and multispectral analytics. These capabilities are expected to generate incremental value when integrated into Nisus's and Mirragin's existing operations. See "Diverse Range of Services and Products — Agriculture Technology Sector" and "Diverse Range of Services and Products — Finance and Insurance Sectors" below for additional information on Vega's products and services. On September 12, 2023, Vega entered into a binding heads of agreement contract with Nisus Australia Pty Ltd and Nisus Payroll Pty Ltd (together, "Nisus"), pursuant to which Vega will acquire 100% of the shares of the Nisus.

which was terminated on September 2, 2025.

On September 5, 2025, Nisus and Vega entered into an Amended and Restated Share Sale Agreement pursuant to which Vega will acquire 100% of the shares of Nisus for an aggregate consideration of $6,160,000 (the "Nisus Agreement"). The consummation of the transactions contemplated by the Nisus Agreement are subject to customary closing conditions. The shares will also be subject to lock-up as described in the Nisus Agreement, dated as of September 5, 2025. The Nisus Agreement may be terminated on the later of October 30, 2025 or the listing of Braiin's securities on the Primary Exchange if the conditions precedent have not been satisfied or waived Upon the consummation of the Share Sale Agreement with Nisus, Nisus will be wholly owned by Vega.

On September 7, 2025, Braiin and Vega entered into a new binding heads of agreement contract (the "Vega Agreement"), which was subsequently amended on September 23, 2025, pursuant to which Braiin will acquire 100% of the shares of Vega for consideration of USD$82,606,096 of Braiin shares and AUD $3.55 million in cash consideration. The consummation of the transactions contemplated by the Vega Agreement are subject to customary closing conditions, including Braiin's successful admission to the Primary Exchange and effectiveness of a Registration Statement with the SEC. The Vega Agreement may be terminated on the later of October 30, 2025 or the listing of Braiin's securities on the Primary Exchange if the conditions precedent have not been satisfied or waived.

Upon the consummation of the binding heads of agreement contract with Nisus, Nisus will be wholly owned by Vega. Nisus is a specialist technology provider focused on delivering advanced data science**,** cybersecurity**,** and secure communication solutions to Australian government agencies, defense, emergency services, and enterprise clients. With a strong track record in supporting public sector digital transformation, Nisus designs and implements mission-critical systems that protect sensitive information and enable informed decision-making.

In addition to its cybersecurity and analytics capabilities, Nisus supplies a comprehensive range of secure hardware and mobility solutions that enhance communication and operational readiness across high-security environments. Its client base spans government departments, agriculture, defense, emergency services, large enterprises**, and** mobile network carriers**,** as well as small to medium-sized businesses.

Headquartered in Australia, Nisus plays a key role in strengthening national digital resilience through its expertise in data governance, threat intelligence, and secure infrastructure. See "Diverse Range of Services and Products — Customer Experience and Employee Experience Sector" below for additional information related to Nisus's products and services. Nisus's facilities are located in Canberra, Australia.

On September 5, 2025, Vega entered into the binding Fifth Amended and Restated Heads of Agreement by and between Vega and Mirragin, pursuant to which Vega will acquire 100% of the shares of Mirragin and on September 3, 2025, Vega entered into the Fourth Amended and Restated Heads of Agreement with Mirragin Project Isidore, ("Isidore") pursuant to which Vega will acquire 100% of the shares of Isidore for an aggregate consideration of AUD $7 million (together, the "Mirragin Agreement"). The consummation of the transactions contemplated by the Mirragin Agreement are subject to customary closing conditions, including Braiin's successful admission to the Primary Exchange and effectiveness of a Registration Statement with the SEC. The Mirragin Agreement may be terminated on the later of October 30, 2025 or the listing of Braiin's securities on the Primary Exchange if the conditions precedent have not been satisfied or waived. The shares issued to Isidore and Mirragin, the terms of which, are disclosed in the Mirragin Agreement.

Upon the consummation of the Mirragin Agreement, Mirragin will be wholly-owned by Vega. Mirragin was established in Australia, on April 01, 2011, and operates under a business license issued by Australian Securities Exchange. The registered address of the Company is QLD, 4074 Australia. Mirragin is a specialist Australian consulting and technology firm focused on the deployment of high-end aerial robotics**,** autonomous systems**, and** AI/ML-driven solutions for mission-critical applications. With deep expertise in agriculture, defence, emergency response, and industrial operations, Mirragin helps organizations design and implement advanced autonomous technologies that reduce operational risk, lower costs, and enhance decision-making capabilities.

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The company is a recognized leader in the integration of drone-based systems with artificial intelligence and machine learning for use cases such as real-time surveillance**,** precision logistics, and situational awareness. Mirragin's multidisciplinary team supports both government and enterprise clients in accelerating the adoption of robotics programs through end-to-end support — from concept development to deployment.

Mirragin's solutions are built to operate in complex, high-stakes environments, making it a key partner in Australia's push for innovation in defence tech, aviation, and critical infrastructure resilience.

***Our Anticipated Structure***

![](vis_005.jpg)

**Diverse Range of Services and Products**

Our proprietary technology is currently being used in various sectors, including agriculture, CXaaS, and PropTech. We believe that our technology has the potential to span a variety of industries and sectors to increase efficiency and provide user-friendly solutions for our customers.

**Environmental Impact**

In recent years, there has been an increased global focus on environmental consciousness, digital efficiency, and sustainability. At Braiin, we believe our integrated AI-driven platforms across Agriculture, CXaaS, and PropTech are aligned with these broader sustainability goals.

**AgTech Solutions:**

Our AgTech platforms are designed to promote precision farming practices through the use of autonomous aerial robots, AI/ML analytics, and IoT integration. These technologies help reduce chemical usage, optimize water consumption, and minimize environmental degradation. Features such as multispectral imaging, real-time weather-based recommendations, and ERP integration ensure efficient use of pesticides and fertilizers, resulting in increased crop yields and reduced environmental footprint. Our blockchain-enabled transparency mechanisms also allow consumers to verify the sustainability and origin of their food, enabling ethical choices and promoting traceability in the global food chain.

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**CXaaS Platform:**

Our CXaaS division leverages AI to improve customer and employee experience while minimizing energy and resource waste through process automation. By integrating cloud-native contact centers, AI-driven analytics, and automated digital assistants, our systems reduce the carbon footprint associated with traditional legacy infrastructure and physical service centers. These platforms offer real-time insights that enable businesses to streamline operations, reduce customer service cycles, and eliminate redundancies — thus optimizing digital resource consumption. Furthermore, our Smart Hub product minimizes documentation waste by creating a centralized digital knowledge base accessible on demand, removing the need for printed manuals, long training sessions, or repetitive customer inquiries.

**PropTech Platform:**

Our AI-enabled Property Technology platform streamlines residential utility connections, energy switching, and bill management through an intelligent digital interface. This solution not only promotes operational efficiency for property managers and tenants but also supports environmental goals by enabling users to select greener energy providers and monitor household energy consumption in real time. The platform's AI-powered OCR engine ensures accurate utility comparisons, helping customers transition to more sustainable and cost-effective service options. By integrating into tenancy applications and CRM workflows, we reduce administrative overhead and help homes become more energy-aware and carbon-efficient. Additionally, embedded smart home integrations — such as intelligent thermostats, security, and connected devices — empower users to reduce waste and energy use without compromising convenience.

**Cross-Sector Strategy:**

Across all three verticals, Braiin's unified approach combines AI/ML, real-time data processing, and automation to address pressing environmental challenges. Whether through reducing chemical runoff in farming, streamlining digital communication in enterprises, or helping households choose eco-friendly utility options, our goal is to drive sustainability and long-term impact. Our platforms are not only revenue-generating — they are impact-focused, and designed to promote smarter decisions at every level of the value chain.

As environmental regulations continue to evolve, we are committed to remaining ahead of the curve — ensuring that our solutions help clients meet their environmental, social and governance ("ESG") goals, while contributing to a more sustainable, transparent, and resilient global ecosystem.

**Competition**

We operate at the intersection of artificial intelligence and industry-specific verticals — AgTech, CxaaS, and PropTech — each of which is characterized by rapid innovation, evolving customer demands, and increasing investment in digital transformation.

In the AgTech sector, we face competition from both established players and emerging startups that are leveraging AI, ML, IoT, and drone-based technologies to deliver precision agriculture solutions. Competitors in this space are continuously developing proprietary platforms to improve crop yields, optimize inputs, and provide predictive insights — many of which are adjacent to or overlap with our current offerings.

In the CxaaS space, we compete with companies offering AI-based customer service, voice intelligence, and personalized engagement solutions. This is a fast-evolving vertical, with traditional CRM and contact center platforms integrating AI features and newer entrants offering focused, verticalized AI customer solutions.

In PropTech, we expect to face competition from startups and established software as a service ("SaaS") companies deploying AI to improve asset management, rental automation, predictive maintenance, and tenant engagement.

As a general AI technology company operating across multiple verticals, we anticipate increasing competition from a diverse range of players — ranging from large incumbents expanding their feature sets to domain-specific startups bringing focused innovations. Many of these competitors dedicate substantial resources to research and development and have established customer bases, brand recognition, and deeper capital reserves. To maintain our competitive advantage, we continue to invest in proprietary technology, deep vertical expertise, and differentiated platform capabilities tailored to the unique needs of each industry we serve.

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**Competitive Strengths**

We believe that we have five main competitive strengths that set us apart from the current market:

● Technological Integration: Our integration of advanced technologies from Raptor, Connect Simple and Vega, including our Autonomous Aerial Robots, AI/ML, IoT, and ERP, allows us to deliver end-to-end solutions that cater to diverse industry needs.

● Proven Track Record: We have a successful history of conducting trials and forming partnerships with industry leaders, demonstrating our capability to execute projects and deliver positive outcomes.

● Intellectual Property: We hold essential patents and regulatory certifications, providing a barrier to entry for potential competitors and enhancing our credibility as an industry leader.

● Experienced Leadership: Our management team is comprised of experienced professionals with deep expertise in technology, data science, and investment in emerging markets.

● Collaborative Culture: Our multidisciplinary team fosters a culture of collaboration, creativity, and continuous improvement, allowing us to develop innovative solutions for complex challenges.

**Growth Strategy**

Our growth strategy encompasses:

● Continuous Innovation: We invest in research and development in key areas such as AI/ML, robotics, and software to remain at the forefront of technological advancements.

● Geographical Expansion: We are expanding into new sectors, countries, and markets, with a focus on developed markets like USA, UK, Australia and New Zealand and emerging markets like India, UAE and Sri Lanka.

● Cross-Selling: We leverage synergies between divisions to offer comprehensive and integrated solutions to our clients.

● Targeted Sales Approach: We identify potential customers' pain points and challenges and develop tailored solutions to meet their specific needs.

● Strategic Acquisitions and Investments: We seek partnerships and collaborations with complementary technology companies to access new markets, expand our customer base, and enhance our capabilities.

With these strategies, we aim to strengthen its market presence, capture new opportunities, and deliver sustainable growth in the technology industry. We remain committed to delivering value to clients and shareholders while driving innovation and achieving long-term success.

**Research and Development Policies**

Over the past three years, Braiin has maintained a strong commitment to innovation through continued investment in research and development activities across its core verticals: AgTech, CXaaS, and PropTech, which will be strengthened by the acquisition of Connect Simple. Mirragin, Nisus Australia and Nisus Payroll and VIS Networks. Our research and development initiatives have focused on the development and enhancement of proprietary technologies including autonomous aerial robotics, AI/ML-driven analytics platforms, voice and speech recognition engines, and ERP and utility-switching platforms. These efforts have supported the advancement of our autonomous agricultural drones, AI-powered call center solutions, and intelligent tenant service automation tools.

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Our research and development policies emphasize internal capability building, strategic collaborations with external domain experts, and iterative development informed by customer feedback and pilot deployments. We have prioritized agile methodologies and cross-functional innovation sprints to rapidly bring enhancements to market while maintaining product reliability and regulatory compliance.

**Intellectual Property**

**Overview**

We own certain intellectual property rights that we use in connection with our business.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OWNER OF <br> INTELLECTUAL <br> PROPERTY** | **JURISDICTION** | **SERIAL AND APPLICATION <br> NUMBER/TITLE** | **SERIAL AND APPLICATION <br> NUMBER/TITLE** | **STATUS** | **EXPIRATION <br> DATE** |
| Raptor 300 | USA | ● | Unmanned Aerial System Autonomous Tank Refilling | Pending |  |
|  |  | ● | Application #63/829,259 |  |  |
| Raptor 300 | USA | ● | Unmanned Aerial System Vectorized Spraying System | Pending |  |
|  |  | ● | Application #63/830,023 |  |  |
| Flamingo AI (1) | USA | ● ● | Semi-supervised question answering machine<br>Application #16/119,400<br> Patent number #10650818 | Granted <br> May 12, <br> 2020 | November 12, <br> 2027 |
| <br>With the signing of a binding term sheet to acquire Connect Simple Pty Ltd, we expect to acquire the proprietary intellectual property it owns upon Braiin's admission to the Primary Exchange. | <br>With the signing of a binding term sheet to acquire Connect Simple Pty Ltd, we expect to acquire the proprietary intellectual property it owns upon Braiin's admission to the Primary Exchange. | <br>With the signing of a binding term sheet to acquire Connect Simple Pty Ltd, we expect to acquire the proprietary intellectual property it owns upon Braiin's admission to the Primary Exchange. | <br>With the signing of a binding term sheet to acquire Connect Simple Pty Ltd, we expect to acquire the proprietary intellectual property it owns upon Braiin's admission to the Primary Exchange. | <br>With the signing of a binding term sheet to acquire Connect Simple Pty Ltd, we expect to acquire the proprietary intellectual property it owns upon Braiin's admission to the Primary Exchange. | <br>With the signing of a binding term sheet to acquire Connect Simple Pty Ltd, we expect to acquire the proprietary intellectual property it owns upon Braiin's admission to the Primary Exchange. |
| Connect Simple | USA | ●  ●  | Energy Comparison IP Framework<br>Application # 1-14951669111 | Pending |  |
| Connect Simple | USA | ● ●  | Connect Easy Information Technology Infrastructure<br>Application #1-14952069191 | Pending |  |
| Connect Simple | USA | ● ●  | Proptech Integration IP Framework<br>Application #: 1-14952018321 | Pending |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Mr.
 Balasubramanian and Mr. McVean were owners of this patent through Flamingo AI prior to incorporation
 of Braiin and sold 100 percent of the rights to the patent to Braiin on October 31, 2022 for
 $1.

**Government Regulation**

***Overview***

Our business operations and product offerings span multiple jurisdictions and are subject to an evolving landscape of international, federal, and local laws and regulations. These regulatory requirements affect not only our autonomous aerial robotics activities, but also our AI-powered customer experience platforms and property technology services.

**Rapidly Evolving Drone and Aviation Regulations**

Our AgTech division relies on the operation of fully autonomous aerial robots, which are subject to stringent and evolving aviation regulations in each jurisdiction where we operate. Regulatory authorities may impose restrictions or additional licensing requirements relating to drone flight paths, chemical spraying, remote operations, airspace access, or safety standards. Failure to comply with these regulations, or delays in receiving appropriate certifications, could adversely impact our ability to deploy or scale our UAV-based offerings. Inconsistent rules across jurisdictions may further complicate international expansion of our aerial robotics services.

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**Compliance with Data Privacy and AI Governance Frameworks**

Our CXaaS and PropTech platforms collect and process significant volumes of personal and behavioral data, which subjects us to an array of data privacy and protection laws including the General Data Protection Regulation ("GDPR") in the EU, the California Consumer Privacy Act ("CCPA") in the U.S., and equivalent laws in Australia, India, and the United Kingdom. These laws regulate data collection, storage, transfer, and use, and impose significant obligations on data controllers and processors. Additionally, emerging frameworks surrounding AI governance, such as the EU AI Act, may impose transparency, explainability, and fairness requirements on machine learning systems embedded in our platforms. Non-compliance could result in fines, enforcement actions, or reputational harm.

**Regulatory Complexity in Property Technology and Embedded Services**

Our PropTech offerings involve integration with third-party utilities, insurers, and financial service providers to enable utility switching, embedded finance, and digital billing. These operations are subject to licensing, consumer protection, anti-money laundering, and financial services regulations in multiple regions. For example, the provision of comparison and switching services in the energy and insurance markets may require specific licenses, adherence to advertising standards, and mandated disclosures. In addition, partnerships with digital wallet providers and embedded payment infrastructure must comply with payment processing regulations and cybersecurity standards. Regulatory changes, investigations, or restrictions in any of these domains could impair our product delivery or monetization strategies.

**Cross-Border and Industry-Specific Regulatory Risks**

Given the global nature of our operations, we are subject to diverse compliance regimes across jurisdictions where we deliver services, including laws governing:

● Taxation and transfer pricing;

● Consumer protection and advertising;

● Telecommunications and electronic communications;

● E-commerce and online contracting;

● Environmental regulation related to electronic devices and UAV operations; and

● Workplace safety and labor laws, particularly for UAV field deployments.

Certain jurisdictions may also impose restrictions on cross-border data flows, foreign ownership of technology providers, or classify certain drone or AI systems as dual-use or export-controlled technologies.

Operational and Financial Impact of Regulatory Non-Compliance

Failure to maintain compliance with applicable laws and regulations may lead to fines, audits, license revocation, business suspension, or civil and criminal penalties. Moreover, the cost of ongoing compliance — including legal fees, internal controls, cybersecurity, and policy development — could increase as regulatory scrutiny intensifies globally. If we are required to significantly change our business practices or technologies to meet evolving legal requirements, we may experience operational delays, increased costs, or lost business opportunities.

We proactively monitor regulatory developments and engage in internal compliance reviews to minimize these risks. However, given the pace and complexity of global regulatory change, there is no assurance that we will always be in full compliance, or that new laws will not adversely affect our ability to operate or expand.

**Environmental**

We are subject to various federal, state, local and non-U.S. laws and regulations relating to environmental protection, including the discharge, treatment, storage, disposal and remediation of hazardous substances and wastes. We could also be affected by future laws and regulations relating to climate change, including laws related to greenhouse gas emissions, chemical use, and regulating energy efficiency. These laws and regulations could lead to increased environmental compliance expenditures, increased energy and raw materials costs and new and/or additional investment

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in designs and technologies. We continually assess our compliance status and management of environmental matters to ensure our operations are in compliance with all applicable environmental laws and regulations. Investigation, remediation and operation and maintenance costs associated with environmental compliance and management of sites are a normal, recurring part of our operations. While environmental protection regulations have not had a significant adverse effect on our overall operations, it is possible that costs incurred to ensure continued environmental compliance in the future could have a material impact on our results of operations, financial condition or cash flows if additional work requirements or more stringent clean-up standards are imposed by regulators, new areas of soil, air and groundwater contamination are discovered and/or expansion of work scope are prompted as a result of investigations.

**Manufacturing**

We assemble our Autonomous Aerial Robots at our facilities in Sri Lanka or, in certain cases, purchase off-the-shelf drones, that we optimize for our customers' purposes. All parts of our Autonomous Aerial Robots are manufactured by third parties.

**Employees and Human Capital**

As of June 30, 2025, the Company has 2 employees and 21 consultants. Our human capital objectives include identifying, recruiting, retaining, incentivizing, and integrating both our existing and additional employees to drive our company's success.

**Facilities**

Our corporate headquarters are located in Subiaco, Western Australia. We believe that our existing facilities are adequate for our near-term needs but expect to need additional space as we grow. We believe that suitable additional or alternative space would be available as required in the future on commercially reasonable terms.

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**MANAGEMENT**

**Executive Officers**

The following table sets forth certain information, as of the date of this prospectus, concerning our executive officers:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Natraj Balasubramanian | 54 | Chief Executive Officer, Director |
| Jay Stephenson | 59 | Chief Financial Officer, Director |
| Chetan V Saligrama | 45 | President and COO, Director |
| Rohit Jhamb | 60 | Chief Business Officer, Director |
| Samir Pandey | 43 | Chief Strategy Officer |

---

***Natraj Balasubramanian, Chief Executive Officer and Director***

Mr. Balasubramanian serves as the Chief Executive Officer of Braiin Limited, a position he has held since 2022. Prior to this role, he served as the Chief Executive Officer of Raptor300 from its founding in 2015 until its acquisition by Braiin in 2022. Since 2021, Mr. Balasubramanian has also served as a director of Flamingo AI, an artificial intelligence company focused on enterprise solutions. Before founding Raptor300, Mr. Balasubramanian was the Founder and Chief Executive Officer of Clerysys Inc., a leading SaaS and IT solutions provider headquartered in the United States, with operations across India, the Philippines, Thailand, and Vietnam. Under his leadership from 2005 to 2012, Clerysys grew into a globally recognized enterprise technology firm, which he successfully exited in 2012. He has also held leadership and advisory roles in various early-stage ventures focused on developing disruptive technologies and creating new market categories. Mr. Balasubramanian holds an MBA from Symbiosis Institute of Management Studies in Pune, India, and completed Harvard Business School's Advanced Management Program. He is qualified to serve on Braiin's Board of Directors due to his extensive executive leadership experience and deep expertise in building and scaling technology enterprises.

***Jay Stephenson, Chief Financial Officer***

Mr. Stephenson serves as Braiin's Chief Financial Officer, a role he has held since July 2022. Mr. Stephenson has also served as the founder and director of Brainhealth Products since January 2019. Mr. Stephenson has also served as owner and director of Forest House Accountants and Advisors since September 2016, as Chief Financial Officer of Evolution Energy Minerals Limited from March 2024 to April 2025, as director of Wolfstar Group Corporate Advisory from August 2002 to September 2016, as a non-executive director of Traka Resources Limited, Exploration Company since July 2024, as a non-executive director of Stonehorse Energy Limited from July 2011 to June 2025, as a non-executive director of Dragon Mountain Gold, Exploration Company from February 2011 to June 2025, as a non-executive director of Strategic Minerals Corp NL, Advanced Gold Exploration Company from August 2009 to March 2021 and as a director of Fiji Kava Limited from December 2018 to August 2020. Mr. Stephenson holds a Master of Business Administration, is a Chartered Accountant, Fellow of Certified Practicing Accountants Australia, A Fellow of the Governance Institute of Australia, a member of the Australian Institute of Company Directors, a member of Chartered Professional Accountants and Certified Management Accountants in Canada.

***Chetan V Saligrama, President, COO and Director***

Mr. Saligrama has served as the President, Chief Operating Officer and a director of Braiin since July 2025. He also has served as the Chief Executive Officer of Compare & Connect since its inception in October 2014, one of Australia's leading platforms for bill management and utility connection services. Under his leadership, the companies completed several strategic acquisitions and entered into joint ventures — including one with Australia's largest real estate and brokerage group — and expanded operations into New Zealand. Mr. Saligrama also led a strong push into integrating PropTech CRM platforms across the property sector in Australia. His focus on data-driven decision-making and automation positioned Compare & Connect ahead of its competitors, delivering both operational efficiency and market leadership.

A technologist at heart, Mr. Saligrama holds a Bachelor's degree in Instrumentation and Electronics Engineering from BMS College of Engineering, Bengaluru (2001) and a Master's in Electronics from RMIT University, Melbourne (2002 – 2004). Mr. Saligrama was selected to serve as a director due to his deep expertise in fund raising & building and scaling technology enterprises.

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***Rohit Jhamb, Chief Business Officer and Director***

Mr. Rohit Jhamb has served as our Chief Business Officer and a director since July 2025. He also has served as senior commander of Air India since January 2023 as served as joint general manager of Air India from January 2020 to January 2023. He has been working in the aviation industry for over three decades. Throughout his career he has focused on driving technology and innovation. For the past 3 years his primary focus has been unmanned aerial system integration into the commercial market. His operational experience from managing 100 plus employees in Air India, aeronautical integration platforms and unmanned aerial system operations is a key component to our large scale operations. Rohit is very passionate about helping farmers in India increase their produce and make a decent living. This lead him to be involved in all stages of farming thereby giving him in depth first hand experience of crop management in various crops, which he leverages in his aerial driven approach to agricultural management. Rohit is an accomplished pilot and UAS enthusiast. He has currently logged over 10,000 hours of commercial flying and UAS operations domestically and internationally. Mr. Jhamb was selected to serve as a director due to his expertise in the unmanned aerial system and the agricultural industry.

***Samir Pandey, Chief Strategy Officer***

Samir Pandey is a seasoned finance professional with over 17 years of experience spanning corporate finance, entrepreneurship, M&A, and strategic advisory. An Oxford MBA, Mr. Pandey has successfully navigated both the buy side and sell side of the investment landscape — working across corporate strategy, deal origination, private equity fundraising, structured finance, and end-to-end M&A execution. During his entrepreneurial journey, he scaled his frozen desserts company from USD 1 million to USD 8 million in revenue within three years and successfully exited to Cure Foods — India's second-largest food tech company and a soonicorn — in what was widely regarded as the largest M&A deal in the segment during the COVID era. Over the course of his career, he has executed transactions exceeding $1.25B, including several marquee deals above $175M. His expertise spans a broad range of transaction types, from private equity investments and exits to strategic acquisitions and complex debt raises. Mr. Pandey was selected to serve as a director due to his strong relationships with mid to large corporates, family-owned businesses, and private equity investors across sectors, making him a valuable connector within the investment ecosystem.

**Board of Directors**

***Composition***

The Board will consist of five directors namely Natraj Balasubramanian, Chetan Saligrama, Usha Murphy, Ragur Kuppuswamy Padmanabhan, Stephen Christopher Buehler. Of these initial five directors, three will be independent. The current directors are Mr. Balasubramanian, Mr. Stephenson, Mr. Saligrama and Mr. Jhamb and each of their terms will expire at the annual general meeting of shareholders to be held in 2026.

***Director Independence***

Three directors namely Usha Murphy, Ragur Kuppuswamy Padmanabhan, and Stephen Christopher Buehler are "independent directors" as defined in the applicable rules of the Primary Exchange. Pursuant to applicable rules, an independent director is one who has no direct or indirect relationship with the Company that could, in the view of the board of directors, be reasonably expected to interfere with a director's independent judgment.

***Board Committees***

The Board will have an audit committee and a compensation committee, described below. As a foreign private issuer, under the listing requirements and rules of the Primary Exchange, we are not required to have independent directors on our board of directors, except that our audit committee is required to consist fully of independent directors, subject to certain phase-in schedules.

***Audit Committee***

The audit committee will consist of Usha Murphy, Ragur Kuppuswamy Padmanabhan and Stephen Christopher Buehler. Stephen Christopher Buehler will be the chairperson of the audit committee. Braiin has determined that satisfies the criteria of an audit committee financial expert as set forth under the applicable rules of the SEC. Each of and satisfies the requirements for an "independent director" within the meaning of the listing rules of the Primary Exchange and the criteria for independence set forth in Rule 10A-3 of the Exchange Act.

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The audit committee will oversee the Company's accounting and financial reporting processes. The audit committee will be responsible for, among other things:

● overseeing the relationship with the Company's independent auditors, including:

● appointing, retaining and determining the compensation of the Company's independent auditors;

● approving auditing and pre-approving non-auditing services permitted to be performed by the independent auditors;

● discussing with the independent auditors the overall scope and plans for their audits and other financial reviews;

● reviewing a least annually the qualifications, performance and independence of the independent auditors;

● reviewing reports from the independent auditors regarding all critical accounting policies and practices to be used by the Company and all other material written communications between the independent auditors and management; and

● reviewing and resolving any disagreements between management and the independent auditors regarding financial controls or financial reporting;

● overseeing the internal audit function, including conducting an annual appraisal of the internal audit function, reviewing and discussing with management the appointment of the head of internal audit, at least quarterly meetings between the chairperson of the audit committee and the head of internal audit, reviewing any significant issues raised in reports to management by internal audit and ensuring that there are no unjustified restrictions or limitations on the internal audit function and that it has sufficient resources;

● reviewing and recommending all related party transactions to the Board for approval, and reviewing and approving all changes to the Company's related party transactions policy;

● reviewing and discussing with management the annual audited financial statements and the design, implementation, adequacy and effectiveness of the Company's internal controls;

● overseeing risks and exposure associated with financial matters; and

● establishing and overseeing procedures for the receipt, retention and treatment of complaints received from employees regarding accounting, internal accounting controls or audit matters and the confidential, anonymous submission by employees of concerns regarding questionable accounting, auditing and internal control matters.

The Board intends to establish a compensation committee. It is expected that the compensation committee will consist of and with serving as the chairperson of the compensation committee. The compensation committee will have a written charter and will oversee compensation of the Company's executive officers and directors. The compensation committee will assist the board in determining its responsibilities in relation to remuneration, including making recommendations to the board on the Company's policy on executive compensation, determining the individual remuneration and benefits package of each of the executive directors, and recommending and monitoring the remuneration of senior management below board level, as the board so directs.

***Indemnification of Directors and Officers***

Braiin intends to enter into similar indemnification agreements with each of its directors and certain officers.

**Corporate Governance Practices**

The Company is a "foreign private issuer," as such term is defined in Rule 405 under the Securities Act. As a foreign private issuer we will be permitted to comply with corporate governance practices of the law of Australia (collectively, "Home Country Practice") instead of certain corporate governance rules of the Primar Exchange, provided that we disclose which requirements we will not follow and the equivalent Home Country Practice that we will comply with instead.

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We intend to rely on this "foreign private issuer exemption" in lieu of certain of the rules of the Primary Exchange, provided that we nevertheless comply with certain rules of the Primary Exchange. We intend to comply with the Primary Exchange's corporate governance rules applicable to foreign private issuers, which means that we are permitted to follow certain corporate governance rules that conform to Australian requirements in lieu of many of the Primary Exchange corporate governance rules. Accordingly, our shareholders will not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of the Primary Exchange. We may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

Because the Company is a foreign private issuer, its directors and senior management are not subject to short-swing profit and insider trading reporting obligations under Section 16 of the Exchange Act. They will, however, be subject to the obligations to report changes in share ownership under Section 13 of the Exchange Act and related SEC rules.

**Family Relationships**

There are no family relationships among any of Braiin's executive officers or directors.

**Code of Business Conduct and Ethics**

The Company will adopt a Code of Business Conduct and Ethics (the "Code of Conduct"), applicable to all of its directors, officers and employees. The Code of Conduct will set out the Company's fundamental values and standards of behavior that are expected from the Company's directors, officers and employees with respect to all aspects of the Company's business. The objective of the Code of Conduct will be to provide guidelines for maintaining the Company's integrity, reputation and honesty with a goal of honoring others' trust in the Company at all times. The Code of Conduct will set out guidance with respect to conflicts of interest, protection and proper use of corporate assets and opportunities, confidentiality of corporate information, fair dealing with third parties, compliance with laws and reporting of any illegal or unethical behavior.

The audit committee is responsible for reviewing and evaluating the Code of Conduct periodically and will recommend any necessary or appropriate changes thereto to the board of directors for consideration. The audit committee will also assist the Board with the monitoring of compliance with the Code of Conduct, and will be responsible for considering any waivers of the Code of Conduct (other than waivers applicable to the Company's directors or executive officers, which shall be subject to review by the board of directors as a whole).

A copy of the Code of Conduct will be available on the Company's website.

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**Related Party Transactions**

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Related Party Transactions** 

In accordance with IAS 24 – "Related Party Disclosures", the company has identified the following related party transactions during the reporting period:

**Amounts Due from Related Parties**

As of the reporting date, the following balance was outstanding and receivable from related parties:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Related parties** | **Relationship** | **Nature of Transaction** | **As at June 30, 2025** | **As at June 30, 2024** |
|  |  |  | **USD** | **USD** |
| **Due From related party** |  |  |  |  |
| Arun Saligrama | Shareholder | Loan Receivable |  | **18178** |
| Sneha Krishnaswamy | Shareholder | Loan Receivable |  | 18178 |
|  |  |  |  | **36356** |
| **Due to related party** |  |  |  |  |
| Arun Saligrama | Shareholder | Loan Payable | **17884** |  |
| Sneha Krishnaswamy | Shareholder | Loan Payable | **17884** |  |
|  |  |  | **35768** |  |

---

According to IAS 24, as of June 30, 2024, there were amounts due from related parties (Arun Saligrama and Sneha Krishnaswamy) totaling $36,356 for loans received.

However, as of June 30, 2025, the amounts due from related parties are zero. This suggests that the loans have been repaid. If, as you mentioned, there's now an "excess pay" and it has become "Due to related party," this would mean that the company has either repaid more than it owed or received new loans from the related parties, making the company the debtor. This would typically be reflected as a liability on the balance sheet and disclosed in the related party note.

**Loans to related parties**

The Group has provided loans to Sutton Family Trust which wholly owns the Group, Defining Films and RELMS Business Services Pty Ltd which are also owned by the Shareholder. These transactions have been carried out on normal commercial terms and conditions and at market rates. Details of these loans are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Amount** | **Repayment Period** | **Interest Rate** |
| Loan - Sutton Family Trust - 2025 | 36577 | On demand | 8.77% |
| Loan - RELMS Business Services Pty Ltd | 21615 | On demand | 8.77% |
| Loan - Defining Films | 973 | On demand | 8.77% |

---

**Nature of Relationship**

Sutton Family Trust is considered a related party as it wholly owns the Company. The transactions have been made under terms that are equivalent to those that prevail in arm's length transactions. Defining Films and RELMS Business Services Pty Ltd are also owned by the Sole Shareholder/Managing Director.

**Outstanding Balances**

---

| | | |
|:---|:---|:---|
|  | **As at** <br> **June 30, 2025**  | As at <br> June 30, 2024 |
|  | **USD** | USD |
| As of the reporting date, the following balances were outstanding: |  |  |
| Loan - Sutton Family Trust – 2025 | **51621** |  |
| Loan - Defining Films | **973** |  |
| Loan - RELMS Business Services Pty Ltd | **21615** |  |

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**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**Transactions with Key Management Personnel**

---

| | | | |
|:---|:---|:---|:---|
| **Related Party** | **Description** | **For the year ended** <br> **June 30, 2025**  | For the year ended <br> June 30, 2024 |
|  |  | **USD** | USD |
| Robert Sutton | Salary | 157465 | 119941 |
| Laura Sutton | Salary | 16752 | 63405 |
| Robert Sutton | Loan |  | 2764 |

---

**Key Management Personnel Compensation**

Total compensation paid to key management personnel during the year is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Component** | **For the year ended** <br> **June 30, 2025**  | **For the year ended** <br> **June 30, 2025**  | For the year ended <br> June 30, 2024 | For the year ended <br> June 30, 2024 |
|  | **USD** | **USD** | USD | USD |
| Salary |  | 174217 |  | 183346 |

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&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Related Party Transactions** 

Nisus Australia Pty Ltd and Nisus Payroll Pty Ltd are entities under common control, wholly owned by the same shareholder. Nisus Payroll Pty Ltd was established to manage employment services and payroll processing for Nisus Australia Pty Ltd. Under this arrangement, Nisus Payroll Pty Ltd serves as the employer of record for all personnel—including employees and contractors—who are engaged to fulfil customer contracts on behalf of Nisus Australia Pty Ltd. Accordingly, all employment-related payments, including salaries, wages, and contractor fees, are administered through Nisus Payroll Pty Ltd.

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| | | | |
|:---|:---|:---|:---|
| **Related parties** | **Relationship** | **As at** <br> **June 30, 2025**  | As at <br> June 30, 2024 |
|  |  | **AUD** | AUD |
| **Cost of sales** |  |  |  |
| **Nisus Payroll Pty Ltd** | Entity under common control | **11876908** | 10774956 |
| **Payables** |  |  |  |
| Nisus Payroll Pty Limited | Entity under common control | **1310587** | 1505785 |
| Related party transactions were made on normal commercial terms and conditions. Outstanding balances are unsecured, interest-free, and repayable on demand, and no guarantees have been given or received in respect of these balances. | Related party transactions were made on normal commercial terms and conditions. Outstanding balances are unsecured, interest-free, and repayable on demand, and no guarantees have been given or received in respect of these balances. | Related party transactions were made on normal commercial terms and conditions. Outstanding balances are unsecured, interest-free, and repayable on demand, and no guarantees have been given or received in respect of these balances. | Related party transactions were made on normal commercial terms and conditions. Outstanding balances are unsecured, interest-free, and repayable on demand, and no guarantees have been given or received in respect of these balances. |
| **Key Management Personnel Compensation** |  |  |  |
| Short-term employee benefits | CEO | **6364** | 7549 |
| During the year, the Company incurred expenses of AUD 6,364 on behalf of the Chief Executive Officer (CEO). These transactions have been disclosed as related party transactions in accordance with the requirements of the applicable accounting standards. | During the year, the Company incurred expenses of AUD 6,364 on behalf of the Chief Executive Officer (CEO). These transactions have been disclosed as related party transactions in accordance with the requirements of the applicable accounting standards. | During the year, the Company incurred expenses of AUD 6,364 on behalf of the Chief Executive Officer (CEO). These transactions have been disclosed as related party transactions in accordance with the requirements of the applicable accounting standards. | During the year, the Company incurred expenses of AUD 6,364 on behalf of the Chief Executive Officer (CEO). These transactions have been disclosed as related party transactions in accordance with the requirements of the applicable accounting standards. |

---

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Related Party Transactions** 

Nisus Payroll Pty Ltd and Nisus Australia Pty Ltd are entity under common control, wholly owned by the same shareholders. Nisus Payroll Pty Ltd was incorporated to provide payroll and staffing services exclusively to Nisus Australia Pty Ltd. All revenues of Nisus Payroll are derived from providing contract-based employees to Nisus Australia. Further, these transactions are also occurred on arm length basis.

The Company considers these transactions to be related party transactions and has disclosed them in accordance with applicable accounting standards.

---

| | | | |
|:---|:---|:---|:---|
| **Related parties** | **Relationship** | **As at** <br> **June 30, 2025**  | As at <br> June 30, 2024 |
| **Revenue** |  | **AUD** | AUD |
| Nisus Australia Pty limited | Entity under common control | **11876908** | 10774956 |
| **Receivable** |  |  |  |
| Nisus Australia Pty Limited | Entity under common control | **1310587** | 1505785 |

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**Nisus Payroll Pty Ltd**

**Notes to the Financial Statements**

**For the year ended June 30, 2025**

Related party transactions were made on normal commercial terms and conditions. Outstanding balances are unsecured, interest-free, and repayable on demand, and no guarantees have been given or received in respect of these balances.

---

| | | | |
|:---|:---|:---|:---|
| **Key Management Personnel Compensation** |  | | |
| Short-term employee benefits | CEO's Son | **28,280** |  |

---

During the year, CEO's son was employed during the year and received wages of AUD 25,363, along with superannuation contributions at the rate of 11.5% (AUD 2,917). This transaction has been disclosed as related party transactions in accordance with the requirements of the applicable accounting standards.

In accordance with IAS 24 Related Party Disclosures, the Company has identified the following related party relationships and transactions:

**Key Management Personnel**

Natraj Balasubramanian serves as a director of the Company. As such, Natraj Balasubramanian is considered a related party.

**Transactions with Related Parties**

During the year ended 10 July 2023, the Company acquired intellectual property (IP) from Natraj Balasubramanian. Under a Heads of Agreement, Natraj Balasubramanian assigned 100% of the legal and beneficial ownership of the IP to the Company.

Consideration for the IP assignment was AUD 1 (inclusive of GST).

Legal title to the IP transferred on settlement, two business days after execution of the agreement.

The IP has been recognized in the Company's Statement of Financial Position as an intangible asset at cost (AUD 1)

No other transactions were undertaken with Natraj Balasubramanian in their capacity as a director.

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**EXECUTIVE AND DIRECTOR COMPENSATION**

**Executive Compensation**

For the fiscal year ended June 30, 2025, Braiin's Chief Financial Officer, Jay Stephenson, received AUD $90,000 per annum and Braiin's Chief Executive Officer, Natraj Balasubramanian received USD $283,243 per annum. Braiin did not pay any compensation or make any equity awards to any other executive officers.

Braiin intends to adopt an executive compensation program designed to align compensation with the Company's business objectives and the creation of shareholder value, while enabling the Company to attract, motivate, and retain individuals who contribute to the long-term success of the Company. This program will be administered by the compensation committee of the Board.

**Director Compensation**

For the fiscal year ended June 30, 2025, Braiin did not pay any compensation or make any equity awards in respect of directors' services in their capacity as directors. The amounts disclosed above relate solely to compensation paid for executive services performed by individuals who also hold directorships. As such, Braiin has omitted the 2025 Director Compensation Table and the corresponding narrative disclosure, as no separate director fees were paid.

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**CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS**

The following is a summary of transactions or series of transactions since inception, or currently proposed transactions or series of transactions, to which we were, or will be, a party, in which the amount involved exceeded, or will exceed, $120,000, and in which any of our directors, executive officers, or to our knowledge, beneficial owners of 5% or more of our capital stock, or any member of the immediate family of, or entities affiliated with, any of the foregoing persons, had, or will have, a direct or indirect material interest.

Jay Stephenson, the Chief Financial of Braiin, is a shareholder of Vega, which is being acquired by Braiin. Mr. Balasubramanian and Mr. Stephenson also both serve as directors of Vega.

Pursuant to a subscription agreement effective as of September 1, 2025, Chetan Saligrama subscribed for $3 million shares of the Company. Mr. Saligrama is the Company's President and Chief Operations Officer, as well as a director. The terms of the subscription were agreed upon prior to Mr. Saligrama's appointment as President, Chief Operations Officer and director.

***Related Person Transactions Policy Following the Direct Listing***

Upon consummation of the Direct Listing, it is anticipated that the Board will adopt a written Related Person Transactions Policy that sets forth Braiin's policies and procedures regarding the identification, review, consideration and oversight of "related person transactions." For purposes of Braiin's policy only, a "related person transaction" is a transaction, arrangement or relationship (or any series of similar transactions, arrangements or relationships) in which Braiin or any of its subsidiaries are participants involving an amount that exceeds $120,000, in which any "related person" has a material interest.

Transactions involving compensation for services provided to Braiin as an employee, consultant or director will not be considered related person transactions under this policy. A related person is any executive officer, director, nominee to become a director or a holder of more than 5% of any class of Braiin's voting securities, including any of their immediate family members and affiliates, including entities owned or controlled by such persons.

Under the policy, the related person in question or, in the case of transactions with a holder of more than 5% of any class of Braiin's voting securities, an officer with knowledge of a proposed transaction, must present information regarding the proposed related person transaction to Braiin's audit committee (or, where review by Braiin's audit committee would be inappropriate, to another independent body of the Braiin Board) for review. To identify related person transactions in advance, Braiin will rely on information supplied by Braiin's executive officers, directors and certain significant unitholders. In considering related person transactions, Braiin's audit committee will take into account the relevant available facts and circumstances, which may include, but are not limited to:

● the potential conflicts with the interests of Braiin;

● the risks, costs, and benefits to Braiin;

● the impact on a director's independence in the event the related person is a director, immediate family member of a director or an entity with which a director is affiliated;

● the terms of the transaction;

● the availability of other sources for comparable services or products; and

● the terms available to or from, as the case may be, unrelated third parties.

Braiin's audit committee will approve only those transactions that it determines are fair to us and in Braiin's best interests. All of the transactions described above were entered into prior to the adoption of such policy.

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**PRINCIPAL AND REGISTERED SHAREHOLDERS**

The following table sets forth certain information with respect to the beneficial ownership of our ordinary shares as of the date of this prospectus for:

● each person or group of affiliated persons known by us to be the beneficial owner of more than 5% of our ordinary shares;

● each of our directors and named executive officers;

● all of our directors and named executive officers as a group; and

● the number of shares of our ordinary shares and ordinary shares held by the Registered Shareholders and registered as ordinary shares for resale by means of this prospectus for the Registered Shareholders.

Information concerning the Registered Shareholders may change from time to time and any changed information will be set forth in supplements to this prospectus, if and when necessary. The Registered Shareholders may, or may not, elect to sell their ordinary shares covered by this prospectus, as and to the extent they may determine. The Registered Shareholders may offer, sell or distribute all or a portion of the ordinary shares hereby registered publicly or through private transactions at prevailing market prices or at negotiated prices. The Registered Shareholders may elect to sell their shares in connection with this Direct Listing and in market transactions following this Direct Listing. As such, we will have no input if and when any Registered Shareholder may, or may not, elect to sell their ordinary shares or the prices at which any such sales may occur. See "*Plan of Distribution*."

Information concerning the Registered Shareholders may change from time to time and any changed information will be set forth in supplements to this prospectus, if and when necessary.

The Registered Shareholders are not entitled to any registration rights with respect to our ordinary shares. However, we currently intend to use our reasonable efforts to keep the registration statement effective for a period of 90 days after the effectiveness of the registration statement. We are not party to any arrangement with any Registered Shareholder or any broker-dealer with respect to sales of ordinary shares by the Registered Shareholders. However, we will engage a financial advisor with respect to certain other matters relating to our listing. See "*Plan of Distribution*."

We have based percentage of beneficial ownership for the following table on 68,696,076 ordinary shares. In addition, in accordance with the rules of the SEC, beneficial ownership includes voting or investment power with respect to securities issuable within 60 days of December 1, 2025. As such, ordinary shares issuable pursuant to options and warrants that may be exercised or settled within 60 days of December 1, 2025 are deemed to be outstanding for purposes of computing the percentage of the class beneficially owned by the person holding such securities but are not deemed to be outstanding for purposes of computing the percentage of the class beneficially owned by any other person.

The Registered Shareholders have not, nor have they within the past three years had, any position, office, or other material relationship with us, other than as disclosed in this prospectus. See "*Management's Discussion & Analysis of Financial Results and Condition*" and "*Certain Relationships and Related Party Transactions*" for further information regarding the Registered Shareholders.

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Except as otherwise indicated in the footnotes to the table set forth below, all persons listed have sole voting power and investment power, except to the extent that authority is shared by spouses under applicable law, and record and beneficial ownership of their ordinary shares. Unless otherwise indicated, the business address of each of the individuals and entities named below is c/o Braiin Limited, 283 Rokeby Road, Subiaco, Western Australia 6008.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | | |
| <br> **Name of Beneficial Owner** | **Number** | **%** | **Percentage of Total Voting**<br> **Power<sup>†</sup>** | **Shares of Common Stock Being**<br>**Registered** |
| **Executive Officers and Directors** |  |  |  |  |
| **Natraj Balasubramanian** | 40891020 | 59.52% | 59.52% | 10222755 |
| **Darren McVean** | 3174756 | 4.62% | 4.62% | 793689 |
| **Jay Stephenson** | 212536 | \* | 0.31% | 53134 |
| **Jasmeet Singh** | 280944 | \* | 0.41% | 70236 |
| **Chetan Saligrama** | 294992 | \* | 0.43% | 73748 |
| **Rohit Jhamb** | 61480 | \* | 0.09% | 15370 |
| **Samir Pandey** |  | \* | 0.00% | 0 |
| **5% Shareholders** |  |  |  |  |
| **Other Registered Shareholders:** |  |  |  |  |
| **Vega Global Technologies Pty Limited** | 8122728 | 11.82% | 11.82% | 2030682 |
| **Connect Simple (2)** | 9636424 | 14.03% | 14.03% | 2409106 |
| **VIS Networks (3)** | 4382604 | 6.38% | 6.38% | 1095651 |
| **Chandi Jain (4)** | 32308 | \* | 0.05% | 8077 |
| **Jugraj Singh Gill (5)** | 26692 | \* | 0.04% | 6673 |
| **Mahesh Inder Singh(6)** | 19248 | \* | 0.03% | 4812 |
| **Neelam Jhamb(7)** | 64616 | \* | 0.09% | 16154 |
| **Ragur Kuppuswamy Padmanabhan (8)** | 56188 | \* | 0.08% | 14047 |
| **Usha Murphy (9)** | 35120 | \* | 0.05% | 8780 |
| **Brian Fischoff + Andrea Fischhoff JTWROS (10)** | 3073 | \* | 0.00% | 788 |
| **Karmic Trading Pty Ltd (11)** | 19224 | \* | 0.03% |  |
| **Renuka Ragur (12)** | 28095 | \* | 0.04% |  |
| **Mr Shaishavkumar Patel (13)** | 5876 | \* | 0.01% |  |
| **5K Enterprises Pty Ltd (14)** | 1175 | \* | 0.00% |  |
| **Maxim Group LLC (15)** | 1346978 | 1.96% | 1.96% | 110696 |

---

\* less than one percent.

&nbsp;&nbsp;&nbsp;&nbsp;(1) These
 shares will be issued to the entity listed upon the closing of their acquisition, which will
 occur prior to the consummation of this Direct Listing and have been calculated based on
 an implied price per share of $10.17.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 address for the registered shareholder is 7 Merrafields Ct, Taylor Lakes VIC 3038.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The
 address for the registered shareholder is #94, 4<sup>th</sup> Cross, 2<sup>nd</sup> Block
 Koramangala, Bangalore, 560034 Karnataka India.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 address for the registered shareholder is Dhanlaxmi Building, 301 SVP Nagar Mahada Telephone
 Exchange, Andheri West Mumbai 400053.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The
 address for the registered shareholder is 1602 Poorna, Sundervan, Lokhandanla, Andheri West
 Mumbai 406053, Maharashtra India.

&nbsp;&nbsp;&nbsp;&nbsp;(6) The
 address for the registered shareholder is 801 Shishira Oshiwara, Andheri West, Mumbai 400053,
 India.

&nbsp;&nbsp;&nbsp;&nbsp;(7) The
 address for the registered shareholder is C12306 Oberoi Springs, New Link Road, Andheri West,
 Mumbai 406053.

&nbsp;&nbsp;&nbsp;&nbsp;(8) The
 address for the registered shareholder is 1201 Solitaire CHS Limited, DK Sandi Marg, OPP
 Chembur Post Office, Chembur -400071.

&nbsp;&nbsp;&nbsp;&nbsp;(9) The
 address for the registered shareholder is 1512 Serafix Rd., Alamo, California 94507.

&nbsp;&nbsp;&nbsp;&nbsp;(10) The
 address for the registered shareholder is 1437 Denniston St., Pittsburg PA 15217.

&nbsp;&nbsp;&nbsp;&nbsp;(11) The address for the registered shareholder
 is 8 Guardian Crescent, Glenfield NSW 2167 Australia

&nbsp;&nbsp;&nbsp;&nbsp;(12) The address for the registered
 shareholder is 1201 Solitar CHS Limited, D K Sandu Mark, OPP Chembur Post Office, Chembur – 400071

&nbsp;&nbsp;&nbsp;&nbsp;(13) The address for the registered
 shareholder is 19 DE Lissa Street, Evatt, ACT 2617

&nbsp;&nbsp;&nbsp;&nbsp;(14) The address for the registered
 shareholder is 26 Ballina Terrace, Vermount South VIC 3133

&nbsp;&nbsp;&nbsp;&nbsp;(15) The
 address for the registered shareholder is 300 Park Avenue, New York, New York 10022.

As of the date of the prospectus, we have 15 shareholders of record, 3 of whom is located in the United States. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.

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**DESCRIPTION OF CAPITAL STOCK**

**General**

As of November 10, 2025, 44,898,303, fully paid ordinary shares were issued.

Holders of our ordinary shares are entitled to one vote per share on all matters requiring shareholder approval. Our ordinary shares do not carry cumulative voting rights. Subject to any special rights attaching to shares that may be issued in the future (including preference shares), holders of ordinary shares are entitled to receive dividends as declared by the board of directors out of profits legally available for distribution. In the event of the Company's winding up, holders of ordinary shares are entitled to participate equally and ratably in the distribution of the surplus assets of the Company, after satisfaction of all liabilities and any preferential entitlements.

All issued ordinary shares are fully paid and non-assessable. The rights and obligations of shareholders are governed by the Company's Constitution and the *Corporations Act 2001 (Cth)*.

We may issue additional ordinary shares from time to time, subject to the limitations imposed by applicable law, our Constitution, and shareholder approvals where required.

**Listing**

We have applied to list our ordinary shares on the Primary Exchange under the symbol "BRAI".

**Transfer Agent and Registrar**

The transfer agent and registrar for our ordinary shares is Lucky Lucko, Inc. The transfer agent and registrar's address is 415 Mission St., San Francisco, CA 94105. The transfer agent and registrar can be contacted by phone at: +1 626 688 5200.

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**SHARES ELIGIBLE FOR FUTURE SALE**

Prior to the listing of our ordinary shares on the Primary Exchange, there has been no public market for our ordinary shares. Sales of a substantial number of our ordinary shares in the public market, following our listing on the Primary Exchange, or the perception that such sales could occur, could adversely affect the public price of our ordinary shares and may make it more difficult for you to sell your shares at a time and price that you deem appropriate. We will have no input if and when any Registered Shareholders may, or may not, elect to sell their shares or the prices at which any such sales may occur.

After the Direct Listing, a total of 68,696,076 shares of our ordinary shares will be outstanding, including 68,696,076 shares of our ordinary shares registered for resale under the registration statement of which this prospectus forms a part. Any shares not registered hereunder will be "restricted securities," as that term is defined in Rule 144 under the Securities Act. These restricted securities are eligible for public sale only if they are registered under the Securities Act, including, but not limited to, the shares registered hereunder, or if they qualify for an exemption from registration, including under Rules 144 or 701 under the Securities Act, which are summarized below. Restricted securities also may be sold outside of the United States to non-U.S. persons in accordance with Rule 904 of Regulation S. With the exception of shares owned by our directors, officers and certain shareholders, substantially all of our ordinary shares may be sold after our initial listing on the Primary Exchange, either by the Registered Shareholders pursuant to this prospectus or by our other existing shareholders in accordance with Rule 144 of the Securities Act.

Immediately upon the effectiveness of this registration statement and prior to the commencement of trading, we will complete the acquisition of Vega Global Technologies Ltd pursuant to the Binding Heads of Agreement. Vega is a related party to the Company, and the acquisition is a committed transaction that will close automatically upon SEC effectiveness, without further conditions. Vega currently has approximately 500 shareholders, the majority of whom hold their shares in round-lot quantities, and these shareholders will become shareholders of Braiin immediately prior to the commencement of trading. Accordingly, Vega shareholders will be included in the calculation of our shareholders for purposes of satisfying the Nasdaq initial listing requirements relating to public holders, round-lot holders, and public float.

**Lock-Up Agreement** 

<u>Braiin Limited Pre-Listing Shareholders</u> 

The Company has adopted a lock-up policy applicable to all existing shareholders of Braiin Limited holding 10,000 shares or more immediately prior to the effectiveness of this Registration Statement. Under this policy, such shareholders (including affiliates and non-affiliates) are subject to a 12-month transfer restriction, commencing on the date the Company's ordinary shares begin trading on the Nasdaq Stock Market.

During the lock-up period, the Company may refuse to register any transfer of such shares, and the Company's transfer agent will not remove any restrictive legends or otherwise permit any transfer, except as expressly permitted under the lock-up policy.

This lock-up does not affect economic ownership, voting rights, or proportional equity, and solely restricts the ability to transfer such shares during the applicable

<u>Vega Global Limited Shareholders (Primary Source of Public Float)</u>

Separately, the Company has adopted a lock-up policy applicable to all existing shareholders of Vega Global Limited holding 10,000 shares or more immediately prior to the effectiveness of this Registration Statement. Under this policy, such shareholders (including affiliates and non-affiliates) are also subject to a 12-month transfer restriction, commencing on the date the Company's ordinary shares begin trading on the Nasdaq Stock Market.

The lock-up applies uniformly to all Vega Global Limited shareholders holding 10,000 shares or more, except for the Company's designated free-float non-affiliate shareholders and approximately 439 retail shareholders, each of whom will remain unrestricted to satisfy Nasdaq free-float and liquidity requirements.

This ensures that Vega contributes the Company's initial public float for trading and price formation purposes.

<u>Target Acquisition Shareholders</u> 

Shareholders of the entities acquired or to be acquired by the Company are not subject to the lock-up policies applicable to Braiin Limited or Vega Global Limited shareholders.

Instead, transfer restrictions applicable to these shareholders arise under the contractual lock-up, escrow, earn-out, and staged release provisions contained in the applicable Share Sale Agreement or Binding Heads of Agreement for each acquisition.

These contractual lock-up arrangements:

● Apply from the first share issued (there is no 10,000-share threshold),

● And include fixed or staged release periods, typically including:

◌ 12-month full lock-ups, and/or

◌ 18-month and 24-month staged vesting or release schedules.

**Rule 144**

In general, under Rule 144 as currently in effect, once we have been subject to and in compliance with public company reporting requirements of Section 13 or Section 15(d) of the Exchange Act for at least 90 days, an eligible shareholder is entitled to sell such shares without complying with the manner of sale, volume limitation, or notice provisions of Rule 144, subject to compliance with the public information requirements of Rule 144. To be an eligible shareholder under Rule 144, such shareholder must not be deemed to have been one of our affiliates for purposes of the Securities Act at any time during the 90 days preceding a sale and who has beneficially owned the ordinary shares proposed to be sold for at least six months, including the holding period of any prior owner other than our affiliates. If such a person has beneficially owned the ordinary shares proposed to be sold for at least one year, including the holding period of any prior owner other than our affiliates, then such person is entitled to sell such shares without complying with any of the requirements of Rule 144.

In general, under Rule 144, as currently in effect, our affiliates or persons selling ordinary shares on behalf of our affiliates are entitled to sell shares 90 days after we become a reporting company. Within any three-month period, such shareholders may sell a number of shares that does not exceed the greater of:

● 1% of the number of ordinary shares then outstanding, which will equal approximately shares immediately after our registration; or

● the average weekly trading volume of our ordinary shares during the four calendar weeks preceding the filing of a notice on Form 144 with respect to such sale.

Sales under Rule 144 by our affiliates or persons selling ordinary shares on behalf of our affiliates also are subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

**Rule 701**

Rule 701 generally allows a shareholder who was issued shares under a written compensatory plan or contract and who is not deemed to have been our affiliate during the immediately preceding 90 days, to sell these shares in reliance on Rule 144, but without being required to comply with the public information, holding period, volume limitation, or notice provisions of Rule 144. Rule 701 also permits our affiliates to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144. All holders of Rule 701 shares, however, are required by that rule to wait until 90 days after we become a reporting company before selling those shares under Rule 701.

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**SALE PRICE HISTORY OF OUR CAPITAL STOCK**

We have applied to list our ordinary shares on the Primary Exchange. Prior to the listing of our ordinary shares on the Primary Exchange, there has been no public market for our ordinary shares. Recent purchase prices of our common stock in private transactions may have little or no relation to the opening public price of our shares of common stock on the Primary Exchange. or the subsequent trading price of our shares of common stock on the Primary Exchange. Our ordinary shares have a limited history of trading in private transactions. Prior to the 4 to 1 stock split, an aggregate of 218,663 ordinary shares were sold at a price of approximately $40.68 per share.

While Maxim Group LLC, in its capacity as our financial advisor, is expected to consider this information in connection with setting the opening public price of our ordinary shares, this information may have little or no relation to broader market demand for our ordinary shares and thus the opening public price and subsequent public price of our ordinary shares on the Primary Exchange. As a result, you should not place undue reliance on these historical private sale prices as it may differ materially from the opening public price and subsequent public price of our ordinary shares on the Primary Exchange.

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**MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS OF Ordinary Shares**

The following discussion is a summary of the material U.S. federal income tax consequences to non-U.S. holders (as defined below) of the acquisition, ownership, and disposition of our ordinary shares. This discussion is not a complete analysis of all potential U.S. federal income tax consequences relating thereto, does not address the potential application of the Medicare contribution tax on net investment income or the alternative minimum tax, and does not address any estate or gift tax consequences or any tax consequences arising under any state, local, or foreign tax laws, or any other U.S. federal tax laws. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended (the "Code"), Treasury regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the Internal Revenue Service (the "IRS"), all as in effect as of the date of this prospectus. These authorities are subject to differing interpretations and may change, possibly retroactively, resulting in U.S. federal income tax consequences different from those discussed below. We have not requested a ruling from the IRS with respect to the statements made and the conclusions reached in the following summary, and there can be no assurance that the IRS or a court will agree with such statements and conclusions.

This discussion is limited to non-U.S. holders who purchase our ordinary shares pursuant to this prospectus and who hold our ordinary shares as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all of the U.S. federal income tax consequences that may be relevant to a particular holder in light of such holder's particular circumstances. This discussion also does not consider any specific facts or circumstances that may be relevant to holders subject to special rules under the U.S. federal income tax laws, including:

● certain former citizens or long-term residents of the United States;

● partnerships or other pass-through entities (and investors therein);

● "controlled foreign corporations;"

● "passive foreign investment companies;"

● corporations that accumulate earnings to avoid U.S. federal income tax;

● banks, financial institutions, investment funds, insurance companies, brokers, dealers, or traders in securities;

● tax-exempt organizations and governmental organizations;

● tax-qualified retirement plans;

● persons subject to special tax accounting rules under Section 451(b) of the Code;

● persons who hold or receive our ordinary shares pursuant to the exercise of any employee stock option or otherwise as compensation;

● "qualified foreign pension funds" as defined in Section 897(l)(2) of the Code and entities all of the interests of which are held by qualified foreign pension funds;

● persons that own, or have owned, actually or constructively, more than 5% of our ordinary shares;

● persons who have elected to mark securities to market; and

● persons holding our ordinary shares as part of a hedging or conversion transaction or straddle, or a constructive sale, or other risk reduction strategy or integrated investment.

If an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes holds our ordinary shares, the U.S. federal income tax treatment of a partner in the partnership will generally depend on the status of the partner and the activities of the partnership. Partnerships holding our ordinary shares and the partners in such partnerships are urged to consult their own tax advisors about the particular U.S. federal income tax consequences to them of holding and disposing of our ordinary shares.

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**THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT ADVICE. PROSPECTIVE INVESTORS SHOULD CONSULT THEIR OWN TAX ADVISORS REGARDING THE PARTICULAR U.S. FEDERAL INCOME TAX CONSEQUENCES TO THEM OF ACQUIRING, OWNING, AND DISPOSING OF OUR COMMON STOCK, AS WELL AS ANY TAX CONSEQUENCES ARISING UNDER ANY STATE, LOCAL, OR FOREIGN TAX LAWS AND ANY OTHER U.S. FEDERAL TAX LAWS. IN ADDITION, SIGNIFICANT CHANGES IN U.S. FEDERAL TAX LAWS WERE RECENTLY ENACTED. PROSPECTIVE INVESTORS SHOULD ALSO CONSULT WITH THEIR TAX ADVISORS WITH RESPECT TO SUCH CHANGES IN U.S. TAX LAW AS WELL AS POTENTIAL CONFORMING CHANGES IN STATE TAX LAWS.**

**Definition of Non-U.S. Holder**

For purposes of this discussion, a non-U.S. holder is any beneficial owner of our ordinary shares that is not a "U.S. person" or a partnership (including any entity or arrangement treated as a partnership) for U.S. federal income tax purposes. A U.S. person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

● an individual who is a citizen or resident of the United States;

● a corporation (or any entity treated as a corporation for U.S. federal income tax purposes) created or organized under the laws of the United States, any state thereof or the District of Columbia;

● an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

● a trust (i) whose administration is subject to the primary supervision of a U.S. court and which has one or more U.S. persons who have the authority to control all substantial decisions of the trust, or (ii) that has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person.

**Distributions on Our ordinary shares**

As described under the section titled "*Dividend Policy*," we have never declared or paid dividends on our ordinary shares and do not anticipate paying dividends in the foreseeable future. However, if we make cash or other property distributions on our ordinary shares, such distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts that exceed such current and accumulated earnings and profits and, therefore, are not treated as dividends for U.S. federal income tax purposes will constitute a return of capital and will first be applied against and reduce a holder's tax basis in our ordinary shares, but not below zero. Any excess amount distributed will be treated as gain realized on the sale or other disposition of our ordinary shares and will be treated as described under the section titled "— *Gain On Disposition of Our ordinary shares*" below.

Subject to the discussion below regarding effectively connected income, backup withholding and FATCA (as defined under the section titled "— *Withholding on Foreign Entities*" below), dividends paid to a non-U.S. holder of our ordinary shares generally will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends or such lower rate specified by an applicable income tax treaty. To receive the benefit of a reduced treaty rate, a non-U.S. holder must furnish us or our withholding agent a valid IRS Form W-8BEN or IRS Form W-8BEN-E (or applicable successor form) certifying such holder's qualification for the reduced rate. This certification must be provided to us or our withholding agent before the payment of dividends and must be updated periodically. If the non-U.S. holder holds the stock through a financial institution or other agent acting on the non-U.S. holder's behalf, the non-U.S. holder will be required to provide appropriate documentation to the agent, which then will be required to provide certification to us or our withholding agent, either directly or through other intermediaries.

If a non-U.S. holder holds our ordinary shares in connection with the conduct of a trade or business in the United States, and dividends paid on our ordinary shares are effectively connected with such holder's U.S. trade or business (and are attributable to such holder's permanent establishment or fixed base in the United States if required by an applicable tax treaty), the non-U.S. holder will be exempt from U.S. federal withholding tax. To claim the exemption, the non-U.S. holder must generally furnish a valid IRS Form W-8ECI (or applicable successor form) to the applicable withholding agent.

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However, any such effectively connected dividends paid on our ordinary shares generally will be subject to U.S. federal income tax on a net income basis at the regular U.S. federal income tax rates in the same manner as if such holder were a resident of the United States. A non-U.S. holder that is a foreign corporation also may be subject to an additional branch profits tax equal to 30% (or such lower rate specified by an applicable income tax treaty) of its effectively connected earnings and profits for the taxable year, as adjusted for certain items.

Non-U.S. holders that do not provide the required certification on a timely basis, but that qualify for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS.

Non-U.S. holders should consult their own tax advisors regarding any applicable income tax treaties that may provide for different rules.

**Gain on Disposition of Our Common Stock**

Subject to the discussion below regarding backup withholding and FATCA, a non-U.S. holder generally will not be subject to U.S. federal income tax on any gain realized on the sale or other disposition of our ordinary shares, unless:

● the gain is effectively connected with the non-U.S. holder's conduct of a trade or business in the United States and, if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base maintained by the non-U.S. holder in the United States;

● the non-U.S. holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition, and certain other requirements are met; or

● our ordinary shares constitutes a "United States real property interest" by reason of our status as a United States real property holding corporation ("USRPHC"), for U.S. federal income tax purposes at any time within the shorter of the five-year period preceding the disposition or the non-U.S. holder's holding period for our ordinary shares, and our ordinary shares is not regularly traded on an established securities market during the calendar year in which the sale or other disposition occurs.

Determining whether we are a USRPHC depends on the fair market value of our U.S. real property interests relative to the fair market value of our other trade or business assets and our foreign real property interests. We believe that we are not currently and do not anticipate becoming a USRPHC for U.S. federal income tax purposes, although there can be no assurance we will not in the future become a USRPHC.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular U.S. federal income tax rates in the same manner as if such holder were a resident of the United States. A non-U.S. holder that is a foreign corporation also may be subject to an additional branch profits tax equal to 30% (or such lower rate specified by an applicable income tax treaty) of its effectively connected earnings and profits for the taxable year, as adjusted for certain items. Gain described in the second bullet point above will be subject to U.S. federal income tax at a flat 30% rate (or such lower rate specified by an applicable income tax treaty), but may be offset by certain U.S.-source capital losses (even though the individual is not considered a resident of the United States), provided that the non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses. Gain described in the third bullet point above will generally be subject to U.S. federal income tax in the same manner as gain that is effectively connected with the conduct of a U.S. trade or business (subject to any provisions under an applicable income tax treaty), except that the branch profits tax generally will not apply. Non-U.S. holders should consult their tax advisors regarding any applicable income tax treaties that may provide for different rules.

**Information Reporting and Backup Withholding**

Annual reports are required to be filed with the IRS and provided to each non-U.S. holder indicating the amount of dividends on our ordinary shares paid to such holder and the amount of any tax withheld with respect to those dividends. These information reporting requirements apply even if no withholding was required because the dividends were effectively connected with the holder's conduct of a U.S. trade or business, or withholding was reduced or eliminated by an applicable income tax treaty. This information also may be made available under a specific treaty or agreement with the tax authorities in the country in which the non-U.S. holder resides or is established. Backup withholding, currently at a 24% rate, generally will not apply to payments to a non-U.S. holder of dividends on or the gross proceeds of a disposition of our ordinary shares provided the non-U.S. holder furnishes the required certification

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for its non-U.S. status, such as by providing a valid IRS Form W-8BEN, IRS Form W-8BEN-E, or IRS Form W-8ECI (or applicable successor form), or certain other requirements are met. Backup withholding may apply if the payor has actual knowledge, or reason to know, that the holder is a U.S. person who is not an exempt recipient.

Backup withholding is not an additional tax. If any amount is withheld under the backup withholding rules, the non-U.S. holder should consult with a U.S. tax advisor regarding the possibility of and procedure for obtaining a refund or a credit against the non-U.S. holder's U.S. federal income tax liability, if any.

**Withholding on Foreign Entities**

Sections 1471 through 1474 of the Code and the Treasury regulations promulgated thereunder (collectively, "FATCA") impose a U.S. federal withholding tax of 30% on certain payments made to a "foreign financial institution" (as specially defined under these rules) unless such institution enters into an agreement with the U.S. government to withhold on certain payments and to collect and provide to the U.S. tax authorities substantial information regarding certain U.S. account holders of such institution (which includes certain equity and debt holders of such institution, as well as certain account holders that are foreign entities with U.S. owners) or an exemption applies. FATCA also generally will impose a U.S. federal withholding tax of 30% on certain payments made to a non-financial foreign entity unless such entity either certifies that it does not have any "substantial United States owners" as defined in the Code or provides the withholding agent a certification identifying certain direct and indirect U.S. owners of the entity or an exemption applies. An intergovernmental agreement between the United States and an applicable foreign country may modify these requirements. Under certain circumstances, a non-U.S. holder might be eligible for refunds or credits of such taxes. The withholding provisions described above currently apply to payments of dividends on our ordinary shares. Prior to the issuance of proposed Treasury regulations described below, withholding taxes under FATCA would have also applied to gross proceeds from sales or other disposition of our ordinary shares. However, the U.S. Treasury Department's proposed regulations that, if finalized in their present form, would eliminate the federal withholding tax of 30% applicable to the gross proceeds of a sale or other disposition of our ordinary shares. In its preamble to such proposed regulations, the U.S. Treasury Department stated that taxpayers (including withholding agents) may generally rely on the proposed regulations until they are revoked or final regulations are issued.

Under certain circumstances, a non-U.S. holder might be eligible for refunds or credits of such taxes. Prospective investors should consult with their own tax advisors regarding the possible implications of FATCA on an investment in our ordinary shares.

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**PLAN OF DISTRIBUTION**

The Registered Shareholders, and their pledgees, donees, transferees, assignees, or other successors in interest may sell their ordinary shares covered hereby pursuant to brokerage transactions on the Primary Exchange, or other public exchanges or registered alternative trading venues, at prevailing market prices at any time after the ordinary shares are listed for trading. We are not party to any arrangement with any Registered Shareholder or any broker-dealer with respect to sales of ordinary shares by the Registered Shareholders, except we have engaged a financial advisor with respect to certain other matters relating to the registration of our ordinary shares and listing of our ordinary shares, as further described below. As such, we do not anticipate receiving notice as to if and when any Registered Shareholder may, or may not, elect to sell their ordinary shares or the prices at which any such sales may occur, and there can be no assurance that any Registered Shareholders will sell any or all of their ordinary shares covered by this prospectus.

We will not receive any proceeds from the sale of ordinary shares by the Registered Shareholders. We will recognize costs related to this direct listing and our transition to a publicly-traded company consisting of professional fees and other expenses. We will expense these amounts in the period incurred and not deduct these costs from net proceeds to the issuer as they would be in an initial public offering.

We have engaged Maxim Group LLC (the "Advisor"), as our financial advisor to advise and assist us with respect to certain matters relating to our direct listing (the "Direct Listing"). The services expected to be performed by the Advisor will include providing advice and assistance with respect to defining objectives, analyzing, structuring and planning the Direct Listing, developing and assisting with our investor communication strategy in relation to the Direct Listing, and being available to consult with the Primary Exchange, including on the day that our ordinary shares are initially listed on the Primary Exchange. We have also engaged Newbridge Securities Corporation, an independent third party, to provide a valuation report.

In addition, the Advisor will determine when our ordinary shares are ready to trade and to approve proceeding with the opening of trading at the Current Reference Price (as defined below). However, the Advisor has not been engaged to participate in investor meetings or to otherwise facilitate or coordinate price discovery activities or sales of our ordinary shares in consultation with us, except as described herein.

On the day that our ordinary shares are initially listed on the Primary Exchange, the Primary Exchange will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price on the basis of such accepted orders. The Current Reference Price is calculated each second and, during a 10-minute "Display Only" period, is disseminated, along with other indicative imbalance information, to market participants by the Primary Exchange on its NOII and BookViewer tools. Following the "Display Only" period, a "Pre-Launch" period begins, during which the Advisor, in its capacity as our financial advisor to perform the functions under applicable Primary Exchange rules, must notify the Primary Exchange that our shares are "ready to trade." Once the Advisor has notified the Primary Exchange that our ordinary shares are ready to trade, the Primary Exchange will calculate the Current Reference Price for our ordinary shares, in accordance with the Primary Exchange rules. If the Advisor then approves proceeding at the Current Reference Price, the Primary Exchange will conduct a price validation test in accordance with applicable Primary Exchange Rules. As part of conducting such price validation test, the Primary Exchange may consult with the Advisor, if the price bands need to be modified, to select the new price bands for purposes of applying such test iteratively until the validation tests yield a price within such bands. Upon completion of such price validation checks, the applicable orders that have been entered will then be executed at such price and regular trading of our ordinary shares on the Primary Exchange will commence.

Under the Primary Exchange rules, the "Current Reference Price" means: (i) the single price at which the maximum number of orders to buy or sell can be matched; (ii) if there is more than one price at which the maximum number of orders to buy or sell can be matched, then it is the price that minimizes the imbalance between orders to buy or sell (*i.e*. minimizes the number of shares that would remain unmatched at such price); (iii) if more than one price exists under (ii), then it is the entered price (*i.e*. the specified price entered in an order by a customer to buy or sell) at which our ordinary shares will remain unmatched (*i.e*. will not be bought or sold); and (iv) if more than one price exists under (iii), a price determined by the Primary Exchange in consultation with the Advisor in its capacity as our financial advisor. In the event that more than one price exists under (iii), the Advisor will exercise any consultation rights only to the extent that it can do so consistent with the anti-manipulation provisions of the federal securities laws, including Regulation M, or applicable relief granted thereunder.

[**Table of Contents**](#TOC_001)

In determining the Current Reference Price, the Primary Exchange's cross algorithms will match orders that have been entered into and accepted by the Primary Exchange's system. This occurs with respect to a potential Current Reference Price when orders to buy ordinary shares at an entered bid price that is greater than or equal to such potential Current Reference Price are matched with orders to sell a like number of ordinary shares at an entered asking price that is less than or equal to such potential Current Reference Price. To illustrate, as a hypothetical example of the calculation of the Current Reference Price, if the Primary Exchange's cross algorithms matched all accepted orders as described above, and two limit orders remained — a limit order to buy 500 ordinary shares at an entered bid price of $10.01 per share and a limit order to sell 200 ordinary shares at an entered asking price of $10.00 per share — the Current Reference Price would be selected as follows:

● Under clause (i), if the Current Reference Price is $10.00, then the maximum number of additional shares that can be matched is 200. If the Current Reference Price is $10.01, then the maximum number of additional shares that can be matched is also 200, which means that the same maximum number of additional shares would be matched at the price of either $10.00 or $10.01.

● Because more than one price under clause (i) exists, under clause (ii), the Current Reference Price would be the price that minimizes the imbalance between orders to buy or sell (i.e., minimizes the number of shares that would remain unmatched at such price). Selecting either $10.00 or $10.01 as the Current Reference Price would create the same imbalance in the limit orders that cannot be matched, because at either price 300 shares would not be matched.

● Because more than one price under clause (ii) exists, under clause (iii), the Current Reference Price would be the entered price at which orders for ordinary shares at such entered price will remain unmatched. In such case, choosing $10.01 would cause 300 shares of the 500-share limit order with the entered price of $10.01 to remain unmatched, compared to choosing $10.00, where all 200 shares of the limit order with the entered price of $10.00 would be matched, and no shares at such entered price remain unmatched. Thus, the Primary Exchange would select $10.01 as the Current Reference Price, because orders for shares at such entered price will remain unmatched. The above example (including the prices) is provided solely by way of illustration.

The Advisor, as the designated financial advisor under applicable Primary Exchange Rules, will determine when our ordinary shares are ready to trade and approve proceeding at the Current Reference Price primarily based on considerations of volume, timing and price. In particular, the Advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open trading at the Current Reference Price. If the Advisor does not approve proceeding at the Current Reference Price (for example, due to the absence of adequate pre-opening buy and sell interest), the Advisor will request that the Primary Exchange delay the opening until such a time that sufficient price discovery has been made to ensure that a reasonable amount of volume crosses on the opening trade.

Further, in the highly unlikely event that the Primary Exchange consults with the Advisor as described in clause (iv) of the definition of Current Reference Price, the Advisor would request that the Primary Exchange delay the opening to ensure a single opening price within clauses (i), (ii) or (iii) of the definition of the Current Reference Price. Under the Primary Exchange rules, in the event of such delay, prior to terminating such delay, there will be a 10-minute "Display Only" period during which market participants may enter quotes and orders in shares of our ordinary shares in the Primary Exchange systems. In addition, beginning at 4:00 a.m., market participants may enter orders in shares of our ordinary shares on the Primary Exchange. Such orders will be accepted and entered into the system. After the conclusion of the 10-minute "Display Only" period, our ordinary shares will enter a "Pre-Launch" period of indeterminate duration. The "Pre-Launch" period will end and shares of our ordinary shares will be released for trading by the Primary Exchange when certain conditions are met, including the Primary Exchange's receipt of notice from the Advisor that our ordinary shares are ready to trade, after which the Primary Exchange system will calculate the Current Reference Price at that time and display it to the Advisor. If the Advisor then approves proceeding, the Primary Exchange system will conduct certain validation checks. The Advisor, with concurrence of the Primary Exchange, may determine at any point during the delay process up through the conclusion of the "Pre-Launch" period to postpone and reschedule the Direct Listing. Neither we nor the Registered Shareholders will be involved in the Primary Exchange's price-setting mechanism nor will we or they coordinate or be in communication with the Advisor including with respect to any decision by the Advisor to delay or proceed with trading.

[**Table of Contents**](#TOC_001)

Similar to a the Primary Exchange-listed firm-commitment underwritten initial public offering, in connection with the listing of our ordinary shares, buyers and sellers who have subscribed will have access to the Primary Exchange's Order Imbalance Indicator (the "Net Order Imbalance Indicator"), a widely available, subscription-based data feed, prior to submitting buy or sell orders. The Primary Exchange's electronic trading platform simulates auctions every second to calculate a Current Reference Price, the number of ordinary shares that can be paired off the Current Reference Price, the number of ordinary shares that would remain unexecuted at the Current Reference Price and whether a buy-side or sell-side imbalance exists, or whether there is no imbalance, to disseminate that information continuously to buyers and sellers via the Net Order Imbalance Indicator data feed.

However, because this is not an initial public offering being conducted on a firm-commitment underwritten basis, there will be no traditional book building process (that is, an organized process pursuant to which buy and sell interest is coordinated in advance to some prescribed level — the "book"). Moreover, prior to the opening trade, there will not be a price at which underwriters initially sold ordinary shares to the public, as there would be in a firm-commitment underwritten initial public offering. The lack of an initial public offering price could impact the range of buy and sell orders collected by the Primary Exchange from various broker-dealers. Consequently, the public price of our ordinary shares may be more volatile than in an initial public offering underwritten on a firm-commitment basis and could, upon being listed on the Primary Exchange, decline significantly and rapidly.

In addition, to list on the Primary Exchange, we are also required to have at least three registered and active market makers. We expect that the Advisor will act as a registered and active market maker and will engage other market makers.

In addition to sales made pursuant to this prospectus, the ordinary shares covered by this prospectus may be sold by the Registered Shareholders in private transactions exempt from the registration requirements of the Securities Act. Under the securities laws of some states, ordinary shares may be sold in such states only through registered or licensed brokers or dealers.

A Registered Shareholder may from time to time transfer, distribute (including distributions in kind by Registered Shareholders that are investment funds), pledge, assign, or grant a security interest in some or all the ordinary shares owned by it and, if it defaults in the performance of its secured obligations, the transferees, distributees, pledgees, assignees, or secured parties may offer and sell the ordinary shares from time to time under this prospectus, or under an amendment to this prospectus under applicable provisions of the Securities Act amending the list of the Registered Shareholders to include the transferee, distributee, pledgee, assignee, or other successors in interest as Registered Shareholders under this prospectus. The Registered Shareholders also may transfer the shares in other circumstances, in which case the transferees, distributes, pledgees, or other successors in interest will be the registered beneficial owners for purposes of this prospectus.

A Registered Shareholder that is an entity may elect to make an in-kind distribution of ordinary shares to its members, partners, or shareholders pursuant to the registration statement of which this prospectus forms a part by delivering a prospectus.

If any of the Registered Shareholders utilize a broker-dealer in the sale of the ordinary shares being offered by this prospectus, such broker-dealer may receive commissions in the form of discounts, concessions or commissions from such Registered Shareholder or commissions from purchasers of the ordinary shares for whom they may act as agent or to whom they may sell as principal.

In connection with its engagement as our financial advisor, the Advisor received 110,696 shares of our ordinary shares which is equal to 1% of our outstanding ordinary shares, on a fully diluted basis, as of the date of our engagement letter with the Advisor. In addition, the Advisor will be entitled to a cash fee of $300,000 (payable upon the Company's first financing transaction with Maxim of $5 million) and that number of ordinary shares equal to 1% of the issued and outstanding ordinary shares upon the successful consummation of the Direct Listing. The Advisor will also be entitled to an expense reimbursement for all reasonable, documented expenses incurred by the Advisor in connection with its engagement, provided that such expenses, other than legal fees, may not exceed $25,000 without our prior authorization.

[**Table of Contents**](#TOC_001)

In addition, pursuant to our agreement with the Advisor, for a period of 18 months from the date of the consummation of the Direct Listing, if we propose to (i) effect a public offering of our securities on a major U.S. exchange, (ii) effect a private placement of our securities, (iii) enter into certain financing transactions with third parties introduced to us by the Advisor or (iv) propose to enter into certain other transactions with third parties introduced to us by the Advisor, including, without limitation, a merger, acquisition or sale of stock or assets, or other similar transaction, we are obligated to offer to retain the Advisor as our lead underwriter and book running manager, our lead placement or sales agent, or our lead, as applicable, in connection with such financing or transaction, upon such reasonable and customary terms as the Advisor and we may mutually agree, with such terms to be set forth in a separate engagement letter or other agreement between the Advisor and us.

The Advisor will not be engaged to otherwise facilitate or coordinate price discovery activities or the solicitation or sales of shares of our ordinary shares in consultation with us, and will not be permitted to, and will not be instructed by us to, plan or actively participate in any investor education activities, except as described herein.

Prior to the financial advisory services provided by the Advisor to us in connection with the listing of our securities, neither the Advisor nor any affiliates of the Advisor have provided services of any kind to us.

[**Table of Contents**](#TOC_001)

**EXPENSES RELATED TO THE OFFERING**

Set forth below is an itemization of the total expenses which are expected to be incurred in connection with this offering. With the exception of the registration fee payable to the SEC, the Primary Exchange listing fee and the filing fee payable to FINRA, all amounts are estimates.

---

| | |
|:---|:---|
| Securities and Exchange Commission Registration Fee | USD$\* |
| FINRA Fee | USD$ \* |
| Primary Exchange Fee | USD$ \* |
| Legal Fees and Expenses | USD$ \* |
| Accounting Fees and Expenses | USD$ \* |
| Miscellaneous Expenses | USD$ \* |
| **Total Expenses** | USD$ \* |

---

\* to be filed by amendment.

[**Table of Contents**](#TOC_001)

**LEGAL MATTERS**

Winston & Strawn LLP, Houston, Texas, is our legal advisor. Certain Australian legal matters will be passed upon for Braiin by Steinepreis Paganin.

**EXPERTS**

The audited consolidated financial statements for the year ended June 30, 2025 and 2024, included in this prospectus have been so included in reliance on the report of BDO Audit Pty Ltd, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

The audited financial statements for the year ended June 30, 2025 and 2024 included in this prospectus have been so included in reliance on the report of AM Advisory, an independent auditor, given on the authority of said firm as experts in auditing and accounting.

The audited financial statements for the year ended June 30, 2025 and 2024 included in this prospectus have been so included in reliance on the report of AM Advisory, an independent auditor, given on the authority of said firm as experts in auditing and accounting.

The audited consolidated financial statements for the year ended June 30, 2025 and 2024 included in this prospectus have been so included in reliance on the report of AM Advisory, an independent auditor, given on the authority of said firm as experts in auditing and accounting.

The audited consolidated financial statements for the year ended June 30, 2025 and 2024 included in this prospectus have been so included in reliance on the report of AM Advisory, an independent auditor, given on the authority of said firm as experts in auditing and accounting.

The audited financial statements for the year ended June 30, 2025 and 2024 included in this prospectus have been so included in reliance on the report of AM Advisory, an independent auditor, given on the authority of said firm as experts in auditing and accounting.

[**Table of Contents**](#TOC_001)

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form F-1 under the Securities Act, with respect to the ordinary shares covered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits filed therewith. For further information about us and our ordinary shares, we refer you to the registration statement and the exhibits filed therewith. Statements contained in this prospectus regarding the contents of any contract or any other document that is filed as an exhibit to the registration statement are not necessarily complete, and in each instance, we refer you to the copy of such contract or other document filed as an exhibit to the registration statement. The SEC maintains a website that contains reports, proxy, and information statements, and other information regarding registrants that file electronically with the SEC. The address of the website is *www.sec.gov*.

Immediately upon the effectiveness of the registration statement of which this prospectus forms a part, we will become subject to the information and reporting requirements of the Exchange Act and, in accordance with this law, will file periodic reports, proxy statements, and other information with the SEC. These periodic reports, proxy statements, and other information will be available for inspection and copying at the website of the SEC referred to above. We also maintain a website at *www.braiin.com*. Upon the effectiveness of the registration statement of which this prospectus forms a part, you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. The inclusion of our website address in this prospectus is an inactive textual reference only. The information contained in or accessible through our website is not part of this prospectus or the registration statement of which this prospectus forms a part, and investors should not rely on such information in making a decision to purchase shares of our ordinary shares.

[**Table of Contents**](#TOC_001)

**INDEX TO FINANCIAL STATEMENTS**

**Braiin Limited**

---

| | |
|:---|:---|
|  | **Page** |
| Financial Report for the year ended June 30, 2025 |  |
| [CORPORATE DIRECTORY](#fin1_01) | F-6 |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM – BDO Audit Pty Ltd, Sydney (2256)](#vis_008) | F-7 |
| [CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEARS ENDED JUNE 30, 2025 AND 2024](#fin1_02) | F-8 |
| [CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2025 AND 2024](#fin1_03) | F-9 |
| [CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED JUNE 30, 2025 AND 2024](#fin1_04) | F-10 |
| [CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2025 AND 2024](#fin1_05) | F-11 |
| [NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS](#fin1_06) | F-12 |

---

**Connect Simple Pty Limited**

---

| | |
|:---|:---|
|  | **Page** |
| Financial Report for the year ended June 30, 2025 |  |
| [REPORT OF INDEPENDENT AUDITOR – AM Business Advisory](#connect_001) | F-41 |
| [STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2025 AND 2024](#connect_002) | F-43 |
| [STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEARS ENDED JUNE 30, 2025 AND 2024](#connect_003) | F-44 |
| [STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED JUNE 30, 2025 AND 2024](#connect_004) | F-45 |
| [STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2025 AND 2024](#connect_005) | F-46 |
| [NOTES TO THE FINANCIAL STATEMENTS](#connect_006) | F-47 |

---

[**Table of Contents**](#fin_toc)

**VIS Networks Private Limited**

---

| | |
|:---|:---|
|  | **Page** |
| Financial Report for the year ended June 30, 2025 |  |
| [REPORT OF INDEPENDENT AUDITOR – AM Business Advisory)](#vis_001) | F-59 |
| [STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2025 AND 2024](#vis_002) | F-61 |
| [STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEARS ENDED JUNE 30, 2025 AND 2024](#vis_003) | F-62 |
| [STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2025 AND 2024](#vis_004) | F-63 |
| [STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED JUNE 30, 2025 AND 2024](#vis_005) | F-64 |
| [NOTES TO THE FINANCIAL STATEMENTS](#vis_006) | F-65 |

---

[**Table of Contents**](#fin_toc)

**Mirragin RAS Consulting Pty Limited**

---

| | |
|:---|:---|
|  | **Page** |
| Financial Report for the year ended June 30, 2025 |  |
| [REPORT OF INDEPENDENT AUDITOR – AM Business Advisory](#mirra_001) | F-102 |
| [STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2025 AND 2024](#mirra_002) | F-104 |
| [STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEARS ENDED JUNE 30, 2025 AND 2024](#mirra_003) | F-105 |
| [STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED JUNE 30, 2025 AND 2024](#mirra_004) | F-106 |
| [STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2025 AND 2024](#mirra_005) | F-107 |
| [NOTES TO THE FINANCIAL STATEMENTS](#mirra_006) | F-108 |

---

**Nisus Australia Pty Limited**

---

| | |
|:---|:---|
|  | **Page** |
| Financial Report for the year ended June 30, 2025 |  |
| [REPORT OF INDEPENDENT AUDITOR – AM Business Advisory](#nisaus_001) | F-131 |
| [STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2025 AND 2024](#nisaus_002) | F-133 |
| [STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEARS ENDED JUNE 30, 2025 AND 2024](#nisaus_003) | F-134 |
| [STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED JUNE 30, 2025 AND 2024](#nisaus_004) | F-135 |
| [STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2025 AND 2024](#nisaus_005) | F-136 |
| [NOTES TO THE FINANCIAL STATEMENTS](#nisaus_006) | F-137 |

---

[**Table of Contents**](#fin_toc)

**Nisus Payroll Pty Limited**

---

| | |
|:---|:---|
|  | **Page** |
| Financial Report for the year ended June 30, 2025 |  |
| [REPORT OF INDEPENDENT AUDITOR – AM Business Advisory](#nisuspay_001) | F-149 |
| [STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2025 AND 2024](#nisuspay_002) | F-151 |
| [STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEARS ENDED JUNE 30, 2025 AND 2024](#nisuspay_003) | F-152 |
| [STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED JUNE 30, 2025 AND 2024](#nisuspay_004) | F-153 |
| [STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2025 AND 2024](#nisuspay_005) | F-154 |
| [NOTES TO THE FINANCIAL STATEMENTS](#nisuspay_006) | F-155 |

---

**Vega Global Technologies Pty Limited**

---

| | |
|:---|:---|
|  | **Page** |
| Financial Report for the year ended June 30, 2025 |  |
| [REPORT OF INDEPENDENT AUDITOR – AM Business Advisory](#vega_001) | F-166 |
| [STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2025, AND 2024](#vega_002) | F-168 |
| [STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEARS ENDED JUNE 30, 2025, AND 2024](#vega_003) | F-169 |
| [STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED JUNE 30, 2025, AND 2024](#vega_004) | F-170 |
| [STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2025, AND 2024](#vega_005) | F-171 |
| [NOTES TO THE FINANCIAL STATEMENTS](#vega_006) | F-172 |

---

[**Table of Contents**](#fin_toc)

**BRAIIN LIMITED**

**And Consolidated Entities**

**ACN 660 713 093**

**FINANCIAL REPORT**

FOR THE YEARS ENDED

30 JUNE 2025

F-5 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

[**Table of Contents**](#fin_toc)

**CORPORATE DIRECTORY**

**DIRECTORS**

Natraj Balasubramanian (Executive Director)

Jay Stephenson (Non-Executive Director)

Chetan Saligrama (Non-Executive Director) – appointed 3 July 2025

Rohit Jhamb (Non-Executive Director) – appointed 3 July 2025

**COMPANY SECRETARY**

Jay Stephenson

**REGISTERED OFFICE and** 

**PRINCIPAL PLACE OF BUSINESS**

283 Rokeby Road

Subiaco WA 6005

**AUDITORS**

BDO Audit Pty Ltd

Level 25, 252 Pitt Street

Sydney NSW 2000

**CONTACT INFORMATION**

Tel: +61 412 474 180

F-6 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

[**Table of Contents**](#fin_toc)

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| | | |
|:---|:---|:---|
| ![](cs_001.jpg) | Tel: +61 2 9251 4100<br> Fax: +61 2 9240 9821<br> www.bdo.com.au | Parkline Place<br> Level 25, 252 Pitt Street<br> Sydney NSW 2000<br> Australia |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Shareholders and Board of Directors

Braiin Limited

Subiaco WA 6008

**Opinion on Consolidated Financial Statements**

We have audited the accompanying consolidated statements of financial position of Braiin Limited and Controlled Entities (the Company) as of June 30, 2025 and 2024, the related consolidated statements of profit or loss and other comprehensive income, statements of changes in equity, and statements of cash flows for each of the two years in the period ended June 30, 2025, and the related notes and schedules (collectively referred to as the 'consolidated financial statements'). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended June 30, 2025, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board ('IFRS Accounting Standards').

**Basis for opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ('PCAOB') and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

**/s/ BDO Audit Pty Ltd**

We have served as the Company's auditor since 2023.

Sydney, Australia

September 26, 2025, except for the effects of the stock split discussed in Note 2 and Note 22 of the financial statements, as to which the date is November 10, 2025.

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms.

F-7 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND**

**OTHER COMPREHENSIVE INCOME**

for the year ended 30 June 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **30 JUNE 2025**<br> **$** | **30 JUNE 2024**<br> **$** |
| **Revenue** |  |  |  |
| **Expenses** |  |  |  |
| Administration and other expenses | 4 | 477075 | 268307 |
| Audit fees | 4 | 201871 | 232454 |
| Professional and legal fees | 4 | 590149 | 798466 |
| Rent | 4 | 248800 |  |
| Depreciation and amortization | 4b | 113370 | 148313 |
| Interest expense | 4b | 317103 | 82755 |
| Loss on deconsolidation | 3 |  | 5469 |
| Loss on loan forgiveness | 5 |  | 175386 |
| Loss on foreign currency exchange | 4b | 24585 | 4225 |
| **Total Expenses** |  | 1972954 | 1715375 |
| **Loss before income tax expense** |  | (1972954) | (1715375) |
| Income tax expense | 8 |  |  |
| **Loss after tax from continuing operations** |  | (1972954) | (1715375) |
| Items that may be reclassified subsequently to profit and loss |  |  |  |
| Foreign currency translation |  | 19896 | 19967 |
| Other comprehensive income |  | 19896 | 19967 |
| **Total comprehensive loss for the year** |  | (1953058) | (1695408) |

---

The consolidated statement of profit and loss and other comprehensive income is to be read in conjunction with the notes to the consolidated financial statements.

F-8 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

[**Table of Contents**](#fin_toc)

**CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**

As at 30 June 2025

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| | | | |
|:---|:---|:---|:---|
|  | **Note** | **30 JUNE 2025**<br> **$** | **30 JUNE 2024**<br> **$**  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 9 | 110779 | 577518 |
| Trade and other receivables | 10 | 28332 | 15329 |
| Prepayments |  | 2904 |  |
| Related party loan | 19 |  | 108677 |
| Loans | 19 | 3367 | 1770 |
| Deposit on Premises |  | 25638 | 1638 |
| **Total current assets** |  | 171020 | 704932 |
| Fixed assets | 14 | 1079 | 48755 |
| Software development | 15 | 58386 | 89092 |
| Right of Use Assets | 16 | 63518 | 2069 |
| **Non-current assets** |  | 122984 | 139916 |
| **Total assets** |  | 294004 | 844848 |
| Trade and other payables | 11 | 796208 | 518641 |
| Unearned revenue | 12 | 588000 | 468000 |
| Lease liability | 16 | 17760 | 1351 |
| Financial liabilities | 13 | 3618446 | 2683062 |
| Related party loan | 19 | 14565 | - |
| **Current liabilities** |  | 5034979 | 3671054 |
| **Non-current liabilities** |  |  |  |
| Lease Liability | 16 | 38291 | 2 |
| **Total Non-current liabilities** |  | 38291 | 2 |
| **Total liabilities** |  | 5073270 | 3671056 |
| **Net liabilities** |  | (4779266) | (2826208) |
| **Equity** |  |  |  |
| Issued capital | 2 | 3641 | 3641 |
| Foreign exchange reserve |  | 44922 | 25026 |
| Accumulated losses |  | (4827829) | (2854875) |
| **Total Equity** |  | (4779266) | (2826208) |

---

The consolidated statement of financial position is to be read in conjunction with the notes to the consolidated financial statements.

F-9 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

for the year ended 30 June 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Issued <br> Capital**<br> **$** | **Reserves**<br>**$** | **Accumulated Losses**<br> **$** | <br>**Total <br> Equity**<br> **$** |
| **Balance at 1 July 2024** | 3641 | 25026 | (2854875) | (2826208) |
| Loss for the year |  |  | (1972954) | (1972954) |
| Other comprehensive income | - | 19896 | - | 19896 |
| **Total comprehensive loss for the period** | - | 19896 | (1972954) | (1953058) |
| **Balance as at 30 June 2025** | 3641 | 44922 | (4827829) | (4779266) |
| **Balance at 1 July 2023** | 3641 | 5059 | (1139500) | (1130800) |
| Loss for the year |  |  | (1715375) | (1715375) |
| Other comprehensive income | - | 19967 | - | 19967 |
| **Total comprehensive loss for the period** | - | 19967 | (1715375) | (1695408) |
| **Balance as at 30 June 2024** | 3641 | 25026 | (2854875) | (2826208) |

---

The consolidated statement of changes in equity is to be read in conjunction with the notes to the consolidated financial statements.

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**CONSOLIDATED STATEMENTS OF CASH FLOWS**

for the year ended 30 June 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **30 JUNE 2025**<br> **$** | **30 JUNE 2024**<br> **$** |
| **Cash flows from operating activities** |  |  |  |
| Payments to suppliers and employees |  | (1294241) | (1131380) |
| Finance costs |  | (3418) | (43490) |
| Receipts from customers |  | 120000 | 468000 |
| **Net cash used in operating activities** | 9.1 | (1177659) | (706870) |
| **Cash flows from investing activities** |  |  |  |
| Deposit on Premises |  | (24000) |  |
| Purchase of plant and equipment | 14 | - | (885) |
| **Net Cash used in investing activities** |  | (24000) | (885) |
| **Cash flows from financing activities** |  |  |  |
| Advances from/(repaid) to directors | 19 | 123243 | (189800) |
| Lease repayments |  | (18910) | (1569) |
| Finance costs |  | (25664) |  |
| Convertible notes repaid | 13 |  | (69805) |
| Promissory Notes received | 13 | 646355 | 500000 |
| Promissory Notes repaid | 13 | (10000) |  |
| Promissory Notes issued | 5 | - | (175000) |
| **Net cash from financing activities** |  | 715024 | 63826 |
| **Net decrease in cash and cash equivalents** |  | (486636) | (643929) |
| Cash and cash equivalents at the beginning of the year |  | 577518 | 1202698 |
| Effects of exchange rate changes on cash and cash equivalents |  | 19896 | 18749 |
| **Cash and cash equivalents at the end of the year** | 9 | 110779 | 577518 |

---

The consolidated statement of cash flows is to be read in conjunction with the notes to the consolidated financial statements.

F-11 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

**GENERAL INFORMATION**

Braiin Limited (**Braiin** or the "**Company"**) and its subsidiaries (the "**Group**") is a for-profit company limited by shares, domiciled and incorporated in Australia. Braiin's expertise spans artificial intelligence and machine learning ("AI/ML"), robotics, internet of things ("IoT"), and mission-critical enterprise software and hardware applications. The functional currency of the Group is AUD and the presentation currency is in the USD currency.

The Company was incorporated on 4 July 2022.

1. BASIS
 OF PREPARATION

These consolidated financial statements are general purpose financial statements which have been prepared in accordance with Accounting Standards and Interpretations.

The Company is an unlisted public company, incorporated and operating in Australia. The financial report is presented in United States dollars.

The Company is a for profit entity for financial reporting purposes under IFRS Accounting Standards as issues by the International Accounting Standards Board (IFRS Accounting Standards).

*Historical cost convention*

The financial statements have been prepared under the historical cost convention, except for, where applicable, the revaluation of financial assets and liabilities at fair value through profit or loss, financial assets at fair value through other comprehensive income and derivative financial instruments.

*Critical accounting estimates*

The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the consolidated entity's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 1.3.

*Foreign currency translation*

The functional currency of each of the Group's entities is measured using the currency of the primary economic environment in which that entity operates. The consolidated financial statements are presented in United States dollars. The legal parent entity's functional and presentation currency is Australian Dollars.

Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined.

Exchange differences arising on the translation of monetary items are recognised in the profit or loss except where deferred in equity as a qualifying cash flow or net investment hedge.

Exchange differences arising on the translation of non-monetary items are recognised directly in other comprehensive income to the extent that the gain or loss is directly recognised in other comprehensive income, otherwise the exchange difference is recognised in the profit or loss.

The accounting policies detailed below have been consistently applied to all of the years presented unless otherwise stated.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

*Foreign operations*

The financial results and position of foreign operations whose functional currency is different from the Group's presentation currency are translated as follows:

● assets and liabilities are translated at year-end exchange rates prevailing at that reporting date;

● income and expenses are translated at average exchange rates for the period; and

● retained earnings are translated at the exchange rates prevailing at the date of the transaction.

Exchange differences arising on translation of foreign operations are transferred directly to the Group's foreign currency translation reserve in the consolidated statement of financial position. These differences are recognised in the profit or loss in the period in which the operation is disposed.

1.1. ADOPTION
 OF NEW AND REVISED STANDARDS

1.1.1. Changes
 in accounting policies on initial application of Accounting Standards

<u>Standards and interpretations applicable to 30 June 2025</u>

In the year ended 30 June 2025, the Directors have reviewed all of the new and revised Standards and Interpretations issued by the IFRS Accounting Standards that are relevant to the Group's operations and effective for the current financial reporting period.

It has been determined by the Directors that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on its business and, therefore, no change is necessary to Group accounting policies.

<u>Standards and interpretations on issue not yet effective and adopted</u>

The Directors have also reviewed all new Standards and Interpretations that have been issued but are not yet effective for the year ended 30 June 2025. As a result of this review the Directors have determined that there is no impact, material or otherwise, of the new and revised Standards and Interpretations issued but not yet effective and adopted on its business and, therefore, no further disclosures have been made in this regard.

F-13 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

1.2. STATEMENT
 OF COMPLIANCE

The financial report was authorised by the Board of Directors for issue on xx September 2025.

The financial report complies with Australian equivalents to the International Financial Reporting Standards (AIFRS). Compliance with AIFRS ensures that the financial report, comprising the financial statements and notes thereto, complies with IFRS Accounting Standards.

**MATERIAL ACCOUNTING POLICY INFORMATION**

1.3. CRITICAL
 ACCOUNTING ESTIMATES AND JUDGEMENTS

The application of accounting policies requires the use of judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions are recognised in the period in which the estimate is revised if it affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below.

*Fair value measurement hierarchy*

The Group is required to classify all assets and liabilities, measured at fair value. Considerable judgement is required to determine what is significant to fair value and therefore which category the asset or liability is placed in can be subjective.

*Estimation of useful lives of assets*

The Group determines the estimated useful lives and related depreciation and amortisation charges for its property, plant and equipment and finite life intangible assets. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation and amortisation charge will increase where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down.

*Impairment of non-financial assets other than goodwill and other indefinite life intangible assets*

The Group assesses impairment of non-financial assets other than goodwill and other indefinite life intangible assets at each reporting date by evaluating conditions specific to the Group and to the particular asset that may lead to impairment. If an impairment trigger exists, the recoverable amount of the asset is determined. This involves fair value less costs of disposal or value-in-use calculations, which incorporate a number of key estimates and assumptions.

*Income tax*

The Group is subject to income taxes in the jurisdictions in which it operates. Significant judgement is required in determining the provision for income tax. There are many transactions and calculations undertaken during the ordinary course of business for which the ultimate tax determination is uncertain. The Group recognises liabilities for anticipated tax audit issues based on the Group's current understanding of the tax law. Where the final tax outcome of these matters is different from the carrying amounts, such differences will impact the current and deferred tax provisions in the period in which such determination is made.

*Recovery of deferred tax assets*

Deferred tax assets are recognised for deductible temporary differences only if the Group considers it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

*Lease term*

The lease term is a significant component in the measurement of both the right-of-use asset and lease liability. Judgement is exercised in determining whether there is reasonable certainty that an option to extend the lease or purchase the underlying asset will be exercised, or an option to terminate the lease will not be exercised, when ascertaining the periods to be included in the lease term. In determining the lease term, all facts and circumstances that create an economical incentive to exercise an extension option, or not to exercise a termination option, are considered at the lease commencement date. Factors considered may include the importance of the asset to the Group's operations; comparison of terms and conditions to prevailing market rates; incurrence of significant penalties; existence of significant leasehold improvements; and the costs and disruption to replace the asset. The Group reassesses whether it is reasonably certain to exercise an extension option, or not exercise a termination option, if there is a significant event or significant change in circumstances.

*Incremental borrowing rate*

Where the interest rate implicit in a lease cannot be readily determined, an incremental borrowing rate is estimated to discount future lease payments to measure the present value of the lease liability at the lease commencement date. Such a rate is based on what the Group estimates it would have to pay a third party to borrow the funds necessary to obtain an asset of a similar value to the right-of-use asset, with similar terms, security and economic environment.

*Derivative Financial Instruments*

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.

*Promissory Notes*

Under IFRS 9, promissory notes issued by a company are recognised as financial liabilities and initially recorded at fair value, which is usually the cash or other considerations received. Typically classified as measured at amortised cost, the effective interest rate (EIR) method is used to account for the interest expense over the note's life, adjusting the carrying amount for any premium embedded as an implied interest rate. Transaction costs, such as structuring fees paid via equity issuance, are deducted from the initial carrying value and recognised based on the measurability of their fair value and the completion of any contingent events. This ensures financial statements accurately reflect the company's obligations and costs associated with promissory notes in compliance with IFRS 9.

1.4. PRINCIPLES
 OF CONSOLIDATION

As at reporting date, the assets and liabilities of all controlled entities have been incorporated into the consolidated financial statements as well as their results for the interim period. Where controlled entities have entered (left) the Consolidated Group during the year, their operating results have been included (excluded) from the date control was obtained (ceased).

The consolidated financial statements incorporate the assets, liabilities and results of the parent, Braiin Limited and its subsidiaries. Subsidiaries are entities the parent controls. The parent controls an entity when it is exposed to, or has right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. A list of the subsidiaries is provided in Note 17.

The assets, liabilities and results of all subsidiaries are fully consolidated into the financial statements of the Group from the date on which control is obtained by the Group. The consolidation of a subsidiary is discontinued from the date that control ceases. Intercompany transactions, balances and unrealised gains or losses on transactions between group entities are fully eliminated on consolidation. Accounting policies of subsidiaries have been changed and adjustments made where necessary to ensure uniformity of the accounting policies adopted by the group.

Equity interests in a subsidiary not attributable, directly or indirectly, to the Group are presented as non-controlling interests. The Group initially recognises non-controlling interests that are present ownership interests in subsidiaries and are entitled to a proportionate share of the subsidiary's net assets on liquidation at either fair value or at the non-controlling interests' proportionate share of the subsidiary's net assets. Subsequent to initial recognition, non-controlling interests are attributed their share of profit or loss and each component of other comprehensive income. Non-controlling interests are shown separately within the equity section of the statement of financial position and statement of comprehensive income.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

1.5. INCOME
 TAX

The charge for current income tax expense is based on the result for the year adjusted for any non-assessable or disallowed items. It is calculated using tax rates that have been enacted or are substantively enacted by the balance date or reporting date.

Deferred tax is accounted for in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. No deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on accounting or taxable profit or loss.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or liability is settled. Deferred tax is credited to profit or loss except where it relates to items that may be credited directly to equity, in which case the deferred tax is adjusted directly against equity.

Deferred income tax assets are recognised to the extent that it is probable that future tax profits will be available against which deductible temporary differences can be utilised.

The amount of benefits brought to account or which may be realised in the future is based on the assumption that no adverse change will occur in income taxation legislation and the anticipation that the Group will derive sufficient future assessable income to enable the benefit to be realised and comply with the conditions of deductibility imposed by the law.

1.6. FINANCIAL
 INSTRUMENTS

1.6.1. Financial
 Instruments – assets

a. Classification

The Group classifies its financial assets in the following measurement categories:

● those to be measured subsequently at fair value (either through OCI or through profit or loss), and

● those to be measured at amortised cost.

The classification depends on the entity's business model for managing the financial assets and the contractual terms of the cash flows.

For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI).

The Group reclassifies debt investments when and only when its business model for managing those assets changes.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

b. Recognition
 and derecognition

Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the requirements of ownership.

c. Measurement

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in profit or loss.

Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Equity
 Instruments

● The Group subsequently measures all equity investments at fair value. Where the Group's management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the Group's right to receive payments is established.

● Changes in the fair value of financial assets at FVTPL are recognised in other gains/(losses) in the statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value.

d. Impairment

The Group assesses on a forward-looking basis, the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

1.6.2 Financial
 Instruments - Liabilities

a. Classification

The Group classifies its financial liabilities in the following measurement categories:

● those to be measured subsequently at FVTPL, and

● those to be measured at amortised cost.

The classification depends on the entity's business model for managing the financial liabilities and the contractual terms of the cash flows.

For financial liabilities measured at FVTPL, gains and losses, including any interest expenses will be recorded in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.

For financial liabilities measured at amortised cost, the effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

b. Recognition
 and derecognition

Regular way purchases of financial liabilities are recognised on trade-date, the date on which the Group commits to purchase the financial liability. Financial liabilities are derecognised when the Group's obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liabilities derecognised and the consideration paid and payable is recognised in profit or loss.

c. Measurement

At initial recognition, the Group measures financial liabilities at its fair value plus, in the case of financial liabilities not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to the acquisition of the financial liabilities. Transaction costs of financial liabilities carried at FVTPL are expensed in profit or loss.

1.7. IMPAIRMENT
 OF ASSETS

The Group assesses at each balance date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset's recoverable amount. An asset's recoverable amount is the higher of its fair value less costs to sell and its value in use, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets and the asset's value in use cannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as part of the cash-generating unit to which it belongs. When the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset or cash-generating unit is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses relating to continuing operations are recognised in those expense categories consistent with the function of the impaired asset unless the asset is carried at revalued amount (in which case the impairment loss is treated as a revaluation decrease).

Impairment testing is performed annually for goodwill and intangible assets.

1.7.1. Financial
 assets carried at cost

If there is objective evidence that an impairment loss has been incurred on an unquoted equity instrument that is not carried at fair value (because its fair value cannot be reliably measured), or on a derivative asset that is linked to and must be settled by delivery of such an unquoted equity instrument, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the current market rate of return for a similar financial asset.

1.8. PROVISIONS

Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

1.9. CASH
 AND CASH EQUIVALENTS

Cash and cash equivalents includes cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the statement of financial position.

1.10. REVENUE
 RECOGNITION

**Revenue from contracts with customers**

Revenue is recognized at an amount that reflects the consideration to which the Company is expected to be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the Company does the following: identifies the contract with a customer; identifies the performance obligations in the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of money; allocates the transaction price to the separate performance obligations on the basis of the relative stand-alone selling price of each distinct good or service to be delivered; and recognizes revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised.

**Subscription Revenue**

Subscription revenues consist primarily of fees earned from subscription-based arrangements for providing customers the right to use its drone technology and underlying services.

Revenue from subscriptions is recognized over time when the customer obtains access to and is transferred control of the technology, which is generally from the time of delivery of the drone to the customer and throughout the contract when the customer consumes the benefits provided by the Company via ongoing access to the technology. The revenue recognition pattern reflects the transfer of control to the customer, which, for subscriptions, is recognized evenly across the contract period, as performance obligations are met.

The provision of the technology within the drone is a distinct bundled performance obligation as the customer can derive substantial benefits from the drone throughout the duration of the contract. Therefore, revenue from subscriptions is recognized over time.

Monthly Subscriptions: For a monthly subscription service, revenue is recognized monthly as the Company meets performance obligation by giving the customer access to utilize the Company's drone technology and underlying services.

Annual Subscriptions Paid Upfront: If a customer enters into a contract for an annual subscription, the amount received is categorized as "unearned revenue" and recognized as a liability. The revenue is recognized evenly over the year, with a corresponding reduction from the unearned revenue account, reflecting the period over which we meet our performance obligation by giving the customer access to utilize our drone technology and underlying services.

**Interest** 

Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

1.11. RIGHT
 OF USE ASSETS

Leases are recognised as a right-of-use-asset and a corresponding liability at the date at which the leased asset is available for use by the Group.

**Right of use Asset**

The Group recognises a right of use asset at the commencement date of the lease. The right of use asset is initially measured at cost. The cost of right of use assets includes the amount of lease liabilities recognised, adjusted for any lease payments made at or before the commencement date, plus initial direct costs incurred and an estimate of costs to dismantle, remove or restore the leased asset, less any lease incentives received

Right-of-use-assets are measured at cost comprising the following:

● the amount of the initial measurement of lease liability;

● any lease payments made at or before the commencement date less any lease incentives received;

● any initial direct costs; and

● restoration costs.

Subsequent to initial measurement, the right of use asset is depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life. Right of use assets are subject to impairment and are adjusted for any remeasurement of lease liabilities.

1.12. LEASE
 LIABILITY

At the commencement date of the lease, the Group recognises lease liabilities at the present value of the lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the assessment of lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as expense in the period on which the event or condition that triggers the payments occurs. The present value of lease payments is discounted using the interest rate implicit in the lease or, if the rate cannot be readily determined, the Group's incremental borrowing rate.

The lease liability is measured at amortised cost using the effective interest method. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made.

The amount of lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group's estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right of use asset, or is recognised in profit or loss if the carrying amount of the right of use asset has been reduced to zero.

The Group has elected not to recognise right of use assets and lease liabilities for short term leases that have a lease term of 12 months of less and do not contain a purchase option, and leases of low value assets. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

1.13. PLANT
 AND EQUIPMENT

Items of property, plant and equipment are measured at cost less accumulated depreciation.

Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for its intended use, and the costs of dismantling and removing the items and restoring the site on which they are located, and an appropriate proportion of production overheads.

Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised net within "other income" in profit or loss.

Depreciation is calculated on a straight-line basis to write off the next cost of each item of plant and equipment over their expected useful life as follows:

● Drones 2 years

The carrying amount of plant and equipment is reviewed annually by Directors to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the assets employment and subsequent disposal.

1.14. ISSUED
 CAPITAL

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable to the issue of new shares or options for the acquisition of a new business are not included in the cost of acquisition as part of the purchase consideration.

F-21 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

1.15. GOING
 CONCERN

The financial statements have been prepared on an accruals basis and are based on historical costs modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. Historical cost is generally based on the fair values of the consideration given in exchange for goods and services.

The Directors have assessed the Group's ability to continue as a going concern and are satisfied that the going concern basis of preparation is appropriate. While the Group recorded a net loss after tax for the year ended 30 June 2025 of $1,972,954 (2024: $1,715,375), a net operating cash outflow of $1,177,659 (2024: $706,870), and a net liability position of $4,779,266 (2024: $2,826,208), subsequent events and current funding provide sufficient basis to conclude that the Group has adequate resources to meet its obligations over the next twelve months.

During the year, the Group entered into Promissory Note Agreements with investors totalling $636,355. In addition, since year end, the Directors have issued SAFE notes totalling $375,000. The Group is also actively progressing a direct listing on the Primary Exchange, with the intention to complete the listing before 31 December 2025. An F-1 registration statement has been lodged with the U.S. Securities and Exchange Commission (SEC), and the Group is prepared to respond comprehensively to subsequent queries. The Board has also advanced discussions with strategic investors and financing partners and has prepared detailed budgets and financial forecasts demonstrating sufficient liquidity to support operations for at least twelve months from the date of this report.

Key subsequent developments supporting this assessment include:

● In September 2025, the Group successfully completed a $3,000,000 equity placement, providing additional liquidity to fund operations and strategic objectives.

● In September 2025, the Company entered into amendments to the Promissory Notes originally on issue at 30 June 2025. The amendments extend maturity terms to the original instruments. This significantly strengthens the Group's financing position and improves future cash flow forecasts.

● SAFE Notes on issue as at 30 June 2025 were converted into equity following the September placement, reducing the Group's debt obligations and simplifying its capital structure.

● In November 2025, the Group successfully completed a $2,000,000 equity placement, providing additional liquidity to fund operations and strategic objectives.

These subsequent events provide tangible evidence of investor support and improved financing conditions. Taken together, they reinforce the Directors' confidence that the Group has sufficient resources to meet its obligations as they fall due. Accordingly, the financial statements have been prepared on a going concern basis.

**1.16** **INTANGIBLE ASSETS** 

Intangible assets acquired as part of a business combination, other than goodwill, are initially measured at their fair value at the date of the acquisition. Intangible assets acquired separately are initially recognised at cost. Indefinite life intangible assets are not amortised and are subsequently measured at cost less any impairment. Finite life intangible assets are subsequently measured at cost less amortisation and any impairment. The gains or losses recognised in profit or loss arising from the derecognition of intangible assets are measured as the difference between net disposal proceeds and the carrying amount of the intangible asset. The method and useful lives of finite life intangible assets are reviewed annually. Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing the amortisation method or period.

**1.17** **UNEARNED REVENUE** 

Unearned revenue is recorded as a liability when payments are received before performance obligations relating to a contract have not yet been met. It is recognised as revenue on the income statement as the corresponding goods or services are provided, reflecting the fulfilment of the Company's performance obligations. This method adheres to the accrual basis of accounting, ensuring that revenue recognition aligns accurately with the delivery of services or goods.

F-22 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

**2.** **ISSUED CAPITAL** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025**<br> **No.** | **2025**<br> **No.** |  | **2024**<br> **No.** | **2024**<br> **No.** |  |
| Fully paid ordinary shares |  | 44278312 | \*  |  | 44278312 | \* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025**<br> **No.** | **$** | $**2024**<br> **No.** | **2024**<br> **No.** | **$** |
| Balance at beginning of the year | 44278312 \* |  |  | 44278312 \* | 3641 |
| Balance at end of the year | **44278312** **\*** |  |  | **44278312** **\*** | **3641** |

---

\* Subsequent to the end of the reporting period, Braiin Limited undertook a 4 for 1 stock split of its Fully paid ordinary shares which has been retroactively adjusted.

Ordinary shares participate in dividends and the proceeds on winding up of the parent entity in proportion to the number of shares held.

At the shareholders' meetings, each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on a show of hands.

F-23 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

3. RESTRUCTURE
 ACCOUNTING AND COMPARATIVE INFORMATION

On 23 December 2023, Braiin Limited simplified its structure by the means of transferring the assets from Raptor 300 Australia Pty Ltd to Braiin Limited and transferring the shares to Darren McVean. This process was completed through a number of internal transactions with limited impact to the consolidated group.

As part of the agreement:

● Braiin
 Limited acquired drones and software assets from Raptor 300 Australia

● Raptor
 300 Inc transferred its ownership of Raptor 300 Australia to Darren McVean

The Net Assets remaining in the entity resulted in a loss of $5,469 which is reflected in the comparative consolidated statement of profit and loss.

4. EXPENSES

4. a Expenses

**Administration and other expenses**

---

| | | |
|:---|:---|:---|
|  | **2025**<br> **$** | **2024**<br> **$** |
| Office expenses | 8437 |  |
| Dues and Subscriptions | 7003 | 9397 |
| General expenses | 20683 | 21908 |
| Drone related expenses in Sri Lanka | 71058 | 79097 |
| Other general expenses related to Sri Lank | 11304 |  |
| Insurance | 635 |  |
| Memberships | 2792 | 7831 |
| Postage | 52 | 1562 |
| Telephone and internet | 3805 | 1451 |
| Repairs and maintenance | 8620 |  |
| ASIC fees | 978 | 1616 |
| Staffing Costs | 283243 | 97033 |
| Travel | 54116 | 43246 |
| Bank fees | 4349 | 5166 |
|  | 477075 | 268307 |

---

**Professional, audit and legal fees**

---

| | | |
|:---|:---|:---|
|  | **2025**<br> **$** | **2024**<br> **$** |
| Consulting and accounting | 581610 | 753272 |
| Audit fees | 201871 | 232454 |
| Legal expenses | 8539 | 45194 |
|  | 792020 | 1030920 |

---

F-24 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

4. b Segment information

The Group is organised into three operating segments based on geographical location, Australia, Sri Lanka and USA. These operating segments are based on internal reports that are viewed and used by the Board of Directors (who are identified as the Chief Operating Decision Makers (CODM). As the Group is pre-revenue, the CODM review the segment operating expenditure.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Australia**<br> **2025**<br> **$** | **Sri Lanka**<br> **2025**<br> **$** | **USA <br> 2025**<br> **$** | **Total**<br> **2025**<br> **$** |
| Office expenses |  |  | 15367 | 15367 |
| Bank fees | 961 |  | 3388 | 4349 |
| Loss on foreign currency exchange | 13752 |  | 15259 | 29011 |
| Consulting and accounting | 35806 |  | 545805 | 581611 |
| Interest expense | 44684 |  | 272419 | 317103 |
| Depreciation and amortisation | 29192 |  | 84177 | 113370 |
| Drone Related expenses |  | 82362 |  | 82362 |
| Rent<sup>1</sup> |  |  | 248800 | 248800 |
| Audit fees | 201870 |  |  | 201870 |
| General expenses | 2781 | 9256 | 25602 | 37639 |
| Legal expenses | 2488 | 140 | 5911 | 8539 |
| Staffing expenses |  |  | 283243 | 283243 |
| Travel | - | - | 54116 | 54116 |
|  | 331534 | 91758 | 1549662 | 1972954 |

---

1. The
 Group's rental arrangements relate to a lease with a term of less than 12 months. As
 the lease is short-term in nature, the practical expedient has been applied and the rental
 payments have been recognised as an expense in the statement of profit or loss and other
 comprehensive income.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Australia**<br> **2024**<br> **$** | **Sri Lanka**<br> **2024**<br> **$** | **USA <br> 2024**<br> **$** | **Total**<br> **2024**<br> **$** |
| Office expenses |  |  | 10357 | 10357 |
| Bank fees | 2562 |  | 2604 | 5166 |
| Loss on deconsolidation | 5469 |  |  | 5469 |
| Loss on forgiveness of debt | 175386 |  |  | 175386 |
| Loss on foreign currency exchange | 4225 |  |  | 4225 |
| Consulting and accounting | 124189 |  | 629083 | 753272 |
| Interest expense | 56940 | 186 | 25629 | 82755 |
| Depreciation and amortisation | 22427 | 580 | 125306 | 148313 |
| Audit fees | 232454 |  |  | 232454 |
| General expenses | 4056 |  | 108450 | 112506 |
| Legal expenses | 38365 |  | 6828 | 45193 |
| Staffing expenses |  |  | 97033 | 97033 |
| Travel | - | - | 43246 | 43246 |
|  | 666073 | 766 | 1048536 | 1715375 |

---

F-25 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

5. LOSS
 ON FOREGIVENESS OF LOAN

**5.1** **Northern Revival Sponsor LLC** 

On April 23, 2024, the Group issued a Promissory Note to Northern Revival Sponsor, LLC, with a principal amount of USD $175,000. Under the terms of the agreement, the principal amount is subject to forgiveness upon the earlier of the following events:

1. The
 effective date of the consummation of the business combination among Braiin Holdings Ltd,
 Braiin Limited, Northern Revival Acquisition Corporation, Northern Revival Sponsor LLC, and
 certain shareholders of Braiin Limited; or

2. April
 23, 2025.

The Promissory Note is non-interest bearing, includes provisions for prepayment, and outlines the consequences of an event of default. The obligations under this Note rank pari passu with all existing and future indebtedness of the Maker.

Given the specific contractual terms and the expectation that the principal will be forgiven, the Group has not recognised the $175,000 as a receivable and has instead recorded the amount at nil in the consolidated financial statements.

This financial arrangement forms part of the Group's broader capital and transaction strategy to support the proposed business combination, providing flexibility while maintaining alignment with strategic objectives.

6. FINANCIAL
 INSTRUMENTS

6.1. CAPITAL
 RISK MANAGEMENT

The Group manages its capital to ensure that it will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance.

The Group's overall strategy remains unchanged during the financial year.

Gearing levels are reviewed by the Board on a regular basis in line with its target gearing ratio, the cost of capital and the risks associated with each class of capital.

F-26 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

6.2. CATEGORIES
 OF FINANCIAL INSTRUMENTS

6.2.1. FINANCIAL
 ASSETS

---

| | | |
|:---|:---|:---|
|  | **30 JUNE 2025**<br> **$** | **30 JUNE 2024**<br> **$** |
| Cash and cash equivalents | 110779 | 577518 |
| Related party loan |  | 108677 |
| Promissory Note receivable | 7000 |  |
| Loans | 3367 | 1770 |
| 6.2.2 FINANICAL LIABILITIES |  |  |
| Trade and other payables | 796207 | 518641 |
| Related party loan | 14565 |  |
| Lease liability | 56051 | 1353 |
| Loan facility | 163837 | 166669 |
| Interest payable on loan facility | 31662 | 14500 |
| Accrued interest | 10035 | 6410 |
| Promissory Notes | 1154188 | 500000 |
| Interest payable on Promissory Note | 289736 | 25815 |
| Convertible Notes | 39320 | 40001 |
| SAFE Notes | 1929667 | 1929667 |

---

6.2.3. FINANCIAL
 RISK MANAGEMENT OBJECTIVES

<u>Credit risk</u>

Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract obligations that could lead to a financial loss to the Group.

The Group does not have any material credit risk exposure to any single receivable or group of receivables under financial instruments entered into by the Group.

Credit risk exposures

The maximum exposure to credit risk is that to its alliance partners and that is limited to the carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to the financial statements.

Credit risk related to balances with banks and other financial institutions is managed by the Group in accordance with approved Board policy. Such policy requires that surplus funds are only invested with reputable financial institutions, wherever possible.

Generally, trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include the failure of a debtor to engage in a repayment plan, no active enforcement activity and a failure to make contractual payments for a period greater than 1 year.

<u>Interest risk</u>

The Group is not exposed to material interest rate risk. The interest rate related to convertible notes is fixed per the agreements.

<u>Liquidity risk</u>

The Group adopts prudent liquidity risk management by maintaining sufficient cash and obtaining continuous funding through capital raising as and when necessary to enable the Group to pay its debts as and when they become due and payable.

F-27 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

The table below analyses the Group's financial liabilities into relevant maturity groupings based on the remaining period at the reporting period date to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows. Balances due within 12 months approximate their carrying balances, as the impact of discounting is not significant.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **30 JUNE 2025** | Weighted average interest rate % | Less than 1 year <br>$ | More than 1 year <br>$ | Total <br>$ |
| Trade and other payables |  | 796207 |  | 796207 |
| Lease liability | 16.87% | 20159 | 40318 | 60477 |
| Loan facility | 18.00% | 163837 |  | 163837 |
| Loan Interest |  | 31662 |  | 31662 |
| Accrued interest |  | 10035 |  | 10035 |
| Promissory notes |  | 1154188 |  | 1154188 |
| Promissory note interest |  | 289736 |  | 289736 |
| Convertible notes | 10.00% | 39321 |  | 39321 |
| SAFE notes | - | 1929667 | - | 1929667 |
| **Total** |  | **4434812** | **40318** | **4475130** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **30 JUNE 2024** | Weighted average interest rate % | Less than 1 year <br>$ | More than 1 year <br>$ | Total <br>$ |
| Trade and other payables |  | 518641 |  | 518641 |
| Lease liability | 14.06% | 1351 | 2 | 1353 |
| Loan facility | 18.00% | 166669 |  | 166669 |
| Loan Interest |  | 14500 |  | 14500 |
| Accrued interest |  | 6410 |  | 6410 |
| Promissory notes |  | 500000 |  | 500000 |
| Promissory note interest |  | 25815 |  | 25815 |
| Convertible notes | 10.00% | 40001 |  | 40001 |
| SAFE notes | - | 1929667 | - | 1929667 |
| **Total** |  | **3203054** | **2** | **3203056** |

---

<u>Fair values</u>

The fair values of financial assets and financial liabilities as presented above can be compared to their carrying values as presented in the statement of financial position. Fair values are those amounts at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction.

The carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximate fair value. The fair value at the reporting date of the Company's financial assets are noted as $117,050 and liabilities are noted as $4,495,858 (see Note 13).

F-28 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

7. REMUNERATION
 OF AUDITORS

---

| | | |
|:---|:---|:---|
|  | **30 JUNE 2025**<br> **$** | **30 JUNE 2024**<br> **$** |
| Audit and review of the financial reports |  |  |
| 2024 Audit and Half-year review |  | 232454 |
| 2025 Audit and Half-year review | 201871 | - |
|  | 201871 | 232454 |

---

As at 30 June 2025, the Group has accrued the audit fees for Braiin Limited and the subsidiary Raptor300 Inc.

8. INCOME
 TAX

There are no current or deferred tax expenses during the year. The prima facie tax expense on loss from ordinary activities before income tax is reconciled to income tax is:

---

| | | |
|:---|:---|:---|
|  | **30 JUNE 2025**<br> **$** | **30 JUNE 2024**<br> **$** |
| Prima facie tax benefit on profit loss before income tax at 25% (2024:25%) | (493238) | (428843) |
| **Numerical reconciliation of income tax benefit and tax at the statutory rate** |  |  |
| Accounting loss for income tax benefit | (1972954) | (1715375) |
| Income tax benefit calculated at 25% (2024: 25%) | 493238 | 428843 |
| **Tax effect of amounts not taxable in calculating income tax benefit** |  |  |
| Temporary differences not recognised | (122143) | - |
| Tax effect of losses unrecognised | 371095 | 428843 |
|  | - | - |

---

At 30 June 2025, the Group had unused tax losses of $1,570,104 (2024: $1,715,372) and deductible temporary differences of $488,572 (2024: $nil) for which no deferred tax assets have been recognised. The benefits of these losses and temporary differences will only be realised if the conditions for deductibility set out in the accounting policy of Note 1.5 are met. The tax rate used in 2025 and 2024 is based on the Australian tax rate applicable to Braiin Limited.

Deferred tax assets not brought to account, the benefits of which will only be realised if the conditions for deductibility set out in the accounting policy of Note 1.5.

F-29 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

9. CASH
 AND CASH EQUIVALENTS

For the purposes of the statement of cash flows, cash and cash equivalents include cash on hand and in banks. Cash and cash equivalents at the end of the reporting period as shown in the statement of cash flows can be reconciled to the related items in the statement of financial position as follows:

---

| | | |
|:---|:---|:---|
|  | **30 JUNE 2025**<br> **$** | **30 JUNE 2024**<br> **$** |
| Cash and cash equivalents | 110779 | 577518 |
| **9.1 Cash Flow information** |  |  |
| Reconciliation of cash flow from operations to loss |  |  |
| Operating loss after Income Tax | (1972953) | (1715375) |
| **Add back non-cash item** |  |  |
| Depreciation and amortization | 113370 | 148313 |
| Interest expense | 288020 | 39265 |
| (Gain)/Loss on foreign currency exchange | 24584 |  |
| Loss on forgiveness of loan |  | 175000 |
| Other expenses |  |  |
| *Movements in working capital* |  |  |
| Increase/(decrease) in unearned revenue | 120000 | 468000 |
| (Increase)/decrease in receivables | (10834) | 6893 |
| Increase/(decrease) in prepayments | (2904) |  |
| (Increase)/decrease in loans | (1597) | 26886 |
| Increase/(decrease) in payables | 264655 | 144148 |
| Cash outflow from operations | (1177659) | (706870) |

---

10. TRADE
 AND OTHER RECEIVABLES

---

| | | |
|:---|:---|:---|
|  | **30 JUNE 2025**<br> **$** | **30 JUNE 2024 <br> $** |
| GST Receivable | 21332 | 15329 |
| Promissory Note receivable | 7000 | - |
|  | 28332 | 15329 |

---

F-30 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

11. TRADE
 AND OTHER PAYABLES

---

| | | |
|:---|:---|:---|
|  | **30 JUNE 2025<br> $** | **30 JUNE 2024 <br> $** |
| Accounts payable | 595849 | 303411 |
| Accrued expenses | 122919 | 215230 |
| Other payable | 77439 | - |
|  | 796207 | 518641 |

---

12. UNEARNED
 REVENUE

---

| | | |
|:---|:---|:---|
|  | **30 JUNE 2025<br> $** | **30 JUNE 2024 <br> $** |
| Opening Balances | 468000 |  |
| Additions | 120000 | 468000 |
| **Closing Balance** | **588000** | **468000** |

---

The Group has classified $588,000 received under a Purchase Order for ongoing software usage as unearned revenue, in compliance with IFRS 15. This amount, linked to software services provided to a single client, is recognised as revenue progressively as the performance obligations are met over the service period, which is planned to commence following the Group's successful listing on the Primary Exchange. In accordance with IFRS 15, revenue from this contract is deferred until the performance obligations begin to be satisfied.

13. FINANCIAL
 LIABILITIES

---

| | | |
|:---|:---|:---|
|  | **30 JUNE 2025**<br> **$** | **30 JUNE 2024 $** |
| **SAFE Notes** |  |  |
| Opening balance | 1929667 | 1929667 |
| Additions | - | - |
| **Closing balance** | **1929667** | **1929667** |
| **Loan Facilities** |  |  |
| Opening balance | 181168 | 166373 |
| Additions |  |  |
| Interest accrued | 40959 | 47183 |
| Interest paid during the year | (26221) | (32684) |
| Repayments during the year |  |  |
| Exchange difference | (407) | 296 |
| **Closing balance** | **195499** | **181168** |
| **Promissory Notes** |  |  |
| Opening balance | 525815 |  |
| Additions | 655855 | 500000 |
| Interest accrued | 263921 | 25815 |
| Repayments during the year | (10000) |  |
| Exchange difference | 8334 | - |
| **Closing balance** | **1443925** | **525815** |
| **Convertible Notes** |  |  |
| Opening balance | 46412 | 117266 |
| Additions |  |  |
| Interest accrued | 3624 | 6411 |
| Repayments during the year |  | (69805) |
| Exchange difference | (681) | (7460) |
| &nbsp;&nbsp;&nbsp;**Closing balance** | **49355** | **46412** |
| &nbsp;&nbsp;&nbsp;**Total Financial Liabilities** | **3618446** | **2683062** |

---

Financial liabilities are current as all categories convert upon a successful listing event which is expected to occur prior to 31 December 2025.

F-31 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

**13.1** **Safe Notes** 

The Group has issued Simple Agreements for Future Equity ("SAFEs") to various investors, through its subsidiary Raptor300, Inc. in a previous financial year as part of its fundraising activities. A SAFE is a financial instrument that represents the right to receive equity in the Company upon the occurrence of certain triggering events, such as a future equity financing or a liquidity event.

As of 30 June 2025, the Group has recognized the SAFE debt as a liability in accordance with IFRS Accounting Standards. The liability is measured at fair value initially and is subsequently measured at amortised cost. Per Note 13.5 below the SAFE Notes contain an embedded derivative instrument that is recognised at fair value through profit or loss. Changes in the fair value of the embedded derivative of the SAFE debt are recognized in the statement of profit or loss and other comprehensive income.

Upon the occurrence of a triggering event specified in the SAFE agreements, the liability is reclassified to equity and recorded as additional paid-in capital.

The Group assesses the fair value of the SAFE note derivative liability at the reporting date using an external valuer remains consistent with conclusions reached at 30 June 2024. The value of the derivative liability remains as nil.

The main terms of the SAFEs are detailed below:

● Discount rate of 30%

● If there is an Equity Financing before the termination of the SAFE, on the initial closing of such Equity Financing, the SAFE will automatically convert into the number of shares of SAFE Preferred Stock equal to the Purchase Amount divided by the Discount Price

● The Group will use the funds for working capital purposes and to acquire new drones.

● The majority of the investors in the SAFE are non-related parties to the Group other than $237,667 in SAFE to Rohit Jhamb, a Director of the Group.

**13.2** **Loan facility** 

During the year, the Group entity entered into loan facility agreements with a total face value of $163,837.

Interest will accrue on a daily basis at a rate of 25% per annum on the outstanding subscription amount and will capitalise at monthly intervals and be payable quarterly.

As of 30 June 2025, the Group has recognized the loan facilities as a liability in accordance with IFRS Accounting Standards. The liability is measured at fair value initially and is subsequently measured at amortised cost. Per Note 13.5 below the Loan Facilities contain an embedded derivative instrument that is recognised at fair value through profit or loss. Changes in the fair value of the embedded derivative of the loan facility are recognized in the statement of profit or loss and other comprehensive income. The value of which remains as nil.

The Loan Facilities are automatically convertible into subscription shares upon the successful listing on the Primary Exchange resulting in the Company's ordinary shares being exchanged for publicly-listed securities.

The loan facility are unsecured and have a maturity date of 36 months from the Subscription date, however automatically convert at a listing event which is expected in the second quarter of 2025.

F-32 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

[**Table of Contents**](#fin_toc)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

**13.3** **Promissory Notes** 

Between 1 January 2025 and 30 April 3025, the Group entered into additional Promissory Notes with 6 separate parties with a total principal amount of $636,355. Each promissory note issued by Braiin LLC provides for a fixed return by applying a 1.20x multiplier to the principal amount, referred to as the "payoff amount." This payoff amount is payable on or before a defined maturity date or upon consummation of the business combination involving Braiin Holdings Ltd. If the payoff amount is not paid by the maturity date, interest begins to accrue on the unpaid principal as follows:

● From the day after the maturity date to a defined secondary date (e.g., July 1 or August 15 depending on the note): interest accrues at 1% per month on the principal.

● After the secondary date, if the note remains unpaid, interest increases to 1.5% per month on all unpaid sums until fully repaid.

This stepped interest structure incentivises prompt repayment while offering investors compensation for delays.

On 27 March 2024, the Group entered into a Note Purchase Agreement with SCP Opportunity XV, LP ("the Buyer"), whereby the Group agreed to issue and sell to the Buyer one or more promissory notes for a total purchase price of up to $500,000. The principal amount for each note under this agreement is calculated as 1.25 times the purchase price paid by the Buyer. This calculation forms the basis for the initial recognition of these notes as financial liabilities at their fair value, which corresponds to the cash received from the Buyer.

The interest terms stipulated in the agreement dictate that if the payoff amount of any note is not settled by 1 July 2024, interest will commence accruing on the principal amount at a rate of 1% per month. Should the payoff amount remain unpaid as of 30 June 2025, the interest rate will increase to 1.5% per month until full payment is made. The accrued interest is added to the carrying amount of the liability to reflect the increase in the amount owed to the Buyer over time, under the terms of the contractual agreement.

In terms of subsequent measurement, the liabilities are measured at amortised cost using the effective interest rate (EIR) method. This approach involves calculating the interest rate that exactly discounts the estimated future cash payments through the life of the financial liability back to the net carrying amount on initial recognition. The EIR reflects the actual economic return that the Buyer expects to receive based on the initial investment. If there is a step-up in interest rates due to non-payment, these changes are treated as modifications of the financial liabilities. Such modifications are accounted for by recalculating the EIR to reflect the terms of the modified agreement, adjusting the carrying amount of the debt, and recognising any difference in the profit and loss. Refer to Note 21.2 for contingent liabilities associated with the Promissory note.

**13.4** **Convertible Notes** 

The Group entity has issued convertible notes with a total face value of $39,320.

Interest will accrue on a daily basis at a rate of 10% per annum on the outstanding subscription amount and will capitalise at monthly intervals and be payable at the time of conversion.

As of 30 June 2025, the Group has recognized the Convertible Notes as a liability in accordance with IFRS Accounting Standards. The liability is measured at fair value initially and is subsequently measured at amortised cost. Per Note 13.5 below the Convertible Notes contain an embedded derivative instrument that is recognised at fair value through profit or loss. Changes in the fair value of the embedded derivative of the Convertible debt are recognized in the statement of profit or loss and other comprehensive income.

The notes are automatically convertible into subscription shares upon the successful completion of a listing on the Primary Exchange resulting in the Company's ordinary shares being exchanged for publicly-listed securities.

The convertible notes are unsecured and have a maturity date of 18 months from the Subscription date, however automatically convert at an IPO which is expected prior to 31 December 2025.

F-33 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

**13.5** **Derivative Financial Instruments** 

The Group has entered into SAFE and Convertible Note agreements as outline above. These Notes contain embedded financial instruments which have characteristics of derivative financial instruments. The Group assesses each contract to determine whether any embedded financial instruments require separate recognition and measurement.

The Group has identified an embedded financial instrument within each of the SAFE Notes, Convertible Notes and Loan Facilities. The Group assessed the fair value of the embedded derivatives associated with the SAFE, Convertible Notes and Loan Facility as at 30 June 2025. As at balance date, the direct listing had not occurred, the underlying listed entity into which the instruments would convert did not exist, and there was no observable market evidence to support a fair value measurement. Given the continued uncertainty around the listing outcome and timetable, and the fact that the conversion features were contingent on a successful listing, management has determined that the embedded derivatives had a nil fair value at 30 June 2025.

Any changes in the fair value of the embedded financial instrument are recognized in the Statement of Profit and Loss as a gain or loss on financial instrument derivatives consistent with the Group's accounting policy for financial instruments.

As at 30 June 2025, the valuation was determined to be nil on the basis that agreements converting at the future market rate has nil intrinsic value.

14. FIXED
 ASSETS

---

| | | |
|:---|:---|:---|
|  | **30 JUNE 2025**<br> **$** | **30 JUNE 2024 <br> $** |
| Plant and Equipment – at cost | 340817 | 340817 |
| Less: Accumulated depreciation | (338744) | (292062) |
| Exchange difference | (994) | - |
|  | 1079 | 48755 |
| Opening balance | 48755 | 193666 |
| Additions |  | 885 |
| Disposals |  |  |
| Depreciation expense | (47676) | (147109) |
| Exchange difference | - | 1313 |
| Closing balance | 1079 | 48755 |

---

The Group records its plant and equipment under the historical cost convention. There have been no impairments during the financial year.

F-34 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

15. SOFTWARE
 DEVELOPMENT

---

| | | |
|:---|:---|:---|
|  | **30 JUNE 2025**<br> **$** | **30 JUNE 2024 <br> $** |
| Software development at cost | 89092 | 89092 |
| Less: Accumulated amortisation | (29192) |  |
| Exchange difference | (1514) | - |
|  | 58386 | 89092 |
| Opening Balance | 89092 | 88934 |
| Amortisation | (29192) |  |
| Exchange Difference | <br> (1514) | 158 |
| Closing balance | 58386 | 89092 |

---

Software development costs relate to the proprietary software, the Raptor Enterprise Resource Platform and AI integration, developed for Raptor300 Inc.

Reconciliations of written down values at the beginning and end of the current and previous financial year are not required in this financial report as there has been no write-downs during the financial year.

Software development costs are capitalised when the recognition criteria are met and are amortised on a straight-line basis over three years from the date the software is available for use. The Board determined that the software became available for use on 1 July 2024, and accordingly amortisation commenced from that date. For the year ended 30 June 2025, amortisation expense of approximately $29,000 was recognised. No additional development costs were capitalised during FY25; subsequent expenditure on enhancements, support and operations was expensed as incurred, as it did not meet the recognition criteria under IAS 38. Management monitored for impairment indicators throughout the year and concluded that no impairment existed at 30 June 2025.

16. LEASES

16.1 Right
 of Use Assets – Motor Vehicle

---

| | | |
|:---|:---|:---|
|  | **30 JUNE 2025**<br> **$** | **30 JUNE 2024 <br> $** |
| Opening balance |  |  |
| Additions | 83343 |  |
| Depreciation | (20837) |  |
| Closing balance | 62506 |  |

---

F-35 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

16.1 Right
 of Use Assets – Premises

---

| | | |
|:---|:---|:---|
|  | **30 JUNE 2025**<br> **$** | **30 JUNE 2024 <br> $** |
| Opening balance | 2069 | 3244 |
| Additions |  |  |
| Depreciation | (1057) | (1204) |
| Foreign currency adjustments | - | <br> 29 |
| Closing balance | 1012 | 2069 |

---

16.2 Leases
 – Motor vehicle

---

| | | |
|:---|:---|:---|
| **Current** | **30 JUNE 2025**<br> **$** | **30 JUNE 2024 <br> $** |
| Short-term lease liabilities |  |  |
| Opening balance |  |  |
| Additions | 34655 |  |
| Interest | 3264 |  |
| Repayments | (20159) |  |
| Closing Balance | 17760 |  |
| **Non-Current** |  |  |
| Long-term lease liabilities |  |  |
| Opening balance |  |  |
| Additions | 38291 |  |
| Repayments | - |  |
| Closing Balance | 38291 |  |

---

The Group has entered into a lease agreement for a 2024 Mercedes-Benz GLS vehicle under a finance lease arrangement. The lease commenced on 28 June 2024 and has a fixed term of 48 months, with monthly payments of USD $1,679.90. The leased vehicle is used for business purposes and is subject to an annual mileage limit of 12,000 miles.

16.2 Leases
 - Premises

---

| | | |
|:---|:---|:---|
| **Current** | **30 JUNE 2025**<br> **$** | **30 JUNE 2024** <br> **$** |
| Short-term lease liabilities | - | 1351 |
|  | - | 1351 |
| **Non-Current** |  |  |
| Long-term lease liabilities | - | 2 |
|  | - | 2 |
| **16.3 IFRS 16 related amounts recognized in the profit or loss and other comprehensive income** |  |  |
| Depreciation charge related to right of use assets | 19293 | 1203 |
| Interest expense on lease liabilities | 3282 | 329 |
|  | 22575 | 1532 |

---

F-36 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

17. INTEREST
 IN SUBSIDIARIES

Shares in controlled entities are unlisted and comprise:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Place of Incorporation | 2025 <br>Holding % | 2025 <br>Amount <br>$ | 2024 <br>Holding % | 2024 <br>Amount <br>$ |
| ● Raptor300 Inc | Delaware USA | 100 | 3641 | 100 | 3641 |
| ● Braiin LLC | Delaware USA | 100 | 0 | 100 | 0 |
| ● Raptor Sri Lanka | Sri Lanka300 Pvt. Ltd. | 100 | 0 | 100 | 0 |

---

During the financial year, the Group incorporated Braiin LLC, a Company based in Delaware USA.

18. KEY
 MANAGEMENT PERSONNEL

The aggregate compensation made directors and other members of key management personnel of the Group is set out below:

---

| | | |
|:---|:---|:---|
|  | **30 JUNE 2025**<br> **$** | **30 JUNE 2024** |
| Short-term employee benefits | 283243 | 97033 |
| Post-employment benefits |  |  |
| Long-term benefits |  |  |
| Share based payments | - | - |
|  | 283243 | 97033 |

---

Currently KMP, Natraj Balasubramanian is paid by the Group under contract. KMP, Jay Stephenson is currently paid as a contractor – refer to Note 19.

19. RELATED
 PARTY AND ASSOCIATE PARTY DISCLOSUE

*Parent Entity*

Braiin Limited is the Parent Entity

*Subsidiaries*

Interests in Subsidiaries are set out in Note 17.

*Transactions with related parties*

The following transactions occurred with related parties:

Director Neil Saligrama subscribed for $3,000,000 worth of shares in the Group subsequent to the end of the financial year.

F-37 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

Director Natraj Balasubramanian is owed by the Group $14,565 (2024: owes the Group $108,677) which is owed by Mr Balasubramanian to Subsidiary Raptor 300 Inc. At present there is no repayment date, however the Group will determine a suitable time to for Mr Balasubramanian to repay the loan, which is expected to be within 12 months of the reporting date.

---

| | | |
|:---|:---|:---|
|  | **30 JUNE 2025**<br> **$** | **30 JUNE 2024 <br> $** |
| Balance as on beginning of period | (108677) | 81510 |
| Net change in loan | 123242 | (190187) |
| Balance as on end of period | 14565 | (108677) |

---

Director Jay Stephenson is a director of Forest House Pty Ltd, a company that provides accounting and administrative services to the Group. During the period, Forest House was paid or is owed $58,981 (2024:60,008) for services.

The Group has loaned $3,367 (2024: $1,770) to an associated party to pay expenses on behalf of the Group. These expenses have been paid subsequent to the end of that period.

20. PARENT
 ENTITY DISCLOSURE

---

| | | |
|:---|:---|:---|
|  | **30 JUNE 2025**<br> **$** | **30 JUNE 2024**<br> **$** |
| **19.1 Financial position of Braiin Limited** |  |  |
| **Current assets** |  |  |
| Cash and cash equivalents | 1148 | 14970 |
| Trade and other receivables | 21332 | 15329 |
| Related party loan | - | - |
| **Total current assets** | 22480 | 30299 |
| **Non-current assets** |  |  |
| Software development | 58386 | 89092 |
| **Total assets** | 80866 | 119391 |
| **Current liabilities** |  |  |
| Trade and other payables | 190840 | 248891 |
| Financial Liabilities | 241030 | 227579 |
| **Total current liabilities** | 431870 | 476470 |
| **Non-current liabilities** |  |  |
| Loan from related parties | 984687 | 656187 |
| Financial Liabilities | - | - |
| **Total Non-current liabilities** | 984687 | 656187 |
| **Total liabilities** | 1416557 | 1132657 |
| **Net liabilities** | (1335691) | (1013266) |
| **Equity** |  |  |
| Issued capital | 641 | 641 |
| Reserves | 30143 | 21033 |
| Retained assets | (1366475) | (1034940) |
| **Total Equity** | (1335691) | (1013266) |
| **19.2 Financial Performance of Braiin Limited.** |  |  |
| Loss for year | (331535) | (549255) |
| **Total Comprehensive Loss** | (331535) | (549255) |

---

F-38 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

for the year ended 30 June 2025

21. COMMITMENTS
 AND CONTINGENT LIABILITIES

21.1 COMMITMENTS

No commitments exist as at 30 June 2025 (2024: nil).

21.2 CONTINGENT
 ASSETS AND LIABILITIES

20.2.1 CONTINGENT
 LIABILITIES

No contingent liabilities exist as at 30 June 2025 (2024: nil).

20.2.2 CONTINGENT
 ASSETS

No contingent assets exist as at 30 June 2025 (2024: nil).

22. SUBSEQUENT
 EVENTS

Subsequent to 30 June 2025, the following significant events occurred:

● Mr Rhohit Jhamb and Mr Neil Saligrama were appointed as Directors of the Company.

● SAFE Notes totalling $275,000 were issued during August and September 2025.

● In September 2025, the Group successfully raised $3,000,000 through an equity placement with a related party of the Group.

● SAFE Notes that were on issue at 30 June 2025 were converted into equity following the September placement.

● In September 2025, the Company executed amendments to the Promissory Notes that were outstanding at 30 June 2025. The amendments included revised terms that extend the repayment period and reduce the effective interest rate compared to the original agreements. These changes represent a material improvement in the Company's financing arrangements and are expected to have a positive impact on future cash flows and liquidity.

● In November 2025, the Company undertook a 4 for 1 stock split of its fully paid ordinary shares which has been retroactively adjusted.

There are no other events subsequent to the reporting date.

F-39 \| BRAIIN FINANCIAL REPORT 30 JUNE 2025

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**Connect Simple Pty Ltd**

Financial Statements

For the Year Ended June 30, 2025

[**Table of Contents**](#fin_toc)

![](connect_001.jpg)

**<u>Independent Auditor's Report</u>**

**Opinion on the Financial Statements**

We have audited the financial statements of Connect Simple Pty Limited (the Company) which comprise the statements of financial position as at June 30, 2025 and 2024, and the related statements of profit or loss and other comprehensive income, changes in equity, and cash flows for the year ended June 30, 2025 and the period from December 1, 2023 (Inception) to June 30, 2024, and the related notes to the financial statements including a summary of significant accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects, the Statements of financial position of the Company at June 30, 2025 and 2024 and the related statements of profit or loss and other comprehensive income, changes in equity, and cash flows for the year ended June 30, 2025 and the period from December 1, 2023 (Inception) to June 30, 2024, in accordance with International Financial Reporting Standards (IFRS).

**Basis for Opinion**

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company, and have fulfilled our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Responsibilities of Management and Those Charged with Governance for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standard (IFRS) as issued by International Accounting Standards Board (IASB), and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued.

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users made on the basis of these financial statements.

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In performing an audit in accordance with US GAAS, we:

● Use professional judgment and exercise professional skepticism throughout the audit.

● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

● 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 internal controls. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and internal control related matters identified during our audit.

![](connect_002.jpg)

Akhil Sobti, Chartered Accountant – CAANZ Membership No 449425

AICPA Membership No 402307223

22 September 2025

![](connect_003.jpg)

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**Connect Simple Pty Ltd**

**Statement of Financial Position**

**For the year ended June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **(Amounts in US Dollars)** | **Note** | **June 30, 2025** | June 30, 2024 |
| **Assets** |  |  |  |
| **Current assets** |  |  |  |
| Accounts receivables | **5** | **89760** | 138644 |
| Due from related parties | **4** | **-** | 36356 |
| Cash and cash equivalents | **6** | **306344** | 74881 |
|  |  | **396105** | 249881 |
| **Total assets** |  | **396105** | **249881** |
| **Equity and liabilities** |  |  |  |
| **Equity** |  |  |  |
| Share capital | **9** | **66** | 66 |
| Retained earnings |  | **185325** | 122151 |
| **Total equity** |  | **185391** | 122217 |
| **Liabilities** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade payables | **7** | **4355** | 71912 |
| Due to related parties | **4** | **35768** |  |
| Accrued and other liabilities | **8** | **170590** | 55752 |
| **Total liabilities** |  | **210714** | 127664 |
| **Total equity and liabilities** |  | **210714** | 127664 |
| **Contingencies and commitments** | **17** | **-** |  |

---

*The accompanying notes are an integral part of these financial statements*

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**Connect Simple Pty Ltd**

**Statement of Profit or Loss & Other Comprehensive Income**

**For the year ended June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **(Amounts in US Dollars)** | **Note** | **June 30, 2025** | Period from <br>December 1, 2023 <br>(Inception) to <br>June 30, 2024 |
| Revenue | **10** | **537762** | 335690 |
| Cost of sales | **11** | **(330046)** | (108064) |
| **Gross profit** |  | **207716** | 227626 |
| General and administrative expenses | **12** | **(112491)** | (67048) |
| Sales and marketing | **12** | **(1764)** | (1112) |
| **Operating profit /(loss)** |  | **93461** | 159466 |
| **Profit/(loss) before taxation** |  | **93461** | 159466 |
| Taxation | **12** | **(30288)** | (39866) |
| **Profit/(loss) after taxation** |  | **63174** | - |
| **Other Comprehensive Income for the year** |  |  |  |
| Unrealized foreign exchange gain/(loss) | **13** | **-** | 2551 |
| **Total other comprehensive income for the year** |  | **-** | 2551 |
| **Total comprehensive income/(loss) for the year** |  | **63174** | 122151 |
| **Earnings per share** |  |  |  |
| Basic |  | **632** | 1222 |
| Diluted |  | **632** | 1222 |

---

*The accompanying notes are an integral part of these financial statements*

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**Connect Simple Pty Ltd**

**Statement of Changes in Equity**

**For the year ended June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **(Amounts in US Dollars)** | **Share <br> Capital** | **Retained Earnings/ (Accumulated profit** | **Total Equity** |
| Balance as at December 1, 2023 (inception) | 66 |  | 66 |
| Share capital issued |  |  |  |
| Profit for the year | - | 122151 | 122151 |
| **Balance as at June 30, 2024** | **66** | **122151** | **122217** |
| Share capital issued |  |  |  |
| Profit for the year |  |  |  |
|  | - | 63174 | 63174 |
| **Balance as at June 30, 2025** | **66** | **185325** | **185391** |

---

*The annexed notes are integral part of these financial statements*

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**Connect Simple Pty Ltd**

**Statement of Cash Flows**

**For the year ended June 30, 2025**

---

| | | |
|:---|:---|:---|
| **(Amounts in US Dollars)** | **June 30, 2025** | Period from <br>December 1, 2023 <br>(Inception) to <br>June 30, 2024 |
| **Cash flows from operating activities** |  |  |
| Net profit/(loss) before tax | **93461** | 159466 |
| **Adjustment for:** |  |  |
| Tax provision | **(30288)** | (39866) |
| Net foreign exchange gain/(loss) |  | **2551** |
| **Changes in working capital** |  |  |
| (Increase)/decrease in accounts receivables | **48884** | (138644) |
| (Increase)/decrease in other assets | **36356** | (36356) |
| Increase/(decrease) in trade payables | **(67557)** | 71912 |
| Increase/(decrease) in accrued and other liabilities | **163927** | 55752 |
| **Net Cash generated/(used in) from operating activities** | **244784** | 74815 |
| **Tax paid** | **(13321)** | - |
| **Net cash flows generated by (used in) operating activities** | **231463** | 74815 |
| **Cash flows from investing activities** |  |  |
| Other cash items from investing activities | **-** | - |
| **Cash generated/(used in) from investing activities** | **-** | - |
| **Cash flows from financing activities** |  |  |
| Issuance of share capital | **-** | **66** |
| **Net cash from/(used in) financing activities** |  | 66 |
| Net increase / (decrease) in cash and cash equivalents | **231463** | 74881 |
| Cash and cash equivalents at inception | **74881** | - |
| **Cash and cash equivalents at the end of the year** | **306344** | 74881 |

---

*The accompanying notes are an integral part of these financial statement*s

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**Connect Simple Pty Ltd**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**1.** **General information and basis of presentation** 

Connect Simple Pty Ltd ('the Company'), was incorporated in Australia on December 1, 2023 having registered office at 7 Merrifield's Court Taylors Lakes, VIC 3038, Australia

The financial statements of Connect Simple Pty Ltd are presented in United States Dollar (USD).

The Company is in the business of providing energy, broadband, and related household and business service comparison and connection solutions.

**2.** **Accounting policies** 

**Basis of presentation, preparation and compliance**

**Statement of compliance**

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Accounting policies have been consistently applied to all the years presented unless otherwise stated.

**Basis of preparation**

These financial statements have been prepared in compliance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), under the historical cost convention on an accrual basis, except for certain financial instruments which are measured at fair value at the end of the reporting period.

**Going concern**

The management have, at the time of approving the financial statements, a reasonable expectation that the company have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

**Standards, interpretations and amendments to approved accounting standards that are issued but not yet effective and have not been early adopted by the Company**

The following standards, amendments would be effective from the dates mentioned below and have not been early adopted by the Group:

---

| | | |
|:---|:---|:---|
| **Standards** | **Standards, Interpretations and <br> Amendments** | **Effective date (Annual periods beginning on or after)** |
| IAS 1 | 'Presentation of financial statements', <br> Classification of liabilities as current or non-<br> current — (Amendments) | 1-Jan-24 |
| IAS 7 | 'Statement of cash flows', Changes<br> regarding supplier finance arrangements — <br> (Amendments) | 1-Jan-24 |
| IFRS 7 | 'Financial instruments: Disclosures', <br> Changes regarding supplier finance <br> arrangements — (Amendments) | 1-Jan-24 |
| IFRS 16 | 'Leases', Sale and Leaseback transactions <br> — (Amendments) | 1-Jan-24 |
| IAS 21 | The Effects of Changes in Foreign <br> Exchange Rates, Lack of Exchangeability <br> — (Amendments) | 01 January 2025 |
| IFRS 9 | Financial instruments: Disclosures, to <br> address matters identified during the post-<br> implementation review of the classification <br> and measurement requirements of IFRS 9 <br> — (Amendments) | 01 January 2026 |
| IFRS 17 | Insurance contracts | 01 January 2026 |

---

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**Connect Simple Pty Ltd**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

The management expects that the adoption of above standards and amendment will not have any material impact on the company's financial statements.

**Foreign currency translation**

Foreign currency transactions are recorded at exchange rates prevailing on the date of the transaction. Foreign currency denominated monetary assets and liabilities are retranslated at the exchange rate prevailing on the balance sheet dates and exchange gains and losses arising on settlement and restatement are recognised in the statement of profit and loss. Non-monetary assets and liabilities that are measured in terms of historical cost in foreign currencies are not retranslated.

**Functional and Presentation currency**

The company's functional currency is Australian Dollars (AUD). However, the standalone financial statements are presented in United States Dollar (USD), which is not the company's functional currency. The financial results and position are translated into the presentation currency in accordance with the principles of IAS 21 – The effects of changes in foreign exchange rates, using the following approach:

(a) Assets
 and liabilities in the statement of financial position (including comparatives) are translated at the closing exchange rate prevailing
 at the respective reporting date;

(b) Income
 and expenses in the statement of profit or loss and other comprehensive income (including comparatives) are translated using the
 average exchange rates for the reporting period;

(c) All
 resulting exchange differences are recognised in Other Comprehensive Income (OCI) and accumulated in the foreign currency translation
 reserve under equity.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Average rate** | **Average rate** | **Average rate** | **Average rate** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
| AUD to USD |  | 0.6476 |  | 0.6557 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Closing rate** | **Closing rate** | **Closing rate** | **Closing rate** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
| AUD to USD |  | 0.6503 |  | 0.6644 |

---

**Revenue recognition**

**Revenue from contracts with customers:**

The company recognises revenue from contracts with customers based on a five-step model as set out in IFRS 15 - Revenue from contracts with customers "(IFRS 15").

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**Connect Simple Pty Ltd**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

Step 1. Identify the contract(s) with a customer: A contract is defined as an agreement between two or more parties that creates enforceable rights and obligations and sets out the criteria for every contract that must be met.

Step 2. Identify the performance obligations in the contract: A performance obligation is a promise in a contract with a customer to transfer a good or service to the customer.

Step 3. Determine the transaction price: The transaction price is the amount of consideration to which the company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties.

Step 4. Allocate the transaction price to the performance obligations in the contract: For a contract that has more than one performance obligation, the company will allocate the transaction price to each performance obligation in an amount that depicts the amount of consideration to which the company expects to be entitled in exchange for satisfying each performance obligation.

Step 5. Recognize revenue when (or as) the entity satisfies a performance obligation.

Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price allocated to that performance obligation. The company assesses its revenue arrangements against specific criteria to determine if it is acting as principal or agent. The company has concluded that it is acting as a principal in all of its revenue arrangements.

---

| | |
|:---|:---|
| **Significant revenue areas** | **Nature and timing of <br> satisfaction of performance <br> obligations** |

---

---

| | |
|:---|:---|
| Utility Services Platform | The business operates a white label digital solution that allows partners such as finance brokers, SME consultants, and comparison sites to offer branded customer journeys for the signup of energy, gas, and broadband services. The company recognizes revenue when a performance obligation is satisfied in accordance with the terms of the contractual arrangement. Typically, performance obligations are satisfied at a point in time, when services are rendered to the customer. This generally occurs upon completion of the service, as specified in the contract. |

---

**Taxation**

Income tax expense comprises current and deferred taxes. Income tax expense is recognised in the income statement, except when related to items that are recognized outside of profit or loss (whether in other comprehensive income or directly in equity) or where related to the initial accounting for a business combination. In the case of a business combination, the tax effect is included in the accounting for the business combination.

Current income taxes are determined based on the respective taxable income of each taxable entity and tax rules applicable for respective tax jurisdictions.

Deferred tax assets and liabilities are recognised for the future tax consequences of temporary differences between the carrying values of assets and liabilities and their respective tax bases, and unutilized tax losses, depreciation carry-forwards and tax credits. Such deferred tax assets and liabilities are computed separately for each taxable entity and for each taxable jurisdiction. Deferred tax assets are recognised to the extent that it is probable that future taxable income will be available against which the deductible temporary differences, unused tax losses, depreciation carry-forwards and unused tax credits could be utilized. The future profitability is based on the business plan for each respective entity within the company. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

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**Connect Simple Pty Ltd**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

Deferred tax assets and liabilities are measured based on the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.

Current and deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the company intends to settle its current tax assets and liabilities on a net basis.

The extent to which deferred tax assets can be recognised is based on an assessment of the probability that future taxable income will be available against which the deductible temporary differences and tax loss carry-forwards can be utilised.

Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has been identified and it is probable that the company will be required to settle that tax. Measurement is dependent on management's expectations of the outcome of decisions by tax authorities in the various tax jurisdictions in which the company operates. This is assessed on a case-by-case basis using in-house experts, professional firms and previous experience. Where no provision is required the exposure is disclosed as a contingent liability in note 26 unless the likelihood of an outflow of economic benefits is remote.

Judgement is required in assessing the impact of any legal or economic limits or uncertainties in various tax jurisdictions.

**Cash and cash equivalents**

Cash and cash equivalents comprise cash on hand, demand deposits and highly liquid investments with an original maturity of up to three months that are readily convertible into known amounts of cash and that are subject to an insignificant risk of changes in value.

**Financial instruments**

**Recognition and derecognition**

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are recognised on the balance sheet when the company becomes a party to the contractual provisions of the instrument.

The company derecognises a financial asset only when the contractual rights to the cash flows from the asset expire or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the company recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the company retains substantially all the risks and rewards of ownership of a transferred financial asset, the company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. Any gain or loss arising on derecognition is recognised in profit or loss. When a financial instrument is derecognised, the cumulative gain or loss in equity (if any) is transferred to the consolidated income statement.

Financial assets are written off when there is no reasonable expectation of recovery. The company reviews the facts and circumstances around each asset before making a determination. Financial assets that are written off could still be subject to enforcement activities.

Financial liabilities are derecognised when they are extinguished, that is when the obligation is discharged, cancelled or has expired.

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**Connect Simple Pty Ltd**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**Initial measurement**

Initially, a financial instrument is recognised at its fair value. Transaction costs directly attributable to the acquisition or issue of financial instruments are recognised in determining the carrying amount, if it is not classified as at fair value through profit or loss. Transaction costs of financial instruments carried at fair value through profit or loss are expensed in profit or loss.

Subsequently, financial instruments are measured according to the category in which they are classified.

Classification of financial assets is based on the business model in which the instruments are held as well as the characteristics of their contractual cash flows. The business model is based on management's intentions and past pattern of transactions. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. The company reclassifies financial assets when and only when its business model for managing those assets changes.

Financial assets are classified into three categories:

Financial assets at amortised cost are non-derivative financial assets with contractual cash flows that consist solely of payments of principal and interest and which are held with the intention of collecting those contractual cash flows. Subsequently, these are measured at amortised cost using the effective interest method less impairment losses, if any. These include cash and cash equivalents, contract assets and other financial assets.

**Financial instruments**

Financial assets at fair value through other comprehensive income are non-derivative financial assets with contractual cash flows that consist solely of payments of principal and interest and which are held with the intention of collecting those contractual cash flows as well as to sell the financial asset. Subsequently, these are measured at fair value, with unrealised gains or losses being recognised in other comprehensive income apart from any expected credit losses or foreign exchange gains or losses, which are recognised in profit or loss. This category can also include financial assets that are equity instruments which have been irrevocably designated at initial recognition as fair value through other comprehensive income. For these assets, there is no expected credit loss recognised in profit or loss.

Financial assets at fair value through profit or loss are financial assets with contractual cash flows that do not consist solely of payments of principal and interest. This category includes derivatives, embedded derivatives separated from the host contract and investments in certain convertible loan notes. Subsequently, these are measured at fair value, with unrealised gains or losses being recognised in profit or loss, with the exception of derivative instruments designated in a hedging relationship, for which hedge accounting is applied.

**Classification and measurement – financial liabilities**

Financial liabilities are classified as subsequently measured at amortised cost unless they meet the specific criteria to be recognised at fair value through profit or loss.

Other financial liabilities are measured at amortised cost using the effective interest method.

Financial liabilities at fair value through profit or loss include derivatives and embedded derivatives separated from the host contract as well as financial liabilities held for trading. Subsequent to initial recognition, these are measured at fair value with gains or losses being recognised in profit or loss. Embedded derivatives relating to prepayment options on senior notes are not considered as closely related and are separately accounted unless the exercise price of these options is approximately equal on each exercise date to either the amortised cost of the senior notes or the present value of the lost interest for the remaining term of the senior notes.

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**Connect Simple Pty Ltd**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**Equity instruments**

An equity instrument is any contract that evidences residual interests in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Investments in equity instruments are measured at fair value; however, where a quoted market price in an active market is not available, equity instruments are measured at cost (investments in equity instruments that are not held for trading). The company has not elected to account for these investments at fair value through other comprehensive income.

**Determination of fair value**

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. The fair value of a financial instrument on initial recognition is normally the transaction price.

In estimating the fair value of an asset or liability, the company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Subsequent to initial recognition, the company determines the fair value of financial instruments that are quoted in active markets using the quoted bid prices (financial assets held) or quoted ask prices (financial liabilities held) and using valuation techniques for other instruments. Valuation techniques include the discounted cash flow method and other valuation models.

**Earnings per share**

Earnings per share, diluted earnings per share are measured as follows:

- **basic earnings per share** are calculated by dividing profit or loss attributable to owners of the company by the weighted average number of ordinary shares outstanding during the period, excluding treasury shares. The weighted average number of ordinary shares outstanding is calculated based on the number of ordinary shares outstanding at the beginning of the period, after deduction of treasury shares, adjusted on a time-apportioned basis for shares bought back or issue during the period;

**- diluted earnings per share** are calculated by dividing profit or loss attributable to owners of the company by the weighted average number of ordinary shares outstanding during the year as used to calculate basic earnings per share, both items being adjusted on a time-apportioned basis for the effects of all potentially dilutive financial instruments corresponding to (i) performance shares and (ii) free share grants until fully vested.

**Provisions and contingent liabilities**

Provisions are recognised when there is a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and there is a reliable estimate of the amount of the obligation. Provisions are measured at the best estimate of Provisions are recognised when there is a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and there is a reliable estimate of the amount of the obligation. Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the Balance sheet date.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. The expenditure required to settle the present obligation at the Balance sheet date.

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**Connect Simple Pty Ltd**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.

**Segment information**

An entity is required to disclose segment information if it operates in more than one segment, either by geography or business activity, and if that segment information is regularly reviewed by the entity's Chief Operating Decision Maker (CODM).

The company does not have distinct operating segments as defined under IFRS 8, as it operates in a single business activity and/or geographical location. Accordingly, the Company has no operating or geographical segments that would require separate reporting.

As such, the company has opted not to present segment information. The financial statements present the financial position, performance, and cash flows of the entity as a whole.

**Events after the reporting date**

Where events occurring after the balance sheet date provide evidence of conditions that existed as at the end of the reporting period, the impact of such events is adjusted within the financial statements. Otherwise, events after the balance sheet date of material size or nature are only disclosed.

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**Connect Simple Pty Ltd**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**4.** **Related Party Transactions** 

In accordance with IAS 24 – "Related Party Disclosures", the company has identified the following related party transactions during the reporting period:

**Amounts Due from Related Parties**

As of the reporting date, the following balance was outstanding and receivable from related parties:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Related parties** | **Relationship** | **Nature of Transaction** | **As at June 30, 2025** | **As at June 30, 2024** |
|  |  |  | **USD** | **USD** |
| **Due From related party** |  |  |  |  |
| Arun Saligrama | Shareholder | Loan Receivable |  | **18178** |
| Sneha Krishnaswamy | Shareholder | Loan Receivable |  | 18178 |
|  |  |  |  | **36356** |
| **Due to related party** |  |  |  |  |
| Arun Saligrama | Shareholder | Loan Payable | **17884** |  |
| Sneha Krishnaswamy | Shareholder | Loan Payable | **17884** |  |
|  |  |  | **35768** |  |

---

According to IAS 24, as of June 30, 2024, there were amounts due from related parties (Arun Saligrama and Sneha Krishnaswamy) totaling $36,356 for loans received.

However, as of June 30, 2025, the amounts due from related parties are zero. This suggests that the loans have been repaid. If, as you mentioned, there's now an "excess pay" and it has become "Due to related party," this would mean that the company has either repaid more than it owed or received new loans from the related parties, making the company the debtor. This would typically be reflected as a liability on the balance sheet and disclosed in the related party note.

**5.** **Accounts Receivable** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  |  | **USD** |  | USD |
| Unbilled receivable | | **89,760** | | 138,643 |

---

Connect Simple adopted Simplified Expected Credit Loss Method to assess the provisioning for receivables. As at the reporting date the receivables due are less than one year. Hence, no loss allowance was recorded as at the reporting date. Further, the company regularly monitors the credit worthiness of its customers and did not identify any customers whose credit worthiness is impaired.

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**Connect Simple Pty Ltd**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**6.** **Cash and Cash Equivalents** 

Cash and cash equivalents consist of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  |  | **USD** |  | USD |
| Cash in Hand |  | **65** |  | 66 |
| Cash at Bank | | **306,279** | | 74,815 |
|  | | **306,344** | | 74,881 |

---

**7.** **Trade Payables** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  |  | **USD** |  | USD |
| Trade Payables | | **4,355** | | 71,912 |

---

**8.** **Accrued and Other Liabilities** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  |  | **USD** |  | USD |
| General sales tax (GST) |  | **372** |  | 15302 |
| Income tax payable |  | **28,598** |  | 40397 |
| Accrued expenses |  | **128,612** |  | 54 |
| Bill payment | | **13,009** | | - |
|  | | **170,590** | | 55,752 |

---

**9.** **Equity** 

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Share capital** 

The share capital of the Company consists only of fully paid ordinary shares with a nominal (par) value of USD 0.66 per share. All shares are equally eligible to receive dividends and the repayment of capital and represent one vote at shareholders' meetings of the Company.

---

| | | |
|:---|:---|:---|
| **Particulars** | | **As at<br> 30 June 2024** |
|  | **No. of <br> shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(USD)** |
| Issued, subscribed and fully paid-up |  |  |
| 100 (June 30, 2025 - 100) equity shares | 66 | 66 |
| **Total issued, subscribed and fully paid-up share capital** | **66** | **66** |

---

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**Connect Simple Pty Ltd**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**10.** **Revenue** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended**<br> **June 30, 2025** | **For the year ended**<br> **June 30, 2025** | Period from December 1, 2023 (Inception) to June 30, 2024 | Period from December 1, 2023 (Inception) to June 30, 2024 |
|  |  | **USD** |  | USD |
| Revenue | | **537,762** | | 335,690 |

---

The Company's revenue is derived solely from commissions and referral fees received from energy, broadband, insurance, and other service providers when customers connect or switch through the Company's platform. Given the nature of the business, customer base, and uniformity of contract terms with providers, revenue has been presented as a single category.

Revenue is recognised at a point in time, when the customer is successfully connected or contracted with the relevant service provider, as this is when the Company's performance obligation is satisfied and entitlement to consideration arises.

**11.** **Cost of Sales** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended**<br> **June 30, 2025** | **For the year ended**<br> **June 30, 2025** | Period from December 1, 2023 (Inception) to June 30, 2024 | Period from December 1, 2023 (Inception) to June 30, 2024 |
|  | **USD** | **USD** | USD | USD |
| Commission expense | | **330,046** | | 108,064 |

---

**12.** **Operating Expenses** 

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br> **June 30, 2025** | Period from December 1, 2023 (Inception) to June 30, 2024 |
|  | **USD** | USD |
| General and administrative | **112492** | 67048 |
| Sales and marketing | **1764** | 1112 |
|  | **114255** | 68161 |
| **Expenses by nature** |  |  |
| Office expense | **1184** | 1077 |
| Professional fees | **108054** | 65971 |
| Foreign exchange gain/(loss) | **3254** |  |
| Advertising | **1764** | 1112 |
|  | **114255** | 68161 |

---

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**Connect Simple Pty Ltd**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**13.** **Foreign exchange gain/(loss)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended**<br> **June 30, 2025** | **For the year ended**<br> **June 30, 2025** | Period from December 1, 2023 (Inception) to June 30, 2024 | Period from December 1, 2023 (Inception) to June 30, 2024 |
|  | **USD** | **USD** | USD | USD |
| Unrealized foreign exchange gain/(loss) | | **-** | | 2,551 |

---

**14.** **Earnings per share** 

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br> **June 30, 2025** | Period from December 1, 2023 (Inception) to June 30, 2024 |
|  | **USD** | USD |
| Profit /(loss) attributable to the ordinary equity holders of the company | **63174** | 122151 |
| Weighted average number of ordinary shares | **100** | 100 |
| Basic earnings / (loss) per share | **632** | **1222** |
| Diluted earnings / (loss) per share | **632** | **1222** |

---

**15.** **Financial Instruments** 

**Classes and categories of financial instruments**

The carrying amounts of financial assets and financial liabilities in each category are as follows:

---

| | | |
|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 |
|  | **USD** | USD |
| **Financial Assets** |  |  |
| Measured at amortized cost: |  |  |
| - Loans from related parties | **-** | 36356 |
| - Trade and other receivables | **89760** | 138643 |
| - Cash and cash equivalents | **306344** | 74881 |
| **Financial Liabilities** |  |  |
| Measured at amortized cost: |  |  |
| - Trade payables | **4355** | 71912 |
| - Accrued and other liabilities | **170590** | 55752 |

---

**Fair Value Measurement**

All financial assets and financial liabilities are measured at amortized cost, and their carrying values approximate their fair values**.**

**Financial Risk Management Objectives and Policies**

The company's principal financial liabilities comprise trade payables. The main purpose of these financial liabilities is to finance the entity's operations. The company's principal financial assets include loans, trade receivables, and cash and cash equivalents that derive directly from its operations.

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**Connect Simple Pty Ltd**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**Market Risk**

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk, and other price risk. The entity is not exposed to interest rate risk.

**Interest Rate Risk:** 

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The entity is not exposure to the risk of changes in market interest rates.

**Credit Risk**

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The entity is exposed to credit risk from its operating activities primarily trade receivables.

**Trade Receivables** 

The company trades only with recognized, creditworthy third parties. It is the company's policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the entity's exposure to bad debts is not significant.

**Liquidity Risk**

Liquidity risk is the risk that the entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The entity monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial investments and financial assets.

**Maturities of Financial Liabilities:** 

The following tables detail the entity's remaining contractual maturity for its non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the entity can be required to pay.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Financial Liabilities** | **< 1 year** | **< 1 year** | **1-5 years** | **> 5 years** | **> 5 years** |
| Trade payables |  | **4,355** |  |  |  |
| Accrued and other liabilities |  | **170,590** |  |  | **-** |

---

**16.** **Segmenting Reporting** 

As per IFRS, segment reporting is required for entities with operating and geographical segments that are regularly reviewed by the Chief Operating Decision Maker (CODM). The Company has reviewed its operations and determined that it does not operate in multiple geographical areas or business segments.

The company operates as a single entity with no separately identifiable operating or geographical segments. Consequently, no segment disclosures are provided in these financial statements.

**17.** **Contingent Liabilities** 

As at June 30, 2025, the company has no contingent liabilities.

Contingent liabilities are potential liabilities that may arise depending on the outcome of an uncertain future event. They are not recognized in the financial statements because their existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company.

The company continuously monitors and assesses all potential risks and uncertainties that may impact its financial position. As of the reporting date, the company has not identified any contingent liabilities that need to be disclosed.

**18.** **Events After the Reporting Date** 

No adjusting or significant non-adjusting events have occurred between the June 30, 2025 (reporting date) and the date of authorisation**.**

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**<u>Independent Auditor's Report</u>**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated financial statements of VIS Networks Private Limited (the Company) which comprise the consolidated statements of financial position as at June 30, 2025 and 2024, and the related consolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows for the years then ended, and the related notes to the financial statements including a summary of significant accounting policies.

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2025 and 2024 and the results of its operations and its cash flows for each of the years then ended in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

**Basis for Opinion**

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company, and have fulfilled our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Responsibilities of Management and Those Charged with Governance for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standard (IFRS) as issued by International Accounting Standards Board (IASB), and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued.

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users made on the basis of these financial statements.

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In performing an audit in accordance with US GAAS, we:

● Use professional judgment and exercise professional skepticism throughout the audit.

● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

● 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 internal controls. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and internal control related matters identified during our audit.

![](vis_002.jpg)

Akhil Sobti, Chartered Accountant – CAANZ Membership No 449425

AICPA Membership No 402307223

22 September 2025

![](vis_003.jpg)

[**Table of Contents**](#fin_toc)

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| |
|:---|
| **VIS Networks Private Limited** |
| **Consolidated statement of financial position as at 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **Notes** | **As at**<br> **30 June 2025** | **As at**<br> **30 June 2024** |
| **Assets** | **Assets** | | |
| **Non-current assets** |  |  |  |
| Property, plant and equipment | 13 | 6108664 | 6488844 |
| Intangible assets | 14 | 946228 | 379327 |
| Intangible under development | 14A | 406306 | 417090 |
| Right-of-use assets | 22 | 170677 | 129336 |
| Investments | 17 | 1045406 | 1092362 |
| Other financial assets | 18 | 47357 | 55671 |
| Deferred tax assets | 11 | 324044 | 259785 |
| Other non-current assets | 20 | 140308 | 85049 |
| **Total non-current assets** |  | **9188990** | **8907465** |
| **Current assets** |  |  |  |
| Inventories | 15 | 3208951 | 4076638 |
| Trade receivables | 16 | 18371012 | 16210475 |
| Contract assets | &nbsp;&nbsp;5 | 707106 | 636357 |
| Cash and cash equivalents | 19 | 2806056 | 2814719 |
| Investments | 17 | 700566 | 564091 |
| Other financial assets | 18 | 1580526 | 1432316 |
| Current tax asset | 21 | 2598 | 808148 |
| Other current assets | 20 | 9193349 | 8721288 |
| **Total current assets** |  | **36570164** | **35264031** |
| **Total assets** |  | **45759154** | **44171495** |
| **Liabilities** |  |  |  |
| **Non-current liabilities** |  |  |  |
| **Borrowings** | 23 | 2148756 | 2480439 |
| Lease liabilities | 22 | 144530 | 72978 |
| Employee benefit obligations | 25 | 393951 | 465116 |
| **Total non-current liabilities** |  | **2687237** | **3018533** |
| **Current liabilities** |  |  |  |
| **Borrowings** | 23 | 2822271 | 2321122 |
| **Trade and other payables** | 24 | 12331263 | 16226113 |
| **Employee benefit obligations** | 25 | 144058 | 28555 |
| **Contract liabilities** | &nbsp;&nbsp;5 | 4935372 | 2576692 |
| **Lease liabilities** | 22 | 33353 | 65024 |
| **Current tax liabilities** | 26 | 2216612 | 1483891 |
| **Total current liabilities** |  | **22482930** | **22701396** |
| **Total liabilities** |  | **25170166** | **25719930** |
| **Net assets** |  | **20588987** | **18451566** |
| **Equity** |  |  |  |
| Share capital and share premium | 27 | 544063 | 544063 |
| Retained earnings | 27(d) | 21663556 | 19669845 |
| Other reserves | 27(c) | (1448575) | (1676769) |
| **Equity attributable to owners of the parent** |  | **20759044** | **18537139** |
| Capital and reserves attributable to owners of the parent |  | 20759044 | 18537139 |
| Non-controlling interests | 34 | (170057) | (85573) |
| **Total equity** |  | **20588987** | **18451566** |

---

[**Table of Contents**](#fin_toc)

**VIS Networks Private Limited**

**Consolidated statement of profit or loss and**

**statement of comprehensive income for the year ended 30 June 2025**

(All amounts are in $ unless otherwise stated)

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **Notes** | **For the year ended**<br> **30 June 2025** | **For the year ended**<br> **30 June 2024** |
| Revenue from contracts with customers | 5 | 61980366 | 55573321 |
| Cost of sales | 6 | (41184132) | (35251638) |
| **Gross profit** |  | **20796234** | **20321684** |
| Distribution costs | 6 | (267398) | (372789) |
| Administrative expenses | 6 | (17988208) | (15936735) |
| **Operating profit** |  | **2540628** | **4012160** |
| Other income | 7 | 301773 | 312572 |
| Other gains/(losses) – net | 8 | (5261) | 238428 |
|  |  | **296513** | **551000** |
| Finance income | 9 | 118451 | 109449 |
| Finance costs | 9 | (416242) | (521756) |
| Finance costs – net |  | **(297791)** | **(412307)** |
| Share of net profit/(loss) of associates and joint ventures accounted for using the equity | 10 | (38665) | (170476) |
| method |  |  |  |
| **Profit before income tax** |  | **2500684** | **3980377** |
| Income tax expense | 11 | (591457) | (1373495) |
| **Profit for the year** |  | **1909227** | **2606882** |
| **Profit is attributable to:** |  |  |  |
| Owners of VIS Networks Private Limited |  | 1993711 | 2762643 |
| Non-controlling interests |  | (84484) | (155761) |
|  |  | **1909227** | **2606882** |
| **Other comprehensive income** |  |  |  |
| *Items that may be reclassified to profit or loss* |  |  |  |
| Exchange differences on translation of foreign operations | 27(c) | 184690 | (428171) |
| Income tax relating to these items |  |  |  |
| *Items that will not be reclassified to profit or loss* |  |  |  |
| Remeasurements of post-employment benefit obligations | 28 | 58136 | (44636) |
| Income tax relating to these items |  | (14632) | 11234 |
| **Other comprehensive income for the year, net of tax** |  | **228194** | **(461573)** |
| **Total comprehensive income for the year** |  | **2137421** | **2145309** |
| **Earnings per share for profit from continuing operations attributable to the ordinary equity holders of the company:** |  |  |  |
| Basic earnings per share | 12 | 0.49 | 0.68 |
| Diluted earnings per share | 12 | 0.49 | 0.68 |

---

[**Table of Contents**](#fin_toc)

---

| |
|:---|
| **VIS Networks Private Limited** |
| **Consolidated statement of financial position as at 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | | |
|:---|:---|:---|
| **Particulars** | **For the year ended**<br> **30 June 2025** | **For the year ended**<br> **30 June 2024** |
| **Cash flows from operating activities** | **Cash flows from operating activities** | **Cash flows from operating activities** |
| Profit before income tax for the year | 2500684 | 3980377 |
| Adjustments for: | Adjustments for: | Adjustments for: |
| Finance income | (118451) | (109449) |
| Liabilities no longer required written off |  | (3788) |
| Finance costs | 416242 | 521756 |
| Profit on derecognition |  | (1973) |
| Depreciation and amortization of property, plant and equipment and intangible assets | 404672 | 538162 |
| Depreciation of right-of-use assets | 73251 | 88528 |
| Share of net profit of associates and joint ventures accounted for using the equity method | 38665 | 170476 |
| Net (gain)/loss on sale of non-current assets | (1319) |  |
| Net (gain)/loss on sale of investments held at fair value through profit or loss | (580) | (25353) |
| Fair value (gains) on financial assets at fair value through profit or loss | 87 | (228536) |
| Net exchange differences | 7073 | 15461 |
| **Change in operating assets and liabilities** |  |  |
| Decrease/(increase) in inventories | 867687 | 851841 |
| Decrease/(increase) in trade receivables | (2160537) | (4588535) |
| Decrease/(increase) in contract assets | (70749) | (333699) |
| Decrease/(increase) in financial assets at fair value through profit or loss | (266139) | 152082 |
| Decrease/(increase) in other assets | (527321) | (2047124) |
| Increase/(decrease) in trade and other payables | (3894850) | 4735461 |
| Increase/(decrease) in contract liabilities | 2358680 | (2491216) |
| Increase/(decrease) in other liabilities | 37266 | 140433 |
| **Cash generated from/ (used in) operations** | **(335639)** | **1364904** |
| Income taxes paid | 882554 | (1552850) |
| **Net cash inflow/ (outflow) from operating activities** | **546915** | **(187946)** |
| **Cash flows from investing activities** |  |  |
| Payments for property, plant and equipment | (139330) | (226809) |
| Payments for intangible assets under development |  | (417090) |
| Payments for intangible assets | (640805) | (7911) |
| Interest received on financial assets held as investments | 117003 | 107708 |
| **Net cash (outflow) from investing activities** | **(663131)** | **(544101)** |
| **Cash flows from financing activities** |  |  |
| Proceeds from borrowings | 169466 | 1722549 |
| Principal elements of lease payments | (85577) | (101791) |
| Other finance charges paid | (405167) | (510099) |
| **Net cash inflow/ (outflow) from financing activities** | **(321279)** | **1110659** |
| **Net increase/ (decrease) in cash and cash equivalents** | **(437495)** | 378612 |
| Cash and cash equivalents at the beginning of the financial year | 2814719 | 2765579 |
| Effects of exchange rate changes on cash and cash equivalents | 428832 | (329472) |
| **Cash and cash equivalents at end of year** | **2806056** | **2814719** |

---

[**Table of Contents**](#fin_toc)

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| |
|:---|
| **VIS Networks Private Limited** |
| **Consolidated statement of financial position as at 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Other Reserves** | **Other Reserves** | **Other Reserves** | **Other Reserves** | | | |
| <br>**Particulars** | <br>**Notes** |<br>**Share capital** |<br>**Retained earnings** | **Legal reserve** | **Capital reserve** | **Remeasurement of defined benefit plans** | **Foreign Currency Translation Reserve** |<br>**Total attributable to owners of the parent** |<br>**Non controlling interest** |<br>**Total** |
| **Balance at 1 July 2023** |  | **544063** | **16907202** | **2864** | **56370** | **(15384)** | **(1259045)** | **16236069** | **59294** | **16295363** |
| Non-controlling interests on acquisition of <br>subsidiary |  | **-** | **-** | **-** | **-** | **-** | **-** | **-** | 10894 | 10894 |
| Profit for the year |  |  | 2762643 |  |  |  |  | 2762643 | (155761) | 2606882 |
| Other comprehensive income |  |  |  |  |  | (33402) | (428171) | (461573) |  | (461573) |
| Legal reserve created |  |  |  |  |  |  |  |  |  |  |
| Gain on bargain purchase |  | - | - | - | - | - | - | - | - | - |
| **Total comprehensive income for the year** |  | **-** | **2762643** | **-** | **-** | **(33402)** | **(428171)** | **2301069** | **(144867)** | **2156203** |
| Dividends provided for or paid |  | - | - | - | - | - | - | - | - | - |
| **Balance at 30 June 2024** |  | **544063** | **19669845** | **2864** | **56370** | **(48786)** | **(1687216)** | **18537139** | **(85573)** | **18451566** |
| **Balance at 1 July 2024** |  | **544063** | **19669845** | **2864** | **56370** | **(48786)** | **(1687216)** | **18537139** | **(85573)** | **18451566** |
| Non-controlling interests on acquisition of subsidiary |  |  |  |  |  |  |  |  |  |  |
| Profit for the year |  |  | 1993711 |  |  |  |  | 1993711 | (84483.97) | 1909227 |
| Other comprehensive income |  |  |  |  |  | 43504.49 | 184690 | 228194 |  | 228194 |
| Legal reserve created |  |  |  |  |  |  |  |  |  |  |
| Gain on bargain purchase |  | - | - | - | - | - | - | - | - | - |
| **Total comprehensive income for the year** |  | **-** | **1993711** | **-** | **-** | **43504** | **184690** | **2221905** | **(84484)** | **2137421** |
| Dividends provided for or paid |  | - | - | - | - | - | - | - | - | - |
| **Balance at 30 June 2025** |  | **544063** | **21663556** | **2864** | **56370** | **(5282)** | **(1502527)** | **20759044** | **(170057)** | **20588987** |

---

[**Table of Contents**](#fin_toc)

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| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |

---

---

| | |
|:---|:---|
| **1** | **General information** |
|  | VIS Networks Private Limited ('the parent' or VIS Networks), the ultimate holding company of the group, primarily provides sales and services of telecommunication products, consulting, designing, implementing, training and support for all sort of communication and Cx management solutions. |
|  | VIS Networks is incorporated and domiciled in India on April 18, 2011 having registered office at No.94, 4th Cross, 2nd Block, Koramangala, Bangalore, Karnataka, India, 560034. |
|  | The Parent company has wholly owned subsidiaries in Singapore for providing services to its global customers and has stepdown subsidiaries in Malaysia, United Kingdom, Sultanate of Oman, Dubai, USA. |
|  | The Company, together with its subsidiaries and associates, is hereinafter referred to as 'the Group'. The special purpose consolidated financial statements ('CFS') is presented in United States Dollars ("$" or "USD") and are rounded to the nearest $. |
| **2** | **Accounting policies** |
| **a)** | **Statement of compliance** |
|  | The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards Board (IASB). Accounting policies have been consistently applied to all the years presented unless otherwise stated. |
| **b)** | **Basis of preparation** |
|  | The CFS has been prepared on a historical cost basis except for certain financial instruments, which are measured at fair value at the end of each reporting period as explained in the accounting policies in note 30. |
| **c)** | **Going concern** |
|  | The directors have, at the time of approving the CFS, a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the CFS. |
| **d)** | **Basis of consolidation** |
|  | The CFS incorporates the financial statements of the parent company and entities controlled by the parent company up to 30 June 2025. Control is achieved when the Parent Company :<br>(a) has power over the investee; (b) is exposed or has rights to variable return from its involvement with the investee and<br>(c) has the ability to affect those returns through its power to direct relevant activities of the investee. |
|  | The parent company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. |

---

When the parent company has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The parent company considers all relevant facts and circumstances in assessing whether or not the parent company's voting rights in an investee are sufficient to give it power, including:

● The size of the parent company's holding of voting rights relative to the size and dispersion of holdings of the other vote holders

● Potential voting rights held by the parent company, other vote holders or other parties

● Rights arising from other contractual arrangements

● Any additional facts and circumstances that indicate that the parent company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders' meetings.

Consolidation of a subsidiary begins when the parent company obtains control over the subsidiary and ceases when the parent company loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the parent company gains control until the date when the parent company ceases to control the subsidiary.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with the group's accounting policies.

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the group are eliminated on consolidation.

Non-controlling interests in subsidiaries are identified separately from the group's equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests' proportionate share of the fair value of the acquiree's identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value.

Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity.

[**Table of Contents**](#fin_toc)

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| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |

---

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| | |
|:---|:---|
| **2** | **Accounting policies (continued)** |
| **d)** | **Basis of consolidation (continued)** |
|  | Profit or loss and each component of other comprehensive income are attributed to the owners of the parent company and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the parent company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. |
|  | Changes in the group's interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the group's interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the noncontrolling interests are adjusted and the fair value of the consideration paid or received is recognised directly in<br> equity and attributed to the owners of the parent company. |
|  | When the group loses control of a subsidiary, the gain or loss on disposal recognised in profit or loss is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as required/permitted by applicable IFRS Accounting Standards). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 Financial Instruments when applicable, or the cost on initial recognition of an investment in an associate or a joint venture. |
| **e)** | **Foreign currency translation** |
|  | Foreign currency transactions are recorded at exchange rates prevailing on the date of the transaction. Foreign currency denominated monetary assets and liabilities are retranslated at the exchange rate prevailing on the balance sheet dates and exchange gains and losses arising on settlement and restatement are recognised in the statement of profit and loss. Non-monetary assets and liabilities that are measured in terms of historical cost in foreign currencies are not retranslated.<br>Exchange differences arising on monetary items that forms part of the parent's net investment in a foreign subsidiary are recognised in profit or loss in the separate financial statements of the reporting entity or the individual financial statements of the foreign subsidiary, such exchange differences are recognised initially in OCI. These exchange differences are reclassified from equity to profit or loss on disposal of the net investment. |
|  | **Exchange gains and losses on inter-company transactions** |
|  | The results and financial position of a foreign subsidiary are included in the Group's CFS after the elimination of intercompany balances and transactions. However, a foreign exchange gain or loss arising on an intercompany monetary asset or liability (e.g. an intercompany receivable denominated in a currency different from the functional currency of the subsidiary) cannot be eliminated. Such foreign exchange gains and losses are recognised in the income statement or in income and expense recognised directly in equity, if the underlying forms and in integral part of the net investment in foreign operation. |

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| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |

---

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| | |
|:---|:---|
| **2** | **Accounting policies (continued)** |

---

---

| | |
|:---|:---|
| **e)** | **Foreign currency translation (continued)** |
|  | **Presentation currency** |
|  | The group has chosen to present the CFS in $ which is not the functional currency of the group. The results and financial position are translated into a presentation currency using the following procedures:<br>(a) assets and liabilities for each statement of financial position presented (ie including comparatives) are translated at the closing rate at the date of that statement of financial position;<br>(b) income and expenses for each statement presenting profit or loss and other comprehensive income (ie including comparatives) are translated using the average exchange rates for the period; and<br>(c) all resulting exchange differences are recognised in other comprehensive income. |

---

**<u>Foreign exchange rates considered for translation:</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Average rate** | **Average rate** | **Closing rate** | **Closing rate** |
| <br>**Particulars** | **30 June 2025** | **30 June 2024** | **30 June** | **30 June 2024** |
| INR | 0.0118 | 0.0121 | 0.0117 | 0.0120 |
| SGD | 0.7604 | 0.7475 | 0.7834 | 0.7374 |
| AUD | 0.6599 | 0.6643 | 0.6529 | 0.6669 |
| OMR | 2.5914 | 2.5895 | 2.5929 | 2.5900 |
| GBP | 1.3181 | 1.2635 | 1.3717 | 1.2644 |
| MYR | 0.2241 | 0.2129 | 0.2364 | 0.2119 |
| PHP | 0.0174 | 0.0176 | 0.0176 | 0.0171 |

---

---

| | |
|:---|:---|
| **f)** | **Use of estimates and judgements** |
|  | In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. |
|  | Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively. |

---

**Judgements**

Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the financial statements is included in the following notes:

Note 4 - Determination of reportable operating segments

Note 30 - Fair value measurement of financial instruments

Note 22 - Leases: whether an arrangement contains a lease

Note 13 - useful lives of property, plant and equipment

Note 31 - measurement of ECL allowance for trade receivables, loans and contract assets

Note 29 - recognition and measurement of provisions and contingencies

**Estimates**

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment in the year ended 30 June 2025 is included in the following notes:

Note 30 - Fair value measurement of financial instruments

Note 22 - Leases: whether an arrangement contains a lease

Note 13 - useful lives of property, plant and equipment

Note 31 - measurement of ECL allowance for trade receivables, loans and contract assets

Note 29 - recognition and measurement of provisions and contingencies

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| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |

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| | |
|:---|:---|
| **2** | **Accounting policies (continued)** |

---

**g)** **Revenue recognition** 

---

| |
|:---|
| ***Revenue from contracts with customers:*** |
| The Group recognises revenue from contracts with customers based on a five step model as set out in IFRS 15 - Revenue from contracts with<br> customers "(IFRS 15"). |
| Step 1. Identify the contract(s) with a customer: A contract is defined as an agreement between two or more parties that creates enforceable rights and obligations and sets out the criteria for every contract that must be met. |
| Step 2. Identify the performance obligations in the contract: A performance obligation is a promise in a contract with a customer to transfer a good or service to the customer. |
| Step 3. Determine the transaction price: The transaction price is the amount of consideration to which the Group expects to be entitled in exchange for<br> transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties. |
| Step 4. Allocate the transaction price to the performance obligations in the contract: For a contract that has more than one performance obligation, the Group will allocate the transaction price to each performance obligation in an amount that depicts the amount of consideration to which the Group expects to be entitled in exchange for satisfying each performance obligation. |
| Step 5. Recognise revenue when (or as) the entity satisfies a performance obligation. |
| Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price (net of variable consideration) allocated to that performance obligation. The transaction price of goods and services rendered is net of variable consideration, if any, and excludes taxes and duties. The Group assesses its revenue arrangements against specific criteria to determine if it is acting as principal or agent. The Group has concluded that it is acting as a principal in all of its revenue arrangements. |

---

---

| | |
|:---|:---|
| **Significant revenue areas** | **Nature and timing of satisfaction of performance obligations** |
| Sale/ Subscription of Products | The Group recognises the revenue when a performance obligation is satisfied in accordance with the terms of the contractual arrangement. Typically, performance obligations are satisfied over the period of time as the subscription of products are rendered. Revenue recognised over the period of time is based on a straight-line method, unless another method better depicts the pattern of transfer of control of the services. Revenue from sale of products is recognised at point in time once the control over products are passed on to the customer. |
| Sale/subscription of licenses | The Group recognises the revenue when a performance obligation is satisfied in accordance with the terms of the contractual arrangement. Typically, performance obligations are satisfied over the period of time as the subscription of licenses and maintenance services are rendered. Revenue recognised over the period of time is based on a straight-line method, unless another method better depicts the pattern of transfer of control of the services. Revenue from sale of licenses is recognised at point in time once the control over licenses are passed on to the customer. |
| Manpower and Staffing support services | The Group recognises the revenue when a performance obligation is satisfied in accordance with the terms of the contractual arrangement. Typically, performance obligations are satisfied over the period of time as the professional and support services are rendered. Revenue recognised over the period of time is based on a straight-line method, unless another method better depicts the pattern of transfer of control of the services. |
| Revenue from annual maintenance charges | The Group recognises the revenue when a performance obligation is satisfied in accordance with the terms of the contractual arrangement. Typically, performance obligations are satisfied over the period of time as the annual maintenance support services are rendered. Revenue recognised over the period of time is based on a straight- line method, unless another method better depicts the pattern of transfer of control of the services. |

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| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |

---

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| | |
|:---|:---|
| **2** | **Accounting policies (continued)** |

---

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| | |
|:---|:---|
| **g)** | **Revenue recognition (continued)** |
|  | ***Interest income*** |
|  | Interest income is recognised on a time proportion basis taking into account the amount outstanding and the applicable interest rate. Interest income is included under the head "Finance income" in the statement of profit and loss. |

---

---

| |
|:---|
| ***Dividend income*** |
| Dividend income is recognised when the right to receive dividend is established, which is generally when the shareholders approve the dividend. |

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|:---|:---|
| **h)** | **Leases** |
|  | At inception of a contract, the Group assesses whether a contract is, or contains a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether:<br>i. The contract involves the use of an identified asset – this may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified;<br>ii. The Group has the right to substantially all of the economic benefits from the use of the asset throughout the period of use; and<br>iii. The Group has the right to direct the use of the asset. The Group has this right when it has the decision making rights that are most relevant to changing how and for what purposes the asset is used. In rare cases where the decision about how and for what purpose the asset is used is predetermined, the Group has the right to direct the use of the asset if either:<br>- The Group has the right to operate the asset; or<br> - The Group designed the asset in a way that predetermines how and for what purposes it will be used.<br>At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. |
|  | The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is allocated, less any lease incentives received.<br>The right-of-use asset is subsequently depreciated using the straight-line method over the shorter of the useful life of the leased asset and the expected lease term. If ownership of the leased asset is automatically transferred at the end of the lease term or the exercise of a purchase option is reflected in the lease payments, the right-of-use asset is amortised on a straight-line basis over the expected useful life of the leased asset. |
|  | The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as a discount rate. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments. The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low value assets. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.<br>Lease payments include fixed payments, i.e. amounts expected to be payable by the group under residual value guarantee, the exercise price of purchase options and lease payments in relation to lease extension options, if the Company is reasonably certain to exercise purchase or extension options, and payment of penalties for terminating the lease if the lease term considered reflects that the Company shall exercise a termination option. |

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| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |

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|:---|:---|
| **2** | **Accounting policies (continued)** |

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| | |
|:---|:---|
| **i)** | **Taxation** |
|  | Income tax expense comprises current and deferred taxes. Income tax expense is recognised in the consolidated income statement, except when related to items that are recognised outside of profit or loss (whether in other comprehensive income or directly in equity) or where related to the initial accounting for a business combination. In the case of a business combination, the tax effect is included in the accounting for the business combination.<br>Current income taxes are determined based on the respective taxable income of each taxable entity and tax rules applicable for respective tax jurisdictions.<br>Deferred tax assets and liabilities are recognised for the future tax consequences of temporary differences between the carrying values of assets and liabilities and their respective tax bases, and unutilised tax losses, depreciation carry-forwards and tax credits. Such deferred tax assets and liabilities are computed separately for each taxable entity and for each taxable jurisdiction. Deferred tax assets are recognised to the extent that it is probable that future taxable income will be available against which the deductible temporary differences, unused tax losses, depreciation carry-forwards and unused tax credits could be utilised. The future profitability is based on the business plan for each respective entity within the Group. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.<br>Deferred tax assets and liabilities are measured based on the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. |

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Current and deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.

The extent to which deferred tax assets can be recognised is based on an assessment of the probability that future taxable income will be available against which the deductible temporary differences and tax loss carry-forwards can be utilised.

Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has been identified and it is probable that the Group will be required to settle that tax. Measurement is dependent on management's expectations of the outcome of decisions by tax authorities in the various tax jurisdictions in which the Group operates. This is assessed on a case-by-case basis using in-house experts, professional firms and previous experience. Where no provision is required the exposure is disclosed as a contingent liability unless the likelihood of an outflow of economic benefits is remote.

Judgement is required in assessing the impact of any legal or economic limits or uncertainties in various tax jurisdictions.

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| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |

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|:---|:---|
| **2** | **Accounting policies (continued)** |

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|:---|:---|
| **j)** | **Property, plant and equipment** |
|  | Property, plant and equipment is stated at cost of acquisition or construction less accumulated depreciation and accumulated impairment, if any. Land is not depreciated. |
|  | Cost includes purchase price, non-recoverable taxes and duties, labour cost and direct overheads for self-constructed assets and other direct costs incurred up to the date the asset is ready for its intended use. |
|  | Interest cost incurred for constructed assets is capitalised up to the date the asset is ready for its intended use, based on borrowings incurred specifically for financing the asset or the weighted average rate of all other borrowings, if no specific borrowings have been incurred for the asset. |
|  | Depreciation is charged on a straight-line basis over the estimated useful lives of the assets. Estimated useful lives of the assets are as follows: |

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| | |
|:---|:---|
| **Class of property, plant and equipment** | **Estimated useful life** |
| Land | Not Depreciable |
| Buildings | 30 years |
| Furniture, fittings and equipment | 10 years |
| Computer equipments | 3 years |
| Office equipments | 5 years |
| Motor Car | 8 years |
| Motor Cycle | 10 years |

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|:---|
| The depreciation period for property, plant and equipment with finite useful lives is reviewed at least at each year end. Changes in expected useful lives are treated as changes in accounting estimates. |
| Assets held under leases are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, the term of the relevant lease. Freehold land is measured at cost and is not depreciated. Residual values are reassessed on an annual basis. |
| An item of property, plant and equipment is derecognised on disposal or when it is withdrawn from use and no future economic benefits are expected from its disposal. Any gain or loss arising from derecognition is included in profit or loss. |

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|:---|:---|
| **k)** | **Intangible assets** |
|  | Costs associated with maintaining software licenses are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software licenses controlled by the group are recognised as intangible assets where the following criteria are met:<br>i. it is technically feasible to complete the software so that it will be available for use<br> ii. management intends to complete the software and use or sell it<br> iii. there is an ability to use or sell the software<br> iv. it can be demonstrated how the software will generate probable future economic benefits<br> v. adequate technical, financial and other resources to complete the development and to use or sell the software are available, and<br> vi. the expenditure attributable to the software during its development can be reliably measured<br> vii. Directly attributable costs that are capitalised as part of the software include employee costs and an appropriate portion of relevant overheads<br> viii. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use |

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|:---|:---|
| **l)** | **Inventories** |
|  | Telecom materials, Telecom licenses and Warranty support are stated at the lower of cost and net realisable value. Cost comprises direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity*.*** Costs of purchased inventory are determined after deducting rebates and discounts. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. The costs of individual items of inventory are determined using weighted average costs. |

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|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |

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|:---|:---|
| **2** | **Accounting policies (continued)** |

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| **m)** | **Borrowings** |
|  | Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.<br>Preference shares, which are mandatorily redeemable on a specific date, are classified as liabilities. The dividends on these preference shares are recognised in profit or loss as finance costs.<br>The fair value of the liability portion of a convertible bond is determined using a market interest rate for an equivalent non-convertible bond. This amount is recorded as a liability on an amortised cost basis until extinguished on conversion or maturity of the bonds. The remainder of the proceeds is allocated to the conversion option. This is recognised and included in shareholders' equity, net of income tax effects. |
|  | Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non cash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs.<br>Where the terms of a financial liability are renegotiated and the entity issues equity instruments to a creditor to extinguish all or part of the liability (debt for equity swap), a gain or loss is recognised in profit or loss, which is measured as the difference between the carrying amount of the financial liability and the fair value of the equity instruments issued.<br>Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. |
|  | General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale.<br>Investment income earned on the temporary investment of specific borrowings, pending their expenditure on qualifying assets, is deducted from the borrowing costs eligible for capitalisation. Other borrowing costs are expensed in the period in which they are incurred. |

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| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |

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|:---|:---|
| **2** | **Accounting policies (continued)** |

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| **n)** | **Impairment of non-financial assets** |
|  | ***Property, plant and equipment and intangible assets*** |
|  | At each reporting date, the Group reviews the carrying amounts of its non-financial assets to determine whether there is any indication of impairment.<br>If any such indication exists, then the asset's recoverable amount is estimated.<br>For impairment testing, assets that do not generate independent cash inflows are grouped together into cash-generating units (CGUs). Each CGU represents the smallest company of assets that generates cash inflows that are largely independent of the cash inflows of other assets or CGUs.<br>The recoverable amount of an individual asset or CGU is the higher of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.<br>An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its estimated recoverable amount. Impairment losses are recognised in the statement of profit and loss. |
|  | An asset (or cash-generating unit) impaired in prior years is reviewed at each balance sheet date to determine whether there is any indication of a reversal of impairment losses recognised in prior years. |

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|:---|:---|
| **o)** | **Cash and cash equivalents and cash flow statement** |
|  | **Cash and cash equivalents:** |
|  | Cash and cash equivalents comprise cash on hand, demand deposits and highly liquid investments with an original maturity of up to three months that are readily convertible into known amounts of cash and that are subject to an insignificant risk of changes in value. |
|  | **Cash flow statement:** |
|  | Cash flows are reported using the indirect method, whereby net profit/(loss) before tax is adjusted for the effects of transactions of non cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Group are segregated. |

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| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |

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|:---|:---|
| **2** | **Accounting policies (continued)** |

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| **p)** | **Financial instruments** |
|  | ***Recognition and derecognition*** |
|  | A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are recognised on the balance sheet when the Group becomes a party to the contractual provisions of the instrument.<br>The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. Any gain or loss arising on derecognition is recognised in profit or loss. When a financial instrument is derecognised, the cumulative gain or loss in equity (if any) is transferred to the consolidated income statement. |
|  | Financial assets are written off when there is no reasonable expectation of recovery. The Group reviews the facts and circumstances around each asset before making a determination. Financial assets that are written off could still be subject to enforcement activities.<br>Financial liabilities are derecognised when they are extinguished, that is when the obligation is discharged, cancelled or has expired. |
|  | ***Initial measurement*** |
|  | Initially, a financial instrument is recognised at its fair value. Transaction costs directly attributable to the acquisition or issue of financial instruments are recognised in determining the carrying amount, if it is not classified as at fair value through profit or loss. Transaction costs of financial instruments carried at fair value through profit or loss are expensed in profit or loss.<br>Subsequently, financial instruments are measured according to the category in which they are classified. |

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|:---|
| ***Classification and measurement – financial assets*** |
| Classification of financial assets is based on the business model in which the instruments are held as well as the characteristics of their contractual cash flows. The business model is based on management's intentions and past pattern of transactions. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. The Group reclassifies financial assets when and only when its business model for managing those assets changes. |
| Financial assets are classified into three categories:<br>Financial assets at amortised cost are non-derivative financial assets with contractual cash flows that consist solely of payments of principal and interest and which are held with the intention of collecting those contractual cash flows. Subsequently, these are measured at amortised cost using the effective interest method less impairment losses, if any. These include cash and cash equivalents, contract assets and other financial assets. |
| Financial assets at fair value through other comprehensive income are non-derivative financial assets with contractual cash flows that consist solely of payments of principal and interest and which are held with the intention of collecting those contractual cash flows as well as to sell the financial asset. Subsequently, these are measured at fair value, with unrealised gains or losses being recognised in other comprehensive income apart from any expected credit losses or foreign exchange gains or losses, which are recognised in profit or loss. This category can also include financial assets that are equity instruments which have been irrevocably designated at initial recognition as fair value through other comprehensive income. For these assets, there is no expected credit loss recognised in profit or loss. |
| Financial assets at fair value through profit or loss are financial assets with contractual cash flows that do not consist solely of payments of principal and interest. This category includes derivatives, embedded derivatives separated from the host contract and investments in certain convertible loan notes. Subsequently, these are measured at fair value, with unrealised gains or losses being recognised in profit or loss, with the exception of derivative instruments designated in a hedging relationship, for which hedge accounting is applied. |

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| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |

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|:---|:---|
| **2** | **Accounting policies (continued)** |

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**p)** **Financial instruments (continued)** 

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|:---|
| **Classification and measurement – financial liabilities** |
| Financial liabilities are classified as subsequently measured at amortised cost unless they meet the specific criteria to be recognised at fair value through profit or loss. |
| Other financial liabilities are measured at amortised cost using the effective interest method. |
| Financial liabilities at fair value through profit or loss include derivatives and embedded derivatives separated from the host contract as well as financial liabilities held for trading. Subsequent to initial recognition, these are measured at fair value with gains or losses being recognised in profit or loss. Embedded derivatives relating to prepayment options on senior notes are not considered as closely related and are separately accounted unless the exercise price of these options is approximately equal on each exercise date to either the amortised cost of the senior notes or the present value of the lost interest for the remaining term of the senior notes. |
| **Impairment** |
| The Group recognises a loss allowance in profit or loss for expected credit losses on financial assets held at amortised cost or at fair value through other comprehensive income. Expected credit losses are forward looking and are measured in a way that is unbiased and represents a probability- weighted amount, takes into account the time value of money (values are discounted using the applicable effective interest rate) and uses reasonable and supportable information. |
| Lifetime expected credit losses are calculated for assets that were deemed credit impaired at initial recognition or have subsequently become credit impaired as well as those where credit risk has increased significantly since initial recognition. |
| The Group adopts the simplified approach to apply lifetime expected credit losses to trade receivables and contract assets. Where credit risk is deemed low at the reporting date or to have not increased significantly, credit losses for the next 12 months are calculated. |
| **Equity instruments** |
| An equity instrument is any contract that evidences residual interests in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. |
| Investments in equity instruments are measured at fair value; however, where a quoted market price in an active market is not available, equity instruments are measured at cost (investments in equity instruments that are not held for trading). The Group has not elected to account for these investments at fair value through other comprehensive income. |
| **Determination of fair value** |
| Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. The fair value of a financial instrument on initial recognition is normally the transaction price. |
| In estimating the fair value of an asset or liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Subsequent to initial recognition, the Group determines the fair value of financial instruments that are quoted in active markets using the quoted bid prices (financial assets held) or quoted ask prices (financial liabilities held) and using valuation techniques for other instruments. Valuation techniques include the discounted cash flow method and other valuation models. |

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| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |

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|:---|:---|
| **2** | **Accounting policies (continued)** |

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| **q)** | **Earnings per share** |
|  | Earnings per share, diluted earnings per share are measured as follows: |
|  | **- basic earnings per share** are calculated by dividing profit or loss attributable to owners of the company by the weighted average number of ordinary shares outstanding during the period, excluding treasury shares. The weighted average number of ordinary shares outstanding is calculated based on the number of ordinary shares outstanding at the beginning of the period, after deduction of treasury shares, adjusted on a time-apportioned basis for shares bought back or issue during the period; |
|  | - **diluted earnings per share** are calculated by dividing profit or loss attributable to owners of the company by the weighted average number of ordinary shares outstanding during the year as used to calculate basic earnings per share, both items being adjusted on a time-apportioned basis for the effects of all potentially dilutive financial instruments corresponding to (i) performance shares and (ii) free share grants until fully vested. |

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|:---|:---|
| **r)** | **Employee benefits** |
|  | Short-term employee benefits<br>Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid e.g., under short-term cash bonus, if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the amount of obligation can be estimated reliably. |
|  | **Post-employment benefits** |
|  | **Defined contribution plans**<br>A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. The Group makes specified monthly contributions towards employee provident fund to Government administered provident fund scheme which is a defined contribution plan. Obligations for contributions to defined contribution plans are recognised as an employee benefit expense in profit or loss in the periods during which the related services are rendered by employees. |
|  | **Defined benefit plans**<br>A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group's gratuity benefit scheme is the defined benefit plan. The Group's net obligation in respect of defined benefit plan is calculated by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The calculation of defined benefit obligation is performed annually by a qualified actuary using the projected unit credit method. |
|  | Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses and the return on plan assets (excluding interest) are recognised in Other Comprehensive Income (OCI). The Group determines the net interest expense on the net defined benefit liability for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability/(asset), taking into account any changes in the net defined benefit liability during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in the statement of profit and loss. |
|  | When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service ('past service cost' or 'past service gain') or the gain or loss on curtailment is recognised immediately in profit or loss. The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs. |
|  | **Compensated absences**<br>The employees can carry-forward a portion of the unutilized accrued compensated absences and utilize it in future service periods or receive cash compensation on termination of employment. Since the employee has unconditional right to avail the leave, the benefit is classified as a short term employee benefit. The Group records an obligation for such compensated absences in the period in which the employee renders the services that increases his entitlement. The obligation is measured on the basis of independent actuarial valuation using the projected unit credit method. |

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| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |

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|:---|:---|
| **2** | **Accounting policies (continued)** |

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| **s)** | **Provisions and contingent liabilities** |
|  | Provisions are recognised when there is a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and there is a reliable estimate of the amount of the obligation. Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the Balance sheet date.<br>If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. |
|  | Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the Group or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made. Contingent liabilities are disclosed in the note 30. Contingent assets are not recognised in the CFS. |

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|:---|:---|
| **t)** | **Segment information** |
|  | Segment revenues and expenses: All segment revenues and expenses are directly attributable to the segments. |
|  | Segment assets and liabilities: Segment assets include all operating assets used by a segment and comprise primarily of debtors and fixed assets, net of allowances and provisions, which are reported as direct offsets in the balance sheet. While most such assets can be directly attributed to individual segments, the carrying amount of certain assets used jointly by two or more segments is allocated to the segments on a reasonable basis. Segment liabilities include all operating liabilities and comprise primarily of creditors and accrued liabilities. |
|  | Unallocable expenses/income: General administrative expenses and other expenses that arise at the enterprise level and relate to the Group as a whole are shown as unallocable items. |
|  | Accounting policies: The accounting policies consistently used in the preparation of the CFS are also applied to revenues and expenditure in individual segments. |
| **u)** | **Events after the reporting date** |
|  | Where events occurring after the balance sheet date provide evidence of conditions that existed as at the end of the reporting period, the impact of such<br> events is adjusted within the CFS. Otherwise, events after the balance sheet date of material size or nature are only disclosed. |

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|:---|:---|
| **v)** | **New And Revised Standards, Interpretations, Pronouncements And Application Guidances** |
|  | Standards, interpretations and amendments to approved accounting standards which became effective during the year. |
|  | There are certain amendments to the accounting and reporting standards which became effective during the year and are adopted by the Company for the financial year beginning on July 01, 2023. However, these amendments do not have any significant impact on the Company's financial reporting, and therefore have not been presented in these unconsolidated financial statements. |
|  | Standards, interpretations and amendments to approved accounting standards that are issued but not yet effective and have not been early adopted by the Company |
|  | The following standards, amendments with respect to the approved accounting standards as applicable in Pakistan would be effective from the dates mentioned below and have not been early adopted by the Company: |

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| | |
|:---|:---|
| **Effective date (Annual periods beginning on or after)** | **Effective date (Annual periods beginning on or after)** |
| **Standards** | **Effective date** |
| IAS 1 | 1-Jan-24 |
| IAS 7 | 1-Jan-24 |
| IAS 21 | 1-Jan-25 |
| IFRS 7 | 1-Jan-24 |
| IFRS 9 | 1-Jan-26 |
| IFRS 16 | 1-Jan-24 |
| IFRS 17 | 1-Jan-26 |

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The management expects that the adoption of above standards and amendment will not have any material impact on the Company's financial statements.

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|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

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| **3** | **List of entities considered for the CFS** |
|  | VIS Networks Private Limited is the parent company of what is generally known as 'the VIS Group' comprising of 10 companies. The consolidated companies at 30 June 2025 are listed below: |

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|:---|:---|:---|:---|:---|:---|
| **List of companies consolidated at 30 June 2025** | **Country** | **Relationship** | **Date of**<br> **Investment** | **% interest** | **Consolidation**<br> **method** |
| VIS Global Pte.Ltd | Singapore | Subsidiary | 12-Dec-12 | 100.00% | Full consolidation |
| VISNET Global SDN. BHD. | Malaysia | Subsidiary | 14-Aug-20 | 100.00% | Full consolidation |
| VIS Network UK Ltd | UK | Subsidiary | 8-Oct-21 | 95.00% | Full consolidation |
| VIS Global Digital Solutions LLC | Oman | Subsidiary | 4-Aug-22 | 54.00% | Full consolidation |
| VIS Global INC | USA | Subsidiary | 30-Nov-23 | 95.00% | Full consolidation |
| Visnet Technologies LLC | Dubai | Subsidiary | 29-Nov-23 | 60.00% | Full consolidation |
| VIS Global Pty Ltd | Australia | Associate | 31-Mar-19 | 45.00% | Equity method |
| Merykh Technologies Private Limited | India | Associate | 4-Feb-20 | 25.00% | Equity method |
| SmarterHi Communications Private Limited | India | Associate | 25-Jan-17 | 20.05% | Equity method |
| Artiligent Solutions Private Limited | India | Associate | 18-Jul-23 | 30.00% | Equity method |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **List of companies consolidated at 30 June 2024** | **Country** | **Relationship** | **Date of**<br> **Investment** | **% interest** | **Consolidation**<br> **method** |
| VIS Global Pte.Ltd | Singapore | Subsidiary | 12-Dec-12 | 100.00% | Full consolidation |
| VISNET Global SDN. BHD. | Malaysia | Subsidiary | 14-Aug-20 | 100.00% | Full consolidation |
| VIS Network UK Ltd | UK | Subsidiary | 8-Oct-21 | 95.00% | Full consolidation |
| VIS Global Digital Solutions LLC | Oman | Subsidiary | 4-Aug-22 | 54.00% | Full consolidation |
| VIS Global INC | USA | Subsidiary | 30-Nov-23 | 95.00% | Full consolidation |
| Visnet Technologies LLC | Dubai | Subsidiary | 29-Nov-23 | 60.00% | Full consolidation |
| VIS Global Pty Ltd | Australia | Associate | 31-Mar-19 | 45.00% | Equity method |
| Merykh Technologies Private Limited | India | Associate | 4-Feb-20 | 25.00% | Equity method |
| SmarterHi Communications Private Limited | India | Associate | 25-Jan-17 | 20.05% | Equity method |
| Artiligent Solutions Private Limited | India | Associate | 18-Jul-23 | 30.00% | Equity method |

---

---

| | |
|:---|:---|
| **4** | **Segment Information** |
|  | **(a) Business segment:** |
|  | The Group's business activity falls within a single business segment i.e. develop, maintain, assist, establish, manage, operate business and technology consulting services and software development. Accordingly, no further disclosures other than those already included in the financial statements are required under IFRS 8 - 'Operating Segments' |

---

---

| |
|:---|
| **(b) Geographical segments:** |
| The Group's secondary segments are the geographical distribution of its activities and they operate in five principal geographical areas of the world, in India, Singapore, Malaysia, Oman and UK amongst which India and Singapore are material reportable segments. The following table describes the secondary segment information by geographical market of the group. |

---

---

| | | |
|:---|:---|:---|
| **Revenue from operations (net)** | **For the year ended**<br> **30 June 2025** | **For the year**<br> **ended** |
| India | 50289726 | 47830119 |
| Singapore | 5716918 | 7220105 |
| Dubai | 2813091 | 329511 |
| USA | 1449753 | 540431 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Trade receivables (net)** | **30 June 2025** | **30 June 2025** | **30 June 2024** | **30 June 2024** |
| India |  | 16198512 |  | 14410309 |
| Singapore |  | 2509489 |  | 1869981 |
| Dubai |  | 125908 |  | 240958 |
| USA |  | 558074 |  | 112232 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other assets** | **30 June 2025** | **30 June 2025** | **30 June 2024** | **30 June 2024** |
| India |  | 9120979 |  | 7916087 |
| Singapore |  | 283042 |  | 507269 |
| Dubai |  | 14578 |  | 79689 |
| USA |  | 73014 |  | 180882 |

---

The geographical segment information relating to revenue and trade receivables is disclosed based on the location of the customers and relating to other assets is disclosed based on the location of the assets.

[**Table of Contents**](#fin_toc)

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| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | |
|:---|:---|
| **5** | **(a) Disaggregation of revenue from contracts with customers** |

---

---

| | | |
|:---|:---|:---|
| **Particulars** | **For the year ended**<br> **30 June 2025** | **For the year ended**<br> **30 June 2024** |
| **External Revenue by Service line** |  |  |
| Sale of products | 28615321 | 23703751 |
| Subscription of products | 185088 | 229954 |
| Sale/subscription of licenses | 6245317 | 3987219 |
| Revenue from annual maintenance charges ("AMC") | 12041336 | 15494915 |
| Manpower and Staffing support services | 14893305 | 12157482 |
|  | **61980366** | **55573321** |
| **External Revenue by timing of revenue** | 34860638 | 27690970 |
| At a point in time | 27119728 | 27882352 |
| Over time | **61980366** | **55573321** |

---

---

| |
|:---|
| Refer Note 4 for the geographical wise revenue from the customers |
| **(b) Assets and liabilities related to contracts with customers** |

---

---

| | | |
|:---|:---|:---|
| **Particulars** | **As at**<br> **30 June 2025** | **As at**<br> **30 June 2024** |
| **Current** | **Current** | **Current** |
| Contract assets | 707106 | 636357 |
| **Total contract assets** | **707106** | **636357** |
| **Current:** |  |  |
| Contract liabilities | 4935372 | 2576692 |
| **Total contract liabilities** | **4935372** | **2576692** |

---

**Notes to revenue from contract with customers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) Significant changes in contract assets and liabilities*

Reasons for changes in Contract asset

Contract assets have increased as the group has provided services ahead of the agreed payment schedules for fixed-price contracts.

Reasons for changes in Contract liabilities

Contract liabilities has decreased as the group's practice of billing to its customers in advance for the obligations to be performed is reduced compared to the PY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii) Adjustment to contracts price*

There are no adjustments to the contracts price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii) Revenue recognised in relation to contract liabilities*

---

| | | |
|:---|:---|:---|
| **Particulars** | **For the year ended**<br> **30 June 2025** | **For the year ended**<br> **30 June 2024** |
| &nbsp;&nbsp;&nbsp;At the beginning of the year | 2576692 | 5067908 |
| &nbsp;&nbsp;&nbsp;Revenue reocgnised during the year | (2576692) | (5067908) |
| &nbsp;&nbsp;&nbsp;Liability recognised during the year | 4935372 | 2576692 |
|  | **4935372** | **2576692** |

---

**Note:** The contract liability represents the advance billing to the customer towards performance obligations unfulfilled as at the reporting date. Management expects that these performance obligations will be met in due course as per the terms of the contract entered with the customers.

[**Table of Contents**](#fin_toc)

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| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | |
|:---|:---|
| **6** | **Breakdown of expenses by nature** |

---

---

| | | |
|:---|:---|:---|
| **Particulars** | **For the year ended**<br> **30 June 2025** | **For the year ended**<br> **30 June 2024** |
| Cost of products sold | 24001741 | 18902956 |
| Cost of licenses sold | 6746049 | 4048486 |
| AMC support services | 1028849 | 5890912 |
| Technical support services | 9407493 | 6409283 |
| Employee benefits expenses | 11908345 | 10924998 |
| Depreciation and amortization | 477922 | 626691 |
| Distribution expenses | 267398 | 372789 |
| Other expenses | 5601941 | 4385046 |
| **Total cost of sales, distribution cost and administrative expenses** | **59439738** | **51561162** |
| Cost of sales | 41184132 | 35251638 |
| Distribution costs | 267398 | 372789 |
| Administrative expenses | 17988208 | 15936735 |
|  | **59439738** | **51561162** |

---

---

| | |
|:---|:---|
| **7** | **Other income** |

---

---

| | | |
|:---|:---|:---|
| **Particulars** | **For the year ended 30 June 2025** | **For the year ended 30 June 2024** |
| Liabilities/provision no longer required written off |  | 3788 |
| Interest income on income tax refund | 59280 |  |
| Profit on derecognition |  | 1973 |
| Other non-operating income | 242493 | 306810 |
|  | **301773** | **312572** |

---

---

| | |
|:---|:---|
| **8** | **Other gains/(losses) – net** |

---

---

| | | |
|:---|:---|:---|
| **Particulars** | **For the year ended 30 June 2025** | **For the year ended 30 June 2024** |
| Net gain/(loss) on disposal of property, plant and equipment | 1319 |  |
| Net fair value gain/(loss) on financial assets at fair value through profit or loss | (87) | 228536 |
| Gain on sale of investments | 580 | 25353 |
| Net foreign exchange gain/(loss) | (7073) | (15461) |
|  | **(5261)** | **238428** |

---

[**Table of Contents**](#fin_toc)

---

| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | |
|:---|:---|
| **9** | **Finance Income and costs** |

---

---

| | | |
|:---|:---|:---|
| **Particulars** | **For the year ended**<br> **30 June 2025** | **For the year ended**<br> **30 June 2024** |
| Interest income on unwinding of security deposits | 1448 | 1741 |
| Interest income on term deposits | 117003 | 107708 |
|  | **118451** | **109449** |
| ***Finance Costs*** |  |  |
| Interest on lease liabilities | 11075 | 11657 |
| Interest and finance charges paid/payable for financial liabilities not at fair value through profit or loss | 343929 | 432120 |
| Bank charges | 61238 | 77980 |
| **Finance costs expensed** | **416242** | **521756** |
| **Net finance costs** | **(297791)** | **(412307)** |

---

---

| | |
|:---|:---|
| **10** | **Profit share in associates** |

---

---

| | | |
|:---|:---|:---|
| **Particulars** | **For the year ended**<br> **30 June 2025** | **For the year ended**<br> **30 June 2024** |
| Share of profit/(loss) in associates | (38665) | (170476) |
|  | **(38665)** | **(170476)** |

---

---

| | |
|:---|:---|
| **11** | **(a) Income tax expenses** |

---

---

| | | |
|:---|:---|:---|
| **Particulars** | **For the year ended**<br> **30 June 2025** | **For the year ended**<br> **30 June 2024** |
| ***Amounts recognised in the consolidated income statement*** |  |  |
| **Current tax expense** |  |  |
| Current year | 657655 | 1465432 |
| Adjustments for prior years | - | - |
| **Current tax expense** | **657655** | **1465432** |

---

---

| | | |
|:---|:---|:---|
| **(b) Deferred tax (credit)/ expense** | **(b) Deferred tax (credit)/ expense** | **(b) Deferred tax (credit)/ expense** |
| **Particulars** | **For the year ended**<br> **30 June 2025** | **For the year ended**<br> **30 June 2024** |
| Origination and reversal of temporary differences | (51566) | (103557) |
| **Deferred tax (credit)/ expense** | **(51566)** | **(103557)** |
| **Total Income tax expense** | **606089** | **1361875** |
| ***Amounts recognised in the consolidated statement of other comprehensive income*** | ***Amounts recognised in the consolidated statement of other comprehensive income*** | ***Amounts recognised in the consolidated statement of other comprehensive income*** |
| Deferred tax (credit)/expense on actuarial gains/losses on retirement benefits | (387) | (2332) |
| Deferred tax credit on change in fair value of cash flow hedges | (17619) | 8061 |
| Deferred tax credit on rate changes | 3374 | 5891 |
| **Deferred tax (credit)/ expense (OCI)** | **(14632)** | **11620** |
| **Total tax expense** | **591457** | **1373495** |

---

[**Table of Contents**](#fin_toc)

---

| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | | |
|:---|:---|:---|
| **(c) Reconciliation of effective tax rate:**<br>**Particulars** |<br>**For the year ended**<br> **30 June 2025** |<br>**For the year ended**<br> **30 June 2024** |
| Profit/ (loss) for the year | 1909227 | 2606882 |
| Total income tax expense | 591457 | 1373495 |
| **Profit/(loss) before tax** | **2500684** | **3980377** |
| Income tax expense/(credit) using the tax rates applicable to individual entities of 25.168% (2024: 25.168 | 629372 | 1001781 |
| Non-deductible expenses |  |  |
| Items charged to tax at other rates | (18410) | 440858 |
| Tax impact of gratuity re-measurement through other comprehensive income | 14631.72 | (11234) |
| Tax on share of profit of equity accounted investments | 9731 | 42905 |
| Foreign currency and other changes | (43867) | (100815) |
| **Total income tax expense** | **591457** | **1373495** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(d) Deferred tax assets and liabilities** | | | | | |
| ***Significant components of deferred tax assets and liabilities for the year ended 30 June 2025 are as follows:*** | ***Significant components of deferred tax assets and liabilities for the year ended 30 June 2025 are as follows:*** | ***Significant components of deferred tax assets and liabilities for the year ended 30 June 2025 are as follows:*** | ***Significant components of deferred tax assets and liabilities for the year ended 30 June 2025 are as follows:*** | ***Significant components of deferred tax assets and liabilities for the year ended 30 June 2025 are as follows:*** | ***Significant components of deferred tax assets and liabilities for the year ended 30 June 2025 are as follows:*** |
| <br>**Particulars** | **Opening Balance** | **Recognised in profit or loss** | **Recognised in**<br> **other comprehensive income** | <br>**Foreign exchange** | <br>**Closing Balance** |
| **Deferred tax assets** |  |  |  |  |  |
| Property, plant & equipment | 141105 | 41081 |  | (4186) | 178000 |
| Lease liability | 34732 | 11080 |  | (1043) | 44770 |
| Compensated absence and retirement benefits | 122086 | 25590 | (14632) | (3300) | 129744 |
| Expenses deductible in future periods |  |  |  |  |  |
| Tax loss |  |  |  |  |  |
| Others | 34509 | 20703 | - | (1535) | 53678 |
| **Total deferred tax asset** | **332432** | **98455** | **(14632)** | **(10064)** | **406191** |
| **Deferred tax liabilities** |  |  |  |  |  |
| FVTPL Investments | (40095) | (134) |  | 1038 | (39191) |
| Right of use assets | (32551) | (11395) | - | 991 | (42956) |
| **Total deferred tax liability** | **(72646)** | **(11530)** | **-** | **2029** | **(82147)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Significant components of deferred tax assets and liabilities for the year ended 30 June 2024 are as follows:*** | ***Significant components of deferred tax assets and liabilities for the year ended 30 June 2024 are as follows:*** | ***Significant components of deferred tax assets and liabilities for the year ended 30 June 2024 are as follows:*** | ***Significant components of deferred tax assets and liabilities for the year ended 30 June 2024 are as follows:*** | ***Significant components of deferred tax assets and liabilities for the year ended 30 June 2024 are as follows:*** | ***Significant components of deferred tax assets and liabilities for the year ended 30 June 2024 are as follows:*** |
| <br>**Particulars** | **Opening Balance** | **Recognised in profit or loss** | **Recognised in**<br> **other comprehensive**<br> **income** | <br>**Foreign exchange** | <br>**Closing Balance** |
| **Deferred tax assets** |  |  |  |  |  |
| Property, plant & equipment | 16179 | 126235 |  | (1310) | **141105** |
| Lease liability | 31239 | 4039 |  | (546) | **34732** |
| FVTPL Investments | 17230 | (57518) |  | 193 | **(40095)** |
| Compensated absence and retirement benefits | 88515 | 24082 | 11234 | (1744) | **122086** |
| Expenses deductible in future periods |  |  |  |  | **-** |
| Tax loss |  |  |  |  | **-** |
| Others | 26 | (5) | - | 34488 | **34509** |
| **Total deferred tax asset** | **153188** | **96833** | **11234** | **31081** | **292337** |
| **Deferred tax liabilities** |  |  |  |  |  |
| Right of use assets | (28158) | (4896) | - | 502 | **(32551)** |
| **Total deferred tax liability** | **(28158)** | **(4896)** | **-** | **502** | **(32551)** |

---

[**Table of Contents**](#fin_toc)

---

| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Particulars** | **As at**<br> **30 June 2025** | **As at**<br> **30 June 2025** | **As at**<br> **30 June 2024** | **As at**<br> **30 June 2024** |
| Presented as deferred tax asset\* |  | 324044 |  | 259785 |
| Presented as deferred tax liability\* |  |  |  |  |

---

\*For balance sheet presentation purposes, deferred tax assets and deferred tax liabilities are offset to the extent that they relate to the same taxation authority and are expected to be settled on a net basis.

All deferred tax assets and deferred tax liabilities at 30 June 2025, 30 June 2024 are presented as non-current.

---

| | |
|:---|:---|
| **12** | **Earnings per share** |

---

---

| | | |
|:---|:---|:---|
| <br>**Particulars** | **For the year ended**<br>**30 June 2025** | **For the year ended**<br>**30 June 2024** |
| Profit attributable to the ordinary equity holders of the company | 1993711 | 2762643 |
| Weighted average number of ordinary shares | 4045080 | 4045080 |
| Basic earnings per share | 0.49 | 0.68 |
| Diluted earnings per share | 0.49 | 0.68 |

---

[**Table of Contents**](#fin_toc)

---

| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | |
|:---|:---|
| **13** | **Property, plant and equipment** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Buildings** | **Furniture, fittings and equipment** | **Computer and computer equipments** | **Machinery and vehicles** | **Land** | **CWIP** | **Total** |
| **Gross amount (refer note below)** |  |  |  |  |  |  |  |
| **At 30 June 2023** | **1285758** | **361038** | **210359** | **713799** | **4736022** |  | **7306975** |
| Additions | 37899 | 70357 | 70315 | 48140 |  |  | 226712 |
| Disposals |  |  |  |  |  |  |  |
| Capitalised during the year |  |  |  |  |  |  |  |
| Exchange difference | (21095) | (5520) | (3182) | (11711) | (77703) |  | (119212) |
| **At 30 June 2024** | **1302562** | **425876** | **277492** | **750227** | **4658318** |  | **7414475** |
| Additions | 28296 | 63882 | 49170 |  |  |  | 141348 |
| Disposals |  | (504) |  | (3091) |  |  | (3595) |
| Capitalised during the year |  |  |  |  |  |  |  |
| Exchange difference | (34409) | (11945) | (7223) | (19317) | (120440) |  | (193334) |
| **At 30 June 2025** | **1296449** | **477308** | **319439** | **727819** | **4537878** |  | **7358894** |
| **Accumulated depreciation (refer note below)** |  |  |  |  |  |  |  |
| **At 30 June 2023** | **55948** | **120945** | **101102** | **216109** | **-** |  | **494104** |
| Charge for the year | 117430 | 77964 | 94187 | 154778 |  |  | 444359 |
| Eliminated on disposals |  |  |  |  |  |  |  |
| Exchange difference | (1759) | (4074) | (2174) | (4826) | - |  | (12833) |
| **At 30 June 2024** | **171618** | **194835** | **193115** | **366062** | **-** |  | **925631** |
| Charge for the year | 107662 | 68294 | 60741 | 116881 |  |  | 353578 |
| Eliminated on disposals |  | (436) |  | (2460) |  |  | (2896) |
| Exchange difference | (6370) | (4267) | (4348) | (11098) | - |  | (26084) |
| **At 30 June 2025** | **272910** | **258426** | **249508** | **469386** | **-** |  | **1250230** |
| <br>**Carrying amount** |  |  |  |  |  |  |  |
| **At 30 June 2024** | **1130944** | **231040** | **84377** | **384165** | **4658318** |  | **6488844** |
| **At 30 June 2025** | **1023539** | **218882** | **69931** | **258434** | **4537878** |  | **6108664** |

---

---

| |
|:---|
| **Notes:** |
| 1. On transition to IFRS, the Group has elected to continue with the carrying value of all of its property, plant and equipment as at 1 July 2021 measured as per the previous GAAP and use that carrying value as the deemed cost of the property, plant and equipment. |

---

[**Table of Contents**](#fin_toc)

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| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | |
|:---|:---|
| **14** | **Intangible assets** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **Goodwill** | **Internally generated software** | **Total** |
| **Gross amount (refer note below)** |  |  |  |
| **At 30 June 2023** | **92813** | **486052** | **578865** |
| Additions |  | 7911 | 7911 |
| Disposals |  |  |  |
| Exchange difference | - | (31439) | (31439) |
| **At 30 June 2024** | **92813** | **462524** | **555337** |
| Additions | **-** | 640805 | 640805 |
| Disposals | **-** | **-** |  |
| Exchange difference | **-** | (25132) | (25132) |
| **At 30 June 2025** | **92813** | **1078197** | **1171010** |
| **Accumulated depreciation (refer note below)** | **Accumulated depreciation (refer note below)** | **Accumulated depreciation (refer note below)** | **Accumulated depreciation (refer note below)** |
| **At 30 June 2023** | **-** | **88020** | **88020** |
| Amortisation charge |  | 93706 | 93706 |
| Eliminated on disposals |  |  |  |
| Exchange difference | - | (5717) | (5717) |
| **At 30 June 2024** | **-** | **176010** | **176010** |
| Amortisation charge | **-** | 51093 | 51093 |
| Eliminated on disposals | **-** | **-** |  |
| Exchange difference | **-** | (2321) | (2321) |
| **At 30 June 2025** | **-** | **224782** | **224782** |
| **Carrying amount** | **Carrying amount** | **Carrying amount** | **Carrying amount** |
| **At 30 June 2024** | **92813** | **286515** | **379327** |
| **At 30 June 2025** | **92813** | **853415** | **946228** |

---

---

| |
|:---|
| **Notes:** |
| 1. On transition to IFRS, the Group has elected to continue with the carrying value of all of its intangible assets as at 1 July 2021 measured as per the previous GAAP and use that carrying value as the deemed cost of the property, plant and equipment. |
| 2. Internally generated intangible assets include cost incurred for development of software. |

---

[**Table of Contents**](#fin_toc)

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| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | |
|:---|:---|
| **14A** | **Intangible assets Under Development** |

---

---

| | | |
|:---|:---|:---|
| **Particulars** | **Intangible assets Under Development** | **Total** |
| **Gross amount (refer note below)** |  |  |
| **At 30 June 2023** | **-** | **-** |
| Additions | 417090 | 417090 |
| Disposals |  |  |
| Exchange difference | - | - |
| **At 30 June 2024** | **417090** | **417090** |
| Additions | **-** |  |
| Disposals | **-** |  |
| Exchange difference | (10784) | (10784) |
| **At 30 June 2025** | **406306** | **406306** |
| **Accumulated depreciation (refer note below)** | **Accumulated depreciation (refer note below)** | **Accumulated depreciation (refer note below)** |
| **At 30 June 2023** | **-** | **-** |
| Amortisation charge |  |  |
| Eliminated on disposals |  |  |
| Exchange difference | - | - |
| **At 30 June 2024** | **-** | **-** |
| Amortisation charge | **-** |  |
| Eliminated on disposals | **-** |  |
| Exchange difference | **-** | - |
| **At 30 June 2025** | **-** | **-** |
| **Carrying amount** | **Carrying amount** | **Carrying amount** |
| **At 30 June 2024** | **417090** | **417090** |
| **At 30 June 2025** | **406306** | **406306** |

---

---

| |
|:---|
| **Notes:** |
| 1. On transition to IFRS, the Group has elected to continue with the carrying value of all of its intangible assets as at 1 July 2021 measured as per the previous GAAP and use that carrying value as the deemed cost of the property, plant and equipment. |
| 2. Internally generated intangible assets include cost incurred for development of software. |

---

[**Table of Contents**](#fin_toc)

---

| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | |
|:---|:---|
| **15** | **Inventories** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at** | **As at** | **As at** | **As at** |
| <br>**Particulars** | **30 June 2025** | **30 June 2025** | **30 June 2024** | **30 June 2024** |
| Inventory | | 3,208,951 | | 4,076,638 |
|  | | **3,208,951** | | **4,076,638** |

---

---

| | |
|:---|:---|
| **16** | **Trade receivables** |

---

---

| | | |
|:---|:---|:---|
| **Particulars** | **As at**<br> **30 June 2025** | **As at**<br> **30 June 2024** |
| **Current** |  |  |
| Trade receivables from contracts with customers | 18401256 | 16228908 |
| Less : Loss allowance (Refer note below) | (30245) | (18433) |
|  | **18371012** | **16210475** |

---

---

| |
|:---|
| **Note:** |
| The Group adopted simplified expected credit loss method to assess the provisioning for receivables. As at the reporting date the receivables due are more than one year. Hence, loss allowance was recorded as at the reporting date. Further, the group regularly monitors the credit worthiness of its customers and did not identify any customers whose credit worthiness is impaired. |

---

---

| | |
|:---|:---|
| **17** | **Investments** |

---

---

| | | |
|:---|:---|:---|
| **Particulars** | **As at**<br> **30 June 2025** | **As at**<br> **30 June 2024** |
| **Investments accounted under equity method** |  |  |
| Investments in Associates | 1006742 | 921887 |
| Add : Share of profit for the year | 38665 | 170476 |
| Less : Impairment loss on investment | *-* | *-* |
| Closing investment in associates | **1045406** | **1092362** |
| ***Other current financial assets*** |  |  |
| **Financial assets at fair value through profit or loss** | 28626 | 29566 |
| Investments in securities (quoted) | 671940 | 534524 |
| Investments in Mutual funds (quoted) | **700566** | **564091** |

---

---

| | |
|:---|:---|
| **18** | **Other financial assets** |

---

---

| | | |
|:---|:---|:---|
| **Particulars** | **As at**<br> **30 June 2025** | **As at**<br> **30 June 2024** |
| **Non current financial assets at amortised cost** |  |  |
| Security deposits | 47357 | 55671 |
|  | **47357** | **55671** |
| **Current financial assets at amortised cost** |  |  |
| Security deposits | 17493 | 7161 |
| Balances other than cash and cash equivalents | 1563033 | 1425155 |
|  | **1580526** | **1432316** |

---

---

| | | |
|:---|:---|:---|
| *Amounts recognised in profit or loss* | *Amounts recognised in profit or loss* | *Amounts recognised in profit or loss* |
| **Particulars** | **As at**<br> **30 June 2025** | **For the year**<br> **ended** |
| Fair value gains (losses) on financial insturments at FVPL recognised in other gains/(losses) (Refer note 8) | (87) | 228536 |

---

[**Table of Contents**](#fin_toc)

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| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | |
|:---|:---|
| **19** | **Cash and cash equivalents** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Particulars** | **As at 30 June 2025** | **As at 30 June 2025** | **As at 30 June 2024** | **As at 30 June 2024** |
| Cash at bank |  | 2803883 |  | 2812672 |
| Cash in hand | | 2,174 | | 2,046 |
|  | | **2,806,056** | | **2,814,719** |

---

---

| | |
|:---|:---|
| **20** | **Other assets** |

---

---

| | | |
|:---|:---|:---|
| **Particulars** | **As at 30 June 2025** | **As at 30 June 2024** |
| **Other non-current assets** |  |  |
| Prepayments-NC | 140308 | 85049 |
|  | **140308** | **85049** |
| **Other current assets** |  |  |
| Prepayments-C | 6829403 | 6067279 |
| Other receivables | 2363946 | 2654009 |
|  | **9193349** | **8721288** |

---

---

| | |
|:---|:---|
| **21** | **Current tax asset** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Particulars** | **As at**<br> **30 June 2025** | **As at**<br> **30 June 2025** | **As at**<br> **30 June 2024** | **As at**<br> **30 June 2024** |
| Current tax assets | | 2,598 | | 808,148 |
|  | | **2,598** | | **808,148** |

---

[**Table of Contents**](#fin_toc)

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| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | |
|:---|:---|
| **22** | **Leases** |
|  | *(i) Amounts recognised in the statement of financial position* |
|  | **Right-of-use assets** |

---

---

| | | |
|:---|:---|:---|
| **Particulars** | **Buildings** | **Total** |
| **Gross block** |  |  |
| **At 30 June 2023** | **253622** | **253622** |
| Additions | 127079 | 127079 |
| Exchange differences | (5002) | (5002) |
| Deletions | (19149) | (19149) |
| **At 30 June 2024** | **356550** | **356550** |
| Additions | 118527 | 118527 |
| Exchange differences | 4010 | 4010 |
| Deletions | (14781) | (14781) |
| **At 30 June 2025** | **464307** | **464307** |
| **Accumulated depreciation** | **Accumulated depreciation** | **Accumulated depreciation** |
| **At 30 June 2023** | **141743** | **141743** |
| Charge for the year | 88528 | 88528 |
| Exchange differences | (3058) | (3058) |
| Deletions |  | - |
| **At 30 June 2024** | **227213** | **227213** |
| Charge for the year | 73251 | 73251 |
| Exchange differences | 7947 | 7947 |
| Deletions | (14781) | (14781) |
| **At 30 June 2025** | **293630** | **293630** |
| **Carrying amount** | **Carrying amount** | **Carrying amount** |
| **At 30 June 2024** | **129336** | **129336** |
| **At 30 June 2025** | **170677** | **170677** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at** | **As at** | **As at** | **As at** |
| **Lease liabilities**<br>**Particulars** | **30 June 2025** | **30 June 2025** | **30 June 2024** | **30 June 2024** |
| Current |  | 33353 |  | 65024 |
| Non-current | | 144,530 | | 72,978 |
|  | | **177,883** | | **138,002** |

---

[**Table of Contents**](#fin_toc)

---

| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | |
|:---|:---|
| **22** | **Leases (Continued)** |
|  | *(ii) Amounts recognised in the statement of profit or loss* |

---

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **Notes** | **For the year ended 30 June 2025** | **For the year ended 30 June 2024** |
| Depreciation charge of right-of-use assets | 6 | (73251) | (88528) |
| Interest expense (included in finance cost) | 9 | (11075) | (11657) |
| Expense relating to short-term leases (included in administrative <br>expenses) | 6 | 173574 | 153973 |
| Expense relating to leases of low-value assets that are not shown <br>above as short-term leases (included in administrative expenses) | 6 | 320 |  |
| Expense relating to variable lease payments not included in lease <br>liabilities (included in administrative expenses) | 6 |  |  |

---

The total cash outflow for leases during the period 30 June 2025 and 30 June 2024 are USD 85,785 and USD 101,791 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maturity analysis of the contractual undiscounted cash flows is as follows:

---

| | | |
|:---|:---|:---|
| <br>**Particulars** | **As at**<br>**30 June 2025** | **As at**<br>**30 June 2024** |
| Less than 1 year | 47700 | 64468 |
| 1 - 2 years | 42859 | 20014 |
| 2-5 years | 128596 | 46248 |
| Over 5 years | - | 13215 |
| **Total** | **219155** | **143945** |

---

[**Table of Contents**](#fin_toc)

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| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | |
|:---|:---|
| **23** | **Borrowings** |

---

---

| | | |
|:---|:---|:---|
| **Particulars** | **As at**<br> **30 June 2025** | **As at**<br> **30 June 2024** |
| **Non-current** |  |  |
| **Secured** |  |  |
| Term loans from bank | 2138482 | 2462254 |
| Other borrowings | 10274 | 18185 |
|  | **2148756** | **2480439** |
| **Current** |  |  |
| **Secured** | 545 |  |
| Bank overdraft | 2554175 | 2028984 |
| Other Short term borrowings | 267552 | 292139 |
|  | **2822271** | **2321122** |

---

---

| | |
|:---|:---|
| **24** | **Trade and other payables** |

---

---

| | | |
|:---|:---|:---|
| **Particulars** | **As at**<br> **30 June 2025** | **As at**<br> **30 June 2024** |
| **Current liabilities** |  |  |
| Trade payables | 11166910 | 15134579 |
| Payroll taxes and other statutory liabilities | 512523 | 326757 |
| Salaries and bonus payable | 512513 | 662572 |
| Other payables | 139317 | 102204 |
|  | **12331263** | **16226113** |

---

---

| | |
|:---|:---|
| **25** | **Employee benefit obligations** |

---

---

| | | |
|:---|:---|:---|
| **Particulars** | **As at**<br> **30 June 2025** | **As at**<br> **30 June 2024** |
| **Non-current** |  |  |
| Defined benefit plans: |  |  |
| - Defined pension benefits | 393951 | 465116 |
|  | **393951** | **465116** |
| **Current** |  |  |
| Defined benefit plans: |  |  |
| - Defined pension benefits | 144058 | 28555 |
|  | **144058** | **28555** |

---

---

| | |
|:---|:---|
| **26** | **Current tax liabilities** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Particulars** | **As at**<br> **30 June 2025** | **As at**<br> **30 June 2025** | **As at**<br> **30 June 2024** | **As at**<br> **30 June 2024** |
| Income tax payable | | 2,216,612 | | 1,483,891 |
|  | | **2,216,612** | | **1,483,891** |

---

[**Table of Contents**](#fin_toc)

---

| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | |
|:---|:---|
| **27** | **Equity** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **As at** | **As at** | **As at** | **As at** |
| | | **30 June 2025** | **30 June 2025** | **30 June 2024** | **30 June 2024** |
| **(a) Share capital**<br>**Particulars** | <br>**Notes** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Ordinary shares** |  | | | | |
| Authorised, issued and fully paid |  | 4045080 | 544063 | 4045080 | 544063 |
|  |  | **4045080** | **544063** | **4045080** | **544063** |

---

---

| | | | |
|:---|:---|:---|:---|
| *(i) Movements in ordinary shares* | *(i) Movements in ordinary shares* | *(i) Movements in ordinary shares* | *(i) Movements in ordinary shares* |
| **Particulars** | **Number of**<br> **shares** | **Par value** | **Total** |
| **Balance 30 June 2023** | **4045080** | **10** | **544063** |
| Changes during the year | **-** | **-** | **-** |
| **Balance 30 June 2024** | **4045080** | **10** | **544063** |
| Changes during the year | **-** | **-** | **-** |
| **Balance 30 June 2025** | **4045080** | **10** | **544063** |

---

---

| | |
|:---|:---|
| **27(b)** | The group has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.<br>In the event of liquidation of the group, the holders of equity shares will be entitled to receive remaining assets of the group, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. |

---

---

| | |
|:---|:---|
| **27(c)** | Other reserves |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Notes** | **Remeasurement** of defined benefit**<br> **plans** | **Capital reserve** | **Legal Reserve** | **Foreign currency** <br> **translation**<br> **reserve** | **Total** |
| **At 1 July 2023** |  | **(15384)** | 56370 | 2864 | **(1259045)** | **(1215196)** |
| Depreciation transfer – gross |  |  |  |  |  |  |
| Remeasurements of post-employment benefit |  | (33402) |  |  |  | (33402) |
| Currency translation differences |  |  |  |  | (428171) | (428171) |
| Addition to legal reserve |  | - | - | - | - | - |
| **At 30 June 2024** |  | **(48786)** | **56370** | **2864** | **(1687216)** | **(1676769)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Particulars** | **Notes** | **Remeasurement of defined benefit plans** | **Capital reserve** | **Legal Reserve** | **Foreign currency**<br> **translation reserve** | <br>**Total** |
| **At 1 July 2024** |  | **(48786)** | **56370** | **2864** | **(1687216)** | **(1676769)** |
| Depreciation transfer – gross |  |  | **-** | **-** | **-** | **-** |
| Remeasurements of post-employment benefit |  | 43504 | **-** | **-** | **-** | **43504** |
| Currency translation differences |  | **-** | **-** | **-** | 184690 | **184690** |
| Addition to legal reserve |  | **-** | **-** | **-** | **-** | **-** |
| **At 30 June 2025** |  | **(5282)** | **56370** | **2864** | **(1502527)** | **(1448575)** |

---

---

| | |
|:---|:---|
| **27(d)** | **Retained earnings** |
|  | Movements in retained earnings were as follows: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Particulars** | **As at**<br> **30 June 2025** | **As at**<br> **30 June 2025** | **As at**<br> **30 June 2024** | **As at**<br> **30 June 2024** |
| **Opening Balance** |  | 19669845 |  | 16907202 |
| Net profit for the period | | 1,993,711 | | 2,762,643 |
| **Closing Balance** | | **21,663,556** | | **19,669,845** |

---

[**Table of Contents**](#fin_toc)

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| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | |
|:---|:---|
| **28** | **Employee benefit obligations** |
|  | **(i) Defined benefit pension plans** |
|  | ***Amounts recognised in the statement of financial position*** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **Present value of obligation** | **Fair value of plan assets** | **Total** |
| **As at 1 July 2023** | **483854** | **126828** | **357026** |
| Current service cost | 115539 |  | 115539 |
| Interest expense/(income) | 33931 | 9612 | 24319 |
| **Total amount recognised in profit or loss** | 149470 | 9612 | 139857 |
| **Remeasurements** |  |  |  |
| Return on plan assets, excluding amounts included in interest (income) | (9265) |  | (9265) |
| (Gain)/Loss due to Experience on defined benefit obligation | 32027 |  | 32027 |
| Loss from change in financial assumptions | 23408 | - | 23408 |
| **Total amount recognised in other comprehensive income** | 46170 | - | 46170 |
| Exchange differences | (44850) | 13676 | (58527) |
| **As at 30 June 2024** | **634644** | **150117** | **484527** |
| **As at 1 July 2024** | **634644** | **150117** | **484527** |
| Current service cost | 118879 |  | 118879 |
| Interest expense/(income) | 43906 | 11402 | 32504 |
| **Total amount recognised in profit or loss** | 162785 | 11402 | 151383 |
| **Remeasurements** |  |  |  |
| Return on plan assets, excluding amounts included in interest (income) | (1538) | **-** | (1538) |
| (Gain)/Loss due to Experience on defined benefit obligation | (70004) | **-** | (70004) |
| Loss from change in financial assumptions | 13405 | **-** | 13405 |
| **Total amount recognised in other comprehensive income** | (58136) | - | (58136) |
| Benefits paid/Contributions to plan assets | (27561) | 22146 | (49707) |
| Exchange differences | (15358) | (2803) | (12555) |
| **As at 30 June 2025** | **696374** | **180862** | **515512** |

---

[**Table of Contents**](#fin_toc)

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| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | |
|:---|:---|
| **28** | **Employee benefit obligations (Continued)** |

---

The net liability disclosed above relates to funded and unfunded plans as follows:

---

| | | |
|:---|:---|:---|
| **Particulars** | **30 June 2025** | **30 June 2024** |
| Present value of funded obligations | 180862 | 150117 |
| Present value of unfunded obligations | 515512 | 484527 |
| **Total deficit of defined benefit pension plans** | **696374** | **634644** |

---

(ii) Post-employment benefits <br>The significant actuarial assumptions were as follows:

---

| | | |
|:---|:---|:---|
| **Particulars** | **30 June 2025** | **30 June 2024** |
| Discount rate | 7.01% | 7.16% |
| Salary growth rate | 7.00% | 7.00% |
| Attrition rate | 5.00% | 5.00% |
| Mortality rate | Indian Assured | Indian Assured |
|  | Lives Mortality (2012-14) | Lives Mortality (2012-14) |

---

(iii) Defined benefit liability and employer contributions <br>The weighted average duration of the defined benefit obligation is 15.61 years (30 June 2024 – 15.49 years). The expected maturity analysis of undiscounted pension is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Less than a year** | **Between**<br> **1–2 years** | **Between**<br> **2–5 years** | **Over 5 years** | **Total** |
| **30 June 2025** |  |  |  |  |  |
| Defined benefit obligation | 30473 | 34090 | 103557 | 1737720 | 1905842 |
|  | **30473** | **34090** | **103557** | **1737720** | **1905842** |
| **30 June 2024** |  |  |  |  |  |
| Defined benefit obligation | 30063 | 30325 | 103245 | 1629907 | 1793540 |
|  | **30063** | **30325** | **103245** | **1629907** | **1793540** |

---

[**Table of Contents**](#fin_toc)

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| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | |
|:---|:---|
| **29** | **Commitments and Contingent liabilities** |
|  | There are no Commitments and Contingent liabilities as on the date 30 June 2025 and 30 June 2024. |

---

---

| | |
|:---|:---|
| **30** | **Financial instruments - Recognised fair value measurements** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Particulars** | **Amortised cost** | **FVTPL** | **FVOCI** | **Total** |
| **At 30 June 2025** |  |  |  |  |
| **Financial assets** |  |  |  |  |
| Trade and other receivables | 19078117 |  |  | 19078117 |
| Cash and cash equivalents | 2806056 |  |  | 2806056 |
| Security Deposits | 64849 |  |  | 64849 |
| Bank balances other than above | 1563033 |  |  | 1563033 |
| Investments in associates | 1045406 |  |  | 1045406 |
| Investments in securities |  | 700566 |  | 700566 |
| **Financial liabilities** |  |  |  |  |
| Trade and other payables | 12725214 |  |  | 12725214 |
| Borrowings | 4971027 |  |  | 4971027 |
| Lease liabilities | 177883 |  |  | 177883 |
| **At 30 June 2024** |  |  |  |  |
| **Financial assets** |  |  |  |  |
| Trade and other receivables | 16846832 |  |  | 16846832 |
| Cash and cash equivalents | 2814719 |  |  | 2814719 |
| Security Deposits | 62832 |  |  | 62832 |
| Bank balances other than above | 1425155 |  |  | 1425155 |
| Investments in associates | 1092362 |  |  | 1092362 |
| Investments in securities |  | 564091 |  | 564091 |
| **Financial liabilities** |  |  |  |  |
| Trade and other payables | 16691229 |  |  | 16691229 |
| Borrowings | 4801562 |  |  | 4801562 |
| Lease liabilities | 138002 |  |  | 138002 |

---

---

| |
|:---|
| ***(i) Fair value hierarchy*** |
| Fair value measurement methods for financial and non-financial assets and liabilities are classified according to the following three fair value levels: |
| Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. |
| Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). |
| Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Recurring fair value measurements** | **Notes** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **As at 30 June 2025** |  |  |  |  |  |
| **Financial assets** |  |  |  |  |  |
| Financial assets at FVTPL |  |  |  |  |  |
| Investments in securities | 17 | 700566 |  |  | 700566 |
| **Total financial assets** |  | **700566** |  |  | **700566** |
| **Total financial liabilities** |  | **-** |  |  | - |
| **As at 30 June 2024** |  |  |  |  |  |
| **Financial assets** |  |  |  |  |  |
| Financial assets at FVTPL |  |  |  |  |  |
| Investments in securities | &nbsp;&nbsp;&nbsp;17 | 564091 |  |  | 564091 |
| **Total financial assets** |  | **564091** |  |  | **564091** |
| **Total financial liabilities** |  | - |  |  | - |

---

[**Table of Contents**](#fin_toc)

---

| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | |
|:---|:---|
| **31** | **Financial risk management** |
|  | The group's management monitors and manages key financial risk relating to the operations of the group by analysing exposures by degree & magnitude of risk. The risks include market risk, credit risk and liquidity risk. The group's focus is to foresee the unpredictability of financial markets and seek to minimise potential adverse effects on it's financial performance. |

---

---

| |
|:---|
| **a. Market risks** |
| Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk. Financial instruments affected by market risk include borrowings and other financial instruments (including derivatives). |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i) Foreign exchange risk***

Exposure

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **30-Jun-25** | **30-Jun-25** | **30-Jun-25** | **30-Jun-25** | **30-Jun-25** |
| <br>**Particulars** | **USD** | **GBP** | **OMR** | **MYR** | **PHP** |
| Trade receivables | 1931204 | 30952 | 57337 | 175229 | 32819761 |
| Borrowings |  |  | (210) |  |  |
| Cash and Cash equivalents | 2268948 | 42924 | 26492 | 95998 | 6595014 |
| Contract assets | (0) |  |  |  |  |
| Security deposits |  | 1450 |  | 600 |  |
| Trade payables | (1388137) | (14588) | (204583) | (352826) | (18797356) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **30-Jun-24** | **30-Jun-24** | **30-Jun-24** | **30-Jun-24** | **30-Jun-24** |
| <br>**Particulars** | **USD** | **GBP** | **OMR** | **MYR** | **PHP** |
| Trade receivables | 1764895 | 150489 | 84963 | 88490 | 6148978 |
| Borrowings |  |  | (15280) |  |  |
| Cash and Cash equivalents | 2429015 | 30405 | 7680 | 458073 | 1499045 |
| Contract assets | 122972 |  |  |  |  |
| Security deposits |  | 1450 |  |  |  |
| Trade payables | (2851695) | (139958) | (204297) | (347634) | (4802254) |

---

The aggregate net foreign exchange gains/losses recognised in profit or loss were:

---

| | | |
|:---|:---|:---|
| **Particulars** | **30 June 2025** | **30 June 2024** |
| Net foreign exchange gain/(loss) included in other gains/(losses) | (7073) | (15461) |
| Total net foreign exchange (losses) recognised in profit before income tax for the period | **(7073)** | **(15461)** |

---

***Sensitivity***

A reasonably possible strengthening (weakening) of the INR at 30 June 2024 would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. The Company's sensitivity to a 1% increase and 1% decrease in the INR is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Impact on**<br> **post- tax profit** | **Impact on**<br> **post- tax profit** | **Impact on**<br> **other components of equity** | **Impact on**<br> **other components of equity** |
| <br>**Particulars** | **Strengthening** | **Weakening** | **Strengthening** | **Weakening** |
| **As at 30 June 2025** |  |  |  |  |
| INR/USD (1% movement) | 328 | (328) |  |  |
| GBP/USD (1% movement) | 833 | (833) |  |  |
| OMR/USD (1% movement) | (3132) | 3132 |  |  |
| MYR/USD (1% movement) | (191) | 191 |  |  |
| PHP/USD (1% movement) | 3633 | (3633) |  |  |
| **As at 30 June 2024** |  |  |  |  |
| INR/USD (1% movement) | 356 | (356) |  |  |
| GBP/USD (1% movement) | 2965 | (2965) |  |  |
| OMR/USD (1% movement) | 828 | (828) |  |  |
| MYR/USD (1% movement) | 439 | (439) |  |  |
| PHP/USD (1% movement) | 1473 | (1473) |  |  |

---

[**Table of Contents**](#fin_toc)

---

| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | |
|:---|:---|
| **31** | **Financial risk management (continued)** |
|  | ***(ii) Interest rate risk*** |
|  | Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.<br>The group's has borrowings at a fixed rate of interest hence the group has no exposure for the risk of changes in market interest rates. |

---

---

| |
|:---|
| **b. Credit risk** |
| Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in financial loss to the group. Credit risk arises principally from the group's receivables from customers. We believe that the company's credit policies, past trends and experiences and pattern of realisation of receivables indicate that the receivables will be received in due time; that is the probability of default is negligible and hence, do not require creation of any lifetime expected credit loss allowance in respect of the same. |

---

---

| |
|:---|
| **c. Liquidity risk** |
| Liquidity risk is the risk that the group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The group invests surplus funds, including from those from investing activities by others into the group, from time-to-time in various short-term instruments. It manages liquidity by maintaining adequate reserves, funding facilities from banks and financial<br> institutions and monitoring cash flows. |
| The following table provides details regarding the undiscounted contractual maturities of significant financial liabilities at the reporting date: |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **As at 30 June 2025** | **As at 30 June 2025** | | |
| <br>**Particulars** |<br>**Carrying amount** | **Less than 1 year** | **1 - 2 years** |<br>**2-5 years** |<br>**Over 5 years** |
| Lease liabilities | 177883 | 47700 | 42859 | 128596 |  |
| Borrowings | 4971027 | 4971027 |  |  |  |
| Trade payables | 12331263 | 12331263 |  |  |  |
| Other financial liabilities | 5473382 | 5473382 | - | - |  |
|  | **22953555** | **22823372** | **42859** | **128596** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **As at 30 June 2024** | **As at 30 June 2024** | | |
| <br>**Particulars** |<br>**Carrying amount** | **Less than 1 year** | **1 - 2 years** |<br>**2-5 years** |<br>**Over 5 years** |
| Lease liabilities | 138002 | 64468 | 20014 | 46248 | 13215 |
| Borrowings | 4801562 | 4801562 |  |  |  |
| Trade payables | 16226113 | 16226113 |  |  |  |
| Other financial liabilities | 3070363 | 3070363 | - | - | - |
|  | **24236039** | **24162505** | **20014** | **46248** | **13215** |

---

---

| | |
|:---|:---|
| **32** | **Capital management** |
|  | **(a) Risk management** |
|  | The group's objectives when managing capital are to safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and maintain an optimal capital structure to reduce the cost of capital. |

---

In order to maintain or adjust the capital structure, the group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

The gearing ratios at 30 June 2024 and 30 June 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Particulars** | **30 June 2025** | **30 June 2024** |
| Net debt | 4971027 | 4801562 |
| Total equity | 20759044 | 18537139 |
| **Net debt to equity ratio** | 24% | 26% |

---

The increase in the net debt ratio is attributable to the Group obtaining financing through external debt for incurring capital expenditure, ie, construction of building premises.

---

| | |
|:---|:---|
| **33** | **Subsequent events** |
|  | There have been no material subsequent events after the reporting date which require adjustments/disclosure in these CFS. |

---

[**Table of Contents**](#fin_toc)

---

| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| **(Amount in Indian Rupees, unless otherwise stated)** |

---

---

| | |
|:---|:---|
| **34** | **Non-controlling interests (NCI)** |
|  | Below is the summarised financial information for each subsidiary with non-controlling interests that are material to the group. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Summarised <br> statement of**<br> **financial position** | **Visnet Technology**<br> **Solutions LLC** | **Visnet Technology**<br> **Solutions LLC** | **VIS GLOBAL INC.** | **VIS GLOBAL INC.** | **VIS Network UK Ltd** | **VIS Network UK Ltd** | **VIS Global Digital**<br> **Solutions LLC** | **VIS Global Digital**<br> **Solutions LLC** |
|  | **Dubai** | **Dubai** | **USA** | **USA** | **UK** | **UK** | **Oman** | **Oman** |
|  | **30 June 2025** | **30 June 2024** | **30 June 2025** | **30 June 2024** | **30 June 2025** | **30 June 2024** | **30 June 2025** | **30 June 2024** |
| Current assets | 113070 | 341292 | 673502 | 304455 | 39253 | 327083 | 485781 | 530182 |
| Current liabilities | 124788 | 212818 | 137170 | 168299 | 26639 | 235452 | 315742 | 473808 |
| **Current net assets** | **(11718)** | **128473** | **536332** | **136157** | **12614** | **91631** | **170039** | **56374** |
| Non-current assets | 24214 | 1848 | 1850 | 900 | 1989 | 1833 | 19257 | 22021 |
| Non-current liabilities | (15563) | - | - | - | - | 2660 | 5197 | 5927 |
| **Non-current net assets** | **39777** | **1848** | **1850** | **900** | **1989** | **(826)** | **14060** | **16094** |
| **Net assets** | **28059** | **130321** | **538182** | **137057** | **14603** | **90805** | **184099** | **72467** |
| **Accumulated NCI** | (173201) | (60441) | 21142 | 6848 | 2489 | 3315 | (20487) | (35295) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Summarised statement of**<br> **comprehensive income** | **Visnet Technology**<br> **Solutions LLC** | **Visnet Technology**<br> **Solutions LLC** | **VIS GLOBAL INC.** | **VIS GLOBAL INC.** | **VIS Network UK Ltd** | **VIS Network UK Ltd** | **VIS Global Digital**<br> **Solutions LLC** | **VIS Global Digital**<br> **Solutions LLC** |
|  | **30 June 2025** | **30 June 2024** | **30 June 2025** | **30 June 2024** | **30 June 2025** | **30 June 2024** | **30 June 2025** | **30 June 2024** |
| Revenue | 2813091 | 329511 | 1449753 | 540431 | 536365 | 446642 | 1999726 | 495036 |
| **Profit for the period** | (281901) | (178325) | 285896 | 136852 | (16519) | (28510) | 32191 | (195322) |
| Other comprehensive income | - | - | - | - | - | - | - | - |
| **Total comprehensive income** | **(281901)** | **(178325)** | **285896** | **136852** | **(16519)** | **(28510)** | **32191** | **(195322)** |
| Profit allocated to NCI | (112760) | (71330) | 14295 | 6843 | (826) | (1426) | 14808 | (89848) |

---

[**Table of Contents**](#fin_toc)

---

| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

---

| | |
|:---|:---|
| **35** | **Related party disclosure** |

---

---

| | |
|:---|:---|
| **(a) Details of related parties**<br>**Description of relationship** | <br>**Names of related parties** |
|  | Mrs. Vijetha Umashankar, Director |
|  | Mrs. Swetha K. Acharaya, Director |
|  | Mr. Suresh Kamath, Director |
| Key management personnel ('KMP') | Mr. Prajwal T.S., Director |
|  | Mr. Hemanth Kurani, Director of Subsidiary/ Associates |
|  | Mr. Suresh Vishwanathan, Director of Subsidiary/ Associates |
|  | Mrs. Maya Devi, Director of Subsidiary/ Associates |
|  | Mr. Umashankar Bantwal |
| Relatives of Key management personnel | Mr. Kiran N. |
| Relatives of Key management personnel | Mrs. Vani Kini |
|  | Mrs. Poonam |
|  | M/s. Ulka Technologies |
|  | M/s. Vcloudify Private Limited |
|  | M/s. Aasip Technologies Private Limited |
| Enterprises Owned or Significantly Influenced by KMP | M/s. Vion Consulting Private Limited |
|  | M/s. Visnet Ventures Private Limited |
|  | M/s. Upaya Innovation Private Limited |
|  | M/s. Parea Ventures LLP |

---

**(b) Details of transactions with related parties during the year ended 30 June 2024 and balances outstanding as at 30 June 2025:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of the related party** | **Nature of transaction** | **1 July 2024 to**<br> **30 June 2025** | **Receivable/ (Payable) as at 30**<br> **June 2025** | **1 July 2023 to**<br> **30 June 2024** | **Receivable/ (Payable) as at 30**<br> **June 2024** |
| M/s. Aasip Technologies Private Limited | Purchase of service | 48050 | 2927 | 82490 | 1139 |
| M/s. Aasip Technologies Private Limited | Sale of service | 3569 | 21444 | 2337 | 279 |
| M/s. Vion Consulting Private Limited | Purchases and training charges | 54458 | 851 | 45346 | 6475 |
| M/s. Vion Consulting Private Limited | Sale of service | 2390 | (11798) | 150772 | (2791) |
| M/s. Vion Consulting Private Limited | Rental income | 2130 | (2102) | 2902 | (2878) |
| M/s. Ulka Technologies | Purchases and consultancy | 44763 | (13020) | 51008 | 4230 |
| M/s. Ulka Technologies | Sale of service |  | 6 |  | 6 |
| M/s. Ulka Technologies | Manpower Development charges |  |  | 4680 | (5012) |
| VIS Global Pty Ltd | Purchases and consultancy |  |  |  |  |
| VIS Global Pty Ltd | Sale of service | 85775 | 53169 | 114017 | 73595 |
| Merykh technologies Private Limited | Purchases and consultancy | 1845411 | 1406111 | 1263905 | (436762) |
| Merykh technologies Private Limited | Sale of service | 1406023 | 2784684 | 1104815 | 1185560 |
| Merykh technologies Private Limited | Rental income | 4548 | (4489) | 8705 | (8633) |
| SmarterHi Communications Private | Purchases and consultancy | 18936 |  | 25389 |  |
| SmarterHi Communications Private | Sale of service | 14150 | (1396) | 35830 |  |

---

[**Table of Contents**](#fin_toc)

---

| |
|:---|
| **VIS Networks Private Limited** |
| **Notes to consolidated financial statements for the year ended 30 June 2025** |
| (All amounts are in $ unless otherwise stated) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Details of transactions with related parties during the year ended 30 June 2024 and balances outstanding as at 30 June 2025 <u>(Continued):</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of the related party** | **Nature of transaction** | **1 July 2024 to**<br> **30 June 2025** | **Receivable/ (Payable) as at 30 June 2025** | **1 July 2023 to**<br> **30 June 2024** | **Receivable/ (Payable) as at 30 June 2024** |
| Mrs. Vijetha Umashankar | Director remuneration | 66020 |  | 49912 |  |
| Mrs. Swetha K. Acharaya | Director remuneration | 149121 |  | 81245 |  |
| Mr. Suresh Kamath | Director remuneration | 186737 |  | 90414 |  |
| Mr. Prajwal T.S. | Director remuneration | 182003 |  | 95854 |  |
| Mr. Umashankar Bantwal | Salary and incentives | 9652 |  | 86182 |  |
| Mr. Kiran N. | Salary and incentives | 10086 |  | 74766 |  |
| Mrs. Vani Kini | Consultancy charges | 3245 |  | 50647 |  |
| Mrs. Poonam | Consultancy charges | 944 |  | 37348 |  |

---

[**Table of Contents**](#fin_toc)

**Mirragin RAS Consulting Pty Limited**

Consolidated Financial Statements

For the Year Ended June 30, 2025

[**Table of Contents**](#fin_toc)

![](mirra_001.jpg)

**<u>Independent Auditor's Report</u>**

**Opinion on the Financial Statements**

We have audited the consolidated financial statements of Mirragin Ras Consulting Pty Limited (the Company) which comprise the consolidated statements of financial position as at June 30, 2025 and 2024, and the related consolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated Statements of financial position of the Company at June 30, 2025 and 2024 and the related consolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows for the years then ended in accordance with International Financial Reporting Standards (IFRS).

**Basis for Opinion**

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company, and have fulfilled our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Responsibilities of Management and Those Charged with Governance for the Financial Statements**

Management is responsible for the preparation and fair presentation of the conslidated financial statements in accordance with International Financial Reporting Standard (IFRS) as issued by International Accounting Standards Board (IASB), and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued.

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users made on the basis of these financial statements.

[**Table of Contents**](#fin_toc)

In performing an audit in accordance with US GAAS, we:

● Use professional judgment and exercise professional skepticism throughout the audit.

● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

● 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 internal controls. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and internal control related matters identified during our audit.

![](mirra_002.jpg)

Akhil Sobti, Chartered Accountant – CAANZ Membership No 449425

AICPA Membership No 402307223

19 September 2025

![](mirra_003.jpg)

[**Table of Contents**](#fin_toc)

**Mirragin Ras Consulting Pty Limited**

**Consolidated Statement of Financial Position**

**As at June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Amounts in USD** | **Note** | **As at**<br> **Jun 30, 2025** | As at <br>Jun 30, 2024 |
| **Assets** |  |  |  |
| **Non-current assets** |  |  |  |
| Right of use assets | **4** | **-** | 25552 |
| Intangible assets | **5** | **243280** | 276385 |
| Loans to related parties | **6** | **74209** |  |
| Security deposit | **7** | **3098** | 3161 |
|  |  | **320587** | 305098 |
| **Current assets** |  |  |  |
| Accounts receivables | **8** | **181606** | 269298 |
| Cash and cash equivalents | **9** | **57996** | 210701 |
|  |  | **239602** | 479999 |
| **Total assets** |  | **560189** | **785097** |
| **Equity and liabilities** |  |  |  |
| **Capital and reserves** |  |  |  |
| Share capital | **10** | **1** | 1 |
| Foreign currency translation reserve |  | **13054** | 12109 |
| Retained earnings |  | **60502** | 17704 |
| **Equity attributable to equity holders of the company** |  | **73557** | 29814 |
| Non-controlling interest |  | **(3803)** | 3549 |
| **Total equity** |  | **69754** | 33363 |
| **Liabilities** |  |  |  |
| **Non-current liabilities** |  |  |  |
| Long term loans | **11** | **177248** | 39472 |
| Due to related parties | **12** | **-** | 2764 |
|  |  | **177248** | 42236 |
| **Current liabilities** |  |  |  |
| Trade and other payables | **13** | **43713** | 30948 |
| Credit card payable | **14** | **13702** | 36506 |
| Taxes payable | **15** | **57054** | 385842 |
| Current portion of long-term loans | **11** | **55990** | 39817 |
| Current portion of lease liability | **4** | **-** | 10928 |
| Accrued and other liabilities | **16** | **142728** | 205457 |
| **Total liabilities** |  | **490435** | 751734 |
| **Total equity and liabilities** |  | **560189** | 785097 |
| **Contingencies and commitments** | **26** | **-** | - |

---

*The accompanying notes are an integral part of these financial statements*

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**Mirragin Ras Consulting Pty Limited**

**Consolidated Statement of Profit or Loss & Other Comprehensive Income**

**For the year ended June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Amounts in USD** | **Note** | **For the**<br> **Year ended**<br> **June 30, 2025** | For the <br>Year ended <br>June 30, 2024 |
| Revenue | **18** | **1619998** | 2730635 |
| Cost of sales | **19** | **(1020458)** | (1846059) |
| **Gross profit** |  | **599540** | 884576 |
| General and administrative expenses | **20** | **(523957)** | (873578) |
| **Operating profit /(loss)** |  | **75583** | 10998 |
| Finance cost | **22** | **(41768)** | (9769) |
| Other income | **21** | **3628** | 3944 |
| Finance income |  | **49** | - |
| **Profit/(loss) before taxation** |  | **37492** | 1739 |
| Taxation |  | **(2484)** | (710) |
| **Profit/(loss) after taxation** |  | **35008** | 1029 |
| **Total other comprehensive income/(loss) for the year** |  | **1383** | (203) |
| **Total comprehensive income/(loss) for the year** |  | **36391** | 826 |
| **Total comprehensive income/(loss) attributable to:** |  |  |  |
| Shareholders of the parent |  | **43743** | (2670) |
| Non-controlling interests |  | **(7352)** | 3496 |
|  |  | **36391** | 826 |
| **Earnings/ (loss) per share** | **23** |  |  |
| Basic |  | **3.65** | (0.22) |
| Diluted |  | **3.65** | (0.22) |

---

*The accompanying notes are an integral part of these financial statements*

[**Table of Contents**](#fin_toc)

**Mirragin Ras Consulting Pty Limited**

**Consolidated Statement of Changes in Equity**

**For the year ended June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amounts in USD** | **Share Capital** | **Retained<br> Earnings/<br> (Accumulated<br> losses)** | **Foreign<br> Currency<br> Translation<br> Reserve** | **Non-<br> controlling<br> interest** | **Total Equity** |
| **Balance as at June 30, 2023** | 1 | 20137 | 12346 |  | 32484 |
| Share capital | **-** |  |  | 53 | **53** |
| Profit/(loss) for the year | **-** | (2433) |  | 3462 | 1029 |
| Other comprehensive income/(loss) for the year | **-** | - | (237) | 34 | (203) |
| **Balance as at June 30, 2024** | 1 | 17704 | 12109 | 3549 | 33363 |
| Share capital |  |  |  |  |  |
| Profit/(loss) for the year |  | 42798 |  | (7790) | 35008 |
| Other comprehensive income/(loss) for the year |  | - | 945 | 438 | 1383 |
| **Balance as at June 30, 2025** | **1** | **60502** | **13054** | **(3803)** | **69754** |

---

*The annexed notes are integral part of these financial statements*

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**Mirragin Ras Consulting Pty Limited**

**Consolidated Statement of Cash Flows**

**For the year ended June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Amounts in USD** | **For the**<br> **Year ended**<br> **June 30, 2025** | For the <br>Year ended <br>June 30, 2024 |
| **Cash flows from operating activities** |  |  |
| Net Profit/(Loss) after Tax | **35008** | 1029 |
| **Adjustment for:** |  |  |
| Depreciation and amortization | **52599** | 29995 |
| Other comprehensive income/(loss) | **1383** | (203) |
| Other non-cash adjustments | **6121** | (181) |
| **Operating profit/(loss) before working capital changes** | **95111** | 30640 |
| **Changes in working capital** |  |  |
| (Increase)/decrease in accounts receivables | **87692** | 888224 |
| (Increase)/decrease in inventories | **-** | 158244 |
| (Decrease)/increase in current liabilities | **(396311)** | (737070) |
| **Net Cash (Used) / Generated from Operating Activities** | **(213508)** | 340038 |
| **Cash flows from investing activities** |  |  |
| Cash Items From Investing Activities | **(74209)** | (237504) |
| **Cash (Used) / From Investing Activities** | **(74209)** | (237504) |
| **Cash flows from financing activities** |  |  |
| Proceeds from Loan Financing | **137776** | (38637) |
| Other Cash Items From Financing Activities | **(2764)** | (9043) |
| **Net cash (used in) / from financing activities** | **135012** | (47680) |
| Net increase / (decrease) in cash and cash equivalents | **(152705)** | 54854 |
| Cash and cash equivalents at the beginning of the year | **210701** | 155847 |
| **Cash and cash equivalents at the end of the year** | **57996** | 210701 |

---

*The accompanying notes are an integral part of these financial statement*s

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**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**1.** **General information** 

The principal activities of Mirragin Ras Consulting Pty Ltd and subsidiaries (the Group) are the provisioning of strategic consulting services to businesses looking to optimize their operations and achieve sustainable growth. With a focus on delivering tailored solutions to meet the unique needs of each client, Mirragin Ras Consulting leverages industry expertise and innovative strategies to drive success.

Mirragin Ras Consulting Pty Ltd, the Group's ultimate parent company, is a limited liability company incorporated in Australia. Its registered office and principal place of business is QLD, 4074 Australia.

These consolidated financial statements of the Group incorporate results of the following subsidiaries

---

| | | | |
|:---|:---|:---|:---|
| **Name of Subsidiary** | **Percentage Holding** | **Country of Incorporation** | **Principal Activities** |
| Mirragin Consultants Pty Limited | 100% | Australia | Consulting services |
| Project Isidore Pty Limited | 68.3% \* | Australia | Technology services |

---

\* 60% direct ownership and 8.3% indirect ownership, totalling 68.3% ownership interest. The non-controlling interest holds the remaining 31.7% ownership interest in Project Isidore Pty Limited.

**2.** **Basis of presentation, preparation and compliance** **Statement of compliance** 

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards Board (IASB)

**Standards, interpretations and amendments to approved accounting standards which became effective during the year**

There are certain amendments to the accounting and reporting standards which became effective during the period and are adopted by the Company for the financial year beginning on July 01, 2024. However, these amendments do not have any significant impact on the Company's financial reporting and therefore have not been presented in these consolidated financial statements.

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**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**Standards, interpretations and amendments to approved accounting standards that are issued but not yet effective and have not been early adopted by the Company**

The following standards, amendments would be effective from the dates mentioned below and have not been early adopted by the Group:

---

| | | |
|:---|:---|:---|
| **Standards** | **Standards, Interpretations and Amendments** | **Effective date (Annual periods beginning on or after)** |
| IAS 1 | 'Presentation of financial statements', Classification of liabilities as current or non-current — (Amendments) | 1-Jan-24 |
| IAS 7 | 'Statement of cash flows', Changes regarding supplier finance arrangements — (Amendments) | 1-Jan-24 |
| IAS 21 | The Effects of Changes in Foreign Exchange Rates, Lack of Exchangeability — (Amendments) | 1-Jan-25 |
| IFRS 7 | 'Financial instruments: Disclosures', Changes regarding supplier finance arrangements — (Amendments) | 1-Jan-24 |
| IFRS 9 | Financial instruments: Disclosures, to address matters identified during the post-implementation review of the classification and measurement requirements of IFRS 9 — (Amendments) | 1-Jan-26 |
| IFRS 16 | 'Leases', Sale and Leaseback transactions — (Amendments) | 1-Jan-24 |
| IFRS 17 | Insurance contracts | 1-Jan-26 |

---

The management expects that the adoption of the above standards and amendment will not have any material impact on the Group's financial statements.

**3.** **Material accounting policies** 

**Going Concern**

The directors have at the time of approving the financial statements, a reasonable expectation that the Group have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

**Basis of consolidation**

The Group's financial statements consolidate those of the parent company and all of its subsidiaries at June 30, 2025.

All transactions and balances between the Group companies are eliminated on consolidation, including unrealized gains and losses on transactions between the Group companies. Where unrealized losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from the Group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.

Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the period are recognized from the effective date of acquisition, or up to the effective date of disposal, as applicable.

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**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

The Group attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-controlling interests based on their respective ownership interests.

**Climate-related matters**

The Group has not identified significant risks induced by climate changes that could negatively and materially affect the Group's financial statements. Management continuously assesses the impact of climate-related matters.

Assumptions could change in the future in response to forthcoming environmental regulations, new commitments taken and changing consumer demand. These changes, if not anticipated, could have an impact on the Group's future cash flows, financial performance and financial position.

**Business combinations**

The Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred, and the equity interests issued by the Group, which includes the fair value of any asset or liability arising

If the Group acquires a controlling interest in a business in which it previously held an equity interest, that equity interest is remeasured to fair value at the acquisition date with any resulting gain or loss recognized in profit or loss or other comprehensive income, as appropriate.

Consideration transferred as part of a business combination does not include amounts related to the settlement of pre-existing relationships. The gain or loss on the settlement of any pre-existing relationship is recognized in profit or loss.

Assets acquired and liabilities assumed are measured at their acquisition-date fair values

**Property and Equipment**

IT equipment, furniture & fixtures, and office equipment are initially recognized at acquisition cost or manufacturing cost, including any costs directly attributable to bringing the assets to the location and condition necessary for them to be capable of operating in the manner intended by the Group's management. Buildings and IT equipment also include leasehold property. IT equipment, furniture & fixtures, and office equipment are subsequently measured at cost less accumulated depreciation and impairment losses.

The Group follows a policy of capitalizing tangible assets that have an individual cost exceeding AUD 5,000. Assets with a cost of AUD 5,000 or below are expensed in the period they are incurred. This threshold is reviewed periodically and adjusted if necessary.

Depreciation is recognized on a straight-line basis to write down the cost less estimated residual value of IT equipment, furniture & fixtures, and office equipment. The following useful lives are applied:

● IT Equipment: 2–5 years

● Furniture & Fixtures: 3–5 years

● Office equipment: 3–5 years.

In the case of right-of-use assets, expected useful lives are determined by reference to the lease term. Material residual value estimates and estimates of useful life are updated as required, but at least annually.

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**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

Gains or losses arising on the disposal of property and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognized in profit or loss either within other income or other expenses.

**Intangibles**

**Initial Recognition of Intangible Assets**

Costs incurred during the development phase are recognized as intangible assets if they satisfy all of the following criteria:

Development costs can be measured reliably.

The project is technically and commercially viable.

The Group intends to and has sufficient resources to complete the project.

The Group has the ability to use or sell the project, and.

The software will generate probable future economic benefits.

Development costs that do not meet these criteria are expensed as incurred.

Directly attributable costs eligible for capitalization include employee expenses related to development activities, a proportionate share of applicable overheads, and any related borrowing costs.

**Subsequent Measurement**

Internally developed projects with a finite useful life are measured using the cost model. Capitalized costs are amortized on a straight-line basis over their estimated useful life. Residual values and useful lives are reviewed at each reporting date, and the assets are subject to impairment testing.

The following useful life applies:

Intellectual property: 10 years

Software: 3-5 years

Brand names: 15-20 years

**Amortization and Disposal**

Amortization expenses are reported under "Depreciation, Amortization, and Impairment of Non-Financial Assets."

When an intangible asset is disposed of, the resulting gain or loss is calculated as the difference between the disposal proceeds and the asset's carrying amount. This gain or loss is recognized in the profit or loss statement under "Other Income" or "Other Expenses."

**Leases**

A lease is defined as 'a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period in exchange for consideration'. To apply this definition the Group assesses whether the contract meets three key evaluations which are whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Group has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract.

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**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Group has the right to direct the use of the identified asset throughout the period of use. The Group assess whether it has the right to direct 'how and for what purpose' the asset is used throughout the period of use.

Each lease's term is determined on an individual basis and corresponds to the non-cancellable period of the lease commitment, plus any option periods that are reasonably certain to be applied.

<u>Measurement and recognition of leases as a lessee</u>

At the commencement date, the Group measures the right-of-use asset and the lease liability at the present value of the future lease payments at that date, discounted using the interest rate implicit in the lease if that rate is readily available or the Group's incremental borrowing rate.

The Group depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group also assesses the right-of-use asset for impairment when such indicators exist.

Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised.

Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments.

When the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use asset, or profit and loss if the right-of-use asset is already reduced to zero.

On the statement of financial position, right-of-use assets and lease liabilities have been show separately.

**Inventories**

Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the first-in, first-out (FIFO) principle and includes expenditures incurred in acquiring the inventories, production or conversion costs, and other costs incurred in bringing them to their existing location and condition.

Costs related to development projects that are in the process of production for sale are classified as inventories. These costs include direct materials, direct labor, and an allocation of overheads incurred during the development phase.

Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale

**Trade debts and other receivable**

<u>Measurement</u>

Trade and other receivables are recognized and carried at transaction price less an allowance for impairment.

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**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

<u>Impairment</u>

A provision for the impairment of trade receivables is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is recognized in the statement of profit or loss. Bad debts are written-off in the statement of profit or loss on identification.

<u>Judgments and estimates</u>

The allowance for doubtful debts of the Group is based on the ageing analysis and management's continuous evaluation of the recoverability of the outstanding receivables. In assessing the ultimate realization of these receivables, management considers, among other factors, the creditworthiness and the past collection history of each customer.

**Cash and cash equivalents**

Cash and bank balances comprise cash (i.e. cash on hand and demand deposits), together with other short-term, highly liquid investments maturing within 90 days from the date of acquisition that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value. Bank overdrafts are included in liabilities.

**Trade and other payables**

Trade and other payables are recognized initially at fair value plus directly attributable costs, if any, and subsequently measured at amortized costs.

**Loans to Related Parties**

Loans to related parties are initially recognized at fair value plus transaction costs. They are subsequently measured at amortized cost using the effective interest method, less provision for impairment.

<u>Loan Valuation</u>

Management has assessed that the loans to Sutton Family Trust are not impaired, as the trust is financially stable and have the ability to repay the loans under the agreed terms.

**Borrowings**

Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost, any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the statement of profit and loss over the period of the borrowings using the effective interest method. Finance costs are accounted for on an accrual basis and are reported under accrued finance costs to the extent of the amount remaining unpaid.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

**Taxation**

In making the estimate for income taxes payable by the Group, the management considers the applicable laws and the decisions of the appellate tax authorities on certain issues in the past.

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**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**Provisions**

Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognized at present value using a pre-tax discount rate. The unwinding of the discount is recognized as finance cost in the statement of profit or loss.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

As the actual outflows can differ from estimates made for provisions due to changes in laws, regulations, public expectations, technology, prices and conditions, and can take place many years in the future, the carrying amounts of provisions are reviewed at each reporting date and adjusted to take account of such changes. Any adjustments to the amount of previously recognized provision are recognized in the statement of profit or loss unless the provision was originally recognized as part of cost of an asset.

**Revenue recognition**

The Group recognizes revenue from the following major sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Consulting services provided to diversified sectors such as agriculture, mining, airports, commercial aviation & infrastructure, government & emergency services, construction, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Training Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Testing and Assurance Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Services Commission

To determine whether to recognize revenue, the Group follows a 5-step process:

**1** Identifying the contract with a customer

**2**.Identifying the performance obligations

**3**.Determining the transaction price

**4**.Allocating the transaction price to the performance obligations

**5**.Recognizing revenue when/as a performance obligation(s) are satisfied

Revenue is recognized either at a point in time or over time, when (or as) the Group satisfies performance obligations by transferring the promised services to its customers. Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognizes revenue when it transfers control of the service to a customer. The Group assesses its revenue arrangements against specific criteria to determine if it is acting as a principal or an agent. The Group has concluded that it is acting as a principal in all of its revenue arrangements except for the case of Services Commission where it acts as an agent.

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**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**Consulting Service Revenues**

Revenue from consulting services is recognized over time as services are performed. Project-based revenue is recognized upon completion of milestones specified in the contract. Retainer fees are recognized over the period services are provided.

**Training Revenues**

Revenue from in-person training sessions is recognized on the date the training is delivered. Online training revenue is recognized over the access period granted to the customer. Webinar revenue is recognized when the webinar is delivered**.**

**Testing and Assurance Services Revenues**

Revenue from testing services is recognized as tests are performed and results are delivered. Assurance service revenue is recognized at the time when the services are rendered.

**Services Commission**

Commission revenue is recognized when the facilitation of a transaction between the principal and the customer is completed. This revenue is recorded net of any amounts owed to the principal.

**Other Revenue**

Other revenue Includes miscellaneous revenue recognized either at a point in time or over time depending on the nature of the underlying transaction.

**Foreign Currency Transactions and Translations**

Foreign currency transactions are recorded at exchange rates prevailing on the date of the transaction. Foreign currency denominated monetary assets and liabilities are retranslated at the exchange rate prevailing on the balance sheet dates and exchange gains and losses arising on settlement and restatement are recognized in the statement of profit and loss. Non-monetary assets and liabilities that are measured in terms of historical cost in foreign currencies are not retranslated.

The results and financial position are translated into a presentation currency using the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) assets and liabilities for each statement of financial position presented (i.e. including comparatives) are translated at the closing rate at the date of that statement of financial position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) income and expenses for each statement presenting profit or loss and other comprehensive income (i.e. including comparatives) are translated using the average exchange rates for the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all resulting exchange differences are recognized in other comprehensive income.

**Functional and Presentation Currency**

These financial statements are presented in United States Dollars (USD), which is the presentation currency of the Group while the functional currency of Group is Australian Dollars (AUD).

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**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**Financial Instruments**

**Financial Assets**

**Initial measurement**

All financial assets and liabilities are initially measured at cost which is the fair value of the consideration given or received. These are subsequently measured at fair value, amortized cost or cost as the case may be.

The classification of financial assets at initial recognition depends on the financial asset's contractual cash flow characteristics and the Group's business model for managing them. With the exception of trade receivables, amounts due from related parties and bank balances that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.

Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. Refer to the accounting policy in Revenue Recognition.

In order for a financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash flows that are 'solely payments of principal and interest (SPPI)' on the principal amount outstanding.

The Group's business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.

Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognized on the trade date, i.e., the date that the Group commits to purchase or sell the asset.

The Group's financial assets include bank balances, trade receivables, amounts due from related parties, deposits and other receivables.

**Subsequent measurement**

For purposes of subsequent measurement, financial assets are classified in four categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Financial assets at fair value through profit or loss - The Group has not designated any financial asset as fair value through profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Financial assets at amortized cost (debt instruments) - This category is the most relevant to the Group. The Group subsequently measures financial assets at amortized cost using EIR method and are subject to impairment. Gains and losses are recognized in the statement of profit or loss when the asset is derecognized, modified or impaired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) -The Group has not designated any financial asset at fair value through OCI with recycling of cumulative gains and losses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) - The Group has not designated any financial asset at fair value through OCI with no recycling of cumulative gains and losses upon derecognition.

**Financial Liabilities**

Financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs

The Group's financial liabilities include lease liabilities, trade payables, and loans.

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**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**Subsequent measurement**

The measurement of financial liabilities depends on their classification as described below:

Financial Liabilities at Fair Value through Profit or Loss

The Group has not designated any financial liability as fair value through profit or loss.

**Loans and Borrowings**

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the Effective Interest Rate (EIR) method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process.

Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit or loss and other comprehensive income**.**

**Payables**

Accounts payable and other payables are measured at amortized cost.

Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit or loss and other comprehensive income.

**Fair Value of Financial Instrument**

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

In the principal market for the asset or liability, or

In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible to by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

**Offsetting of Financial Instruments**

Financial assets and financial liabilities are offset, and the net amount reported in the statement of financial position if, and only if, there is a currently enforceable legal right to offset the recognized amounts and the Group intends to settle on a net basis, or to realize the assets and liabilities simultaneously.

**Earnings per share**

Earnings per share, diluted earnings per share are measured as follows:

Basic earnings per share are calculated by dividing profit or loss attributable to owners of the Group by the weighted average number of ordinary shares outstanding during the period, excluding treasury shares. The weighted average number of ordinary shares outstanding is calculated based on the number of ordinary shares outstanding at the beginning of the period, after deduction of treasury shares, adjusted on a time-apportioned basis for shares bought back or issue during the period;

Diluted earnings per share are calculated by dividing profit or loss attributable to owners of the Group by the weighted average number of ordinary shares outstanding during the year as used to calculate basic earnings per share, both items being adjusted on a time-apportioned basis for the effects of all potentially dilutive financial instruments corresponding to (i) performance shares and (ii) free share grants until fully vested.

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**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**4.** **Right of use assets and liabilities** 

The analysis by type of right of use asset is as follows:

---

| | | |
|:---|:---|:---|
|  | **Building** | **Building** |
|  | **USD** | **USD** |
| **Gross** |  |  |
| As at June 30, 2024 |  | **114,996** |
| Addition during the year | | **-** |
| As at June 30, 2025 | | **114,996** |

---

---

| | | |
|:---|:---|:---|
|  | **Building** | **Building** |
|  | **USD** | **USD** |
| **Accumulated depreciation** |  |  |
| As at June 30, 2024 |  | **78,619** |
| Depreciation for the year | | **25,047** |
| As at June 30, 2025 |  | **103,666** |

---

---

| | | |
|:---|:---|:---|
|  | **Building** | **Building** |
|  | **USD** | **USD** |
| **Carrying amount** |  |  |
| At June 30, 2024 |  | 25552 |
| At June 30 2025 |  | **-** |
| **Exchange gain/(loss)** |  |  |
| At 30 June 2024 |  | **10,825** |
| Add: During the year 2025 | | 505 |
| At 30 June 2025 |  | **11,330** |

---

**Lease Liability**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **USD** | **USD** | USD | USD |
| Current Portion |  | **-** |  | 10928 |
| Non-current portion | | **-** | | - |
|  | | **-** | | 10,928 |

---

**Maturity Analysis**

---

| | | |
|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 |
|  | **USD** | USD |
| Within 1 year |  | 10928 |
| 1 to 5 years |  | - |
| Total |  | 10928 |

---

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**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**5.** **Intangible Assets** 

Details of the Group's intangible assets and their carrying amounts are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **Cost** 

---

| | | |
|:---|:---|:---|
|  | **Intellectual Property** | **Intellectual Property** |
| **As at June 30, 2024** |  |  |
| Additions – internally Developed | | **281,069** |
| **As at June 30, 2025** |  | **281,069** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **Accumulated amortization** 

---

| | |
|:---|:---|
|  | **Intellectual Property** |
| <br>**As at June 30, 2024** | **4684** |
| Amortization charge | **27552** |
| Foreign exchange movements | **5553** |
| **As at June 30, 2025** | **37789** |
| **Carrying amount** |  |
| **Carrying amount as at June 30, 2024** | **276385** |
| **Carrying amount as at June 30, 2025** | **243280** |

---

**6.** **Loan to related parties** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **USD** | **USD** | USD | USD |
| Loans to Sutton Family Trust |  | **51,621** |  |  |
| Loan - Defining Films |  | **973** |  |  |
| Loan - RELMS Business Services Pty Ltd | | **21,615** | | - |
|  | | **74,209** | | - |

---

The Group has provided loans to Sutton Family Trust which wholly owns the Group, Defining Films and RELMS Business Services Pty Ltd which are also owned by the Shareholder. Refer to Note 17 (Related Party Disclosures) for the details of loans.

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**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**7.** **Security Deposit** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **USD** | **USD** | USD | USD |
| Security deposit | | **3,098** | | 3,161 |
|  | | **3,098** | | 3,161 |

---

**8.** **Trade and Other Receivables** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **USD** | **USD** | USD | USD |
| Accounts Receivable | | **181,606** | | 269,298 |
|  | | **181,606** | | 269,298 |

---

**Trade Receivables**

The average credit period on sales of services is 60 days. No interest is charged on outstanding trade receivables.

The Group measures the loss allowance for trade receivables at an amount equal to lifetime expected credit losses (ECL). These expected credit losses are estimated based on past default experience of the debtor, the current financial position of the debtor, and adjusted for factors specific to the debtors, general economic conditions, and an assessment of both current and forecast conditions at the reporting date.

The Group uses a simplified approach, recognizing a loss allowance based on lifetime ECL from the initial recognition of the receivables. The Group periodically reviews the recoverability of receivables and ascertains the possibility of credit losses. Based on this assessment, the Group creates a provision of doubtful debt that is charged to statement of profit or loss in the period in which these are determined.

**9.** **Cash and Cash Equivalents** 

Cash and cash equivalents consist of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **USD** | **USD** | USD | USD |
| Cash at Bank |  | **57,995** |  | 210700 |
| Cash in Hand | | **1** | | 1 |
|  | | **57,996** | | 210,701 |

---

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**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**10.** **Share Capital** 

The share capital of the Company consists only of fully paid ordinary shares with a nominal (par) value of USD 0.000115 per share. All shares are equally eligible to receive dividends and the repayment of capital and represent one vote at shareholders' meetings of the Company**.**

---

| | | |
|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 |
|  | **USD** | USD |
| Issued, subscribed and fully paid-up |  |  |
| 12,000 (June 30, 2024 - 12,000) equity shares | 1 | 1 |
| Total issued, subscribed and fully paid-up share capital |  |  |

---

**11.** **Long Term Loans** 

The carrying amounts of loans as of December 31, are as follows**:**

---

| | | |
|:---|:---|:---|
| **Current Portion of Loans:** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 |
|  | **USD** | USD |
| NAB Business Markets Loan | **45850** |  |
| Unsecured Loan from American Express | **-** | 32625 |
| Unsecured Loan from QRIDA | **10140** | 7192 |
|  | **55990** | 39817 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Non-Current Portion of Loans:** | **As at**<br> **June 30, 2025** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **USD** | **USD** | USD | USD |
| NAB Business Markets Loan |  | **148,295** |  |  |
| Unsecured Loan from QRIDA | | **28,953** | | 39,472 |
|  | | **177,248** | | 39,472 |

---

**Unsecured Loan from American Express:**

Principal Amount: USD 106,530 (AUD 150,000)

Interest Rate: 12.95% fixed

Maturity Date: January 24, 2025

Guarantee: Personally guaranteed by Robert Sutton (Managing Director)

**Unsecured Loan from Queensland Rural and Industry Development Authority (QRIDA)**

Principal Amount: USD 55,356 (AUD 79,470)

Interest Rate: Variable, 0% for the first 12 months from commencement date. Then 2.5% p.a. for the remainder of the loan term.

Maturity Date: July 13, 2030

**Secured Loan from National Australia Bank Limited (NAB)**

Principal Amount USD 393,000 (AUD 600,000)

Interest Rate: 6.480% per annum plus 1.500% per annum customer margin.

Maturity Date: November 18, 2030

Security: General Security Agreement over all of the present and future rights, property and undertaking of Mirragin Ras Consulting Pty Ltd ACN 149 778 165 over all assets of the business known as Mirragin Unmanned Systems in favour of the NAB over all present and after acquired property.

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**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

"Guarantee: Guarantee and Indemnity for AUD 600,000.00 given by Robert Guy Sutton & Laura Danielle Sutton supported by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Registered Mortgage over property situated at 79/35 Ashridge Rd Darra QLD 4076 more particularly described in Certificate of Title Reference 50357554.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Registered Mortgage over property situated at 7 Paluna St Riverhills QLD 4074 more particularly described in Certificate of Title Reference 16941020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Registered Mortgage over property situated at 10 Ostrom Street Forrestdale WA 6112 more particularly described in Certificate of Title Volume 4034 Folio 656."

**12.** **Due to Related Parties** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **USD** | **USD** | USD | USD |
| Rob Sutton | | **-** | | 2,764 |
|  | | **-** | | 2,764 |

---

**13.** **Trade and Other Payables** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **USD** | **USD** | USD | USD |
| Trade Payables | | **43,713** | | 30,948 |

---

All amounts are short-term. The carrying values of trade payables are considered to be a reasonable approximation of fair value.

**14.** **Credit Card Payable** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **USD** | **USD** | USD | USD |
| Credit Card Payable | | **13,702** | | 36,506 |

---

The Group has credit card facility with American Express, bearing interest rates ranging from 0% to 22.99%. The balances are repayable within 30 days of the statement date. As of June 30, 2025, the carrying amount of credit card payables was USD 57,646 (USD 36,506 as of June 30, 2024)

**15.** **Taxes Payable** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **USD** | **USD** | USD | USD |
| Taxes payable |  | **43,016** |  | 364412 |
| Payroll tax payable |  | **13,646** |  | 21430 |
| Provision for Taxation | | **392** | | - |
|  | | **57,054** | | 385,842 |

---

[**Table of Contents**](#fin_toc)

**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**16.** **Accrued and Other Liabilities** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **USD** | **USD** | USD | USD |
| Payroll and benefits payable |  | **113,553** |  | 150918 |
| Other payables | | **29,175** | | 54,539 |
|  | | **142,728** | | 205,457 |

---

**17.** **Related Party Transactions** 

**Loans to related parties**

The Group has provided loans to Sutton Family Trust which wholly owns the Group, Defining Films and RELMS Business Services Pty Ltd which are also owned by the Shareholder. These transactions have been carried out on normal commercial terms and conditions and at market rates. Details of these loans are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Amount** | **Repayment Period** | **Interest Rate** |
| Loan - Sutton Family Trust - 2025 | 36577 | On demand | 8.77% |
| Loan - RELMS Business Services Pty Ltd | 21615 | On demand | 8.77% |
| Loan - Defining Films | 973 | On demand | 8.77% |

---

**Nature of Relationship**

Sutton Family Trust is considered a related party as it wholly owns the Company. The transactions have been made under terms that are equivalent to those that prevail in arm's length transactions. Defining Films and RELMS Business Services Pty Ltd are also owned by the Sole Shareholder/Managing Director.

**Outstanding Balances**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **USD** | **USD** | USD | USD |
| As of the reporting date, the following balances were outstanding: |  |  |  | **-** |
| Loan - Sutton Family Trust – 2025 |  | **51,621** |  | **-** |
| Loan - Defining Films |  | **973** |  | **-** |
| Loan - RELMS Business Services Pty Ltd |  | **21,615** |  | **-** |

---

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**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**Transactions with Key Management Personnel**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Related Party** | **Description** | **For the year ended**<br> **June 30, 2025** | **For the year ended**<br> **June 30, 2025** | For the year ended <br>June 30, 2024 | For the year ended <br>June 30, 2024 |
|  |  | **USD** | **USD** | USD | USD |
| Robert Sutton | Salary |  | 157465 |  | 119941 |
| Laura Sutton | Salary |  | 16752 |  | 63405 |
| Robert Sutton | Loan |  |  |  | 2764 |

---

**Key Management Personnel Compensation**

Total compensation paid to key management personnel during the year is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Component** | **For the year ended**<br> **June 30, 2025** | **For the year ended**<br> **June 30, 2025** | For the year ended <br>June 30, 2024 | For the year ended <br>June 30, 2024 |
|  | **USD** | **USD** | USD | USD |
| Salary |  | 174217 |  | 183346 |

---

**18.** **Revenue** 

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br> **June 30, 2025** | For the year ended <br>June 30, 2024 |
|  | **USD** | USD |
| **Disaggregation of Revenue** |  |  |
| Consulting Service | **1600982** | 2374514 |
| Testing and Assurance Services | **19016** | 254060 |
| Other Revenue | **-** | 27305 |
| Services Commission **18.1** | **-** | 44925 |
|  | **1619998** | 2730635 |

---

**18.1** **Services Commission** 

The Group has a contractual arrangement with one of its customers to provide services wherein the Group acts as an agent. Under this arrangement, the service commission revenue is recognized at a point in time when the performance obligation is satisfied. This occurs when the Group facilitates a service transaction between the principal and its customer, and has no further obligations related to the transaction. Revenue from service commissions is recorded on a net basis, representing the amount of commission earned after deducting any amounts owed to the principal.

**External revenue by timing of revenue**

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br> **June 30, 2025** | For the year ended <br>June 30, 2024 |
|  | **USD** | USD |
| Services transferred at a point in time | **19016** | 356121 |
| Services transferred over time | **1600982** | 2374514 |
|  | **1619998** | 2730635 |

---

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**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**19.** **Cost of Revenue** 

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br> **June 30, 2025** | For the year ended <br>June 30, 2024 |
|  | **USD** | USD |
| Salaries, Wages and Benefits | **970691** | 1713132 |
| Subcontractors | **20202** | 110259 |
| Cost of goods | **22652** | **8113** |
| Travel costs | **6913** | 14555 |
|  | **1020458** | 1846059 |

---

**20.** **General and Administration Expense** 

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br> **June 30, 2025** | For the year ended <br>June 30, 2024 |
|  | **USD** | USD |
| Salaries, Wages and Benefits | **362633** | 714554 |
| Fee and Subscription | **43381** | 32156 |
| Facilities Rental | **297** | 548 |
| Depreciation - ROU Assets | **25047** | 25311 |
| Amortization - Intangibles | **27552** | 4684 |
| Legal and Professional Charges | **6440** | 22729 |
| Marketing and Advertising Expense | **1266** | 7809 |
| IT expenses | **28302** | 32471 |
| Travelling | **1727** | 15072 |
| Insurance | **3347** | 3453 |
| Bank charges | **8475** | 7961 |
| Other sundry expenses | **15490** | 6830 |
|  | **523957** | 873578 |

---

**21.** **Other income** 

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br> **June 30, 2025** | For the year ended <br>June 30, 2024 |
|  | **USD** | USD |
| Other income | **3636** | 5709 |
| Realized currency gain /(loss) | **(8)** | (6) |
|  | **3628** | 5703 |

---

Other income mainly includes redemption of American Express reward points.

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**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**22.** **Finance Cost** 

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br> **June 30, 2025** | For the year ended <br>June 30, 2024 |
|  | **USD** | USD |
| Interest expense | **41476** | 13737 |
| Interest expense - Lease Liability | **292** | 1225 |
|  | **41768** | 14962 |
| **Finance Income** |  |  |
| Interest from cash and cash equivalents | **49** | - |

---

**23.** **Earnings per share** 

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br> **June 30, 2025** | For the year ended <br>June 30, 2024 |
|  | **USD** | USD |
| Profit /(loss) attributable to the ordinary equity holders of the company | **43743** | (2670) |
| Weighted average number of ordinary shares | **12000** | 12000 |
| Basic earnings / (loss) per share | **3.65** | **(0.22)** |
| Diluted earnings / (loss) per share | **3.65** | **(0.22)** |

---

**24.** **Financial Instruments** 

Classes and categories of financial instruments

The carrying amounts of financial assets and financial liabilities in each category are as follows:

---

| | | |
|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 |
|  | **USD** | USD |
| **Financial Assets** |  |  |
| Measured at amortized cost: |  |  |
| - Loans to related parties | **74209** |  |
| - Trade and other receivables | **181606** | 269298 |
| - Cash and cash equivalents | **57996** | 210701 |
| - Security deposits | **3098** | 3161 |
| **Financial Liabilities** |  |  |
| Measured at amortized cost: |  |  |
| - Loans | **233238** | 79289 |
| - Trade and other payables | **43713** | 30948 |
| - Taxes payable | **57054** | 385842 |
| - Accrued and other liabilities | **142728** | 205457 |

---

**Fair Value Measurement**

All financial assets and financial liabilities are measured at amortized cost, and their carrying values approximate their fair values**.**

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**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**Financial Risk Management Objectives and Policies**

The Group's principal financial liabilities comprise loans, trade payables, and other payables. The main purpose of these financial liabilities is to finance the entity's operations. The Group's principal financial assets include loans, Investment, trade and other receivables, and cash and cash equivalents that derive directly from its operations.

The Group is exposed to market risk, credit risk, and liquidity risk. The Group's strategic management oversees the management of these risks.

**Market Risk**

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk, and other price risk. The entity is primarily exposed to interest rate risk through its variable-rate borrowings from QRIDA.

**Interest Rate Risk:**

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The entity's exposure to the risk of changes in market interest rates relates primarily to the entity's long-term debt obligations with floating interest rates (QRIDA Loan).

**Credit Risk**

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The entity is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions, and other financial instruments.

**Trade Receivables**

The Group trades only with recognized, creditworthy third parties. It is the Group's policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the entity's exposure to bad debts is not significant.

**Liquidity Risk**

Liquidity risk is the risk that the entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The entity monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial investments and financial assets (e.g., trade receivables and other financial assets), and projected cash flows from operations.

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**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**Maturities of Financial Liabilities:**

The following tables detail the entity's remaining contractual maturity for its non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the entity can be required to pay.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Financial Liabilities** | **< 1 year** | **< 1 year** | **1-5 years** | **1-5 years** | **> 5 years** | **> 5 years** |
| Loans |  | 55990 |  | 177248 |  |  |
| Trade and other payables |  | 43713 |  |  |  |  |
| Taxes payable |  | 57054 |  |  |  |  |
| Accrued and other liabilities |  | 142728 |  |  |  | **-** |

---

**Capital Management**

The primary objective of the entity's capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholder value. The entity manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets.

The entity monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The entity includes within net debt, interest-bearing loans and borrowings, trade and other payables, less cash and cash equivalents.

---

| | | |
|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 |
|  | **USD** | USD |
| Interest-bearing loans and borrowings | **233238** | 79289 |
| Cash and cash equivalents | **(57996)** | (210701) |
| Net Debt | **175242** | (131412) |
| Total Equity | **69754** | 33363 |
| Net Debt | **175242** | (131412) |
|  | **244996** | (98049) |
| Net debt to adjusted equity ratio | **0.72** | **1.34** |

---

[**Table of Contents**](#fin_toc)

**Mirragin Ras Consulting Pty Limited**

**Notes to the Financial Statement**

**For the year ended June 30, 2025**

**25.** **Presentation currency** 

For the purpose of financial statements, the following foreign currency exchange rates were used:

---

| | | |
|:---|:---|:---|
| **Closing Rate as at:** | **1 AUD to USD** | **1 AUD to USD** |
| 30 June 2024 |  | **0.6682** |
| 30 June 2025 |  | **0.6550** |
| **Average Rate for the period ended:** |  |  |
| 30 June 2024 |  | **0.6619** |
| 30 June 2025 |  | **0.6471** |

---

**26.** **Contingent Liabilities** 

As at 30 June 2025, the Group has no contingent liabilities.

Contingent liabilities are potential liabilities that may arise depending on the outcome of an uncertain future event. They are not recognized in the financial statements because their existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group.

The Group continuously monitors and assesses all potential risks and uncertainties that may impact its financial position. As of the reporting date, the Group has not identified any contingent liabilities that need to be disclosed.

**27.** **Events After the Reporting Date** 

No adjusting or significant non-adjusting events have occurred between June 30, 2025 (reporting date) and the date of authorisation**.**

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**Nisus Australia Pty Limited**

Financial Statements

For the year ended June 30, 2025

[**Table of Contents**](#fin_toc)

![](nisusaus_001.jpg)

**<u>Independent Auditor's Report</u>**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated financial statements of Nisus Australia Pty Limited (the Company) which comprise the consolidated statements of financial position as at June 30, 2025 and 2024, and the related consolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows for the years then ended, and the related notes to the financial statements including a summary of significant accounting policies.

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2025 and 2024 and the results of its operations and its cash flows for each of the years then ended in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

**Basis for Opinion**

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company, and have fulfilled our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Responsibilities of Management and Those Charged with Governance for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standard (IFRS) as issued by International Accounting Standards Board (IASB), and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued.

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists.

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The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users made on the basis of these financial statements.

In performing an audit in accordance with US GAAS, we:

● Use professional judgment and exercise professional skepticism throughout the audit.

● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

● 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 internal controls. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and internal control related matters identified during our audit.

![](fin_01.jpg)

Akhil Sobti, Chartered Accountant – CAANZ Membership No 449425

AICPA Membership No 402307223

19 September 2025

![](fin_02.jpg)

[**Table of Contents**](#fin_toc)

**Nisus Australia Pty Limited**

**Statement of Financial Position**

**As at June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Notes** | **As at**<br>**June 30, 2025** | As at<br>June 30, 2024 |
|  |  | **AUD** | AUD |
| **Assets** |  |  |  |
| **Current assets** |  |  |  |
| Trade and other receivables | **4** | **1307320** | 1257561 |
| Income tax refundable |  | **-** | 3553 |
| Cash and cash equivalents | **3** | **797919** | 792951 |
| **Total current assets** |  | **2105239** | 2054065 |
| **Total assets** |  | **2105239** | 2054065 |
| **Equity and liabilities** |  |  |  |
| **Equity** |  |  |  |
| Shareholder's equity | **5** | **1** | 1 |
| Retained earnings |  | **503368** | 337294 |
| **Total equity** |  | **503369** | 337295 |
| **Liabilities** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade and other payables | **7** | **1484930** | 1716771 |
| Accrued and other liabilities | **8** | **116940** | - |
| **Total current liabilities** |  | **1601870** | 1716771 |
| **Total equity and liabilities** |  | **2105239** | 2054065 |

---

*The accompanying notes are an integral part of these financial statements* 

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**Nisus Australia Pty Limited**

**Statements of profit or loss and other comprehensive income**

**For the year ended June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Notes** | **For the year ended**<br>**June 30, 2025** | For the year ended<br>June 30, 2024 |
| Revenue | **9** | **14330997** | 12673128 |
| Cost of sales | **10** | **(11883620)** | (10757811) |
| **Gross profit** |  | **2447377** | 1915318 |
| General and administrative expenses | **11** | **(940509)** | (720098) |
| Selling and marketing expenses | **11** | **(14005)** | (14938) |
|  |  | **(954515)** | (735037) |
| **Operating profit** |  | **1492862** | 1180281 |
| Interest income | **12** | **22530** | 20495 |
| **Profit before tax** |  | **1515392** | 1200776 |
| Tax expense |  | **(379317)** | (300682) |
| **Profit for the year** |  | **1136075** | 900094 |
| Other comprehensive income |  | **-** | - |
| **Comprehensive profit for the year** |  | **1136075** | 900094 |
| **Earnings per share** |  |  |  |
| Basic | **14** | **11361** | 9001 |
| Diluted |  | **11361** | 9001 |

---

*The accompanying notes are an integral part of these financial statements*

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**Nisus Australia Pty Limited**

**Statement of Changes in Equity**

**For the year ended June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Share Capital** | **Retained Earnings/<br> (Accumulated losses)** | **Total Equity** |
|  | **AUD** | **AUD** | **AUD** |
| Balance as at June 30, 2023 | 1 | 861623 | 861624 |
| Net income for the year | **-** | 900094 | 900094 |
| Dividend paid | **-** | (1424423) | (1424423) |
| Balance as at June 30, 2024 | 1 | 337294 | 337295 |
| Net income of the Year |  | 1136075 | 1136075 |
| Dividend | - | (970000) | (970000) |
| **Balance as at June, 2025** | **1** | **503368** | **503369** |

---

*The annexed notes are integral part of these financial statements*

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**Nisus Australia Pty Limited**

**Statement of Cash Flows**

**For the year ended June 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **For the year** **ended**<br>**June 30, 2025** | For the year ended<br>June 30, 2024 |
|  | **AUD** | AUD |
| **Cash flows from operating activities** |  |  |
| **Income for the year**  | **1136075** | 900094 |
| **Adjustment for non-cash items:** |  |  |
| Depreciation | **-** | - |
| **Changes in current assets and current liabilities** |  |  |
| (Increase)/decrease in trade and other receivables | **(49759)** | (295596) |
| (Increase)/decrease in other assets | **3553** | 74674 |
| (Decrease)/increase in trade and other payables | **(54305)** | 274863 |
| **Cash generated operations** | **1035564** | 954034 |
| Taxes paid | **(60596)** | (85390) |
| **Net cash flows from/ (used in) operating activities** | **974968** | 868644 |
| **Cash flows from investing activities** |  |  |
| Cash flows generated by/ (used in) from investing activities | **-** | - |
| **Net cash flows from / (used in) investing activities** | **-** | - |
| **Cash flows from financing activities** |  |  |
| Other cash items from financing activities | **(970000)** | (1424423) |
| **Net cash flows from/ (used in) financing activities** | **(970000)** | (1424423) |
| Net increase / (decrease) in cash and cash equivalents | **4968** | (555779) |
| Cash and cash equivalents at the beginning of the year | **792951** | 1348730 |
| **Cash and cash equivalents at the end of the year** | **797919** | 792951 |

---

*The accompanying notes are an integral part of these financial statement*s

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**Nisus Australia Pty Limited**

**Notes to the financial statements**

**For the year ended 30 June 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>General information and basis of presentation</u>** 

Nisus Australia is in the business of providing personnel recruitment and ICT Consulting services to a wide range of government departments (e.g. defence), small to medium-sized businesses and individuals.

These financial statements have been prepared using International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS") applicable to a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business as they become due.

The financial statements of Nisus Australia are presented in Australian dollars (AUD) and are rounded to the nearest AUD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Basis of presentation, preparation and compliance** 

**Statement of compliance**

The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board (IASB)

**Standards, interpretations and amendments to approved accounting standards which became effective during the year**

There are certain amendments to the accounting and reporting standards which became effective during the year and are adopted by the Company for the financial year beginning on July 01, 2024. However, these amendments do not have any significant impact on the Company's financial reporting, and therefore have not been presented in these unconsolidated financial statements.

**Standards, interpretations and amendments to approved accounting standards that are issued but not yet effective and have not been early adopted by the Company**

The following standards, amendments with respect to approved accounting standards as applicable in Pakistan would be effective from dates mentioned below and have not been early adopted by the company:

---

| | | |
|:---|:---|:---|
| **Standard name** | **Title** | **Effective date** |
| IAS 1 | Presentation of financial statements', Classification of liabilities as current or non-current — (Amendments) | 1-Jan-24 |
| IAS 7 | Statement of cash flows', Changes regarding supplier finance arrangements — (Amendments) | 1-Jan-26 |
| IAS 21 | 'The Effects of Changes in Foreign Exchange Rates', Lack of exchangeability — (Amendments) | 1-Jan-25 |
| IFRS 7 | 'Financial instruments: Disclosures', Changes regarding supplier finance arrangements — (Amendments) | 1-Jan-26 |
| IFRS 9 | 'Financial instruments: Disclosures', To address matters identified during the post-implementation review of the classification and measurement requirements of IFRS 9 — (Amendments) | 1-Jan-26 |
| IFRS 16 | Leases', Sale and Leaseback transactions — (Amendments) | 1-Jan-24 |
| IFRS 17 | 'Insurance contracts' | 1-Jan-26 |

---

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**Nisus Australia Pty Limited**

**Notes to the financial statements**

**For the year ended 30 June 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Material accounting policies** 

**Going Concern**

The management has assessed the company's ability to continue as a going concern and has concluded that it is appropriate to prepare the financial statements on a going concern basis. The assessment was based on the company's current financial position, cash flow projections, and the availability of financial resources. The financial statements have accordingly been prepared on a going concern basis, which assumes that the company will continue to operate for the foreseeable future

**Foreign Currency Translation**

Monetary assets and liabilities denominated in foreign currencies are translated into entity's functional currency as rates of exchange in effect at the statement of financial position date. Revenues and expenses denominated in foreign currencies are translated into each entity's functional currency at rates prevailing on the transaction dates. Gains and losses resulting from translation of monetary assets and liabilities denominated in currencies other than the Company's functional currency are included in the determination of income for the year.

**Cash and Cash Equivalents**

Cash and cash equivalents consist of cash on hand, deposits held with banks and highly liquid short-term securities with maturities of three months or less at the date of purchase.

**Trade Receivables**

Trade receivables are recognized initially at the amount of consideration that is unconditional, unless they contain significant financing components when they are recognized at fair value.

**Inventories**

Inventories are valued at the lower of cost and net realizable value. Net realizable value is the estimated selling price less cost to complete and applicable selling expenses.

**Property, plant and equipment**

Property, plant and equipment are recorded at cost less accumulated depreciation and impairments. Costs include expenditures that are directly attributable to the acquisition of the asset. Subsequent costs are included in the asset's carrying value or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost can be measured reliably. The carrying value of a replaced asset is derecognized when replaced. Maintenance and repairs are expensed as incurred. Property, plant and equipment are depreciated from the point at which the asset is ready for use. Depreciation is computed using the methods and rates based on the estimated useful lives of the property.

The Company follows a policy of capitalizing tangible assets that have an individual cost exceeding AUD 5,000. Assets with a cost of AUD 5,000 or below are expensed in the period they are incurred. This threshold is reviewed periodically and adjusted if necessary. plant and equipment as outlined below:

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**Nisus Australia Pty Limited**

**Notes to the financial statements**

**For the year ended 30 June 2025**

---

| | | |
|:---|:---|:---|
| **Class of fixed assets** | **Depreciation rate (%)** | **Depreciation method** |
| Plant and equipment | 10 to 40 | Diminishing value |
| Motor vehicles | 10 to 40 | Diminishing value |
| Leasehold improvements | 2.5 to 25 | Diminishing value |
| Low value pool | 20 to 40 | Diminishing value |

---

**Provisions**

Provisions are liabilities of uncertain timing or amount. A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation for which the amount can be estimated reliably, and it is more likely than not that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at management's best estimate of the expenditure required to settle the obligation. When the effect of discounting is significant, the amount of the provision is determined by discounting the expected cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Provisions are reviewed at each reporting date and any changes to estimates are reflected in the statement of operations.

**Income Taxes**

Income tax expense comprises current and deferred tax. Current income tax and deferred income tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income (loss), in which case the current and/or deferred tax is also recognized directly in equity or other comprehensive income (loss). Current income taxes is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years that are expected to be paid. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. The Company establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

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**Nisus Australia Pty Limited**

**Notes to the financial statements**

**For the year ended 30 June 2025**

**Earnings per share**

Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares outstanding during the period. Diluted earnings (loss) per share is calculated by adjusting net income (loss) and weighted average number of shares outstanding during the period for the effects of dilutive potential shares, which includes any options granted.

**Revenue recognition**

Nisus Australia is in the business of providing personnel recruitment and ICT Consulting services. The revenue is based on the services provided. Revenue from contracts with customers is recognised when performance obligations of agreed services are met for the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.

To determine whether to recognize revenue, the Company follows a 5-step process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Identifying the contract with a customer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Identifying the performance obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Determining the transaction price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Allocating the transaction price to the performance obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Recognizing revenue when/as a performance obligation(s) are satisfied

For both personnel recruitment service contracts and ICT Consulting service contracts, the arrangement is through Time & Material Agreements. Under this type of agreement, revenue is recognized based on the actual time (measured in the number of hours) expended in serving customers by the conclusion of each invoicing period, typically a month. The process entails Nisus personnel submitting timesheets that are approved by designated customer delegates at the conclusion of each period. Customers are then invoiced for the accumulated hours worked. The standard credit term is a 30-day payment window from the issuance date of the invoices. In accordance with the practical expedient for the invoice method under IFRS 15, the Company recognizes revenue from services at the time of invoicing, provided that it has an enforceable right to payment and has fulfilled its service obligations to the customer.

**Financial instruments**

**Financial Assets**

**<u>Initial measurement</u>**

All financial assets and liabilities are initially measured at cost which is the fair value of the consideration given or received. These are subsequently measured at fair value, amortized cost or cost as the case may be.

The classification of financial assets at initial recognition depends on the financial asset's contractual cash flow characteristics and the Company's business model for managing them. With the exception of trade receivables, amounts due from related parties and bank balances that do not contain a significant financing component or for which the Company has applied the practical expedient, the Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.

Trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient are measured at the transaction price determined under IFRS 15. Refer to the accounting policy in Revenue Recognition.

In order for a financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash flows that are 'solely payments of principal and interest (SPPI)' on the principal amount outstanding.

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**Nisus Australia Pty Limited**

**Notes to the financial statements**

**For the year ended 30 June 2025**

The Company's business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.

Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognized on the trade date, i.e., the date that the Company commits to purchase or sell the asset.

The Company's financial assets include bank balances and trade receivables.

**Subsequent measurement**

For purposes of subsequent measurement, financial assets are classified in four categories:

- Financial assets at fair value through profit or loss - The Company has not designated any financial asset as fair value through profit or loss.

- Financial assets at amortized cost (debt instruments) - This category is the most relevant to the Company. The Company subsequently measures financial assets at amortized cost using EIR method and are subject to impairment. Gains and losses are recognized in the statement of profit or loss when the asset is derecognized, modified or impaired;

- Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) -The Company has not designated any financial asset at fair value through OCI with recycling of cumulative gains and losses; and

- Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) - The Company has not designated any financial asset at fair value through OCI with no recycling of cumulative gains and losses upon derecognition.

**Financial Liabilities**

**Initial measurement**

Financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs

The Company's financial liabilities include accounts payables and accrued and other liabilities.

**Subsequent Measurement**

The measurement of financial liabilities depends on their classification as described below:

Financial Liabilities at Fair Value through Profit or Loss

The Company has not designated any financial liability as fair value through profit or loss.

Borrowings

Borrowings are initially recognized at the fair value of the consideration received less directly attributable transaction costs

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**Nisus Australia Pty Limited**

**Notes to the financial statements**

**For the year ended 30 June 2025**

After initial recognition, borrowings are subsequently measured at amortized cost using the effective interest rate method ("EIR"). Gains and losses are recognized in the statement of comprehensive income when the liabilities are derecognized as well as through the amortization process.

Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included in finance costs in the statement of comprehensive income.

Instalments due within one year are shown as a current liability.

Accrued expenses

Liabilities are recognized for amounts to be paid in the future for goods or services received, whether billed by the supplier or not

**Fair Value of Financial Instrument**

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

In the principal market for the asset or liability, or

In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible to by the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

**Offsetting of Financial Instruments**

Financial assets and financial liabilities are offset, and the net amount reported in the statement of financial position if, and only if, there is a currently enforceable legal right to offset the recognized amounts and the Company intends to settle on a net basis, or to realize the assets and liabilities simultaneously.

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**Nisus Australia Pty Limited**

**Notes to the financial statements**

**For the year ended 30 June 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Cash and cash equivalents** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at** <br> **June 30, 2025** | **As at** <br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| Cash at bank |  | **797,918** |  | 792950.0 |
| Cash in hand | | **1** | | 1 |
|  | | **797,919** | | 792,951.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Trade and Other Receivables** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br>**June 30, 2025** | **As at**<br>**June 30, 2025** | As at<br>June 30, 2024 | As at<br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| Accounts receivables | | **1,307,320** | | 1,257,561 |

---

The average credit period on rendering of services is 30 days. No interest is charged on outstanding trade receivables. <br>The Company measures the loss allowance for trade receivables at an amount equal to lifetime expected credit losses (ECL). These expected credit losses are estimated based on past default experience of the debtor, the current financial position of the debtor, and adjusted for factors specific to the debtors, general economic conditions, and an assessment of both current and forecast conditions at the reporting date. <br>The Company uses a simplified approach, recognizing a loss allowance based on lifetime ECL from the initial recognition of the receivables. The Company periodically reviews the recoverability of receivables and ascertains the possibility of credit losses. Based on this assessment, the Company creates a provision of doubtful debt that is charged to the statement of profit or loss in the period in which these are determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Share capital** 

The share capital of the Company consists only of fully paid ordinary shares with a nominal (par) value of AUD 1 per share. All shares are equally eligible to receive dividends and the repayment of capital and represent one vote at shareholders' meetings of the Company.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br>**June 30, 2025** | **As at**<br>**June 30, 2025** | As at<br>June 30, 2024 | As at<br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| Fully paid Ordinary Shares- Numbers |  | 100 |  | 100 |
| Fully paid Ordinary Shares - Amount (AUD) |  | **1** |  | 1 |

---

**Dividends**

During the year ended June 30, 2025, Nisus Australia Pty Ltd. paid dividends of AUD 970,000 to its equity shareholders. (June 30, 2024:1,424,423)

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**Nisus Australia Pty Limited**

**Notes to the financial statements**

**For the year ended 30 June 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Related Party Transactions** 

Nisus Australia Pty Ltd and Nisus Payroll Pty Ltd are entities under common control, wholly owned by the same shareholder. Nisus Payroll Pty Ltd was established to manage employment services and payroll processing for Nisus Australia Pty Ltd. Under this arrangement, Nisus Payroll Pty Ltd serves as the employer of record for all personnel—including employees and contractors—who are engaged to fulfil customer contracts on behalf of Nisus Australia Pty Ltd. Accordingly, all employment-related payments, including salaries, wages, and contractor fees, are administered through Nisus Payroll Pty Ltd.

---

| | | | |
|:---|:---|:---|:---|
| **Related parties** | **Relationship** | **As at**<br>**June 30, 2025** | As at <br>June 30, 2024 |
|  |  | **AUD** | AUD |
| **Cost of sales** |  |  |  |
| **Nisus Payroll Pty Ltd** | Entity under common control | **11876908** | 10774956 |
| **Payables** |  |  |  |
| Nisus Payroll Pty Limited | Entity under common control | **1310587** | 1505785 |
| Related party transactions were made on normal commercial terms and conditions. Outstanding balances are unsecured, interest-free, and repayable on demand, and no guarantees have been given or received in respect of these balances. | Related party transactions were made on normal commercial terms and conditions. Outstanding balances are unsecured, interest-free, and repayable on demand, and no guarantees have been given or received in respect of these balances. | Related party transactions were made on normal commercial terms and conditions. Outstanding balances are unsecured, interest-free, and repayable on demand, and no guarantees have been given or received in respect of these balances. | Related party transactions were made on normal commercial terms and conditions. Outstanding balances are unsecured, interest-free, and repayable on demand, and no guarantees have been given or received in respect of these balances. |
| **Key Management Personnel Compensation** |  |  |  |
| Short-term employee benefits | CEO | **6364** | 7549 |
| During the year, the Company incurred expenses of AUD 6,364 on behalf of the Chief Executive Officer (CEO). These transactions have been disclosed as related party transactions in accordance with the requirements of the applicable accounting standards. | During the year, the Company incurred expenses of AUD 6,364 on behalf of the Chief Executive Officer (CEO). These transactions have been disclosed as related party transactions in accordance with the requirements of the applicable accounting standards. | During the year, the Company incurred expenses of AUD 6,364 on behalf of the Chief Executive Officer (CEO). These transactions have been disclosed as related party transactions in accordance with the requirements of the applicable accounting standards. | During the year, the Company incurred expenses of AUD 6,364 on behalf of the Chief Executive Officer (CEO). These transactions have been disclosed as related party transactions in accordance with the requirements of the applicable accounting standards. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Trade and other payables** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br>**June 30, 2025** | **As at**<br>**June 30, 2025** | As at<br>June 30, 2024 | As at<br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| Trade Payable | | **1,484,930** | | 1,716,771 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Accrued and other liabilities** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br>**June 30, 2025** | **As at**<br>**June 30, 2025** | As at<br>June 30, 2024 | As at<br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| GST |  | 56344 |  |  |
| Income tax payable | | **60,596** | | - |
|  | | **116,940** | | - |

---

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**Nisus Australia Pty Limited**

**Notes to the financial statements**

**For the year ended 30 June 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Revenue** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended**<br>**June 30, 2025** | **For the year ended**<br>**June 30, 2025** | For the year ended<br>June 30, 2024 | For the year ended<br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| Consulting services | | **14,330,997** | | **12,673,128** |

---

The Company's revenue is derived solely from the provision of ICT Consulting services under time and materials contracts. Given the nature of the business and the uniformity of service type, customers, and contract terms, the revenue has been presented as a single category. Revenue is recognized over time as services are rendered, based on hours incurred and invoiced to the customer, in accordance with the performance obligations set out in each contract. The Company applies the practical expedient under IFRS 15.121, recognizing revenue at the time of invoicing, as this corresponds directly with the value of the service transferred to the customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Cost of sales** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended**<br>**June 30, 2025** | **For the year ended**<br>**June 30, 2025** | For the year ended <br>June 30, 2024 | For the year ended <br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| Management Fees - Subcontractor |  | **11,809,313** |  | 10757811 |
| Management Fees - Processing Fees | | **74,307** | | - |
|  | | **11,883,620** | | 10,757,811 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Operating expenses** 

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br>**June 30, 2025** | For the year ended <br>June 30, 2024 |
|  | **AUD** | AUD |
| General and administrative | **940509** | 720098 |
| Sales and marketing | **14005** | 14938 |
|  | **954514** | 735037 |
| **Expenses by nature** |  |  |
| Office expenses | **1765** | 2131 |
| Interest and bank charges | **160** | 120 |
| Professional fees | **271741** | 115846 |
| Salaries and benefits | **638464** | 564039 |
| Insurance | **24364** | 30482 |
| Sales and marketing | **14005** | 14938 |
| Travel | **1210** | 4688 |
| Miscellaneous expense | **2805** | 2793 |
|  | **954514** | 735037 |

---

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**Nisus Australia Pty Limited**

**Notes to the financial statements**

**For the year ended 30 June 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Interest income** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended**<br>**June 30, 2025** | **For the year ended**<br>**June 30, 2025** | For the year ended<br>June 30, 2024 | For the year ended<br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| Interest earned |  | **22,530** |  | 20495 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Earnings per share** 

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br>**June 30, 2025** | For the year ended<br>June 30, 2024 |
|  | **AUD** | AUD |
| Profit attributable to the ordinary equity holders of the company | **1136075** | 900094 |
| Weighted average number of ordinary shares | **100** | 100 |
| Basic earnings / (loss) per share | **11361** | 9001 |
| Diluted earnings / (loss) per share | **11361** | 9001 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Financial Instruments** 

**Classes and categories of financial instruments**

The carrying amounts of financial assets and financial liabilities in each category are as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | June 30, 2024 |
|  | **AUD** | AUD |
| **Financial Assets** |  |  |
| Measured at amortized cost: |  |  |
| Loans from related parties | **-** |  |
| -Trade and other receivables | **1307320** | 1257561 |
| -Cash and cash equivalents | **797919** | 792951 |
| **Financial Liabilities** |  |  |
| Measured at amortized cost: |  |  |
| -Trade and other payables | **1484930** | 1716771 |
| -Accrued and other liabilities | **116940** |  |

---

**Fair Value Measurement**

All financial assets and financial liabilities are measured at amortized cost, and their carrying values approximate their fair values.

**Financial Risk Management Objectives and Policies**

"The Company's principal financial liabilities comprise trade payables. The main purpose of these financial liabilities is to finance the entity's operations. The Company's principal financial assets include loans, trade receivables, and cash and cash equivalents that derive directly from its operation

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**Nisus Australia Pty Limited**

**Notes to the financial statements**

**For the year ended 30 June 2025**

**Market Risk**

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk, and other price risk. The entity is not exposed to interest rate risk

**Interest Rate Risk**

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The entity is not exposure to the risk of changes in market interest rates

**Credit Risk**

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The entity is exposed to credit risk from its operating activities primarily trade receivables.

**Trade Receivables**

The Company trades only with recognized, creditworthy third parties. It is the Company's policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the entity's exposure to bad debts is not significant.

**Liquidity Risk**

Liquidity risk is the risk that the entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The entity monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial investments and financial assets.

**Maturities of Financial Liabilities**

The following tables detail the entity's remaining contractual maturity for its non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the entity can be required to pay.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Liabilities** | **< 1 year** | **< 1 year** | **1-5 years** | **> 5 years** |
| Trade and other payables |  | 1484930 |  |  |
| Accrued and other liabilities |  | 116940 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Contingencies and commitments** 

As at 30 June 2025, the Company has no contingent liabilities

Contingent liabilities are potential liabilities that may arise depending on the outcome of an uncertain future event. They are not recognized in the financial statements because their existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company.

The Company continuously monitors and assesses all potential risks and uncertainties that may impact its financial position. As of the reporting date, the Company has not identified any contingent liabilities that need to be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Events After the Reporting Date** 

No adjusting or significant non-adjusting events have occurred between the 30 June, 2025 (reporting date) and the date of authorisation.

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**Nisus Payroll Pty Limited**

Financial Statements

For the year ended June 30, 2025

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![](nisuspay_001.jpg)

**<u>Independent Auditor's Report</u>**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated financial statements of Nisus Payroll Pty Limited (the Company) which comprise the consolidated statements of financial position as at June 30, 2025 and 2024, and the related consolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows for the years then ended, and the related notes to the financial statements including a summary of significant accounting policies.

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2025 and 2024 and the results of its operations and its cash flows for each of the years then ended in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

**Basis for Opinion**

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company, and have fulfilled our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Responsibilities of Management and Those Charged with Governance for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standard (IFRS) as issued by International Accounting Standards Board (IASB), and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued.

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists.

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The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users made on the basis of these financial statements.

In performing an audit in accordance with US GAAS, we:

● Use professional judgment and exercise professional skepticism throughout the audit.

● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

● 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 internal controls. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and internal control related matters identified during our audit.

Akhil Sobti, Chartered Accountant – CAANZ Membership No 449425

AICPA Membership No 402307223

19 September 2025

![](nisuspay_003.jpg)

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**Nisus Payroll Pty Ltd**

**Statement of financial position**

**As at June 30, 2025**

------

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Notes** | **As at**<br> **June 30, 2025**<br>**AUD** | As at <br>June 30, 2024<br>AUD |
| **Assets** |  |  |  |
| **Current assets** |  |  |  |
| Trade and other receivables | **4** | **1310587** | 1505785 |
| Cash and bank balances | **5** | **278265** | 365043 |
| Income taxes receivable | **6** | **-** | 904 |
| **Total current assets** |  | **1588852** | 1871732 |
| **Total assets** |  | **1588852** | 1871732 |
| **Liabilities** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade and other payables | **7** | **1342665** | 1343837 |
| Accrued and other liabilities | **8** | **239.408** | 513977 |
| **Total current liabilities** |  | **1582073** | 1857814 |
| **Total liabilities** |  | **1582073** | 1857814 |
| **Shareholder's equity** |  |  |  |
| Shared capital | **9** | **120** | 120 |
| Retained earnings |  | **6659** | 13798 |
| **Total equity** |  | **6.779** | 13918 |
| **Total equity and liabilities** |  | **1588852** | 1871732 |

---

*The annexed notes are an integral part of these financial statements.*

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**Nisus Payroll Pty Ltd**

**Statement of profit or loss and other comprehensive income**

**For the year ended June 30, 2025**

------

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Notes** | **For the year**<br> **ended**<br> **June 30, 2025**<br>**AUD** | For the year <br>ended <br>June 30, 2024<br>AUD |
| Revenue | **11** | **11883620** | 10820706 |
| Cost of sales | **12** | **(11876908)** | (10774956) |
| **Gross profit** |  | **6712** | 45750 |
| General and administrative expenses | **13** | **(27561)** | (37419) |
| **Operating profit / (loss)** |  | **(20849)** | 8331 |
| Other income | **14** | **7584** | 490 |
| Interest income | **15** | **6126** | 4791 |
| **Profit / (loss) before taxation** |  | **(7139)** | 13612 |
| Taxation |  | **-** | - |
| **Profit / (loss) after taxation** |  | **(7139)** | 13612 |
| Other Comprehensive Income for the year |  | **-** |  |
| **Total other comprehensive income for the year** |  | **-** | - |
| **Total comprehensive income / (loss) for the year** |  | **(7139)** | 13612 |
| **Earnings/(loss) per share** |  |  |  |
| Basic | **16** | **(59)** | 113 |
| Diluted |  | **(59)** | 113 |

---

*The annexed notes are an integral part of these financial statements*

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**Nisus Payroll Pty Ltd**

**Statement of Changes in Equity**

**For the year ended June 30, 2025**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Share Capital**<br>**AUD** | **Retained** **Earnings/**<br> **(Accumulated loss)**<br>**AUD** | **Total equity**<br>**AUD** |
| Balance as at June 30, 2023 | 120 | 16686 | 16806 |
| Share capital |  |  |  |
| Dividend |  | (16500) | (16500) |
| Profit / (loss) for the year | - | 13612 | 13612 |
| Balance as at June 30, 2024 | 120 | 13798 | 13918 |
| Share capital |  |  |  |
| Dividend |  |  |  |
| Profit/ (loss) for the year | - | (7139) | (7139) |
| **Balance as at June 30, 2025** | **120** | **6659** | **6779** |

---

*The annexed notes are integral part of these financial statements.*

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**Nisus Payroll Pty Ltd**

**Statement of Cash Flows**

**For the year ended June 30, 2025**

------

---

| | | |
|:---|:---|:---|
|  | **For the year**<br> **ended**<br> **June 30, 2025**<br>**AUD** | For the year <br>ended <br>June 30, 2024<br>AUD |
| **Cash flows from operating activities** |  |  |
| Net Profit/(Loss) after tax | **(7139)** | 13612 |
| **Changes in working capital:** |  |  |
| (Increase)/decrease in trade and other receivables | **196102** | (1381699) |
| (Increase)/decrease in other assets | **-** | 137439 |
| (Decrease)/increase in trade and other payables | **(275741)** | 1450506 |
| **Cash flows generated from / (used in) operating activities** | **(86779)** | 219858 |
| **Cash flows from investing activities** |  |  |
| **Cash flows generated from / (used in) investing activities** | **-** | - |
| **Cash flows from financing activities** |  |  |
| Dividend paid | **-** | (16500) |
| **Net cash from / (used in) financing activities** | **-** | (16500) |
| Net (decrease) / increase in cash and cash equivalents | **(86779)** | 203358 |
| Cash and cash equivalents at beginning of the year | **365043** | 161685 |
| **Cash and cash equivalents at end of the year** | **278265** | 365043 |

---

*The annexed notes are integral part of these financial statements*

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**Nisus Payroll Pty Ltd**

**Notes to the Financial Statements**

**For the year ended June 30, 2025**

------

**1.** **General information and basis of presentation** 

Nisus Payroll Pty Ltd is in the business of providing ICT Consulting and personnel services.

These financial statements have been prepared using International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS") applicable to a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business as they become due.

The financial statements of Nisus Payroll are presented in Australian dollars (AUD) and are rounded to the nearest AUD

**2.** **Basis of presentation, preparation and compliance** 

**Statement of compliance**

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards Board (IASB).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Standards, interpretations and amendments to approved accounting standards which became effective during the year**

There are certain amendments to the accounting and reporting standards which became effective during the year and are adopted by the Company for the financial year beginning on July 01, 2023. However, these amendments do not have any significant impact on the Company's financial reporting and therefore have not been presented in these unconsolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 Standards, interpretations and amendments to approved accounting standards that are issued but not yet effective and have not been early adopted by the Company**

The following standards, amendments with respect to the approved accounting standards as applicable in Pakistan would be effective from the dates mentioned below and have not been early adopted by the Company:

---

| | | |
|:---|:---|:---|
| **Standard name** | **Standards, Interpretations and Amendments** | **Effective date (Annual periods beginning on or after)** |
| IAS 1 | Presentation of financial statements Classification of liabilities as current or non-current (Amendments). | 01-Jan-2024 |
| IAS 7 | Statement of cash flows, and changes regarding supplier finance arrangements (Amendments). | 01-Jan-2026 |
| IAS 21 | The Effects of Changes in Foreign Exchange Rates Lack of Exchangeability (Amendments). | 01-Jan-2025 |
| IFRS 7 | Financial instruments: Disclosures Changes regarding supplier finance arrangements (Amendments). | 01-Jan-2026 |
| IFRS 9 | Financial instruments: Disclosures To address matters identified during the post-implementation review of the classification and measurement requirements of IFRS 9 (Amendments). | 01-Jan-2026 |
| IFRS 16 | 'Leases', Sale and Leaseback transactions — (Amendments) | 01 Jan 2024 |
| IFRS 17 | 'Insurance contracts' | 01 Jan 2026 |

---

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**Nisus Payroll Pty Ltd**

**Notes to the Financial Statements**

**For the year ended June 30, 2025**

------

The management expects that the adoption of above standards and amendment will not have any material impact on the Company's financial statements.

**Material accounting policies**

**Going Concern**

The management has assessed the company's ability to continue as a going concern and has concluded that it is appropriate to prepare the financial statements on a going concern basis. The assessment was based on the company's current financial position, cash flow projections, and the availability of financial resources.

The financial statements have accordingly been prepared on a going concern basis, which assumes that the company will continue to operate for the foreseeable future.

**Foreign Currency Translation**

Monetary assets and liabilities denominated in foreign currencies are translated into each entity's functional currency as rates of exchange in effect at the statement of financial position date. Revenues and expenses denominated in foreign currencies are translated into each entity's functional currency at rates prevailing on the transaction dates. Gains and losses resulting from translation of monetary assets and liabilities denominated in currencies other than the Company's functional currency are included in the determination of income for the year

**Cash and Cash Equivalents**

Cash and cash equivalents comprise cash on hand, demand deposits and short-term investments which are readily convertible to known amounts of cash, and which are subject to an insignificant risk of change in value.

**Trade Receivables**

**'**Trade receivables are recognized initially at the amount of consideration that is unconditional unless they contain significant financing components when they are recognized at fair value.

**Inventories**

Inventories are valued at the lower of cost and net realizable value. Net realizable value is the estimated selling price less cost to complete and applicable selling expenses.

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**Nisus Payroll Pty Ltd**

**Notes to the Financial Statements**

**For the year ended June 30, 2025**

------

**Property, plant and equipment**

Property, plant and equipment are recorded at cost less accumulated depreciation and impairments. Costs include expenditures that are directly attributable to the acquisition of the asset. Subsequent costs are included in the asset's carrying value or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost can be measured reliably. The carrying value of a replaced asset is derecognized when replaced. Maintenance and repairs are expensed as incurred. Property, plant and equipment are depreciated from the point at which the asset is ready for use. Depreciation is computed using the methods and rates based on the estimated useful lives of the property.

The Company follows a policy of capitalizing tangible assets that have an individual cost exceeding AUD 5,000. Assets with a cost of AUD 5,000 or below are expensed in the period they are incurred. This threshold is reviewed periodically and adjusted if necessary. plant and equipment as outlined below:

---

| | | |
|:---|:---|:---|
| **Class of fixed assets** | **Depreciation rate (%)** | **Depreciation method** |
| Plant and equipment | 10 to 40 | Diminishing value |
| Motor vehicles | 10 to 40 | Diminishing value |
| Leasehold improvements | 2.5 to 25 | Diminishing value |
| Low value pool | 20 to 40 | Diminishing value |

---

**Provisions**

Provisions are liabilities of uncertain timing or amount. A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation for which the amount can be estimated reliably, and it is more likely than not that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at management's best estimate of the expenditure required to settle the obligation. When the effect of discounting is significant, the amount of the provision is determined by discounting the expected cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Provisions are reviewed at each reporting date and any changes to estimates are reflected in the statement of operations.

**Income Taxes**

Income tax expense comprises current and deferred tax. Current income tax and deferred income tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income (loss), in which case the current and/or deferred tax is also recognized directly in equity or other comprehensive income (loss). Current income taxes is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years that are expected to be paid. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. The Company establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

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**Nisus Payroll Pty Ltd**

**Notes to the Financial Statements**

**For the year ended June 30, 2025**

------

**Earnings per share**

Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares outstanding during the period. Diluted earnings (loss) per share is calculated by adjusting net income (loss) and weighted average number of shares outstanding during the period for the effects of dilutive potential shares, which includes any options granted.

**Revenue recognition**

The entity generates its revenue from its contracts with Nisus Australia Pty Ltd. for supplying skilled professionals. The Company's business model is to provide temporary staff required for Nisus Australia's operations. Company will provide qualified personnel, meeting specific needs and requirements of Nisus Australia Pty Ltd.

Revenue represents amounts charged to Nisus Australia for the amount of salaries or wages paid to the manpower supplied. Company also charges a markup on the salaries or wages paid to the manpower supplied. This markup covers our operational costs, including recruitment, administrative overheads

The Company has concluded that it is the principal in its revenue arrangements because it controls the services before transferring them to the customer.

The Company has identified that its performance obligations in the contracts entail sourcing and providing skilled manpower to Nisus Australia for a specified period. In accordance with the contractual terms, the Company invoices Nisus Australia for the provision of skilled manpower. These invoices are typically issued on a monthly basis throughout the duration of the contract and are recognized as revenue.

This revenue recognition practice aligns with the principle of recognizing revenue over time to the extent of the amount the Company is entitled to. It also corresponds to recognizing revenue over time for the satisfaction of performance obligations over time. This determination is based on several factors:

● Services are transferred to the customer continuously throughout the duration of the contract.

● The customer benefits as work progresses, with the skilled manpower contributing to ongoing operations or projects.

● Progress can be reliably measured by invoicing monthly, providing a clear indication of the services rendered.

The Company possesses the enforceable right to payment for the services provided by employees within a given month, further supporting the recognition of revenue over time.

The revenue accounted for within Nisus Payroll's financial statements are captured in the Cost of Sales figurein Nisus Australia's financial statements and there is no margin charged to Nisus Australia.

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**Nisus Payroll Pty Ltd**

**Notes to the Financial Statements**

**For the year ended June 30, 2025**

------

**Financial Liabilities**

**<u>Initial measurement</u>**

Financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs

The Company's financial liabilities include accounts payables and accrued and other liabilities.

**<u>Subsequent Measurement</u>**

The measurement of financial liabilities depends on their classification as described below:

Financial Liabilities at Fair Value through Profit or Loss

The Company has not designated any financial liability as fair value through profit or loss.

Borrowings

Borrowings are initially recognised at the fair value of the consideration received less directly attributable transaction costs

After initial recognition, borrowings are subsequently measured at amortised cost using the effective interest rate method ("EIR"). Gains and losses are recognised in the statement of comprehensive income when the liabilities are derecognised as well as through the amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance costs in the statement of comprehensive income.

Instalments due within one year are shown as a current liability.

Accrued expenses

Liabilities are recognised for amounts to be paid in the future for goods or services received, whether billed by the supplier or not

**<u>Fair Value of Financial Instrument</u>**

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

In the principal market for the asset or liability, Orin the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible to by the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

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**Nisus Payroll Pty Ltd**

**Notes to the Financial Statements**

**For the year ended June 30, 2025**

------

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

**<u>Offsetting of Financial Instruments</u>**

Financial assets and financial liabilities are offset, and the net amount reported in the statement of financial position if, and only if, there is a currently enforceable legal right to offset the recognized amounts and the Company intends to settle on a net basis, or to realize the assets and liabilities simultaneously.

**4.** **Trade and other receivable** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025**  | **As at**<br> **June 30, 2025**  | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| Accounts receivables | | **1,310,587** | | 1,505,785 |
|  | | **1,310,587** | | 1,505,785 |

---

The average credit period on sales of services is 30 days. No interest is charged on outstanding trade receivables.

The Company measures the loss allowance for trade receivables at an amount equal to lifetime expected credit losses (ECL). These expected credit losses are estimated based on past default experience of the debtor, the current financial position of the debtor, and adjusted for factors specific to the debtors, general economic conditions, and an assessment of both current and forecast conditions at the reporting date.

The Company uses a simplified approach, recognizing a loss allowance based on lifetime ECL from the initial recognition of the receivables. The Company periodically reviews the recoverability of receivables and ascertains the possibility of credit losses. Based on this assessment, the Company creates a provision of doubtful debt that is charged to statement of profit or loss in the period in which these are determined.

**5.** **Cash and cash equivalents** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025**  | **As at**<br> **June 30, 2025**  | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| Cash in hand |  | **120** |  | 120 |
| Cash at banks | | **278,145** | | 364,923 |
|  | | **278,265** | | 365,043 |

---

**6.** **Income taxes receivable** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025**  | **As at**<br> **June 30, 2025**  | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| Tax refundable | | **-** | | 903 |
|  | | **-** | | 138,342 |

---

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**Nisus Payroll Pty Ltd**

**Notes to the Financial Statements**

**For the year ended June 30, 2025**

------

**7.** **Trade and other payables** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025**  | **As at**<br> **June 30, 2025**  | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| Wages Payables | | **1,342,665** | | 1,343,837 |
|  | | **1,342,665** | | 1,343,837 |

---

All amounts are short-term. The carrying values of trade payables are considered to be a reasonable approximation of fair value.

**8.** **Accrued and other liabilities** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025**  | **As at**<br> **June 30, 2025**  | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| ATO integrated account |  | **238,690** |  | 513977 |
| Payroll and benefits payable |  | **2** |  |  |
| Lease Liability | | **716** | | - |
|  | | **239,408** | | 513,977 |

---

**9.** **Share capital** 

The share capital of the Company consists only of fully paid ordinary shares with a nominal (par) value of AUD 1 per share. All shares are equally eligible to receive dividends and the repayment of capital and represent one vote at shareholders' meetings of the Company**.**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025**  | **As at**<br> **June 30, 2025**  | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| Fully paid ordinary share capital - amount (AUD) | | **120** | | 120 |
|  | | **120** | | 120 |

---

**Dividends**

During the year ended June 30, 2024, Nisus Payroll Pty Ltd. paid dividends of AUD 16,500 to its equity shareholders.

**10.** **Related Party Transactions** 

Nisus Payroll Pty Ltd and Nisus Australia Pty Ltd are entity under common control, wholly owned by the same shareholders. Nisus Payroll Pty Ltd was incorporated to provide payroll and staffing services exclusively to Nisus Australia Pty Ltd. All revenues of Nisus Payroll are derived from providing contract-based employees to Nisus Australia. Further, these transactions are also occurred on arm length basis.

The Company considers these transactions to be related party transactions and has disclosed them in accordance with applicable accounting standards.

---

| | | | |
|:---|:---|:---|:---|
| **Related parties** | **Relationship** | **As at**<br> **June 30, 2025**  | As at <br>June 30, 2024 |
| **Revenue** |  | **AUD** | AUD |
| Nisus Australia Pty limited | Entity under common control | **11876908** | 10774956 |
| **Receivable** |  |  |  |
| Nisus Australia Pty Limited | Entity under common control | **1310587** | 1505785 |

---

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**Nisus Payroll Pty Ltd**

**Notes to the Financial Statements**

**For the year ended June 30, 2025**

------

Related party transactions were made on normal commercial terms and conditions. Outstanding balances are unsecured, interest-free, and repayable on demand, and no guarantees have been given or received in respect of these balances.

---

| | | | |
|:---|:---|:---|:---|
| **Key Management Personnel Compensation** |  | | |
| Short-term employee benefits | CEO's Son | **28,280** |  |

---

During the year, CEO's son was employed during the year and received wages of AUD 25,363, along with superannuation contributions at the rate of 11.5% (AUD 2,917). This transaction has been disclosed as related party transactions in accordance with the requirements of the applicable accounting standards.

**11.** **Revenue** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended**<br> **June 30, 2025** | **For the year ended**<br> **June 30, 2025** | For the year ended <br>June 30, 2024 | For the year ended <br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| Consulting Income | | **11,883,620** | | 10,820,706 |
|  | | **11,883,620** | | 10,820,706 |

---

The Company's revenue is derived solely from the provision of ICT Consulting services under time and materials contracts. Given the nature of the business and the uniformity of service type, customers, and contract terms, the revenue has been presented as a single category. Revenue is recognized over time as services are rendered, based on hours incurred and invoiced to the customer, in accordance with the performance obligations set out in each contract. The Company applies the practical expedient under IFRS 15.121, recognizing revenue at the time of invoicing, as this corresponds directly with the value of the service transferred to the customer.

**12.** **Cost of sales** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended**<br> **June 30, 2025** | **For the year ended**<br> **June 30, 2025** | For the year ended <br>June 30, 2024 | For the year ended <br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| Salaries and wages | | **11,876,908** | | 10,774,956 |
|  | | **11,876,908** | | 10,774,956 |

---

**13.** **General and administrative expenses** 

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br> **June 30, 2025** | For the year ended <br>June 30, 2024 |
|  | **AUD** | AUD |
| Office expense | **13297** | 469 |
| Accrued Superannuation | **10357** | (8800) |
| Travel | **3907** | 45750 |
|  | **27561** | 37419 |

---

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**Nisus Payroll Pty Ltd**

**Notes to the Financial Statements**

**For the year ended June 30, 2025**

------

**14.** **Interest Income** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended**<br> **June 30, 2025** | **For the year ended**<br> **June 30, 2025** | For the year ended <br>June 30, 2024 | For the year ended <br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| Interest Income | | **6,126** | | 4,791 |
|  | | **6,126** | | 4,791 |

---

**15.** **Other income** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended**<br> **June 30, 2025** | **For the year ended**<br> **June 30, 2025** | For the year ended <br>June 30, 2024 | For the year ended <br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| Other income | | **7,584** | | 490 |
|  | | **7,584** | | 490 |

---

**16.** **Earning per share** 

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br> **June 30, 2025** | For the year ended <br>June 30, 2024 |
|  | **AUD** | AUD |
| Profit & loss attributable to the ordinary equity holders of the company | **(7139)** | 13612 |
| Weighted average number of ordinary shares | **120** | 120 |
| Basic earnings / (loss) per share | **(59)** | 113 |
| Diluted earnings / (loss) per share | **(59)** | 113 |

---

**17.** **Financial Instruments** 

**Classes and categories of financial instruments**

The carrying amounts of financial assets and financial liabilities in each category are as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | June 30, 2024 |
|  | **AUD** | AUD |
| **Financial Assets** |  |  |
| Measured at amortized cost: |  |  |
| Income taxes receivable | **-** | 904 |
| Trade and other receivables | **1310587** | 1505785 |
| Cash and cash equivalents | **278265** | 365043 |
| **Financial Liabilities** |  |  |
| Measured at amortized cost: |  |  |
| Trade and other payables | **1342665** | 1343837 |
| Accrued and other liabilities | **239408** | 513977 |

---

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**Nisus Payroll Pty Ltd**

**Notes to the Financial Statements**

**For the year ended June 30, 2025**

------

**Fair Value Measurement**

All financial assets and financial liabilities are measured at amortized cost, and their carrying values approximate their fair values.

**Market Risk**

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk, and other price risk. The entity is not exposed to interest rate risk.

**Interest Rate Risk**

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The entity is not exposure to the risk of changes in market interest rates

**Credit Risk**

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The entity is not exposed to credit risk

**Liquidity Risk**

Liquidity risk is the risk that the entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The entity is not exposed to credit risk

**Maturities of Financial Liabilities**

The following tables detail the entity's remaining contractual maturity for its non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the entity can be required to pay.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Liabilities** | **< 1 year** | **< 1 year** | **1-5 years** | **> 5 years** |
| Trade and other payables |  | 1342665 |  |  |
| Accrued and other liabilities |  | 239408 |  |  |

---

**18.** **Contingencies and commitments** 

As at June 30, 2025, the Company had no contingent liabilities.

Contingent liabilities are potential liabilities that may arise depending on the outcome of an uncertain future event. They are not recognized in the financial statements because their existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company.

The Company continuously monitors and assesses all potential risks and uncertainties that may impact its financial position. As of the reporting date, the Company has not identified any contingent liabilities that need to be disclosed.

**19.** **Events after the reporting date** 

No adjusting or significant non-adjusting events have occurred between the June 30, 2025 (reporting date) and the date of authorisation.

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**Vega Global Technologies Pty Ltd**

Financial Statements

For the year ended June 30, 2025

[**Table of Contents**](#fin_toc)

![](vega_001.jpg)

**<u>Independent Auditor's Report</u>**

**Opinion on the Financial Statements**

We have audited the financial statements of Vega Global Technologies Pty Limited (the Company) which comprise the statement of financial position as at June 30, 2025 and 2024, and the related statements of profit or loss and other comprehensive income, changes in equity, and cash flows for the years ended June 30, 2025 and 2024 and the related notes to the financial statements including a summary of significant accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects, the Statement of financial position of the Company at June 30, 2025 and 2024 and the related statements of profit or loss and other comprehensive income, changes in equity, and cash flows for the periods above mentioned, in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

**Basis for Opinion**

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company, and have fulfilled our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Responsibilities of Management and Those Charged with Governance for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standard (IFRS) as issued by International Accounting Standards Board (IASB), and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued.

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users made on the basis of these financial statements.

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In performing an audit in accordance with US GAAS, we:

● Use professional judgment and exercise professional skepticism throughout the audit.

● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

● 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 internal controls. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and internal control related matters identified during our audit.

![](fin_03.jpg)

Akhil Sobti, Chartered Accountant – CAANZ Membership No 449425

AICPA Membership No 402307223

19 September 2025

![](fin_04.jpg)

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**Vega Global Technologies Pty Ltd**

**Statement of Financial Position**

**As at June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Notes** | **As at**<br>**June 30, 2025** | As at<br>June 30, 2024 |
|  |  | **AUD** | AUD |
| **Assets** |  |  |  |
| **Non-current assets** |  |  |  |
| **Property, plant and equipment** |  |  |  |
| Intangible Assets | **4** | **1** | 1 |
| **Total non-current assets** |  | **1** | 1 |
| **Current assets** |  |  |  |
| Cash and cash equivalents | **5** | **100** | 100 |
| **Total current assets** |  | **100** | 100 |
| **Total assets** |  | **101** | 101 |
| **Equity and liabilities** |  |  |  |
| **Equity** |  |  |  |
| Shareholder's equity | **6** | **100** | 100 |
| Retained earnings |  | **-** | - |
| **Total equity** |  | **100** | 100 |
| **Liabilities** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade and other payables | **7** | **1** | 1 |
| **Total current liabilities** |  | **1** | 1 |
| **Total equity and liabilities** |  | **101** | 101 |

---

*The accompanying notes are an integral part of these financial statements*

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**Vega Global Technologies Pty Ltd**

**Statements of profit or loss and other comprehensive income**

**For the year ended June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **For the year ended<br> June 30, 2025** | For the year ended<br> June 30, 2024 |
|  |  | **AUD** | AUD |
| Revenue |  | **-** |  |
| Operating Expenses |  | **-** |  |
| Operating income |  | **-** |  |
| Other income |  | **-** | - |
| **income before tax** |  | **-** |  |
| Tax expense |  | **-** | - |
| **Net income and total comprehensive income** |  | **-** | - |
| Number of common shares outstanding - basic and diluted |  | **2030682** | 2030682 |
| **Basic and diluted earnings per share** |  | **-** |  |

---

*The accompanying notes are an integral part of these financial statements*

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**Vega Global Technologies Pty Ltd**

**Statement of Changes in Equity**

**For the year ended June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Share Capital** | **Retained Earnings/<br> (Accumulated losses)** | **Total Equity** |
|  | **AUD** | **AUD** | **AUD** |
| Balance as at June 30, 2023 | 100 |  |  |
| Net income for the year | **-** |  |  |
| Balance as at June 30, 2024 | 100 |  |  |
| Net income of the Year | - |  |  |
| **Balance as at June, 2025** | **100** |  |  |

---

*The annexed notes are integral part of these financial statements*

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**Vega Global Technologies Pty Ltd**

**Statement of Cash Flows**

**For the year ended June 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br> June** **30, 2025** | For the year ended<br> June 30, 2024 |
|  | **AUD** | AUD |
| **Cash flows from operating activities** |  |  |
| Income for the year | **-** |  |
| **Net Cash generated/(used in) from operating activities** | **-** | - |
|  | **-** | - |
| **Cash flows from investing activities** |  |  |
| **Cash generated/(used in) from investing activities** | **-** | - |
| **Cash flows from financing activities** |  |  |
| Other cash items from financing activities | **-** | - |
| **Cash generated/(used in) financing activities** | **-** |  |
| Net increase / (decrease) in cash and cash equivalents | **-** |  |
| Cash and cash equivalents at beginning of the year | **100** | 100 |
| **Cash and cash equivalents at end of the year** | **100** | 100 |

---

*The accompanying notes are an integral part of these financial statement*s

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**Vega Global Technologies Pty Ltd**

**Notes to the financial statements**

**For the year ended June 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>General information and basis of presentation</u>** 

Vega Global Technologies Pty Ltd (Previously Intelsec Pty Ltd), established in April 11, 2023, is a leading global system integrator and managed service provider specializing in digital workplace systems, audiovisual solutions, video conferencing, and collaboration technologies.

These financial statements have been prepared using International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS") applicable to a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business as they become due.

The financial statements of Nisus Australia are presented in Australian dollars (AUD) and are rounded to the nearest AUD.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Basis of presentation, preparation and compliance** 

**Statement of compliance**

The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB")

**Standards, interpretations and amendments to approved accounting standards which became effective during the year**

There are certain amendments to the accounting and reporting standards which became effective during the year and are adopted by the Company for the financial year beginning on July 01, 2024. However, these amendments do not have any significant impact on the Company's financial reporting, and therefore have not been presented in these unconsolidated financial statements.

**Standards, interpretations and amendments to approved accounting standards that are issued but not yet effective and have not been early adopted by the Company**

The following standards, amendments with respect to approved accounting standards as applicable would be effective from dates mentioned below and have not been early adopted by the company:

---

| | | |
|:---|:---|:---|
| **Standard name** | **Title** | **Effective date** |
| IAS 1 | Presentation of financial statements', Classification of liabilities as current or non-current — (Amendments) | 1-Jan-24 |
| IAS 7 | Statement of cash flows', Changes regarding supplier finance arrangements — (Amendments) | 1-Jan-26 |
| IAS 21 | 'The Effects of Changes in Foreign Exchange Rates', Lack of exchangeability — (Amendments) | 1-Jan-25 |
| IFRS 7 | 'Financial instruments: Disclosures', Changes regarding supplier finance arrangements — (Amendments) | 1-Jan-26 |
| IFRS 9 | 'Financial instruments: Disclosures', To address matters identified during the post-implementation review of the classification and measurement requirements of IFRS 9 — (Amendments) | 1-Jan-26 |
| IFRS 16 | Leases', Sale and Leaseback transactions — (Amendments) | 1-Jan-24 |
| IFRS 17 | 'Insurance contracts' | 1-Jan-26 |

---

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**Vega Global Technologies Pty Ltd**

**Notes to the financial statements**

**For the year ended June 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Material accounting policies** 

**Going Concern**

The management has assessed the company's ability to continue as a going concern and has concluded that it is appropriate to prepare the financial statements on a going concern basis. The assessment was based on the company's current financial position, cash flow projections, and the availability of financial resources. The financial statements have accordingly been prepared on a going concern basis, which assumes that the company will continue to operate for the foreseeable future

**Foreign Currency Translation**

Monetary assets and liabilities denominated in foreign currencies are translated into entity's functional currency as rates of exchange in effect at the statement of financial position date. Revenues and expenses denominated in foreign currencies are translated into each entity's functional currency at rates prevailing on the transaction dates. Gains and losses resulting from translation of monetary assets and liabilities denominated in currencies other than the Company's functional currency are included in the determination of income for the year.

**Cash and Cash Equivalents**

Cash and cash equivalents consist of cash on hand, deposits held with banks and highly liquid short-term securities with maturities of three months or less at the date of purchase.

**Trade Receivables**

Trade receivables are recognized initially at the amount of consideration that is unconditional, unless they contain significant financing components when they are recognized at fair value.

**Inventories**

Inventories are valued at the lower of cost and net realizable value. Net realizable value is the estimated selling price less cost to complete and applicable selling expenses.

**Property, plant and equipment**

Property, plant and equipment are recorded at cost less accumulated depreciation and impairments. Costs include expenditures that are directly attributable to the acquisition of the asset. Subsequent costs are included in the asset's carrying value or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost can be measured reliably. The carrying value of a replaced asset is derecognized when replaced. Maintenance and repairs are expensed as incurred. Property, plant and equipment are depreciated from the point at which the asset is ready for use. Depreciation is computed using the methods and rates based on the estimated useful lives of the property.

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**Vega Global Technologies Pty Ltd**

**Notes to the financial statements**

**For the year ended June 30, 2025**

The Company follows a policy of capitalizing tangible assets that have an individual cost exceeding AUD 5,000. Assets with a cost of AUD 5,000 or below are expensed in the period they are incurred. This threshold is reviewed periodically and adjusted if necessary. plant and equipment as outlined below:

---

| | | |
|:---|:---|:---|
| **Class of fixed assets** | **Depreciation rate (%)** | **Depreciation method** |
| Plant and equipment | 10 to 40 | Diminishing value |
| Motor vehicles | 10 to 40 | Diminishing value |
| Leasehold improvements | 2.5 to 25 | Diminishing value |
| Low value pool | 20 to 40 | Diminishing value |

---

**Provisions**

Provisions are liabilities of uncertain timing or amount. A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation for which the amount can be estimated reliably, and it is more likely than not that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at management's best estimate of the expenditure required to settle the obligation. When the effect of discounting is significant, the amount of the provision is determined by discounting the expected cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Provisions are reviewed at each reporting date and any changes to estimates are reflected in the statement of operations.

**Income Taxes**

Income tax expense comprises current and deferred tax. Current income tax and deferred income tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income (loss), in which case the current and/or deferred tax is also recognized directly in equity or other comprehensive income (loss). Current income taxes is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years that are expected to be paid. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. The Company establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

**Earnings per share**

Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares outstanding during the period. Diluted earnings (loss) per share is calculated by adjusting net income (loss) and weighted average number of shares outstanding during the period for the effects of dilutive potential shares, which includes any options granted.

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**Vega Global Technologies Pty Ltd**

**Notes to the financial statements**

**For the year ended June 30, 2025**

**Revenue recognition**

Vega Global is engaged in system integration and provision of managed services, specializing in digital workplace systems, audiovisual solutions, video conferencing, and collaboration technologies.

Revenue is derived from the services provided to customers. In accordance with IFRS 15 – Revenue from Contracts with Customers, revenue is recognized when the Company satisfies its performance obligations by transferring the agreed services to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services.

For digital workplace systems, audiovisual solutions, video conferencing, and collaboration technologies, the Company typically enters into Time & Material Agreements. Under these arrangements, revenue is recognized based on the actual time (measured in hours) incurred in providing services to customers during each invoicing period, generally on a monthly basis.In line with the practical expedient of the invoice method under IFRS 15, the Company recognizes revenue from services at the time of invoicing, provided that:

The Company has an enforceable right to payment

The Company has fulfilled its service obligations to the customer.

**Financial Liabilities**

**<u>Initial measurement</u>**

All financial assets and liabilities are initially measured at cost which is the fair value of the consideration given or received. These are subsequently measured at fair value, amortized cost or cost as the case may be.

The classification of financial assets at initial recognition depends on the financial asset's contractual cash flow characteristics and the Company's business model for managing them. With the exception of trade receivables, amounts due from related parties and bank balances that do not contain a significant financing component or for which the Company has applied the practical expedient, the Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.

Trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient are measured at the transaction price determined under IFRS 15. Refer to the accounting policy in Revenue Recognition.

In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are 'solely payments of principal and interest (SPPI)' on the principal amount outstanding.

The Company's business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.

Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognised on the trade date, i.e., the date that the Company commits to purchase or sell the asset.

The Company's financial assets include bank balances and trade receivables.

**<u>Subsequent Measurement</u>**

The measurement of financial liabilities depends on their classification as described below:

Financial Liabilities at Fair Value through Profit or Loss

The Company has not designated any financial liability as fair value through profit or loss.

Borrowings

Borrowings are initially recognised at the fair value of the consideration received less directly attributable transaction costs

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**Vega Global Technologies Pty Ltd**

**Notes to the financial statements**

**For the year ended June 30, 2025**

After initial recognition, borrowings are subsequently measured at amortised cost using the effective interest rate method ("EIR"). Gains and losses are recognised in the statement of comprehensive income when the liabilities are derecognised as well as through the amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance costs in the statement of comprehensive income.

Instalments due within one year are shown as a current liability.

Accrued expenses

Liabilities are recognised for amounts to be paid in the future for goods or services received, whether billed by the supplier or not

**<u>Fair Value of Financial Instrument</u>**

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

In the principal market for the asset or liability, Orin the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible to by the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

**<u>Offsetting of Financial Instruments</u>**

Financial assets and financial liabilities are offset, and the net amount reported in the statement of financial position if, and only if, there is a currently enforceable legal right to offset the recognized amounts and the Company intends to settle on a net basis, or to realize the assets and liabilities simultaneously.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Intangible Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| Cost |  | **1** |  | 1 |
| Additions during the year |  | **-** |  |  |
| Accumulated Amortization |  | **-** |  |  |
| Amortization Expense During the year | | **-** | | - |
| **Net Book Value** | | **1** | | 1 |

---

[**Table of Contents**](#fin_toc)

**Vega Global Technologies Pty Ltd**

**Notes to the financial statements**

**For the year ended June 30, 2025**

On 10 July 2023, the Company entered into a Heads of Agreement with Natraj Balasubramanian (a director of the Company) to acquire 100% of the intellectual property (IP) legally and beneficially owned by Natraj Balasubramanian. Under the terms of the agreement, Natraj Balasubramanian assigned full ownership of the IP to the Company, free from encumbrances, in consideration for nominal cash payment of AUD 1 (inclusive of GST).

Settlement occurred on 12 July 2023, at which time legal title to the IP was transferred to the Company. The IP was recognized as an intangible asset at its acquisition cost of AUD 1

The Company considers the recognition of the IP at nominal value to represent a significant judgment under IAS 1.122, given the unusual nature of the transaction and the fact that it was not conducted at fair value.

**Amortization and Useful Life**

The IP is not yet being amortised, as management is in the process of determining its useful life and whether it has an indefinite or finite life. Once determined, the asset will be amortised on a systematic basis over its useful life.

**Impairment Testing**

In accordance with IAS 36, management has assessed the IP for impairment as at 30 June 2025. No impairment indicators were identified, and the recoverable amount of the IP was not considered to be lower than its carrying value of AUD 1.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Cash and cash equivalents** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| Cash at bank |  | **-** |  |  |
| Cash in hand | | **100** | | 100 |
|  | | **100** | | 100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Share capital** 

The share capital of the Company consists only of fully paid ordinary shares with a nominal (par) value of AUD 100 all shares. All shares are equally eligible to receive dividends and the repayment of capital and represent one vote at shareholders' meetings of the Company.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| Fully paid Ordinary Shares- Numbers |  | **2,030,682** |  | 2030682 |
| Fully paid Ordinary Shares - Amount (AUD) |  | **100** |  | 100 |

---

[**Table of Contents**](#fin_toc)

**Vega Global Technologies Pty Ltd**

**Notes to the financial statements**

**For the year ended June 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Trade and other payables** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  | **AUD** | **AUD** | AUD | AUD |
| Trade Payable | | **1** | | 1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Related Party Transactions** 

In accordance with IAS 24 Related Party Disclosures, the Company has identified the following related party relationships and transactions:

**Key Management Personnel**

Natraj Balasubramanian serves as a director of the Company. As such, Natraj Balasubramanian is considered a related party.

**Transactions with Related Parties**

During the year ended 10 July 2023, the Company acquired intellectual property (IP) from Natraj Balasubramanian. Under a Heads of Agreement, Natraj Balasubramanian assigned 100% of the legal and beneficial ownership of the IP to the Company.

Consideration for the IP assignment was AUD 1 (inclusive of GST).

Legal title to the IP transferred on settlement, two business days after execution of the agreement.

The IP has been recognized in the Company's Statement of Financial Position as an intangible asset at cost (AUD 1)

No other transactions were undertaken with Natraj Balasubramanian in their capacity as a director.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Earnings per share** 

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br> **June 30, 2025** | For the year ended <br>June 30, 2024 |
|  | **AUD** | AUD |
| Profit attributable to the ordinary equity holders of the company | **-** |  |
| Weighted average number of ordinary shares | **1925797** | 1925797 |
| Basic earnings / (loss) per share | **-** |  |
| Diluted earnings / (loss) per share | **-** |  |

---

[**Table of Contents**](#fin_toc)

**Vega Global Technologies Pty Ltd**

**Notes to the financial statements**

**For the year ended June 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Financial Instruments** 

**Classes and categories of financial instruments**

The carrying amounts of financial assets and financial liabilities in each category are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **June 30, 2025** | **As at**<br> **June 30, 2025** | As at <br>June 30, 2024 | As at <br>June 30, 2024 |
|  |  | **AUD** |  | AUD |
| **Financial Assets** |  |  |  |  |
| Measured at amortized cost: |  |  |  |  |
| -Cash and cash equivalents |  | **100** |  | 100 |
| **Financial Liabilities** |  |  |  |  |
| Measured at amortized cost: |  |  |  |  |
| -Trade and other payables |  | **1** |  | 1 |

---

**Fair Value Measurement**

All financial assets and financial liabilities are measured at amortized cost, and their carrying values approximate their fair values.

**Financial Risk Management Objectives and Policies**

"The Company's principal financial liabilities comprise trade payables. The main purpose of these financial liabilities is to finance the entity's operations. The Company's principal financial assets include loans, trade receivables, and cash and cash equivalents that derive directly from its operation

**Market Risk**

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk, and other price risk. The entity is not exposed to interest rate risk

**Interest Rate Risk**

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The entity is not exposure to the risk of changes in market interest rates

**Credit Risk**

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The entity is exposed to credit risk from its operating activities primarily trade receivables.

**Trade Receivables**

The Company trades only with recognized, creditworthy third parties. It is the Company's policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the entity's exposure to bad debts is not significant.

[**Table of Contents**](#fin_toc)

**Vega Global Technologies Pty Ltd**

**Notes to the financial statements**

**For the year ended June 30, 2025**

**Liquidity Risk**

Liquidity risk is the risk that the entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The entity monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial investments and financial assets.

**Maturities of Financial Liabilities**

The following tables detail the entity's remaining contractual maturity for its non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the entity can be required to pay.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Liabilities** | **< 1 year** | **< 1 year** | **1-5 years** | **> 5 years** |
| Trade and other payables |  | 1 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Contingencies and commitments** 

As at 30 June 2025, the Company has no contingent liabilities

Contingent liabilities are potential liabilities that may arise depending on the outcome of an uncertain future event. They are not recognized in the financial statements because their existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company.

The Company continuously monitors and assesses all potential risks and uncertainties that may impact its financial position. As of the reporting date, the Company has not identified any contingent liabilities that need to be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Events After The Reporting Date** 

No adjusting or significant non-adjusting events have occurred between June 30, 2025 (reporting date) and the date of authorisation.

[**Table of Contents**](#TOC_001)

**The date of this Prospectus is November 10, 2025**

**Through and including December 26, 2025 (approximately the 25<sup>th</sup> day after the listing date of our ordinary shares), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus.**

[**Table of Contents**](#TOC_001)

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

***Item 13. Other Expenses of Issuance and Distribution***

The following table sets forth the costs and expenses payable by us in connection with this registration statement and the listing of our Class A ordinary shares. All amounts shown are estimates except for the SEC registration fee and the Primary Exchange listing fee.

---

| | |
|:---|:---|
| SEC registration fee | $\* |
| the Primary Exchange listing fee | \* |
| Legal fees and expenses | \* |
| Accounting fees and expenses | \* |
| Advisory fee | \* |
| Printing and engraving expenses | \* |
| Transfer agent fees and expenses | \* |
| Miscellaneous expenses | \* |
| Total | $\* |

---

\* to be filed by amendment.

***Item 14. Indemnification of Directors and Officers***

*Australian law*

Australian law provides that a company or a related body corporate of the company may provide for indemnification of officers and directors, except to the extent of any of the following liabilities incurred as an officer or director of the company:

● a liability owed to the company or a related body corporate of the company;

● a liability for a pecuniary penalty order made under section 1317G or a compensation order under section 961M, 1317H, 1317HA, 1317HB, 1317HC or 1317HE of Corporations Act;

● a liability that is owed to someone other than the company or a related body corporate of the company and did not arise out of conduct in good faith; or

● legal costs incurred in defending an action for a liability incurred as an officer or director of the company if the costs are incurred:

● in defending or resisting proceedings in which the officer or director is found to have a liability for which they cannot be indemnified as set out above;

● in defending or resisting criminal proceedings in which the officer or director is found guilty;

● in defending or resisting proceedings brought by the ASIC or a liquidator for a court order if the grounds for making the order are found by the court to have been established (except costs incurred in responding to actions taken by the ASIC or a liquidator as part of an investigation before commencing proceedings for a court order); or

● in connection with proceedings for relief to the officer or a director under the Corporations Act, in which the court denies the relief.

*Constitution*

Our Constitution is consistent with the above provisions in respect of the indemnification of an officer of the company.

*Indemnification and Insurance Agreements*

We have agreed to indemnify our executive officers and non-employee directors against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director or officer. We also maintain insurance policies that indemnify our directors and executive officers against various liabilities arising under the Securities Act and the Exchange Act that might be incurred by any director or officer in his or her capacity as such.

[**Table of Contents**](#TOC_001)

*SEC Position*

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

***Item 15. Recent Sales of Unregistered Securities***

The following sets forth information regarding all unregistered securities we have issued since June 30, 2025:

On September 7, 2025, Braiin and Vega entered into a new binding Heads of Agreement (the "Vega Agreement"), pursuant to which Braiin will acquire 100% of the shares of Vega for an aggregate consideration of approximately $85,000,000.

Pursuant to the binding Amended and Restated Heads of Agreement, dated July 02, 2025, by and between Braiin and Connect Simple Pty Ltd., Braiin will issue an aggregate of $98 million ordinary shares to acquire 100% of the shares of Connect Simple.

***Item 16. Exhibits and Financial Statement Schedules***

***Exhibits***

See the Exhibit Index immediately preceding the signature page hereto for a list of exhibits filed as part of this registration statement, which Exhibit Index is incorporated herein by reference.

***Financial Statement Schedules***

All financial statement schedules are omitted because the information called for is not required or is shown either in the financial statements or in the accompanying notes.

***Item 17. Undertakings***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant
 hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period
 in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus
 required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus
 any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof)
 which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.
 Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered
 would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may
 be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
 represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee"
 table in the effective registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information
 with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information
 in the registration statement;

Provided, however, that paragraphs (a)(1)(i), (ii), and (iii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act, that are incorporated by reference in the registration statement.

[**Table of Contents**](#TOC_001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of
 determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement
 relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration
 by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of
 determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration
 statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance
 on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness.
 Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made
 in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration
 statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was
 made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
 prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of
 determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the
 undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
 statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold
 to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and
 will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus
 or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus
 relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other
 free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities
 provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that
 is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Insofar as indemnification
 for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant
 pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification
 is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
 against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
 person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
 person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has
 been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it
 is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of determining
 any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement
 in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h)
 under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purpose of determining
 any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new
 registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
 to be the initial bona fide offering thereof.

[**Table of Contents**](#TOC_001)

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 2.1 | [Binding Heads of Agreement Contract by and between Braiin and Vega Global Technologies Pty Ltd dated September 7, 2025](ex2-1.htm) |
| 2.2 | [Heads of Agreement, dated September 21, 2024, by and between Braiin and VIS Networks PVT LTD](ex2-2.htm) |
| 2.3 | [Heads of Agreement, dated September 21, 2024, by and between Braiin and VIS Networks PVT LTD](ex2-3.htm) |
| 2.4 | [Heads of Agreement, dated April 6, 2024, by and between Vega and Mirragin RAS Consulting Pty Ltd CAN 149 788 165](ex2-4.htm) |
| 2.5 | [Heads of Agreement, dated April 6, 2024, by and between Vega and Mirragin Project Isidore Pty Ltd CAN 663 281 034](ex2-5.htm) |
| 2.6 | [Amended and Restated Heads of Agreement, dated June 27, 2025, by and between Braiin and VIS Networks PVT LTD](ex2-6.htm) |
| 2.7 | [Amended and Restated Heads of Agreement, dated May 10, 2025, by and between Braiin and VIS Networks PVT LTD](ex2-7.htm) |
| 2.8 | [Second Amended and Restated Heads of Agreement, dated June 27 2025, by and between Braiin and VIS Networks PVT LTD](ex2-8.htm) |
| 2.9 | [Third Amended and Restated Heads of Agreement, dated September 5, 2025, by and between Braiin and VIS Networks PVT LTD](ex2-9.htm) |
| 2.10 | [Third Amended and Restated Heads of Agreement, dated September 5, 2025, by and between Braiin and VIS Networks PVT LTD](ex2-10.htm) |
| 2.11 | [Amended and Restated Heads of Agreement, dated May 6, 2024, by and between Vega and Mirragin RAS Consulting Pty Ltd CAN 149 788 165](ex2-11.htm) |
| 2.12 | [Second Amended and Restated Heads of Agreement, dated August 24 2024, by and between Vega and Mirragin RAS Consulting Pty Ltd CAN 149 788 165](ex2-12.htm) |
| 2.13 | [Third Amended and Restated Heads of Agreement, dated September 22, 2024, by and between Vega and Mirragin RAS Consulting Pty Ltd CAN 149 788 165](ex2-13.htm) |
| 2.14 | [Fourth Amended and Restated Heads of Agreement, dated June 10, 2025, by and between Vega and Mirragin RAS Consulting Pty Ltd CAN 149 788 165](ex2-14.htm) |
| 2.15 | [Fifth Amended and Restated Heads of Agreement, dated September 5, 2025, by and between Vega and Mirragin RAS Consulting Pty Ltd CAN 149 788 165](ex2-15.htm) |
| 2.16 | [Amended and Restated Heads of Agreement, dated May 6, 2024, by and between Vega and Mirragin Project Isidore Pty Ltd CAN 663 281 034](ex2-16.htm) |
| 2.17 | [Second Amended and Restated Heads of Agreement, dated September 24, 2024, by and between Vega and Mirragin Project Isidore Pty Ltd CAN 663 281 034](ex2-17.htm) |
| 2.18 | [Third Amended and Restated Heads of Agreement, dated June 10, 2025, by and between Vega and Mirragin Project Isidore Pty Ltd CAN 663 281 034](ex2-18.htm) |
| 2.19 | [Fourth Amended and Restated Heads of Agreement, dated September 6, 2025, by and between Vega and Mirragin Project Isidore Pty Ltd CAN 663 281 034](ex2-19.htm) |
| 2.20 | [Amended and Restated Share Sale Agreement, dated September 5, 2025 by and among Vega Global Technologies Pty LTD, NI Family Investments PTY LTD, Nisus Australia Pty Ltd, Nisus Payroll Pty Ltd, Xiaolong Ni and Braiin Limited](ex2-20.htm) |
| 2.21 | [Heads of Agreement, dated July 2, 2025, by and between Connect Simple Pty Ltd and Braiin Limited](ex2-21.htm) |
| 2.22 | [Amended and Restated Heads of Agreement, dated September 5, 2025, by and between Connect Simple Pty Ltd and Braiin Limited](ex2-22.htm) |
| 2.23 | [Amended and Restated heads of Agreement, dated September 23, 2025, by and between Braiin Limited and Vega Global Technologies Pty Ltd.](ex2-23.htm) |
| 4.1\* | Specimen Ordinary Share Certificate of Braiin Limited |
| 5.1\* | Opinion as to validity of securities being registered |
| 10.1\* | Binding Heads of Agreement Contract between the Company and Raptor300 Inc. |
| 10.2\* | Service Agreement, dated October 18, 2022, by and between Raptor300 Inc. and Namunukula Plantations, PLC |
| 10.3\* | Service Agreement, dated August 1, 2019, by and between Raptor 300Inc. and Maskeliya Plantations PLC |
| 10.4\* | Service Agreement, dated October 18, 2022, by and between Raptor300 Inc. and Kegalle Plantations PLC |
| 10.5\* | Service Agreement, dated August 1, 2019, by and between Raptor300 Inc. and Kelani Valley, Talawakelle & Horana Plantations PLC |
| 10.6\* | Service Agreement, dated June 28, 2021, by and between Raptor300 Inc. and Assam Company India Limited |
| 10.7\* | Service Agreement, dated November 2, 2022, by and between Raptor300 Inc. and Lamken Tea & Rubber Plantations (Private) Limited |
| 10.8\* | Service Agreement, dated April 10, 2025, by and between Raptor300 Pvt. Ltd. and Sri Lankan Tea Factory Owners Association |
| 10.9 | [Amended and Restated Subscription Agreement, dated July 2, 2025, by and between Braiin Limited and Chetan Saligrama](ex10-9.htm) |
| 10.10 | [Binding Term Sheet, dated March 11, 2025 by and between Braiin Limited and TWCC VIC Pty Ltd.](ex10-10.htm) |
| 10.11\*† | Executive Services Agreement, dated July 3, 2025, by and between Chetan Saligrama and Braiin Limited |
| 10.12\*† | Executive Services Agreement, dated July 3, 2025, by and between Rohit Jhamb and Braiin Limited |
| 10.13\* | Service Agreement, dated January 24, 2025, by and between Raptor300 Pvt. Ltd. and Sri Lankan Tea Factory Owners Association |

---

[**Table of Contents**](#TOC_001)

---

| | |
|:---|:---|
| **Exhibit <br> Number** | **Description** |
| 21.1\* | List of Subsidiaries |
| 23.2 | [Consent of BDO Audit Pty Ltd as to Braiin Limited](ex23-2.htm) |
| 23.3\* | Consent of AM Business Advisory as to Nisus Australia Pty Limited |
| 23.4\* | Consent of AM Business Advisory as to Connect Simple Pty Ltd |
| 23.5\* | Consent of AM Business Advisory as to Nisus Payroll |
| 23.6\* | Consent of AM Business Advisory as to VIS Networks Private Limited |
| 23.7\* | Consent of AM Business Advisory as to Mirragin RAS Consulting Pty Limited |
| 24.1 | [Power of Attorney (see signature page)](#poa_001) |
| 107 | [Filing Fee Table](ex107.htm) |

---

\* To be filed by amendment

**\*\* Previously filed**

**† Management contract, compensatory plan or other arrangement**

[**Table of Contents**](#TOC_001)

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of New York, New York on November 10, 2025.

---

| | |
|:---|:---|
| **BRAIIN LIMITED** | **BRAIIN LIMITED** |
| By: | */s/ Natraj Balasubramanian* |
|  | Natraj Balasubramanian |
|  | Chief Executive Officer |

---

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Natraj Balasubramanian as his or her true and lawful attorney-in-fact, with full power of substitution and resubstitution for his or her and in his or her name, place and stead, in any and all capacities to sign any and all amendments including post-effective amendments to this registration statement on Form F-1 and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that said attorney-in-fact or his substitute, acting alone, may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Natraj Balasubramanian* | Chief Executive Officer, Director | November 10, 2025 |
| Natraj Balasubramanian | *(Principal Executive Officer)* |  |
| */s/ Jay Stephenson* | Chief Financial Officer, Director | November 10, 2025 |
| Jay Stephenson | *(Principal Financial and Accounting Officer)* |  |
| */s/ Rohit Jhamb* | Director | November 10, 2025 |
| Rohit Jhamb |  |  |
| */s/ Chetan Saligrama* | Director | November 10, 2025 |
| Chetan Saligrama |  |  |

---

[**Table of Contents**](#TOC_001)

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of Braiin Limited, has signed this registration statement or amendment thereto in New York on November 10, 2025.

---

| | |
|:---|:---|
| Authorized U.S. Representative | Authorized U.S. Representative |
| **Cogency Global Inc.** | **Cogency Global Inc.** |
| By: | */s/ Colleen A. De Vries* |
| Name: | Colleen A. De Vries |
| Title: | Senior Vice President |

---

## Exhibit 2.1

**Exhibit 2.1**

**BINDING HEADS OF AGREEMENT**

**PRIVATE AND CONFIDENTIAL**

This heads of agreement (**Agreement**) sets out the terms upon which **Braiin Limited** (ACN 660 713 093) (**Braiin**) agrees to make an offer to the shareholders of **Vega Global Technologies Pty Ltd** (ACN 667 154 261) (**Vega**) (the **Shareholders**), to acquire their fully paid ordinary shares in Vega (**Vega Shares**) and fully replaces and supersedes any prior agreement between Braiin and Vega.

The Directors of Vega have agreed to use their best endeavours to procure that each of the Shareholders accepts the offer when made by Braiin.

This Agreement supersedes any and all previous correspondence, agreements or understandings between the parties, in respect of the subject matter of this Agreement and is binding on all of the parties to it (**Parties**). Vega of the one part, and Braiin of the other part, must jointly and severally procure that each complies with this Agreement.

---

| | | |
|:---|:---|:---|
| **1.** | **Acquisition** | Subject to the satisfaction or waiver of the conditions precedent set out in clause 4 below (**Conditions Precedent**), Braiin agrees to make an offer (**Offer**) to each of the Shareholders to acquire the Vega Shares, free from encumbrances, for the consideration referred to in clause 2 below (the **Acquisition**). |
| **2.** | **Consideration** | Subject to the terms and conditions of this Agreement, Braiin agrees to issue the Shareholders (or their nominees) fully paid ordinary shares in the capital of Braiin, which will have an aggregate value equal to US$84,830,797 at the time of the exchange for the shares of Braiin (**Consideration Shares**), to be apportioned amongst the Shareholders.<br> The Consideration Shares will be issued on settlement of the Listing (**Settlement**). |
| **3.** | **Restrictions on Consideration Shares** | Vega agrees use its best endeavours that each of the Shareholders enter into a restriction agreement with Braiin or its nominee in respect of the Consideration Shares. |
| **4.** | **Conditions Precedent** | Settlement is conditional upon the satisfaction (or waiver) of the following Conditions Precedent: |
|  | (a) | **Offer acceptance** |
|  |  | All of the Shareholders accepting the Offer, which shall be consistent with the terms set out in this Agreement, except to the extent otherwise agreed by the Parties; |

---

---

| | | |
|:---|:---|:---|
|  | (b) | **Admission to NASDAQ:** |
|  |  | Braiin's or its affiliate's securities have been preliminary approved by NASDAQ for listing and trading following the consummation of the listing transaction; and |
|  | (c) | **Approvals:** |
|  |  | Each of the Parties obtaining all necessary corporate, shareholder and regulatory approvals necessary to lawfully complete the Acquisition; and |
|  | (d) | **Effectiveness of Registration Statement:** |
|  |  | Braiin has received written notification from the United States Securities and Exchange Commission that its Registration Statement has been approved and is declared effective. |
|  |  | Condition Precedent (a) is for the benefit of Braiin and may only be waived by Braiin giving written notice to Vega. Conditions Precedent (b)-(c) are for the benefit of both Vega and Braiin and may only be waived by mutual agreement in writing of Vega and Braiin. |
|  |  | If the Conditions Precedent are not satisfied (or waived b) on or before 5.00pm (WST) on the later of (i) the listing of the securities on Nasdaq and (ii) 30 October 2025 (or such other date agreed by the Parties in writing), or become incapable of being satisfied and are not waived (**End Date**) any Party may terminate this Agreement by notice in writing to the other Parties, in which case, the agreement constituted by this Agreement will be at end and the Parties will be released from their obligations under this Agreement (other than in respect of any breaches that occurred prior to termination). |
|  |  | The Parties will use their best efforts to ensure that the Conditions Precedent are satisfied before the End Date. |
| **5.** | **Settlement** | Settlement will occur on that date which is one (1) business days (as defined pursuant to the NASDAQ Listing Rules, **Business Days**) after the satisfaction (or waiver) of the Conditions Precedent set out in clause 4 (**Settlement Date**). |
|  |  | At Settlement: |
|  | (a) | Braiin shall allot and issue the Consideration Shares to the Shareholders (or their nominees) and deliver holding statements to the Shareholders (or their nominees) for those Shares; |
|  | (b) | Vega must deliver or cause to be delivered to Braiin: |
|  | (i) | share certificates in respect of the Vega Shares; |
|  | (ii) | separate instruments of transfer in registrable form for the Vega Shares in favour of Braiin (as transferee) which have been duly executed by the Shareholders in relation to their Vega Shares (as transferors); |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 corporate, legal, technical and financial records for Vega;

(iv) the
 written resignations of each of the directors and secretary of Vega with effect from the
 Settlement Date confirming that they each have no claim for loss of office or otherwise against
 Vega;

(v) a
 duly completed authority for the alteration of the signatories of each bank account of Vega
 in the manner required by Braiin by written notice before the Settlement Date; and

(vi) signed
 restriction agreements relating to the Consideration Shares (the Consideration Shares to
 be escrowed for 180 days); and

---

| | |
|:---|:---|
| (c) | Vega must procure that a directors' meeting of Vega is held to attend to the following matters (as applicable): |
| (i) | the approval of the registration (subject to payment of stamp duty) of the transfers of the Vega Shares and the issue of new share certificates for the Vega Shares in the name of Braiin (or its nominee); |
| (ii) | recording Braiin (or its nominee) as the holder of the Vega Shares in the relevant register of members; |
| (iii) | taking all other steps required under the company's constituent documents and applicable laws to constitute and evidence Braiin (or its nominee) as the sole holder of the Vega Shares; and |
| (iv) | accepting the resignations of each of the directors and secretaries of the relevant company with effect from the Settlement Date and the appointment as additional directors and secretary of the relevant company of those persons nominated by Braiin by written notice before the Settlement Date. |
| The Parties' obligations at Settlement are interdependent and must take place simultaneously, as nearly as possible, unless otherwise agreed by Braiin and Vega. | The Parties' obligations at Settlement are interdependent and must take place simultaneously, as nearly as possible, unless otherwise agreed by Braiin and Vega. |
| If a Party (**Defaulting Party**) fails to satisfy its obligations under this clause 5 on the day and at the place and time for Settlement then, any other Party (**Notifying Party**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of ten (10) Business Days from the date of the notice and declaring time to be of the essence. | If a Party (**Defaulting Party**) fails to satisfy its obligations under this clause 5 on the day and at the place and time for Settlement then, any other Party (**Notifying Party**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of ten (10) Business Days from the date of the notice and declaring time to be of the essence. |

---

---

| | | |
|:---|:---|:---|
|  |  | If the Defaulting Party fails to satisfy those obligations within those ten (10) Business Days the Notifying Party may, without limitation to any other rights it may have, terminate this Agreement by giving written notice to the other Parties. |
| **6.** | **Warranties and Indemnities by the Warrantor** | By execution of this Agreement, Vega makes the representations and warranties set out in Schedule 1 both as at the date of this Agreement and on the Settlement Date (except where expressly stated to occur on another date). Vega indemnifies Braiin against all losses, claims, costs, demands, liabilities and expenses which may be suffered, sustained or incurred by Braiin directly or indirectly as a result of or in respect of a breach by Vega of any of the warranties or representations set out in Schedule 1 . |
|  |  | Vega shall not be liable to Braiin for any consequential loss such as loss of profits, loss of opportunity or the like. |
| **7.** | **Confidentiality** | Each Party is to keep confidential the terms of this Agreement and any other information obtained from another during the negotiations preceding the execution date or in the course of furthering the transactions contemplated by this Agreement whether in the course of conducting due diligence or otherwise (**Confidential Information**), and is not to disclose it to any person except: |
|  | (a) | to officers, employees, shareholders, legal advisers, auditors and other consultants requiring the information for the purposes of this Agreement; |
|  | (b) | with the consent of the Party or Parties which own the Confidential Information; |
|  | (c) | if the information is, at the date of this Agreement, lawfully in the possession of the recipient of the information through sources other than any of the other Parties; |
|  | (d) | if required by law or a stock exchange; |
|  | (e) | if strictly and necessarily required in connection with legal proceedings relating to this Agreement; |
|  | (f) | if the information is generally and publicly available other than as a result of a breach of confidence; or |
|  | (g) | to a financier or prospective financier (or its advisers) of a Party. |
|  |  | A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this clause. |
|  |  | The obligations under this clause contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Agreement, regardless of any termination of this Agreement. |

---

---

| | | |
|:---|:---|:---|
|  |  | For the avoidance of doubt, the Parties acknowledge and agree that Braiin or its affiliate, subject to and conditional upon receiving conditional approval to list on the NASDAQ, will be listed on NASDAQ and will be subject to continuous disclosure obligations applicable to that exchange. Accordingly, details of this Agreement, Vega and the assets and undertaking of Vega (potentially among other information) will need to be disclosed in announcements to NASDAQ. |
| **8.** | **Further Acts** | Each Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably satisfactory to that Party) required by law or reasonably required by the other Party to give effect to this Agreement. |
| **9.** | **Governing Law** | This Agreement is governed by and construed in accordance with the laws of Western Australia. Each Party irrevocably submits to the non-exclusive jurisdiction of the courts of Western Australia, and the courts competent to determine appeals from those courts with respect to any proceedings which may be brought at any time relating to this Agreement. |
| **10.** | **Assignment** | No Party may assign, novate or otherwise transfer any of its rights or obligations under this Agreement without the written consent of the other Party. |
| **11.** | **Costs** | Each Party shall bear their own legal costs of and incidental to the preparation, negotiation and execution of this Agreement. |
|  |  | Vega will pay any stamp duty assessed on or in respect of this Agreement. |
| **12.** | **Tax** (a) | In the event a supply made by one Party to another under this Agreement is subject to a value added or similar tax, the price stated in this Agreement is exclusive of such tax and the recipient of such a supply must pay to the other Party an amount equal to the amount of any such tax in addition to any amount stated in this Agreement and at the same time. |
|  | (b) | Any payment of such tax is subject to the other Party providing any invoice or similar documentation required by law with respect to such tax. |
|  | (c) | No Party makes any representation to the other with regard to the intended tax consequences of the Acquisition. |
| **13.** | **Remedies** | The rights, power and remedies provided in this Agreement are cumulative with and not exclusive to the rights, power or remedies provided by law independently of this Agreement. |
| **14.** | **Variation** | No modification or alteration of the terms of this Agreement shall be binding unless made in writing dated subsequent to the date of this Agreement and duly executed by all Parties. |

---

---

| | | | |
|:---|:---|:---|:---|
| **15.** | **Notices** | Each notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed prepaid mail in each case addressed to the Party at its address set out in below:<br>In the case of Vega: | Each notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed prepaid mail in each case addressed to the Party at its address set out in below:<br>In the case of Vega: |
|  |  | Address: | 283 Rokeby Road Subiaco WA 6008 |
|  |  | Email: | info@Vegaglobal.ai |
|  |  | Attention: | Jay Stephenson |
|  |  | In the case of Braiin: | In the case of Braiin: |
|  |  | Address: | 283 Rokeby Road Subiaco WA 6008 |
|  |  | Email: | <u>natraj@braiin.com</u> |
|  |  | Attention: | Natraj Balasubramanian |

---

---

| | | |
|:---|:---|:---|
| **16.** | **Severability** | If any term or provision of this Agreement is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will not affect any other term or provision of this Agreement. |
| **17.** | **Waiver** | Without limiting any other provision of this Agreement, the Parties agree that: |
|  | (a) | failure to exercise or enforce, or a delay in exercising or enforcing, or the partial exercise or enforcement of, a right, power or remedy provided by law or under this Agreement by a Party does not preclude, or operate as a waiver of, the exercise or enforcement, or further exercise or enforcement, of that or any other right, power or remedy provided by law or under this Agreement; |
|  | (b) | a waiver given by a party under this Agreement is only effective and binding on that Party if it is given or confirmed in writing by that Party; and |
|  | (c) | no waiver of a breach of a term of this Agreement operates as a waiver of another breach of that term or of a breach of any other term of this Agreement. |
| **18.** | **Counterparts** | This Agreement may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures my means of electronic communication are taken to be valid and binding to the same extent as original signatures. |
| **19.** | **Interpretation** | In this Agreement: |
|  | (a) | headings are for convenience only and do not affect its interpretation; |
|  | (b) | specifying anything after the words "include" or "for example" or similar expressions does not limit what else is included; |
|  |  | and unless the context otherwise requires: |
|  | (c) | an obligation or liability assumed by, or a right conferred on, two or more Parties binds or benefits all of them jointly and each of them severally; |
|  | (d) | the expression **person** includes an individual, the estate of an individual, a corporation, an authority, an association or joint venture (whether incorporated or unincorporated), a partnership and a trust; |

---

---

| | |
|:---|:---|
| (e) | a reference to any party includes that party's executors, administrators, successors and permitted assigns, including any person taking by way of novation; |
| (f) | a reference to a body, other than a party to this Agreement whether statutory or not: |
| (i) | which ceases to exist; or |
| (ii) | whose powers or functions are transferred to another body, |
|  | is a reference to the body which replaces it or substantially succeed its powers or functions; |
| (g) | a reference to any document (including this Agreement) is to that document as varied, novated, ratified or replaced from time to time; |
| (h) | a reference to any statute or to any statutory provision includes any statutory modification or re- enactment of it or any statutory provision substituted for it, and all ordinances, by-laws, regulations, rules and statutory instruments (however described) issued under it; |
| (i) | words importing the singular include the plural (and vice versa) and words indicating a gender include every other gender; |
| (j) | reference to parties, clauses, schedules, exhibits or annexure are references to parties, clauses, schedules, exhibits and annexure to or of this Agreement and a reference to this Agreement includes any schedule, exhibit or annexure to this Agreement; |
| (k) | where a word or phrase is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding meaning; |
| (l) | a reference to time is to Western Standard Time as observed in Perth, Western Australia; |
| (m) | if a period of time is specified and dates from a given day or the day of an event, it is to be calculated exclusive of that day; |
| (n) | a reference to a day is to be interpreted as the period of time commencing at midnight and ending 24 hours later; |
| (o) | if an act prescribed under this Agreement to be done by a party on or by a given day is done after 5.00pm on that day, it is taken to be done on the next day; |
| (p) | a reference to a payment is to a payment by bank cheque or such other form of cleared funds the recipient otherwise allows in the relevant lawful currency specified; |

---

---

| | | | |
|:---|:---|:---|:---|
| (q) | a reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party to: | a reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party to: | a reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party to: |
|  | (i) | pay money: | pay money: |
|  |  | (A) | in the form of an inducement or consideration to a third party to procure something (other than the payment of immaterial expenses or costs, including costs of advisers, to procure the relevant thing); or |
|  |  | (B) | in circumstances that are commercially onerous or unreasonable in the context of this Agreement; |
|  | (ii) | provide other valuable consideration to or for the benefit of any person; or | provide other valuable consideration to or for the benefit of any person; or |
|  | (iii) | agree to commercially onerous or unreasonable conditions. | agree to commercially onerous or unreasonable conditions. |

---

If the terms and conditions set out above are acceptable, please execute this Agreement in the appropriate place below.

Dated on this <u>7<sup>th</sup></u> day of <u>September</u>, 2025

---

| |
|:---|
| **EXECUTED by VEGA GLOBAL TECHNOLOGIES PTY LTD ACN 667 154 261** |
| in accordance with section 127 of the Corporations Act 2001 (Cth) |

---

---

| |
|:---|
| /s/ Jay Stephenson |
| Signature of director |
| Jay Stephenson |
| Name of director |
| /s/ Neil Saligrama |
| Signature of director |
| Neil Saligrama |
| Name of director |

---

**EXECUTED by BRAIIN LIMITED)**

**ACN 660 713 093**)

in accordance with section 127 of the)

*Corporations Act 2001* (Cth):)

---

| |
|:---|
| /s/ Natraj Balasubramanian |
| Signature of director |
| Natraj Balasubramanian |
| Name of director |
| /s/ Jay Stephenson |
| Signature of director |
| Jay Stephenson |
| Name of director |

---

\*please delete as applicable

**SCHEDULE 1 – WARRANTIES**

The representations and warranties given by Vega are as follows:

(a) **Title:** The Shareholders are the legal owner of the Vega Shares free of any encumbrance and other third party interests or rights.

(b) **Free of encumbrances:** The Shareholders are able to sell and transfer the Shares without the consent of any other person and free of
 any encumbrance, pre- emptive rights or rights of first refusal.

(c) **Fully paid:** The Vega Shares are fully paid and no money is owing in respect of them.

(d) **No sums owing:** No sums are now owing or will at Settlement be owing by Vega to the Shareholders or to any company or person related
 to the Shareholders or Vega.

(e) **No legal impediment:** The execution, delivery and performance by Vega of this Agreement complies with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each
 law, regulation, authorisation, ruling, judgement, order or decree of any government agency;

(ii) the
 constitution or other constituent documents of Vega; and

(iii) any
 security interest or document,

which is binding on Vega.

(f) **No Event of Insolvency:** No event of insolvency has occurred in relation to Vega nor is there any act which has occurred or any omission
 made which may result in an event of insolvency occurring in relation to Vega.

(g) **Power and capacity**: Vega has full power and lawful authority to execute and deliver this Agreement to observe and perform or cause
 to be observed and performed all of its obligations in and under this Agreement.

(h) **Authority**:
 The execution and delivery of this Agreement has been duly and validly authorised by all necessary corporate action on behalf of
 Vega.

(i) **All material information**: Any information known to Vega concerning Vega which might reasonably be regarded as material to for value
 of the Vega Shares has been disclosed to Braiin or its advisers and is true and accurate in all material respects, excluding information
 that is publicly available.

(j) **No litigation**: Vega and its director are not involved in any litigation, arbitration or administrative proceeding relating to claims
 or amounts relating to Vega nor is any such litigation, arbitration or administrative proceeding pending or threatened.

(k) **Investigations**:
 Vega is not the subject of any investigation by any regulatory body of any country nor is any such investigation pending or threatened.

(l) **Tax investigations:** Vega is not the subject of any investigation or audit by the tax office of any country or state nor is any such
 investigation or audit pending or threatened.

(m) **Compliance with laws and agreements:** Vega is not in material breach of any provision of any relevant laws or material contract or agreement
 to which Vega is a party.

(n) **Consistency**:
 The terms of this Agreement are not inconsistent with and do not contravene the provisions of any other agreements or contracts to
 which Vega is a party.

(o) **Records properly kept**: Except as contemplated by the conditions precedent in this Agreement, all books of accounts and other records
 of any kind of Vega:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have
 been fully, properly and accurately kept on a consistent basis and completed in accordance with proper business and accounting practices
 and all applicable statutes;

(ii) have
 not had any material records or information removed from them;

(iii) do
 not contain or reflect any material inaccuracies or discrepancies;

(iv) give
 and reflect a true and fair view of the trading transactions, or the financial and contractual position of Vega and of its assets
 and liabilities; and

(v) are
 in the possession of Vega.

(p) **Licenses and approvals:** Vega has all permits, license, authorities, registrations and approvals necessary for properly carrying on its
 business and Vega is not aware of any circumstance or fact which may result in the revocation, variation or non- renewal in any material
 respect of any such permits, licenses, authorities, registrations and approvals.

(q) **Financings:** There are no:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) financing
 arrangements entered into by or on behalf of Vega for the borrowing of money;

(ii) debentures,
 bonds, notes or similar debt

(iii) instruments
 issued by Vega;

(iv) encumbrances
 over the assets or undertaking of Vega, or its business or securities; or

(v) financing
 arrangements that restrict the disposal of Vega.

**No Power of Attorney:** There are no powers of attorney given by Vega in favour of any person which may come into force in relation to the business, assets or undertaking of Vega.

## Exhibit 2.2

**Exhibit 2.2**

**BINDING HEADS OF AGREEMENT** 

**PRIVATE AND CONFIDENTIAL**

**On May 10, 2024, the Parties (as defined below) entered into a Heads of Agreement, (the Original Heads of Agreement) and the Parties hereby agree that the Original Heads of Agreement should be amended and restated in its entirety, as set forth below.**

Braiin Limited is a pioneering technology company specializing in cutting-edge solutions across diverse domains. This binding heads of agreement (**Binding HOA**) sets out the terms upon which the persons set out in Annex A (**Investors**) will be issued shares in Braiin Limited or its affiliates (including parent company/ies) (**Braiin**), by way of subscription to shares of Braiin.

This Binding HOA dated September 21, 2024 (**Execution Date**) supersedes any and all previous correspondence, agreements or understandings between the parties including the Original Heads of Agreement, in respect of the subject matter of this Binding HOA (**Parties**) and is binding on any of the Parties.

---

| | | |
|:---|:---|:---|
| **1.** | **Investment** | Subject to the terms of a formal share subscription agreement (**Share Subscription Agreement**), the Investors agree to subscribe to, in accordance with the terms of a Share Subscription Agreement, and Braiin agrees to issue and allot to the Investors, such number of fully paid-up ordinary shares in equity capital of Braiin (**Subscription Shares**) worth USD 35.30 Million (**Investment Amount**). The Subscription Shares will be issued based on pricing/formula detailed in the Share Subscription Agreement), free and clear of all encumbrances, except as required by law (the transaction described in this paragraph, **Investment**).<br>|
|  |  | Each Investor agrees that: (a) 50% of the Subscription Shares held by him/ her shall be subject to a voluntary lock- up for a term of 12 months from Closing (as defined below) during which such Investor shall not sell, dispose of, gift or otherwise transfer such Subscription Shares; and (b) the remaining 50% of the Subscription Shares held by him/ her shall be subject to a voluntary lock-up for a term of 24 months from Closing during which he/ she shall not sell, dispose of, gift or otherwise transfer such Subscription Shares. |

---

---

| | | |
|:---|:---|:---|
| **2.** | **Certain Share Subscription Agreement Terms** | The transactions contemplated by this Binding HOA and governed by the Share Subscription Agreement will be conditioned upon the satisfaction (or waiver) of customary conditions precedent or pre-Settlement actions, including, but not limited to, the following: |
|  | (a) | **Structure** |
|  |  | The Parties shall mutually agree on a structure for the transaction which is efficient from a tax and commercial perspective and in compliance with the applicable tax and legal framework in the relevant jurisdictions prior to execution of the Share Subscription Agreement. |
|  | (b) | **Admission to NASDAQ or NYSE** |
|  |  | Braiin receiving conditional approvals or equivalent approvals, to admit the securities of Braiin (including the Subscription Shares) to trading on NASDAQ or NYSE on terms customary for listing in connection with business combinations. |

---

---

| | |
|:---|:---|
| (c) | **Due Diligence**<br>|
|  | Completion of legal, technical and financial due diligence of Braiin and its affiliates, to the absolute satisfaction of the Investors. |
| (d) | **Approvals** |
|  | The Parties obtaining all corporate (in respect of a Party which is a corporate entity), shareholder (in respect of a Party which is a corporate entity) and regulatory approvals necessary to lawfully complete the Investment. |
| (e) | **Indian Exchange Control** |
|  | Braiin shall provide the Investors with all documents and information required by the Reserve Bank of India and/ or the authorised dealer banks of the Investors to enable: (i) the Investors to complete the Investment including remitting the Investment Amount to Braiin; and (ii) the Investors to report the Investment with the Reserve Bank of India/ authorised dealer banks. |

---

---

| | | |
|:---|:---|:---|
| **3.** | **Settlement** | The Parties agree to cooperate in good faith to structure the Investment in the Share Subscription Agreement in a tax-efficient manner and in compliance with all applicable law. The closing of the Investment is referred to herein as the **Closing**.<br>|
|  |  | Braiin: (i) acknowledges that Indian regulations may require Braiin to take certain actions to issue and allot the Subscription Shares to the Investors in the manner and in the proportion set out in the Share Subscription Agreement; and (ii) deliver to the Investors, the share certificates or a holding statement or such other document required under law to evidence the Investors as the owners of such Subscription Shares. Braiin agrees to co-operate for compliance of the aforesaid Indian regulations. |
|  |  | Braiin acknowledges that certain other actions may be required to be undertaken by Braiin under law for the Investors to acquire the free and marketable title to the relevant Subcription Shares that will be set out in the Share Subscription Agreement. |
|  |  | Each Investor shall report their respective Investment with the Reserve Bank of India/ its authorised dealer banks in the form, manner and within the timelines set out under applicable law. Braiin shall reasonably cooperate with the Investors to enable the Investors to make such reporting. |
| **4.** | **Exclusivity** | During the period from the Execution Date until the earlier of: (i) execution of the Share Subscription Agreement; (ii) 31 October 2024; or (iii) termination of this Binding HOA, Braiin agrees that it will not participate in any negotiations or discussions with, or provide any information to, or accept or enter into any agreement, arrangement or understanding with, any third parties in respect of a transaction that would materially reduce the likelihood of success of the transactions contemplated by this Binding HOA and will also cease any existing discussions or negotiations regarding such transactions. |

---

---

| | | |
|:---|:---|:---|
| **5.** | **Confidentiality** | Each Party is to keep confidential the terms of this Binding HOA and any other information obtained from another during the negotiations preceding the Execution Date or in the course of furthering the transactions contemplated by this Binding HOA whether in the course of conducting due diligence or otherwise (**Confidential Information**), and is not to disclose it to any person except: |
|  | (a) | to officers, employees, shareholders, legal advisers, auditors and other consultants requiring the information for the purposes of this Binding HOA; |
|  | (b) | with the consent of the Party or Parties which own the Confidential Information; |
|  | (c) | if the information is, at the date of this Binding HOA, lawfully in the possession of the recipient of the information through sources other than any of the other Parties; |
|  | (d) | if required by law; |
|  | (e) | requirements for disclosure under the rules of the U.S. Securities and Exchange Commission or under rules of a stock exchange; |
|  | (f) | if strictly and necessarily required in connection with legal proceedings relating to this Binding HOA; |
|  | (g) | if the information is generally and publicly available other than as a result of a breach of confidence; or |
|  | (h) | to a financier or prospective financier (or its advisers) of a Party. |
|  |  | The Investors must not use any Confidential Information provided to it by or on behalf of Braiin: (i) for any purpose other than the proposed Investment; (ii) to the competitive disadvantage or detriment of Braiin. |
|  |  | A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this Section. |
|  |  | The obligations under this Section contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Binding HOA, regardless of any termination of this Binding HOA. |
| **6.** | **Further Acts** | Each Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably satisfactory to that Party) required by law or reasonably required by the other Party to give effect to this Binding HOA. |

---

---

| | | |
|:---|:---|:---|
| **7.** | **Governing Law** | This Binding HOA is governed by and construed in accordance with the laws of Western Australia. Each Party irrevocably submits to the exclusive jurisdiction of the courts of Western Australia, and the courts competent to determine appeals from such court with respect to any proceedings which may be brought at any time relating to this Binding HOA. |
| **8.** | **Dispute Resolution** | The Parties must endeavour to settle any dispute in connection with this Binding HOA by mediation. The mediation is to be conducted by a mediator who is independent of the Parties and appointed by agreement between the Parties or, failing agreement, within seven days of receiving any Party's notice of dispute, by a person appointed in accordance with the rules of Singapore International Mediation Centre (**SIMC**). The rules of SIMC shall apply to the mediation. It is a condition precedent to the right of either party to commence arbitration or litigation, other than for interlocutory relief, that they have first offered to submit the dispute to mediation.<br>|
|  |  | In the event the Parties are unable to settle disputes under this Binding HOA through mediation, the Parties shall refer such dispute to arbitration. which will be administered by the Singapore International Arbitration Centre (**SIAC**). Each Party to such dispute shall appoint one arbitrator and the presiding arbitrator(s) shall be appointed in accordance with the rules of SIAC. The venue of such arbitration shall be Singapore and the seat shall be Bangalore, India. |
| **9.** | **Assignment** | No Party may assign, novate or otherwise transfer any of its rights or obligations under this Binding HOA without the written consent of the other Party. |
| **10.** | **Costs** | Each Party shall bear their own legal costs of and incidental to the preparation, negotiation and execution of this Binding HOA.<br>|
|  |  | The Parties shall mutually agree upon, and set out in the Share Subscription Agreement, the Party(ies) responsible for bearing stamp duty in relation to the agreements and instruments executed in connection with the Investment. |
| **11.** | **Tax** | No Party makes any representation to the other with regard to the intended tax consequences of the Investment. |
| **12.** | **Remedies** | The rights, power and remedies provided in respect of the binding provisions of this Binding HOA are cumulative with and not exclusive to the rights, power or remedies provided by law independently of this Binding HOA. |
| **13.** | **Variation** | No modification or alteration of the terms of this Binding HOA shall be made unless such modification/ alteration is:<br>|
|  |  | (a) made in writing; (b) dated subsequent to the date of this Binding HOA; and (c) duly executed by all Parties. |

---

---

| | | | |
|:---|:---|:---|:---|
| **14.** | **Notices** | Each notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed prepaid mail in each case addressed to the Party at its address set out in below: | Each notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed prepaid mail in each case addressed to the Party at its address set out in below: |
|  |  | In the case of Braiin: | In the case of Braiin: |
|  |  | Address: | 283 Rokeby Road Subiaco WA 6008 |
|  |  | Email: | natraj@braiin.com |
|  |  | Attention: | Natraj Balasubramanian |
|  |  | In the case of the Investors: | In the case of the Investors: |
|  |  | Address: | # 94, 4th Cross, 2nd Block Koramangala Bangalore, 560034 Karnataka India |
|  |  | Email: | umashankar@visnet.in |
|  |  | Attention: | Umashankar Bantwal |

---

**15.** **Severability** If
 any term or provision of this Binding HOA is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will
 not affect any other term or provision of this Binding HOA.

**16.** **Counterparts** This
 Binding HOA may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures
 by means of electronic communication are taken to be valid and binding to the same extent as original signatures.

---

| | | |
|:---|:---|:---|
| **17.** | **Interpretation** | In this Binding HOA: |
|  | (a) | headings are for convenience only and do not affect its interpretation; |
|  | (b) | specifying anything after the words "include" or "for example" or similar expressions does not limit what else is included; |
|  |  | and unless the context otherwise requires: |
|  | (c) | an obligation or liability assumed by, or a right conferred on, two or more Parties binds or benefits all of them severally only; |
|  | (d) | the expression **person** includes an individual, the estate of an individual, a corporation, an authority, an association or joint venture (whether incorporated or unincorporated), a partnership and a trust; |
|  | (e) | a reference to any party includes that party's executors, administrators, successors and permitted assigns, including any person taking by way of novation; |
|  | (f) | a reference to a body, other than a party to this Binding HOA whether statutory or not: |
|  | (i) | which ceases to exist; or |
|  | (ii) | whose powers or functions are transferred to another body, is a reference to the body which replaces it or substantially succeed its powers or functions; |
|  | (g) | a reference to any document (including this Binding HOA) is to that document as varied, novated, ratified or replaced from time to time, in accordance with the terms of such document; |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a reference to any statute
 or to any statutory provision includes any statutory modification or re- enactment of it or any statutory provision substituted for
 it, and all ordinances, by-laws, regulations, rules and statutory instruments (however described) issued under it;

(i) words importing the singular
 include the plural (and vice versa) and words indicating a gender include every other gender;

(j) reference to parties, clauses,
 sections, schedules, exhibits or annexure are references to parties, clauses, sections, schedules, exhibits and annexure to or of
 this Binding HOA and a reference to this Binding HOA includes any schedule, exhibit or annexure to this Binding HOA;

(k) where a word or phrase
 is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding meaning;

(l) a reference to time is
 to Indian Standard Time as observed in India;

(m) if a period of time is
 specified and dates from a given day or the day of an event, it is to be calculated exclusive of that day;

(n) a reference to a day is
 to be interpreted as the period of time commencing at midnight and ending 24 hours later;

(o) if an act prescribed under
 this Binding HOA to be done by a party on or by a given day is done after 5.00pm on that day, it is taken to be done on the next
 day;

(p) a reference to a payment
 is to a payment by electronic funds transfer or such other form of cleared funds the recipient otherwise allows in the relevant lawful
 currency specified;

---

| | | | |
|:---|:---|:---|:---|
| (q) | a reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party to: | a reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party to: | a reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party to: |
|  | (i) | pay money: | pay money: |
|  |  | (A) | in the form of an inducement or consideration to a third party to procure something (other than the payment of immaterial expenses or costs, including costs of advisers, to procure the relevant thing); or<br>|
|  |  | (B) | in circumstances that are commercially onerous or unreasonable in the context of this Binding HOA; |
|  | (ii) | provide other valuable consideration to or for the benefit of any person; or | provide other valuable consideration to or for the benefit of any person; or |
|  | (iii) | agree to commercially onerous or unreasonable conditions. | agree to commercially onerous or unreasonable conditions. |

---

---

| | | |
|:---|:---|:---|
| **18.** | **Termination** | This Binding HOA shall be effective from the Execution Date and shall be terminated: |
|  | (i) | by any Party with a written notice to the other Parties, in case the Share Subscription Agreement are not executed by 31 October 2024; |
|  | (ii) | automatically, upon execution of the Share Subscription Agreement; |
|  | (iii) | by mutual agreement of all Parties in writing; or |
|  | (iv) | the Investors/Braiin communicating, at any time prior to 31 October 2024, to Braiin/Investors, of their intent not to pursue the Investment. |
|  |  | Upon termination of this Binding HOA, the agreement constituted by this Binding HOA (other than terms in respect of Confidentiality set out in Clause 5 which will be governed in accordance with the terms of Clause 5) will come to an end and the Parties will be released from their obligations under this Agreement (other than in respect of any prior breaches of binding provisions of this Binding HOA). |

---

If the terms and conditions set out above are acceptable, please execute this Binding HOA in the appropriate place below.

**EXECUTED by BRAIIN LIMITED**

in accordance with section 127 of the

*Corporations Act 2001* (Cth)

---

| |
|:---|
| /s/ Natraj Balasubramanian |
| Signature of director |
| Natraj Balasubramanian |
| Name of director |

---

**EXECUTED by BRAIIN HOLDINGS LIMITED**

---

| |
|:---|
| /s/ Aemish Shah |
| Signature of director |
| Aemish Shah<u> </u> |
| Name of director |

---

**EXECUTED** by the **INVESTORS**

---

| |
|:---|
| **/s/ Suresh Kamath** |
| **Suresh Kamath** (on behalf of the Investors) |

---

<u>**Annex A**</u>

**Investors**

1. Vijetha Umashankar

2. Swetha K. Acharya

3. Suresh Kamath

4. T S Prajwal

5. Girija N 6.Nagambika

## Exhibit 2.3

**Exhibit 2.3**

**AMENDED AND RESTATED BINDING HEADS OF AGREEMENT**

**PRIVATE AND CONFIDENTIAL**

**On May 10, 2024, the Parties (as defined below) entered into a Heads of Agreement, (the Original Heads of Agreement) and the Parties hereby agree that the Original Heads of Agreement should be amended and restated in its entirety, as set forth below.**

VIS NETWORKS PVT LTD (**VIS Networks**) and its direct and indirect subsidiaries listed in Annex A hereto (**Subsidiaries**) (collectively, **VIS**) are the legal and beneficial owners of various intellectual and technological property rights, relating to, among other things, technology services.

This binding heads of agreement (**Binding HOA**) sets out the terms upon which Braiin Holdings Ltd. (**Braiin Holdings**) and Braiin Limited (Braiin Holdings and Braiin Limited, hereinafter collectively referred to as **Braiin**) agree to acquire 100% of the shares in VIS Networks, which are held by the existing shareholders of VIS Networks in the manner set forth in Annex B hereto (**Shareholders**).

This Binding HOA, dated September 21, 2024 (**Execution Date**) supersedes any and all previous correspondence, agreements or understandings between the parties, including the Original Heads of Agreement, in respect of the subject matter of this Binding HOA (**Parties**), and is binding on the parties.

---

| | | |
|:---|:---|:---|
| **1.** | **Acquisition Terms** | Subject to the terms and conditions to be set out in a formal share sale agreement (**Share Sale Agreement**) (to be prepared by Braiin's advisors), which shall: (i) be on terms acceptable to the Parties (acting reasonably), including customary warranties to be provided by the Shareholders and with appropriate limitations on liability for the Shareholders and VIS; and (ii) be consistent with the terms set out in this Binding HOA, except to the extent otherwise agreed by the Parties, Braiin will purchase and the Shareholders will sell, all of the fully paid equity shares in the capital of VIS Networks (collectively, **VIS Shares**), free from encumbrances, as per a mutually agreeable structure to be set forth in the Share Sale Agreement. The terms of such purchase and sale are set forth below: |
|  | (a) | Braiin will purchase, and the Shareholders will sell, such portion of the VIS Shares that constitute 79.7% of the issued and paid up share capital of VIS Networks as of the Execution Date, for a purchase consideration, payable in cash, of USD 12 Million (the purchase and sale of the portion of VIS Shares described under this Section 1(a), **First Settlement**) on such date as specified in the Share Sale Agreement (**First Settlement Date**). |
|  | (b) | On the date that is 12 months after the First Settlement Date (**Second Settlement Date**), Braiin will purchase, and the Shareholders will sell, such portion of VIS Shares that constitute 12.2% of the issued and paid-up share capital of VIS Networks as of the Execution Date, for a purchase consideration, payable in cash, of USD 7.2 Million (the purchase and sale of the portion of VIS Shares described under this Section 1(b), **Second Settlement**). |
|  | (c) | On the date that is 24 months after the First Settlement Date (**Third Settlement Date**), Braiin will purchase, and the Shareholders will sell, such portion of the VIS Shares that constitute 8.1% of the issued and paid- up share capital of VIS Networks as of the Execution Date, for a purchase consideration of USD 4.8 Million (the purchase and sale of the portion of VIS Shares described under this Section 1(c), **Third Settlement**). ((a), (b) and (c) above, collectively constitute, **Acquisition**). |

---

---

| | | |
|:---|:---|:---|
| **2.** | **Certain Share Sale Agreement Terms** | The transactions contemplated by this Binding HOA and governed by the Share Sale Agreement will be conditioned upon the satisfaction (or waiver) of customary conditions precedent or pre-Settlement actions, including, but not limited to, the following: |
|  | (a) | **Formal Shareholders' Agreement** |
|  |  | Subject to Section 2(b) below, the shareholders of VIS Networks as on the First Settlement Date, and VIS Networks, entering into and being bound by a formal shareholders' agreement (to be prepared by VIS Networks' advisors) (**Shareholders' Agreement**), which shall be on terms acceptable to all parties to such Shareholders' Agreement (acting reasonably) including appropriate minority protections rights, governance rights and restriction on transferability of shares of all shareholders of VIS Networks as of the First Settlement Date. |
|  | (b) | **Structure** |
|  |  | The Parties shall mutually agree on a structure for the transaction which is in compliance with the applicable tax and legal framework in the relevant jurisdictions prior to execution of the Share Sale Agreement and Shareholders' Agreement. |
|  | (c) | **Audit** |
|  |  | VIS to provide VIS' AICPA standard financial audit reports for the most recent two fiscal years to the absolute satisfaction of Braiin. Subject to a maximum cap of USD 25,000, VIS Networks shall bear the costs and expenses of the AICPA standard financial audit referred to in this Section 2(c). |
|  | (d) | **Admission to NASDAQ or NYSE** |
|  |  | Braiin Holdings or its nominee receiving conditional approvals or equivalent approvals, to admit the securities of Braiin or its nominee to trading on NASDAQ or NYSE on terms customary for listing in connection with business combinations. |
|  | (e) | **Due Diligence** |
|  |  | Completion of financial, legal and technical due diligence by Braiin on VIS to the absolute satisfaction of Braiin. |
|  | (f) | **Employment Agreements** |
|  |  | Certain key employees of VIS Networks (to be determined in the Share Sale Agreement) having executed employment agreements with VIS Networks on reasonably customary terms, which terms shall be no less favourable than the existing terms of employment of such key employees. For avoidance of doubt, it is hereby agreed and clarified that the employment agreements referenced in this Section 2(f) shall, subject to First Settlement, be effective from the First Settlement Date. |

---

---

| | |
|:---|:---|
| (g) | **Approvals** |
|  | The Parties obtaining all corporate, shareholder and regulatory approvals necessary to lawfully complete the Acquisition. |
| (h) | **Indian Exchange Control** |
|  | Upon the reasonable request by the Shareholders, Braiin providing VIS Networks and the Shareholders with all documents and information required by the Reserve Bank of India and/ or the authorised dealer banks of the Shareholders to enable: (i) the Shareholders to complete the Acquisition including receipt of the consideration for the Acquisition in their bank accounts; and (ii) the Shareholders and VIS Networks to report the Acquisition with the Reserve Bank of India/ authorised dealer banks. |

---

---

| | | |
|:---|:---|:---|
| **3.** | **Settlement** | The Parties agree to cooperate in good faith to structure the Acquisition in the Share Sale Agreement in a manner which is compliant with all applicable laws. |
|  |  | Braiin acknowledges that Indian regulations may require Braiin to execute certain securities transfer forms and/ or open and operationalise an active demat account in India capable of receiving the VIS Shares as a condition precedent to such transfer of VIS Shares, and Braiin will cooperate with such Indian regulations. |
|  |  | Each Shareholder in respect of the VIS Shares transferred by him/ her to Braiin (or its nominee) in accordance with the terms of the Share Sale Agreement and the Shareholders' Agreement, shall file Form FC-TRS with the Reserve Bank of India/ its authorised dealer banks within the timelines set out under applicable law. Braiin and VIS Networks agree to reasonably cooperate with the Shareholders to enable the Shareholders to make such filing. |
|  |  | The Parties acknowledge that the Share Sale Agreement will also capture the appropriate actions required: (i) for payment of consideration as set out in Section 1 above; and |
|  |  | (ii) under law to complete the transfer of the relevant VIS Shares on the First Settlement Date, Second Settlement Date and the Third Settlement Date for the consideration set out in Section 1 and register Braiin (or its nominee) as the registered and beneficial owner of the relevant VIS Shares acquired by Braiin (or its nominee) on the First Settlement Date, Second Settlement Date and Third Settlement Date (as applicable) or as the beneficial owner in the event shares are in demat form, in each case in accordance with and subject to the terms of the Share Sale Agreement and Shareholders' Agreement. |
| **4.** | **Future Funding** | The Share Sale Agreement or the Shareholders' Agreement will contain terms regarding Braiin's infusion of funds into VIS Networks after the First Settlement Date for the purposes of growth capital. The terms and conditions of such infusion by Braiin (including amounts required towards such infusion) shall be mutually agreed between the Parties and set out in the Shareholders' Agreement. |

---

---

| | | |
|:---|:---|:---|
| **5.** | **Standstill** | The Share Sale Agreement will contain customary standstill obligations/ covenants on VIS to maintain status quo, on and from the date of execution of the Share Sale Agreement till the First Settlement Date, such as: |
|  | (a) | incur any material liability other than in the ordinary course of business; |
|  | (b) | dispose of the whole, or a substantial part, of its business or assets; |
|  | (c) | vary or reduce its capital structure; |
|  | (d) | issue, or agree to issue, any equity or debt securities, or grant or agree to grant any rights over existing issued capital, or rights to be issued securities;<br>|
|  | (e) | alter or agree to alter its constitution or constituent documents;<br>|
|  | (f) | declare any dividends or distribute any assets; |
|  | (g) | cause to occur, by act or omission, an event or series of events, whether related or not, which may have a material adverse effect on the business, assets or financial condition of VIS or on the transactions contemplated by this Binding HOA; and<br>|
|  | (h) | create or permit the creation of any encumbrance over the assets of VIS, other than in the ordinary course of business. |
|  |  | Notwithstanding anything contained herein, the standstill obligations in Section 5(c) above shall not apply to any actions undertaken by VIS and/ or the Shareholders for the purposes of execution and consummation of transactions specified in Annexure C of this Binding HOA. |

---

---

| | | |
|:---|:---|:---|
| **6.**<br>| **Exclusivity**<br>| During the period from the Execution Date until the earlier of (i) execution of the Share Sale Agreement; (ii) 31 October 2024; (iii)termination of this Binding HOA; or (iv) Braiin communicating, any time prior to 31 October 2024, to VIS or any of the Shareholders of its intent not to pursue the Acquisition, each of VIS Networks and the Shareholders agree that: |
|  | (a) | they will not participate in any negotiations or discussions with, or provide any information to, or accept or enter into any agreement, arrangement or understanding with, any third parties in respect of a transaction that may materially reduce the likelihood of success of the transactions contemplated by this Binding HOA and will also cease any existing discussions or negotiations regarding such transactions; |
|  | (b) | they will not engage with any other third party other than advisors, accountants or lawyers in connection with the sale of all or any VIS Shares, or any of VIS' business, assets or undertaking other than in the ordinary course of business or other than in a manner as may be disclosed by the Shareholders/ VIS to Braiin in writing; and |
|  | (c) | they will not provide any third party with any information regarding VIS or its business, assets or undertakings in connection with (a) and/ or (b) above, other than in the ordinary course of its ordinary business. |
|  |  | Notwithstanding anything contained herein, the exclusivity obligations in Section 6 shall not apply to any actions undertaken by VIS and/ or the Shareholders for the purposes of execution and consummation of transactions specified in Annexure C of this Binding HOA. |

---

**7.** **Confidentiality** Each Party is to keep confidential the
 terms of this Binding HOA and any other information obtained from another during the negotiations preceding the Execution Date or
 in the course of furthering the transactions contemplated by this Binding HOA whether in the course of conducting due diligence or
 otherwise (**Confidential Information**), and is not to disclose it to any person except:

(a) to officers, employees, shareholders, legal advisers,
 auditors and other consultants requiring the information for the purposes of this Binding HOA;

(b) with the consent of the Party or Parties which own
 the Confidential Information;

(c) if the information is, at the date of this Binding
 HOA, lawfully in the possession of the recipient of the information through sources other than any of the other Parties;

(d) if required by law,

(e) requirements
 for disclosure under the rules of the U.S. Securities and Exchange Commission or under rules of a stock exchange;

(f) if
strictly and necessarily required in connection with legal proceedings relating to this Binding HOA;

(g) if the information is generally and publicly available
 other than as a result of a breach of confidence; or

(h) to a financier or prospective financier (or its advisers)
 of a Party.

---

| |
|:---|
| Braiin must not use any Confidential Information provided to it by or on behalf of VIS (i) for any purpose other than the proposed Acquisition; (ii) to the competitive disadvantage or detriment of VIS. VIS Networks must not use any Confidential Information provided to it by or on behalf of Braiin (i) for any purpose other than the proposed Acquisition; (ii) to the competitive disadvantage or detriment of Braiin. |
| A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this Section. |
| The obligations under this Section contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Binding HOA, regardless of any termination of this Binding HOA. |

---

---

| | | |
|:---|:---|:---|
| **8.** | **Further Acts** | Each Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably satisfactory to that Party) required by law or reasonably required by the other Party to give effect to this Binding HOA. |
| **9.** | **Governing Law** | This Binding HOA is governed by and construed in accordance with the laws of India. Each Party irrevocably submits to the exclusive jurisdiction of the courts of India, and the courts competent to determine appeals from such court with respect to any proceedings which may be brought at any time relating to this Binding HOA. |
| **10.** | **Dispute Resolution** | The Parties must endeavour to settle any dispute in connection with this Binding HOA by mediation. The mediation is to be conducted by a mediator who is independent of the Parties and appointed by agreement between the Parties or, failing agreement, within seven days of receiving any Party's notice of dispute, by a person appointed in accordance with the rules of Singapore International Mediation Centre (**SIMC**). The rules of SIMC shall apply to the mediation. It is a condition precedent to the right of either party to commence arbitration or litigation, other than for interlocutory relief, that they have first offered to submit the dispute to mediation.<br>|
|  |  | In the event the Parties are unable to settle disputes under this Binding HOA through mediation, the Parties shall refer such dispute to arbitration. which will be administered by the Singapore International Arbitration Centre (**SIAC**). Each Party to such dispute shall appoint one arbitrator and the presiding arbitrator(s) shall be appointed in accordance<br>|
|  |  | with the rules of SIAC. The venue of such arbitration shall be Singapore and the seat shall be Bangalore, India. |
| **11.** | **Assignment** | No Party may assign, novate or otherwise transfer any of its rights or obligations under this Binding HOA without the written consent of the other Party. |
| **12.** | **Costs** | Braiin shall bear its own, and VIS Networks shall bear for itself and the Shareholders, legal costs of and incidental to the preparation, negotiation and execution of this Binding HOA. |
|  |  | The Parties shall mutually agree upon, and set out in the Share Sale Agreement or the Shareholders' Agreement (as applicable), the Party(ies) responsible for bearing stamp duty in relation to the agreements or instruments executed in connection with the Acquisition. |
| **13.** | **Tax** | No Party makes any representation to the other with regard to the intended tax consequences of the Acquisition. |

---

**14.** **Remedies** The
 rights, power and remedies in respect of the provisions of this Binding HOA are cumulative with and not exclusive to the rights,
 power or remedies provided by law independently of this Binding HOA.

**15.** **Variation** No
 modification or alteration of the terms of this Binding HOA shall be made unless such modification/ alteration is: (a) made in writing;
 (b) dated subsequent to the date of this Binding HOA; and (c) duly executed by all Parties.

**16.** **Notices** Each
 notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed
 prepaid mail in each case addressed to the Party at its address set out in below:

---

| | |
|:---|:---|
| In the case of Braiin: | In the case of Braiin: |
| Address: | 283 Rokeby Road Subiaco WA 6008 |
| Email: | natraj@braiin.com |
| Attention: | Natraj Balasubramanian In<br>|
| the case of VIS and the Shareholders: | the case of VIS and the Shareholders: |
| Address: | # 94, 4th Cross,<br>|
|  | 2nd Block Koramangala<br>|
|  | Bangalore, 560034 Karnataka India<br>|
| Email:<br>| umashankar@visnet.in<br>|
| Attention: | Umashankar Bantwal |

---

**17.** **Severability** If
any term or provision of this Binding HOA is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will not
affect any other term or provision of this Binding HOA.

**18.** **Counterparts** This
Binding HOA may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures by
means of electronic communication are taken to be valid and binding to the same extent as original signatures.

---

| | | |
|:---|:---|:---|
| **19.** | **Interpretation** | In this Binding HOA: |
|  | (a) | headings are for convenience only and do not affect its interpretation; |
|  | (b) | specifying anything after the words "include" or "for example" or similar expressions does not limit what else is included; |
|  |  | and unless the context otherwise requires: |
|  | (c) | an obligation or liability assumed by, or a right conferred on, two or more Parties binds or benefits all of them severally only; |
|  | (d) | the expression **person** includes an individual, the estate of an individual, a corporation, an authority, an association or joint venture (whether incorporated or unincorporated), a partnership and a trust; |
|  | (e) | a reference to any party includes that party's executors, administrators, successors and permitted assigns, including any person taking by way of novation;<br>|
|  | (f) | a reference to a body, other than a party to this Binding HOA whether statutory or not:<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) which ceases to exist; or

(ii) whose powers or functions are transferred to another
 body, is a reference to the body which replaces it or substantially succeed its power or functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a reference to any document (including
 this Binding HOA) is to that document as varied, novated, ratified or replaced from time to time, in accordance with the terms of
 such document;

(h) a reference to any statute or to any statutory provision
 includes any statutory modification or re-enactment of it or any statutory provision substituted for it, and all ordinances, by-laws,
 regulations, rules and statutory instruments (however described) issued under it;

(i) words
importing the singular include the plural (and vice versa) and words indicating a gender include every other gender;

(j) reference to parties, clauses, sections, schedules,
 exhibits or annexure are references to parties, clauses, sections, schedules, exhibits and annexure to or of this Binding HOA and
 a reference to this Binding HOA includes any schedule, exhibit or annexure to this Binding HOA;

(k) where a word or phrase is given a defined meaning,
 any other part of speech or grammatical form of that word or phrase has a corresponding meaning;

(l) a reference to time is to Indian Standard Time as observed
 in India;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) if
a period of time is specified and dates from a given day or the day of an event, it is to be calculated exclusive of that day;

(n) a
reference to a day is to be interpreted as the period of time commencing at midnight and ending 24 hours later;

(o) if
an act prescribed under this Binding HOA to be done by a party on or by a given day is done after 5.00pm on that day, it is taken to
be done on the next day;

(p) a
reference to a payment is to a payment by electronic funds transfer or such other form of cleared funds the recipient otherwise allows
in the relevant lawful currency specified;

(q) a
reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party
to:

---

| | |
|:---|:---|
| (i) | pay money: |
| (A) | in the form of an inducement or consideration to a third party to procure something (other than the payment of immaterial expenses or costs, including costs of advisers, to procure the relevant thing); or |
| (B) | in circumstances that are commercially onerous or unreasonable in the context of this Binding HOA;<br>|
| (ii) | provide other valuable consideration to or for the benefit of any person; or |
| (iii) | agree to commercially onerous or unreasonable conditions. |
| 19.2 | As used herein, the term "nominee" includes an affiliate of Braiin who may be potential acquirer of Braiin and/or the VIS Shares. For avoidance of doubt, the nominee shall, at all times, be bound by, and subject to, the same obligations and restrictions in this HOT as applicable to Braiin. Further, the nominee shall not be entitled to any rights superior or incremental to what Braiin is entitled to. |

---

---

| | | |
|:---|:---|:---|
| **20.** | **Termination** | This Binding HOA shall be effective from the Execution Date and shall be terminated: |
|  | (i) | by any Party with a written notice to the other Party, in case the Share Sale Agreement and the Shareholders' Agreement are not executed by 31 October 2024; |
|  | (ii) | automatically, upon execution of the Share Sale Agreement and Shareholders' Agreement; |
|  | (iii) | by mutual agreement of all Parties in writing; or |
|  | (iv) | Braiin/ VIS Networks communicating, any time prior to 31 October 2024, to VIS/Braiin or any of the Shareholders of its intent not to pursue the Acquisition. |
|  |  | Upon termination of this Binding HOA, the agreement constituted by this Binding HOA (other than terms in respect of Confidentiality set out in Clause 7 which will be governed in accordance with the terms of Clause 7) will come to an end and the Parties will be released from their obligations under this Agreement (other than in respect of any prior breaches of binding provisions of this Binding HOA). |

---

If the terms and conditions set out above are acceptable, please execute this Binding HOA in the appropriate place below.

**EXECUTED by BRAIIN HOLDINGS LIMITED**

---

| |
|:---|
| **/s/ Aemish Shah** |
| Signature of director |
| Aemish Shah |
| Name of director |

---

---

| |
|:---|
| **EXECUTED by BRAIIN LIMITED** |
| in accordance with section 127 of the |
| Corporations Act 200 I (Cth) |

---

---

| |
|:---|
| /s/ Natraj Balasubramanian |
| Natraj Balasubramanian |
| Name of director |

---

**EXECUTED** for and on behalf of **VIS NETWORKS PVT LTD**

---

| |
|:---|
| /s/ Suresh Kamath |
| Signature |
| Name and Designation |
| Suresh Kamath |
| (Director) |

---

*This signature page forms an integral part of the heads of agreement executed by and between: (i) Braiin Holdings Limited, (ii) Braiin Limited, (iii) Vis Networks Private Limited, (iv) Vijetha Umashankar, (v) Swetha K. Acharya, (vi) Suresh Kamath, (vii) T S Prajwal, (viii) Girija N and (ix) Nagambika.*

 

**EXECUTED** by **Girija N** as part of the **SHAREHOLDERS**

---

| |
|:---|
| /s/ Girija N |
| Girija N |

---

**EXECUTED** by **Nagambika** as part of the **SHAREHOLDERS**

---

| |
|:---|
| **/s/ Nagambika** |
| *Nagambika* |

---

**EXECUTED** by **T S Prajwal** as part of the **SHAREHOLDERS**

---

| |
|:---|
| **/s/ T S Prajwal** |
| *T S Prajwal* |

---

 

**EXECUTED** by **Suresh Kamath** as part of the **SHAREHOLDERS**

---

| |
|:---|
| **/s/ Suresh Kamath** |
| *Suresh Kamath* |

---

 

**Executed** by **Swetha K. Acharya** as part of the **SHAREHOLDERS**

---

| |
|:---|
| **/s/ Swetha K. Acharya** |
| *Swetha K. Acharya* |

---

 

**EXECUTED** by **Vijetha Umashankar** as part of the **SHAREHOLDERS**

---

| |
|:---|
| **/s/ Vijetha Umashankar** |
| *Vijetha Umashankar* |

---

<u>**Annex A**</u>

**Subsidiaries**

---

| | | |
|:---|:---|:---|
| **ENTITY** | **COUNTRY OF ORIGIN** | % **OF SHAREHOLDING OF**<br> **VIS NETWORKS** |
| VIS GLOBAL PTE LTD | **SINGAPORE** | 99.98% |
| VIS NET TECHNOLGIES PLC | PHILIPPINES | 100% |
| VIS GLOBAL DIGITAL <br>SOLUTIONS | **OMAN** | 54% |
| VIS GLOBAL INC | USA | 95% |
| **VIS NETWORKS UK LTD** | UK | 95% |
| VIS GLOBAL SDN BHD | **MALASIA** | 100% |
| VIS GLOBAL PTY LTD | **AUSTRALIA** | 45% |
| VIS NET TECHONOLOGY <br>LLC | UAE | 60% |
| MERYKH TECHNOGIES PVT. <br>LTD | **INDIA** | 25% |
| *Artiligent Solutions Private Limited* | **INDIA** | 30% |

---

*For the avoidance of doubt, it is hereby clarified, that Smarterhi Communications Private Limited will* not *be considered as Subsidiary for the purposes of the Acquisition.*

 

 

<u>**Annex B**</u>

**VIS Shareholders**

---

| | | |
|:---|:---|:---|
| **Name of Shareholder** | **No. of equity shares of face value INR 10 each** | **% holding** |
| l. Vijetha Umashankar | 973380 | 24.06% |
| 2. Swetha K. Acharya | 873340 | 21.59% |
| 3. Suresh Karnath | 433340 | 10.71% |
| 4. T S Prajwal | 313300 | 7.75% |
| 5. Girija N | 873340 | 21.59% |
| 6.Nagambika | 533380 | 13.19% |
| Holders of shares pursuant to exercise of ESOPs | 45000 | 1.11% |
| **Total** | **4045080** | **100%** |

---

<u>**Annex C**</u> **Proposed Share Transfers**

1. Transfer
 of shares amounting to 12% of the share capital of VIS Networks (UK) Limited held by VIS Networks to any one of its associate companies/
 affiliates **(Share Transfer 1).** For avoidance of doubt, pursuant to Share Transfer 1, VIS Networks shall continue to hold shares
 equivalent to 83% of the share capital of VIS Networks (UK) Limited.

2. Transfer
 of shares/ ownership interest amounting to: (i) 12% of the share capital/ ownership interest of VIS Global Inc. held by VIS Networks
 to any one of its associate companies/ affiliates **(Share Transfer 2);** and (ii) 20% of the share capital/ ownership interest
 of VIS Global Inc. held by VIS Networks to a specified individual **(Share Transfer 3).** For avoidance of doubt, pursuant to Share
 Transfer 2 and Share Transfer 3, VIS Networks shall continue to hold shares/ ownership interest equivalent to 63% of the share capital/
 ownership interest of VIS Global Inc.

## Exhibit 2.4

**Exhibit 2.4**

**BINDING HEADS OF AGREEMENT**

**PRIVATE AND CONFIDENTIAL**

**Mirragin RAS Consulting Pty Ltd ACN 149 778 165 (Mirragin) is** the legal and beneficial owner of various intellectual and technological property rights, specifically relating to drone, robotic and AI consulting services.

This heads of agreement (**Agreement**) sets out the terms upon which Braiin Limited (**Braiin**) agrees to acquire 100% of the shares in Mirragin, which is held by Relms Consolidated Pty Ltd ACN 622 735 166 as trustee for The Sutton Family Trust as the sole shareholder of Mirragin (**Shareholder**).

This Agreement supersedes any and all previous correspondence, agreements or understandings between the parties in respect of the subject matter of this Agreement and is binding on all of the parties to it (**Parties**). The Shareholder and Mirragin of the one part, and Braiin of the other part, must jointly and severally procure that each complies with this Agreement.

1. **Acquisition** Subject
 to the satisfaction or waiver of the conditions precedent set out in clause 3 below (**Conditions Precedent**), Braiin agrees to acquire and the Shareholder agrees to sell, all of their
 fully paid ordinary shares in the capital of Mirragin (**Mirragin Shares**), free from
 encumbrances, for the consideration referred to in clause 2 below (the **Acquisition**). The
 Parties acknowledge that they will work together in good faith to achieve a transaction structure for the Acquisition to best serve
 the interests of all parties (including allowing the Shareholder to benefit from scrip for scrip CGT rollover relief to the extent
 reasonably practicable), and acknowledge that this may result in the Acquisition being restructured to better serve the interests
 of all parties (including as a result of any tax advice obtained by the parties following the date of this Agreement). If the form
 of the Acquisition is restructured in that way, this Agreement will be amended to the extent necessary to reflect the form of the
 restructured transaction.

2. **Consideration** Subject
 to the terms and conditions of this Agreement, Braiin agrees to issue the Shareholder (or
 a party nominated by the Shareholder) aggregate consideration of AUD$6 million (**Purchase Price**) comprised as follows:

(a) AUD$5,450,000
 being issued in the form of fully paid ordinary shares in the capital of Braiin (or its nominee) (**Shares**) at a price no less
 than the initial listing price for the Shares (**Consideration Shares**); and

(b) AUD$550,000
 being paid in cash (**Consideration Cash**).

The Consideration Shares will be issued in full on settlement of the Acquisition (**Settlement**).<br>5% of the Consideration Shares will be allocated to a broker (**Broker**) to be identified in the formal agreement referenced in Section 3)(a) below and such Consideration Shares shall be subject to a voluntary lock-up term of six months, during which Broker shall not sell, dispose of, gift or otherwise transfer such Consideration Shares.<br>

The Shareholder agrees that the Consideration Shares shall be subject to a voluntary lock-up term during which the Shareholder shall not sell, dispose of, gift or otherwise transfer such Consideration Shares, except for the release of Consideration Shares from such lock-up as set forth below:<br>

● 6
 months following Settlement: the 5% of the locked-up Consideration Shares allocated to Broker are released;

● 12
 months following Settlement: 45% of the remaining locked-up Consideration Shares are released;

● 18
 months following Settlement: 25% of the remaining locked-up Consideration Shares are released;
 and

● 24
 months following Settlement: 25% of the remaining locked-up Consideration Shares are released.

3. **Conditions Precedent** Settlement
 is conditional upon the satisfaction (or waiver) of the following Conditions Precedent:

---

| | |
|:---|:---|
| (a) | **Formal Agreement** |
|  | The Parties entering into a formal share sale agreement (to be prepared by Braiin's advisors), which shall be on terms acceptable to the Parties (acting reasonably), including customary warranties to be provided by the Shareholder and with appropriate limitations on liability for the Shareholder, and which shall be consistent with the terms set out in this Agreement, except to the extent otherwise agreed by the Parties; |
| (b) | **Shareholder approval** |
|  | Braiin or its nominee obtaining shareholder approval; |
| (c) | **Audit** |
|  | Mirragin to provide Mirragin's AICPA standard financial audit reports for the most recent two fiscal years to the absolute satisfaction of Braiin; |
| (d) | **Admission to NASDAQ or NYSE** |
|  | Braiin or its nominee receiving conditional approvals or equivalent approvals, to admit the securities of Braiin or its nominee to trading on NASDAQ or NYSE and those conditions being to the reasonable satisfaction of Braiin or its nominee; |
| (e) | **Approvals** |
|  | The Parties obtaining all corporate, shareholder and regulatory approvals necessary to lawfully complete the Acquisition; and |
| (f) | **Engagement of Rob Sutton** |
|  | Rob Sutton entering into a new employment agreement or consultancy agreement with Braiin (or its nominee) on terms acceptable to the Parties (acting reasonably). |
| (g) | **Mirragin Project Isidore** |
|  | Braiin and the Shareholder will have entered into a definitive agreement regarding the acquisition of all of the outstanding equity interests in Mirragin Project Isidore Pty Ltd ACN 663 281 034. |

---

---

| |
|:---|
| The Condition Precedent in clauses 3(b)-(d) are for the benefit of Braiin and may only be waived by Braiin giving written notice to the Shareholder. All other Conditions Precedent are for the benefit of both parties and may only be waived by mutual agreement in writing of the Shareholder and Braiin. |
| If the Conditions Precedent are not satisfied (or waived by the Party entitled to the benefit of such Condition Precedent, as the case may be) on or before 5.00pm (WST) on June 30, 2024 (or such other date agreed by the Parties in writing), or become incapable of being satisfied and are not waived (**End Date**) any Party may terminate this Agreement by notice in writing to the other Parties, in which case, the agreement constituted by this Agreement will be at an end and the Parties will be released from their obligations under this Agreement (other than in respect of any breaches that occurred prior to termination). |
| The Parties will use their best efforts to ensure that the Conditions Precedent are satisfied before the End Date. |

---

4. **Settlement** Settlement
 will occur on that date which is within seven (7) business days (as defined pursuant to the
 NASDAQ Listing Rules, **Business Days**) after the satisfaction (or waiver) of the Conditions
 Precedent set out in clause 3 (**Settlement Date**). At
 Settlement:

(a) Braiin
 or its nominee shall allot and issue the Consideration Shares to the Shareholder (or its nominee) and deliver a holding statement
 to the Shareholder (or its nominee) for the Consideration Shares;

(b) Braiin
 (or its nominee) must pay the Consideration Cash to the Shareholder (or its nominee) as directed in writing;

(c) the
 Shareholder and Mirragin must deliver or cause to be delivered to Braiin:

(i) share
 certificates in respect of the Mirragin Shares (or in the case of any lost, stolen or destroyed certificate, an indemnity in respect
 of that certificate);

(ii) separate
 instruments of transfer in registrable form for the Mirragin Shares in favour of Braiin (as transferee) which have been duly executed
 by the Shareholder in relation to their respective Mirragin Shares (as transferor);

(iii) the
 corporate, legal, technical and financial records for Mirragin;

(iv) the
 written resignations of each of the directors and secretary of Mirragin with effect from the Settlement Date confirming that they
 each have no claim for loss of office or otherwise against Mirragin (save for any director who is to remain as agreed with Braiin);

(v) a
 duly completed authority for the alteration of the signatories of each bank account of Mirragin in the same manner required by Braiin
 by written notice before the Settlement Date; and

(vi) signed
 restriction agreements relating to the Consideration Shares (the Consideration Shares to be locked up for the periods set forth above);
 and

(d) the
 Shareholder must procure that a directors' meeting of Mirragin is held to attend to the following matters (as applicable):

(i) the
 approval of the registration (subject to payment of stamp duty, if any) of the transfers of the Mirragin Shares and the issue of
 new share certificates for the Mirragin Shares in the name of Braiin (or its nominee);

(ii) recording
 Braiin (or its nominee) as the holder of the Mirragin Shares in Mirragin's register of members;

(iii) taking
 all other steps required under Mirragin's constituent documents and applicable laws to constitute and evidence Braiin (or its
 nominee) as the sole holder of the Mirragin Shares; and

(iv) accepting
 the resignations of each of the directors and secretaries of Mirragin with effect from the Settlement Date and the appointment as
 additional directors and secretary of Mirragin of those persons nominated by Braiin or its nominee by written notice before the Settlement
 Date.

---

| |
|:---|
| The Parties' obligations at Settlement are interdependent and must take place simultaneously, as nearly as possible, unless otherwise agreed by Mirragin and Braiin. |
| If a Party (**Defaulting Party**) fails to satisfy its obligations under this clause 4 on the day and at the place and time for Settlement then, any other Party (**Notifying Party**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of ten (10) Business Days from the date of the notice and declaring time to be of the essence. The Parties agree, however, that none of Mirragin or the Shareholder can be a Notifying Party, in the event that one or more of them is a Defaulting Party. |
| If the Defaulting Party fails to satisfy those obligations within those ten (10) Business Days the Notifying Party may, without limitation to any other rights it may have, terminate this Agreement by giving written notice to the other Parties. |

---

5. **Acknowledgment** Braiin
 acknowledges that any money owing by the Shareholder to Mirragin will be forgiven by GammLab.ai or its nominee.

6. **Maintaining Status Quo** Other
 than as contemplated in this Agreement, or as disclosed fully and fairly in writing to Braiin
 before the Execution Date, or with the prior written approval of Braiin (such approval not
 to be unreasonably withheld or delayed), until the earlier of Settlement, 30 June 2024 or
 termination of this Agreement, Mirragin must not (and the Shareholder must procure that Mirragin
 does not):

(a) undertake
 or allow any material business change;

(b) enter
 into any material contract or incur any material liability other than in the ordinary course of business;

(c) dispose
 of the whole, or a substantial part, of its business or assets;

(d) vary
 or reduce its capital structure;

(e) issue,
 or agree to issue, any equity or debt securities, or grant or agree to grant any rights over existing issued capital, or rights to
 be issued securities;

(f) alter
 or agree to alter its constitution or constituent documents;

(g) declare
 any dividends or distribute any assets;

(h) cause
 to occur, by act or omission, an event or series of events, whether related or not, which may have a material adverse effect on the
 business, assets or financial condition of Mirragin or on the transactions contemplated by this Agreement; and

(i) create
 or permit the creation of any encumbrance over the assets of Mirragin or its subsidiaries, other than in the ordinary course of business.

7. **Exclusivity** During
 the period from the Execution Date until the earlier of Settlement, 30 June 2024 or termination
 of this Agreement, each of Mirragin and the Shareholder agrees that:

(a) they
 will not participate in any negotiations or discussions with, or provide any information to, or accept or enter into any agreement,
 arrangement or understanding with, any third parties in respect of a transaction that may materially reduce the likelihood of success
 of the transactions contemplated by this Agreement and will also cease any existing discussions or negotiations regarding such transactions;

(b) they
 will not engage with any other third party other than advisors, accountants or lawyers in connection with the sale of all or any
 Mirragin Shares, or any of Mirragin's business, assets or undertaking other than in the ordinary course of business; and

(c) they
 will not provide any third party with any information regarding Mirragin or its business, assets or undertakings, other than in the
 ordinary course of its ordinary business.

8. **Confidentiality** Each
 Party is to keep confidential the terms of this Agreement and any other information obtained
 from another during the negotiations preceding the Execution Date or in the course of furthering
 the transactions contemplated by this Agreement whether in the course of conducting due diligence
 or otherwise (**Confidential Information**), and is not to disclose it to any person except:

(a) to
 officers, employees, shareholders, legal advisers, auditors and other consultants requiring the information for the purposes of this
 Agreement;

(b) with
 the consent of the Party or Parties which own the Confidential Information;

(c) if
 the information is, at the date of this Agreement, lawfully in the possession of the recipient of the information through sources
 other than any of the other Parties;

(d) if
 required by law or a stock exchange;

(e) if
 strictly and necessarily required in connection with legal proceedings relating to this Agreement;

(f) if
 the information is generally and publicly available other than as a result of a breach of confidence; or

(g) to
 a financier or prospective financier (or its advisers) of a Party.

Braiin must not use any Confidential Information provided to it by or on behalf of Mirragin in connection with any due diligence of Mirragin to the competitive disadvantage or detriment of Mirragin.<br>A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this clause.<br>The obligations under this clause contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Agreement, regardless of any termination of this Agreement.<br>For the avoidance of doubt, the Parties acknowledge and agree that Braiin, subject to and conditional upon receiving conditional approval to list on the NASDAQ, listed on NASDAQ and is subject to continuous disclosure obligations applicable to that exchange. Accordingly, details of this Agreement, Mirragin, the Shareholder and the assets and undertaking of Mirragin (potentially among other information) will need to be disclosed in announcements to NASDAQ.<br>

9. **Further Acts** Each
 Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably
 satisfactory to that Party) required by law or reasonably required by the other Party to give effect to this Agreement.

10. **Governing Law** This
 Agreement is governed by and construed in accordance with the laws of Western Australia. Each Party irrevocably submits to the non-exclusive
 jurisdiction of the courts of Western Australia, and the courts competent to determine appeals from those courts with respect to
 any proceedings which may be brought at any time relating to this Agreement.

---

| | | |
|:---|:---|:---|
| 11. | **Dispute resolution**<br>| The Parties must endeavour to settle any dispute in connection with this Agreement by mediation. The mediation is to be conducted by a mediator who is independent of the Parties and appointed by agreement between the Parties or, failing agreement, within seven days of receiving any Party's notice of dispute, by a person appointed by the Chair of Resolution Institute or the Chair's designated representative. The Resolution Institute Mediation Rules apply to the mediation. It is a condition precedent to the right of either party to commence arbitration or litigation, other than for interlocutory relief, that they have first offered to submit the dispute to mediation. |
| 12. | **Assignment** | No Party may assign, novate or otherwise transfer any of its rights or obligations under this Agreement without the written consent of the other Party. |
| 13. | **Costs** | Each Party shall bear their own legal costs of and incidental to the preparation, negotiation and execution of this Agreement. Braiin will pay any stamp duty assessed on or in respect of this Agreement. |
| 14. | **Tax** (a) | In the event a supply made by one Party to another under this Agreement is subject to a value added or similar tax, the price stated in this Agreement is exclusive of such tax and the recipient of such a supply must pay to the other Party an amount equal to the amount of any such tax in addition to any amount stated in this Agreement and at the same time.<br>|
|  | (b) | Any payment of such tax is subject to the other Party providing any invoice or similar documentation required by law with respect to such tax.<br>|
|  | (c) | No Party makes any representation to the other with regard to the intended tax consequences of the Acquisition. |
| 15. | **Remedies** | The rights, power and remedies provided in this Agreement are cumulative with and not exclusive to the rights, power or remedies provided by law independently of this Agreement. |
| 16. | **Variation** | No modification or alteration of the terms of this Agreement shall be binding unless made in writing dated subsequent to the date of this Agreement and duly executed by all Parties. |
| 17. | **Notices** | Each notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed prepaid mail in each case addressed to the Party at its address set out in below:<br>In the case of Braiin: |

---

---

| | |
|:---|:---|
| Address: | 41 River Ter, #3906 New York, NY 10282 |
| Email: | Natraj@braiin.com |
| Attention: | Chief Executive Officer |
| In the case of Mirragin and the Shareholder: | In the case of Mirragin and the Shareholder: |
| Address: | Adelaide Street, Brisbane |
|  | Queensland, Australia |
| Email: | rsutton@Mirragin.com.au |
| Attention: | Rob Sutton |

---

18. **Severability** If
 any term or provision of this Agreement is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will
 not affect any other term or provision of this Agreement.

19. **Waiver** Without
 limiting any other provision of this Agreement, the Parties agree that:

(a) failure
 to exercise or enforce, or a delay in exercising or enforcing, or the partial exercise or enforcement of, a right, power or remedy
 provided by law or under this Agreement by a Party does not preclude, or operate as a waiver of, the exercise or enforcement, or
 further exercise or enforcement, of that or any other right, power or remedy provided by law or under this Agreement;

(b) a
 waiver given by a party under this Agreement is only effective and binding on that Party if it is given or confirmed in writing by
 that Party; and

(c) no
 waiver of a breach of a term of this Agreement operates as a waiver of another breach of that term or of a breach of any other term
 of this Agreement.

20. **Counterparts** This
 Agreement may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures
 my means of electronic communication are taken to be valid and binding to the same extent as original signatures.

21. **Interpretation** In
 this Agreement:

---

| | |
|:---|:---|
| (a) | headings are for convenience only and do not affect its interpretation; |
| (b) | specifying anything after the words "include" or "for example" or similar expressions does not limit what else is included; |
| and unless the context otherwise requires: | and unless the context otherwise requires: |
| (c) | an obligation or liability assumed by, or a right conferred on, two or more Parties binds or benefits all of them severally only; |
| (d) | the expression **person** includes an individual, the estate of an individual, a corporation, an authority, an association or joint venture (whether incorporated or unincorporated), a partnership and a trust; |
| (e) | a reference to any party includes that party's executors, administrators, successors and permitted assigns, including any person taking by way of novation; |
| (f) | a reference to a body, other than a party to this Agreement whether statutory or not: |

---

(i) which
 ceases to exist; or

(ii) whose
 powers or functions are transferred to another body, is a reference to the body which replaces it or substantially succeed its powers
 or functions;

(g) a
 reference to any document (including this Agreement) is to that document as varied, novated, ratified or replaced from time to time;

(h) a
 reference to any statute or to any statutory provision includes any statutory modification or re-enactment of it or any statutory
 provision substituted for it, and all ordinances, by-laws, regulations, rules and statutory instruments (however described) issued
 under it;

(i) words
 importing the singular include the plural (and vice versa) and words indicating a gender include every other gender;

(j) reference
 to parties, clauses, schedules, exhibits or annexure are references to parties, clauses, schedules, exhibits and annexure to or of
 this Agreement and a reference to this Agreement includes any schedule, exhibit or annexure to this Agreement;

(k) where
 a word or phrase is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding
 meaning;

(l) a
 reference to time is to Western Standard Time as observed in Perth, Western Australia;

(m) if
 a period of time is specified and dates from a given day or the day of an event, it is to be calculated exclusive of that day;

(n) a
 reference to a day is to be interpreted as the period of time commencing at midnight and ending 24 hours later;

(o) if
 an act prescribed under this Agreement to be done by a party on or by a given day is done after 5.00pm on that day, it is taken to
 be done on the next day;

(p) a
 reference to a payment is to a payment by electronic funds transfer or such other form of cleared funds the recipient otherwise allows
 in the relevant lawful currency specified;

(q) a
 reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party
 to:

(i) pay
 money:

(A) in
 the form of an inducement or consideration to a third party to procure something (other than the payment of immaterial expenses or
 costs, including costs of advisers, to procure the relevant thing); or

(B) in
 circumstances that are commercially onerous or unreasonable in the context of this Agreement;

(ii) provide
 other valuable consideration to or for the benefit of any person; or

(iii) agree
 to commercially onerous or unreasonable conditions.

21.2 As used herein,
 the term "nominee" includes any potential acquiror of Braiin.

If the terms and conditions set out above are acceptable, please execute this Agreement in the appropriate place below.

Dated this 6th day of April 2024

---

| |
|:---|
| **EXECUTED** by **Braiin Limited**<br>|
| /s/ Natraj Balasubramanian |
| Signature of Chief Executive Officer<br>|
| Natraj Balasubramanian |
| Name of Chief Executive Officer |

---

---

| |
|:---|
| **EXECUTED** by **Mirragin RAS Consulting Pty Ltd ACN 149 778 165** |
| in accordance with section 127 of the *Corporations Act 2001* (Cth): |
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| **Rob Sutton** |
| Name of sole director and company secretary |
| **EXECUTED** by **Relms Consolidated Pty Ltd ACN 622 735 166 as trustee for The Sutton Family Trust** |
| in accordance with section 127 of the *Corporations Act 2001* (Cth): |
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| **Rob Sutton** |
| Name of sole director and company secretary |

---

## Exhibit 2.5

**Exhibit 2.5**

**BINDING HEADS OF AGREEMENT**

**PRIVATE AND CONFIDENTIAL**

Mirragin Project Isidore Pty Ltd ACN 663 281 034 **(Isidore)** is the legal and beneficial owner of various intellectual and technological property rights, specifically relating to telecommunications.

This heads of agreement (**Agreement**) sets out the terms upon which Braiin Limited (**Braiin**) agrees to acquire 100% of the shares in Isidore, which is held by Isidore Project Pty Ltd, ACN of 676 197 881 as the sole shareholder of Isidore (**Shareholder**).

This Agreement supersedes any and all previous correspondence, agreements or understandings between the parties in respect of the subject matter of this Agreement and is binding on all of the parties to it (**Parties**). The Shareholder and Isidore of the one part, and Braiin of the other part, must jointly and severally procure that each complies with this Agreement.

---

| | | |
|:---|:---|:---|
| **1.** | **Acquisition** | Subject to the satisfaction or waiver of the conditions precedent set out in clause 3 below (**Conditions Precedent**), Braiin agrees to acquire and the Shareholder agrees to sell, all of their fully paid ordinary shares in the capital of Isidore (**Isidore Shares**), free from encumbrances, for the consideration referred to in clause 2 below (the **Acquisition**). |
|  |  | The Parties acknowledge that they will work together in good faith to achieve a transaction structure for the Acquisition to best serve the interests of all parties (including allowing the Shareholder to benefit from scrip for scrip CGT rollover relief, to the extent reasonably practicable), and acknowledge that this may result in the Acquisition being restructured to better serve the interests of all parties (including as a result of any tax advice obtained by the parties following the date of this Agreement). If the form of the Acquisition is restructured in that way, this Agreement will be amended to the extent necessary to reflect the form of the restructured transaction. |
| **2.** | **Consideration** | Subject to the terms and conditions of this Agreement, Braiin agrees to issue the Shareholder (or a party nominated by the Shareholder) aggregate consideration of AUD$1,000,000 being issued in the form of fully paid ordinary shares in the capital of Braiin (or its nominee) (**Shares**) at a price no less than the initial listing price for the Shares (**Consideration Shares**). |
|  |  | The Consideration Shares will be issued in full on settlement of the Acquisition (**Settlement**). |
|  |  | The Shareholder agrees that the Consideration Shares shall be subject to a voluntary lock-up term during which the Shareholder shall not sell, dispose of, gift or otherwise transfer such Consideration Shares, except for the release of Consideration Shares from such lock-up as set forth below: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 12 months following Settlement: 50% of the locked-up Consideration Shares allocated to Broker are released; and

· 24 months following Settlement: 50% of the remaining locked-up Consideration Shares are released.

---

| | | |
|:---|:---|:---|
| **3.** | **Conditions Precedent** | Settlement is conditional upon the satisfaction (or waiver) of the following Conditions Precedent: |
|  | (a) | **Formal Agreement** |
|  |  | The Parties entering into a formal share sale agreement (to be prepared by Braiin's advisors), which shall be on terms acceptable to the Parties (acting reasonably), including customary warranties to be provided by the Shareholder and with appropriate limitations on liability for the Shareholder, and which shall be consistent with the terms set out in this Agreement, except to the extent otherwise agreed by the Parties; |
|  | (b) | **Shareholder approval** |
|  |  | Braiin or its nominee obtaining shareholder approval; |
|  | (c) | **Audit** |
|  |  | Isidore to provide Isidore's AICPA standard financial audit reports for the most recent two fiscal years to the absolute satisfaction of Braiin; |
|  | (d) | **Admission to NASDAQ or NYSE** |
|  |  | Braiin or its nominee receiving conditional approvals or equivalent approvals, to admit the securities of Braiin or its nominee to trading on NASDAQ or NYSE and those conditions being to the reasonable satisfaction of Braiin or its nominee; |
|  | (e) | **Due Diligence** |
|  |  | Completion of financial, legal and technical due diligence by Braiin on Isidore and its subsidiaries, if any, to the absolute satisfaction of Braiin |
|  | (f) | **Approvals** |
|  |  | The Parties obtaining all corporate, shareholder and regulatory approvals necessary to lawfully complete the Acquisition; and |
|  |  | The Condition Precedent in clauses 3(b)-(e) are for the benefit of Braiin and may only be waived by Braiin giving written notice to the Shareholder. All other Conditions Precedent are for the benefit of both parties and may only be waived by mutual agreement in writing of the Shareholder and Braiin. |
|  |  | If the Conditions Precedent are not satisfied (or waived by the Party entitled to the benefit of such Condition Precedent, as the case may be) on or before 5.00pm (WST) on June 30, 2024 (or such other date agreed by the Parties in writing), or become incapable of being satisfied and are not waived (**End Date**) any Party may terminate this Agreement by notice in writing to the other Parties, in which case, the agreement constituted by this Agreement will be at an end and the Parties will be released from their obligations under this Agreement (other than in respect of any breaches that occurred prior to termination). |
|  |  | The Parties will use their best efforts to ensure that the Conditions Precedent are satisfied before the End Date. |

---

---

| | | |
|:---|:---|:---|
| **4.** | **Settlement** | Settlement will occur on that date which is within seven (7) business days (as defined pursuant to the NASDAQ Listing Rules, **Business Days**) after the satisfaction (or waiver) of the Conditions Precedent set out in clause 3 (**Settlement Date**). |
|  |  | At Settlement: |
|  | (a) | Braiin or its nominee shall allot and issue the Consideration Shares to the Shareholder (or its nominee) and deliver a holding statement to the Shareholder (or its nominee) for the Consideration Shares; |
|  | (b) | the Shareholder and Isidore must deliver or cause to be delivered to Braiin: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) share certificates in respect of the Isidore Shares (or in the case of any lost, stolen or destroyed certificate, an indemnity in respect of that certificate);

(ii) separate instruments of transfer in registrable form for the Isidore Shares in favour of Braiin (as transferee) which have been duly executed by the Shareholder in relation to their respective Isidore Shares (as transferor);

(iii) the corporate, legal, technical and financial records for Isidore;

(iv) the written resignations of each of the directors and secretary of Isidore with effect from the Settlement Date confirming that they each have no claim for loss of office or otherwise against Isidore (save for any director who is to remain as agreed with Braiin);

(v) a duly completed authority for the alteration of the signatories of each bank account of Isidore in the same manner required by Braiin by written notice before the Settlement Date; and

(vi) signed restriction agreements relating to the Consideration Shares (the Consideration Shares to be locked up for the periods set forth above); and

(c) the Shareholder must procure that a directors' meeting of Isidore is held to attend to the following matters (as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the approval of the registration (subject to payment of stamp duty, if any) of the transfers of the Isidore Shares and the issue of new share certificates for the Isidore Shares in the name of Braiin (or its nominee);

(ii) recording Braiin (or its nominee) as the holder of the Isidore Shares in Isidore's register of members;

(iii) taking all other steps required under Isidore's constituent documents and applicable laws to constitute and evidence Braiin (or its nominee) as the sole holder of the Isidore Shares; and

(iv) accepting the resignations of each of the directors and secretaries of Isidore with effect from the Settlement Date and the appointment as additional directors and secretary of Isidore of those persons nominated by Braiin or its nominee by written notice before the Settlement Date.

---

| |
|:---|
| The Parties' obligations at Settlement are interdependent and must take place simultaneously, as nearly as possible, unless otherwise agreed by Isidore and Braiin. |
| If a Party (**Defaulting Party**) fails to satisfy its obligations under this clause 4 on the day and at the place and time for Settlement then, any other Party (**Notifying Party**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of ten (10) Business Days from the date of the notice and declaring time to be of the essence. The Parties agree, however, that none of Isidore or the Shareholder can be a Notifying Party, in the event that one or more of them is a Defaulting Party. |
| If the Defaulting Party fails to satisfy those obligations within those ten (10) Business Days the Notifying Party may, without limitation to any other rights it may have, terminate this Agreement by giving written notice to the other Parties. |

---

**5.** **Maintaining Status Quo** Other than as contemplated in this Agreement, or as disclosed fully and fairly in writing to Braiin before the Execution Date, or with the prior written approval of Braiin (such approval not to be unreasonably withheld or delayed), until the earlier of Settlement, 30 June 2024 or termination of this Agreement, Isidore must not (and the Shareholder must procure that Isidore does not):

(a) undertake or allow any material business change;

(b) enter into any material contract or incur any material liability other than in the ordinary course of business;

(c) dispose of the whole, or a substantial part, of its business or assets;

(d) vary or reduce its capital structure;

(e) issue, or agree to issue, any equity or debt securities, or grant or agree to grant any rights over existing issued capital, or rights to be issued securities;

(f) alter or agree to alter its constitution or constituent documents;

(g) declare any dividends or distribute any assets;

(h) cause to occur, by act or omission, an event or series of events, whether related or not, which may have a material adverse effect on the business, assets or financial condition of Isidore or on the transactions contemplated by this Agreement; and

(i) create or permit the creation of any encumbrance over the assets of Isidore or its subsidiaries, other than in the ordinary course of business.

---

| | | |
|:---|:---|:---|
| **6.** | **Exclusivity** | During the period from the Execution Date until the earlier of Settlement, 30 June 2024 or termination of this Agreement, each of Isidore and the Shareholder agrees that: |
|  | (a) | they will not participate in any negotiations or discussions with, or provide any information to, or accept or enter into any agreement, arrangement or understanding with, any third parties in respect of a transaction that may materially reduce the likelihood of success of the transactions contemplated by this Agreement and will also cease any existing discussions or negotiations regarding such transactions; |
|  | (b) | they will not engage with any other third party other than advisors, accountants or lawyers in connection with the sale of all or any Isidore Shares, or any of Isidore's business, assets or undertaking other than in the ordinary course of business; and |
|  | (c) | they will not provide any third party with any information regarding Isidore or its business, assets or undertakings, other than in the ordinary course of its ordinary business. |
| **7.** | **Confidentiality** | Each Party is to keep confidential the terms of this Agreement and any other information obtained from another during the negotiations preceding the Execution Date or in the course of furthering the transactions contemplated by this Agreement whether in the course of conducting due diligence or otherwise (**Confidential Information**), and is not to disclose it to any person except: |
|  | (a) | to officers, employees, shareholders, legal advisers, auditors and other consultants requiring the information for the purposes of this Agreement; |
|  | (b) | with the consent of the Party or Parties which own the Confidential Information; |
|  | (c) | if the information is, at the date of this Agreement, lawfully in the possession of the recipient of the information through sources other than any of the other Parties; |
|  | (d) | if required by law or a stock exchange; |
|  | (e) | if strictly and necessarily required in connection with legal proceedings relating to this Agreement; |
|  | (f) | if the information is generally and publicly available other than as a result of a breach of confidence; or |
|  | (g) | to a financier or prospective financier (or its advisers) of a Party. |
|  |  | Braiin must not use any Confidential Information provided to it by or on behalf of Isidore in connection with any due diligence of Isidore to the competitive disadvantage or detriment of Isidore. |

---

---

| | | |
|:---|:---|:---|
|  |  | A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this clause. |
|  |  | The obligations under this clause contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Agreement, regardless of any termination of this Agreement. |
|  |  | For the avoidance of doubt, the Parties acknowledge and agree that Braiin, subject to and conditional upon receiving conditional approval to list on the NASDAQ, listed on NASDAQ and is subject to continuous disclosure obligations applicable to that exchange. Accordingly, details of this Agreement, Isidore, the Shareholder and the assets and undertaking of Isidore (potentially among other information) will need to be disclosed in announcements to NASDAQ. |
| **8.** | **Further Acts** | Each Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably satisfactory to that Party) required by law or reasonably required by the other Party to give effect to this Agreement. |
| **9.** | **Governing Law** | This Agreement is governed by and construed in accordance with the laws of Western Australia. Each Party irrevocably submits to the non-exclusive jurisdiction of the courts of Western Australia, and the courts competent to determine appeals from those courts with respect to any proceedings which may be brought at any time relating to this Agreement. |
| **10.** | **Dispute resolution** | The Parties must endeavour to settle any dispute in connection with this Agreement by mediation. The mediation is to be conducted by a mediator who is independent of the Parties and appointed by agreement between the Parties or, failing agreement, within seven days of receiving any Party's notice of dispute, by a person appointed by the Chair of Resolution Institute or the Chair's designated representative. The Resolution Institute Mediation Rules apply to the mediation. It is a condition precedent to the right of either party to commence arbitration or litigation, other than for interlocutory relief, that they have first offered to submit the dispute to mediation. |
| **11.** | **Assignment** | No Party may assign, novate or otherwise transfer any of its rights or obligations under this Agreement without the written consent of the other Party. |
| **12.** | **Costs** | Each Party shall bear their own legal costs of and incidental to the preparation, negotiation and execution of this Agreement. |
|  |  | Braiin will pay any stamp duty assessed on or in respect of this Agreement. |
| **13.** | **Tax** (a) | In the event a supply made by one Party to another under this Agreement is subject to a value added or similar tax, the price stated in this Agreement is exclusive of such tax and the recipient of such a supply must pay to the other Party an amount equal to the amount of any such tax in addition to any amount stated in this Agreement and at the same time. |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | (b) | Any payment of such tax is subject to the other Party providing any invoice or similar documentation required by law with respect to such tax. |
|  |  | (c) | No Party makes any representation to the other with regard to the intended tax consequences of the Acquisition. |
| **14.** | **Remedies** | The rights, power and remedies provided in this Agreement are cumulative with and not exclusive to the rights, power or remedies provided by law independently of this Agreement. | The rights, power and remedies provided in this Agreement are cumulative with and not exclusive to the rights, power or remedies provided by law independently of this Agreement. |
| **15.** | **Variation** | No modification or alteration of the terms of this Agreement shall be binding unless made in writing dated subsequent to the date of this Agreement and duly executed by all Parties. | No modification or alteration of the terms of this Agreement shall be binding unless made in writing dated subsequent to the date of this Agreement and duly executed by all Parties. |
| **16.** | **Notices** | Each notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed prepaid mail in each case addressed to the Party at its address set out in below: | Each notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed prepaid mail in each case addressed to the Party at its address set out in below: |
|  |  | In the case of Braiin: | In the case of Braiin: |
|  |  | Address: | 41 River Ter, #3906 New York, NY 10282 |
|  |  | Email: | natraj@braiin.com |
|  |  | Attention: | Chief Executive Officer |
|  |  | In the case of Isidore and the Shareholder: | In the case of Isidore and the Shareholder: |
|  |  | Address: | Adelaide Street, Brisbane |
|  |  |  | Queensland, Australia |
|  |  | Email: | rsutton@Mirragin.com.au |
|  |  | Attention: | Rob Sutton |
| **17.** | **Severability** | If any term or provision of this Agreement is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will not affect any other term or provision of this Agreement. | If any term or provision of this Agreement is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will not affect any other term or provision of this Agreement. |

---

**18.** **Waiver** Without limiting any other provision of this Agreement, the Parties agree that:

(a) failure to exercise or enforce, or a delay in exercising or enforcing, or the partial exercise or enforcement of, a right, power or remedy provided by law or under this Agreement by a Party does not preclude, or operate as a waiver of, the exercise or enforcement, or further exercise or enforcement, of that or any other right, power or remedy provided by law or under this Agreement;

(b) a waiver given by a party under this Agreement is only effective and binding on that Party if it is given or confirmed in writing by that Party; and

(c) no waiver of a breach of a term of this Agreement operates as a waiver of another breach of that term or of a breach of any other term of this Agreement.

**19.** **Counterparts** This Agreement may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures my means of electronic communication are taken to be valid and binding to the same extent as original signatures.

---

| | | |
|:---|:---|:---|
| **20.** | **Interpretation** | In this Agreement: |
|  | (a) | headings are for convenience only and do not affect its interpretation; |
|  | (b) | specifying anything after the words "include" or "for example" or similar expressions does not limit what else is included; |
|  |  | and unless the context otherwise requires: |
|  | (c) | an obligation or liability assumed by, or a right conferred on, two or more Parties binds or benefits all of them severally only; |
|  | (d) | the expression **person** includes an individual, the estate of an individual, a corporation, an authority, an association or joint venture (whether incorporated or unincorporated), a partnership and a trust; |
|  | (e) | a reference to any party includes that party's executors, administrators, successors and permitted assigns, including any person taking by way of novation; |
|  | (f) | a reference to a body, other than a party to this Agreement whether statutory or not: |

---

---

| | |
|:---|:---|
| (i) | which ceases to exist; or |
| (ii) | whose powers or functions are transferred to another body, |
| is a reference to the body which replaces it or substantially succeed its powers or functions; | is a reference to the body which replaces it or substantially succeed its powers or functions; |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a reference to any document (including this Agreement) is to that document as varied, novated, ratified or replaced from time to time;

(h) a reference to any statute or to any statutory provision includes any statutory modification or re-enactment of it or any statutory provision substituted for it, and all ordinances, by-laws, regulations, rules and statutory instruments (however described) issued under it;

(i) words importing the singular include the plural (and vice versa) and words indicating a gender include every other gender;

(j) reference to parties, clauses, schedules, exhibits or annexure are references to parties, clauses, schedules, exhibits and annexure to or of this Agreement and a reference to this Agreement includes any schedule, exhibit or annexure to this Agreement;

(k) where a word or phrase is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding meaning;

(l) a reference to time is to Western Standard Time as observed in Perth, Western Australia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) if a period of time is specified and dates from a given day or the day of an event, it is to be calculated exclusive of that day;

(n) a reference to a day is to be interpreted as the period of time commencing at midnight and ending 24 hours later;

(o) if an act prescribed under this Agreement to be done by a party on or by a given day is done after 5.00pm on that day, it is taken to be done on the next day;

(p) a reference to a payment is to a payment by electronic funds transfer or such other form of cleared funds the recipient otherwise allows in the relevant lawful currency specified;

(q) a reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pay money:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in the form of an inducement or consideration to a third party to procure something (other than the payment of immaterial expenses or costs, including costs of advisers, to procure the relevant thing); or

(B) in circumstances that are commercially onerous or unreasonable in the context of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provide other valuable consideration to or for the benefit of any person; or

(iii) agree to commercially onerous or unreasonable conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 As used herein, the term "nominee" includes any potential acquiror of Braiin.

If the terms and conditions set out above are acceptable, please execute this Agreement in the appropriate place below.

Dated this 6<sup>th</sup> day of April 2024

---

| |
|:---|
| **EXECUTED** by **Braiin Limited**<br>**/s/ Natraj Balasubramanian** |
| Signature of Chief Executive Officer |
| Natraj Balasubramanian |
| Name of Chief Executive Officer |
| **EXECUTED** by **Mirragin Project Isidore Pty Ltd ACN 663 281 034** |
| in accordance with section 127 of the *Corporations Act 2001* (Cth): |
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| **Rob Sutton** |
| Name of sole director and company secretary |
| **EXECUTED** by **Isidore Project Pty Ltd (ACN) of 676 197 881** |
| in accordance with section 127 of the *Corporations Act 2001* (Cth): |
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| **Rob Sutton** |
| Name of sole director and company secretary |

---

## Exhibit 2.6

**Exhibit 2.6**

**SECOND AMENDED AND RESTATED BINDING HEADS OF AGREEMENT**

**PRIVATE AND CONFIDENTIAL**

**On May 10, 2024, the Parties (as defined below) entered into a Heads of Agreement, (the May Heads of Agreement), as amended by the amended and restated Heads of Agreement, dated September 21, 2024, (together with the May Heads of Agreement, the Original Heads of Agreement") and the Parties hereby agree that the Original Heads of Agreement should be amended and restated in its entirety, as set forth below.**

VIS NETWORKS PVT LTD (**VIS Networks**) and its direct and indirect subsidiaries listed in Annex A hereto (**Subsidiaries**) (collectively, **VIS**) are the legal and beneficial owners of various intellectual and technological property rights, relating to, among other things, technology services.

This binding heads of agreement (**Binding HOA**) sets out the terms upon which Braiin Limited (**Braiin**) agrees to acquire 100% of the shares in VIS Networks, which are held by the existing shareholders of VIS Networks in the manner set forth in Annex B hereto (**Shareholders**).

This Binding HOA, dated June 27, 2025 (**Execution Date**) supersedes any and all previous correspondence, agreements or understandings between the parties, including the Original Heads of Agreement, in respect of the subject matter of this Binding HOA (**Parties**), and is binding on the parties.

---

| | |
|:---|:---|
| **Acquisition Terms** | Subject to the terms and conditions to be set out in a formal share sale agreement (**Share Sale Agreement**) (to be prepared by Braiin's advisors), which shall: (i) be on terms acceptable to the Parties (acting reasonably), including customary warranties to be provided by the Shareholders and with appropriate limitations on liability for the Shareholders and VIS; and (ii) be consistent with the terms set out in this Binding HOA, except to the extent otherwise agreed by the Parties, Braiin will purchase and the Shareholders will sell, all of the fully paid equity shares in the capital of VIS Networks (collectively, **VIS Shares**), free from encumbrances, as per a mutually agreeable structure to be set forth in the Share Sale Agreement. The terms of such purchase and sale are set forth below: |

---

(a) Braiin
 will purchase, and the Shareholders will sell, such portion of the VIS Shares that constitute 79.7% of the issued and paid up share
 capital of VIS Networks as of the Execution Date, for a purchase consideration, payable in cash, of USD 12 Million (the purchase
 and sale of the portion of VIS Shares described under this Section 1(a), **First Settlement**) on such date as specified in the
 Share Sale Agreement (**First Settlement Date**).

(b) On
 the date that is 12 months after the First Settlement Date (**Second Settlement Date**), Braiin will purchase, and the Shareholders
 will sell, such portion of VIS Shares that constitute 12.2% of the issued and paid-up share capital of VIS Networks as of the Execution
 Date, for a purchase consideration, payable in cash, of USD 7.2 Million (the purchase and sale of the portion of VIS Shares described
 under this Section 1(b), **Second Settlement).** 

(c) On
 the date that is 24 months after the First Settlement Date (**Third Settlement Date**),
 Braiin will purchase, and the Shareholders will sell, such portion of the VIS Shares that
 constitute 8.1% of the issued and paid-up share capital of VIS Networks as of the Execution
 Date, for a purchase consideration of USD 4.8 Million (the purchase and sale of the portion
 of VIS Shares described under this Section 1(c), **Third Settlement**). ((a),
 (b) and (c) above, collectively constitute, **Acquisition**).

---

| | |
|:---|:---|
| **Certain Share Sale Agreement Terms** | The transactions contemplated by this Binding HOA and governed by the Share Sale Agreement will be conditioned upon the satisfaction (or waiver) of customary conditions precedent or pre-Settlement actions, including, but not limited to, the following: |

---

---

| | |
|:---|:---|
| (a) | **Formal Shareholders' Agreement** |
|  | Subject to Section 2(b) below, the shareholders of VIS Networks as on the First Settlement Date, and VIS Networks, entering into and being bound by a formal shareholders' agreement (to be prepared by VIS Networks' advisors) (**Shareholders' Agreement**), which shall be on terms acceptable to all parties to such Shareholders' Agreement (acting reasonably) including appropriate minority protections rights, governance rights and restriction on transferability of shares of all shareholders of VIS Networks as of the First Settlement Date. |
| (b) | **Structure** |
|  | The Parties shall mutually agree on a structure for the transaction which is in compliance with the applicable tax and legal framework in the relevant jurisdictions prior to execution of the Share Sale Agreement and Shareholders' Agreement. |
| (c) | **Audit** |
|  | VIS to provide VIS' AICPA standard financial audit reports for the most recent two fiscal years to the absolute satisfaction of Braiin. Subject to a maximum cap of USD 25,000, VIS Networks shall bear the costs and expenses of the AICPA standard financial audit referred to in this Section 2(c). |
| (d) | **Admission to NASDAQ or NYSE** |
|  | Braiin Holdings or its nominee receiving conditional approvals or equivalent approvals, to admit the securities of Braiin or its nominee to trading on NASDAQ or NYSE on terms customary for listing in connection with business combinations. |
| (e) | **Due Diligence** |
|  | Completion of financial, legal and technical due diligence by Braiin on VIS to the absolute satisfaction of Braiin. |
| (f) | **Employment Agreements** |
|  | Certain key employees of VIS Networks (to be determined in the Share Sale Agreement) having executed employment agreements with VIS Networks on reasonably customary terms, which terms shall be no less favourable than the existing terms of employment of such key employees. For avoidance of doubt, it is hereby agreed and clarified that the employment agreements referenced in this Section 2(f) shall, subject to First Settlement, be effective from the First Settlement Date.<br>|

---

---

| | |
|:---|:---|
| (g) | **Approvals** |
|  | The Parties obtaining all corporate, shareholder and regulatory approvals necessary to lawfully complete the Acquisition. |
| (h) | **Indian Exchange Control** |
|  | Upon the reasonable request by the Shareholders, Braiin providing VIS Networks and the Shareholders with all documents and information required by the Reserve Bank of India and/ or the authorised dealer banks of the Shareholders to enable: (i) the Shareholders to complete the Acquisition including receipt of the consideration for the Acquisition in their bank accounts; and (ii) the Shareholders and VIS Networks to report the Acquisition with the Reserve Bank of India/ authorised dealer banks. |

---

**3.** **Settlement** The
 Parties agree to cooperate in good faith to structure the Acquisition in the Share Sale Agreement
 in a manner which is compliant with all applicable laws. Braiin
 acknowledges that Indian regulations may require Braiin to execute certain securities transfer forms and/ or open and operationalise
 an active demat account in India capable of receiving the VIS Shares as a condition precedent to such transfer of VIS Shares, and
 Braiin will cooperate with such Indian regulations. Each
 Shareholder in respect of the VIS Shares transferred by him/ her to Braiin (or its nominee) in accordance with the terms of the Share
 Sale Agreement and the Shareholders' Agreement, shall file Form FC-TRS with the Reserve Bank of India/ its authorised dealer
 banks within the timelines set out under applicable law. Braiin and VIS Networks agree to reasonably cooperate with the Shareholders
 to enable the Shareholders to make such filing. The
 Parties acknowledge that the Share Sale Agreement will also capture the appropriate actions required: (i) for payment of consideration
 as set out in Section 1 above; and (ii) under law to complete the transfer of the relevant VIS Shares on the First Settlement Date,
 Second Settlement Date and the Third Settlement Date for the consideration set out in Section 1 and register Braiin (or its nominee)
 as the registered and beneficial owner of the relevant VIS Shares acquired by Braiin (or its nominee) on the First Settlement Date,
 Second Settlement Date and Third Settlement Date (as applicable) or as the beneficial owner in the event shares are in demat form,
 in each case in accordance with and subject to the terms of the Share Sale Agreement and Shareholders' Agreement.

**4.** **Future Funding** The
 Share Sale Agreement or the Shareholders' Agreement will contain terms regarding Braiin's infusion of funds into VIS
 Networks after the First Settlement Date for the purposes of growth capital. The terms and conditions of such infusion by Braiin
 (including amounts required towards such infusion) shall be mutually agreed between the Parties and set out in the Shareholders'
 Agreement.

**5.** **Standstill** The
 Share Sale Agreement will contain customary standstill obligations/ covenants on VIS to maintain status quo, on and from the date
 of execution of the Share Sale Agreement till the First Settlement Date, such as:

---

| | |
|:---|:---|
| (a) | incur any material liability other than in the ordinary course of business; |
| (b) | dispose of the whole, or a substantial part, of its business or assets; |
| (c) | vary or reduce its capital structure; |
| (d) | issue, or agree to issue, any equity or debt securities, or grant or agree to grant any rights over existing issued capital, or rights to be issued securities; |
| (e) | alter or agree to alter its constitution or constituent documents; |
| (f) | declare any dividends or distribute any assets; |
| (g) | cause to occur, by act or omission, an event or series of events, whether related or not, which may have a material adverse effect on the business, assets or financial condition of VIS or on the transactions contemplated by this Binding HOA; and |
| (h) | create or permit the creation of any encumbrance over the assets of VIS, other than in the ordinary course of business. |
| Notwithstanding anything contained herein, the standstill obligations in Section 5(c) above shall not apply to any actions undertaken by VIS and/ or the Shareholders for the purposes of execution and consummation of transactions specified in Annexure C of this Binding HOA. | Notwithstanding anything contained herein, the standstill obligations in Section 5(c) above shall not apply to any actions undertaken by VIS and/ or the Shareholders for the purposes of execution and consummation of transactions specified in Annexure C of this Binding HOA. |

---

**6.** **Exclusivity** During
 the period from the Execution Date until the earlier of (i) execution of the Share Sale Agreement; (ii) the later of (a) the
 listing of the securities on NASDAQ or NYSE and (b) 30 September, 2025 (the **End Date**); (iii)termination of this Binding HOA;
 or (iv) Braiin communicating, any time prior to the End Date, to VIS or any of the Shareholders of its intent not to pursue the
 Acquisition, each of VIS Networks and the Shareholders agree that:

(a) they
 will not participate in any negotiations or discussions with, or provide any information to, or accept or enter into any agreement,
 arrangement or understanding with, any third parties in respect of a transaction that may materially reduce the likelihood of success
 of the transactions contemplated by this Binding HOA and will also cease any existing discussions or negotiations regarding such
 transactions;

(b) they
 will not engage with any other third party other than advisors, accountants or lawyers in connection with the sale of all or any
 VIS Shares, or any of VIS' business, assets or undertaking other than in the ordinary course of business or other than in a
 manner as may be disclosed by the Shareholders/ VIS to Braiin in writing; and

(c) they
 will not provide any third party with any information regarding VIS or its business, assets
 or undertakings in connection with (a) and/ or (b) above, other than in the ordinary course
 of its ordinary business.

Notwithstanding anything contained herein, the exclusivity obligations in Section 6 shall not apply to any actions undertaken by VIS and/ or the Shareholders for the purposes of execution and consummation of transactions specified in Annexure C of this Binding HOA.

**7.** **Confidentiality** Each
 Party is to keep confidential the terms of this Binding HOA and any other information obtained from another during the negotiations
 preceding the Execution Date or in the course of furthering the transactions contemplated by this Binding HOA whether in the course
 of conducting due diligence or otherwise (**Confidential Information**), and is not to disclose it to any person except:

(a) to
 officers, employees, shareholders, legal advisers, auditors and other consultants requiring the information for the purposes of this
 Binding HOA;

(b) with
 the consent of the Party or Parties which own the Confidential Information;

(c) if
 the information is, at the date of this Binding HOA, lawfully in the possession of the recipient of the information through sources
 other than any of the other Parties;

(d) if
 required by law,

(e) requirements
 for disclosure under the rules of the U.S. Securities and Exchange Commission or under rules of a stock exchange;

(f) if
 strictly and necessarily required in connection with legal proceedings relating to this Binding HOA;

(g) if
 the information is generally and publicly available other than as a result of a breach of confidence; or

(h) to
 a financier or prospective financier (or its advisers) of a Party.

---

| |
|:---|
| Braiin must not use any Confidential Information provided to it by or on behalf of VIS (i) for any purpose other than the proposed Acquisition; (ii) to the competitive disadvantage or detriment of VIS. VIS Networks must not use any Confidential Information provided to it by or on behalf of Braiin (i) for any purpose other than the proposed Acquisition; (ii) to the competitive disadvantage or detriment of Braiin. |
| A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this Section. |
| The obligations under this Section contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Binding HOA, regardless of any termination of this Binding HOA. |

---

**8.** **Further Acts** Each
 Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably
 satisfactory to that Party) required by law or reasonably required by the other Party to give effect to this Binding HOA.

**9.** **Governing Law** This
 Binding HOA is governed by and construed in accordance with the laws of India. Each Party irrevocably submits to the exclusive jurisdiction
 of the courts of India, and the courts competent to determine appeals from such court with respect to any proceedings which may be
 brought at any time relating to this Binding HOA.

**10.** **Dispute Resolution** The
 Parties must endeavour to settle any dispute in connection with this Binding HOA by mediation.
 The mediation is to be conducted by a mediator who is independent of the Parties and appointed
 by agreement between the Parties or, failing agreement, within seven days of receiving any
 Party's notice of dispute, by a person appointed in accordance with the rules of Singapore
 International Mediation Centre (**SIMC**). The rules of SIMC shall apply to the mediation.
 It is a condition precedent to the right of either party to commence arbitration or litigation,
 other than for interlocutory relief, that they have first offered to submit the dispute to
 mediation. In
 the event the Parties are unable to settle disputes under this Binding HOA through mediation, the Parties shall refer such dispute
 to arbitration. which will be administered by the Singapore International Arbitration Centre (**SIAC**). Each Party to such dispute
 shall appoint one arbitrator and the presiding arbitrator(s) shall be appointed in accordance with the rules of SIAC. The venue of
 such arbitration shall be Singapore and the seat shall be Bangalore, India.

**11.** **Assignment** No
 Party may assign, novate or otherwise transfer any of its rights or obligations under this Binding HOA without the written consent
 of the other Party.

**12.** **Costs** Braiin
 shall bear its own, and VIS Networks shall bear for itself and the Shareholders, legal costs
 of and incidental to the preparation, negotiation and execution of this Binding HOA. The
 Parties shall mutually agree upon, and set out in the Share Sale Agreement or the Shareholders' Agreement (as applicable),
 the Party(ies) responsible for bearing stamp duty in relation to the agreements or instruments executed in connection with the Acquisition.

**13.** **Tax** No
 Party makes any representation to the other with regard to the intended tax consequences of the Acquisition.

**14.** **Remedies** The
 rights, power and remedies in respect of the provisions of this Binding HOA are cumulative with and not exclusive to the rights,
 power or remedies provided by law independently of this Binding HOA.

**15.** **Variation** No
 modification or alteration of the terms of this Binding HOA shall be made unless such modification/ alteration is: (a) made in writing;
 (b) dated subsequent to the date of this Binding HOA; and (c) duly executed by all Parties.

**16.** **Notices** Each
 notice authorised or required to be given to a Party shall be in writing and may be delivered
 personally or sent by properly addressed prepaid mail in each case addressed to the Party
 at its address set out in below: In
 the case of Braiin:

---

| | |
|:---|:---|
| Address: | 283 Rokeby Road Subiaco WA 6008 |
| Email: | natraj@braiin.com |
| Attention: | Natraj Balasubramanian In the case of VIS and the Shareholders: |
| Address: | # 94, 4th Cross, |
|  | 2nd Block Koramangala Bangalore, 560034 Karnataka India |
| Email: | umashankar@visnet.in |
| Attention: | Umashankar Bantwal |

---

**17.** **Severability** If
 any term or provision of this Binding HOA is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will
 not affect any other term or provision of this Binding HOA.

**18.** **Counterparts** This
 Binding HOA may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures
 by means of electronic communication are taken to be valid and binding to the same extent as original signatures.

(m) if
 a period of time is specified and dates from a given day or the day of an event, it is to be calculated exclusive of that day;

(n) a
 reference to a day is to be interpreted as the period of time commencing at midnight and ending 24 hours later;

(o) if
 an act prescribed under this Binding HOA to be done by a party on or by a given day is done after 5.00pm on that day, it is taken
 to be done on the next day;

(p) a
 reference to a payment is to a payment by electronic funds transfer or such other form of cleared funds the recipient otherwise allows
 in the relevant lawful currency specified;

(q) a
 reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party
 to:

(i) pay
 money:

(A) in
 the form of an inducement or consideration to a third party to procure something (other than the payment of immaterial expenses or
 costs, including costs of advisers, to procure the relevant thing); or

(B) in
 circumstances that are commercially onerous or unreasonable in the context of this Binding HOA;

(ii) provide
 other valuable consideration to or for the benefit of any person; or

(iii) agree
 to commercially onerous or unreasonable conditions.

19.2 As
 used herein, the term "nominee" includes an affiliate of Braiin who may be potential acquirer of Braiin and/or the VIS
 Shares. For avoidance of doubt, the nominee shall, at all times, be bound by, and subject to, the same obligations and restrictions
 in this HOT as applicable to Braiin. Further, the nominee shall not be entitled to any rights superior or incremental to what Braiin
 is entitled to.

**20.** **Termination** This
 Binding HOA shall be effective from the Execution Date and shall be terminated:

(i) by
 any Party with a written notice to the other Party, in case the Share Sale Agreement and the Shareholders' Agreement are not
 executed by the End Date;

(ii) automatically,
 upon execution of the Share Sale Agreement and Shareholders' Agreement;

(iii) by
 mutual agreement of all Parties in writing; or

(iv) Braiin/
 VIS Networks communicating, any time prior to the End Date, to VIS/Braiin or any of the Shareholders of its intent not to pursue
 the Acquisition.

Upon termination of this Binding HOA, the agreement constituted by this Binding HOA (other than terms in respect of Confidentiality set out in Clause 7 which will be governed in accordance with the terms of Clause 7) will come to an end and the Parties will be released from their obligations under this Agreement (other than in respect of any prior breaches of binding provisions of this Binding HOA).

If the terms and conditions set out above are acceptable, please execute this Binding HOA in the appropriate place below.

EXECUTED by BRAIIN LIMITED

in accordance with section 127 of the

*Corporations* Act 200 I (Cth)

---

| |
|:---|
| */s/ Natraj Balasubramanian* |
| Natraj Balasubramanian |
| Name of director |

---

**EXECUTED** for and on behalf of

VIS NETWORKS PVT LTD

---

| |
|:---|
| */s/ Suresh Kamath* |
| Signature |
| Name and Designation |
| Suresh Kamath (Director) |

---

*This signature page forms an integral part of the heads of agreement executed by and between: (i) Braiin Limited, (ii) Vis Networks Private Limited, (iii) Vijetha Umashankar, (iv) Swetha K. Acharya, (v) Suresh Kamath, (vi) T S Prajwal, (vii) Girija N and (viii) Nagambika.*

**EXECUTED** by **Girija N** as part of the SHAREHOLDERS

---

| |
|:---|
| */s/ Girija N* |
| Girija N |

---

**EXECUTED** by **Nagambika** as part of the SHAREHOLDERS

---

| |
|:---|
| */s/ Nagambika* |
| Nagambika |

---

**EXECUTED** by **T S Prajwal** as part of the

---

| |
|:---|
| */s/ T S Prajwal* |
| T S Prajwal |

---

**EXECUTED** by **Suresh Kamath** as part of the **SHAREHOLDERS**

---

| |
|:---|
| */s/ Suresh Kamath* |
| Suresh Kamath |

---

**EXECUTED** by **Swetha K. Acharya** as part

---

| |
|:---|
| */s/ Swetha K. Achary* |
| Swetha K. Acharya |

---

**EXECUTED** by **Vijetha Umashankar** as part of the **SHAREHOLDERS**

---

| |
|:---|
| */s/ Vijetha Umashankar* |
| Vijetha Umashankar |

---

**<u>Annex A</u>**

Subsidiaries

---

| | | |
|:---|:---|:---|
| **ENTITY** | **COUNTRY OF ORIGIN** | % **OF SHAREHOLDING OF**<br> **VIS NETWORKS** |
| VIS GLOBAL PTE LTD | **SINGAPORE** | 99.98% |
| VIS NET TECHNOLGIES PLC | PHILIPPINES | 100% |
| VIS GLOBAL DIGITAL<br> SOLUTIONS | **OMAN** | 54% |
| VIS GLOBAL INC | USA | 95% |
| **VIS NETWORKS UK LTD** | UK | 95% |
| VIS GLOBAL SDN BHD | **MALASIA** | 100% |
| VIS GLOBAL PTY LTD | **AUSTRALIA** | 45% |
| VIS NET TECHONOLOGY<br> LLC | UAE | 60% |
| MERYKH TECHNOGIES PVT.<br> LTD | **INDIA** | 25% |
| *Artiligent Solutions Private Limited* | **INDIA** | 30% |

---

*For the avoidance of doubt, it is hereby clarified, that Smarterhi Communications Private Limited will* not *be considered as Subsidiary for the purposes of the Acquisition.*

**<u>Annex B</u>**

**VIS Shareholders**

---

| | | |
|:---|:---|:---|
| **Name of Shareholder** | **No. of equity shares of face value INR 10 each** | % **holding** |
| l. Vijetha Umashankar | 973380 | 24.06% |
| 2. Swetha K. Acharya | 873340 | 21.59% |
| 3. Suresh Karnath | 433340 | 10.71% |
| 4. T S Prajwal | 313300 | 7.75% |
| 5. Girija N | 873340 | 21.59% |
| 6. Nagambika | 533380 | 13.19% |
| Holders of shares pursuant to exercise of ESOPs | 45000 | 1.11% |
| **Total** | **4045080** | **100%** |

---

**<u>Annex C</u>**

**Proposed Share Transfers**

1. Transfer
 of shares amounting to 12% of the share capital of VIS Networks (UK) Limited held by VIS Networks to any one of its associate companies/
 affiliates **(Share Transfer 1).** For avoidance of doubt, pursuant to Share Transfer 1, VIS Networks shall continue to hold shares
 equivalent to 83% of the share capital of VIS Networks (UK) Limited.

2. Transfer
 of shares/ ownership interest amounting to: (i) 12% of the share capital/ ownership interest of VIS Global Inc. held by VIS Networks
 to any one of its associate companies/ affiliates **(Share Transfer 2);** and (ii) 20% of the share capital/ ownership interest
 of VIS Global Inc. held by VIS Networks to a specified individual **(Share Transfer 3).** For avoidance of doubt, pursuant to
 Share Transfer 2 and Share Transfer 3, VIS Networks shall continue to hold shares/ ownership interest equivalent to 63% of the share
 capital/ ownership interest of VIS Global Inc.

## Exhibit 2.7

**Exhibit 2.7**

**NON-BINDING HEADS OF AGREEMENT**

**PRIVATE AND CONFIDENTIAL**

Braiin Limited is a pioneering technology company specializing in cutting-edge solutions across diverse domains. This non-binding heads of agreement (**Non-Binding HOA**) sets out the terms upon which the persons set out in Annex A (**Investors**) will be issued shares in Braiin Limited or its affiliates (including parent company/ies)(**Braiin**), by way of subscription to shares of Braiin.

This Non-Binding HOA dated May 10, 2024 (**Execution Date**) supersedes any and all previous correspondence, agreements or understandings between the parties in respect of the subject matter of this Non-Binding HOA (**Parties**) and, except as otherwise expressly stated herein, is not binding on any of the Parties.

**1.** **Investment** Subject
 to the terms of a formal share subscription agreement (**Share Subscription Agreement**),
 the Investors agree to subscribe to, in accordance with the terms of a Share Subscription
 Agreement, and Braiin agrees to issue and allot to the Investors, such number of fully paid-up
 ordinary shares in equity capital of Braiin (**Subscription Shares**) worth USD 35 Million
 (**Investment Amount**). The Subscription Shares will be issued based on pricing/formula
 detailed in the Share Subscription Agreement), free and clear of all encumbrances (the transaction
 described in this paragraph, **Investment**). Each
 Investor agrees that: (a) 50% of the Subscription Shares held by him/ her shall be subject to a voluntary lock-up for a term of 12
 months from Closing during which such Investor shall not sell, dispose of, gift or otherwise transfer such Subscription Shares; and
 (b) the remaining 50% of the Subscription Shares held by him/ her shall be subject to a voluntary lock-up for a term of 24 months
 from Closing (defined below) during which he/ she shall not sell, dispose of, gift or otherwise transfer such Subscription Shares.

**2.** **Certain Share Subscription Agreement Terms** The
 transactions contemplated by this Non-Binding HOA and governed by the Share Subscription Agreement will be conditioned upon the satisfaction
 (or waiver) of customary conditions precedent or pre-Settlement actions, including, but not limited to, the following:

---

| | |
|:---|:---|
| (a) | **Structure** |
|  | The Parties shall mutually agree on a structure for the transaction which is efficient from a tax and commercial perspective and in compliance with the applicable tax and legal framework in the relevant jurisdictions prior to execution of the Share Subscription Agreement. |
| (b) | **Admission to NASDAQ or NYSE** |
|  | Braiin receiving conditional approvals or equivalent approvals, to admit the securities of Braiin (including the Subscription Shares) to trading on NASDAQ or NYSE on terms customary for listing in connection with business combinations. |
| (c) | **Due Diligence** |
|  | Completion of legal, technical and financial due diligence of Braiin and its affiliates, to the absolute satisfaction of the Investors. |

---

---

| | |
|:---|:---|
| (d) | **Approvals** |
|  | The Parties obtaining all corporate (in respect of a Party which is a corporate entity), shareholder (in respect of a Party which is a corporate entity) and regulatory approvals necessary to lawfully complete the Investment. |
| (e) | **Indian Exchange Control** |
|  | Braiin shall provide the Investors with all documents and information required by the Reserve Bank of India and/ or the authorised dealer banks of the Investors to enable: (i) the Investors to complete the Investment including remitting the Investment Amount to Braiin; and (ii) the Investors to report the Investment with the Reserve Bank of India/ authorised dealer banks. |

---

**3.** **Settlement** The
 Parties agree to cooperate in good faith to structure the Investment in the Share Subscription
 Agreement in a tax-efficient manner and in compliance with all applicable law. The closing
 of the Investment is referred to herein as the **Closing**. Braiin:
 (i) acknowledges that Indian regulations may require Braiin to take certain actions to issue and allot the Subscription Shares to
 the Investors in the manner and in the proportion set out in the Share Subscription Agreement; and (ii) deliver to the Investors,
 the share certificates or a holding statement or such other document required under law to evidence the Investors as the owners of
 such Subscription Shares. Braiin agrees to co-operate for compliance of the aforesaid Indian regulations. Braiin
 acknowledges that certain other actions may be required to be undertaken by Braiin under law for the Investors to acquire the free
 and marketable title to the relevant Subcription Shares that will be set out in the Share Subscription Agreement. Each
 Investor shall report their respective Investment with the Reserve Bank of India/ its authorised dealer banks in the form, manner
 and within the timelines set out under applicable law. Braiin shall reasonably cooperate with the Investors to enable the Investors
 to make such reporting.

**4.** **Exclusivity** During
 the period from the Execution Date until the earlier of: (i) execution of the Share Subscription Agreement; (ii) 31 July 2024; or
 (iii) termination of this Non-Binding HOA, Braiin agrees that it will not participate in any negotiations or discussions with, or
 provide any information to, or accept or enter into any agreement, arrangement or understanding with, any third parties in respect
 of a transaction that would materially reduce the likelihood of success of the transactions contemplated by this Non-Binding HOA
 and will also cease any existing discussions or negotiations regarding such transactions.

**5.** **Confidentiality** Each
 Party is to keep confidential the terms of this Non-Binding HOA and any other information
 obtained from another during the negotiations preceding the Execution Date or in the course
 of furthering the transactions contemplated by this Non-Binding HOA whether in the course
 of conducting due diligence or otherwise (**Confidential Information**), and is not to
 disclose it to any person except:

(a) to officers, employees, shareholders, legal advisers, auditors and other consultants requiring the information for the purposes of this Non-Binding HOA;

(b) with the consent of the Party or Parties which own the Confidential Information;

(c) if the information is, at the date of this Non-Binding HOA, lawfully in the possession of the recipient of the information through sources other than any of the other Parties;

(d) if required by law or under rules of a stock exchange;

(e) if strictly and necessarily required in connection with legal proceedings relating to this Non-Binding HOA;

(f) if the information is generally and publicly available other than as a result of a breach of confidence; or

(g) to a financier or prospective financier (or its advisers) of a Party.

---

| | | |
|:---|:---|:---|
|  |  | The Investors must not use any Confidential Information provided to it by or on behalf of Braiin: (i) for any purpose other than the proposed Investment; (ii) to the competitive disadvantage or detriment of Braiin. |
|  |  | A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this Section. |
|  |  | The obligations under this Section contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Non-Binding HOA, regardless of any termination of this Non-Binding HOA. |
| **6.** | **Further Acts** | Each Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably satisfactory to that Party) required by law or reasonably required by the other Party to give effect to this Non-Binding HOA. |

---

**7.** **Governing Law** This
 Non-Binding HOA is governed by and construed in accordance with the laws of Western Australia. Each Party irrevocably submits to
 the exclusive jurisdiction of the courts of Western Australia, and the courts competent to determine appeals from such court with
 respect to any proceedings which may be brought at any time relating to this Non-Binding HOA.

**8.** **Dispute Resolution** The
 Parties must endeavour to settle any dispute in connection with this Non-Binding HOA by mediation.
 The mediation is to be conducted by a mediator who is independent of the Parties and appointed
 by agreement between the Parties or, failing agreement, within seven days of receiving any
 Party's notice of dispute, by a person appointed in accordance with the rules of Singapore
 International Mediation Centre (**SIMC**). The rules of SIMC shall apply to the mediation.
 It is a condition precedent to the right of either party to commence arbitration or litigation,
 other than for interlocutory relief, that they have first offered to submit the dispute to
 mediation. In
 the event the Parties are unable to settle disputes under this Non-Binding HOA through mediation, the Parties shall refer such dispute
 to arbitration. which will be administered by the Singapore International Arbitration Centre (**SIAC**). Each Party to such dispute
 shall appoint one arbitrator and the presiding arbitrator(s) shall be appointed in accordance with the rules of SIAC. The venue of
 such arbitration shall be Singapore and the seat shall be Bangalore, India.

**9.** **Assignment** No
 Party may assign, novate or otherwise transfer any of its rights or obligations under this Non-Binding HOA without the written consent
 of the other Party.

**10.** **Costs** Each
 Party shall bear their own legal costs of and incidental to the preparation, negotiation
 and execution of this Non-Binding HOA. The
 Parties shall mutually agree upon, and set out in the Share Subscription Agreement, the Party(ies) responsible for bearing stamp
 duty in relation to the agreements and instruments executed in connection with the Investment.

**11.** **Tax** No
 Party makes any representation to the other with regard to the intended tax consequences of the Investment.

**12.** **Remedies** The
 rights, power and remedies provided in respect of the binding provisions of this Non-Binding HOA are cumulative with and not exclusive
 to the rights, power or remedies provided by law independently of this Non-Binding HOA.

**13.** **Variation** No
 modification or alteration of the terms of this Non-Binding HOA shall be made unless such modification/ alteration is: (a) made in
 writing; (b) dated subsequent to the date of this Non-Binding HOA; and (c) duly executed by all Parties.

**14.** **Notices** Each
 notice authorised or required to be given to a Party shall be in writing and may be delivered
 personally or sent by properly addressed prepaid mail in each case addressed to the Party
 at its address set out in below:

---

| | |
|:---|:---|
| In the case of Braiin: | In the case of Braiin: |
| Address: | 283 Rokeby Road Subiaco WA 6008 |
| Email: | natraj@braiin.com |
| Attention: | Natraj Balasubramanian |
| In the case of the Investors: | In the case of the Investors: |
| Address: | # 94, 4th Cross, |
|  | 2<sup>nd</sup> Block Koramangala |
|  | Bangalore, 560034 Karnataka India |
| Email: | umashankar@visnet.in |
| Attention: | Umashankar Bantwal |

---

**15.** **Severability** If
 any term or provision of this Non-Binding HOA is invalid, illegal or unenforceable such invalidity, illegality or unenforceability
 will not affect any other term or provision of this Non-Binding HOA.

**16.** **Counterparts** This
 Non-Binding HOA may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures
 by means of electronic communication are taken to be valid and binding to the same extent as original signatures.

**17.** **Interpretation** In
 this Non-Binding HOA:

---

| | |
|:---|:---|
| (a) | headings are for convenience only and do not affect its interpretation; |
| (b) | specifying anything after the words "include" or "for example" or similar expressions does not limit what else is included; |
| and unless the context otherwise requires: | and unless the context otherwise requires: |
| (c) | an obligation or liability assumed by, or a right conferred on, two or more Parties binds or benefits all of them severally only; |
| (d) | the expression person includes an individual, the estate of an individual, a corporation, an authority, an association or joint venture (whether incorporated or unincorporated), a partnership and a trust; |
| (e) | a reference to any party includes that party's executors, administrators, successors and permitted assigns, including any person taking by way of novation; |

---

---

| | | |
|:---|:---|:---|
| (f) | a reference to a body, other than a party to this Non-Binding HOA whether statutory or not: | a reference to a body, other than a party to this Non-Binding HOA whether statutory or not: |
|  | (i) | which ceases to exist; or |
|  | (ii) | whose powers or functions are transferred to another body, |
|  | is a reference to the body which replaces it or substantially succeed its powers or functions; | is a reference to the body which replaces it or substantially succeed its powers or functions; |

---

(g) a reference to any document (including this Non-Binding HOA) is to that document as varied, novated,
ratified or replaced from time to time, in accordance with the terms of such document;

(h) a reference to any statute or to any statutory provision includes any statutory modification or re-enactment of it or any statutory provision
substituted for it, and all ordinances, by-laws, regulations, rules and statutory instruments (however described) issued under it;

(i) words importing the singular include the plural (and vice versa) and words indicating a gender include every other gender;

(j) reference to parties, clauses, sections, schedules, exhibits or annexure are references to parties, clauses, sections, schedules, exhibits
and annexure to or of this Non-Binding HOA and a reference to this Non-Binding HOA includes any schedule, exhibit or annexure to this
Non-Binding HOA;

(k) where a word or phrase is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding
meaning;

(l) a reference to time is to Indian Standard Time as observed in India;

(m) if a period of time is specified and dates from a given day or the day of an event, it is to be calculated exclusive of that day;

(n) a reference to a day is to be interpreted as the period of time commencing at midnight and ending 24 hours later;

(o) if an act prescribed under this Non-Binding HOA to be done by a party on or by a given day is done after 5.00pm on that day, it is taken
to be done on the next day;

(p) a reference to a payment is to a payment by electronic funds transfer or such other form of cleared funds the recipient otherwise allows
in the relevant lawful currency specified;

---

| | | | |
|:---|:---|:---|:---|
| (q) | a reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party to: | a reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party to: | a reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party to: |
|  | (i) | pay money: | pay money: |
|  |  | (A) | in the form of an inducement or consideration to a third party to procure something (other than the payment of immaterial expenses or costs, including costs of advisers, to procure the relevant thing); or |
|  |  | (B) | in circumstances that are commercially onerous or unreasonable in the context of this Non-Binding HOA; |
|  | (ii) | provide other valuable consideration to or for the benefit of any person; or | provide other valuable consideration to or for the benefit of any person; or |
|  | (iii) | agree to commercially onerous or unreasonable conditions. | agree to commercially onerous or unreasonable conditions. |

---

**18.** **Binding Provisions** Except
 for the provisions in Sections 4, 5, 7, 8, 9, 10, 18, 19, which are meant to be binding on the Parties, this Non-Binding HOA is non-binding
 and no Party hereto shall have any binding obligations, commitments, agreements or liabilities of any nature. The Share Subscription
 Agreement and other ancillary agreements entered into by the Parties in connection with the Investment shall when executed constitute
 binding agreements in respect of the terms of the proposed Investment.

**19.** **Termination** This Non-Binding HOA shall be effective from the Execution Date and shall be terminated:

---

| | |
|:---|:---|
| (i) | by any Party with a written notice to the other Parties, in case the Share Subscription Agreement are not executed by 31 July 2024; |
| (ii) | automatically, upon execution of the Share Subscription Agreement; |
| (iii) | by mutual agreement of all Parties in writing; or |
| (iv) | the Investors communicating, at any time prior to 31 July 2024, to Braiin, of their intent not to pursue the Investment. |
| Upon termination of this Non-Binding HOA, the agreement constituted by this Non-Binding HOA (other than terms in respect of Confidentiality set out in Clause 6 which will be governed in accordance with the terms of Clause 6) will come to an end and the Parties will be released from their obligations under this Agreement (other than in respect of any prior breaches of binding provisions of this Non-Binding HOA). | Upon termination of this Non-Binding HOA, the agreement constituted by this Non-Binding HOA (other than terms in respect of Confidentiality set out in Clause 6 which will be governed in accordance with the terms of Clause 6) will come to an end and the Parties will be released from their obligations under this Agreement (other than in respect of any prior breaches of binding provisions of this Non-Binding HOA). |

---

If the terms and conditions set out above are acceptable, please execute this Non-Binding HOA in the appropriate place below.

---

| |
|:---|
| **EXECUTED** by **BRAIIN LIMITED**<br>|
| in accordance with section 127 of the |
| *Corporations Act 2001* (Cth) |
| /s/ Natraj Balasubramanian |
| Signature of director |
| <br>Natraj Balasubramanian |
| Name of director |

---

---

| |
|:---|
| **EXECUTED** by **BRAIIN HOLDINGS LIMITED** |
| /s/ Aemish Shah |
| Signature of director |
| Aemish Shah |
| Name of director |

---

---

| |
|:---|
| <br> **EXECUTED** by the **INVESTORS**<br>|
| /s/ Suresh Kamath |
| **Suresh Kamath** (on behalf of the Investors) |

---

**Annex A**

**Investors**

1. Vijetha Umashankar

2. Swetha K. Acharya

3. Suresh Kamath

4. T S Prajwal

5. Girija N

6. Nagambika

## Exhibit 2.8

**Exhibit 2.8**

**AMENDED AND RESTATED BINDING HEADS OF AGREEMENT** 

**PRIVATE AND CONFIDENTIAL**

**On May 10, 2024, the Parties (as defined below) entered into a Heads of Agreement, (the May Heads of Agreement), which was amended and restated by the Heads of Agreement dated September 21, 2024 (together with the May Heads of Agreement, the Original Heads of Agreement) and the Parties hereby agree that the Original Heads of Agreement should be amended and restated in its entirety, as set forth below.**

Braiin Limited is a pioneering technology company specializing in cutting-edge solutions across diverse domains. This binding heads of agreement (**Binding HOA**) sets out the terms upon which the persons set out in Annex A (**Investors**) will be issued shares in Braiin Limited or its affiliates (including parent company/ies) (**Braiin**), by way of subscription to shares of Braiin.

This Binding HOA dated June _27, 2025 (**Execution Date**) supersedes any and all previous correspondence, agreements or understandings between the parties including the Original Heads of Agreement, in respect of the subject matter of this Binding HOA (**Parties**) and is binding on any of the Parties.

---

| | | |
|:---|:---|:---|
| **1.** | **Investment** | <br> Subject to the terms of a formal share subscription agreement (**Share Subscription Agreement**), the Investors agree to subscribe to, in accordance with the terms of a Share Subscription Agreement, and Braiin agrees to issue and allot to the Investors, such number of fully paid-up ordinary shares in equity capital of Braiin (**Subscription Shares**) worth USD 44.57 Million (**Investment Amount**). The Subscription Shares will be issued based on pricing/formula detailed in the Share Subscription Agreement), free and clear of all encumbrances, except as required by law (the transaction described in this paragraph, **Investment**).<br>|
|  |  | Each Investor agrees that: (a) 50% of the Subscription Shares held by him/ her shall be subject to a voluntary lock- up for a term of 12 months from Closing (as defined below) during which such Investor shall not sell, dispose of, gift or otherwise transfer such Subscription Shares; and (b) the remaining 50% of the Subscription Shares held by him/ her shall be subject to a voluntary lock-up for a term of 24 months from Closing during which he/ she shall not sell, dispose of, gift or otherwise transfer such Subscription Shares. |

---

---

| | | |
|:---|:---|:---|
| **2.** | **Certain Share Subscription Agreement Terms** | <br> The transactions contemplated by this Binding HOA and governed by the Share Subscription Agreement will be conditioned upon the satisfaction (or waiver) of customary conditions precedent or pre-Settlement actions, including, but not limited to, the following: |
|  | (a) | **Structure** |
|  |  | The Parties shall mutually agree on a structure for the transaction which is efficient from a tax and commercial perspective and in compliance with the applicable tax and legal framework in the relevant jurisdictions prior to execution of the Share Subscription Agreement. |
|  | (b) | **Admission to NASDAQ or NYSE** |
|  |  | Braiin receiving conditional approvals or equivalent approvals, to admit the securities of Braiin (including the Subscription Shares) to trading on NASDAQ or NYSE on terms customary for listing in connection with business combinations. |

---

---

| | |
|:---|:---|
| (c) | **Due Diligence**<br>|
|  | Completion of legal, technical and financial due diligence of Braiin and its affiliates, to the absolute satisfaction of the Investors. |
| (d) | **Approvals** |
|  | The Parties obtaining all corporate (in respect of a Party which is a corporate entity), shareholder (in respect of a Party which is a corporate entity) and regulatory approvals necessary to lawfully complete the Investment. |
| (e) | **Indian Exchange Control** |
|  | Braiin shall provide the Investors with all documents and information required by the Reserve Bank of India and/ or the authorised dealer banks of the Investors to enable: (i) the Investors to complete the Investment including remitting the Investment Amount to Braiin; and (ii) the Investors to report the Investment with the Reserve Bank of India/ authorised dealer banks. |

---

---

| | | |
|:---|:---|:---|
| **3.** | **Settlement** | The Parties agree to cooperate in good faith to structure the Investment in the Share Subscription Agreement in a tax-efficient manner and in compliance with all applicable law. The closing of the Investment is referred to herein as the **Closing**.<br>|
|  |  | Braiin: (i) acknowledges that Indian regulations may require Braiin to take certain actions to issue and allot the Subscription Shares to the Investors in the manner and in the proportion set out in the Share Subscription Agreement; and (ii) deliver to the Investors, the share certificates or a holding statement or such other document required under law to evidence the Investors as the owners of such Subscription Shares. Braiin agrees to co-operate for compliance of the aforesaid Indian regulations. |
|  |  | Braiin acknowledges that certain other actions may be required to be undertaken by Braiin under law for the Investors to acquire the free and marketable title to the relevant Subcription Shares that will be set out in the Share Subscription Agreement. |
|  |  | Each Investor shall report their respective Investment with the Reserve Bank of India/ its authorised dealer banks in the form, manner and within the timelines set out under applicable law. Braiin shall reasonably cooperate with the Investors to enable the Investors to make such reporting. |
| **4.** | **Exclusivity** | During the period from the Execution Date until the earlier of: (i) execution of the Share Subscription Agreement; (ii) the later of (a) the listing of the securities on NASDAQ or NYSE and (b) 30 September 2025 (the **End Date**) or (iii) termination of this Binding HOA, Braiin agrees that it will not participate in any negotiations or discussions with, or provide any information to, or accept or enter into any agreement, arrangement or understanding with, any third parties in respect of a transaction that would materially reduce the likelihood of success of the transactions contemplated by this Binding HOA and will also cease any existing discussions or negotiations regarding such transactions. |

---

---

| | | |
|:---|:---|:---|
| **5.** | **Confidentiality** | Each Party is to keep confidential the terms of this Binding HOA and any other information obtained from another during the negotiations preceding the Execution Date or in the course of furthering the transactions contemplated by this Binding HOA whether in the course of conducting due diligence or otherwise (**Confidential Information**), and is not to disclose it to any person except: |
|  | (a) | to officers, employees, shareholders, legal advisers, auditors and other consultants requiring the information for the purposes of this Binding HOA; |
|  | (b) | with the consent of the Party or Parties which own the Confidential Information; |
|  | (c) | if the information is, at the date of this Binding HOA, lawfully in the possession of the recipient of the information through sources other than any of the other Parties; |
|  | (d) | if required by law; |
|  | (e) | requirements for disclosure under the rules of the U.S. Securities and Exchange Commission or under rules of a stock exchange; |
|  | (f) | if strictly and necessarily required in connection with legal proceedings relating to this Binding HOA; |
|  | (g) | if the information is generally and publicly available other than as a result of a breach of confidence; or |
|  | (h) | to a financier or prospective financier (or its advisers) of a Party. |
|  |  | The Investors must not use any Confidential Information provided to it by or on behalf of Braiin: (i) for any purpose other than the proposed Investment; (ii) to the competitive disadvantage or detriment of Braiin. |
|  |  | A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this Section. |
|  |  | The obligations under this Section contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Binding HOA, regardless of any termination of this Binding HOA. |
| **6.** | **Further Acts** | Each Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably satisfactory to that Party) required by law or reasonably required by the other Party to give effect to this Binding HOA. |

---

---

| | | |
|:---|:---|:---|
| **7.** | **Governing Law** | This Binding HOA is governed by and construed in accordance with the laws of Western Australia. Each Party irrevocably submits to the exclusive jurisdiction of the courts of Western Australia, and the courts competent to determine appeals from such court with respect to any proceedings which may be brought at any time relating to this Binding HOA. |
| **8.** | **Dispute Resolution** | The Parties must endeavour to settle any dispute in connection with this Binding HOA by mediation. The mediation is to be conducted by a mediator who is independent of the Parties and appointed by agreement between the Parties or, failing agreement, within seven days of receiving any Party's notice of dispute, by a person appointed in accordance with the rules of Singapore International Mediation Centre (**SIMC**). The rules of SIMC shall apply to the mediation. It is a condition precedent to the right of either party to commence arbitration or litigation, other than for interlocutory relief, that they have first offered to submit the dispute to mediation.<br>|
|  |  | In the event the Parties are unable to settle disputes under this Binding HOA through mediation, the Parties shall refer such dispute to arbitration. which will be administered by the Singapore International Arbitration Centre (**SIAC**). Each Party to such dispute shall appoint one arbitrator and the presiding arbitrator(s) shall be appointed in accordance with the rules of SIAC. The venue of such arbitration shall be Singapore and the seat shall be Bangalore, India. |
| **9.** | **Assignment** | No Party may assign, novate or otherwise transfer any of its rights or obligations under this Binding HOA without the written consent of the other Party. |
| **10.** | **Costs** | Each Party shall bear their own legal costs of and incidental to the preparation, negotiation and execution of this Binding HOA.<br>|
|  |  | The Parties shall mutually agree upon, and set out in the Share Subscription Agreement, the Party(ies) responsible for bearing stamp duty in relation to the agreements and instruments executed in connection with the Investment. |
| **11.** | **Tax** | No Party makes any representation to the other with regard to the intended tax consequences of the Investment. |
| **12.** | **Remedies** | The rights, power and remedies provided in respect of the binding provisions of this Binding HOA are cumulative with and not exclusive to the rights, power or remedies provided by law independently of this Binding HOA. |
| **13.** | **Variation** | No modification or alteration of the terms of this Binding HOA shall be made unless such modification/ alteration is:<br>|
|  |  | (a) made in writing; (b) dated subsequent to the date of this Binding HOA; and (c) duly executed by all Parties. |

---

---

| | | | |
|:---|:---|:---|:---|
| **14.** | **Notices** | Each notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed prepaid mail in each case addressed to the Party at its address set out in below: | Each notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed prepaid mail in each case addressed to the Party at its address set out in below: |
|  |  | In the case of Braiin: | In the case of Braiin: |
|  |  | Address: | 283 Rokeby Road Subiaco WA 6008 |
|  |  | Email: | natraj@braiin.com |
|  |  | Attention: | Natraj Balasubramanian |
|  |  | In the case of the Investors: | In the case of the Investors: |
|  |  | Address: | # 94, 4th Cross, 2nd Block Koramangala Bangalore, 560034 Karnataka India |
|  |  | Email: | umashankar@visnet.in |
|  |  | Attention: | Umashankar Bantwal |

---

**15.** **Severability** If
 any term or provision of this Binding HOA is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will
 not affect any other term or provision of this Binding HOA.

**16.** **Counterparts** This
 Binding HOA may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures
 by means of electronic communication are taken to be valid and binding to the same extent as original signatures.

---

| | | |
|:---|:---|:---|
| **17.** | **Interpretation** | In this Binding HOA: |
|  | (a) | headings are for convenience only and do not affect its interpretation; |
|  | (b) | specifying anything after the words "include" or "for example" or similar expressions does not limit what else is included; |
|  |  | and unless the context otherwise requires: |
|  | (c) | an obligation or liability assumed by, or a right conferred on, two or more Parties binds or benefits all of them severally only; |
|  | (d) | the expression **person** includes an individual, the estate of an individual, a corporation, an authority, an association or joint venture (whether incorporated or unincorporated), a partnership and a trust; |
|  | (e) | a reference to any party includes that party's executors, administrators, successors and permitted assigns, including any person taking by way of novation; |
|  | (f) | a reference to a body, other than a party to this Binding HOA whether statutory or not: |
|  | (i) | which ceases to exist; or |
|  | (ii) | whose powers or functions are transferred to another body, is a reference to the body which replaces it or substantially succeed its powers or functions; |
|  | (g) | a reference to any document (including this Binding HOA) is to that document as varied, novated, ratified or replaced from time to time, in accordance with the terms of such document; |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a reference to any statute
 or to any statutory provision includes any statutory modification or re- enactment of it or any statutory provision substituted for
 it, and all ordinances, by-laws, regulations, rules and statutory instruments (however described) issued under it;

(i) words importing the singular
 include the plural (and vice versa) and words indicating a gender include every other gender;

(j) reference to parties, clauses,
 sections, schedules, exhibits or annexure are references to parties, clauses, sections, schedules, exhibits and annexure to or of
 this Binding HOA and a reference to this Binding HOA includes any schedule, exhibit or annexure to this Binding HOA;

(k) where a word or phrase
 is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding meaning;

(l) a reference to time is
 to Indian Standard Time as observed in India;

(m) if a period of time is
 specified and dates from a given day or the day of an event, it is to be calculated exclusive of that day;

(n) a reference to a day is
 to be interpreted as the period of time commencing at midnight and ending 24 hours later;

(o) if an act prescribed under
 this Binding HOA to be done by a party on or by a given day is done after 5.00pm on that day, it is taken to be done on the next
 day;

(p) a reference to a payment
 is to a payment by electronic funds transfer or such other form of cleared funds the recipient otherwise allows in the relevant lawful
 currency specified;

---

| | | | |
|:---|:---|:---|:---|
| (q) | a reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party to: | a reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party to: | a reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party to: |
|  | (i) | pay money: | pay money: |
|  |  | (A) | in the form of an inducement or consideration to a third party to procure something (other than the payment of immaterial expenses or costs, including costs of advisers, to procure the relevant thing); or<br>|
|  |  | (B) | in circumstances that are commercially onerous or unreasonable in the context of this Binding HOA; |
|  | (ii) | provide other valuable consideration to or for the benefit of any person; or | provide other valuable consideration to or for the benefit of any person; or |
|  | (iii) | agree to commercially onerous or unreasonable conditions. | agree to commercially onerous or unreasonable conditions. |

---

---

| | | |
|:---|:---|:---|
| **18.** | **Termination** | This Binding HOA shall be effective from the Execution Date and shall be terminated: |
|  | (i) | by any Party with a written notice to the other Parties, in case the Share Subscription Agreement are not executed by the End Date; |
|  | (ii) | automatically, upon execution of the Share Subscription Agreement; |
|  | (iii) | by mutual agreement of all Parties in writing; or |
|  | (iv) | the Investors/Braiin communicating, at any time prior to the End Date, to Braiin/Investors, of their intent not to pursue the Investment. |
|  |  | Upon termination of this Binding HOA, the agreement constituted by this Binding HOA (other than terms in respect of Confidentiality set out in Clause 5 which will be governed in accordance with the terms of Clause 5) will come to an end and the Parties will be released from their obligations under this Agreement (other than in respect of any prior breaches of binding provisions of this Binding HOA). |

---

If the terms and conditions set out above are acceptable, please execute this Binding HOA in the appropriate place below.

**EXECUTED by BRAIIN LIMITED**

in accordance with section 127 of the

*Corporations Act 2001* (Cth)

---

| |
|:---|
| /s/ Natraj Balasubramanian |
| Signature of director |
| Natraj Balasubramanian |
| Name of director |

---

**EXECUTED** by the **INVESTORS**

---

| |
|:---|
| **/s/ Suresh Kamath** |
| **Suresh Kamath** (on behalf of the Investors) |

---

<u>**Annex A**</u>

**Investors**

/s/ Vijetha Umashankar

&nbsp;&nbsp;&nbsp;&nbsp;1. Vijetha Umashankar

/s/ Swetha K. Acharya

&nbsp;&nbsp;&nbsp;&nbsp;2. Swetha K. Acharya

/s/ Suresh Kamath

&nbsp;&nbsp;&nbsp;&nbsp;3. Suresh Kamath

/s/ T S Prajwal

&nbsp;&nbsp;&nbsp;&nbsp;4. T S Prajwal

/s/ Girija N

&nbsp;&nbsp;&nbsp;&nbsp;5. Girija N

/s/ Nagambika

&nbsp;&nbsp;&nbsp;&nbsp;6. Nagambika

## Exhibit 2.9

**Exhibit 2.9**

**AMENDED AND RESTATED BINDING HEADS OF AGREEMENT** 

**PRIVATE AND CONFIDENTIAL**

**On May 10, 2024, the Parties (as defined below) entered into a Heads of Agreement, (the May Heads of Agreement), which was amended and restated by the Heads of Agreement dated September 21, 2024 (the September Heads of Agreement), and further amended on June 27, 2025 (together with the May Heads of Agreement and the September Heads of Agreement, the Original Heads of Agreement) and the Parties hereby agree that the Original Heads of Agreement should be amended and restated in its entirety, as set forth below.**

Braiin Limited is a pioneering technology company specializing in cutting-edge solutions across diverse domains. This binding heads of agreement (**Binding HOA**) sets out the terms upon which the persons set out in Annex A (**Investors**) will be issued shares in Braiin Limited or its affiliates (including parent company/ies) (**Braiin**), by way of subscription to shares of Braiin.

This Binding HOA dated September 5, 2025 (**Execution Date**) supersedes any and all previous correspondence, agreements or understandings between the parties including the Original Heads of Agreement, in respect of the subject matter of this Binding HOA (**Parties**) and is binding on any of the Parties.

---

| | | |
|:---|:---|:---|
| **1.** | **Investment** | <br> Subject to the terms of a formal share subscription agreement (**Share Subscription Agreement**), the Investors agree to subscribe to, in accordance with the terms of a Share Subscription Agreement, and Braiin agrees to issue and allot to the Investors, such number of fully paid-up ordinary shares in equity capital of Braiin (**Subscription Shares**) worth USD 44.57 Million (**Investment Amount**). The Subscription Shares will be issued based on pricing/formula detailed in the Share Subscription Agreement), free and clear of all encumbrances, except as required by law (the transaction described in this paragraph, **Investment**).<br>|
|  |  | Each Investor agrees that: (a) 50% of the Subscription Shares held by him/ her shall be subject to a voluntary lock- up for a term of 12 months from Closing (as defined below) during which such Investor shall not sell, dispose of, gift or otherwise transfer such Subscription Shares; and (b) the remaining 50% of the Subscription Shares held by him/ her shall be subject to a voluntary lock-up for a term of 24 months from Closing during which he/ she shall not sell, dispose of, gift or otherwise transfer such Subscription Shares. |

---

---

| | | |
|:---|:---|:---|
| **2.** | **Certain Share Subscription Agreement Terms** | <br> The transactions contemplated by this Binding HOA and governed by the Share Subscription Agreement will be conditioned upon the satisfaction (or waiver) of customary conditions precedent or pre-Settlement actions, including, but not limited to, the following: |
|  | (a) | **Structure** |
|  |  | The Parties shall mutually agree on a structure for the transaction which is efficient from a tax and commercial perspective and in compliance with the applicable tax and legal framework in the relevant jurisdictions prior to execution of the Share Subscription Agreement. |
|  | (b) | **Admission to NASDAQ or NYSE** |
|  |  | Braiin receiving conditional approvals or equivalent approvals, to admit the securities of Braiin (including the Subscription Shares) to trading on NASDAQ or NYSE on terms customary for listing in connection with business combinations. |

---

---

| | |
|:---|:---|
| (c) | **Due Diligence**<br>|
|  | Completion of legal, technical and financial due diligence of Braiin and its affiliates, to the absolute satisfaction of the Investors. |
| (d) | **Approvals** |
|  | The Parties obtaining all corporate (in respect of a Party which is a corporate entity), shareholder (in respect of a Party which is a corporate entity) and regulatory approvals necessary to lawfully complete the Investment. |
| (e) | **Indian Exchange Control** |
|  | Braiin shall provide the Investors with all documents and information required by the Reserve Bank of India and/ or the authorised dealer banks of the Investors to enable: (i) the Investors to complete the Investment including remitting the Investment Amount to Braiin; and (ii) the Investors to report the Investment with the Reserve Bank of India/ authorised dealer banks. |
| **(f)** | **Effectiveness of Registration Statement** |
|  | Braiin has received written notification from the United States Securities and Exchange Commission that its Registration Statement has been approved and is declared effective. |

---

---

| | | |
|:---|:---|:---|
| **3.** | **Settlement** | The Parties agree to cooperate in good faith to structure the Investment in the Share Subscription Agreement in a tax-efficient manner and in compliance with all applicable law. The closing of the Investment is referred to herein as the **Closing**.<br>|
|  |  | Braiin: (i) acknowledges that Indian regulations may require Braiin to take certain actions to issue and allot the Subscription Shares to the Investors in the manner and in the proportion set out in the Share Subscription Agreement; and (ii) deliver to the Investors, the share certificates or a holding statement or such other document required under law to evidence the Investors as the owners of such Subscription Shares. Braiin agrees to co-operate for compliance of the aforesaid Indian regulations. |
|  |  | Braiin acknowledges that certain other actions may be required to be undertaken by Braiin under law for the Investors to acquire the free and marketable title to the relevant Subcription Shares that will be set out in the Share Subscription Agreement. |
|  |  | Each Investor shall report their respective Investment with the Reserve Bank of India/ its authorised dealer banks in the form, manner and within the timelines set out under applicable law. Braiin shall reasonably cooperate with the Investors to enable the Investors to make such reporting. |
| **4.** | **Exclusivity** | During the period from the Execution Date until the earlier of: (i) execution of the Share Subscription Agreement; (ii) the later of (a) the listing of the securities on NASDAQ or NYSE and (b) 30 September 2025 (the **End Date**) or (iii) termination of this Binding HOA, Braiin agrees that it will not participate in any negotiations or discussions with, or provide any information to, or accept or enter into any agreement, arrangement or understanding with, any third parties in respect of a transaction that would materially reduce the likelihood of success of the transactions contemplated by this Binding HOA and will also cease any existing discussions or negotiations regarding such transactions. |

---

---

| | | |
|:---|:---|:---|
| **5.** | **Confidentiality** | Each Party is to keep confidential the terms of this Binding HOA and any other information obtained from another during the negotiations preceding the Execution Date or in the course of furthering the transactions contemplated by this Binding HOA whether in the course of conducting due diligence or otherwise (**Confidential Information**), and is not to disclose it to any person except: |
|  | (a) | to officers, employees, shareholders, legal advisers, auditors and other consultants requiring the information for the purposes of this Binding HOA; |
|  | (b) | with the consent of the Party or Parties which own the Confidential Information; |
|  | (c) | if the information is, at the date of this Binding HOA, lawfully in the possession of the recipient of the information through sources other than any of the other Parties; |
|  | (d) | if required by law; |
|  | (e) | requirements for disclosure under the rules of the U.S. Securities and Exchange Commission or under rules of a stock exchange; |
|  | (f) | if strictly and necessarily required in connection with legal proceedings relating to this Binding HOA; |
|  | (g) | if the information is generally and publicly available other than as a result of a breach of confidence; or |
|  | (h) | to a financier or prospective financier (or its advisers) of a Party. |
|  |  | The Investors must not use any Confidential Information provided to it by or on behalf of Braiin: (i) for any purpose other than the proposed Investment; (ii) to the competitive disadvantage or detriment of Braiin. |
|  |  | A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this Section. |
|  |  | The obligations under this Section contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Binding HOA, regardless of any termination of this Binding HOA. |
| **6.** | **Further Acts** | Each Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably satisfactory to that Party) required by law or reasonably required by the other Party to give effect to this Binding HOA. |

---

---

| | | |
|:---|:---|:---|
| **7.** | **Governing Law** | This Binding HOA is governed by and construed in accordance with the laws of Western Australia. Each Party irrevocably submits to the exclusive jurisdiction of the courts of Western Australia, and the courts competent to determine appeals from such court with respect to any proceedings which may be brought at any time relating to this Binding HOA. |
| **8.** | **Dispute Resolution** | The Parties must endeavour to settle any dispute in connection with this Binding HOA by mediation. The mediation is to be conducted by a mediator who is independent of the Parties and appointed by agreement between the Parties or, failing agreement, within seven days of receiving any Party's notice of dispute, by a person appointed in accordance with the rules of Singapore International Mediation Centre (**SIMC**). The rules of SIMC shall apply to the mediation. It is a condition precedent to the right of either party to commence arbitration or litigation, other than for interlocutory relief, that they have first offered to submit the dispute to mediation.<br>|
|  |  | In the event the Parties are unable to settle disputes under this Binding HOA through mediation, the Parties shall refer such dispute to arbitration. which will be administered by the Singapore International Arbitration Centre (**SIAC**). Each Party to such dispute shall appoint one arbitrator and the presiding arbitrator(s) shall be appointed in accordance with the rules of SIAC. The venue of such arbitration shall be Singapore and the seat shall be Bangalore, India. |
| **9.** | **Assignment** | No Party may assign, novate or otherwise transfer any of its rights or obligations under this Binding HOA without the written consent of the other Party. |
| **10.** | **Costs** | Each Party shall bear their own legal costs of and incidental to the preparation, negotiation and execution of this Binding HOA.<br>|
|  |  | The Parties shall mutually agree upon, and set out in the Share Subscription Agreement, the Party(ies) responsible for bearing stamp duty in relation to the agreements and instruments executed in connection with the Investment. |
| **11.** | **Tax** | No Party makes any representation to the other with regard to the intended tax consequences of the Investment. |
| **12.** | **Remedies** | The rights, power and remedies provided in respect of the binding provisions of this Binding HOA are cumulative with and not exclusive to the rights, power or remedies provided by law independently of this Binding HOA. |
| **13.** | **Variation** | No modification or alteration of the terms of this Binding HOA shall be made unless such modification/ alteration is:<br>|
|  |  | (a) made in writing; (b) dated subsequent to the date of this Binding HOA; and (c) duly executed by all Parties. |

---

---

| | | | |
|:---|:---|:---|:---|
| **14.** | **Notices** | Each notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed prepaid mail in each case addressed to the Party at its address set out in below: | Each notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed prepaid mail in each case addressed to the Party at its address set out in below: |
|  |  | In the case of Braiin: | In the case of Braiin: |
|  |  | Address: | 283 Rokeby Road Subiaco WA 6008 |
|  |  | Email: | natraj@braiin.com |
|  |  | Attention: | Natraj Balasubramanian |
|  |  | In the case of the Investors: | In the case of the Investors: |
|  |  | Address: | # 94, 4th Cross, 2nd Block Koramangala Bangalore, 560034 Karnataka India |
|  |  | Email: | umashankar@visnet.in |
|  |  | Attention: | Umashankar Bantwal |

---

**15.** **Severability** If
 any term or provision of this Binding HOA is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will
 not affect any other term or provision of this Binding HOA.

**16.** **Counterparts** This
 Binding HOA may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures
 by means of electronic communication are taken to be valid and binding to the same extent as original signatures.

---

| | | |
|:---|:---|:---|
| **17.** | **Interpretation** | In this Binding HOA: |
|  | (a) | headings are for convenience only and do not affect its interpretation; |
|  | (b) | specifying anything after the words "include" or "for example" or similar expressions does not limit what else is included; |
|  |  | and unless the context otherwise requires: |
|  | (c) | an obligation or liability assumed by, or a right conferred on, two or more Parties binds or benefits all of them severally only; |
|  | (d) | the expression **person** includes an individual, the estate of an individual, a corporation, an authority, an association or joint venture (whether incorporated or unincorporated), a partnership and a trust; |
|  | (e) | a reference to any party includes that party's executors, administrators, successors and permitted assigns, including any person taking by way of novation; |
|  | (f) | a reference to a body, other than a party to this Binding HOA whether statutory or not: |
|  | (i) | which ceases to exist; or |
|  | (ii) | whose powers or functions are transferred to another body, is a reference to the body which replaces it or substantially succeed its powers or functions; |
|  | (g) | a reference to any document (including this Binding HOA) is to that document as varied, novated, ratified or replaced from time to time, in accordance with the terms of such document; |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a reference to any statute
 or to any statutory provision includes any statutory modification or re- enactment of it or any statutory provision substituted for
 it, and all ordinances, by-laws, regulations, rules and statutory instruments (however described) issued under it;

(i) words importing the singular
 include the plural (and vice versa) and words indicating a gender include every other gender;

(j) reference to parties, clauses,
 sections, schedules, exhibits or annexure are references to parties, clauses, sections, schedules, exhibits and annexure to or of
 this Binding HOA and a reference to this Binding HOA includes any schedule, exhibit or annexure to this Binding HOA;

(k) where a word or phrase
 is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding meaning;

(l) a reference to time is
 to Indian Standard Time as observed in India;

(m) if a period of time is
 specified and dates from a given day or the day of an event, it is to be calculated exclusive of that day;

(n) a reference to a day is
 to be interpreted as the period of time commencing at midnight and ending 24 hours later;

(o) if an act prescribed under
 this Binding HOA to be done by a party on or by a given day is done after 5.00pm on that day, it is taken to be done on the next
 day;

(p) a reference to a payment
 is to a payment by electronic funds transfer or such other form of cleared funds the recipient otherwise allows in the relevant lawful
 currency specified;

---

| | | | |
|:---|:---|:---|:---|
| (q) | a reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party to: | a reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party to: | a reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party to: |
|  | (i) | pay money: | pay money: |
|  |  | (A) | in the form of an inducement or consideration to a third party to procure something (other than the payment of immaterial expenses or costs, including costs of advisers, to procure the relevant thing); or<br>|
|  |  | (B) | in circumstances that are commercially onerous or unreasonable in the context of this Binding HOA; |
|  | (ii) | provide other valuable consideration to or for the benefit of any person; or | provide other valuable consideration to or for the benefit of any person; or |
|  | (iii) | agree to commercially onerous or unreasonable conditions. | agree to commercially onerous or unreasonable conditions. |

---

---

| | | |
|:---|:---|:---|
| **18.** | **Termination** | This Binding HOA shall be effective from the Execution Date and shall be terminated: |
|  | (i) | by any Party with a written notice to the other Parties, in case the Share Subscription Agreement are not executed by the End Date; |
|  | (ii) | automatically, upon execution of the Share Subscription Agreement; |
|  | (iii) | by mutual agreement of all Parties in writing; or |
|  | (iv) | the Investors/Braiin communicating, at any time prior to the End Date, to Braiin/Investors, of their intent not to pursue the Investment. |
|  |  | Upon termination of this Binding HOA, the agreement constituted by this Binding HOA (other than terms in respect of Confidentiality set out in Clause 5 which will be governed in accordance with the terms of Clause 5) will come to an end and the Parties will be released from their obligations under this Agreement (other than in respect of any prior breaches of binding provisions of this Binding HOA). |

---

If the terms and conditions set out above are acceptable, please execute this Binding HOA in the appropriate place below.

**EXECUTED by BRAIIN LIMITED**

in accordance with section 127 of the

*Corporations Act 2001* (Cth)

---

| |
|:---|
| /s/ Natraj Balasubramanian |
| Signature of director |
| Natraj Balasubramanian |
| Name of director |

---

**EXECUTED** by the **INVESTORS**

---

| |
|:---|
| **/s/ Suresh Kamath** |
| **Suresh Kamath** (on behalf of the Investors) |

---

<u>**Annex A**</u>

**Investors**

1. Vijetha Umashankar

2. Swetha K. Acharya

3. Suresh Kamath

4. T S Prajwal

5. Girija N

6. Nagambika

## Exhibit 2.10

**Exhibit 2.10**

**THIRD AMENDED AND RESTATED BINDING HEADS OF AGREEMENT**

**PRIVATE AND CONFIDENTIAL**

**On May 10, 2024, the Parties (as defined below) entered into a Heads of Agreement, (the May Heads of Agreement), as amended by the amended and restated Heads of Agreement, dated September 21, 2024 (the September Heads of Agreement), and as amended by the second amended and restated heads of agreement dated June 27, 2025 (together with the May Heads of Agreement, and the September Heads of Agreement, the Original Heads of Agreement") and the Parties hereby agree that the Original Heads of Agreement should be amended and restated in its entirety, as set forth below.**

VIS NETWORKS PVT LTD (**VIS Networks**) and its direct and indirect subsidiaries listed in Annex A hereto (**Subsidiaries**) (collectively, **VIS**) are the legal and beneficial owners of various intellectual and technological property rights, relating to, among other things, technology services.

This binding heads of agreement (**Binding HOA**) sets out the terms upon which Braiin Limited (**Braiin**) agrees to acquire 100% of the shares in VIS Networks, which are held by the existing shareholders of VIS Networks in the manner set forth in Annex B hereto (**Shareholders**).

This Binding HOA, dated September 05, 2025 (**Execution Date**) supersedes any and all previous correspondence, agreements or understandings between the parties, including the Original Heads of Agreement, in respect of the subject matter of this Binding HOA (**Parties**), and is binding on the parties.

---

| | |
|:---|:---|
| **Acquisition Terms** | Subject to the terms and conditions to be set out in a formal share sale agreement (**Share Sale Agreement**) (to be prepared by Braiin's advisors), which shall: (i) be on terms acceptable to the Parties (acting reasonably), including customary warranties to be provided by the Shareholders and with appropriate limitations on liability for the Shareholders and VIS; and (ii) be consistent with the terms set out in this Binding HOA, except to the extent otherwise agreed by the Parties, Braiin will purchase and the Shareholders will sell, all of the fully paid equity shares in the capital of VIS Networks (collectively, **VIS Shares**), free from encumbrances, as per a mutually agreeable structure to be set forth in the Share Sale Agreement. The terms of such purchase and sale are set forth below: |

---

(a) Braiin
 will purchase, and the Shareholders will sell, such portion of the VIS Shares that constitute 79.7% of the issued and paid up share
 capital of VIS Networks as of the Execution Date, for a purchase consideration, payable in cash, of USD 12 Million (the purchase
 and sale of the portion of VIS Shares described under this Section 1(a), **First Settlement**) on such date as specified in the
 Share Sale Agreement (**First Settlement Date**).

(b) On
 the date that is 12 months after the First Settlement Date (**Second Settlement Date**), Braiin will purchase, and the Shareholders
 will sell, such portion of VIS Shares that constitute 12.2% of the issued and paid-up share capital of VIS Networks as of the Execution
 Date, for a purchase consideration, payable in cash, of USD 7.2 Million (the purchase and sale of the portion of VIS Shares described
 under this Section 1(b), **Second Settlement).** 

(c) On
 the date that is 24 months after the First Settlement Date (**Third Settlement Date**),
 Braiin will purchase, and the Shareholders will sell, such portion of the VIS Shares that
 constitute 8.1% of the issued and paid-up share capital of VIS Networks as of the Execution
 Date, for a purchase consideration of USD 4.8 Million (the purchase and sale of the portion
 of VIS Shares described under this Section 1(c), **Third Settlement**). ((a),
 (b) and (c) above, collectively constitute, **Acquisition**).

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| | |
|:---|:---|
| **Certain Share Sale Agreement Terms** | The transactions contemplated by this Binding HOA and governed by the Share Sale Agreement will be conditioned upon the satisfaction (or waiver) of customary conditions precedent or pre-Settlement actions, including, but not limited to, the following: |

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---

| | |
|:---|:---|
| (a) | **Formal Shareholders' Agreement** |
|  | Subject to Section 2(b) below, the shareholders of VIS Networks as on the First Settlement Date, and VIS Networks, entering into and being bound by a formal shareholders' agreement (to be prepared by VIS Networks' advisors) (**Shareholders' Agreement**), which shall be on terms acceptable to all parties to such Shareholders' Agreement (acting reasonably) including appropriate minority protections rights, governance rights and restriction on transferability of shares of all shareholders of VIS Networks as of the First Settlement Date. |
| (b) | **Structure** |
|  | The Parties shall mutually agree on a structure for the transaction which is in compliance with the applicable tax and legal framework in the relevant jurisdictions prior to execution of the Share Sale Agreement and Shareholders' Agreement. |
| (c) | **Audit** |
|  | VIS to provide VIS' AICPA standard financial audit reports for the most recent two fiscal years to the absolute satisfaction of Braiin. Subject to a maximum cap of USD 25,000, VIS Networks shall bear the costs and expenses of the AICPA standard financial audit referred to in this Section 2(c). |
| (d) | **Admission to NASDAQ or NYSE** |
|  | Braiin Holdings or its nominee receiving conditional approvals or equivalent approvals, to admit the securities of Braiin or its nominee to trading on NASDAQ or NYSE on terms customary for listing in connection with business combinations. |
| (e) | **Due Diligence** |
|  | Completion of financial, legal and technical due diligence by Braiin on VIS to the absolute satisfaction of Braiin. |
| (f) | **Employment Agreements** |
|  | Certain key employees of VIS Networks (to be determined in the Share Sale Agreement) having executed employment agreements with VIS Networks on reasonably customary terms, which terms shall be no less favourable than the existing terms of employment of such key employees. For avoidance of doubt, it is hereby agreed and clarified that the employment agreements referenced in this Section 2(f) shall, subject to First Settlement, be effective from the First Settlement Date.<br>|

---

---

| | |
|:---|:---|
| (g) | **Approvals** |
|  | The Parties obtaining all corporate, shareholder and regulatory approvals necessary to lawfully complete the Acquisition. |
| (h) | **Indian Exchange Control** |
|  | Upon the reasonable request by the Shareholders, Braiin providing VIS Networks and the Shareholders with all documents and information required by the Reserve Bank of India and/ or the authorised dealer banks of the Shareholders to enable: (i) the Shareholders to complete the Acquisition including receipt of the consideration for the Acquisition in their bank accounts; and (ii) the Shareholders and VIS Networks to report the Acquisition with the Reserve Bank of India/ authorised dealer banks. |
| (i) | **Effectiveness of Registration Statement** |
|  | Braiin has received written notification from the United States Securities and Exchange Commission that its Registration Statement has been approved and is declared effective. |

---

**3.** **Settlement** The
 Parties agree to cooperate in good faith to structure the Acquisition in the Share Sale Agreement
 in a manner which is compliant with all applicable laws. Braiin
 acknowledges that Indian regulations may require Braiin to execute certain securities transfer forms and/ or open and operationalise
 an active demat account in India capable of receiving the VIS Shares as a condition precedent to such transfer of VIS Shares, and
 Braiin will cooperate with such Indian regulations. Each
 Shareholder in respect of the VIS Shares transferred by him/ her to Braiin (or its nominee) in accordance with the terms of the Share
 Sale Agreement and the Shareholders' Agreement, shall file Form FC-TRS with the Reserve Bank of India/ its authorised dealer
 banks within the timelines set out under applicable law. Braiin and VIS Networks agree to reasonably cooperate with the Shareholders
 to enable the Shareholders to make such filing. The
 Parties acknowledge that the Share Sale Agreement will also capture the appropriate actions required: (i) for payment of consideration
 as set out in Section 1 above; and (ii) under law to complete the transfer of the relevant VIS Shares on the First Settlement Date,
 Second Settlement Date and the Third Settlement Date for the consideration set out in Section 1 and register Braiin (or its nominee)
 as the registered and beneficial owner of the relevant VIS Shares acquired by Braiin (or its nominee) on the First Settlement Date,
 Second Settlement Date and Third Settlement Date (as applicable) or as the beneficial owner in the event shares are in demat form,
 in each case in accordance with and subject to the terms of the Share Sale Agreement and Shareholders' Agreement.

**4.** **Future Funding** The
 Share Sale Agreement or the Shareholders' Agreement will contain terms regarding Braiin's infusion of funds into VIS
 Networks after the First Settlement Date for the purposes of growth capital. The terms and conditions of such infusion by Braiin
 (including amounts required towards such infusion) shall be mutually agreed between the Parties and set out in the Shareholders'
 Agreement.

**5.** **Standstill** The
 Share Sale Agreement will contain customary standstill obligations/ covenants on VIS to maintain status quo, on and from the date
 of execution of the Share Sale Agreement till the First Settlement Date, such as:

---

| | |
|:---|:---|
| (a) | incur any material liability other than in the ordinary course of business; |
| (b) | dispose of the whole, or a substantial part, of its business or assets; |
| (c) | vary or reduce its capital structure; |
| (d) | issue, or agree to issue, any equity or debt securities, or grant or agree to grant any rights over existing issued capital, or rights to be issued securities; |
| (e) | alter or agree to alter its constitution or constituent documents; |
| (f) | declare any dividends or distribute any assets; |
| (g) | cause to occur, by act or omission, an event or series of events, whether related or not, which may have a material adverse effect on the business, assets or financial condition of VIS or on the transactions contemplated by this Binding HOA; and |
| (h) | create or permit the creation of any encumbrance over the assets of VIS, other than in the ordinary course of business. |
| Notwithstanding anything contained herein, the standstill obligations in Section 5(c) above shall not apply to any actions undertaken by VIS and/ or the Shareholders for the purposes of execution and consummation of transactions specified in Annexure C of this Binding HOA. | Notwithstanding anything contained herein, the standstill obligations in Section 5(c) above shall not apply to any actions undertaken by VIS and/ or the Shareholders for the purposes of execution and consummation of transactions specified in Annexure C of this Binding HOA. |

---

**6.** **Exclusivity** During
 the period from the Execution Date until the earlier of (i) execution of the Share Sale Agreement; (ii) the later of (a) the
 listing of the securities on NASDAQ or NYSE and (b) 30 September, 2025 (the **End Date**); (iii)termination of this Binding HOA;
 or (iv) Braiin communicating, any time prior to the End Date, to VIS or any of the Shareholders of its intent not to pursue the
 Acquisition, each of VIS Networks and the Shareholders agree that:

(a) they
 will not participate in any negotiations or discussions with, or provide any information to, or accept or enter into any agreement,
 arrangement or understanding with, any third parties in respect of a transaction that may materially reduce the likelihood of success
 of the transactions contemplated by this Binding HOA and will also cease any existing discussions or negotiations regarding such
 transactions;

(b) they
 will not engage with any other third party other than advisors, accountants or lawyers in connection with the sale of all or any
 VIS Shares, or any of VIS' business, assets or undertaking other than in the ordinary course of business or other than in a
 manner as may be disclosed by the Shareholders/ VIS to Braiin in writing; and

(c) they
 will not provide any third party with any information regarding VIS or its business, assets
 or undertakings in connection with (a) and/ or (b) above, other than in the ordinary course
 of its ordinary business.

Notwithstanding anything contained herein, the exclusivity obligations in Section 6 shall not apply to any actions undertaken by VIS and/ or the Shareholders for the purposes of execution and consummation of transactions specified in Annexure C of this Binding HOA.

**7.** **Confidentiality** Each
 Party is to keep confidential the terms of this Binding HOA and any other information obtained from another during the negotiations
 preceding the Execution Date or in the course of furthering the transactions contemplated by this Binding HOA whether in the course
 of conducting due diligence or otherwise (**Confidential Information**), and is not to disclose it to any person except:

(a) to
 officers, employees, shareholders, legal advisers, auditors and other consultants requiring the information for the purposes of this
 Binding HOA;

(b) with
 the consent of the Party or Parties which own the Confidential Information;

(c) if
 the information is, at the date of this Binding HOA, lawfully in the possession of the recipient of the information through sources
 other than any of the other Parties;

(d) if
 required by law,

(e) requirements
 for disclosure under the rules of the U.S. Securities and Exchange Commission or under rules of a stock exchange;

(f) if
 strictly and necessarily required in connection with legal proceedings relating to this Binding HOA;

(g) if
 the information is generally and publicly available other than as a result of a breach of confidence; or

(h) to
 a financier or prospective financier (or its advisers) of a Party.

---

| |
|:---|
| Braiin must not use any Confidential Information provided to it by or on behalf of VIS (i) for any purpose other than the proposed Acquisition; (ii) to the competitive disadvantage or detriment of VIS. VIS Networks must not use any Confidential Information provided to it by or on behalf of Braiin (i) for any purpose other than the proposed Acquisition; (ii) to the competitive disadvantage or detriment of Braiin. |
| A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this Section. |
| The obligations under this Section contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Binding HOA, regardless of any termination of this Binding HOA. |

---

**8.** **Further Acts** Each
 Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably
 satisfactory to that Party) required by law or reasonably required by the other Party to give effect to this Binding HOA.

**9.** **Governing Law** This
 Binding HOA is governed by and construed in accordance with the laws of India. Each Party irrevocably submits to the exclusive jurisdiction
 of the courts of India, and the courts competent to determine appeals from such court with respect to any proceedings which may be
 brought at any time relating to this Binding HOA.

**10.** **Dispute Resolution** The
 Parties must endeavour to settle any dispute in connection with this Binding HOA by mediation.
 The mediation is to be conducted by a mediator who is independent of the Parties and appointed
 by agreement between the Parties or, failing agreement, within seven days of receiving any
 Party's notice of dispute, by a person appointed in accordance with the rules of Singapore
 International Mediation Centre (**SIMC**). The rules of SIMC shall apply to the mediation.
 It is a condition precedent to the right of either party to commence arbitration or litigation,
 other than for interlocutory relief, that they have first offered to submit the dispute to
 mediation. In
 the event the Parties are unable to settle disputes under this Binding HOA through mediation, the Parties shall refer such dispute
 to arbitration. which will be administered by the Singapore International Arbitration Centre (**SIAC**). Each Party to such dispute
 shall appoint one arbitrator and the presiding arbitrator(s) shall be appointed in accordance with the rules of SIAC. The venue of
 such arbitration shall be Singapore and the seat shall be Bangalore, India.

**11.** **Assignment** No
 Party may assign, novate or otherwise transfer any of its rights or obligations under this Binding HOA without the written consent
 of the other Party.

**12.** **Costs** Braiin
 shall bear its own, and VIS Networks shall bear for itself and the Shareholders, legal costs
 of and incidental to the preparation, negotiation and execution of this Binding HOA. The
 Parties shall mutually agree upon, and set out in the Share Sale Agreement or the Shareholders' Agreement (as applicable),
 the Party(ies) responsible for bearing stamp duty in relation to the agreements or instruments executed in connection with the Acquisition.

**13.** **Tax** No
 Party makes any representation to the other with regard to the intended tax consequences of the Acquisition.

**14.** **Remedies** The
 rights, power and remedies in respect of the provisions of this Binding HOA are cumulative with and not exclusive to the rights,
 power or remedies provided by law independently of this Binding HOA.

**15.** **Variation** No
 modification or alteration of the terms of this Binding HOA shall be made unless such modification/ alteration is: (a) made in writing;
 (b) dated subsequent to the date of this Binding HOA; and (c) duly executed by all Parties.

**16.** **Notices** Each
 notice authorised or required to be given to a Party shall be in writing and may be delivered
 personally or sent by properly addressed prepaid mail in each case addressed to the Party
 at its address set out in below: In
 the case of Braiin:

---

| | |
|:---|:---|
| Address: | 283 Rokeby Road Subiaco WA 6008 |
| Email: | natraj@braiin.com |
| Attention: | Natraj Balasubramanian In the case of VIS and the Shareholders: |
| Address: | # 94, 4th Cross, |
|  | 2nd Block Koramangala Bangalore, 560034 Karnataka India |
| Email: | umashankar@visnet.in |
| Attention: | Umashankar Bantwal |

---

**17.** **Severability** If
 any term or provision of this Binding HOA is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will
 not affect any other term or provision of this Binding HOA.

**18.** **Counterparts** This
 Binding HOA may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures
 by means of electronic communication are taken to be valid and binding to the same extent as original signatures.

(m) if
 a period of time is specified and dates from a given day or the day of an event, it is to be calculated exclusive of that day;

(n) a
 reference to a day is to be interpreted as the period of time commencing at midnight and ending 24 hours later;

(o) if
 an act prescribed under this Binding HOA to be done by a party on or by a given day is done after 5.00pm on that day, it is taken
 to be done on the next day;

(p) a
 reference to a payment is to a payment by electronic funds transfer or such other form of cleared funds the recipient otherwise allows
 in the relevant lawful currency specified;

(q) a
 reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party
 to:

(i) pay
 money:

(A) in
 the form of an inducement or consideration to a third party to procure something (other than the payment of immaterial expenses or
 costs, including costs of advisers, to procure the relevant thing); or

(B) in
 circumstances that are commercially onerous or unreasonable in the context of this Binding HOA;

(ii) provide
 other valuable consideration to or for the benefit of any person; or

(iii) agree
 to commercially onerous or unreasonable conditions.

19.2 As
 used herein, the term "nominee" includes an affiliate of Braiin who may be potential acquirer of Braiin and/or the VIS
 Shares. For avoidance of doubt, the nominee shall, at all times, be bound by, and subject to, the same obligations and restrictions
 in this HOT as applicable to Braiin. Further, the nominee shall not be entitled to any rights superior or incremental to what Braiin
 is entitled to.

**20.** **Termination** This
 Binding HOA shall be effective from the Execution Date and shall be terminated:

(i) by
 any Party with a written notice to the other Party, in case the Share Sale Agreement and the Shareholders' Agreement are not
 executed by the End Date;

(ii) automatically,
 upon execution of the Share Sale Agreement and Shareholders' Agreement;

(iii) by
 mutual agreement of all Parties in writing; or

(iv) Braiin/
 VIS Networks communicating, any time prior to the End Date, to VIS/Braiin or any of the Shareholders of its intent not to pursue
 the Acquisition.

Upon termination of this Binding HOA, the agreement constituted by this Binding HOA (other than terms in respect of Confidentiality set out in Clause 7 which will be governed in accordance with the terms of Clause 7) will come to an end and the Parties will be released from their obligations under this Agreement (other than in respect of any prior breaches of binding provisions of this Binding HOA).

If the terms and conditions set out above are acceptable, please execute this Binding HOA in the appropriate place below.

EXECUTED by BRAIIN LIMITED

in accordance with section 127 of the

*Corporations* Act 200 I (Cth)

---

| |
|:---|
| */s/ Natraj Balasubramanian* |
| Natraj Balasubramanian |
| Name of director |

---

**EXECUTED** for and on behalf of

VIS NETWORKS PVT LTD

---

| |
|:---|
| */s/ Suresh Kamath* |
| Name and Designation |
| Suresh Kamath (Director) |

---

*This signature page forms an integral part of the heads of agreement executed by and between: (i) Braiin Limited, (ii) Vis Networks Private Limited, (iii) Vijetha Umashankar, (iv) Swetha K. Acharya, (v) Suresh Kamath, (vi) T S Prajwal, (vii) Girija N and (viii) Nagambika.*

**EXECUTED** by **Girija N** as part of the SHAREHOLDERS

---

| |
|:---|
| */s/ Girija N* |
| Girija N |

---

**EXECUTED** by **Nagambika** as part of the SHAREHOLDERS

---

| |
|:---|
| */s/ Nagambika* |
| Nagambika |

---

**EXECUTED** by **T S Prajwal** as part of the

---

| |
|:---|
| */s/ T S Prajwal* |
| T S Prajwal |

---

**EXECUTED** by **Suresh Kamath** as part of the **SHAREHOLDERS**

---

| |
|:---|
| */s/ Suresh Kamath* |
| Suresh Kamath |

---

**EXECUTED** by **Swetha K. Acharya** as part

---

| |
|:---|
| */s/ Swetha K. Acharya* |
| Swetha K. Acharya |

---

**EXECUTED** by **Vijetha Umashankar** as part of the **SHAREHOLDERS**

---

| |
|:---|
| */s/ Vijetha Umashankar* |
| Vijetha Umashankar |

---

**<u>Annex A</u>**

Subsidiaries

---

| | | |
|:---|:---|:---|
| **ENTITY** | **COUNTRY OF ORIGIN** | % **OF SHAREHOLDING OF VIS NETWORKS** |
| VIS GLOBAL PTE LTD | **SINGAPORE** | 99.98% |
| VIS NET TECHNOLGIES PLC | PHILIPPINES | 100% |
| VIS GLOBAL DIGITAL SOLUTIONS | **OMAN** | 54% |
| VIS GLOBAL INC | USA | 95% |
| **VIS NETWORKS UK LTD** | UK | 95% |
| VIS GLOBAL SDN BHD | **MALASIA** | 100% |
| VIS GLOBAL PTY LTD | **AUSTRALIA** | 45% |
| VIS NET TECHONOLOGY LLC | UAE | 60% |
| MERYKH TECHNOGIES PVT. LTD | **INDIA** | 25% |
| *Artiligent Solutions Private Limited* | **INDIA** | 30% |

---

*For the avoidance of doubt, it is hereby clarified, that Smarterhi Communications Private Limited will* not *be considered as Subsidiary for the purposes of the Acquisition.*

**<u>Annex B</u>**

**VIS Shareholders**

---

| | | |
|:---|:---|:---|
| **Name of Shareholder** | **No. of equity shares of face value INR 10 each** | % **holding** |
| l. Vijetha Umashankar | 973380 | 24.06% |
| 2. Swetha K. Acharya | 873340 | 21.59% |
| 3. Suresh Karnath | 433340 | 10.71% |
| 4. T S Prajwal | 313300 | 7.75% |
| 5. Girija N | 873340 | 21.59% |
| 6. Nagambika | 533380 | 13.19% |
| Holders of shares pursuant to exercise of ESOPs | 45000 | 1.11% |
| **Total** | **4045080** | **100%** |

---

**<u>Annex C</u>**

**Proposed Share Transfers**

1. Transfer
 of shares amounting to 12% of the share capital of VIS Networks (UK) Limited held by VIS Networks to any one of its associate companies/
 affiliates **(Share Transfer 1).** For avoidance of doubt, pursuant to Share Transfer 1, VIS Networks shall continue to hold shares
 equivalent to 83% of the share capital of VIS Networks (UK) Limited.

2. Transfer
 of shares/ ownership interest amounting to: (i) 12% of the share capital/ ownership interest of VIS Global Inc. held by VIS Networks
 to any one of its associate companies/ affiliates **(Share Transfer 2);** and (ii) 20% of the share capital/ ownership interest
 of VIS Global Inc. held by VIS Networks to a specified individual **(Share Transfer 3).** For avoidance of doubt, pursuant to
 Share Transfer 2 and Share Transfer 3, VIS Networks shall continue to hold shares/ ownership interest equivalent to 63% of the share
 capital/ ownership interest of VIS Global Inc.

## Exhibit 2.11

**Exhibit 2.11**

**AMENDED AND RESTATED NON-BINDING HEADS OF AGREEMENT**

**PRIVATE AND CONFIDENTIAL**

**On April 6, 2024, the Parties (as defined below) entered into a Heads of Agreement**(Original** Heads of Agreement) and the Parties hereby agree that the Original Heads of Agreement should be amended and restated in its entirety, as set forth below.**

**Mirragin RAS Consulting Pty Ltd ACN 149 778 165 (Mirragin) is** the legal and beneficial owner of various intellectual and technological property rights, specifically relating to drone, robotic and AI consulting services.

This heads of agreement (**Agreement**) sets out the terms upon which Braiin Limited (**Braiin**) agrees to acquire 100% of the shares in Mirragin, which is held by Relms Consolidated Pty Ltd ACN 622 735 166 as trustee for The Sutton Family Trust as the sole shareholder of Mirragin (**Shareholder**).

This Agreement supersedes any and all previous correspondence, agreements or understandings between the parties, including the Original Heads of Agreement, in respect of the subject matter of this Agreement and, except as otherwise stated herein, is non-binding on all of the parties to it (**Parties**).

1. **Acquisition** Subject
 to the satisfaction or waiver of the conditions precedent set out in clause 3 below (**Conditions Precedent**), Braiin agrees to acquire and the Shareholder agrees to sell, all of their
 fully paid ordinary shares in the capital of Mirragin (**Mirragin Shares**), free from
 encumbrances, for the consideration referred to in clause 2 below (the **Acquisition**). The
 Parties acknowledge that they will work together in good faith to achieve a transaction structure for the Acquisition to best serve
 the interests of all parties (including allowing the Shareholder to benefit from scrip for scrip CGT rollover relief to the extent
 reasonably practicable), and acknowledge that this may result in the Acquisition being restructured to better serve the interests
 of all parties (including as a result of any tax advice obtained by the parties following the date of this Agreement). If the form
 of the Acquisition is restructured in that way, this Agreement will be amended to the extent necessary to reflect the form of the
 restructured transaction.

2. **Consideration** Subject
 to the terms and conditions of this Agreement, Braiin agrees to issue the Shareholder (or
 a party nominated by the Shareholder) aggregate consideration of AUD$6 million (**Purchase Price**) comprised as follows:

(a) AUD$5,450,000
being issued in the form of fully paid ordinary shares in the capital of Braiin (or its nominee) (Shares) at a price no less than the
initial listing price for the Shares (Consideration Shares); and

(b) AUD$550,000
 being paid in cash (**Consideration Cash**).

The Consideration Shares will be issued in full on settlement of the Acquisition (**Settlement**).<br>5% of the Consideration Shares will be allocated to a broker (Broker) to be identified in the formal agreement referenced in Section 3)(a) below and such Consideration Shares shall be subject to a voluntary lock-up term of six months, during which Broker shall not sell, dispose of, gift or otherwise transfer such Consideration Shares.<br>

The Shareholder agrees that the Consideration Shares shall be subject to a voluntary lock-up term during which the Shareholder shall not sell, dispose of, gift or otherwise transfer such Consideration Shares, except for the release of Consideration Shares from such lock-up as set forth below:<br>

● 6
 months following Settlement: the 5% of the locked-up Consideration Shares allocated to Broker are released;

● 12
 months following Settlement: 45% of the remaining locked-up Consideration Shares are released;

● 18
 months following Settlement: 25% of the remaining locked-up Consideration Shares are released;
 and

● 24
 months following Settlement: 25% of the remaining locked-up Consideration Shares are released.

3. **Conditions Precedent** Settlement
 is conditional upon the satisfaction (or waiver) of the following Conditions Precedent:

---

| | |
|:---|:---|
| (a) | **Formal Agreement** |
|  | The Parties entering into a formal share sale agreement (to be prepared by Braiin's advisors), which shall be on terms acceptable to the Parties (acting reasonably), including customary warranties to be provided by the Shareholder and with appropriate limitations on liability for the Shareholder, and which shall be consistent with the terms set out in this Agreement, except to the extent otherwise agreed by the Parties; |
| (b) | **Shareholder approval** |
|  | Braiin or its nominee obtaining shareholder approval; |
| (c) | **Audit** |
|  | Mirragin to provide Mirragin's AICPA standard financial audit reports for the most recent two fiscal years to the absolute satisfaction of Braiin; |
| (d) | **Admission to NASDAQ or NYSE** |
|  | Braiin or its nominee receiving conditional approvals or equivalent approvals, to admit the securities of Braiin or its nominee to trading on NASDAQ or NYSE and those conditions being to the reasonable satisfaction of Braiin or its nominee; |

---

---

| | |
|:---|:---|
| (e) | **Approvals** |
|  | The Parties obtaining all corporate, shareholder and regulatory approvals necessary to lawfully complete the Acquisition; and |
| (f) | **Engagement of Rob Sutton** |
|  | Rob Sutton entering into a new employment agreement or consultancy agreement with Braiin (or its nominee) on terms acceptable to the Parties (acting reasonably). |
| (g) | **Mirragin Project Isidore** |
|  | Braiin and the Shareholder will have entered into a definitive agreement regarding the acquisition of all of the outstanding equity interests in Mirragin Project Isidore Pty Ltd ACN 663 281 034. |

---

---

| |
|:---|
| The Condition Precedent in clauses 3(b)-(d) are for the benefit of Braiin and may only be waived by Braiin giving written notice to the Shareholder. All other Conditions Precedent are for the benefit of both parties and may only be waived by mutual agreement in writing of the Shareholder and Braiin. |
| If the Conditions Precedent are not satisfied (or waived by the Party entitled to the benefit of such Condition Precedent, as the case may be) on or before 5.00pm (WST) on June 30, 2024 (or such other date agreed by the Parties in writing), or become incapable of being satisfied and are not waived (**End Date**) any Party may terminate this Agreement by notice in writing to the other Parties, in which case, the agreement constituted by this Agreement will be at an end and the Parties will be released from their obligations under this Agreement (other than in respect of any breaches that occurred prior to termination). |
| The Parties will use their best efforts to ensure that the Conditions Precedent are satisfied before the End Date. |

---

4. **Settlement** Settlement
 will occur on that date which is within seven (7) business days (as defined pursuant to the
 NASDAQ Listing Rules, **Business Days**) after the satisfaction (or waiver) of the Conditions
 Precedent set out in clause 3 (**Settlement Date**). At
 Settlement:

(a) Braiin
 or its nominee shall allot and issue the Consideration Shares to the Shareholder (or its nominee) and deliver a holding statement
 to the Shareholder (or its nominee) for the Consideration Shares;

(b) Braiin
 (or its nominee) must pay the Consideration Cash to the Shareholder (or its nominee) as directed in writing;

(c) the
 Shareholder and Mirragin must deliver or cause to be delivered to Braiin:

(i) share
certificates in respect of the Mirragin Shares (or in the case of any lost, stolen or destroyed certificate, an indemnity in respect
of that certificate);

(ii) separate
 instruments of transfer in registrable form for the Mirragin Shares in favour of Braiin (as transferee) which have been duly executed
 by the Shareholder in relation to their respective Mirragin Shares (as transferor);

(iii) the
 corporate, legal, technical and financial records for Mirragin;

(iv) the
 written resignations of each of the directors and secretary of Mirragin with effect from the Settlement Date confirming that they
 each have no claim for loss of office or otherwise against Mirragin (save for any director who is to remain as agreed with Braiin);

(v) a
 duly completed authority for the alteration of the signatories of each bank account of Mirragin in the same manner required by Braiin
 by written notice before the Settlement Date; and

(vi) signed
 restriction agreements relating to the Consideration Shares (the Consideration Shares to be locked up for the periods set forth above);
 and

(d) the
 Shareholder must procure that a directors' meeting of Mirragin is held to attend to the following matters (as applicable):

(i) the
 approval of the registration (subject to payment of stamp duty, if any) of the transfers of the Mirragin Shares and the issue of
 new share certificates for the Mirragin Shares in the name of Braiin (or its nominee);

(ii) recording
 Braiin (or its nominee) as the holder of the Mirragin Shares in Mirragin's register of members;

(iii) taking
 all other steps required under Mirragin's constituent documents and applicable laws to constitute and evidence Braiin (or its
 nominee) as the sole holder of the Mirragin Shares; and

(iv) accepting
 the resignations of each of the directors and secretaries of Mirragin with effect from the Settlement Date and the appointment as
 additional directors and secretary of Mirragin of those persons nominated by Braiin or its nominee by written notice before the Settlement
 Date.

---

| |
|:---|
| The Parties' obligations at Settlement are interdependent and must take place simultaneously, as nearly as possible, unless otherwise agreed by Mirragin and Braiin. |
| If a Party (**Defaulting Party**) fails to satisfy its obligations under this clause 4 on the day and at the place and time for Settlement then, any other Party (**Notifying Party**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of ten (10) Business Days from the date of the notice and declaring time to be of the essence. The Parties agree, however, that none of Mirragin or the Shareholder can be a Notifying Party, in the event that one or more of them is a Defaulting Party. |
| If the Defaulting Party fails to satisfy those obligations within those ten (10) Business Days the Notifying Party may, without limitation to any other rights it may have, terminate this Agreement by giving written notice to the other Parties. |

---

5. **Acknowledgment** Braiin
 acknowledges that any money owing by the Shareholder to Mirragin will be forgiven by GammLab.ai or its nominee.

6. **Maintaining Status Quo** Other
 than as contemplated in this Agreement, or as disclosed fully and fairly in writing to Braiin
 before the Execution Date, or with the prior written approval of Braiin (such approval not
 to be unreasonably withheld or delayed), until the earlier of Settlement, 30 June 2024 or
 termination of this Agreement, Mirragin must not (and the Shareholder must procure that Mirragin
 does not):

(a) undertake
 or allow any material business change;

(b) enter
 into any material contract or incur any material liability other than in the ordinary course of business;

(c) dispose
 of the whole, or a substantial part, of its business or assets;

(d) vary
 or reduce its capital structure;

(e) issue,
 or agree to issue, any equity or debt securities, or grant or agree to grant any rights over existing issued capital, or rights to
 be issued securities;

(f) alter
 or agree to alter its constitution or constituent documents;

(g) declare
 any dividends or distribute any assets;

(h) cause
 to occur, by act or omission, an event or series of events, whether related or not, which may have a material adverse effect on the
 business, assets or financial condition of Mirragin or on the transactions contemplated by this Agreement; and

(i) create
 or permit the creation of any encumbrance over the assets of Mirragin or its subsidiaries, other than in the ordinary course of business.

7. **Exclusivity** During
 the period from the Execution Date until the earlier of Settlement, 30 June 2024 or termination
 of this Agreement, each of Mirragin and the Shareholder agrees that:

(a) they
 will not participate in any negotiations or discussions with, or provide any information to, or accept or enter into any agreement,
 arrangement or understanding with, any third parties in respect of a transaction that may materially reduce the likelihood of success
 of the transactions contemplated by this Agreement and will also cease any existing discussions or negotiations regarding such transactions;

(b) they
 will not engage with any other third party other than advisors, accountants or lawyers in connection with the sale of all or any
 Mirragin Shares, or any of Mirragin's business, assets or undertaking other than in the ordinary course of business; and

(c) they
 will not provide any third party with any information regarding Mirragin or its business, assets or undertakings, other than in the
 ordinary course of its ordinary business.

8. **Confidentiality** Each
 Party is to keep confidential the terms of this Agreement and any other information obtained
 from another during the negotiations preceding the Execution Date or in the course of furthering
 the transactions contemplated by this Agreement whether in the course of conducting due diligence
 or otherwise (**Confidential Information**), and is not to disclose it to any person except:

(a) to
 officers, employees, shareholders, legal advisers, auditors and other consultants requiring the information for the purposes of this
 Agreement;

(b) with
 the consent of the Party or Parties which own the Confidential Information;

(c) if
 the information is, at the date of this Agreement, lawfully in the possession of the recipient of the information through sources
 other than any of the other Parties;

(d) if
 required by law or a stock exchange;

(e) if
 strictly and necessarily required in connection with legal proceedings relating to this Agreement;

(f) if
 the information is generally and publicly available other than as a result of a breach of confidence; or

(g) to
 a financier or prospective financier (or its advisers) of a Party.

Braiin must not use any Confidential Information provided to it by or on behalf of Mirragin in connection with any due diligence of Mirragin to the competitive disadvantage or detriment of Mirragin.

<br>A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this clause.<br>The obligations under this clause contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Agreement, regardless of any termination of this Agreement.<br>For the avoidance of doubt, the Parties acknowledge and agree that Braiin, subject to and conditional upon receiving conditional approval to list on the NASDAQ, listed on NASDAQ and is subject to continuous disclosure obligations applicable to that exchange. Accordingly, details of this Agreement, Mirragin, the Shareholder and the assets and undertaking of Mirragin (potentially among other information) will need to be disclosed in announcements to NASDAQ.<br>

9. **Further Acts** Each
 Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably
 satisfactory to that Party) required by law or reasonably required by the other Party to give effect to this Agreement.

10. **Governing Law** This
 Agreement is governed by and construed in accordance with the laws of Western Australia. Each Party irrevocably submits to the non-exclusive
 jurisdiction of the courts of Western Australia, and the courts competent to determine appeals from those courts with respect to
 any proceedings which may be brought at any time relating to this Agreement.

11. **Dispute resolution** The
 Parties must endeavour to settle any dispute in connection with this Agreement by mediation. The mediation is to be conducted
 by a mediator who is independent of the Parties and appointed by agreement between the Parties or, failing agreement, within seven
 days of receiving any Party's notice of dispute, by a person appointed by the Chair of Resolution Institute or the Chair's
 designated representative. The Resolution Institute Mediation Rules apply to the mediation. It is a condition precedent to the right
 of either party to commence arbitration or litigation, other than for interlocutory relief, that they have first offered to submit
 the dispute to mediation.

12. **Assignment** No
 Party may assign, novate or otherwise transfer any of its rights or obligations under this Agreement without the written consent
 of the other Party.

13. **Costs** Each
 Party shall bear their own legal costs of and incidental to the preparation, negotiation and execution of this Agreement. Braiin
 will pay any stamp duty assessed on or in respect of this Agreement.

14. **Tax** (a) In
 the event a supply made by one Party to another under this Agreement is subject to a value added or similar tax, the price stated
 in this Agreement is exclusive of such tax and the recipient of such a supply must pay to the other Party an amount equal to the
 amount of any such tax in addition to any amount stated in this Agreement and at the same time.

(b) Any
 payment of such tax is subject to the other Party providing any invoice or similar documentation required by law with respect to
 such tax.

(c) No
 Party makes any representation to the other with regard to the intended tax consequences of the Acquisition.

15. **Remedies** The
 rights, power and remedies provided in this Agreement are cumulative with and not exclusive to the rights, power or remedies provided
 by law independently of this Agreement.

16. **Variation** No
 modification or alteration of the terms of this Agreement shall be binding unless made in writing dated subsequent to the date of
 this Agreement and duly executed by all Parties.

17. **Notices** Each
 notice authorised or required to be given to a Party shall be in writing and may be delivered
 personally or sent by properly addressed prepaid mail in each case addressed to the Party
 at its address set out in below: In
 the case of Braiin:

---

| | |
|:---|:---|
| Address: | 41 River Ter, #3906 New York, NY 10282 |
| Email: | Natraj@braiin.com |
| Attention: | Chief Executive Officer |
| In the case of Mirragin and the Shareholder: | In the case of Mirragin and the Shareholder: |
| Address: | Adelaide Street, Brisbane |
|  | Queensland, Australia |
| Email: | rsutton@Mirragin.com.au |
| Attention: | Rob Sutton |

---

18. **Severability** If
 any term or provision of this Agreement is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will
 not affect any other term or provision of this Agreement.

19. **Waiver** Without
 limiting any other provision of this Agreement, the Parties agree that:

(a) failure
 to exercise or enforce, or a delay in exercising or enforcing, or the partial exercise or enforcement of, a right, power or remedy
 provided by law or under this Agreement by a Party does not preclude, or operate as a waiver of, the exercise or enforcement, or
 further exercise or enforcement, of that or any other right, power or remedy provided by law or under this Agreement;

(b) a
 waiver given by a party under this Agreement is only effective and binding on that Party if it is given or confirmed in writing by
 that Party; and

(c) no
 waiver of a breach of a term of this Agreement operates as a waiver of another breach of that term or of a breach of any other term
 of this Agreement.

20. **Counterparts** This
 Agreement may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures
 my means of electronic communication are taken to be valid and binding to the same extent as original signatures.

21. **Interpretation** In
 this Agreement:

---

| | |
|:---|:---|
| (a) | headings are for convenience only and do not affect its interpretation; |
| (b) | specifying anything after the words "include" or "for example" or similar expressions does not limit what else is included; |
| and unless the context otherwise requires: | and unless the context otherwise requires: |
| (c) | an obligation or liability assumed by, or a right conferred on, two or more Parties binds or benefits all of them severally only; |
| (d) | the expression **person** includes an individual, the estate of an individual, a corporation, an authority, an association or joint venture (whether incorporated or unincorporated), a partnership and a trust; |
| (e) | a reference to any party includes that party's executors, administrators, successors and permitted assigns, including any person taking by way of novation; |
| (f) | a reference to a body, other than a party to this Agreement whether statutory or not: |

---

(i) which
 ceases to exist; or

(ii) whose
 powers or functions are transferred to another body, is a reference to the body which replaces it or substantially succeed its powers
 or functions;

(g) a
 reference to any document (including this Agreement) is to that document as varied, novated, ratified or replaced from time to time;

(h) a
 reference to any statute or to any statutory provision includes any statutory modification or re-enactment of it or any statutory
 provision substituted for it, and all ordinances, by-laws, regulations, rules and statutory instruments (however described) issued
 under it;

(i) words
 importing the singular include the plural (and vice versa) and words indicating a gender include every other gender;

(j) reference
 to parties, clauses, schedules, exhibits or annexure are references to parties, clauses, schedules, exhibits and annexure to or of
 this Agreement and a reference to this Agreement includes any schedule, exhibit or annexure to this Agreement;

(k) where
 a word or phrase is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding
 meaning;

(l) a
 reference to time is to Western Standard Time as observed in Perth, Western Australia;

(m) if
 a period of time is specified and dates from a given day or the day of an event, it is to be calculated exclusive of that day;

(n) a
 reference to a day is to be interpreted as the period of time commencing at midnight and ending 24 hours later;

(o) if
 an act prescribed under this Agreement to be done by a party on or by a given day is done after 5.00pm on that day, it is taken to
 be done on the next day;

(p) a
 reference to a payment is to a payment by electronic funds transfer or such other form of cleared funds the recipient otherwise allows
 in the relevant lawful currency specified;

(q) a
 reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party
 to:

(i) pay
 money:

(A) in
 the form of an inducement or consideration to a third party to procure something (other than the payment of immaterial expenses or
 costs, including costs of advisers, to procure the relevant thing); or

(B) in
 circumstances that are commercially onerous or unreasonable in the context of this Agreement;

(ii) provide
 other valuable consideration to or for the benefit of any person; or

(iii) agree
 to commercially onerous or unreasonable conditions.

21.2 As
 used herein, the term "nominee" includes any potential acquiror of Braiin.

**22.** **Binding Provisions** Except
 for the provisions in Sections 7, 8, 10, 11, 12, 13 and this Section 22, which are meant to be binding on the Parties, this Agreement
 is non-binding and no Party hereto shall have any binding obligations, commitments, agreements or liabilities of any nature unless
 and until the definitive agreements are entered into by the Parties in connection with the transactions contemplated by this Agreement.

If the terms and conditions set out above are acceptable, please execute this Agreement in the appropriate place below.

Dated this <u>6</u><sup>th</sup> day of May 2024

---

| |
|:---|
| **EXECUTED** by **Braiin Limited**<br>|
| /s/ Natraj Balasubramanian |
| Signature of Chief Executive Officer<br>|
| Natraj Balasubramanian |
| Name of Chief Executive Officer |

---

---

| |
|:---|
| **EXECUTED** by **Mirragin RAS Consulting Pty Ltd ACN 149 778 165** |
| in accordance with section 127 of the *Corporations Act 2001* (Cth): |
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| **Rob Sutton** |
| Name of sole director and company secretary |
| **EXECUTED** by **Relms Consolidated Pty Ltd ACN 622 735 166 as trustee for The Sutton Family Trust** |
| in accordance with section 127 of the *Corporations Act 2001* (Cth): |
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| **Rob Sutton** |
| Name of sole director and company secretary |

---

## Exhibit 2.12

**Exhibit 2.12**

**AMENDED AND RESTATED NON-BINDING HEADS OF AGREEMENT**

**PRIVATE AND CONFIDENTIAL**

**On April 6, 2024, the Parties (as defined below) entered into a Heads of Agreement, which was subsequently amended and restated in its entirety on May 6, 2024 (the A&R Heads of Agreement) and the Parties hereby agree that the A&R Heads of Agreement should be amended and restated in its entirety, as set forth below.**

**Mirragin RAS Consulting Pty Ltd ACN 149 778 165 (Mirragin) is** the legal and beneficial owner of various intellectual and technological property rights, specifically relating to drone, robotic and AI consulting services.

This heads of agreement (**Agreement**) sets out the terms upon which Braiin Limited (**Braiin**) agrees to acquire 100% of the shares in Mirragin, which is held by Relms Consolidated Pty Ltd ACN 622 735 166 as trustee for The Sutton Family Trust as the sole shareholder of Mirragin (**Shareholder**).

This Agreement supersedes any and all previous correspondence, agreements or understandings between the parties, including the A&R Heads of Agreement, in respect of the subject matter of this Agreement and, except as otherwise stated herein, is non-binding on all of the parties to it (**Parties**).

1. **Acquisition** Subject
 to the satisfaction or waiver of the conditions precedent set out in clause 3 below (**Conditions Precedent**), Braiin agrees to acquire and the Shareholder agrees to sell, all of their
 fully paid ordinary shares in the capital of Mirragin (**Mirragin Shares**), free from
 encumbrances, for the consideration referred to in clause 2 below (the **Acquisition**). The
 Parties acknowledge that they will work together in good faith to achieve a transaction structure for the Acquisition to best serve
 the interests of all parties (including allowing the Shareholder to benefit from scrip for scrip CGT rollover relief to the extent
 reasonably practicable), and acknowledge that this may result in the Acquisition being restructured to better serve the interests
 of all parties (including as a result of any tax advice obtained by the parties following the date of this Agreement). If the form
 of the Acquisition is restructured in that way, this Agreement will be amended to the extent necessary to reflect the form of the
 restructured transaction.

2. **Consideration** Subject
 to the terms and conditions of this Agreement, Braiin agrees to issue the Shareholder (or
 a party nominated by the Shareholder) aggregate consideration of AUD$6 million (**Purchase Price**) comprised as follows:

(a) AUD$5,450,000
 being issued in the form of fully paid ordinary shares in the capital of Braiin (or its nominee) (**Shares**) at a price no less
 than the initial listing price for the Shares (**Consideration Shares**); and

(b) AUD$550,000
 being paid in cash (**Consideration Cash**).

The Consideration Shares will be issued in full on settlement of the Acquisition (**Settlement**).<br>5% of the Consideration Shares will be allocated to a broker (**Broker**) to be identified in the formal agreement referenced in Section 3)(a) below and such Consideration Shares shall be subject to a voluntary lock-up term of six months, during which Broker shall not sell, dispose of, gift or otherwise transfer such Consideration Shares.<br>

The Shareholder agrees that the Consideration Shares shall be subject to a voluntary lock-up term during which the Shareholder shall not sell, dispose of, gift or otherwise transfer such Consideration Shares, except for the release of Consideration Shares from such lock-up as set forth below:<br>

● 6
 months following Settlement: the 5% of the locked-up Consideration Shares allocated to Broker are released;

● 12
 months following Settlement: 45% of the remaining locked-up Consideration Shares are released;

● 18
 months following Settlement: 25% of the remaining locked-up Consideration Shares are released;
 and

● 24
 months following Settlement: 25% of the remaining locked-up Consideration Shares are released.

3. **Conditions Precedent** Settlement
 is conditional upon the satisfaction (or waiver) of the following Conditions Precedent:

---

| | |
|:---|:---|
| (a) | **Formal Agreement** |
|  | The Parties entering into a formal share sale agreement (to be prepared by Braiin's advisors), which shall be on terms acceptable to the Parties (acting reasonably), including customary warranties to be provided by the Shareholder and with appropriate limitations on liability for the Shareholder, and which shall be consistent with the terms set out in this Agreement, except to the extent otherwise agreed by the Parties; |
| (b) | **Shareholder approval** |
|  | Braiin or its nominee obtaining shareholder approval; |
| (c) | **Audit** |
|  | Mirragin to provide Mirragin's AICPA standard financial audit reports for the most recent two fiscal years to the absolute satisfaction of Braiin; |
| (d) | **Admission to NASDAQ or NYSE** |
|  | Braiin or its nominee receiving conditional approvals or equivalent approvals, to admit the securities of Braiin or its nominee to trading on NASDAQ or NYSE and those conditions being to the reasonable satisfaction of Braiin or its nominee; |

---

---

| | |
|:---|:---|
| (e) | **Approvals** |
|  | The Parties obtaining all corporate, shareholder and regulatory approvals necessary to lawfully complete the Acquisition; and |
| (f) | **Engagement of Rob Sutton** |
|  | Rob Sutton entering into a new employment agreement or consultancy agreement with Braiin (or its nominee) on terms acceptable to the Parties (acting reasonably). |
| (g) | **Mirragin Project Isidore** |
|  | Braiin and the Shareholder will have entered into a definitive agreement regarding the acquisition of all of the outstanding equity interests in Mirragin Project Isidore Pty Ltd ACN 663 281 034. |

---

---

| |
|:---|
| The Condition Precedent in clauses 3(b)-(d) are for the benefit of Braiin and may only be waived by Braiin giving written notice to the Shareholder. All other Conditions Precedent are for the benefit of both parties and may only be waived by mutual agreement in writing of the Shareholder and Braiin. |
| If the Conditions Precedent are not satisfied (or waived by the Party entitled to the benefit of such Condition Precedent, as the case may be) on or before 5.00pm (WST) on September 30, 2024 (or such other date agreed by the Parties in writing), or become incapable of being satisfied and are not waived (**End Date**) any Party may terminate this Agreement by notice in writing to the other Parties, in which case, the agreement constituted by this Agreement will be at an end and the Parties will be released from their obligations under this Agreement (other than in respect of any breaches that occurred prior to termination). |
| The Parties will use their best efforts to ensure that the Conditions Precedent are satisfied before the End Date. |

---

4. **Settlement** Settlement
 will occur on that date which is within seven (7) business days (as defined pursuant to the
 NASDAQ Listing Rules, **Business Days**) after the satisfaction (or waiver) of the Conditions
 Precedent set out in clause 3 (**Settlement Date**). At
 Settlement:

(a) Braiin
 or its nominee shall allot and issue the Consideration Shares to the Shareholder (or its nominee) and deliver a holding statement
 to the Shareholder (or its nominee) for the Consideration Shares;

(b) Braiin
 (or its nominee) must pay the Consideration Cash to the Shareholder (or its nominee) as directed in writing;

(c) the
 Shareholder and Mirragin must deliver or cause to be delivered to Braiin:

(i) share
 certificates in respect of the Mirragin Shares (or in the case of any lost, stolen or destroyed certificate, an indemnity in respect
 of that certificate);

(ii) separate
 instruments of transfer in registrable form for the Mirragin Shares in favour of Braiin (as transferee) which have been duly executed
 by the Shareholder in relation to their respective Mirragin Shares (as transferor);

(iii) the
 corporate, legal, technical and financial records for Mirragin;

(iv) the
 written resignations of each of the directors and secretary of Mirragin with effect from the Settlement Date confirming that they
 each have no claim for loss of office or otherwise against Mirragin (save for any director who is to remain as agreed with Braiin);

(v) a
 duly completed authority for the alteration of the signatories of each bank account of Mirragin in the same manner required by Braiin
 by written notice before the Settlement Date; and

(vi) signed
 restriction agreements relating to the Consideration Shares (the Consideration Shares to be locked up for the periods set forth above);
 and

(d) the
 Shareholder must procure that a directors' meeting of Mirragin is held to attend to the following matters (as applicable):

(i) the
 approval of the registration (subject to payment of stamp duty, if any) of the transfers of the Mirragin Shares and the issue of
 new share certificates for the Mirragin Shares in the name of Braiin (or its nominee);

(ii) recording
 Braiin (or its nominee) as the holder of the Mirragin Shares in Mirragin's register of members;

(iii) taking
 all other steps required under Mirragin's constituent documents and applicable laws to constitute and evidence Braiin (or its
 nominee) as the sole holder of the Mirragin Shares; and

(iv) accepting
 the resignations of each of the directors and secretaries of Mirragin with effect from the Settlement Date and the appointment as
 additional directors and secretary of Mirragin of those persons nominated by Braiin or its nominee by written notice before the Settlement
 Date.

---

| |
|:---|
| The Parties' obligations at Settlement are interdependent and must take place simultaneously, as nearly as possible, unless otherwise agreed by Mirragin and Braiin. |
| If a Party (**Defaulting Party**) fails to satisfy its obligations under this clause 4 on the day and at the place and time for Settlement then, any other Party (**Notifying Party**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of ten (10) Business Days from the date of the notice and declaring time to be of the essence. The Parties agree, however, that none of Mirragin or the Shareholder can be a Notifying Party, in the event that one or more of them is a Defaulting Party. |
| If the Defaulting Party fails to satisfy those obligations within those ten (10) Business Days the Notifying Party may, without limitation to any other rights it may have, terminate this Agreement by giving written notice to the other Parties. |

---

5. **Acknowledgment** Braiin
 acknowledges that any money owing by the Shareholder to Mirragin will be forgiven by GammLab.ai or its nominee.

6. **Maintaining Status Quo** Other
 than as contemplated in this Agreement, or as disclosed fully and fairly in writing to Braiin
 before the Execution Date, or with the prior written approval of Braiin (such approval not
 to be unreasonably withheld or delayed), until the earlier of Settlement, 30 June 2024 or
 termination of this Agreement, Mirragin must not (and the Shareholder must procure that Mirragin
 does not):

(a) undertake
 or allow any material business change;

(b) enter
 into any material contract or incur any material liability other than in the ordinary course of business;

(c) dispose
 of the whole, or a substantial part, of its business or assets;

(d) vary
 or reduce its capital structure;

(e) issue,
 or agree to issue, any equity or debt securities, or grant or agree to grant any rights over existing issued capital, or rights to
 be issued securities;

(f) alter
 or agree to alter its constitution or constituent documents;

(g) declare
 any dividends or distribute any assets;

(h) cause
 to occur, by act or omission, an event or series of events, whether related or not, which may have a material adverse effect on the
 business, assets or financial condition of Mirragin or on the transactions contemplated by this Agreement; and

(i) create
 or permit the creation of any encumbrance over the assets of Mirragin or its subsidiaries, other than in the ordinary course of business.

7. **Exclusivity** During
 the period from the Execution Date until the earlier of Settlement, 30 June 2024 or termination
 of this Agreement, each of Mirragin and the Shareholder agrees that:

(a) they
 will not participate in any negotiations or discussions with, or provide any information to, or accept or enter into any agreement,
 arrangement or understanding with, any third parties in respect of a transaction that may materially reduce the likelihood of success
 of the transactions contemplated by this Agreement and will also cease any existing discussions or negotiations regarding such transactions;

(b) they
 will not engage with any other third party other than advisors, accountants or lawyers in connection with the sale of all or any
 Mirragin Shares, or any of Mirragin's business, assets or undertaking other than in the ordinary course of business; and

(c) they
 will not provide any third party with any information regarding Mirragin or its business, assets or undertakings, other than in the
 ordinary course of its ordinary business.

8. **Confidentiality** Each
 Party is to keep confidential the terms of this Agreement and any other information obtained
 from another during the negotiations preceding the Execution Date or in the course of furthering
 the transactions contemplated by this Agreement whether in the course of conducting due diligence
 or otherwise (**Confidential Information**), and is not to disclose it to any person except:

(a) to
 officers, employees, shareholders, legal advisers, auditors and other consultants requiring the information for the purposes of this
 Agreement;

(b) with
 the consent of the Party or Parties which own the Confidential Information;

(c) if
 the information is, at the date of this Agreement, lawfully in the possession of the recipient of the information through sources
 other than any of the other Parties;

(d) if
 required by law or a stock exchange;

(e) if
 strictly and necessarily required in connection with legal proceedings relating to this Agreement;

(f) if
 the information is generally and publicly available other than as a result of a breach of confidence; or

(g) to
 a financier or prospective financier (or its advisers) of a Party.

Braiin must not use any Confidential Information provided to it by or on behalf of Mirragin in connection with any due diligence of Mirragin to the competitive disadvantage or detriment of Mirragin.

<br>A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this clause.<br>The obligations under this clause contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Agreement, regardless of any termination of this Agreement.<br>For the avoidance of doubt, the Parties acknowledge and agree that Braiin, subject to and conditional upon receiving conditional approval to list on the NASDAQ, listed on NASDAQ and is subject to continuous disclosure obligations applicable to that exchange. Accordingly, details of this Agreement, Mirragin, the Shareholder and the assets and undertaking of Mirragin (potentially among other information) will need to be disclosed in announcements to NASDAQ.<br>

9. **Further Acts** Each
 Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably
 satisfactory to that Party) required by law or reasonably required by the other Party to give effect to this Agreement.

10. **Governing Law** This
 Agreement is governed by and construed in accordance with the laws of Western Australia. Each Party irrevocably submits to the non-exclusive
 jurisdiction of the courts of Western Australia, and the courts competent to determine appeals from those courts with respect to
 any proceedings which may be brought at any time relating to this Agreement.

11. **Dispute resolution** The
 Parties must endeavour to settle any dispute in connection with this Agreement by mediation. The mediation is to be conducted
 by a mediator who is independent of the Parties and appointed by agreement between the Parties or, failing agreement, within seven
 days of receiving any Party's notice of dispute, by a person appointed by the Chair of Resolution Institute or the Chair's
 designated representative. The Resolution Institute Mediation Rules apply to the mediation. It is a condition precedent to the right
 of either party to commence arbitration or litigation, other than for interlocutory relief, that they have first offered to submit
 the dispute to mediation.

12. **Assignment** No
 Party may assign, novate or otherwise transfer any of its rights or obligations under this Agreement without the written consent
 of the other Party.

13. **Costs** Each
 Party shall bear their own legal costs of and incidental to the preparation, negotiation and execution of this Agreement. Braiin
 will pay any stamp duty assessed on or in respect of this Agreement.

---

| | | |
|:---|:---|:---|
| 14. | **Tax**(a) | In the event a supply made by one Party to another under this Agreement is subject to a value added or similar tax, the price stated in this Agreement is exclusive of such tax and the recipient of such a supply must pay to the other Party an amount equal to the amount of any such tax in addition to any amount stated in this Agreement and at the same time. |
|  | (b) | Any payment of such tax is subject to the other Party providing any invoice or similar documentation required by law with respect to such tax. |
|  | (c) | No Party makes any representation to the other with regard to the intended tax consequences of the Acquisition. |
| 15. | **Remedies** | The rights, power and remedies provided in this Agreement are cumulative with and not exclusive to the rights, power or remedies provided by law independently of this Agreement. |
| 16. | **Variation** | No modification or alteration of the terms of this Agreement shall be binding unless made in writing dated subsequent to the date of this Agreement and duly executed by all Parties. |
| 17. | **Notices** | Each notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed prepaid mail in each case addressed to the Party at its address set out in below:<br>In the case of Braiin: |

---

---

| | |
|:---|:---|
| Address: | 41 River Ter, #3906 New York, NY 10282 |
| Email: | Natraj@braiin.com |
| Attention: | Chief Executive Officer |
| In the case of Mirragin and the Shareholder: | In the case of Mirragin and the Shareholder: |
| Address: | Adelaide Street, Brisbane |
|  | Queensland, Australia |
| Email: | rsutton@Mirragin.com.au |
| Attention: | Rob Sutton |

---

18. **Severability** If
 any term or provision of this Agreement is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will
 not affect any other term or provision of this Agreement.

19. **Waiver** Without
 limiting any other provision of this Agreement, the Parties agree that:

(a) failure
 to exercise or enforce, or a delay in exercising or enforcing, or the partial exercise or enforcement of, a right, power or remedy
 provided by law or under this Agreement by a Party does not preclude, or operate as a waiver of, the exercise or enforcement, or
 further exercise or enforcement, of that or any other right, power or remedy provided by law or under this Agreement;

(b) a
 waiver given by a party under this Agreement is only effective and binding on that Party if it is given or confirmed in writing by
 that Party; and

(c) no
 waiver of a breach of a term of this Agreement operates as a waiver of another breach of that term or of a breach of any other term
 of this Agreement.

20. **Counterparts** This
 Agreement may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures
 my means of electronic communication are taken to be valid and binding to the same extent as original signatures.

21. **Interpretation** In
 this Agreement:

---

| | |
|:---|:---|
| (a) | headings are for convenience only and do not affect its interpretation; |
| (b) | specifying anything after the words "include" or "for example" or similar expressions does not limit what else is included; |
| and unless the context otherwise requires: | and unless the context otherwise requires: |
| (c) | an obligation or liability assumed by, or a right conferred on, two or more Parties binds or benefits all of them severally only; |
| (d) | the expression **person** includes an individual, the estate of an individual, a corporation, an authority, an association or joint venture (whether incorporated or unincorporated), a partnership and a trust; |
| (e) | a reference to any party includes that party's executors, administrators, successors and permitted assigns, including any person taking by way of novation; |
| (f) | a reference to a body, other than a party to this Agreement whether statutory or not: |

---

(i) which
 ceases to exist; or

(ii) whose
 powers or functions are transferred to another body, is a reference to the body which replaces it or substantially succeed its powers
 or functions;

(g) a
 reference to any document (including this Agreement) is to that document as varied, novated, ratified or replaced from time to time;

(h) a
 reference to any statute or to any statutory provision includes any statutory modification or re-enactment of it or any statutory
 provision substituted for it, and all ordinances, by-laws, regulations, rules and statutory instruments (however described) issued
 under it;

(i) words
 importing the singular include the plural (and vice versa) and words indicating a gender include every other gender;

(j) reference
 to parties, clauses, schedules, exhibits or annexure are references to parties, clauses, schedules, exhibits and annexure to or of
 this Agreement and a reference to this Agreement includes any schedule, exhibit or annexure to this Agreement;

(k) where
 a word or phrase is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding
 meaning;

(l) a
 reference to time is to Western Standard Time as observed in Perth, Western Australia;

(m) if
 a period of time is specified and dates from a given day or the day of an event, it is to be calculated exclusive of that day;

(n) a
 reference to a day is to be interpreted as the period of time commencing at midnight and ending 24 hours later;

(o) if
 an act prescribed under this Agreement to be done by a party on or by a given day is done after 5.00pm on that day, it is taken to
 be done on the next day;

(p) a
 reference to a payment is to a payment by electronic funds transfer or such other form of cleared funds the recipient otherwise allows
 in the relevant lawful currency specified;

(q) a
 reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party
 to:

(i) pay
 money:

(A) in
 the form of an inducement or consideration to a third party to procure something (other than the payment of immaterial expenses or
 costs, including costs of advisers, to procure the relevant thing); or

(B) in
 circumstances that are commercially onerous or unreasonable in the context of this Agreement;

(ii) provide
 other valuable consideration to or for the benefit of any person; or

(iii) agree
 to commercially onerous or unreasonable conditions.

21.2 As
 used herein, the term "nominee" includes any potential acquiror of Braiin.

**22.** **Binding Provisions** Except
 for the provisions in Sections 7, 8, 10, 11, 12, 13 and this Section 22, which are meant to be binding on the Parties, this Agreement
 is non-binding and no Party hereto shall have any binding obligations, commitments, agreements or liabilities of any nature unless
 and until the definitive agreements are entered into by the Parties in connection with the transactions contemplated by this Agreement.

If the terms and conditions set out above are acceptable, please execute this Agreement in the appropriate place below.

Dated this <u>24</u><sup>th</sup> day of August 2024

---

| |
|:---|
| **EXECUTED** by **Braiin Limited**<br>|
| /s/ Natraj Balasubramanian |
| Signature of Chief Executive Officer<br>|
| Natraj Balasubramanian |
| Name of Chief Executive Officer |

---

---

| |
|:---|
| **EXECUTED** by **Mirragin RAS Consulting Pty Ltd ACN 149 778 165** |
| in accordance with section 127 of the *Corporations Act 2001* (Cth): |
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| **Rob Sutton** |
| Name of sole director and company secretary |
| **EXECUTED** by **Relms Consolidated Pty Ltd ACN 622 735 166 as trustee for The Sutton Family Trust** |
| in accordance with section 127 of the *Corporations Act 2001* (Cth): |
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| **Rob Sutton** |
| Name of sole director and company secretary |

---

## Exhibit 2.13

**Exhibit 2.13**

**AMENDED AND RESTATED BINDING HEADS OF AGREEMENT**

**PRIVATE AND CONFIDENTIAL**

**On April 6, 2024, Braiin Limited and Mirragin (as defined below) entered into a Heads of Agreement, which was subsequently amended and restated in its entirety on May 6, 2024 by the A&R Heads of Agreement, which was second amended and restated in its entirety on August 24, 2024 (the Second A&R Heads of Agreement) and which was third amended and restated in its entirety on September 22, 2024 (the Third A&R Heads of Agreement), and Braiin Limited, Mirragin and Vega (as defined below) hereby agree that the Third A&R Heads of Agreement should be amended and restated in its entirety, as set forth below.**

**Mirragin RAS Consulting Pty Ltd ACN 149 778 165 (Mirragin) is** the legal and beneficial owner of various intellectual and technological property rights, specifically relating to drone, robotic and AI consulting services.

This heads of agreement (**Agreement**) sets out the terms upon which Vega Global Technologies Pty Ltd (CAN 667 154 261) (**Vega**) agrees to acquire 100% of the shares in Mirragin, which is held by Relms Consolidated Pty Ltd ACN 622 735 166 as trustee for The Sutton Family Trust as the sole shareholder of Mirragin (**Shareholder**).

This Agreement supersedes any and all previous correspondence, agreements or understandings between the parties, including the Second A&R Heads of Agreement, in respect of the subject matter of this Agreement is binding on all of the parties to it (**Parties**).

1. **Acquisition** Subject
 to the satisfaction or waiver of the conditions precedent set out in clause 3 below (**Conditions Precedent**), Vega agrees to acquire and the Shareholder agrees to sell, all of their
 fully paid ordinary shares in the capital of Mirragin (**Mirragin Shares**), free from
 encumbrances, for the consideration referred to in clause 2 below (the **Acquisition**). The
 Parties acknowledge that they will work together in good faith to achieve a transaction structure for the Acquisition to best serve
 the interests of all parties (including allowing the Shareholder to benefit from scrip for scrip CGT rollover relief to the extent
 reasonably practicable), and acknowledge that this may result in the Acquisition being restructured to better serve the interests
 of all parties (including as a result of any tax advice obtained by the parties following the date of this Agreement). If the form
 of the Acquisition is restructured in that way, this Agreement will be amended to the extent necessary to reflect the form of the
 restructured transaction.

2. **Consideration** Subject
 to the terms and conditions of this Agreement, Vega agrees to issue the Shareholder (or
 a party nominated by the Shareholder) aggregate consideration of AUD$6 million (**Purchase Price**) comprised as follows:

(a) AUD$5,450,000
 being issued in the form of fully paid ordinary shares in the capital of Vega(or its nominee) (**Shares**) at a price no less
 than the initial listing price for the Shares (**Consideration Shares**); and

(b) AUD$550,000
 being paid in cash (**Consideration Cash**).

The Consideration Shares will be issued in full on settlement of the Acquisition (**Settlement**).<br>5% of the Consideration Shares will be allocated to a broker (**Broker**) to be identified in the formal agreement referenced in Section 3)(a) below and such Consideration Shares shall be subject to a voluntary lock-up term of twleve months, during which Broker shall not sell, dispose of, gift or otherwise transfer such Consideration Shares.<br>

The Shareholder agrees that the Consideration Shares shall be subject to a voluntary lock-up term during which the Shareholder shall not sell, dispose of, gift or otherwise transfer such Consideration Shares, except for the release of Consideration Shares from such lock-up as set forth below:<br>

● 12 months following Settlement: the 5% of the locked-up Consideration Shares allocated to Broker are released and 45% of the remaining locked-up Consideration Shares are released;

● 18
 months following Settlement: 25% of the remaining locked-up Consideration Shares are released;
 and

● 24
 months following Settlement: 25% of the remaining locked-up Consideration Shares are released.

3. **Conditions Precedent** Settlement
 is conditional upon the satisfaction (or waiver) of the following Conditions Precedent:

---

| | |
|:---|:---|
| (a) | **Formal Agreement** |
|  | The Parties entering into a formal share sale agreement (to be prepared by Vega's advisors), which shall be on terms acceptable to the Parties (acting reasonably), including customary warranties to be provided by the Shareholder and with appropriate limitations on liability for the Shareholder, and which shall be consistent with the terms set out in this Agreement, except to the extent otherwise agreed by the Parties; |
| (b) | **Shareholder approval** |
|  | Vega or its nominee obtaining shareholder approval; |
| (c) | **Audit** |
|  | Mirragin to provide Mirragin's AICPA standard financial audit reports for the most recent two fiscal years to the absolute satisfaction of Vega; |
| (d) | **Admission to NASDAQ or NYSE** |
|  | Vega or its nominee receiving conditional approvals or equivalent approvals, to admit the securities of Vega or its nominee to trading on NASDAQ or NYSE and those conditions being to the reasonable satisfaction of Vega or its nominee; |

---

---

| | |
|:---|:---|
| (e) | **Approvals** |
|  | The Parties obtaining all corporate, shareholder and regulatory approvals necessary to lawfully complete the Acquisition; and |
| (f) | **Engagement of Rob Sutton** |
|  | Rob Sutton entering into a new employment agreement or consultancy agreement with Vega (or its nominee) on terms acceptable to the Parties (acting reasonably). |
| (g) | **Mirragin Project Isidore** |
|  | Vega and the Shareholder will have entered into a definitive agreement regarding the acquisition of all of the outstanding equity interests in Mirragin Project Isidore Pty Ltd ACN 663 281 034. |

---

---

| |
|:---|
| The Condition Precedent in clauses 3(b)-(d) are for the benefit of Vega and may only be waived by Vega giving written notice to the Shareholder. All other Conditions Precedent are for the benefit of both parties and may only be waived by mutual agreement in writing of the Shareholder and Vega. |
| If the Conditions Precedent are not satisfied (or waived by the Party entitled to the benefit of such Condition Precedent, as the case may be) on or before 5.00pm (WST) on the later of (i) the listing of the securities on Nasdaq or NYSE or (ii) 30 October 2025 (or such other date agreed by the Parties in writing), or become incapable of being satisfied and are not waived (**End Date**) any Party may terminate this Agreement by notice in writing to the other Parties, in which case, the agreement constituted by this Agreement will be at an end and the Parties will be released from their obligations under this Agreement (other than in respect of any breaches that occurred prior to termination). |
| The Parties will use their best efforts to ensure that the Conditions Precedent are satisfied before the End Date. |

---

4. **Settlement** Settlement
 will occur on that date which is within seven (7) business days (as defined pursuant to the
 NASDAQ Listing Rules, **Business Days**) after the satisfaction (or waiver) of the Conditions
 Precedent set out in clause 3 (**Settlement Date**). At
 Settlement:

(a) Vega
 or its nominee shall allot and issue the Consideration Shares to the Shareholder (or its nominee) and deliver a holding statement
 to the Shareholder (or its nominee) for the Consideration Shares;

(b) Vega
 (or its nominee) must pay the Consideration Cash to the Shareholder (or its nominee) as directed in writing;

(c) the
 Shareholder and Mirragin must deliver or cause to be delivered to Vega:

(i) share
 certificates in respect of the Mirragin Shares (or in the case of any lost, stolen or destroyed certificate, an indemnity in respect
 of that certificate);

(ii) separate
 instruments of transfer in registrable form for the Mirragin Shares in favour of Vega (as transferee) which have been duly executed
 by the Shareholder in relation to their respective Mirragin Shares (as transferor);

(iii) the
 corporate, legal, technical and financial records for Mirragin;

(iv) the
 written resignations of each of the directors and secretary of Mirragin with effect from the Settlement Date confirming that they
 each have no claim for loss of office or otherwise against Mirragin (save for any director who is to remain as agreed with Vega);

(v) a
 duly completed authority for the alteration of the signatories of each bank account of Mirragin in the same manner required by Vega
 by written notice before the Settlement Date; and

(vi) signed
 restriction agreements relating to the Consideration Shares (the Consideration Shares to be locked up for the periods set forth above);
 and

(d) the
 Shareholder must procure that a directors' meeting of Mirragin is held to attend to the following matters (as applicable):

(i) the
 approval of the registration (subject to payment of stamp duty, if any) of the transfers of the Mirragin Shares and the issue of
 new share certificates for the Mirragin Shares in the name of Vega (or its nominee);

(ii) recording
 Vega (or its nominee) as the holder of the Mirragin Shares in Mirragin's register of members;

(iii) taking
 all other steps required under Mirragin's constituent documents and applicable laws to constitute and evidence Vega (or its
 nominee) as the sole holder of the Mirragin Shares; and

(iv) accepting
 the resignations of each of the directors and secretaries of Mirragin with effect from the Settlement Date and the appointment as
 additional directors and secretary of Mirragin of those persons nominated by Vega or its nominee by written notice before the Settlement
 Date.

---

| |
|:---|
| The Parties' obligations at Settlement are interdependent and must take place simultaneously, as nearly as possible, unless otherwise agreed by Mirragin and Vega. |
| If a Party (**Defaulting Party**) fails to satisfy its obligations under this clause 4 on the day and at the place and time for Settlement then, any other Party (**Notifying Party**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of ten (10) Business Days from the date of the notice and declaring time to be of the essence. The Parties agree, however, that none of Mirragin or the Shareholder can be a Notifying Party, in the event that one or more of them is a Defaulting Party. |
| If the Defaulting Party fails to satisfy those obligations within those ten (10) Business Days the Notifying Party may, without limitation to any other rights it may have, terminate this Agreement by giving written notice to the other Parties. |

---

5. **Acknowledgment** Vega
 acknowledges that any money owing by the Shareholder to Mirragin will be forgiven by GammLab.ai or its nominee.

6. **Maintaining Status Quo** Other
 than as contemplated in this Agreement, or as disclosed fully and fairly in writing to Vega
 before the Execution Date, or with the prior written approval of Vega (such approval not
 to be unreasonably withheld or delayed), until the earlier of Settlement, the End Date or
 termination of this Agreement, Mirragin must not (and the Shareholder must procure that Mirragin
 does not):

(a) undertake
 or allow any material business change;

(b) enter
 into any material contract or incur any material liability other than in the ordinary course of business;

(c) dispose
 of the whole, or a substantial part, of its business or assets;

(d) vary
 or reduce its capital structure;

(e) issue,
 or agree to issue, any equity or debt securities, or grant or agree to grant any rights over existing issued capital, or rights to
 be issued securities;

(f) alter
 or agree to alter its constitution or constituent documents;

(g) declare
 any dividends or distribute any assets;

(h) cause
 to occur, by act or omission, an event or series of events, whether related or not, which may have a material adverse effect on the
 business, assets or financial condition of Mirragin or on the transactions contemplated by this Agreement; and

(i) create
 or permit the creation of any encumbrance over the assets of Mirragin or its subsidiaries, other than in the ordinary course of business.

7. **Exclusivity** During
 the period from the Execution Date until the earlier of Settlement, the End Date or termination
 of this Agreement, each of Mirragin and the Shareholder agrees that:

(a) they
 will not participate in any negotiations or discussions with, or provide any information to, or accept or enter into any agreement,
 arrangement or understanding with, any third parties in respect of a transaction that may materially reduce the likelihood of success
 of the transactions contemplated by this Agreement and will also cease any existing discussions or negotiations regarding such transactions;

(b) they
 will not engage with any other third party other than advisors, accountants or lawyers in connection with the sale of all or any
 Mirragin Shares, or any of Mirragin's business, assets or undertaking other than in the ordinary course of business; and

(c) they
 will not provide any third party with any information regarding Mirragin or its business, assets or undertakings, other than in the
 ordinary course of its ordinary business.

8. **Confidentiality** Each
 Party is to keep confidential the terms of this Agreement and any other information obtained
 from another during the negotiations preceding the Execution Date or in the course of furthering
 the transactions contemplated by this Agreement whether in the course of conducting due diligence
 or otherwise (**Confidential Information**), and is not to disclose it to any person except:

(a) to
 officers, employees, shareholders, legal advisers, auditors and other consultants requiring the information for the purposes of this
 Agreement;

(b) with
 the consent of the Party or Parties which own the Confidential Information;

(c) if
 the information is, at the date of this Agreement, lawfully in the possession of the recipient of the information through sources
 other than any of the other Parties;

(d) if
 required by law or a stock exchange;

(e) if
 strictly and necessarily required in connection with legal proceedings relating to this Agreement;

(f) if
 the information is generally and publicly available other than as a result of a breach of confidence; or

(g) to
 a financier or prospective financier (or its advisers) of a Party.

Vega must not use any Confidential Information provided to it by or on behalf of Mirragin in connection with any due diligence of Mirragin to the competitive disadvantage or detriment of Mirragin.

<br>A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this clause.<br>The obligations under this clause contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Agreement, regardless of any termination of this Agreement.<br>For the avoidance of doubt, the Parties acknowledge and agree that Vega, subject to and conditional upon receiving conditional approval to list on the NASDAQ or NYSE, listed on NASDAQ or NYSE and is subject to continuous disclosure obligations applicable to that exchange. Accordingly, details of this Agreement, Mirragin, the Shareholder and the assets and undertaking of Mirragin (potentially among other information) will need to be disclosed in announcements to NASDAQ or NYSE.<br>

9. **Further Acts** Each
 Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably
 satisfactory to that Party) required by law or reasonably required by the other Party to give effect to this Agreement.

10. **Governing Law** This
 Agreement is governed by and construed in accordance with the laws of Western Australia. Each Party irrevocably submits to the non-exclusive
 jurisdiction of the courts of Western Australia, and the courts competent to determine appeals from those courts with respect to
 any proceedings which may be brought at any time relating to this Agreement.

11. **Dispute resolution** The
 Parties must endeavour to settle any dispute in connection with this Agreement by mediation. The mediation is to be conducted
 by a mediator who is independent of the Parties and appointed by agreement between the Parties or, failing agreement, within seven
 days of receiving any Party's notice of dispute, by a person appointed by the Chair of Resolution Institute or the Chair's
 designated representative. The Resolution Institute Mediation Rules apply to the mediation. It is a condition precedent to the right
 of either party to commence arbitration or litigation, other than for interlocutory relief, that they have first offered to submit
 the dispute to mediation.

12. **Assignment** No
 Party may assign, novate or otherwise transfer any of its rights or obligations under this Agreement without the written consent
 of the other Party.

13. **Costs** Each
 Party shall bear their own legal costs of and incidental to the preparation, negotiation and execution of this Agreement. Vega
 will pay any stamp duty assessed on or in respect of this Agreement.

---

| | | |
|:---|:---|:---|
| 14. | **Tax**(a) | In the event a supply made by one Party to another under this Agreement is subject to a value added or similar tax, the price stated in this Agreement is exclusive of such tax and the recipient of such a supply must pay to the other Party an amount equal to the amount of any such tax in addition to any amount stated in this Agreement and at the same time. |
|  | (b) | Any payment of such tax is subject to the other Party providing any invoice or similar documentation required by law with respect to such tax. |
|  | (c) | No Party makes any representation to the other with regard to the intended tax consequences of the Acquisition. |
| 15. | **Remedies** | The rights, power and remedies provided in this Agreement are cumulative with and not exclusive to the rights, power or remedies provided by law independently of this Agreement. |
| 16. | **Variation** | No modification or alteration of the terms of this Agreement shall be binding unless made in writing dated subsequent to the date of this Agreement and duly executed by all Parties. |
| 17. | **Notices** | Each notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed prepaid mail in each case addressed to the Party at its address set out in below:<br>In the case of Vega: |

---

---

| | |
|:---|:---|
| Address: | 283 Rokeby Road Subiaco WA 6008 |
| Email: | <u>info@vegalglobal.ai</u> |
| Attention: | Jay Stephenson |
| In the case of Mirragin and the Shareholder: | In the case of Mirragin and the Shareholder: |
| Address: | Adelaide Street, Brisbane |
|  | Queensland, Australia |
| Email: | rsutton@Mirragin.com.au |
| Attention: | Rob Sutton |

---

18. **Severability** If
 any term or provision of this Agreement is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will
 not affect any other term or provision of this Agreement.

19. **Waiver** Without
 limiting any other provision of this Agreement, the Parties agree that:

(a) failure
 to exercise or enforce, or a delay in exercising or enforcing, or the partial exercise or enforcement of, a right, power or remedy
 provided by law or under this Agreement by a Party does not preclude, or operate as a waiver of, the exercise or enforcement, or
 further exercise or enforcement, of that or any other right, power or remedy provided by law or under this Agreement;

(b) a
 waiver given by a party under this Agreement is only effective and binding on that Party if it is given or confirmed in writing by
 that Party; and

(c) no
 waiver of a breach of a term of this Agreement operates as a waiver of another breach of that term or of a breach of any other term
 of this Agreement.

20. **Counterparts** This
 Agreement may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures
 my means of electronic communication are taken to be valid and binding to the same extent as original signatures.

21. **Interpretation** In
 this Agreement:

---

| | |
|:---|:---|
| (a) | headings are for convenience only and do not affect its interpretation; |
| (b) | specifying anything after the words "include" or "for example" or similar expressions does not limit what else is included; |
| and unless the context otherwise requires: | and unless the context otherwise requires: |
| (c) | an obligation or liability assumed by, or a right conferred on, two or more Parties binds or benefits all of them severally only; |
| (d) | the expression **person** includes an individual, the estate of an individual, a corporation, an authority, an association or joint venture (whether incorporated or unincorporated), a partnership and a trust; |
| (e) | a reference to any party includes that party's executors, administrators, successors and permitted assigns, including any person taking by way of novation; |
| (f) | a reference to a body, other than a party to this Agreement whether statutory or not: |

---

(i) which
 ceases to exist; or

(ii) whose
 powers or functions are transferred to another body, is a reference to the body which replaces it or substantially succeed its powers
 or functions;

(g) a
 reference to any document (including this Agreement) is to that document as varied, novated, ratified or replaced from time to time;

(h) a
 reference to any statute or to any statutory provision includes any statutory modification or re-enactment of it or any statutory
 provision substituted for it, and all ordinances, by-laws, regulations, rules and statutory instruments (however described) issued
 under it;

(i) words
 importing the singular include the plural (and vice versa) and words indicating a gender include every other gender;

(j) reference
 to parties, clauses, schedules, exhibits or annexure are references to parties, clauses, schedules, exhibits and annexure to or of
 this Agreement and a reference to this Agreement includes any schedule, exhibit or annexure to this Agreement;

(k) where
 a word or phrase is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding
 meaning;

(l) a
 reference to time is to Western Standard Time as observed in Perth, Western Australia;

(m) if
 a period of time is specified and dates from a given day or the day of an event, it is to be calculated exclusive of that day;

(n) a
 reference to a day is to be interpreted as the period of time commencing at midnight and ending 24 hours later;

(o) if
 an act prescribed under this Agreement to be done by a party on or by a given day is done after 5.00pm on that day, it is taken to
 be done on the next day;

(p) a
 reference to a payment is to a payment by electronic funds transfer or such other form of cleared funds the recipient otherwise allows
 in the relevant lawful currency specified;

(q) a
 reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party
 to:

(i) pay
 money:

(A) in
 the form of an inducement or consideration to a third party to procure something (other than the payment of immaterial expenses or
 costs, including costs of advisers, to procure the relevant thing); or

(B) in
 circumstances that are commercially onerous or unreasonable in the context of this Agreement;

(ii) provide
 other valuable consideration to or for the benefit of any person; or

(iii) agree
 to commercially onerous or unreasonable conditions.

21.2 As
 used herein, the term "nominee" includes any potential acquiror of Vega.

If the terms and conditions set out above are acceptable, please execute this Agreement in the appropriate place below.

Dated this <u>10</u><sup>th</sup> day of June 2025

---

| |
|:---|
| **EXECUTED by VEGA GLOBAL TECHNOLOGIES PTY LTD**<br>|
| **SCN 667 154 261** |
| In accordance with section 127 of the Corporations Act 2001 (Cth) |
| /s/ Jay Stephenson |
| Jay Stephenson |
| Name of Sole Director |

---

---

| |
|:---|
| **AGREED AND ACCEPTED by BRAIIN LIMITED** |
| **SCN 660 713 093** |
| In accordance with section 127 of the Corporations Act 2001 (Cth) |
| /s/ Natraj Balasubramanian |
| Natraj Balasubramanian |
| Name of Chief Executive Officer |
| **EXECUTED by Mirragin RAS Consulting Pty Ltd ACN 149 778 165** |
| in accordance with section 127 of the<br> *Corporations Act 2001* (Cth): |
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| **Rob Sutton** |
| Name of sole director and company secretary |
| **EXECUTED by Relms Consolidated Pty Ltd ACN 622 735 166 as trustee for The Sutton Family Trust** |
| in accordance with section 127 of the<br> *Corporations Act 2001* (Cth): |
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| **Rob Sutton** |
| Name of sole director and company secretary |

---

## Exhibit 2.14

**Exhibit 2.14**

**AMENDED AND RESTATED BINDING HEADS OF AGREEMENT**

**PRIVATE AND CONFIDENTIAL**

**On April 6, 2024, the Braiin Limited and Mirragin (as defined below) entered into a Heads of Agreement, which was subsequently amended and restated in its entirety on May 6, 2024 by the A&R Heads of Agreement, which was second amended and restated in its entirely on August 24, 2024 (the Second A&R Heads of Agreement) and the Braiin Limited, Mirragin and Vega (as defined below) hereby agree that the Second A&R Heads of Agreement should be amended and restated in its entirety, as set forth below.**

**Mirragin RAS Consulting Pty Ltd ACN 149 778 165 (Mirragin)** is the legal and beneficial owner of various intellectual and technological property rights, specifically relating to drone, robotic and AI consulting services.

This heads of agreement (**Agreement**) sets out the terms upon which Vega Global Technologies Pty Ltd (CAN 667 154 261) (**Vega**) agrees to acquire 100% of the shares in Mirragin, which is held by Relms Consolidated Pty Ltd ACN 622 735 166 as trustee for The Sutton Family Trust as the sole shareholder of Mirragin (**Shareholder**).

This Agreement supersedes any and all previous correspondence, agreements or understandings between the parties, including the Second A&R Heads of Agreement, in respect of the subject matter of this Agreement is binding on all of the parties to it (**Parties**).

1. **Acquisition** Subject
 to the satisfaction or waiver of the conditions precedent set out in clause 3 below (**Conditions Precedent**), Vega agrees
 to acquire and the Shareholder agrees to sell, all of their fully paid ordinary shares in the capital of Mirragin (**Mirragin Shares**),
 free from encumbrances, for the consideration referred to in clause 2 below (the **Acquisition**). The
 Parties acknowledge that they will work together in good faith to achieve a transaction structure for the Acquisition to best serve
 the interests of all parties (including allowing the Shareholder to benefit from scrip for scrip CGT rollover relief to the extent
 reasonably practicable), and acknowledge that this may result in the Acquisition being restructured to better serve the interests
 of all parties (including as a result of any tax advice obtained by the parties following the date of this Agreement). If the form
 of the Acquisition is restructured in that way, this Agreement will be amended to the extent necessary to reflect the form of the
 restructured transaction.

2. **Consideration** Subject
 to the terms and conditions of this Agreement, Vega agrees to issue the Shareholder (or a party nominated by the Shareholder) aggregate
 consideration of AUD$6 million (**Purchase Price**) comprised as follows:

(a) AUD$5,450,000
 being issued in the form of fully paid ordinary shares in the capital of Vega (or its nominee) (**Shares**) at a price no less
 than the initial listing price for the Shares (**Consideration Shares**); and

(b) AUD$550,000
 being paid in cash (**Consideration Cash**).

The Consideration Shares will be issued in full on settlement of the Acquisition (**Settlement**).<br>5% of the Consideration Shares will be allocated to a broker (**Broker**) to be identified in the formal agreement referenced in Section 3)(a) below and such Consideration Shares shall be subject to a voluntary lock-up term of six months, during which Broker shall not sell, dispose of, gift or otherwise transfer such Consideration Shares.<br>

The Shareholder agrees that the Consideration Shares shall be subject to a voluntary lock-up term during which the Shareholder shall not sell, dispose of, gift or otherwise transfer such Consideration Shares, except for the release of Consideration Shares from such lock-up as set forth below:<br>

● 6
 months following Settlement: the 5% of the locked-up Consideration Shares allocated to Broker are released;

● 12
 months following Settlement: 45% of the remaining locked-up Consideration Shares are released;

● 18
 months following Settlement: 25% of the remaining locked-up Consideration Shares are released; and

● 24
 months following Settlement: 25% of the remaining locked-up Consideration Shares are released.

3. **Conditions Precedent** Settlement
 is conditional upon the satisfaction (or waiver) of the following Conditions Precedent:

---

| | |
|:---|:---|
| (a) | **Formal Agreement** |
|  | The Parties entering into a formal share sale agreement (to be prepared by Vega's advisors), which shall be on terms acceptable to the Parties (acting reasonably), including customary warranties to be provided by the Shareholder and with appropriate limitations on liability for the Shareholder, and which shall be consistent with the terms set out in this Agreement, except to the extent otherwise agreed by the Parties; |
| (b) | **Shareholder approval** |
|  | Vega or its nominee obtaining shareholder approval; |
| (c) | **Audit** |
|  | Mirragin to provide Mirragin's AICPA standard financial audit reports for the most recent two fiscal years to the absolute satisfaction of Vega; |
| (d) | **Admission to NASDAQ or NYSE** |
|  | Vega or its nominee receiving conditional approvals or equivalent approvals, to admit the securities of Vega or its nominee to trading on NASDAQ or NYSE and those conditions being to the reasonable satisfaction of Vega or its nominee; |

---

---

| | |
|:---|:---|
| (e) | **Approvals** |
|  | The Parties obtaining all corporate, shareholder and regulatory approvals necessary to lawfully complete the Acquisition; and |
| (f) | **Engagement of Rob Sutton** |
|  | Rob Sutton entering into a new employment agreement or consultancy agreement with Vega (or its nominee) on terms acceptable to the Parties (acting reasonably). |
| (g) | **Mirragin Project Isidore** |
|  | Vega and the Shareholder will have entered into a definitive agreement regarding the acquisition of all of the outstanding equity interests in Mirragin Project Isidore Pty Ltd ACN 663 281 034. |

---

---

| |
|:---|
| The Condition Precedent in clauses 3(b)-(d) are for the benefit of Vega and may only be waived by Vega giving written notice to the Shareholder. All other Conditions Precedent are for the benefit of both parties and may only be waived by mutual agreement in writing of the Shareholder and Vega. |
| If the Conditions Precedent are not satisfied (or waived by the Party entitled to the benefit of such Condition Precedent, as the case may be) on or before 5.00 pm (WST) on October 31, 2024 (or such other date agreed by the Parties in writing), or become incapable of being satisfied and are not waived (**End Date**) any Party may terminate this Agreement by notice in writing to the other Parties, in which case, the agreement constituted by this Agreement will be at an end and the Parties will be released from their obligations under this Agreement (other than in respect of any breaches that occurred prior to termination). |
| The Parties will use their best efforts to ensure that the Conditions Precedent are satisfied before the End Date. |

---

4. **Settlement** Settlement
 will occur on that date which is within seven (7) business days (as defined pursuant to the NASDAQ Listing Rules, **Business Days**)
 after the satisfaction (or waiver) of the Conditions Precedent set out in clause 3 (**Settlement Date**). At
 Settlement:

(a) Vega
 or its nominee shall allot and issue the Consideration Shares to the Shareholder (or its nominee) and deliver a holding statement
 to the Shareholder (or its nominee) for the Consideration Shares;

(b) Vega
 (or its nominee) must pay the Consideration Cash to the Shareholder (or its nominee) as directed in writing;

(c) the
 Shareholder and Mirragin must deliver or cause to be delivered to Vega:

(i) share
 certificates in respect of the Mirragin Shares (or in the case of any lost, stolen or destroyed certificate, an indemnity in respect
 of that certificate);

(ii) separate
 instruments of transfer in registrable form for the Mirragin Shares in favour of Vega (as transferee) which have been duly executed
 by the Shareholder in relation to their respective Mirragin Shares (as transferor);

(iii) the
 corporate, legal, technical and financial records for Mirragin;

(iv) the
 written resignations of each of the directors and secretary of Mirragin with effect from the Settlement Date confirming that they
 each have no claim for loss of office or otherwise against Mirragin (save for any director who is to remain as agreed with Vega);

(v) a
 duly completed authority for the alteration of the signatories of each bank account of Mirragin in the same manner required by Vega
 by written notice before the Settlement Date; and

(vi) signed
 restriction agreements relating to the Consideration Shares (the Consideration Shares to be locked up for the periods set forth above);
 and

(d) the
 Shareholder must procure that a directors' meeting of Mirragin is held to attend to the following matters (as applicable):

(i) the
 approval of the registration (subject to payment of stamp duty, if any) of the transfers of the Mirragin Shares and the issue of
 new share certificates for the Mirragin Shares in the name of Vega (or its nominee);

(ii) recording
 Vega (or its nominee) as the holder of the Mirragin Shares in Mirragin's register of members;

(iii) taking
 all other steps required under Mirragin's constituent documents and applicable laws to constitute and evidence Vega (or its
 nominee) as the sole holder of the Mirragin Shares; and

(iv) accepting
 the resignations of each of the directors and secretaries of Mirragin with effect from the Settlement Date and the appointment as
 additional directors and secretary of Mirragin of those persons nominated by Vega or its nominee by written notice before the Settlement
 Date.

---

| |
|:---|
| The Parties' obligations at Settlement are interdependent and must take place simultaneously, as nearly as possible, unless otherwise agreed by Mirragin and Vega. |
| If a Party (**Defaulting Party**) fails to satisfy its obligations under this clause 4 on the day and at the place and time for Settlement then, any other Party (**Notifying Party**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of ten (10) Business Days from the date of the notice and declaring time to be of the essence. The Parties agree, however, that none of Mirragin or the Shareholder can be a Notifying Party, in the event that one or more of them is a Defaulting Party. |
| If the Defaulting Party fails to satisfy those obligations within those ten (10) Business Days the Notifying Party may, without limitation to any other rights it may have, terminate this Agreement by giving written notice to the other Parties. |

---

5. **Acknowledgment** Vega
 acknowledges that any money owing by the Shareholder to Mirragin will be forgiven by GammLab.ai or its nominee.

6. **Maintaining Status Quo** Other
 than as contemplated in this Agreement, or as disclosed fully and fairly in writing to Vega before the Execution Date, or with
 the prior written approval of Vega (such approval not to be unreasonably withheld or delayed), until the earlier of Settlement,
 31 October 2024 or termination of this Agreement, Mirragin must not (and the Shareholder must procure that Mirragin does not):

(a) undertake
 or allow any material business change;

(b) enter
 into any material contract or incur any material liability other than in the ordinary course of business;

(c) dispose
 of the whole, or a substantial part, of its business or assets;

(d) vary
 or reduce its capital structure;

(e) issue,
 or agree to issue, any equity or debt securities, or grant or agree to grant any rights over existing issued capital, or rights to
 be issued securities;

(f) alter
 or agree to alter its constitution or constituent documents;

(g) declare
 any dividends or distribute any assets;

(h) cause
 to occur, by act or omission, an event or series of events, whether related or not, which may have a material adverse effect on the
 business, assets or financial condition of Mirragin or on the transactions contemplated by this Agreement; and

(i) create
 or permit the creation of any encumbrance over the assets of Mirragin or its subsidiaries, other than in the ordinary course of business.

7. **Exclusivity** During
 the period from the Execution Date until the earlier of Settlement, 31 October 2024 or termination of this Agreement, each of Mirragin
 and the Shareholder agrees that:

(a) they
 will not participate in any negotiations or discussions with, or provide any information to, or accept or enter into any agreement,
 arrangement or understanding with, any third parties in respect of a transaction that may materially reduce the likelihood of success
 of the transactions contemplated by this Agreement and will also cease any existing discussions or negotiations regarding such transactions;

(b) they
 will not engage with any other third party other than advisors, accountants or lawyers in connection with the sale of all or any
 Mirragin Shares, or any of Mirragin's business, assets or undertaking other than in the ordinary course of business; and

(c) they
 will not provide any third party with any information regarding Mirragin or its business, assets or undertakings, other than in the
 ordinary course of its ordinary business.

8. **Confidentiality** Each
 Party is to keep confidential the terms of this Agreement and any other information obtained from another during the negotiations
 preceding the Execution Date or in the course of furthering the transactions contemplated by this Agreement whether in the course
 of conducting due diligence or otherwise (**Confidential Information**), and is not to disclose it to any person except:

(a) to
 officers, employees, shareholders, legal advisers, auditors and other consultants requiring the information for the purposes of this
 Agreement;

(b) with
 the consent of the Party or Parties which own the Confidential Information;

(c) if
 the information is, at the date of this Agreement, lawfully in the possession of the recipient of the information through sources
 other than any of the other Parties;

(d) if
 required by law or a stock exchange;

(e) if
 strictly and necessarily required in connection with legal proceedings relating to this Agreement;

(f) if
 the information is generally and publicly available other than as a result of a breach of confidence; or

(g) to
 a financier or prospective financier (or its advisers) of a Party.

Vega must not use any Confidential Information provided to it by or on behalf of Mirragin in connection with any due diligence of Mirragin to the competitive disadvantage or detriment of Mirragin.<br>A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this clause.<br>The obligations under this clause contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Agreement, regardless of any termination of this Agreement.<br>For the avoidance of doubt, the Parties acknowledge and agree that Vega, subject to and conditional upon receiving conditional approval to list on the NASDAQ, listed on NASDAQ and is subject to continuous disclosure obligations applicable to that exchange. Accordingly, details of this Agreement, Mirragin, the Shareholder and the assets and undertaking of Mirragin (potentially among other information) will need to be disclosed in announcements to NASDAQ.<br>

9. **Further Acts** Each
 Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably
 satisfactory to that Party) required by law or reasonably required by the other Party to give effect to this Agreement.

10. **Governing Law** This
 Agreement is governed by and construed in accordance with the laws of Western Australia. Each Party irrevocably submits
 to the non-exclusive jurisdiction of the courts of Western Australia, and the courts competent to determine appeals from those courts
 with respect to any proceedings which may be brought at any time relating to this Agreement.

11. **Dispute resolution** The
 Parties must endeavour to settle any dispute in connection with this Agreement by mediation. The mediation is to be conducted
 by a mediator who is independent of the Parties and appointed by agreement between the Parties or, failing agreement, within seven
 days of receiving any Party's notice of dispute, by a person appointed by the Chair of Resolution Institute or the Chair's
 designated representative. The Resolution Institute Mediation Rules apply to the mediation. It is a condition
 precedent to the right of either party to commence arbitration or litigation, other than for interlocutory relief, that they have
 first offered to submit the dispute to mediation.

12. **Assignment** No
 Party may assign, novate or otherwise transfer any of its rights or obligations under this Agreement without the written consent
 of the other Party.

13. **Costs** Each Party shall bear their own legal costs of and incidental
to the preparation, negotiation and execution of this Agreement. Vega will pay any stamp duty assessed on or in respect of this Agreement.

---

| | | |
|:---|:---|:---|
| 14. | **Tax**(a) | In the event a supply made by one Party to another under this Agreement is subject to a value added or similar tax, the price stated in this Agreement is exclusive of such tax and the recipient of such a supply must pay to the other Party an amount equal to the amount of any such tax in addition to any amount stated in this Agreement and at the same time.<br>|
|  | (b) | Any payment of such tax is subject to the other Party providing any invoice or similar documentation required by law with respect to such tax.<br>|
|  | (c) | No Party makes any representation to the other with regard to the intended tax consequences of the Acquisition. |
| 15. | **Remedies** | The rights, power and remedies provided in this Agreement are cumulative with and not exclusive to the rights, power or remedies provided by law independently of this Agreement. |
| 16. | **Variation** | No modification or alteration of the terms of this Agreement shall be binding unless made in writing dated subsequent to the date of this Agreement and duly executed by all Parties. |
| 17. | **Notices** | Each notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed prepaid mail in each case addressed to the Party at its address set out in below:<br>In the case of Vega: |

---

---

| | |
|:---|:---|
| Address: | 283 Rokeby Road Subiaco WA 6008 |
| Email: | <u>info@vegalglobal.ai</u> |
| Attention: | Jay Stephenson |
| In the case of Mirragin and the Shareholder: | In the case of Mirragin and the Shareholder: |
| Address: | Adelaide Street, Brisbane |
|  | Queensland, Australia |
| Email: | rsutton@Mirragin.com.au |
| Attention: | Rob Sutton |

---

18. **Severability** If
 any term or provision of this Agreement is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will
 not affect any other term or provision of this Agreement.

19. **Waiver** Without
 limiting any other provision of this Agreement, the Parties agree that:

(a) failure
 to exercise or enforce, or a delay in exercising or enforcing, or the partial exercise or enforcement of, a right, power or remedy
 provided by law or under this Agreement by a Party does not preclude, or operate as a waiver of, the exercise or enforcement, or
 further exercise or enforcement, of that or any other right, power or remedy provided by law or under this Agreement;

(b) a
 waiver given by a party under this Agreement is only effective and binding on that Party if it is given or confirmed in writing by
 that Party; and

(c) no
 waiver of a breach of a term of this Agreement operates as a waiver of another breach of that term or of a breach of any other term
 of this Agreement.

20. **Counterparts** This
 Agreement may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures
 my means of electronic communication are taken to be valid and binding to the same extent as original signatures.

21. **Interpretation** In
 this Agreement:

---

| | |
|:---|:---|
| (a) | headings are for convenience only and do not affect its interpretation; |
| (b) | specifying anything after the words "include" or "for example" or similar expressions does not limit what else is included; |
| and unless the context otherwise requires: | and unless the context otherwise requires: |
| (c) | an obligation or liability assumed by, or a right conferred on, two or more Parties binds or benefits all of them severally only; |
| (d) | the expression **person** includes an individual, the estate of an individual, a corporation, an authority, an association or joint venture (whether incorporated or unincorporated), a partnership and a trust; |
| (e) | a reference to any party includes that party's executors, administrators, successors and permitted assigns, including any person taking by way of novation; |
| (f) | a reference to a body, other than a party to this Agreement whether statutory or not: |

---

(i) which
 ceases to exist; or

(ii) whose
 powers or functions are transferred to another body, is a reference to the body which replaces it or substantially succeed its powers
 or functions;

(g) a
 reference to any document (including this Agreement) is to that document as varied, novated, ratified or replaced from time to time;

(h) a
 reference to any statute or to any statutory provision includes any statutory modification or re-enactment of it or any statutory
 provision substituted for it, and all ordinances, by-laws, regulations, rules and statutory instruments (however described) issued
 under it;

(i) words
 importing the singular include the plural (and vice versa) and words indicating a gender include every other gender;

(j) reference
 to parties, clauses, schedules, exhibits or annexure are references to parties, clauses, schedules, exhibits and annexure to or of
 this Agreement and a reference to this Agreement includes any schedule, exhibit or annexure to this Agreement;

(k) where
 a word or phrase is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding
 meaning;

(l) a
 reference to time is to Western Standard Time as observed in Perth, Western Australia;

(m) if
 a period of time is specified and dates from a given day or the day of an event, it is to be calculated exclusive of that day;

(n) a
 reference to a day is to be interpreted as the period of time commencing at midnight and ending 24 hours later;

(o) if
 an act prescribed under this Agreement to be done by a party on or by a given day is done after 5.00pm on that day, it is taken to
 be done on the next day;

(p) a
 reference to a payment is to a payment by electronic funds transfer or such other form of cleared funds the recipient otherwise allows
 in the relevant lawful currency specified;

(q) a
 reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party
 to:

(i) pay
 money:

(A) in
 the form of an inducement or consideration to a third party to procure something (other than the payment of immaterial expenses or
 costs, including costs of advisers, to procure the relevant thing); or

(B) in
 circumstances that are commercially onerous or unreasonable in the context of this Agreement;

(ii) provide
 other valuable consideration to or for the benefit of any person; or

(iii) agree
 to commercially onerous or unreasonable conditions.

21.2 As used herein, the term "nominee" includes any
potential acquiror of Vega.

If the terms and conditions set out above are acceptable, please execute this Agreement in the appropriate place below.

Dated this 22 day of September 2024

---

| |
|:---|
| **EXECUTED by VEGA GLOBAL TECHNOLOGIES PTY LTD SCN 667 154 261** |
| In accordance with section 127 of the Corporations Act 2001 (Cth) |
| <br>/s/ Jay Stephenson |
| Jay Stephenson |
| Name of Sole Director |
| **AGREED AND ACCEPTED by BRAIIN LIMITED SCN 660 713 093** |
| In accordance with section 127 of the Corporations Act 2001 (Cth) |
| /s/ Natraj Balasubramanian |
| Natraj Balasubramanian |
| Name of Chief Executive Officer |
| **EXECUTED by Mirragin RAS Consulting Pty Ltd ACN 149 778 165** |
| in accordance with section 127 of the |
| *Corporations Act 2001* (Cth): |
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| **Rob Sutton** |
| Name of sole director and company secretary |
| **EXECUTED by Relms Consolidated Pty Ltd ACN 622 735 166 as trustee for The Sutton Family Trust** |
| in accordance with section 127 of the |
| *Corporations Act 2001* (Cth): |

---

---

| |
|:---|
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| **Rob Sutton** |
| Name of sole director and company secretary |

---

## Exhibit 2.15

**Exhibit 2.15**

**AMENDED AND RESTATED BINDING HEADS OF AGREEMENT**

**PRIVATE AND CONFIDENTIAL**

**On April 6, 2024, Braiin Limited and Mirragin (as defined below) entered into a Heads of Agreement, which was subsequently amended and restated in its entirety on May 6, 2024 by the A&R Heads of Agreement, which was second amended and restated in its entirety on August 24, 2024 (the Second A&R Heads of Agreement), which was third amended and restated in its entirety on September 22, 2024 (the Third A&R Heads of Agreement) and which was fourth amended and restated in its entirety on June 10, 2025 (the Fourth A&R Heads of Agreement), and Braiin Limited, Mirragin and Vega (as defined below) hereby agree that the Fourth A&R Heads of Agreement should be amended and restated in its entirety, as set forth below.**

**Mirragin RAS Consulting Pty Ltd ACN 149 778 165 (Mirragin) is** the legal and beneficial owner of various intellectual and technological property rights, specifically relating to drone, robotic and AI consulting services.

This heads of agreement (**Agreement**) sets out the terms upon which Vega Global Technologies Pty Ltd (CAN 667 154 261) (**Vega**) agrees to acquire 100% of the shares in Mirragin, which is held by Relms Consolidated Pty Ltd ACN 622 735 166 as trustee for The Sutton Family Trust as the sole shareholder of Mirragin (**Shareholder**).

This Agreement supersedes any and all previous correspondence, agreements or understandings between the parties, including the Third A&R Heads of Agreement, in respect of the subject matter of this Agreement is binding on all of the parties to it (**Parties**).

**1.** **Acquisition** Subject
 to the satisfaction or waiver of the conditions precedent set out in clause 3 below (**Conditions Precedent**), Vega agrees to acquire and the Shareholder agrees to sell, all of their fully
 paid ordinary shares in the capital of Mirragin (**Mirragin Shares**), free from encumbrances,
 for the consideration referred to in clause 2 below (the **Acquisition**). The
 Parties acknowledge that they will work together in good faith to achieve a transaction structure for the Acquisition to best serve
 the interests of all parties (including allowing the Shareholder to benefit from scrip for scrip CGT rollover relief to the extent
 reasonably practicable), and acknowledge that this may result in the Acquisition being restructured to better serve the interests
 of all parties (including as a result of any tax advice obtained by the parties following the date of this Agreement). If the form
 of the Acquisition is restructured in that way, this Agreement will be amended to the extent necessary to reflect the form of the
 restructured transaction.

**2.** **Consideration** Subject
 to the terms and conditions of this Agreement, Vega agrees to issue the Shareholder (or a
 party nominated by the Shareholder) aggregate consideration of AUD$6 million (**Purchase Price**) comprised as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) AUD$5,450,000
 being issued in the form of fully paid ordinary shares in the capital of Vega (or its nominee) (**Shares**) at a price no less
 than the initial listing price for the Shares (**Consideration Shares**); and

---

| | |
|:---|:---|
| (b) | AUD$550,000 being paid in cash (**Consideration Cash**). |
| The Consideration Shares will be issued in full on settlement of the Acquisition (**Settlement**). | The Consideration Shares will be issued in full on settlement of the Acquisition (**Settlement**). |

---

<br> 5% of the Consideration Shares will be allocated to a broker (**Broker**) to be identified in the formal agreement referenced in Section 3)(a) below and such Consideration Shares shall be subject to a voluntary lock-up term of twleve months, during which Broker shall not sell, dispose of, gift or otherwise transfer such Consideration Shares.<br>The Shareholder agrees that the Consideration Shares shall be subject to a voluntary lock-up term during which the Shareholder shall not sell, dispose of, gift or otherwise transfer such Consideration Shares, except for the release of Consideration Shares from such lock-up as set forth below:<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 12
 months following Settlement: the 5% of the locked-up Consideration Shares allocated to Broker are released and 45% of the remaining
 locked-up Consideration Shares are released;

● 18
 months following Settlement: 25% of the remaining locked-up Consideration Shares are released; and

● 24
 months following Settlement: 25% of the remaining locked-up Consideration Shares are released.

**3.** **Conditions Precedent** Settlement
 is conditional upon the satisfaction (or waiver) of the following Conditions Precedent:

---

| | |
|:---|:---|
| (a) | **Formal Agreement** |
|  | The Parties entering into a formal share sale agreement (to be prepared by Vega's advisors), which shall be on terms acceptable to the Parties (acting reasonably), including customary warranties to be provided by the Shareholder and with appropriate limitations on liability for the Shareholder, and which shall be consistent with the terms set out in this Agreement, except to the extent otherwise agreed by the Parties; |
| (b) | **Shareholder approval** |
|  | Vega or its nominee obtaining shareholder approval; |
| (c) | **Audit** |
|  | Mirragin to provide Mirragin's AICPA standard financial audit reports for the most recent two fiscal years to the absolute satisfaction of Vega; |
| (d) | **Admission to NASDAQ or NYSE** |
|  | Vega or its nominee receiving conditional approvals or equivalent approvals, to admit the securities of Vega or its nominee to trading on NASDAQ or NYSE and those conditions being to the reasonable satisfaction of Vega or its nominee; |

---

---

| | |
|:---|:---|
| (e) | **Approvals** |
|  | The Parties obtaining all corporate, shareholder and regulatory approvals necessary to lawfully complete the Acquisition; |
| (f) | **Engagement of Rob Sutton** |
|  | Rob Sutton entering into a new employment agreement or consultancy agreement with Vega (or its nominee) on terms acceptable to the Parties (acting reasonably; |
| (g) | **Mirragin Project Isidore** |
|  | Vega and the Shareholder will have entered into a definitive agreement regarding the acquisition of all of the outstanding equity interests in Mirragin Project Isidore Pty Ltd ACN 663 281 034; and |
| (h) | **Effectiveness of Registration Statement** |
|  | Braiin has received written notification from the United States Securities and Exchange Commission that its Registration Statement has been approved and is declared effective |
| The Condition Precedent in clauses 3(b)-(d) are for the benefit of Vega and may only be waived by Vega giving written notice to the Shareholder. All other Conditions Precedent are for the benefit of both parties and may only be waived by mutual agreement in writing of the Shareholder and Vega. | The Condition Precedent in clauses 3(b)-(d) are for the benefit of Vega and may only be waived by Vega giving written notice to the Shareholder. All other Conditions Precedent are for the benefit of both parties and may only be waived by mutual agreement in writing of the Shareholder and Vega. |
| If the Conditions Precedent are not satisfied (or waived by the Party entitled to the benefit of such Condition Precedent, as the case may be) on or before 5.00pm (WST) on the later of (i) the listing of the securities on Nasdaq or NYSE or (ii) 30 October 2025 (or such other date agreed by the Parties in writing), or become incapable of being satisfied and are not waived (**End Date**) any Party may terminate this Agreement by notice in writing to the other Parties, in which case, the agreement constituted by this Agreement will be at an end and the Parties will be released from their obligations under this Agreement (other than in respect of any breaches that occurred prior to termination). | If the Conditions Precedent are not satisfied (or waived by the Party entitled to the benefit of such Condition Precedent, as the case may be) on or before 5.00pm (WST) on the later of (i) the listing of the securities on Nasdaq or NYSE or (ii) 30 October 2025 (or such other date agreed by the Parties in writing), or become incapable of being satisfied and are not waived (**End Date**) any Party may terminate this Agreement by notice in writing to the other Parties, in which case, the agreement constituted by this Agreement will be at an end and the Parties will be released from their obligations under this Agreement (other than in respect of any breaches that occurred prior to termination). |
| The Parties will use their best efforts to ensure that the Conditions Precedent are satisfied before the End Date. | The Parties will use their best efforts to ensure that the Conditions Precedent are satisfied before the End Date. |

---

---

| | | |
|:---|:---|:---|
| **4.** | **Settlement** | Settlement will occur on that date which is within seven (7) business days (as defined pursuant to the NASDAQ Listing Rules, **Business Days**) after the satisfaction (or waiver) of the Conditions Precedent set out in clause 3 (**Settlement Date**). |
|  |  | At Settlement: |
|  | (a) | Vega or its nominee shall allot and issue the Consideration Shares to the Shareholder (or its nominee) and deliver a holding statement to the Shareholder (or its nominee) for the Consideration Shares; |
|  | (b) | Vega (or its nominee) must pay the Consideration Cash to the Shareholder (or its nominee) as directed in writing; |
|  | (c) | the Shareholder and Mirragin must deliver or cause to be delivered to Vega: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) share
 certificates in respect of the Mirragin Shares (or in the case of any lost, stolen or destroyed certificate, an indemnity in respect
 of that certificate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) separate
 instruments of transfer in registrable form for the Mirragin Shares in favour of Vega (as transferee) which have been duly executed
 by the Shareholder in relation to their respective Mirragin Shares (as transferor);

(iii) the
 corporate, legal, technical and financial records for Mirragin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 written resignations of each of the directors and secretary of Mirragin with effect from the Settlement Date confirming that they
 each have no claim for loss of office or otherwise against Mirragin (save for any director who is to remain as agreed with Vega);

(v) a
 duly completed authority for the alteration of the signatories of each bank account of Mirragin in the same manner required by Vega
 by written notice before the Settlement Date; and

(vi) signed
 restriction agreements relating to the Consideration Shares (the Consideration Shares to be locked up for the periods set forth above);
 and

(d) the
 Shareholder must procure that a directors' meeting of Mirragin is held to attend to the following matters (as applicable):

(i) the
 approval of the registration (subject to payment of stamp duty, if any) of the transfers of the Mirragin Shares and the issue of
 new share certificates for the Mirragin Shares in the name of Vega (or its nominee);

(ii) recording
 Vega (or its nominee) as the holder of the Mirragin Shares in Mirragin's register of members;

(iii) taking
 all other steps required under Mirragin's constituent documents and applicable laws to constitute and evidence Vega (or its
 nominee) as the sole holder of the Mirragin Shares; and

(iv) accepting
 the resignations of each of the directors and secretaries of Mirragin with effect from the Settlement Date and the appointment as
 additional directors and secretary of Mirragin of those persons nominated by Vega or its nominee by written notice before the Settlement
 Date.

---

| | | |
|:---|:---|:---|
|  |  | The Parties' obligations at Settlement are interdependent and must take place simultaneously, as nearly as possible, unless otherwise agreed by Mirragin and Vega.<br>If a Party (**Defaulting Party**) fails to satisfy its obligations under this clause 4 on the day and at the place and time for Settlement then, any other Party (**Notifying Party**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of ten (10) Business Days from the date of the notice and declaring time to be of the essence. The Parties agree, however, that none of Mirragin or the Shareholder can be a Notifying Party, in the event that one or more of them is a Defaulting Party.<br>If the Defaulting Party fails to satisfy those obligations within those ten (10) Business Days the Notifying Party may, without limitation to any other rights it may have, terminate this Agreement by giving written notice to the other Parties. |
| **5.** | **Acknowledgment** | Vega acknowledges that any money owing by the Shareholder to Mirragin will be forgiven by GammLab.ai or its nominee. |
| **6.** | **Maintaining Status Quo** | Other than as contemplated in this Agreement, or as disclosed fully and fairly in writing to Vega before the Execution Date, or with the prior written approval of Vega (such approval not to be unreasonably withheld or delayed), until the earlier of Settlement, the End Date or termination of this Agreement, Mirragin must not (and the Shareholder must procure that Mirragin does not):<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) undertake
 or allow any material business change;

(b) enter
 into any material contract or incur any material liability other than in the ordinary course of business;

(c) dispose
 of the whole, or a substantial part, of its business or assets;

(d) vary
 or reduce its capital structure;

(e) issue,
 or agree to issue, any equity or debt securities, or grant or agree to grant any rights over existing issued capital, or rights to
 be issued securities;

(f) alter
 or agree to alter its constitution or constituent documents;

(g) declare
 any dividends or distribute any assets;

(h) cause
 to occur, by act or omission, an event or series of events, whether related or not, which may have a material adverse effect on the
 business, assets or financial condition of Mirragin or on the transactions contemplated by this Agreement; and

(i) create
 or permit the creation of any encumbrance over the assets of Mirragin or its subsidiaries, other than in the ordinary course of business.

**7.** **Exclusivity** During
 the period from the Execution Date until the earlier of Settlement, the End Date or termination
 of this Agreement, each of Mirragin and the Shareholder agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) they
 will not participate in any negotiations or discussions with, or provide any information to, or accept or enter into any agreement,
 arrangement or understanding with, any third parties in respect of a transaction that may materially reduce the likelihood of success
 of the transactions contemplated by this Agreement and will also cease any existing discussions or negotiations regarding such transactions;

(b) they
 will not engage with any other third party other than advisors, accountants or lawyers in connection with the sale of all or any
 Mirragin Shares, or any of Mirragin's business, assets or undertaking other than in the ordinary course of business; and

(c) they
 will not provide any third party with any information regarding Mirragin or its business, assets or undertakings, other than in the
 ordinary course of its ordinary business.

**8.** **Confidentiality** Each
 Party is to keep confidential the terms of this Agreement and any other information obtained
 from another during the negotiations preceding the Execution Date or in the course of furthering
 the transactions contemplated by this Agreement whether in the course of conducting due diligence
 or otherwise (**Confidential Information**), and is not to disclose it to any person except:

---

| | |
|:---|:---|
| (a) | to officers, employees, shareholders, legal advisers, auditors and other consultants requiring the information for the purposes of this Agreement; |
| (b) | with the consent of the Party or Parties which own the Confidential Information; |
| (c) | if the information is, at the date of this Agreement, lawfully in the possession of the recipient of the information through sources other than any of the other Parties; |
| (d) | if required by law or a stock exchange; |
| (e) | if strictly and necessarily required in connection with legal proceedings relating to this Agreement; |
| (f) | if the information is generally and publicly available other than as a result of a breach of confidence; or |
| (g) | to a financier or prospective financier (or its advisers) of a Party. |
| Vega must not use any Confidential Information provided to it by or on behalf of Mirragin in connection with any due diligence of Mirragin to the competitive disadvantage or detriment of Mirragin. | Vega must not use any Confidential Information provided to it by or on behalf of Mirragin in connection with any due diligence of Mirragin to the competitive disadvantage or detriment of Mirragin. |

---

---

| | | |
|:---|:---|:---|
|  |  | A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this clause.<br>The obligations under this clause contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Agreement, regardless of any termination of this Agreement.<br>For the avoidance of doubt, the Parties acknowledge and agree that Vega, subject to and conditional upon receiving conditional approval to list on the NASDAQ or NYSE, listed on NASDAQ or NYSE and is subject to continuous disclosure obligations applicable to that exchange. Accordingly, details of this Agreement, Mirragin, the Shareholder and the assets and undertaking of Mirragin (potentially among other information) will need to be disclosed in announcements to NASDAQ or NYSE. |
| **9.** | **Further Acts** | Each Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably satisfactory to that Party) required by law or reasonably required by the other Party to give effect to this Agreement. |
| **10.** | **Governing Law** | This Agreement is governed by and construed in accordance with the laws of Western Australia. Each Party irrevocably submits to the non-exclusive jurisdiction of the courts of Western Australia, and the courts competent to determine appeals from those courts with respect to any proceedings which may be brought at any time relating to this Agreement. |
| **11.** | **Dispute resolution** | The Parties must endeavour to settle any dispute in connection with this Agreement by mediation. The mediation is to be conducted by a mediator who is independent of the Parties and appointed by agreement between the Parties or, failing agreement, within seven days of receiving any Party's notice of dispute, by a person appointed by the Chair of Resolution Institute or the Chair's designated representative. The Resolution Institute Mediation Rules apply to the mediation. It is a condition precedent to the right of either party to commence arbitration or litigation, other than for interlocutory relief, that they have first offered to submit the dispute to mediation. |
| **12.** | **Assignment** | No Party may assign, novate or otherwise transfer any of its rights or obligations under this Agreement without the written consent of the other Party. |
| **13.** | **Costs** | Each Party shall bear their own legal costs of and incidental to the preparation, negotiation and execution of this Agreement. Vega will pay any stamp duty assessed on or in respect of this Agreement. |

---

**14.** **Tax** (a) In
 the event a supply made by one Party to another under this Agreement is subject to a value added or similar tax, the price stated
 in this Agreement is exclusive of such tax and the recipient of such a supply must pay to the other Party an amount equal to the
 amount of any such tax in addition to any amount stated in this Agreement and at the same time.

(b) Any
 payment of such tax is subject to the other Party providing any invoice or similar documentation required by law with respect to
 such tax.

(c) No
 Party makes any representation to the other with regard to the intended tax consequences of the Acquisition.

**15.** **Remedies** The
 rights, power and remedies provided in this Agreement are cumulative with and not exclusive to the rights, power or remedies provided
 by law independently of this Agreement.

**16.** **Variation** No
 modification or alteration of the terms of this Agreement shall be binding unless made in writing dated subsequent to the date of
 this Agreement and duly executed by all Parties.

**17.** **Notices** Each
 notice authorised or required to be given to a Party shall be in writing and may be delivered
 personally or sent by properly addressed prepaid mail in each case addressed to the Party
 at its address set out in below:

---

| | |
|:---|:---|
| In the case of Vega: | In the case of Vega: |
| Address: | 283 Rokeby Road Subiaco WA 6008 |
| Email: | <u>info@vegalglobal.ai</u> |
| Attention: | Jay Stephenson |
| In the case of Mirragin and the Shareholder: | In the case of Mirragin and the Shareholder: |
| Address: | Adelaide Street, Brisbane |
|  | Queensland, Australia |
| Email: | rsutton@Mirragin.com.au |
| Attention: | Rob Sutton |

---

**18.** **Severability** If
 any term or provision of this Agreement is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will
 not affect any other term or provision of this Agreement.

**19.** **Waiver** Without
 limiting any other provision of this Agreement, the Parties agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) failure
 to exercise or enforce, or a delay in exercising or enforcing, or the partial exercise or enforcement of, a right, power or remedy
 provided by law or under this Agreement by a Party does not preclude, or operate as a waiver of, the exercise or enforcement, or
 further exercise or enforcement, of that or any other right, power or remedy provided by law or under this Agreement;

(b) a
 waiver given by a party under this Agreement is only effective and binding on that Party if it is given or confirmed in writing by
 that Party; and

(c) no
 waiver of a breach of a term of this Agreement operates as a waiver of another breach of that term or of a breach of any other term
 of this Agreement.

**20.** **Counterparts** This
 Agreement may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures
 my means of electronic communication are taken to be valid and binding to the same extent as original signatures.

**21.** **Interpretation** In
 this Agreement:

---

| | |
|:---|:---|
| (a) | headings are for convenience only and do not affect its interpretation; |
| (b) | specifying anything after the words "include" or "for example" or similar expressions does not limit what else is included; |
| and unless the context otherwise requires: | and unless the context otherwise requires: |
| (c) | an obligation or liability assumed by, or a right conferred on, two or more Parties binds or benefits all of them severally only; |
| (d) | the expression **person** includes an individual, the estate of an individual, a corporation, an authority, an association or joint venture (whether incorporated or unincorporated), a partnership and a trust; |
| (e) | a reference to any party includes that party's executors, administrators, successors and permitted assigns, including any person taking by way of novation; |
| (f) | a reference to a body, other than a party to this Agreement whether statutory or not: |

---

---

| | |
|:---|:---|
| (i) | which ceases to exist; or |
| (ii) | whose powers or functions are transferred to another body, |
| is a reference to the body which replaces it or substantially succeed its powers or functions; | is a reference to the body which replaces it or substantially succeed its powers or functions; |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a
 reference to any document (including this Agreement) is to that document as varied, novated, ratified or replaced from time to time;

(h) a
 reference to any statute or to any statutory provision includes any statutory modification or re-enactment of it or any statutory
 provision substituted for it, and all ordinances, by-laws, regulations, rules and statutory instruments (however described) issued
 under it;

(i) words
 importing the singular include the plural (and vice versa) and words indicating a gender include every other gender;

(j) reference
 to parties, clauses, schedules, exhibits or annexure are references to parties, clauses, schedules, exhibits and annexure to or of
 this Agreement and a reference to this Agreement includes any schedule, exhibit or annexure to this Agreement;

(k) where
 a word or phrase is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding
 meaning;

(l) a
 reference to time is to Western Standard Time as observed in Perth, Western Australia;

(m) if
 a period of time is specified and dates from a given day or the day of an event, it is to be calculated exclusive of that day;

(n) a
 reference to a day is to be interpreted as the period of time commencing at midnight and ending 24 hours later;

(o) if
 an act prescribed under this Agreement to be done by a party on or by a given day is done after 5.00pm on that day, it is taken to
 be done on the next day;

(p) a
 reference to a payment is to a payment by electronic funds transfer or such other form of cleared funds the recipient otherwise allows
 in the relevant lawful currency specified;

(q) a
 reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pay
 money:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in
 the form of an inducement or consideration to a third party to procure something (other than the payment of immaterial expenses or
 costs, including costs of advisers, to procure the relevant thing); or

(B) in
 circumstances that are commercially onerous or unreasonable in the context of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provide
 other valuable consideration to or for the benefit of any person; or

(iii) agree
 to commercially onerous or unreasonable conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 As
 used herein, the term "nominee" includes any potential acquiror of Vega.

If the terms and conditions set out above are acceptable, please execute this Agreement in the appropriate place below.

---

| |
|:---|
| Dated this <u>5<sup>th</sup></u> day of September 2025 |
| **EXECUTED by VEGA GLOBAL TECHNOLOGIES PTY LTD** |
| **SCN 667 154 261** |
| **In accordance with section 127 of the Corporations Act 2001 (Cth)** |
| **/s/ Jay Stephenson** |
| Jay Stephenson |
| Name of Director |
| **/s/ Natraj Balasubramanian** |
| Natraj Balasubramanian |
| Name of Director |
| **AGREED AND ACCEPTED by BRAIIN LIMITED** |
| **SCN 660 713 093** |
| **In accordance with section 127 of the Corporations Act 2001 (Cth)** |
| **/s/ Natraj Balasubramanian** |
| Natraj Balasubramanian |
| Name of Chief Executive Officer |
| **/s/ Jay Stephenson** |
| Jay Stephenson |
| Name of Director |
| **EXECUTED by Mirragin RAS Consulting Pty Ltd ACN 149 778 165** |
| in accordance with section 127 of the *Corporations Act 2001* (Cth): |
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| **Rob Sutton** |
| Name of sole director and company secretary |
| **EXECUTED by Relms Consolidated Pty Ltd ACN 622 735 166 as trustee for The Sutton Family Trust** |
| in accordance with section 127 of the *Corporations Act 2001* (Cth): |
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| **Rob Sutton** |
| Name of sole director and company secretary |

---

## Exhibit 2.16

**Exhibit 2.16**

**AMENDED AND RESTATED NON-BINDING HEADS OF AGREEMENT**

**PRIVATE AND CONFIDENTIAL**

On April 6, 2024, the Parties (as defined below) entered into a Heads of Agreement **(Original Heads of Agreement)** and the Parties hereby agree that the Original Heads of Agreement should be amended and restated in its entirety, as set forth below.

Mirragin Project Isidore Pty Ltd ACN 663 281 034 **(Isidore) is** the legal and beneficial owner of various intellectual and technological property rights, specifically relating to telecommunications.

This heads of agreement (**Agreement**) sets out the terms upon which Braiin Limited (**Braiin**) agrees to acquire 100% of the shares in Isidore, which is held by Isidore Project Pty Ltd, ACN of 676 197 881 as the sole shareholder of Isidore (**Shareholder**).

This Agreement supersedes any and all previous correspondence, agreements or understandings between the parties, including the Original Heads of Agreement, in respect of the subject matter of this Agreement and, except as otherwise stated herein, is non-binding on all of the parties to it (**Parties**).

**1.** **Acquisition** Subject
 to the satisfaction or waiver of the conditions precedent set out in clause 3 below (**Conditions Precedent**), Braiin agrees to acquire and the Shareholder agrees to sell, all of their
 fully paid ordinary shares in the capital of Isidore (**Isidore Shares**), free from encumbrances,
 for the consideration referred to in clause 2 below (the **Acquisition**). The
 Parties acknowledge that they will work together in good faith to achieve a transaction structure for the Acquisition to best serve
 the interests of all parties (including allowing the Shareholder to benefit from scrip for scrip CGT rollover relief, to the extent
 reasonably practicable), and acknowledge that this may result in the Acquisition being restructured to better serve the interests
 of all parties (including as a result of any tax advice obtained by the parties following the date of this Agreement). If the form
 of the Acquisition is restructured in that way, this Agreement will be amended to the extent necessary to reflect the form of the
 restructured transaction.

**2.** **Consideration** Subject
 to the terms and conditions of this Agreement, Braiin agrees to issue the Shareholder (or
 a party nominated by the Shareholder) aggregate consideration of AUD$1,000,000 being issued
 in the form of fully paid ordinary shares in the capital of Braiin (or its nominee) (**Shares**)
 at a price no less than the initial listing price for the Shares (**Consideration Shares**). The
Consideration Shares will be issued in full on settlement of the Acquisition (**Settlement**).

The Shareholder agrees that the Consideration Shares shall be subject to a voluntary lock-up term during which the Shareholder shall not sell, dispose of, gift or otherwise transfer such Consideration Shares, except for the release of Consideration Shares from such lock-up as set forth below:

● 12
 months following Settlement: 50% of the locked-up Consideration Shares allocated to Broker are released; and

● 24
 months following Settlement: 50% of the remaining locked-up Consideration Shares are released.

**3.** **Conditions Precedent** Settlement
 is conditional upon the satisfaction (or waiver) of the following Conditions Precedent:

---

| | |
|:---|:---|
| (a) | **Formal Agreement** |
|  | The Parties entering into a formal share sale agreement (to be prepared by Braiin's advisors), which shall be on terms acceptable to the Parties (acting reasonably), including customary warranties to be provided by the Shareholder and with appropriate limitations on liability for the Shareholder, and which shall be consistent with the terms set out in this Agreement, except to the extent otherwise agreed by the Parties; |
| (b) | **Shareholder approval** |
|  | Braiin or its nominee obtaining shareholder approval; |
| (c) | **Audit** |
|  | Isidore to provide Isidore's AICPA standard financial audit reports for the most recent two fiscal years to the absolute satisfaction of Braiin; |
| (d) | **Admission to NASDAQ or NYSE** |
|  | Braiin or its nominee receiving conditional approvals or equivalent approvals, to admit the securities of Braiin or its nominee to trading on NASDAQ or NYSE and those conditions being to the reasonable satisfaction of Braiin or its nominee; |
| (e) | **Due Diligence** |
|  | Completion of financial, legal and technical due diligence by Braiin on Isidore and its subsidiaries, if any, to the absolute satisfaction of Braiin |
| (f) | **Approvals** |
|  | The Parties obtaining all corporate, shareholder and regulatory approvals necessary to lawfully complete the Acquisition; and |

---

The Condition Precedent in clauses 3(b)-(e) are for the benefit of Braiin and may only be waived by Braiin giving written notice to the Shareholder. All other Conditions Precedent are for the benefit of both parties and may only be waived by mutual agreement in writing of the Shareholder and Braiin.

---

| | | |
|:---|:---|:---|
|  |  | If the Conditions Precedent are not satisfied (or waived by the Party entitled to the benefit of such Condition Precedent, as the case may be) on or before 5.00pm (WST) on June 30, 2024 (or such other date agreed by the Parties in writing), or become incapable of being satisfied and are not waived (**End Date**) any Party may terminate this Agreement by notice in writing to the other Parties, in which case, the agreement constituted by this Agreement will be at an end and the Parties will be released from their obligations under this Agreement (other than in respect of any breaches that occurred prior to termination). |
|  |  | The Parties will use their best efforts to ensure that the Conditions Precedent are satisfied before the End Date. |
| **4.** | **Settlement** | Settlement will occur on that date which is within seven (7) business days (as defined pursuant to the NASDAQ Listing Rules, **Business Days**) after the satisfaction (or waiver) of the Conditions Precedent set out in clause 3 (**Settlement Date**). |
|  |  | At Settlement: |

---

(a) Braiin
 or its nominee shall allot and issue the Consideration Shares to the Shareholder (or its nominee) and deliver a holding statement
 to the Shareholder (or its nominee) for the Consideration Shares;

(b) the
 Shareholder and Isidore must deliver or cause to be delivered to Braiin:

(i) share
 certificates in respect of the Isidore Shares (or in the case of any lost, stolen or destroyed certificate, an indemnity in respect
 of that certificate);

(ii) separate
 instruments of transfer in registrable form for the Isidore Shares in favour of Braiin (as transferee) which have been duly executed
 by the Shareholder in relation to their respective Isidore Shares (as transferor);

(iii) the
 corporate, legal, technical and financial records for Isidore;

(iv) the
 written resignations of each of the directors and secretary of Isidore with effect from the Settlement Date confirming that they
 each have no claim for loss of office or otherwise against Isidore (save for any director who is to remain as agreed with Braiin);

(v) a
 duly completed authority for the alteration of the signatories of each bank account of Isidore in the same manner required by Braiin
 by written notice before the Settlement Date; and

(vi) signed
 restriction agreements relating to the Consideration Shares (the Consideration Shares to be locked up for the periods set forth above);
 and

(c) the
 Shareholder must procure that a directors' meeting of Isidore is held to attend to the following matters (as applicable):

(i) the
 approval of the registration (subject to payment of stamp duty, if any) of the transfers of the Isidore Shares and the issue of new
 share certificates for the Isidore Shares in the name of Braiin (or its nominee);

(ii) recording
 Braiin (or its nominee) as the holder of the Isidore Shares in Isidore's register of members;

(iii) taking
 all other steps required under Isidore's constituent documents and applicable laws to constitute and evidence Braiin (or its
 nominee) as the sole holder of the Isidore Shares; and

(iv) accepting
 the resignations of each of the directors and secretaries of Isidore with effect from the Settlement Date and the appointment as
 additional directors and secretary of Isidore of those persons nominated by Braiin or its nominee by written notice before the Settlement
 Date.

---

| |
|:---|
| The Parties' obligations at Settlement are interdependent and must take place simultaneously, as nearly as possible, unless otherwise agreed by Isidore and Braiin. |
| If a Party (**Defaulting Party**) fails to satisfy its obligations under this clause 4 on the day and at the place and time for Settlement then, any other Party (**Notifying Party**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of ten (10) Business Days from the date of the notice and declaring time to be of the essence. The Parties agree, however, that none of Isidore or the Shareholder can be a Notifying Party, in the event that one or more of them is a Defaulting Party. |
| If the Defaulting Party fails to satisfy those obligations within those ten (10) Business Days the Notifying Party may, without limitation to any other rights it may have, terminate this Agreement by giving written notice to the other Parties. |

---

**5.** **Maintaining Status Quo** Other
 than as contemplated in this Agreement, or as disclosed fully and fairly in writing to Braiin before the Execution Date, or with
 the prior written approval of Braiin (such approval not to be unreasonably withheld or delayed), until the earlier of Settlement,
 30 June 2024 or termination of this Agreement, Isidore must not (and the Shareholder must procure that Isidore does not):

(a) undertake
 or allow any material business change;

(b) enter
 into any material contract or incur any material liability other than in the ordinary course of business;

(c) dispose
 of the whole, or a substantial part, of its business or assets;

(d) vary
 or reduce its capital structure;

(e) issue,
 or agree to issue, any equity or debt securities, or grant or agree to grant any rights over existing issued capital, or rights to
 be issued securities;

(f) alter
 or agree to alter its constitution or constituent documents;

(g) declare
 any dividends or distribute any assets;

(h) cause
 to occur, by act or omission, an event or series of events, whether related or not, which may have a material adverse effect on the
 business, assets or financial condition of Isidore or on the transactions contemplated by this Agreement; and

(i) create
 or permit the creation of any encumbrance over the assets of Isidore or its subsidiaries, other than in the ordinary course of business.

**6.** **Exclusivity** During
 the period from the Execution Date until the earlier of Settlement, 30 June 2024 or termination of this Agreement, each of Isidore
 and the Shareholder agrees that:

(a) they
 will not participate in any negotiations or discussions with, or provide any information to, or accept or enter into any agreement,
 arrangement or understanding with, any third parties in respect of a transaction that may materially reduce the likelihood of success
 of the transactions contemplated by this Agreement and will also cease any existing discussions or negotiations regarding such transactions;

(b) they
 will not engage with any other third party other than advisors, accountants or lawyers in connection with the sale of all or any
 Isidore Shares, or any of Isidore's business, assets or undertaking other than in the ordinary course of business; and

(c) they
 will not provide any third party with any information regarding Isidore or its business, assets or undertakings, other than in the
 ordinary course of its ordinary business.

**7.** **Confidentiality** Each
 Party is to keep confidential the terms of this Agreement and any other information obtained from another during the negotiations
 preceding the Execution Date or in the course of furthering the transactions contemplated by this Agreement whether in the course
 of conducting due diligence or otherwise (**Confidential Information**), and is not to disclose it to any person except:

(a) to
 officers, employees, shareholders, legal advisers, auditors and other consultants requiring the information for the purposes of this
 Agreement;

(b) with
 the consent of the Party or Parties which own the Confidential Information;

(c) if
 the information is, at the date of this Agreement, lawfully in the possession of the recipient of the information through sources
 other than any of the other Parties;

(d) if
 required by law or a stock exchange;

(e) if
 strictly and necessarily required in connection with legal proceedings relating to this Agreement;

(f) if
 the information is generally and publicly available other than as a result of a breach of confidence; or

(g) to
 a financier or prospective financier (or its advisers) of a Party.

---

| |
|:---|
| Braiin must not use any Confidential Information provided to it by or on behalf of Isidore in connection with any due diligence of Isidore to the competitive disadvantage or detriment of Isidore. |
| A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this clause. |
| The obligations under this clause contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Agreement, regardless of any termination of this Agreement. |
| For the avoidance of doubt, the Parties acknowledge and agree that Braiin, subject to and conditional upon receiving conditional approval to list on the NASDAQ, listed on NASDAQ and is subject to continuous disclosure obligations applicable to that exchange. Accordingly, details of this Agreement, Isidore, the Shareholder and the assets and undertaking of Isidore (potentially among other information) will need to be disclosed in announcements to NASDAQ. |

---

**8.** **Further Acts** Each
 Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably
 satisfactory to that Party) required by law or reasonably required by the other Party to give effect to this Agreement.

---

| | | |
|:---|:---|:---|
| **9.** | **Governing Law** | This Agreement is governed by and construed in accordance with the laws of Western Australia. Each Party irrevocably submits to the non-exclusive jurisdiction of the courts of Western Australia, and the courts competent to determine appeals from those courts with respect to any proceedings which may be brought at any time relating to this Agreement. |
| **10.** | **Dispute resolution** | The Parties must endeavour to settle any dispute in connection with this Agreement by mediation. The mediation is to be conducted by a mediator who is independent of the Parties and appointed by agreement between the Parties or, failing agreement, within seven days of receiving any Party's notice of dispute, by a person appointed by the Chair of Resolution Institute or the Chair's designated representative. The Resolution Institute Mediation Rules apply to the mediation. It is a condition precedent to the right of either party to commence arbitration or litigation, other than for interlocutory relief, that they have first offered to submit the dispute to mediation. |
| **11.** | **Assignment** | No Party may assign, novate or otherwise transfer any of its rights or obligations under this Agreement without the written consent of the other Party. |
| **12.** | **Costs** | Each Party shall bear their own legal costs of and incidental to the preparation, negotiation and execution of this Agreement. |
|  |  | Braiin will pay any stamp duty assessed on or in respect of this Agreement. |

---

**13.** **Tax** (a) In
 the event a supply made by one Party to another under this Agreement is subject to a value added or similar tax, the price stated
 in this Agreement is exclusive of such tax and the recipient of such a supply must pay to the other Party an amount equal to the
 amount of any such tax in addition to any amount stated in this Agreement and at the same time.

(b) Any
 payment of such tax is subject to the other Party providing any invoice or similar documentation required by law with respect to
 such tax.

(c) No
 Party makes any representation to the other with regard to the intended tax consequences of the Acquisition.

**14.** **Remedies** The
 rights, power and remedies provided in this Agreement are cumulative with and not exclusive to the rights, power or remedies provided
 by law independently of this Agreement.

**15.** **Variation** No
 modification or alteration of the terms of this Agreement shall be non-binding unless made in writing dated subsequent to the date
 of this Agreement and duly executed by all Parties.

---

| | | | |
|:---|:---|:---|:---|
| **16.** | **Notices** | Each notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed prepaid mail in each case addressed to the Party at its address set out in below: | Each notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed prepaid mail in each case addressed to the Party at its address set out in below: |
|  |  | In the case of Braiin: | In the case of Braiin: |
|  |  | Address: | 41 River Ter, #3906 New York, NY 10282 |
|  |  | Email: | natraj@braiin.com |
|  |  | Attention: | Chief Executive Officer |
|  |  | In the case of Isidore and the Shareholder: | In the case of Isidore and the Shareholder: |
|  |  | Address: | Adelaide Street, Brisbane |
|  |  |  | Queensland, Australia |
|  |  | Email: | rsutton@Mirragin.com.au |
|  |  | Attention: | Rob Sutton |

---

**17.** **Severability** If
 any term or provision of this Agreement is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will
 not affect any other term or provision of this Agreement.

**18.** **Waiver** Without
 limiting any other provision of this Agreement, the Parties agree that:

(a) failure
 to exercise or enforce, or a delay in exercising or enforcing, or the partial exercise or enforcement of, a right, power or remedy
 provided by law or under this Agreement by a Party does not preclude, or operate as a waiver of, the exercise or enforcement, or
 further exercise or enforcement, of that or any other right, power or remedy provided by law or under this Agreement;

(b) a
 waiver given by a party under this Agreement is only effective and binding on that Party if it is given or confirmed in writing by
 that Party; and

(c) no
 waiver of a breach of a term of this Agreement operates as a waiver of another breach of that term or of a breach of any other term
 of this Agreement.

**19.** **Counterparts** This
 Agreement may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures
 my means of electronic communication are taken to be valid and binding to the same extent as original signatures.

**20.** **Interpretation** In
 this Agreement:

(a) headings
 are for convenience only and do not affect its interpretation;

(b) specifying
 anything after the words "include" or "for example" or similar expressions does not limit what else is
 included; and
 unless the context otherwise requires:

(c) an
 obligation or liability assumed by, or a right conferred on, two or more Parties binds or
 benefits all of them severally only;

(d) the
 expression **person** includes an individual, the estate of an individual, a corporation,
 an authority, an association or joint venture (whether incorporated or unincorporated), a
 partnership and a trust;

(e) a
 reference to any party includes that party's executors, administrators, successors
 and permitted assigns, including any person taking by way of novation;

(f) a
 reference to a body, other than a party to this Agreement whether statutory or not:

(i) which
 ceases to exist; or

(ii) whose
 powers or functions are transferred to another body, is a reference to the body which replaces
 it or substantially succeed its powers or functions;

(g) a
 reference to any document (including this Agreement) is to that document as varied, novated,
 ratified or replaced from time to time;

(h) a
 reference to any statute or to any statutory provision includes any statutory modification
 or re-enactment of it or any statutory provision substituted for it, and all ordinances,
 by-laws, regulations, rules and statutory instruments (however described) issued under it;

(i) words
 importing the singular include the plural (and vice versa) and words indicating a gender
 include every other gender;

(j) reference
 to parties, clauses, schedules, exhibits or annexure are references to parties, clauses,
 schedules, exhibits and annexure to or of this Agreement and a reference to this Agreement
 includes any schedule, exhibit or annexure to this Agreement;

(k) where
 a word or phrase is given a defined meaning, any other part of speech or grammatical form
 of that word or phrase has a corresponding meaning;

(l) a
 reference to time is to Western Standard Time as observed in Perth, Western Australia;

(m) if
 a period of time is specified and dates from a given day or the day of an event, it is to
 be calculated exclusive of that day;

(n) a
 reference to a day is to be interpreted as the period of time commencing at midnight and
 ending 24 hours later;

(o) if
 an act prescribed under this Agreement to be done by a party on or by a given day is done
 after 5.00 pm on that day, it is taken to be done on the next day;

(p) a
 reference to a payment is to a payment by electronic funds transfer or such other form of cleared funds the recipient otherwise allows
 in the relevant lawful currency specified;

(q) a
 reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party
 to:

(i) pay
 money:

(A) in
 the form of an inducement or consideration to a third party to procure something (other than the payment of immaterial expenses or
 costs, including costs of advisers, to procure the relevant thing); or

(B) in
 circumstances that are commercially onerous or unreasonable in the context of this Agreement;

(ii) provide
 other valuable consideration to or for the benefit of any person; or

(iii) agree
 to commercially onerous or unreasonable conditions.

20.2 As
 used herein, the term "nominee" includes any potential acquiror of Braiin.

**21.** **Binding Provisions** Except
 for the provisions in Sections 6, 7, 9, 10, 11, 12 and this Section 21, which are meant to be binding on the Parties, this Agreement
 is non-binding and no Party hereto shall have any binding obligations, commitments, agreements or liabilities of any nature unless
 and until the definitive agreements are entered into by the Parties in connection with the transactions contemplated by this Agreement.

If the terms and conditions set out above are acceptable, please execute this Agreement in the appropriate place below.

---

| |
|:---|
| Dated this 6<sup>th</sup> day of May 2024 |
| **EXECUTED** by **Braiin Limited** |
| **/s/ Natraj Balasubramanian** |
| Signature of Chief Executive Officer |
| Natraj Balasubramanian |
| Name of Chief Executive Officer |
| **EXECUTED** by **Mirragin Project Isidore Pty Ltd ACN 663 281 034** |
| in accordance with section 127 of the<br>*Corporations Act 2001* (Cth): |
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| **Rob Sutton** |
| Name of sole director and company secretary |
| **EXECUTED** by **Isidore Project Pty Ltd (ACN) of 676 197 881** |
| in accordance with section 127 of the<br>*Corporations Act 2001* (Cth): |
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| **Rob Sutton** |
| Name of sole director and company secretary |

---

## Exhibit 2.17

**Exhibit 2.17**

**AMENDED AND RESTATED BINDING HEADS OF AGREEMENT**

**PRIVATE AND CONFIDENTIAL**

On April 6, 2024, Braiin Limited and Isidore (as defined below) entered into a Heads of Agreement, which was subsequently amended and restated in its entirety on May 6, 2024 (as amended, the **Amended and Restated Heads of Agreement**) and Braiin Limited, Isidore and Vega (as defined below) hereby agree that the Amended and Restated Heads of Agreement should be amended and restated in its entirety, as set forth below.

Mirragin Project Isidore Pty Ltd ACN 663 281 034 **(Isidore) is** the legal and beneficial owner of various intellectual and technological property rights, specifically relating to telecommunications.

This heads of agreement (**Agreement**) sets out the terms upon which Vega Global Technologies Pty Ltd (CAN 667 154 261) (**Vega**) agrees to acquire 100% of the shares in Isidore, which is held by Isidore Project Pty Ltd, ACN of 676 197 881 as the sole shareholder of Isidore (**Shareholder**).

This Agreement supersedes any and all previous correspondence, agreements or understandings between the parties, including the Amended and Restated Heads of Agreement, in respect of the subject matter of this Agreement and, except as otherwise stated herein, is binding on all of the parties to it (**Parties**).

**1.** **Acquisition** Subject
 to the satisfaction or waiver of the conditions precedent set out in clause 3 below (**Conditions Precedent**), Vega agrees to acquire and the Shareholder agrees to sell, all of their fully
 paid ordinary shares in the capital of Isidore (**Isidore Shares**), free from encumbrances,
 for the consideration referred to in clause 2 below (the **Acquisition**). The
 Parties acknowledge that they will work together in good faith to achieve a transaction structure for the Acquisition to best serve
 the interests of all parties (including allowing the Shareholder to benefit from scrip for scrip CGT rollover relief, to the extent
 reasonably practicable), and acknowledge that this may result in the Acquisition being restructured to better serve the interests
 of all parties (including as a result of any tax advice obtained by the parties following the date of this Agreement). If the form
 of the Acquisition is restructured in that way, this Agreement will be amended to the extent necessary to reflect the form of the
 restructured transaction.

**2.** **Consideration** Subject
 to the terms and conditions of this Agreement, Vega agrees to issue the Shareholder (or a party nominated by the Shareholder) aggregate
 consideration of AUD$1,000,000 being issued in the form of fully paid ordinary shares in the capital of Vega (or its nominee) (**Shares**)
 at a price no less than the initial listing price for the Shares (**Consideration Shares**).

The Consideration Shares will be issued in full on settlement of the Acquisition (**Settlement**).<br>The Shareholder agrees that the Consideration Shares shall be subject to a voluntary lock-up term during which the Shareholder shall not sell, dispose of, gift or otherwise transfer such Consideration Shares, except for the release of Consideration Shares from such lock-up as set forth below:<br>

● 12 months following Settlement: 50% of the locked-up Consideration Shares allocated to Broker are released; and

● 24 months following Settlement: 50% of the remaining locked-up Consideration Shares are released.

**3.** **Conditions Precedent** Settlement
 is conditional upon the satisfaction (or waiver) of the following Conditions Precedent:

---

| | |
|:---|:---|
| (a) | **Formal Agreement** |
|  | The Parties entering into a formal share sale agreement (to be prepared by Vega's advisors), which shall be on terms acceptable to the Parties (acting reasonably), including customary warranties to be provided by the Shareholder and with appropriate limitations on liability for the Shareholder, and which shall be consistent with the terms set out in this Agreement, except to the extent otherwise agreed by the Parties; |
| (b) | **Shareholder approval** |
|  | Vega or its nominee having received written notification from the United States Securities and Exchange Commission that the business combination agreement entered into between Braiin Limited (CAN 660 713 093), Northern Revival Acquisition Corp and other parties on 20 March 2023 has been approved on terms reasonably satisfactory to Vega and Northern Revival Acquisition Corporation has received approval from its shareholders to consummate the listing transactions; |
| (c) | **Audit** |
|  | Isidore to provide Isidore's AICPA standard financial audit reports for the most recent two fiscal years to the absolute satisfaction of Vega; |
| (d) | **Admission to NASDAQ or NYSE** |
|  | Vega or its nominee receiving conditional approvals or equivalent approvals, to admit the securities of Vega or its nominee to trading on NASDAQ or NYSE following the consummation of the listing transaction; |
| (e) | **Due Diligence** |
|  | Completion of financial, legal and technical due diligence by Vega on Isidore and its subsidiaries, if any, to the absolute satisfaction of Vega |

---

---

| | |
|:---|:---|
| (f) | **Approvals** |
|  | The Parties obtaining all corporate, shareholder and regulatory approvals necessary to lawfully complete the Acquisition; and |

---

The Condition Precedent in clauses 3(b)-(e) are for the benefit of Vega and may only be waived by Vega giving written notice to the Shareholder. All other Conditions Precedent are for the benefit of both parties and may only be waived by mutual agreement in writing of the Shareholder and Vega.<br>If the Conditions Precedent are not satisfied (or waived by the Party entitled to the benefit of such Condition Precedent, as the case may be) on or before 5.00pm (WST) on October 31, 2024 (or such other date agreed by the Parties in writing), or become incapable of being satisfied and are not waived (**End Date**) any Party may terminate this Agreement by notice in writing to the other Parties, in which case, the agreement constituted by this Agreement will be at an end and the Parties will be released from their obligations under this Agreement (other than in respect of any breaches that occurred prior to termination).<br>The Parties will use their best efforts to ensure that the Conditions Precedent are satisfied before the End Date.<br>

**4.** **Settlement** Settlement
 will occur on that date which is within seven (7) business days (as defined pursuant to the
 NASDAQ Listing Rules, **Business Days**) after the satisfaction (or waiver) of the Conditions
 Precedent set out in clause 3 (**Settlement Date**). At
 Settlement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Vega
 or its nominee shall allot and issue the Consideration Shares to the Shareholder (or its nominee) and deliver a holding statement
 to the Shareholder (or its nominee) for the Consideration Shares;

(b) the
 Shareholder and Isidore must deliver or cause to be delivered to Vega:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) share
 certificates in respect of the Isidore Shares (or in the case of any lost, stolen or destroyed certificate, an indemnity in respect
 of that certificate);

(ii) separate
 instruments of transfer in registrable form for the Isidore Shares in favour of Vega (as transferee) which have been duly executed
 by the Shareholder in relation to their respective Isidore Shares (as transferor);

(iii) the
 corporate, legal, technical and financial records for Isidore;

(iv) the
 written resignations of each of the directors and secretary of Isidore with effect from the Settlement Date confirming that they
 each have no claim for loss of office or otherwise against Isidore (save for any director who is to remain as agreed with Vega);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a
 duly completed authority for the alteration of the signatories of each bank account of Isidore
 in the same manner required by Vega by written notice before the Settlement Date; and

(vi) signed
 restriction agreements relating to the Consideration Shares (the Consideration Shares to
 be locked up for the periods set forth above); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Shareholder must procure that a directors' meeting of Isidore is held to attend to
 the following matters (as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 approval of the registration (subject to payment of stamp duty, if any) of the transfers
 of the Isidore Shares and the issue of new share certificates for the Isidore Shares in the
 name of Vega (or its nominee);

(ii) recording
 Vega (or its nominee) as the holder of the Isidore Shares in Isidore's register of
 members;

(iii) taking
 all other steps required under Isidore's constituent documents and applicable laws
 to constitute and evidence Vega (or its nominee) as the sole holder of the Isidore Shares;
 and

(iv) accepting
 the resignations of each of the directors and secretaries of Isidore with effect from the
 Settlement Date and the appointment as additional directors and secretary of Isidore of those
 persons nominated by Vega or its nominee by written notice before the Settlement Date.

The Parties' obligations at Settlement are interdependent and must take place simultaneously, as nearly as possible, unless otherwise agreed by Isidore and Vega. <br> If a Party (**Defaulting Party**) fails to satisfy its obligations under this clause 4 on the day and at the place and time for Settlement then, any other Party (**Notifying Party**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of ten (10) Business Days from the date of the notice and declaring time to be of the essence. The Parties agree, however, that none of Isidore or the Shareholder can be a Notifying Party, in the event that one or more of them is a Defaulting Party.<br>If the Defaulting Party fails to satisfy those obligations within those ten (10) Business Days the Notifying Party may, without limitation to any other rights it may have, terminate this Agreement by giving written notice to the other Parties.<br>

**5.** **Maintaining Status Quo** Other
 than as contemplated in this Agreement, or as disclosed fully and fairly in writing to Vega before the Execution Date, or with the
 prior written approval of Vega (such approval not to be unreasonably withheld or delayed), until the earlier of Settlement, 31 October
 2024 or termination of this Agreement, Isidore must not (and the Shareholder must procure that Isidore does not):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) undertake
 or allow any material business change;

(b) enter
 into any material contract or incur any material liability other than in the ordinary course of business;

(c) dispose
 of the whole, or a substantial part, of its business or assets;

(d) vary
 or reduce its capital structure;

(e) issue,
 or agree to issue, any equity or debt securities, or grant or agree to grant any rights over existing issued capital, or rights to
 be issued securities;

(f) alter
 or agree to alter its constitution or constituent documents;

(g) declare
 any dividends or distribute any assets;

(h) cause
 to occur, by act or omission, an event or series of events, whether related or not, which may have a material adverse effect on the
 business, assets or financial condition of Isidore or on the transactions contemplated by this Agreement; and

(i) create
 or permit the creation of any encumbrance over the assets of Isidore or its subsidiaries, other than in the ordinary course of business.

**6.** **Exclusivity** During
 the period from the Execution Date until the earlier of Settlement, 31 Ocober 2024 or termination of this Agreement, each of Isidore
 and the Shareholder agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) they
 will not participate in any negotiations or discussions with, or provide any information
 to, or accept or enter into any agreement, arrangement or understanding with, any third parties
 in respect of a transaction that may materially reduce the likelihood of success of the transactions
 contemplated by this Agreement and will also cease any existing discussions or negotiations
 regarding such transactions;

(b) they
 will not engage with any other third party other than advisors, accountants or lawyers in connection with the sale of all or any
 Isidore Shares, or any of Isidore's business, assets or undertaking other than in the ordinary course of business; and

(c) they
 will not provide any third party with any information regarding Isidore or its business, assets or undertakings, other than in the
 ordinary course of its ordinary business.

**7.** **Confidentiality** Each
 Party is to keep confidential the terms of this Agreement and any other information obtained from another during the negotiations
 preceding the Execution Date or in the course of furthering the transactions contemplated by this Agreement whether in the course
 of conducting due diligence or otherwise (**Confidential Information**), and is not to disclose it to any person except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 officers, employees, shareholders, legal advisers, auditors and other consultants requiring the information for the purposes of this
 Agreement;

(b) with
 the consent of the Party or Parties which own the Confidential Information;

(c) if
 the information is, at the date of this Agreement, lawfully in the possession of the recipient of the information through sources
 other than any of the other Parties;

(d) if
 required by law or a stock exchange;

(e) if
 strictly and necessarily required in connection with legal proceedings relating to this Agreement;

(f) if
 the information is generally and publicly available other than as a result of a breach of confidence; or

(g) to
 a financier or prospective financier (or its advisers) of a Party.

---

| |
|:---|
| Vega must not use any Confidential Information provided to it by or on behalf of Isidore in connection with any due diligence of Isidore to the competitive disadvantage or detriment of Isidore. |
| A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this clause. |
| The obligations under this clause contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Agreement, regardless of any termination of this Agreement. |
| For the avoidance of doubt, the Parties acknowledge and agree that Vega or its affiliate, subject to and conditional upon receiving conditional approval to list on the NASDAQ, listed on NASDAQ and is subject to continuous disclosure obligations applicable to that exchange. Accordingly, details of this Agreement, Isidore, the Shareholder and the assets and undertaking of Isidore (potentially among other information) will need to be disclosed in announcements to NASDAQ. |

---

**8.** **Further Acts** Each
 Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably
 satisfactory to that Party) required by law or reasonably required by the other Party to give effect to this Agreement.

**9.** **Governing Law** This
 Agreement is governed by and construed in accordance with the laws of Western Australia. Each Party irrevocably submits to the non-exclusive
 jurisdiction of the courts of Western Australia, and the courts competent to determine appeals from those courts with respect to
 any proceedings which may be brought at any time relating to this Agreement.

**10.** **Dispute resolution** The
 Parties must endeavour to settle any dispute in connection with this Agreement by mediation. The mediation is to be conducted by
 a mediator who is independent of the Parties and appointed by agreement between the Parties or, failing agreement, within seven days
 of receiving any Party's notice of dispute, by a person appointed by the Chair of Resolution Institute or the Chair's
 designated representative. The Resolution Institute Mediation Rules apply to the mediation. It is a condition precedent to the right
 of either party to commence arbitration or litigation, other than for interlocutory relief, that they have first offered to submit
 the dispute to mediation.

**11.** **Assignment** No
 Party may assign, novate or otherwise transfer any of its rights or obligations under this Agreement without the written consent
 of the other Party.

**12.** **Costs** Each
 Party shall bear their own legal costs of and incidental to the preparation, negotiation
 and execution of this Agreement. Vega
 will pay any stamp duty assessed on or in respect of this Agreement.

**13.** **Tax** (a) In
 the event a supply made by one Party to another under this Agreement is subject to a value
 added or similar tax, the price stated in this Agreement is exclusive of such tax and the
 recipient of such a supply must pay to the other Party an amount equal to the amount of any
 such tax in addition to any amount stated in this Agreement and at the same time.

(b) Any
 payment of such tax is subject to the other Party providing any invoice or similar documentation required by law with respect to
 such tax.

(c) No
 Party makes any representation to the other with regard to the intended tax consequences of the Acquisition.

**14.** **Remedies** The
 rights, power and remedies provided in this Agreement are cumulative with and not exclusive to the rights, power or remedies provided
 by law independently of this Agreement.

**15.** **Variation** No
 modification or alteration of the terms of this Agreement shall be binding unless made in writing dated subsequent to the date of
 this Agreement and duly executed by all Parties.

**16.** **Notices** Each
 notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed
 prepaid mail in each case addressed to the Party at its address set out in below:

---

| | |
|:---|:---|
| In the case of Vega: | In the case of Vega: |
| Address: | 283 Rokeby Road Subiaco WA 6008 |
| Email: | <u>info@vegalglobal.ai</u> |
| Attention: | Jay Stephenson |
| In the case of Isidore and the Shareholder: | In the case of Isidore and the Shareholder: |
| Address: | Adelaide Street, Brisbane |
|  | Queensland, Australia |
| Email: | rsutton@Mirragin.com.au |
| Attention: | Rob Sutton |

---

**17.** **Severability** If
 any term or provision of this Agreement is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will
 not affect any other term or provision of this Agreement.

**18.** **Waiver** Without
 limiting any other provision of this Agreement, the Parties agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) failure
 to exercise or enforce, or a delay in exercising or enforcing, or the partial exercise or enforcement of, a right, power or remedy
 provided by law or under this Agreement by a Party does not preclude, or operate as a waiver of, the exercise or enforcement, or
 further exercise or enforcement, of that or any other right, power or remedy provided by law or under this Agreement;

(b) a
 waiver given by a party under this Agreement is only effective and binding on that Party if it is given or confirmed in writing by
 that Party; and

(c) no
 waiver of a breach of a term of this Agreement operates as a waiver of another breach of that term or of a breach of any other term
 of this Agreement.

**19.** **Counterparts** This
 Agreement may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures
 my means of electronic communication are taken to be valid and binding to the same extent as original signatures.

**20.** **Interpretation** In
 this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) headings
 are for convenience only and do not affect its interpretation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) specifying
 anything after the words "include" or "for example" or similar expressions
 does not limit what else is included;

and unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an
 obligation or liability assumed by, or a right conferred on, two or more Parties binds or
 benefits all of them severally only;

(d) the
 expression **person** includes an individual, the estate of an individual, a corporation,
 an authority, an association or joint venture (whether incorporated or unincorporated), a
 partnership and a trust;

(e) a
 reference to any party includes that party's executors, administrators, successors
 and permitted assigns, including any person taking by way of novation;

(f) a
 reference to a body, other than a party to this Agreement whether statutory or not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) which
 ceases to exist; or

(ii) whose
 powers or functions are transferred to another body,

is a reference to the body which replaces it or substantially succeed its powers or functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a
 reference to any document (including this Agreement) is to that document as varied, novated,
 ratified or replaced from time to time;

(h) a
 reference to any statute or to any statutory provision includes any statutory modification
 or re-enactment of it or any statutory provision substituted for it, and all ordinances,
 by-laws, regulations, rules and statutory instruments (however described) issued under it;

(i) words
 importing the singular include the plural (and vice versa) and words indicating a gender
 include every other gender;

(j) reference
 to parties, clauses, schedules, exhibits or annexure are references to parties, clauses,
 schedules, exhibits and annexure to or of this Agreement and a reference to this Agreement
 includes any schedule, exhibit or annexure to this Agreement;

(k) where
 a word or phrase is given a defined meaning, any other part of speech or grammatical form
 of that word or phrase has a corresponding meaning;

(l) a
 reference to time is to Western Standard Time as observed in Perth, Western Australia;

(m) if
 a period of time is specified and dates from a given day or the day of an event, it is to
 be calculated exclusive of that day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) a
 reference to a day is to be interpreted as the period of time commencing at midnight and
 ending 24 hours later;

(o) if
 an act prescribed under this Agreement to be done by a party on or by a given day is done
 after 5.00pm on that day, it is taken to be done on the next day;

(p) a
 reference to a payment is to a payment by electronic funds transfer or such other form of
 cleared funds the recipient otherwise allows in the relevant lawful currency specified;

(q) a
 reference to a party using or an obligation on a party to use reasonable endeavours or its
 best endeavours does not oblige that party to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pay
 money:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in
 the form of an inducement or consideration to a third party to procure something (other than
 the payment of immaterial expenses or costs, including costs of advisers, to procure the
 relevant thing); or

(B) in
 circumstances that are commercially onerous or unreasonable in the context of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provide
 other valuable consideration to or for the benefit of any person; or

(iii) agree
 to commercially onerous or unreasonable conditions.

20.2 As used herein, the term "nominee" includes any potential acquiror of Vega.

If the terms and conditions set out above are acceptable, please execute this Agreement in the appropriate place below.

Dated this <u>24th</u> day of September 2024

**EXECUTED** by **VEGA GLOBAL TECHNOLOGIES PTY LTD**

**SCN 667 154 261**

In accordance with section 127 of the Corporations Act 2001 (Cth)

---

| |
|:---|
| /s/ Jay Stephenson |
| Jay Stephenson |
| Name of Sole Director |

---

**AGREED AND ACCEPTED** by **BRAIIN LIMITED**

**SCN 660 713 093**

In accordance with section 127 of the Corporations Act 2001 (Cth)

---

| |
|:---|
| /s/ Natraj Balasubramanian |
| <u>Natraj Balasubramanian</u> |
| Name of Chief Executive Officer |

---

---

| |
|:---|
| **EXECUTED** by **Mirragin Project Isidore** |
| **Pty Ltd ACN 663 281 034** |
| in accordance with section 127 of the |
| *Corporations Act 2001* (Cth): |
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| **Rob Sutton** |
| Name of sole director and company secretary |

---

---

| |
|:---|
| **EXECUTED** by **Isidore Project Pty Ltd** |
| **(ACN) of 676 197 881** |
| in accordance with section 127 of the |
| *Corporations Act 2001* (Cth): |
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| **Rob Sutton** |
| Name of sole director and company secretary |

---

## Exhibit 2.18

**Exhibit 2.18**

**AMENDED AND RESTATED BINDING HEADS OF AGREEMENT**

**PRIVATE AND CONFIDENTIAL**

On April 6, 2024, Braiin Limited and Isidore (as defined below) entered into a Heads of Agreement, which was subsequently amended and restated in its entirety on May 6, 2024 (the **Amended and Restated Heads of Agreement**) and second amended and restated in its entirety on September 24, 2024 (the **Second Amended and Restated Heads of Agreement**) and Braiin Limited, Isidore and Vega (as defined below) hereby agree that the Second Amended and Restated Heads of Agreement should be amended and restated in its entirety, as set forth below.

Mirragin Project Isidore Pty Ltd ACN 663 281 034 **(Isidore) is** the legal and beneficial owner of various intellectual and technological property rights, specifically relating to telecommunications.

This heads of agreement (**Agreement**) sets out the terms upon which Vega Global Technologies Pty Ltd (CAN 667 154 261) (**Vega**) agrees to acquire 100% of the shares in Isidore, which is held by Isidore Project Pty Ltd, ACN of 676 197 881 as the sole shareholder of Isidore (**Shareholder**).

This Agreement supersedes any and all previous correspondence, agreements or understandings between the parties, including the Amended and Restated Heads of Agreement, in respect of the subject matter of this Agreement and, except as otherwise stated herein, is binding on all of the parties to it (**Parties**).

**1.** **Acquisition** Subject
 to the satisfaction or waiver of the conditions precedent set out in clause 3 below (**Conditions Precedent**), Vega agrees to acquire and the Shareholder agrees to sell, all of their fully
 paid ordinary shares in the capital of Isidore (**Isidore Shares**), free from encumbrances,
 for the consideration referred to in clause 2 below (the **Acquisition**). The
 Parties acknowledge that they will work together in good faith to achieve a transaction structure for the Acquisition to best serve
 the interests of all parties (including allowing the Shareholder to benefit from scrip for scrip CGT rollover relief, to the extent
 reasonably practicable), and acknowledge that this may result in the Acquisition being restructured to better serve the interests
 of all parties (including as a result of any tax advice obtained by the parties following the date of this Agreement). If the form
 of the Acquisition is restructured in that way, this Agreement will be amended to the extent necessary to reflect the form of the
 restructured transaction.

**2.** **Consideration** Subject
 to the terms and conditions of this Agreement, Vega agrees to issue the Shareholder (or a party nominated by the Shareholder) aggregate
 consideration of AUD$1,000,000 being issued in the form of fully paid ordinary shares in the capital of Vega (or its nominee) (**Shares**)
 at a price no less than the initial listing price for the Shares (**Consideration Shares**).

 The Consideration Shares will be issued in full on settlement of the Acquisition (**Settlement**). The Shareholder agrees that the Consideration Shares shall be subject to a voluntary lock-up term during which the Shareholder shall not sell, dispose of, gift or otherwise transfer such Consideration Shares, except for the release of Consideration Shares from such lock-up as set forth below:

---

| | | |
|:---|:---|:---|
|  | (f) | **Approvals**<br>|
|  |  | The Parties obtaining all corporate, shareholder and regulatory approvals necessary to lawfully complete the Acquisition; and |
|  |  | <br> The Condition Precedent in clauses 3(b)-(e) are for the benefit of Vega and may only be waived by Vega giving written notice to the Shareholder. All other Conditions Precedent are for the benefit of both parties and may only be waived by mutual agreement in writing of the Shareholder and Vega.<br>If the Conditions Precedent are not satisfied (or waived by the Party entitled to the benefit of such Condition Precedent, as the case may be) on or before 5.00pm (WST) on the later of (i) the listing of the securities on Nasdaq or NYSE or (ii) 30 October 2025 (or such other date agreed by the Parties in writing), or become incapable of being satisfied and are not waived (**End Date**) any Party may terminate this Agreement by notice in writing to the other Parties, in which case, the agreement constituted by this Agreement will be at an end and the Parties will be released from their obligations under this Agreement (other than in respect of any breaches that occurred prior to termination).<br>The Parties will use their best efforts to ensure that the Conditions Precedent are satisfied before the End Date. |
| **4.** | **Settlement** | Settlement will occur on that date which is within seven (7) business days (as defined pursuant to the NASDAQ Listing Rules, **Business Days**) after the satisfaction (or waiver) of the Conditions Precedent set out in clause 3 (**Settlement Date**).<br>At Settlement: |
|  | (a) | Vega or its nominee shall allot and issue the Consideration Shares to the Shareholder (or its nominee) and deliver a holding statement to the Shareholder (or its nominee) for the Consideration Shares; |
|  | (b) | the Shareholder and Isidore must deliver or cause to be delivered to Vega: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) share
 certificates in respect of the Isidore Shares (or in the case of any lost, stolen or destroyed certificate, an indemnity in respect
 of that certificate);

(ii) separate
 instruments of transfer in registrable form for the Isidore Shares in favour of Vega (as transferee) which have been duly executed
 by the Shareholder in relation to their respective Isidore Shares (as transferor);

(iii) the
 corporate, legal, technical and financial records for Isidore;

(iv) the
 written resignations of each of the directors and secretary of Isidore with effect from the Settlement Date confirming that they
 each have no claim for loss of office or otherwise against Isidore (save for any director who is to remain as agreed with Vega);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a
 duly completed authority for the alteration of the signatories of each bank account of Isidore
 in the same manner required by Vega by written notice before the Settlement Date; and

(vi) signed
 restriction agreements relating to the Consideration Shares (the Consideration Shares to
 be locked up for the periods set forth above); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Shareholder must procure that a directors' meeting of Isidore is held to attend to
 the following matters (as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 approval of the registration (subject to payment of stamp duty, if any) of the transfers
 of the Isidore Shares and the issue of new share certificates for the Isidore Shares in the
 name of Vega (or its nominee);

(ii) recording
 Vega (or its nominee) as the holder of the Isidore Shares in Isidore's register of
 members;

(iii) taking
 all other steps required under Isidore's constituent documents and applicable laws
 to constitute and evidence Vega (or its nominee) as the sole holder of the Isidore Shares;
 and

(iv) accepting
 the resignations of each of the directors and secretaries of Isidore with effect from the
 Settlement Date and the appointment as additional directors and secretary of Isidore of those
 persons nominated by Vega or its nominee by written notice before the Settlement Date.

The Parties' obligations at Settlement are interdependent and must take place simultaneously, as nearly as possible, unless otherwise agreed by Isidore and Vega.<br>If a Party (**Defaulting Party**) fails to satisfy its obligations under this clause 4 on the day and at the place and time for Settlement then, any other Party (**Notifying Party**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of ten (10) Business Days from the date of the notice and declaring time to be of the essence. The Parties agree, however, that none of Isidore or the Shareholder can be a Notifying Party, in the event that one or more of them is a Defaulting Party.<br>

---

| | | |
|:---|:---|:---|
|  |  | <br> If the Defaulting Party fails to satisfy those obligations within those ten (10) Business Days the Notifying Party may, without limitation to any other rights it may have, terminate this Agreement by giving written notice to the other Parties. |
| **5.** | **Maintaining Status Quo** | Other than as contemplated in this Agreement, or as disclosed fully and fairly in writing to Vega before the Execution Date, or with the prior written approval of Vega (such approval not to be unreasonably withheld or delayed), until the earlier of Settlement, the End Date or termination of this Agreement, Isidore must not (and the Shareholder must procure that Isidore does not): |
|  | (a) | undertake or allow any material business change; |
|  | (b) | enter into any material contract or incur any material liability other than in the ordinary course of business; |
|  | (c) | dispose of the whole, or a substantial part, of its business or assets; |
|  | (d) | vary or reduce its capital structure; |
|  | (e) | issue, or agree to issue, any equity or debt securities, or grant or agree to grant any rights over existing issued capital, or rights to be issued securities; |
|  | (f) | alter or agree to alter its constitution or constituent documents; |
|  | (g) | declare any dividends or distribute any assets; |
|  | (h) | cause to occur, by act or omission, an event or series of events, whether related or not, which may have a material adverse effect on the business, assets or financial condition of Isidore or on the transactions contemplated by this Agreement; and |
|  | (i) | create or permit the creation of any encumbrance over the assets of Isidore or its subsidiaries, other than in the ordinary course of business. |
| **6.** | **Exclusivity** | During the period from the Execution Date until the earlier of Settlement, the End Date or termination of this Agreement, each of Isidore and the Shareholder agrees that: |
|  | (a) | they will not participate in any negotiations or discussions with, or provide any information to, or accept or enter into any agreement, arrangement or understanding with, any third parties in respect of a transaction that may materially reduce the likelihood of success of the transactions contemplated by this Agreement and will also cease any existing discussions or negotiations regarding such transactions; |

---

---

| | | |
|:---|:---|:---|
|  | (b) | they will not engage with any other third party other than advisors, accountants or lawyers in connection with the sale of all or any Isidore Shares, or any of Isidore's business, assets or undertaking other than in the ordinary course of business; and<br>|
|  | (c) | they will not provide any third party with any information regarding Isidore or its business, assets or undertakings, other than in the ordinary course of its ordinary business. |
| **7.** | **Confidentiality** | Each Party is to keep confidential the terms of this Agreement and any other information obtained from another during the negotiations preceding the Execution Date or in the course of furthering the transactions contemplated by this Agreement whether in the course of conducting due diligence or otherwise (**Confidential Information**), and is not to disclose it to any person except: |
|  | (a) | to officers, employees, shareholders, legal advisers, auditors and other consultants requiring the information for the purposes of this Agreement; |
|  | (b) | with the consent of the Party or Parties which own the Confidential Information; |
|  | (c) | if the information is, at the date of this Agreement, lawfully in the possession of the recipient of the information through sources other than any of the other Parties; |
|  | (d) | if required by law or a stock exchange; |
|  | (e) | if strictly and necessarily required in connection with legal proceedings relating to this Agreement; |
|  | (f) | if the information is generally and publicly available other than as a result of a breach of confidence; or |
|  | (g) | to a financier or prospective financier (or its advisers) of a Party. |
|  |  | Vega must not use any Confidential Information provided to it by or on behalf of Isidore in connection with any due diligence of Isidore to the competitive disadvantage or detriment of Isidore.<br>A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this clause.<br>The obligations under this clause contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Agreement, regardless of any termination of this Agreement.<br>For the avoidance of doubt, the Parties acknowledge and agree that Vega or its affiliate, subject to and conditional upon receiving conditional approval to list on the NASDAQ or NYSE, listed on NASDAQ or NYSE and is subject to continuous disclosure obligations applicable to that exchange. Accordingly, details of this Agreement, Isidore, the Shareholder and the assets and undertaking of Isidore (potentially among other information) will need to be disclosed in announcements to NASDAQ or NYSE. |

---

**8.** **Further Acts** Each Party
 will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably satisfactory
 to that Party) required by law or reasonably required by the other Party to give effect to this Agreement.

**9.** **Governing Law** This Agreement
 is governed by and construed in accordance with the laws of Western Australia. Each Party irrevocably submits to the non-exclusive
 jurisdiction of the courts of Western Australia, and the courts competent to determine appeals from those courts with respect to
 any proceedings which may be brought at any time relating to this Agreement.

**10.** **Dispute resolution** The
 Parties must endeavour to settle any dispute in connection with this Agreement by mediation.
 The mediation is to be conducted by a mediator who is independent of the Parties and appointed
 by agreement between the Parties or, failing agreement, within seven days of receiving any
 Party's notice of dispute, by a person appointed by the Chair of Resolution Institute
 or the Chair's designated representative. The Resolution Institute Mediation Rules
 apply to the mediation. It is a condition precedent to the right of either party to commence
 arbitration or litigation, other than for interlocutory relief, that they have first offered
 to submit the dispute to mediation.

**11.** **Assignment** No Party may
 assign, novate or otherwise transfer any of its rights or obligations under this Agreement without the written consent of the other
 Party.

**12.** **Costs** Each
 Party shall bear their own legal costs of and incidental to the preparation, negotiation
 and execution of this Agreement. Vega
will pay any stamp duty assessed on or in respect of this Agreement.

**13.** **Tax** (a) In
 the event a supply made by one Party to another under this Agreement is subject to a value
 added or similar tax, the price stated in this Agreement is exclusive of such tax and the
 recipient of such a supply must pay to the other Party an amount equal to the amount of any
 such tax in addition to any amount stated in this Agreement and at the same time.

(b) Any
 payment of such tax is subject to the other Party providing any invoice or similar documentation required by law with respect to
 such tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No
 Party makes any representation to the other with regard to the intended tax consequences of the Acquisition.

**14.** **Remedies** The rights,
 power and remedies provided in this Agreement are cumulative with and not exclusive to the rights, power or remedies provided by
 law independently of this Agreement.

**15.** **Variation** No modification
 or alteration of the terms of this Agreement shall be binding unless made in writing dated subsequent to the date of this Agreement
 and duly executed by all Parties.

---

| | | | |
|:---|:---|:---|:---|
| **16.** | **Notices** | Each notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed prepaid mail in each case addressed to the Party at its address set out in below:<br>In the case of Vega: | Each notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed prepaid mail in each case addressed to the Party at its address set out in below:<br>In the case of Vega: |
|  |  | Address: | 283 Rokeby Road Subiaco WA 6008 |
|  |  | Email: | <u>info@vegalglobal.ai</u> |
|  |  | Attention: | Jay Stephenson |
|  |  | In the case of Isidore and the Shareholder: | In the case of Isidore and the Shareholder: |
|  |  | Address: | Adelaide Street, Brisbane Queensland, Australia |
|  |  | Email: | rsutton@Mirragin.com.au |
|  |  | Attention: | Rob Sutton |

---

**17.** **Severability** If any term
 or provision of this Agreement is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will not affect
 any other term or provision of this Agreement.

**18.** **Waiver** Without
 limiting any other provision of this Agreement, the Parties agree that:

(a) failure
 to exercise or enforce, or a delay in exercising or enforcing, or the partial exercise or enforcement of, a right, power or remedy
 provided by law or under this Agreement by a Party does not preclude, or operate as a waiver of, the exercise or enforcement, or
 further exercise or enforcement, of that or any other right, power or remedy provided by law or under this Agreement;

(b) a
 waiver given by a party under this Agreement is only effective and binding on that Party if it is given or confirmed in writing by
 that Party; and

(c) no
 waiver of a breach of a term of this Agreement operates as a waiver of another breach of that term or of a breach of any other term
 of this Agreement.

**19.** **Counterparts** This Agreement
 may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures my means of
 electronic communication are taken to be valid and binding to the same extent as original signatures.

**20.** **Interpretation** In
 this Agreement:

---

| | |
|:---|:---|
| (a) | headings are for convenience only and do not affect its interpretation; |
| (b) | specifying anything after the words "include" or "for example" or similar expressions does not limit what else is included; |
| and unless the context otherwise requires: | and unless the context otherwise requires: |
| (c) | an obligation or liability assumed by, or a right conferred on, two or more Parties binds or benefits all of them severally only; |
| (d) | the expression **person** includes an individual, the estate of an individual, a corporation, an authority, an association or joint venture (whether incorporated or unincorporated), a partnership and a trust; |
| (e) | a reference to any party includes that party's executors, administrators, successors and permitted assigns, including any person taking by way of novation; |
| (f) | a reference to a body, other than a party to this Agreement whether statutory or not: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) which
 ceases to exist; or

(ii) whose
 powers or functions are transferred to another body, is a reference to the body which replaces it or substantially succeed its powers
 or functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a
 reference to any document (including this Agreement) is to that document as varied, novated, ratified or replaced from time to time;

(h) a
 reference to any statute or to any statutory provision includes any statutory modification or re-enactment of it or any statutory
 provision substituted for it, and all ordinances, by-laws, regulations, rules and statutory instruments (however described) issued
 under it;

(i) words
 importing the singular include the plural (and vice versa) and words indicating a gender include every other gender;

(j) reference
 to parties, clauses, schedules, exhibits or annexure are references to parties, clauses, schedules, exhibits and annexure to or of
 this Agreement and a reference to this Agreement includes any schedule, exhibit or annexure to this Agreement;

(k) where
 a word or phrase is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding
 meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a
 reference to time is to Western Standard Time as observed in Perth, Western Australia;

(m) if
 a period of time is specified and dates from a given day or the day of an event, it is to
 be calculated exclusive of that day;

(n) a
 reference to a day is to be interpreted as the period of time commencing at midnight and
 ending 24 hours later;

(o) if
 an act prescribed under this Agreement to be done by a party on or by a given day is done
 after 5.00pm on that day, it is taken to be done on the next day;

(p) a
 reference to a payment is to a payment by electronic funds transfer or such other form of
 cleared funds the recipient otherwise allows in the relevant lawful currency specified;

(q) a
 reference to a party using or an obligation on a party to use reasonable endeavours or its
 best endeavours does not oblige that party to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pay
 money:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in
 the form of an inducement or consideration to a third party to procure something (other than
 the payment of immaterial expenses or costs, including costs of advisers, to procure the
 relevant thing); or

(B) in
 circumstances that are commercially onerous or unreasonable in the context of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provide
 other valuable consideration to or for the benefit of any person; or

(iii) agree
 to commercially onerous or unreasonable conditions.

20.2 As used herein, the term "nominee" includes any potential acquiror of Vega.

If the terms and conditions set out above are acceptable, please execute this Agreement in the appropriate place below.

---

| |
|:---|
| Dated this <u>10<sup>th</sup></u> day of June 2025 |
| **EXECUTED by VEGA GLOBAL TECHNOLOGIES PTY LTD** |
| **SCN 667 154 261** |
| In accordance with section 127 of the Corporations Act 2001 (Cth) |
| /s/ Jay Stephenson |
| Jay Stephenson |
| Name of Sole Director |
| **AGREED AND ACCEPTED by BRAIIN LIMITED** |
| **SCN 660 713 093** |
| In accordance with section 127 of the Corporations Act 2001 (Cth) |
| /s/ Natraj Balasubramanian |
| Natraj Balasubramanian |
| Name of Chief Executive Officer |
| **EXECUTED** by **Mirragin Project Isidore Pty Ltd** |
| **ACN 663 281 034** |
| in accordance with section 127 of the |
| Corporations Act 2001 (Cth): |
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| **Rob Sutton** |
| Name of sole director and company secretary |

---

---

| |
|:---|
| **EXECUTED** by **Isidore Project Pty Ltd (ACN) of 676 197 881** |
| in accordance with section 127 of the |
| Corporations Act 2001 (Cth): |
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| **Rob Sutton** |
| Name of sole director and company secretary |

---

## Exhibit 2.19

**Exhibit 2.19**

**AMENDED AND RESTATED BINDING HEADS OF AGREEMENT**

**PRIVATE AND CONFIDENTIAL**

On April 6, 2024, Braiin Limited and Isidore (as defined below) entered into a Heads of Agreement, which was subsequently amended and restated in its entirety on May 6, 2024 (the **Amended and Restated Heads of Agreement**), second amended and restated in its entirety on September 24, 2024 (the **Second Amended and Restated Heads of Agreement**) and third amended and restated in its entirety on June 10, 2025 (the **Third Amended and Restated Heads of Agreement**) and Braiin Limited, Isidore and Vega (as defined below) hereby agree that the Second Amended and Restated Heads of Agreement should be amended and restated in its entirety, as set forth below.

Mirragin Project Isidore Pty Ltd ACN 663 281 034 **(Isidore)** is the legal and beneficial owner of various intellectual and technological property rights, specifically relating to telecommunications.

This heads of agreement (**Agreement**) sets out the terms upon which Vega Global Technologies Pty Ltd (CAN 667 154 261) (**Vega**) agrees to acquire 100% of the shares in Isidore, which is held by Isidore Project Pty Ltd, ACN of 676 197 881 as the sole shareholder of Isidore (**Shareholder**).

This Agreement supersedes any and all previous correspondence, agreements or understandings between the parties, including the Amended and Restated Heads of Agreement, in respect of the subject matter of this Agreement and, except as otherwise stated herein, is binding on all of the parties to it (**Parties**).

---

| | | |
|:---|:---|:---|
| **1.** | **Acquisition** | Subject to the satisfaction or waiver of the conditions precedent set out in clause 3 below (**Conditions Precedent**), Vega agrees to acquire and the Shareholder agrees to sell, all of their fully paid ordinary shares in the capital of Isidore (**Isidore Shares**), free from encumbrances, for the consideration referred to in clause 2 below (the **Acquisition**). |
|  |  | The Parties acknowledge that they will work together in good faith to achieve a transaction structure for the Acquisition to best serve the interests of all parties (including allowing the Shareholder to benefit from scrip for scrip CGT rollover relief, to the extent reasonably practicable), and acknowledge that this may result in the Acquisition being restructured to better serve the interests of all parties (including as a result of any tax advice obtained by the parties following the date of this Agreement). If the form of the Acquisition is restructured in that way, this Agreement will be amended to the extent necessary to reflect the form of the restructured transaction. |

---

---

| | | |
|:---|:---|:---|
| **2.** | **Consideration** | Subject to the terms and conditions of this Agreement, Vega agrees to issue the Shareholder (or a party nominated by the Shareholder) aggregate consideration of AUD$1,000,000 being issued in the form of fully paid ordinary shares in the capital of Vega (or its nominee) (**Shares**) at a price no less than the initial listing price for the Shares (**Consideration Shares**). |
|  |  | The Consideration Shares will be issued in full on settlement of the Acquisition (**Settlement**). |
|  |  | The Shareholder agrees that the Consideration Shares shall be subject to a voluntary lock-up term during which the Shareholder shall not sell, dispose of, gift or otherwise transfer such Consideration Shares, except for the release of Consideration Shares from such lock-up as set forth below: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 12
 months following Settlement: 50% of the locked-up Consideration Shares are released; and

● 24
 months following Settlement: 50% of the remaining locked-up Consideration Shares are released.

**3.** **Conditions Precedent** Settlement
 is conditional upon the satisfaction (or waiver) of the following Conditions Precedent:

---

| | |
|:---|:---|
| (a) | **Formal Agreement** |
|  | The Parties entering into a formal share sale agreement (to be prepared by Vega's advisors), which shall be on terms acceptable to the Parties (acting reasonably), including customary warranties to be provided by the Shareholder and with appropriate limitations on liability for the Shareholder, and which shall be consistent with the terms set out in this Agreement, except to the extent otherwise agreed by the Parties; |
| (b) | **Shareholder approval** |
|  | Vega or its nominee having received written notification from the United States Securities and Exchange Commission that the business combination agreement entered into between Braiin Limited (CAN 660 713 093), Northern Revival Acquisition Corp and other parties on 20 March 2023 has been approved on terms reasonably satisfactory to Vega and Northern Revival Acquisition Corporation has received approval from its shareholders to consummate the listing transactions; |
| (c) | **Audit** |
|  | Isidore to provide Isidore's AICPA standard financial audit reports for the most recent two fiscal years to the absolute satisfaction of Vega; |
| (d) | **Admission to NASDAQ or NYSE** |
|  | Vega or its nominee receiving conditional approvals or equivalent approvals, to admit the securities of Vega or its nominee to trading on NASDAQ or NYSE following the consummation of the listing transaction; |
| (e) | **Due Diligence** |
|  | Completion of financial, legal and technical due diligence by Vega on Isidore and its subsidiaries, if any, to the absolute satisfaction of Vega |

---

---

| | |
|:---|:---|
| (f) | **Approvals** |
|  | The Parties obtaining all corporate, shareholder and regulatory approvals necessary to lawfully complete the Acquisition; and |
| (g) | Braiin has received written notification from the United States Securities and Exchange Commission that its Registration Statement has been approved and is declared effective. |

---

---

| | | |
|:---|:---|:---|
|  |  | The Condition Precedent in clauses 3(b)-(e) are for the benefit of Vega and may only be waived by Vega giving written notice to the Shareholder. All other Conditions Precedent are for the benefit of both parties and may only be waived by mutual agreement in writing of the Shareholder and Vega. |
|  |  | If the Conditions Precedent are not satisfied (or waived by the Party entitled to the benefit of such Condition Precedent, as the case may be) on or before 5.00pm (WST) on the later of (i) the listing of the securities on Nasdaq or NYSE or (ii) 30 October 2025 (or such other date agreed by the Parties in writing), or become incapable of being satisfied and are not waived (**End Date**) any Party may terminate this Agreement by notice in writing to the other Parties, in which case, the agreement constituted by this Agreement will be at an end and the Parties will be released from their obligations under this Agreement (other than in respect of any breaches that occurred prior to termination). |
|  |  | The Parties will use their best efforts to ensure that the Conditions Precedent are satisfied before the End Date. |
| **4.** | **Settlement** | Settlement will occur on that date which is within seven (7) business days (as defined pursuant to the NASDAQ Listing Rules, **Business Days**) after the satisfaction (or waiver) of the Conditions Precedent set out in clause 3 (**Settlement Date**). |
|  |  | At Settlement: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Vega
 or its nominee shall allot and issue the Consideration Shares to the Shareholder (or its nominee) and deliver a holding statement to
 the Shareholder (or its nominee) for the Consideration Shares;

(b) the
 Shareholder and Isidore must deliver or cause to be delivered to Vega:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) share
 certificates in respect of the Isidore Shares (or in the case of any lost, stolen or destroyed certificate, an indemnity in respect
 of that certificate);

(ii) separate
 instruments of transfer in registrable form for the Isidore Shares in favour of Vega (as transferee) which have been duly executed
 by the Shareholder in relation to their respective Isidore Shares (as transferor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 corporate, legal, technical and financial records for Isidore;

(iv) the
 written resignations of each of the directors and secretary of Isidore with effect from the
 Settlement Date confirming that they each have no claim for loss of office or otherwise against
 Isidore (save for any director who is to remain as agreed with Vega);

(v) a
 duly completed authority for the alteration of the signatories of each bank account of Isidore
 in the same manner required by Vega by written notice before the Settlement Date; and

(vi) signed
 restriction agreements relating to the Consideration Shares (the Consideration Shares to
 be locked up for the periods set forth above); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Shareholder must procure that a directors' meeting of Isidore is held to attend to
 the following matters (as applicable):

---

| | |
|:---|:---|
| (i) | the approval of the registration (subject to payment of stamp duty, if any) of the transfers of the Isidore Shares and the issue of new share certificates for the Isidore Shares in the name of Vega (or its nominee); |
| (ii) | recording Vega (or its nominee) as the holder of the Isidore Shares in Isidore's register of members; |
| (iii) | taking all other steps required under Isidore's constituent documents and applicable laws to constitute and evidence Vega (or its nominee) as the sole holder of the Isidore Shares; and |
| (iv) | accepting the resignations of each of the directors and secretaries of Isidore with effect from the Settlement Date and the appointment as additional directors and secretary of Isidore of those persons nominated by Vega or its nominee by written notice before the Settlement Date. |
| The Parties' obligations at Settlement are interdependent and must take place simultaneously, as nearly as possible, unless otherwise agreed by Isidore and Vega. | The Parties' obligations at Settlement are interdependent and must take place simultaneously, as nearly as possible, unless otherwise agreed by Isidore and Vega. |
| If a Party (**Defaulting Party**) fails to satisfy its obligations under this clause 4 on the day and at the place and time for Settlement then, any other Party (**Notifying Party**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of ten (10) Business Days from the date of the notice and declaring time to be of the essence. The Parties agree, however, that none of Isidore or the Shareholder can be a Notifying Party, in the event that one or more of them is a Defaulting Party. | If a Party (**Defaulting Party**) fails to satisfy its obligations under this clause 4 on the day and at the place and time for Settlement then, any other Party (**Notifying Party**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of ten (10) Business Days from the date of the notice and declaring time to be of the essence. The Parties agree, however, that none of Isidore or the Shareholder can be a Notifying Party, in the event that one or more of them is a Defaulting Party. |
| If the Defaulting Party fails to satisfy those obligations within those ten (10) Business Days the Notifying Party may, without limitation to any other rights it may have, terminate this Agreement by giving written notice to the other Parties. | If the Defaulting Party fails to satisfy those obligations within those ten (10) Business Days the Notifying Party may, without limitation to any other rights it may have, terminate this Agreement by giving written notice to the other Parties. |

---

**5.** **Maintaining Status Quo** Other
 than as contemplated in this Agreement, or as disclosed fully and fairly in writing to Vega before the Execution Date, or with the
 prior written approval of Vega (such approval not to be unreasonably withheld or delayed), until the earlier of Settlement, the End
 Date or termination of this Agreement, Isidore must not (and the Shareholder must procure that Isidore does not):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) undertake
 or allow any material business change;

(b) enter
 into any material contract or incur any material liability other than in the ordinary course of business;

(c) dispose
 of the whole, or a substantial part, of its business or assets;

(d) vary
 or reduce its capital structure;

(e) issue,
 or agree to issue, any equity or debt securities, or grant or agree to grant any rights over existing issued capital, or rights to
 be issued securities;

(f) alter
 or agree to alter its constitution or constituent documents;

(g) declare
 any dividends or distribute any assets;

(h) cause
 to occur, by act or omission, an event or series of events, whether related or not, which may have a material adverse effect on the
 business, assets or financial condition of Isidore or on the transactions contemplated by this Agreement; and

(i) create
 or permit the creation of any encumbrance over the assets of Isidore or its subsidiaries, other than in the ordinary course of business.

**6.** **Exclusivity** During
 the period from the Execution Date until the earlier of Settlement, the End Date or termination of this Agreement, each of Isidore
 and the Shareholder agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) they
 will not participate in any negotiations or discussions with, or provide any information to, or accept or enter into any agreement,
 arrangement or understanding with, any third parties in respect of a transaction that may materially reduce the likelihood of success
 of the transactions contemplated by this Agreement and will also cease any existing discussions or negotiations regarding such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) they
 will not engage with any other third party other than advisors, accountants or lawyers in connection with the sale of all or any Isidore
 Shares, or any of Isidore's business, assets or undertaking other than in the ordinary course of business; and

(c) they
 will not provide any third party with any information regarding Isidore or its business, assets or undertakings, other than in the
 ordinary course of its ordinary business.

**7.** **Confidentiality** Each
 Party is to keep confidential the terms of this Agreement and any other information obtained from another during the negotiations
 preceding the Execution Date or in the course of furthering the transactions contemplated by this Agreement whether in the course
 of conducting due diligence or otherwise (**Confidential Information**), and is not to disclose it to any person except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 officers, employees, shareholders, legal advisers, auditors and other consultants requiring the information for the purposes of this
 Agreement;

(b) with
 the consent of the Party or Parties which own the Confidential Information;

(c) if
 the information is, at the date of this Agreement, lawfully in the possession of the recipient of the information through sources other
 than any of the other Parties;

(d) if
 required by law or a stock exchange;

(e) if
 strictly and necessarily required in connection with legal proceedings relating to this Agreement;

(f) if
 the information is generally and publicly available other than as a result of a breach of confidence; or

(g) to
 a financier or prospective financier (or its advisers) of a Party.

---

| |
|:---|
| Vega must not use any Confidential Information provided to it by or on behalf of Isidore in connection with any due diligence of Isidore to the competitive disadvantage or detriment of Isidore. |
| A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this clause. |
| The obligations under this clause contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Agreement, regardless of any termination of this Agreement. |
| For the avoidance of doubt, the Parties acknowledge and agree that Vega or its affiliate, subject to and conditional upon receiving conditional approval to list on the NASDAQ or NYSE, listed on NASDAQ or NYSE and is subject to continuous disclosure obligations applicable to that exchange. Accordingly, details of this Agreement, Isidore, the Shareholder and the assets and undertaking of Isidore (potentially among other information) will need to be disclosed in announcements to NASDAQ or NYSE. |

---

---

| | | |
|:---|:---|:---|
| **8.** | **Further Acts** | Each Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably satisfactory to that Party) required by law or reasonably required by the other Party to give effect to this Agreement. |
| **9.** | **Governing Law** | This Agreement is governed by and construed in accordance with the laws of Western Australia. Each Party irrevocably submits to the non-exclusive jurisdiction of the courts of Western Australia, and the courts competent to determine appeals from those courts with respect to any proceedings which may be brought at any time relating to this Agreement. |
| **10.** | **Dispute resolution** | The Parties must endeavour to settle any dispute in connection with this Agreement by mediation. The mediation is to be conducted by a mediator who is independent of the Parties and appointed by agreement between the Parties or, failing agreement, within seven days of receiving any Party's notice of dispute, by a person appointed by the Chair of Resolution Institute or the Chair's designated representative. The Resolution Institute Mediation Rules apply to the mediation. It is a condition precedent to the right of either party to commence arbitration or litigation, other than for interlocutory relief, that they have first offered to submit the dispute to mediation. |
| **11.** | **Assignment** | No Party may assign, novate or otherwise transfer any of its rights or obligations under this Agreement without the written consent of the other Party. |
| **12.** | **Costs** | Each Party shall bear their own legal costs of and incidental to the preparation, negotiation and execution of this Agreement. |
|  |  | Vega will pay any stamp duty assessed on or in respect of this Agreement. |

---

**13.** **Tax** (a) In
 the event a supply made by one Party to another under this Agreement is subject to a value added or similar tax, the price stated in
 this Agreement is exclusive of such tax and the recipient of such a supply must pay to the other Party an amount equal to the amount
 of any such tax in addition to any amount stated in this Agreement and at the same time.

(b) Any
 payment of such tax is subject to the other Party providing any invoice or similar documentation required by law with respect to such
 tax.

(c) No
 Party makes any representation to the other with regard to the intended tax consequences of the Acquisition.

---

| | | |
|:---|:---|:---|
| **14.** | **Remedies** | The rights, power and remedies provided in this Agreement are cumulative with and not exclusive to the rights, power or remedies provided by law independently of this Agreement. |
| **15.** | **Variation** | No modification or alteration of the terms of this Agreement shall be binding unless made in writing dated subsequent to the date of this Agreement and duly executed by all Parties. |
| **16.** | **Notices** | Each notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed prepaid mail in each case addressed to the Party at its address set out in below: |
|  |  | In the case of Vega: |

---

---

| | |
|:---|:---|
| Address: | 283 Rokeby Road Subiaco WA 6008 |
| Email: | <u>info@vegalglobal.ai</u> |
| Attention: | Jay Stephenson |
| In the case of Isidore and the Shareholder: | In the case of Isidore and the Shareholder: |
| Address: | Adelaide Street, Brisbane |
|  | Queensland, Australia |
| Email: | rsutton@Mirragin.com.au |
| Attention: | Rob Sutton |

---

**17.** **Severability** If
 any term or provision of this Agreement is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will not
 affect any other term or provision of this Agreement.

**18.** **Waiver** Without
 limiting any other provision of this Agreement, the Parties agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) failure
 to exercise or enforce, or a delay in exercising or enforcing, or the partial exercise or enforcement of, a right, power or remedy
 provided by law or under this Agreement by a Party does not preclude, or operate as a waiver of, the exercise or enforcement, or further
 exercise or enforcement, of that or any other right, power or remedy provided by law or under this Agreement;

(b) a
 waiver given by a party under this Agreement is only effective and binding on that Party if it is given or confirmed in writing by
 that Party; and

(c) no
 waiver of a breach of a term of this Agreement operates as a waiver of another breach of that term or of a breach of any other term
 of this Agreement.

**19.** **Counterparts** This
 Agreement may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures my
 means of electronic communication are taken to be valid and binding to the same extent as original signatures.

**20.** **Interpretation** In
 this Agreement:

---

| | |
|:---|:---|
| (a) | headings are for convenience only and do not affect its interpretation; |
| (b) | specifying anything after the words "include" or "for example" or similar expressions does not limit what else is included; |
| and unless the context otherwise requires: | and unless the context otherwise requires: |
| (c) | an obligation or liability assumed by, or a right conferred on, two or more Parties binds or benefits all of them severally only; |
| (d) | the expression **person** includes an individual, the estate of an individual, a corporation, an authority, an association or joint venture (whether incorporated or unincorporated), a partnership and a trust; |
| (e) | a reference to any party includes that party's executors, administrators, successors and permitted assigns, including any person taking by way of novation; |
| (f) | a reference to a body, other than a party to this Agreement whether statutory or not: |

---

---

| | | |
|:---|:---|:---|
|  | (i) | which ceases to exist; or |
|  | (ii) | whose powers or functions are transferred to another body, |
|  | is a reference to the body which replaces it or substantially succeed its powers or functions; | is a reference to the body which replaces it or substantially succeed its powers or functions; |
| (g) | a reference to any document (including this Agreement) is to that document as varied, novated, ratified or replaced from time to time; | a reference to any document (including this Agreement) is to that document as varied, novated, ratified or replaced from time to time; |
| (h) | a reference to any statute or to any statutory provision includes any statutory modification or re-enactment of it or any statutory provision substituted for it, and all ordinances, by-laws, regulations, rules and statutory instruments (however described) issued under it; | a reference to any statute or to any statutory provision includes any statutory modification or re-enactment of it or any statutory provision substituted for it, and all ordinances, by-laws, regulations, rules and statutory instruments (however described) issued under it; |
| (i) | words importing the singular include the plural (and vice versa) and words indicating a gender include every other gender; | words importing the singular include the plural (and vice versa) and words indicating a gender include every other gender; |
| (j) | reference to parties, clauses, schedules, exhibits or annexure are references to parties, clauses, schedules, exhibits and annexure to or of this Agreement and a reference to this Agreement includes any schedule, exhibit or annexure to this Agreement; | reference to parties, clauses, schedules, exhibits or annexure are references to parties, clauses, schedules, exhibits and annexure to or of this Agreement and a reference to this Agreement includes any schedule, exhibit or annexure to this Agreement; |
| (k) | where a word or phrase is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding meaning; | where a word or phrase is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding meaning; |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a
 reference to time is to Western Standard Time as observed in Perth, Western Australia;

(m) if
 a period of time is specified and dates from a given day or the day of an event, it is to
 be calculated exclusive of that day;

(n) a
 reference to a day is to be interpreted as the period of time commencing at midnight and
 ending 24 hours later;

(o) if
 an act prescribed under this Agreement to be done by a party on or by a given day is done
 after 5.00pm on that day, it is taken to be done on the next day;

(p) a
 reference to a payment is to a payment by electronic funds transfer or such other form of
 cleared funds the recipient otherwise allows in the relevant lawful currency specified;

(q) a
 reference to a party using or an obligation on a party to use reasonable endeavours or its
 best endeavours does not oblige that party to:

---

| | | |
|:---|:---|:---|
| (i) | pay money: | pay money: |
|  | (A) | in the form of an inducement or consideration to a third party to procure something (other than the payment of immaterial expenses or costs, including costs of advisers, to procure the relevant thing); or |
|  | (B) | in circumstances that are commercially onerous or unreasonable in the context of this Agreement; |
| (ii) | provide other valuable consideration to or for the benefit of any person; or | provide other valuable consideration to or for the benefit of any person; or |
| (iii) | agree to commercially onerous or unreasonable conditions. | agree to commercially onerous or unreasonable conditions. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 As
 used herein, the term "nominee" includes any potential acquiror of Vega.

If the terms and conditions set out above are acceptable, please execute this Agreement in the appropriate place below.

Dated this <u>6<sup>th</sup></u> day of <u>September</u> 2025

**EXECUTED** by **VEGA GLOBAL TECHNOLOGIES PTY LTD**

**SCN 667 154 261**

In accordance with section 127 of the Corporations Act 2001 (Cth)

---

| |
|:---|
| /s/ Jay Stephenson |
| Jay Stephenson |
| Name of Director |
| /s/ Natraj Balasubramanian |
| Natraj Balasubramanian |
| Name of Director |

---

**AGREED AND ACCEPTED** by **BRAIIN LIMITED**

**SCN 660 713 093**

In accordance with section 127 of the Corporations Act 2001 (Cth)

---

| |
|:---|
| /s/ Natraj Balasubramanian |
| Natraj Balasubramanian |
| Name of Chief Executive Officer |
| /s/ Jay Stephenson |
| Jay Stephenson |
| Name of Director |

---

**EXECUTED by Mirragin Project Isidore Pty Ltd**

**ACN 663 281 034**

in accordance with section 127 of the

*Corporations Act 2001* (Cth):

---

| |
|:---|
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| Rob Sutton |
| Name of sole director and company secretary |

---

**EXECUTED by Isidore Project Pty Ltd**

(ACN) of 676 197 881

in accordance with section 127 of the

*Corporations Act 2001* (Cth):

---

| |
|:---|
| /s/ Rob Sutton |
| Signature of sole director and company secretary |
| **Rob Sutton** |
| Name of sole director and company secretary |

---

## Exhibit 2.20

**Exhibit 2.20**

**VEGA GLOBAL TECHNOLOGIES PTY LTD**

**ACN 667 154 261**

**(PURCHASER)**

**AND**

**NI FAMILY INVESTMENTS PTY LTD (ACN 646 684 237)**

**AS TRUSTEE FOR THE NI FAMILY TRUST**

**(VENDOR)**

**AND**

**NISUS AUSTRALIA PTY LTD (ACN 622 344 218)**

**(OPERATING BUSINESS)**

**AND**

**NISUS PAYROLL PTY LTD (ACN 627 265 909)**

**(SERVICES COMPANY)**

**AND**

**XIAOLONG NI**

**(WARRANTOR)**

**AND**

**BRAIIN LIMITED**

**ACN 660 713 093**

**(BRAIIN)**

**AMENDED AND RESTATED SHARE SALE AGREEMENT**

**T AB LE O F C O N TE NT S**

**1.** **DEFINITIONS AND INTERPRETATION** **5** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Definitions 5

1.2 Interpretation 13

1.3 Materiality 15

**2.** **CONDITIONS PRECEDENT** **16** 

2.1 Conditions 16

2.2 Benefit
 of the Conditions 16

2.3 Best
 efforts 17

2.4 Notice 17

2.5 Termination
 before Settlement 17

2.6 Agreement
 of no effect 17

**3.** **TRANSACTION** **17** 

3.1 Agreement
 to buy and sell Vendor Shares 17

3.2 Associated
 Rights 17

3.3 Waiver
 of pre-emption 17

3.4 Title
 and Risk 17

**4.** **CONSIDERATION** **17** 

4.1 Consideration 17

4.2 Payment
 of consideration 18

4.3 Payments
 in Cleared Funds 18

4.4 Escrow 18

**5.** **CONDUCT BEFORE SETTLEMENT** **18** 

5.1 Conduct
 of Company Group's Business 18

5.2 Agreed
 Dividend 19

5.3 Permitted
 Acts 19

5.4 Access 20

5.5 Loan
 Accounts 20

**6.** **SETTLEMENT** **21** 

6.1 Time
 and Location of Settlement 21

6.2 The
 Vendor's obligations at Settlement 21

6.3 The
 Purchaser's obligations at Settlement 22

6.4 Braiin's
 obligations at Settlement 22

6.5 Conditions
 of Settlement 22

6.6 Settlement
 simultaneous 22

**7.** **REPRESENTATIONS AND WARRANTIES BY THE VENDOR** **23** 

7.1 Representations
 and Warranties 23

7.2 Independent
 Warranties 23

7.3 Reliance 23

7.4 Indemnity
 by Vendor 23

7.5 Tax
 indemnity 23

7.6 Notification
 of Warranty Breaches 25

7.7 Undertaking
 not to make Claims 25

**8.** **QUALIFICATIONS AND LIMITATIONS ON CLAIMS** **25** 

8.1 Disclosure 25

8.2 Meaning
 of Vendor's and Warrantors Knowledge 25

8.3 Maximum
 liability 25

8.4 Qualifications
 to the Vendor Warranties 26

8.5 Limitation
 Periods 26

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 Consequential
 Loss 26

8.7 No
 representation or implied warranty 26

8.8 Other
 limits on Claims 27

8.9 Notice
 of potential Claim 28

8.10 Conduct
 of Third Party Claims 28

8.11 Reimbursement
 if subsequent recovery from third parties 29

8.12 Mitigation
 of losses 30

8.13 Purchaser
 acknowledgements 30

8.14 No
 double recovery 31

8.15 Independent
 limitations 31

8.16 Reduction
 of Consideration 31

8.17 Tax
 effect of Claims 31

8.18 Purchaser
 benefits 31

8.19 Remedies 31

**9.** **WARRANTIES BY THE PURCHASER** **32** 

9.1 Purchaser
 Warranties 32

9.2 Independent
 Warranties 32

9.3 Reliance 32

**10.** **PARTY AS TRUSTEE** **32** 

10.1 Capacity 32

10.2 Trustee's
 warranties 32

**11.** **CONDUCT AFTER SETTLEMENT** **33** 

11.1 Appointment
 of proxy 33

11.2 Records 33

**12.** **CONFIDENTIALITY** **34** 

12.1 Terms
 to remain confidential 34

12.2 Disclosure
 of Information 34

12.3 Public
 announcements 34

12.4 Obligations
 continuing 34

**13.** **RESTRICTIONS AGAINST COMPETITION** **34** 

13.1 Non
 compete covenant 34

13.2 No
 solicitation of customers 35

13.3 No
 acceptance of business 35

13.4 No
 solicitation of employees or agents 35

13.5 Restraints
 reasonable 35

13.6 Severability 35

13.7 Interpretation 36

13.8 Application
 of Restraint of Trade 36

13.9 Excluded
 activities 36

**14.** **NOTICES AND OTHER COMMUNICATIONS** **37** 

14.1 Service
 of notices 37

14.2 Address
 of Parties 37

14.3 Electronic
 Communications 37

14.4 Effective
 on receipt 37

**15.** **DISPUTE RESOLUTION** **38** 

15.1 Notice
 of Dispute 38

15.2 Failure
 to resolve dispute 38

15.3 Appointment
 of mediator 38

15.4 Referral
 to Court 38

15.5 Injunctive
 declaratory or other interlocutory relief 38

**16.** **GST LIABILITY** **38** 

**17.** **GST** **39** 

17.1 Recovery
 of GST

17.2 Liability
 net of GST 39

17.3 Adjustment
 events 39

17.4 Survival 39

17.5 Definitions 39

**18.** **GENERAL** **39** 

18.1 Further
 Acts 39

18.2 Costs 40

18.3 Amendment 40

18.4 Assignment 40

18.5 Severability 40

18.6 Consents 40

18.7 Waivers 40

18.8 No
 merger 40

18.9 Enurement 41

18.10 Indemnities 41

18.11 Entire
 Agreement 41

18.12 No
 Representation or Reliance 41

18.13 Counterparts 41

**19.** **GOVERNING LAW AND JURISDICTION** **42** 

19.1 Jurisdiction 42

19.2 Governing
 Law 42

---

| | |
|:---|:---|
| **SCHEDULE 1 – VENDOR WARRANTIES** | **45** |
| **SCHEDULE 2 – PURCHASER WARRANTIES** | **61** |
| **SCHEDULE 3 – COMPANY ACCOUNTS** | **62** |
| **SCHEDULE 4 – COMPANY INSURANCES** | **78** |
| **SCHEDULE 5 – COMPANY GROUP ASSETS** | **79** |
| **ANNEXURE A – DATA ROOM INDEX** | **80** |

---

**THIS AGREEMENT** is made the 5th day of September, 2025

**BE TWE EN**

**Vega Global Technologies Pty Ltd** (ACN 667 154 261) of 283 Rokeby Road Subiaco WA 6008 (**Purchaser**);

AND

**Ni Family Investments Pty Ltd** (ACN 646 684 237) as trustee for the **Ni Family Trust** of Level 1, 29 Jardine Street, Kingston ACT 2604 (**Vendor**);

AND

**Nisus Australia Pty Ltd** (ACN 622 344 218) of Level 1, 29 Jardine Street, Kingston ACT 2604 (**Operating Business**)

AND

**Nisus Payroll Pty Ltd** (ACN 627 265 909) of Level 1, 29 Jardine Street, Kingston ACT 2604 (**Services Company**)

(together, the **Companies**);

AND

**Xiaolong Ni** of Level 1, 29 Jardine Street, Kingston ACT 2604 (**Warrantor**);

AND

**Braiin Limited** (ACN 660 713 093) of 283 Rokeby Road, Subiaco WA 6008 (**Braiin**).

**R E C I TA LS**

**A.** The
 Companies, Purchaser and Braiin entered into that Share Sale Agreement dated June 10, 2025 (the "Original Agreement"),
 and the Companies, Purchaser and Braiin agree to amend and restate the Original Agreement in its entirety, as set forth below.

**B.** The
 Vendor is the legal and beneficial owners of 100% of the issued shares in the capital of the Companies.

**C.** The
 Vendor has agreed to sell and the Purchaser has agreed to purchase the Vendor Shares pursuant to the terms of this Agreement.

**D.** Following
 Settlement, the Companies will become a wholly owned subsidiary of the Purchaser and the Purchaser will become a wholly owned subsidiary
 of Braiin.

**IT IS AGREED** as follows:

**1.** **DEFINITIONS AND INTERPRETATION** 

**1.1** **Definitions** 

In this Agreement:

**Accounting Standards** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 accounting standards made by the AICPA, relating to the preparation and content of financial statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) generally
 accepted accounting principles that are consistently applied for companies similar to the Companies, except those inconsistent with
 the standards or requirements referred to in paragraph (a).

**Accounts** means in respect of each Company Group Member, the audited balance sheet of that member as at the Accounts Date and the audited profit and loss account of that member for the year ending on the Accounts Date, true copies of which are set out in Schedule 3.

**Accounts Date** means 30 June 2023.

**Affiliates** means (in relation to a Party):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 Related Body Corporate of the Party;

(b) an
 associate of the Party (within the meaning of section 15 of the Corporations Act); and

(c) any
 entity (such as a natural person, body corporate, partnership or trust) which the Party Controls, or which is Controlled by the party.

**Agreed Dividend** has the meaning given to it in clause 5.2.

**Agreement** means the agreement constituted by this Agreement and includes the recitals.

**AICPA** means The American Institute of Certified Public Accountants.

**Authorisation** means any permit, approval, authorisation, consent, exemption, filing, licence, notarisation, registration, password or waiver however described and any renewal or variation to any of them.

**Business** means the business carried out by the Company Group as at the Execution Date, being a dynamic and customer-centric company specialising in ICT consulting and personnel services.

**Business Day** means a day that is not a Saturday, Sunday or public holiday in Perth, Western Australia.

**Cash Consideration** means AUD$3,000,000**.**

**Claim** means in relation to any person, a claim, action or proceeding, judgment, damage, loss, cost, expense or liability incurred by or to or made or recovered by or against the person, however arising and whether present, unascertained, immediate, future or contingent.

**Claim Notice** has the meaning given to that term in clause 8.9.

**Company Group** means the Companies.

**Company Group Member** means an entity within the Company Group.

**Conditions** means the conditions precedent set out in clause 2.1.

**Confidential Information** means any trade secrets, lists of information pertaining to clients of the Company Group and or suppliers, specifications, drawings, inventions, ideas, records, reports, software, patents, designs, copyright material, secret processes or other information, whether in writing or otherwise, relating to the Company Group.

**Consequential Loss** means any loss or damage which would not be fairly and reasonably considered as arising naturally (that is, according to the usual course of things) from the breach including loss of profits, loss of business opportunity and economic loss.

**Consideration** has the meaning given in clause 4.1.

**Consideration Shares** means fully paid ordinary shares in Braiin which will have a value equal to US$3,160,000 at the time of the exchange for the Exchange Shares.

**Control** of an entity includes the power to directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine
 the financial or operating policies of the entity;

(b) control
 the membership of the board or other governing body of the entity; and

(c) control
 the casting of more than one half of the maximum number of votes that may be cast at a general meeting of the entity,

regardless of whether the power is in writing or not, expressed or implied, formal or informal or arises by means of trusts, agreements, arrangements, understandings, practices or otherwise.

**Corporations Act** means the *Corporations Act 2001* (Cth).

**Dangerous Substance** means any natural or artificial substance (whether in solid or liquid form or in the form of a gas or vapour and whether alone or in combination with any other substance) capable of causing harm to humans or any other living organism supported by the environment, or capable of damaging the environment or public health or welfare, including any controlled, special, hazardous, toxic or dangerous waste.

**Data Room** means the on-line data room operated by the Company Group at <u>https://nisusmail- my.sharepoint.com/:f:/g/personal/sean_ni_nisus_com_au/Ei089h2QtctJntcIJZ8ilE QBAC0bcq3KGmgIZC9ZZbmGAQ?e=RTq</u>eKQ, which relates to the Business and t he Company Group established by the Vendor as at 5pm on the Business Day prior to the Execution Date, an index of which is set out in Annexure A.

**Due Diligence Materials** means all information and documents provided to the Purchaser or its Representatives in the period ending at 5pm on the Business Day prior to the Execution Date, including information contained in the Data Room (including the responses to questions and requests for further information submitted via the Data Room).

**Duty** means any stamp, transaction or registration duty or similar charge imposed by any Governmental Authority and includes any interest, fine, penalty, charge or other amount imposed in respect of any of them, but excludes any Tax.

**Encumbrance** means any encumbrance, mortgage, pledge, charge, lien, assignment, hypothecation, security interest, title retention, preferential right or trust arrangement and any other security or agreement of any kind given or created and including any possessory lien in the ordinary course of business whether arising by operation of law or by contract.

**End Date** means 5.00pm (AWST) on the later or (i) the date the securities are listed on NASDAQ or NYSE and (ii) 30 October 2025.

**Event of Insolvency** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 receiver, manager, receiver and manager, trustee, administrator, controller or similar officer is appointed in respect of a person
 or any asset of a person;

(b) a
 liquidator or provisional liquidator is appointed in respect of the corporation;

(c) any
 application (not being an application withdrawn or dismissed within 14 days) is made to a court for an order, or an order is made,
 or a meeting is convened, or a resolution is passed, for the purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) appointing
 a person referred to in paragraphs (a) or (b);

(ii) winding
 up a corporation;

(iii) proposing
 or implementing a scheme of arrangement; or

(iv) any
 event or conduct occurs which would enable a court to grant a petition, or an order is made, for the bankruptcy of an individual
 or his estate under any Insolvency Provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 moratorium of any debts of a person, or an official assignment, or a composition, or an arrangement (formal or informal) with a person's
 creditors, or any similar proceeding or arrangement by which the assets of a person are subjected conditionally or unconditionally
 to the control of that person's creditors or a trustee, is ordered, declared, or agreed to, or is applied for and the application
 is not withdrawn or dismissed within 14 days;

(e) a
 person becomes, or admits in writing that it is, is declared to be, or is deemed under any applicable law to be, insolvent or unable
 to pay its debts; or

(f) any
 writ of execution, garnishee order, mareva injunction or similar order, attachment, distress or other process is made, levied or
 issued against or in relation to any asset of a person.

**Execution Date** means the date of this Agreement.

**Fairly Disclosed** has the meaning set out in clause 8.1.

**Financial Debt** means borrowings or other indebtedness of the Company Group under any bank facility, overdraft, bond, note or debenture.

**Governmental Authority** means a government or government department, a governmental or semi-governmental or judicial person (whether autonomous or not) charged with the administration of any applicable law.

**GST** has the meaning given to it in the GST Act.

**GST Act** means *A New Tax System (Goods and Services Tax) Act 1999 (Cth)*and any regulations thereto or such other act or regulations of equivalent effect.

**Head Company** has the same meaning as that term is defined in section 995-1 of the ITAA 97.

**Immediately Available Funds** means cash or telegraphic or other electronic means of transfer of immediately cleared funds into a bank account nominated in advance by the payee.

**Independent Expert** means an independent accountant as agreed to in writing by the Vendor and the Purchaser or, failing agreement within 5 Business Days of a Party requesting such appointment, the person nominated by the Resolution Institute at the request of the Vendor or the Purchaser.

**Insolvency Provision** means any law relating to insolvency, sequestration, liquidation or bankruptcy (including any law relating to the avoidance of conveyances in fraud of creditors or of preferences, and any law under which a liquidator or trustee in bankruptcy may satisfy or avoid transactions), and any provision of any agreement, arrangement or scheme, formal or informal, relating to the administration of any of the assets of any person.

**Intellectual Property Licence** means all agreements under which any Company Group Member obtains from any person the exclusive or non-exclusive right to use, but not the ownership of, any of the Intellectual Property Rights referred to in paragraphs (a) to (d) inclusive of the definition of that term.

**Intellectual Property Rights** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 business names or trademarks owned or used at Execution Date by the Company Group;

(b) the
 Confidential Information owned or used at any time by the Company Group;

(c) the
 patents, patent applications, registered designs, unregistered designs, copyright and all other similar rights owned or used at any
 time by the Company Group; and

(d) the
 Intellectual Property Licences.

**Invoice** means a tax invoice as defined in and for the purposes of the GST Act or any document allowing the Recipient to claim an input tax credit under the GST Act.

**ITAA 36** means the *Income Tax Assessment Act 1936* (Cth).

**ITAA 97** means the *Income Tax Assessment Act 1997* (Cth).

**Liabilities** includes all liabilities (whether actual, contingent or prospective), Losses, damages, costs and expenses of whatever description.

**Loss** means losses, liabilities, damages, costs, charges and expenses and includes Taxes, Duties and Tax Costs.

**Material Adverse Effect** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when
 used in a Warranty in relation to a Company Group Member a material adverse effect on the financial position of the Company Group
 Member when compared to what the financial position would be if the Warranty were true which is material according to the principles
 set out in clause 1.3; and

(b) when
 used in all other cases in relation to a Company Group Member a material adverse effect on the financial position of the Company
 Group Member which is material according to the principles set out in clause 1.3,

but does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 matter, event or circumstance arising from changes in economic, business or public health conditions which impact on the Companies
 and their competitors in a similar manner;

(d) any
 matter, event or circumstance Fairly Disclosed in the Due Diligence Materials;

(e) any
 change in taxation rates or laws, or applicable law, which impact on the Companies and their competitors in a similar manner;

(f) any
 change occurring as a result of any act of god, pandemic, landslide, earthquake, fire, flood, or any other effect of the elements;

(g) any
 change in accounting policy required by law; or

(h) any
 change occurring directly or indirectly as a result of any matter, event or circumstance required by this Agreement or the transactions
 contemplated by it.

**NASDAQ** means the Nasdaq stock exchange, operated in America.

**NYSE** means the New York Stock Exchange, operated in America.

**Officer**, in relation to a corporation, has the meaning given in Section 9 of the Corporations Act.

**Party** means a party to this Agreement and **Parties** means the parties to this Agreement.

**Permitted Encumbrance** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 charge or lien that arises by operation of statute or other law, in the course of ordinary business, where the amount secured is
 not overdue or is being diligently contested in good faith and appropriately provisioned;

(b) any
 mechanic's workmen's or other like lien arising in the ordinary course of business, where the amount secured is not overdue
 or is being diligently contested in good faith and appropriately provisioned;

(c) any
 retention of title arrangement undertaken in the ordinary course of day to day trading on arm's length terms, as long as the
 obligation it secures is discharged when due or is being diligently contested in good faith and appropriately provisioned; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an
 Encumbrance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) existing
 on the Execution Date that has been approved by the Purchaser; or

(ii) that
 arises after the Execution Date and that the Purchaser approves before it arises,

where the maximum aggregate amount secured from time to time does not increase, and the time for payment of that amount is not extended beyond the amount and time approved by the Purchaser.

**Prescribed Occurrence** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 entity within the Company Group converting all or any of its shares into a larger or smaller number of shares;

(b) any
 entity within the Company Group resolving to reduce its share capital in any way;

(c) any
 entity within the Company Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) entering
 into a buy back agreement; or

(ii) resolving
 to approve the terms of a buy back agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 entity within the Company Group making an allotment of, or granting an option to subscribe for, any of its shares or agreeing to
 make such an allotment or grant such an option;

(e) any
 entity within the Company Group issuing, or agreeing to issue, convertible notes;

(f) any
 entity within the Company Group disposing, or agreeing to dispose, of the whole, or a substantial part, of its business or property;

(g) any
 entity within the Company Group charging, agreeing to charge, the whole, or a substantial part, of its business or property;

(h) any
 entity within the Company Group resolving that it be wound up;

(i) the
 appointment of a provisional liquidator of any entity within the Company Group;

(j) the
 making of an order by a court for the winding up of any entity within the Company Group;

(k) an
 administrator of any entity within the Company Group being appointed;

(l) any
 entity within the Company Group executing a deed of company arrangement; or

(m) the
 appointment of a receiver, or a receiver and manager, in relation to the whole, or a substantial part, of the property of the Company
 Group.

**Purchaser Group** means the Purchaser, together with each Related Body Corporate of the Purchaser.

**Purchaser Group Member** means each entity within the Purchaser Group.

**Purchaser Warranties** means the representations and warranties of the Purchaser set out in Schedule 2 and **Purchaser Warranty** means any one of them.

**Records** means all original and copy records, documents, books, files, reports, accounts, plans, correspondence, letters and papers of every description and other material regardless of their form or medium and whether coming into existence before, on or after the Execution Date, owned by the Company Group including certificates of registration, minute books, statutory books and registers, books of account, tax returns, title deeds and other documents of title, customer lists, price lists, computer programs and software, and trading and financial records.

**Related Party** has the meaning given in section 228 of the Corporations Act.

**Related Body Corporate** has the meaning given in section 9 of the Corporations Act.

**Representative** means, in relation to a Party, that Party's directors, officers, employees, agents or advisers (including without limitation lawyers, accountants, consultants, bankers, financial advisers and any representatives of those advisers).

**Resolution Institute** means the Resolution Institute ACN 008 651 232 and any successor organisation.

**Revenue** means the revenue of the Company Group determined in accordance with Accounting Standards.

**Revenue Authority** means any Federal, State, Territory or local government authority or instrumentality in respect of Tax.

**Settlement** means the settlement on the Settlement Date of the sale and purchase of the Vendor Shares in accordance with the terms of this Agreement.

**Settlement Date** means that date which is 1 Business Day after the satisfaction or waiver of the last of the Conditions (or such other date as is agreed between the Parties).

**Statutes** means all legislation of any country, state or territory enforced at any time, and any rule, regulation, ordinance, by law, statutory instrument, order or notice at any time made under that legislation.

**Tax** means any tax, levy, charge, impost, duty, fee, deduction, compulsory loan, withholding, stamp, transaction, registration, duty or similar charge which is assessed, levied, imposed or collected by any government agency and includes, but is not limited to, any interest, fine, penalty, charge, fee or any other accounting imposed on, or in respect of any of the above but excludes Duty.

**Taxable Supply** has the meaning given to it in the GST Act.

**Tax Claim** means a Claim by the Purchaser for the breach of a Tax Warranty or under the Tax Indemnity.

**Tax Cost** means all costs and expenses incurred in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) managing
 an inquiry; or

(b) conducting
 any objection, action, defence, or proceeding with the purpose of causing a withdrawal, reduction, postponement, avoidance or compromise
 of a demand or assessment relating to Tax issued by a Governmental Authority under a Tax Law,

in relation to Tax or Duty, but does not include the Tax or Duty.

**Tax Indemnity** means the indemnity given by the Vendor to the Purchaser under clause 7.5.

**Tax Law** means any law relating to either Tax or Duty as the context requires.

**Tax Relief** means any refund, credit, offset, relief, allowance, deduction, rebate, recoupment, compensation, Tax loss, right to repayment or other benefit or saving in relation to Tax and includes any amount otherwise payable which reduces, offsets, discharges or satisfies a Liability for Tax.

**Tax Return** means any return relating to Tax including any document which must be lodged with a Governmental Authority administering a Tax or which a taxpayer must prepare and retain under a Tax Law (such as an activity statement, amended return, application, schedule or election and any attachment).

**Tax Warranties** mean the tax warranties set out in paragraph 16 of Schedule 1.

**Third Party** means a person that is not a Party or an Affiliate of a Party.

**Third Party Claim** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 Claim made by a Third Party against a Company Group Member, the Purchaser or any Affiliate of the Purchaser that is reasonably likely
 to result in a Warranty Claim; or

(b) a
 Claim a Company Group Member, the Purchaser or an Affiliate of the Purchaser is entitled to make against a Third Party based on anything
 that is reasonably likely to result in a Warranty Claim.

**Transaction** means the sale and purchase of the Vendor Shares on the terms and conditions set out in this Agreement.

**Vendor Shares** means 100% of the shares in the capital of the Companies.

**Vendor Warranties** means the Warranties set out in Schedule 1 and **Vendor Warranty** means any one of them.

**Warranty Claim** means a Claim by the Purchaser against the Vendor arising as a result of a breach of a Vendor Warranty, a Claim under clause 7.4 and any Tax Claim.

**1.2** **Interpretation** 

In this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) headings
 are for convenience only and do not affect its interpretation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 provision of this Agreement will be construed adversely to a Party because that Party was responsible for the preparation of this
 Agreement or that provision;

(c) specifying
 anything after the words "include" or "for example" or similar expressions does not limit what else is included;

and, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an
 obligation or liability assumed by, or a right conferred on, two or more Parties binds or benefits all of them jointly and each of
 them severally;

(e) the
 expression **person** includes an individual, the estate of an individual, a corporation, an authority, an association or joint
 venture (whether incorporated or unincorporated), a partnership and a trust;

(f) a
 reference to any Party includes that Party's executors, administrators, successors and permitted assigns, including any person
 taking by way of novation;

(g) a
 reference to a body, other than a Party to this Agreement whether statutory or not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) which
 ceases to exist; or

(ii) whose
 powers or functions are transferred to another body,

is a reference to the body which replaces it or substantially succeed its powers or functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a
 reference to any document (including this Agreement) is to that document as varied, novated, ratified or replaced from time to time;

(i) a
 reference to any statute or to any statutory provision includes any statutory modification or re-enactment of it or any statutory
 provision substituted for it, and all ordinances, by-laws, regulations, rules and statutory instruments (however described) issued
 under it;

(j) words
 importing the singular include the plural (and vice versa) and words indicating a gender include every other gender;

(k) references
 to parties, clauses, schedules, exhibits or annexures are references to Parties, clauses, schedules, exhibits and annexures to or
 of this Agreement and a reference to this Agreement includes any schedule, exhibit or annexure to this Agreement;

(l) where
 a word or phrase is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding
 meaning;

(m) a
 reference to time is to time as observed in Perth, Western Australia;

(n) if
 a period of time is specified and dates from a given day or the day of an event, it is to be calculated exclusive of that day;

(o) a
 reference to a day is to be interpreted as the period of time commencing at midnight and ending 24 hours later;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) if
 an act prescribed under this Agreement to be done by a Party on or by a given day is done after 5.00pm on that day, it is taken to
 be done on the next day;

(q) where
 an action is required to be undertaken on a day that is not a Business Day it shall be undertaken on the next Business Day;

(r) a
 reference to a payment is to a payment by bank cheque or such other form of cleared funds the recipient otherwise allows in the relevant
 lawful currency specified;

(s) a
 reference to **$** or **dollar** is to the lawful currency of the Commonwealth of Australia and a reference to USD$ is to the
 lawful currency of the United States of America; and

(t) a
 reference to a Party using or an obligation on a Party to use reasonable endeavours or its best endeavours does not oblige that Party
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pay
 money:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in
 the form of an inducement or consideration to a third party to procure something (other than the payment of immaterial expenses or
 costs, including costs of advisers, to procure the relevant thing); or

(B) in
 circumstances that are commercially onerous or unreasonable in the context of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provide
 other valuable consideration to or for the benefit of any person; or

(iii) agree
 to commercially onerous or unreasonable conditions.

**1.3** **Materiality** 

Unless the contrary intention appears, a matter will be regarded as "material" if alone or together with a series of similar or related matters, it will, or would be likely to, in any 12 month period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) involve
 a Claim by or against a Company Group Member exceeding US$350,000;

(b) have
 a financial impact on revenues or expenses of a Company Group Member exceeding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of any unusual or non-recurring event, US$350,000; and

(ii) in
 the case of any recurrent event, US$35,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) have
 a financial impact on the value of the assets or liabilities of the Company Group Member exceeding US$350,000; or

(d) impose
 an obligation or confer a benefit on a Company Group Member of an amount exceeding US$350,000,

where the "financial impact" is to be assessed in the case of a Warranty Claim, by reference to the position if the Warranty were true, and in all other cases, is to be assessed by reference to the position set out in the Accounts.

**2.** **CONDITIONS PRECEDENT** 

**2.1** **Conditions** 

Clauses 3 and 6 of this Agreement are subject to and do not become binding on the Parties unless and until each of the following Conditions are satisfied or waived in accordance with clause 2.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Purchaser has received written notification from the United States Securities and Exchange Commission that its Registration Statement
 has been approved, and is declared effective, on terms reasonably satisfactory to the Purchaser and Braiin Limited has received approval
 from its shareholders to consummate the listing transactions;

(b) completion
 of financial, legal and technical due diligence by the Purchaser on the Company Group, to the absolute satisfaction of the Purchaser;

(c) the
 Companies providing AICPA standard financial audit reports for each of the Companies for the financial years ended 30 June 2022,
 30 June 2023, 30 June 2024 and 31 December 2024 to the absolute satisfaction of the Purchaser;

(d) Braiin
 Limited having been preliminary approved by NASDAQ or NYSE for listing and trading following the consummation of the listing transaction;
 and

(e) the
 Parties obtaining all necessary corporate, shareholder approvals and regulatory approvals necessary to lawfully complete the Transaction.

**2.2** **Benefit of the Conditions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Conditions in clauses 2.1(a) – 2.1(d) are inserted in this Agreement for the benefit of the Purchaser and the Purchaser may,
 by notice in writing to the Vendor on or before the End Date, waive any of those Conditions.

(b) The
 Conditions in clauses 2.1(d) and 2.1(e) are inserted in this Agreement for the benefit of the Purchaser and the Vendor and these
 Parties may, by mutual written agreement, agree to waive any of those Conditions.

**2.3** **Best efforts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Party must provide all reasonable assistance to the others as is necessary to satisfy the Conditions, including by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) signing
 and delivering all documents and doing everything reasonably necessary or desirable to carry out its obligations under this clause
 2; and

(ii) keep
 the other party regularly informed of the status of any discussions or negotiations with relevant third parties about the Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing
 in this clause obliges a Party to waive a Condition or grant an extension of time for satisfaction of a Condition.

**2.4** **Notice** 

The Purchaser and the Vendor must promptly notify the other in writing if any of the Conditions are satisfied or cannot be satisfied, or any material development which has an impact on the likelihood of a Condition being satisfied by the End Date.

**2.5** **Termination before Settlement** 

If any of the Conditions have not been satisfied or waived in accordance with clause 2.2, prior to the End Date, then with effect from the End Date, the Purchaser or the Vendor may by giving not less than 5 Business Days' written notice to the other Parties, terminate this Agreement.

**2.6** **Agreement of no effect** 

If a Party gives notice terminating the Agreement under clause 2.5 this Agreement shall be deemed to be at an end and of no force or effect with none of the Parties being subject to any of the obligations contained in this Agreement and with no Party claiming any rights at law or equity against the other Parties, save for the performance of those covenants and agreements (if any) which should have been performed on or before the date of termination, and all damages for breach of the same.

**3.** **TRANSACTION** 

**3.1** **Agreement to buy and sell Vendor Shares** 

The Vendor, as legal owner of the Vendor Shares, agrees to sell free from Encumbrances and the Purchaser agrees to purchase the Vendor Shares for the Consideration and on the further terms and conditions set out in this Agreement.

**3.2** **Associated Rights** 

The Vendor must sell the Vendor Shares to the Purchaser together with all rights attached to them as at the Execution Date and that accrue between the Execution Date and Settlement, other than the Agreed Dividend.

**3.3** **Waiver of pre-emption** 

The Vendor waive all rights of pre-emption or other rights over any of the Vendor Shares conferred either by the constitutions of the Companies, by any shareholders agreement relating to shares or other securities in the Companies or in any other way.

**3.4** **Title and Risk** 

Title to and risk in the Vendor Shares passes to the Purchaser on Settlement.

**4.** **CONSIDERATION** 

**4.1** **Consideration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 consideration payable by to the Vendor is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Consideration Shares to be issued and allotted in accordance with clause 4.2; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Cash Consideration to be paid in accordance with clause4.2.

(the **Consideration**).

**4.2** **Payment of consideration** 

On the Settlement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Braiin
 will allot and issue the Consideration Shares to the Vendor and provide any documentation reasonably requested by the Vendor to evidence
 the Consideration Shares have been issued in accordance with the terms of this Agreement; and

(b) the
 Purchaser will pay the Cash Consideration to the Vendor.

**4.3** **Payments in Cleared Funds** 

All cash payments under this clause 4 must either be made by Immediately Available Funds or such other form of cleared funds as the Vendor and Purchaser agree.

**4.4** **Escrow** 

The Vendor agrees and acknowledge that, it will be required to enter into a restriction agreement to give effect to a mandatory escrow of the Exchange Shares for a period of twelve (12) months from the date of issue:

The Vendor agrees and acknowledges that they will enter into restriction agreements in respect of the Exchange Shares on this basis.

**5.** **CONDUCT BEFORE SETTLEMENT** 

**5.1** **Conduct of Company Group's Business** 

The Vendor and the Warrantor jointly and severally covenant with the Purchaser that during the period commencing on the Execution Date and expiring on the earlier of termination of this Agreement or the Settlement Date, each entity within the Company Group will not, except as contemplated by this Agreement, without the prior written consent of the Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) enter
 into any contract or commitment requiring it to pay more than US$350,000 or more than US$350,000 per annum other than in the ordinary
 course of business;

(b) acquire
 any asset or authorise any capital expenditure of value that exceeds US$350,000 other than in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) dispose
 of, agree to dispose of, assign, agree to assign, encumber or grant any option over any of its assets or any interest in any of them;

(d) grant
 any option to subscribe for any security in any entity within the Company Group or allot or issue or agree to allot or issue any
 security, share or loan capital or any security convertible into any share or loan capital in any entity within the Company Group;

(e) resolve
 to reduce its share capital in any way;

(f) enter
 into a buy-back agreement or resolve to approve the terms of a buy-back agreement;

(g) declare
 or pay any dividend or make any other distribution of its assets or profits, other than the Agreed Dividend;

(h) alter
 or agree to alter its constitution other than as provided for in this Agreement;

(i) resolve
 any new programs or budgets;

(j) cancel
 any existing insurance policy in the name of or for the benefit of a member of the Company Group unless a replacement policy (on
 terms no less favourable to the Company Group Member, if available in the market) has been put in place;

(k) repay
 any shareholder loans or advances except in accordance with this Agreement;

(l) vary,
 terminate or fail to renew any of its contracts, Authorisations or commitments, other than in the ordinary course of its business;
 or

(m) change
 any accounting method, practice or principle used by it.

**5.2** **Agreed Dividend** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Parties acknowledge and agree that, any profits of the Companies accrued prior to the Settlement Date do not form part of the sale
 to the Purchaser and, subject to applicable law, will be paid by way of a fully franked dividend to the Vendor in such manner, proportions
 and at times prior to Settlement, as is directed by the Vendor (**Agreed Dividend**).

(b) The
 Purchaser agrees that the Companies may frank any Agreed Dividend to the extent that such payment or payments do not create a franking
 account deficit in respect of the Companies.

**5.3** **Permitted Acts** 

Nothing in clause 5.1 restricts the Vendor or any Company Group Member from doing anything:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 is expressly permitted in this Agreement;

(b) to
 reasonably and prudently respond to an emergency or disaster (including a situation giving rise to a risk of personal injury or damage
 to property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that
 is necessary for a member of the Company Group to meet its legal or contractual obligations or the requirements of a Governmental
 Authority; or

(d) that
 is agreed to in writing between the Company and the Purchaser (such agreement not to be unreasonably withheld or delayed).

**5.4** **Access** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Vendor covenants in favour of the Purchaser that, during the period commencing on the Execution Date and expiring on the Settlement
 Date, it will allow the Purchaser to carry out a financial, commercial and legal due diligence on the Company Group and will provide
 the Purchaser upon reasonable notice with all relevant information in respect of the Company Group, in order for the Purchaser to
 complete this due diligence.

(b) The
 Purchaser may only exercise its right of access under clause 5.4(a) to the extent the access will not, in the reasonable opinion
 of the Vendor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) unreasonably
 interfere with the conduct of the Business or the activities and operations of the Company Group;

(ii) breach
 any obligations (including obligations of confidentiality) that the Vendor or a Company Group Member owes to any third party or under
 any Statute; or

(iii) compromise
 or result in a risk of damage or compromise to the protection of legal professional privilege in relation to any of the Records,

and the Purchaser agrees to comply with the Vendor's reasonable requirements and directions in relation to the access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Parties must ensure that, as soon as possible after the execution of this Agreement, their Representatives meet and use their best
 endeavours to determine the most appropriate method of implementing the steps required to ensure a smooth transition of the management
 and operation of the Company Group with the Purchaser Group following Settlement.

**5.5** **Loan Accounts** 

Before Settlement, the Vendor must procure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 indebtedness due from the Vendor to the Companies are either satisfied in full or forgiven by the Companies (whereby no actual payment
 is made and the Vendor is released from any liability to the Companies); and

(b) all
 indebtedness due from the Companies to the Vendor are satisfied in full without payment of interest.

**6.** **SETTLEMENT** 

**6.1** **Time and Location of Settlement** 

Settlement shall take place at 10.00am (AWST) on the Settlement Date at such offices as the Parties may agree and at such time as shall be agreed by the Parties.

**6.2** **The Vendor's obligations at Settlement** 

At Settlement, the Vendor must confer on the Purchaser title to the Vendor Shares and place the Purchaser in effective possession and control of the Company Group. To this end, at or prior to Settlement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Vendor must deliver or cause to be delivered to the Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) separate
 instruments of transfer in registrable form for the Vendor Shares held by the Vendor in favour of the Purchaser (as transferee) which
 have been duly executed by the Vendor (as transferor);

(ii) the
 common seal (and any duplicate common seal, share seal or official seal) of each entity within the Company Group (if any);

(iii) all
 available copies of the constitutions of each entity within the Company Group;

(iv) details
 of the current corporate key issued by the Australian Securities and Investments Commission for each entity within the Company Group;

(v) the
 minute books and other records of meetings or resolutions of members and directors of each entity within the Company Group;

(vi) all
 registers of each entity within the Company Group (including the register of members, register of options, register of directors,
 register of charges) in proper order and condition and fully entered up to the Settlement Date;

(vii) all
 cheque books, financial and accounting books and records, copies of tax returns and assessments, mortgages, leases, agreements, insurance
 policies, title documents, licences, indicia of title, contracts, passwords to computers, certificates and all other records, papers,
 books and documents of each entity within the Company Group;

(viii) the
 written resignations of each of the directors and secretary of each entity within the Company Group with effect from Settlement;

(ix) a
 duly completed authority for the alteration of the signatories of each bank account of each entity within the Company Group in the
 manner required by the Purchaser by written notice before the Settlement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all
 current Authorisations and other documents issued to each entity within the Company Group under any legislation, ordinance or otherwise
 relating to their business activities;

(xi) procure
 that directors' meetings of each entity within the Company Group are held to attend to the following matters (as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the
 approval of the registration (subject to payment of stamp duty), if applicable of the transfers of the Vendor Shares and the issue
 of new share certificates for the Vendor Shares in the name of the Purchaser;

(B) the
 appointment as additional directors and secretaries of each entity within the Company Group of those persons nominated by the Purchaser
 by written notice before the Settlement Date;

(C) the
 retirement, by written notice, of all directors and the company secretary of each entity within the Company Group with effect from
 Settlement acknowledging that each of them has no Claim of any kind whatsoever against any entity within the Company Group by way
 of compensation or entitlement for loss of office; and

(D) the
 revocation of all existing authorities to operate bank accounts of the Company Group.

**6.3** **The Purchaser's obligations at Settlement** 

At Settlement, the Purchaser must pay the Cash Consideration to the Vendor.

**6.4** **Braiin's obligations at Settlement** 

At Settlement, Braiin must allot and issue the Consideration Shares to the Vendor.

**6.5** **Conditions of Settlement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Settlement
 is conditional on both the Purchaser and the Vendor complying with all of their obligations under this clause 6.

(b) If
 a Party (**Defaulting Party**) fails to satisfy its obligations under this clause 6 on the day and at the place and time for Settlement
 then any other Party (**Notifying Party**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those
 obligations within a period of 10 Business Days from the date of the notice and declaring time to be of the essence.

(c) If
 the Defaulting Party fails to satisfy those obligations within those 10 Business Days under clause 6.5(b) above, the Notifying Party
 may, without limitation to any other rights it may have, terminate this Agreement by giving written notice to the Defaulting Party.

**6.6** **Settlement simultaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to clause 6.6(b), the actions to take place under this clause 6 are interdependent and must take place, as nearly as possible, simultaneously.
 If one action does not take place, then without prejudice to any rights available to any Party as a consequence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there
 is no obligation on any Party to undertake or perform any of the other actions;

(ii) to
 the extent that such actions have already been undertaken, the Parties must do everything reasonably required to reverse those actions;
 and

(iii) each
 Party must return to the other all documents delivered to it under this clause 6, and must each repay to the other all payments received
 by it under this clause 6, without prejudice to any other rights any Party may have in respect of that failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Purchaser may, in its sole discretion, waive any or all of the actions that the Vendor are required to perform under clause 6.2.

**7.** **REPRESENTATIONS AND WARRANTIES BY THE VENDOR** 

**7.1** **Representations and Warranties** 

Subject to the qualifications and limitations in clause 8, the Vendor and the Warrantor jointly and severally give the Vendor Warranties in favour of the Purchaser, on the Execution Date and on each day between the Execution Date and the Settlement Date.

**7.2** **Independent Warranties** 

The Vendor Warranties are to be construed separate and independently of the others and are not limited by reference to any other Vendor Warranty.

**7.3** **Reliance** 

The Vendor and the Warrantor acknowledge that the Purchaser has entered into this Agreement and will complete this Agreement in reliance on the Vendor Warranties.

**7.4** **Indemnity by Vendor** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Vendor and the Warrantor jointly and severally indemnify and agree to indemnify the Purchaser and each Company Group Member against,
 and must pay the Purchaser an amount equal to, any Loss suffered or incurred by the Purchaser or a Company Group Member as a result
 of a breach of a Vendor Warranty, except to the extent that the Vendor Warranty or the Vendor's liability for the Loss is limited
 or qualified under clause 8, and this will be the sole remedy of the Purchaser and each Company Group Member in respect of any such
 breach.

**7.5** **Tax indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Vendor and the Warrantor jointly and severally indemnify the Purchaser, and must pay the Purchaser the amount of any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Tax
 or Duty payable by a Company Group Member to the extent that the Tax or Duty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) relates
 to any period, or part period, up to and including Settlement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) arises
 as a result of entry into this Agreement or Settlement (other than any Duty to be paid by the Purchaser under clause 18.2(a)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Tax
 Costs incurred by or on behalf of a Company Group Member to the extent those Tax Costs arise from or relate to any of the matters
 for which the Vendor may be liable under clause 7.5(a)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 clause 7.5(a)(i), the Tax Indemnity does not apply to a Tax Claim and the liability of the Vendor in respect of any Tax Claim is
 reduced or extinguished:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 the extent that it arises as a result of any income derived, loss, outgoing or deductions incurred or activities undertaken, or deemed
 for Tax purposes to have been undertaken, after Settlement;

(ii) to
 the extent that it arises as a result of the transactions contemplated by this Agreement;

(iii) to
 the extent that it arises from the Company Group or the Purchaser or any of their Related Bodies Corporate taking a position in relation
 to the application of a law in relation to Tax that is inconsistent with the position taken by the Company Group prior to Settlement
 (including a position adopted in the calculation of any Tax balance in the Accounts), unless the Company Group is required to adopt
 that inconsistent position to comply with a Tax Law;

(iv) to
 the extent that it results from or is increased by the failure of the Purchaser, the Company Group or any of their respective Related
 Bodies Corporate, after the Settlement Date in a reasonably timely manner to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) lodge
 any return, notice, objection, or other document in relation to the Tax Claim;

(B) claim
 all or any portion of any available Tax Relief;

(C) disclose
 or correctly describe in any notice, return, objection or other document relating to the Tax Claim any relevant matters within the
 reasonable knowledge of the Purchaser or the Company Group or any of their Respective Bodies Corporate; or

(D) take
 any other action which the Company Group or any Related Body Corporate of the Company Group is required to take under any Tax Law;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to
 the extent that an amount has been included as a provision, allowance, reserve or accrual in the Accounts or the 30 June 2023 accounts
 of the Companies.

**7.6** **Notification of Warranty Breaches** 

The Vendor and the Warrantor must promptly notify the Purchaser if at any time after the Execution Date they become aware that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 Vendor Warranty has ceased to be true; or

(b) an
 act or event has occurred that would or might reasonably be expected to result in a Vendor Warranty ceasing to be true if it were
 repeated immediately at Settlement,

and must also provide the Purchaser with details of that fact which are known to the Vendor or the Warrantor.

**7.7** **Undertaking not to make Claims** 

The Vendor and the Warrantor undertake to the Purchaser and any current or former director, officer or employee of the Purchaser who was at the Execution Date a director, officer or employee of the Company Group Member (**Officer**) that they shall not make a Claim or demand against any Officer in respect of any matter arising in connection with this Agreement including any breach of a Vendor Warranty.

**8.** **QUALIFICATIONS AND LIMITATIONS ON CLAIMS** 

**8.1** **Disclosure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Purchaser cannot make a Warranty Claim and the Liability of the Vendor and the Warrantor are reduced or extinguished (as the case
 may be) to the extent that the Warranty Claim (other than a Tax Claim) arises out of any facts, matters or circumstances Fairly Disclosed
 in this Agreement or the Due Diligence Materials.

(b) For
 the purposes of this Agreement, a fact, matter or circumstance is "Fairly Disclosed" if sufficient information has been
 disclosed that a sophisticated investor, experienced in transactions of the nature of the Transaction, familiar with the Business
 and advised by professional accounting and legal advisors, would be aware of the substance of the information and would be aware
 of the nature of the Vendor Warranty.

(c) The
 Vendor's and the Warrantor's liability for any Warranty Claim is reduced or extinguished (as the case may be) to the
 extent that the matter giving rise to the Claim is taken to be disclosed under this clause 8.1.

**8.2** **Meaning of Vendor's and Warrantors Knowledge** 

Where any Vendor Warranty is qualified by the expression "so far as the Vendor and the Warrantor are aware" or "to the best of the Vendor's and the Warrantor's knowledge, information and belief" or any similar expression, the Vendor and the Warrantor will be deemed to know or be aware of a particular fact, matter or circumstance if a director or officer of a Company Group Member is aware of that fact, matter or circumstance on the date the Vendor Warranty is given.

**8.3** **Maximum liability** 

The Vendor's and the Warrantor's total aggregate maximum liability for a breach of a Vendor Warranty is limited to AUD$1,500,000.

**8.4** **Qualifications to the Vendor Warranties** 

The Vendor or the Warrantor are not liable under any Claim for a breach of a Vendor Warranty, or under an indemnity given under this Agreement, unless the amount finally agreed or adjudicated to be payable in respect of that Claim:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) exceeds
 USD$35,000; and

(b) either
 alone or together with the amount finally agreed or adjudicated to be payable in respect of other Claims exceeds USD$350,000.

**8.5** **Limitation Periods** 

The Vendor and the Warrantor are not liable for a breach of a Vendor Warranty and have no Liability in relation to a Warranty Claim unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of a Tax Claim, the Purchaser has given written notice of the Tax Claim to the Warrantor under clause 8.9 on or before the
 date that is 7 years after Settlement;

(b) in
 the case of a Warranty Claim other than a Tax Claim, the Purchaser has given written notice of the Warranty Claim to the Warrantor
 under clause 8.9 on or before the date that is 2 years after Settlement; and

(c) in
 either case, the Warranty Claim has been settled or legal proceedings in a court of competent jurisdiction in respect of such Warranty
 Claim have been properly issued and served on the Vendor within 12 months of such Warranty Claim being notified by the Purchaser
 to the Warrantor under clause 8.9.

**8.6** **Consequential Loss** 

Notwithstanding any other provision in this Agreement, the Vendor and the Vendor will not in any circumstances be liable to the Purchaser or any other person for any Consequential Loss in relation to this Agreement or any transaction contemplated by this Agreement.

**8.7** **No representation or implied warranty** 

The Purchaser acknowledges and agrees with the Vendor and the Warrantor that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Vendor Warranties are the only warranties that the Purchaser requires, and on which the Purchaser has relied, in entering into this
 Agreement;

(b) for
 the avoidance of doubt, no warranty or representation, expressed or implied, is given in relation to any expression or statement
 of intention, opinion, belief or expectation nor any forecast, forward looking statement, budget, projection or any fiscal or economic
 matters contained or referred to in the Due Diligence Materials;

(c) the
 Vendor and the Warrantor make no representations or warranties, other than those contained in this Agreement; and

(d) the
 Purchaser does not rely on any representation or warranty, whether express or implied, made by or on behalf of the Vendor, other
 than the Vendor Warranties and must not make any Claim asserting reliance on any representation or warranty, other than the Vendor
 Warranties (or under the indemnity in clause 7.4).

**8.8** **Other limits on Claims** 

The Purchaser cannot make a Warranty Claim, and the liability of the Vendor and the Warrantor in respect of any Warranty Claim is reduced or extinguished (as the case may be) to the extent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Warranty Claim is made good, offset (including as a result of expenditure being tax deductible or amounts being treated as non- assessable,
 in prior years or future years) or compensated for by any other means to the Purchaser or the Companies (including, without limitation,
 under a policy of insurance);

(b) the
 Warranty Claim results from any act or omission before Settlement carried out or omitted by or on behalf of the Purchaser or any
 Purchaser Group Member (other than the Companies) or at any of their direction;

(c) it
 is caused by, or contributed to by, any act, omission, transaction or arrangement implementing, or permitted by, the terms of this
 agreement or of any other agreement, transaction or arrangement contemplated by it;

(d) the
 Warranty Claim is attributable to any change after Settlement in the accounting policies or practices used in preparing the accounts
 of the Companies or it arises from application by the Companies of accounting policies or practices inconsistently with their application
 before Settlement;

(e) the
 matter giving rise to the Claim is remediable and, within 30 Business Days of receiving written notice of the Claim in accordance
 with clause 8.9, the Vendor remedies the matter;

(f) the
 Loss is Consequential Loss;

(g) the
 Warranty Claim arises out of or is increased as a result of an act or omission by or on behalf of the Vendor or the Companies, the
 details of which have been fairly disclosed to the Purchaser in writing and where the Purchaser has subsequently provided its written
 consent to that act or omission;

(h) the
 Warranty Claim relates to a liability that is contingent, unless and until the liability becomes an actual liability and is due and
 payable;

(i) the
 Loss has been recovered by the Purchaser under another Claim;

(j) the
 Loss is recovered or recoverable by the Purchaser (or by the Companies after Settlement) from a person other than the Vendor whether
 by way of contract, indemnity, under an insurance policy or otherwise (and the Purchaser agrees to use, and to procure that the Companies
 use, all reasonable endeavours to recover such Loss);

(k) the
 Warranty Claim would not have arisen but for a change in ownership of the Companies, or a restructure of the Business, on or after
 Settlement;

(l) the
 Warranty Claim (other than a Tax Claim) arises out of a fact, matter or circumstance that is within the actual knowledge of the Purchaser
 or its Representatives at the Execution Date or Settlement (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the
 Warranty Claim arises as a result of or in consequence of anything done at the written request of the Purchaser;

(n) a
 provision, allowance, reserve or accrual has been made in the Accounts or the 30 June 2023 accounts of the Companies;

(o) the
 Liability suffered arises out of or is relating to an opinion, estimate, projection, business plan, budget or forecast; or

(p) the
 Warranty Claim occurs as a result of a change after the Execution Date in any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) law;
 or

(ii) policy
 of any Governmental Authority,

including changes that have retrospective effect (in each case except where such change was publicly announced prior to the Execution Date).

**8.9** **Notice of potential Claim** 

If the Purchaser becomes aware of anything which is or may be reasonably likely to give rise to a Warranty Claim it must notify the Warrantor in writing, within 10 Business Days after it has first come to the Purchaser's attention (**Claim Notice**), setting out the fact, matter or thing relied on as giving rise to the Warranty Claim, the Vendor Warranty that is the subject of the Warranty Claim (if applicable) and all relevant details of the Warranty Claim in so far as they are available to the Purchaser.

**8.10** **Conduct of Third Party Claims** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Warrantor may within 20 Business Days from the date of time receipt of a Claim Notice (or if the Warrantor becomes aware by any other
 means of a Third Party Claim) elect by written notice given to the Purchaser to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) take
 over the conduct of the Third Party Claim; and

(ii) take
 such actions as the Warrantor may decide about the Third Party Claim, including to negotiate, defend or settle the Third Party Claim
 and to recover costs incurred as a consequence of the Third Party Claim from any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 the Warrantor takes over the conduct and/or defence of any Third Party Claim under this clause 8.10, the Warrantor must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) afford
 the Purchaser the opportunity to consult with the Warrantor on all matters of significance for the goodwill of the Business; and

(ii) at
 reasonable and regular intervals provide the Purchaser with written reports concerning the conduct, negotiation, control, defence
 and outcome or settlement of the Third Party Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Purchaser must take, and must procure that the relevant Company Group Member takes, all steps necessary to allow the Warrantor to
 conduct a Third Party Claim under this clause 8.10 including to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) take
 all action and render all assistance reasonably requested by the Warrantor in connection with its conduct of the Third Party Claim;

(ii) not
 admit liability for, negotiate, enter into any agreement about, settle or compromise the Third Party Claim without the Warrantor's
 prior written consent;

(iii) allow
 the Warrantor to negotiate, enter into any agreement about, settle or compromise the Third Party Claim as the Warrantor consider
 appropriate; and

(iv) provide
 the Warrantor with access to (with the right to take copies) and make available to the Warrantor all relevant personnel, relevant
 documents, books and records reasonably required for the purpose of the conduct of any Third Party Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For
 as long as the Warrantor have not elected to take over the conduct or defence of a Third Party Claim under clause 8.10:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Purchaser may take such actions as the Purchaser may decide about the Third Party Claim, including to negotiate, defend and/or settle
 the Third Party Claim and to recover costs incurred as a consequence of the Third Party Claim from any person;

(ii) the
 Purchaser must at reasonable and regular intervals provide the Warrantor with written reports concerning the conduct, negotiation,
 control, defence and/or outcome or settlement of the Third Party Claim and must not settle the Third Party Claim without the prior
 approval of the Warrantor (which must not be unreasonably withheld);

(iii) the
 Purchaser must afford the Warrantor the opportunity to consult with the Purchaser on matters of significance in relation to the conduct,
 negotiation and settlement of the Third Party Claim; and

(iv) the
 Warrantor must render to the Purchaser, at the Purchaser's expense, all such assistance as the Purchaser may reasonably require
 in disputing any Third Party Claim.

**8.11** **Reimbursement if subsequent recovery from third parties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where
 the Purchaser or any Affiliate of the Purchaser (including a Company Group Member) is at any time entitled to recover from another
 person any sum for a matter giving rise to a Warranty Claim, the Purchaser must (and, if relevant, must procure that its concerned
 Affiliate must) take all reasonable steps to enforce that recovery before taking action against the Vendor or the Warrantor. If the
 Purchaser or any Affiliate of the Purchaser (including a Company Group Member) recovers an amount from that other person, the amount
 of the Warranty Claim against the Vendor and the Warrantor will be reduced by the amount recovered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Purchaser or any Affiliate of the Purchaser (including a Company Group Member) receives any payment from or on behalf of the
 Vendor or the Warrantor for any Warranty Claim (**Vendor Payment**) and any of the Purchaser, any Affiliate of the Purchaser or
 a Company Group Member subsequently recovers any amount from any Third Party (including under a Third Party Claim) for anything relating
 to that Warranty Claim (**Recovered Amount**), the Purchaser must as soon as reasonably practicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notify
 the Warrantor of the Recovered Amount; and

(ii) pay
 the Warrantor an amount equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the
 Recovered Amount less any Tax payable on those amounts, any reasonable costs and expenses incurred by the Purchaser, any Affiliate
 of the Purchaser or the Company Group Member (as the case may be) in making that recovery; and

(B) the
 Vendor Payment.

**8.12** **Mitigation of losses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On
 and after Settlement, the Purchaser must not omit to take, and must not omit to procure that each Company Group Member takes, any
 reasonable action (to the extent required under the principals which apply in respect of common law contractual damages Claims (even
 though the Warranty Claim may be an indemnity claim)) that would mitigate any Liability or potential Liability of the Vendor for
 a Warranty Claim including by omitting to seek recovery or compensation by other means if it is available, provided that this does
 not require the Purchaser to do, or omit to do, anything which may prejudice its ability, or the ability of any Company Group Member,
 to recover under any available insurance.

(b) If
 the Purchaser fails to comply with clause 8.12(a) and compliance with that clause would have mitigated any Liability, the Vendor
 are not liable for the amount by which the Liability would have been reduced by such compliance.

**8.13** **Purchaser acknowledgements** 

The Purchaser acknowledges, agrees and represents that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 disclosure of any matter in the Due Diligence Materials does not constitute or imply any warranty, representation, statement, covenant,
 agreement, indemnity or undertaking not expressly given by the Vendor or the Warrantor in this Agreement and the contents of the
 Due Diligence Materials do not have the effect of extending the scope of any of the Vendor Warranties or the other provisions of
 this Agreement; and

(b) any
 Claim by the Purchaser against the Vendor or the Warrantor must be based solely on and limited to the express provisions of this
 Agreement and that, to the maximum extent permitted by law, all terms and conditions that may be implied by law in any jurisdiction
 and which are not expressly set out in this Agreement are excluded (and to the extent that any of those terms and conditions cannot
 be excluded then the Purchaser irrevocably waives all rights and remedies that it may have, and releases the Vendor and the Warrantor
 from any Liability, under those terms and conditions).

**8.14** **No double recovery** 

The Purchaser will not be entitled to recover damages or obtain payment, reimbursement or restitution more than once for the same Liability or breach of this Agreement.

**8.15** **Independent limitations** 

Each qualification and limitation in this clause 8 is to be construed independently of the others and is not limited by any other qualification or limitation.

**8.16** **Reduction of Consideration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any
 monetary compensation received by the Purchaser as a result of any breach by the Vendor of any Vendor Warranty or as a result of
 any Claims under any guarantee or indemnity granted in favour of the Purchaser under this Agreement shall be in reduction of the
 Consideration.

(b) Any
 payment (including a reimbursement) made by the Purchaser to the Vendor in respect of any Claim will be an increase of the Consideration.

**8.17** **Tax effect of Claims** 

If a Party (**Payor**) is liable to pay an amount to another Party (**Recipient**) in respect of a Claim and that payment is treated as income under the Tax Law such that the payment increases the income tax payable by the Recipient, or the Head Company of any consolidated group of which the Recipient is a member (collectively the **Recipient Group**) under the Tax Law, then the payment must be grossed-up by such amount as is necessary to ensure that the net amount retained by the Recipient Group after deduction of Tax or payment of the increased income tax equals the amount the Recipient Group would have retained had the Tax or increased income tax not been payable.

**8.18** **Purchaser benefits** 

In assessing any Loss recoverable by the Purchaser as a result of any Claim, there must be taken into account any benefit accruing to the Purchaser or the Companies (including any amount of any relief, allowance, exemption, exclusion, set-off, deduction, loss, rebate, refund, right to repayment or credit granted or available in respect of a Tax or Duty under any law obtained or obtainable by the Purchaser or the Companies and any amount by which any Tax or Duty for which the Purchaser or the Companies are or may be liable to be assessed or accountable is reduced or extinguished), arising directly or indirectly from the matter that gives rise to that Claim.

**8.19** **Remedies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
 is the parties' intention that the Purchaser's sole remedy against the Vendor in respect of any Claim will be as set
 out in this agreement.

(b) The
 Purchaser must not, and must procure that each Purchaser's Group Member does not, make a Claim which the Purchaser would not
 be entitled to make under this agreement or which is otherwise inconsistent with the Purchaser's entitlement to make a Claim
 under this agreement and the Purchaser acknowledges that to do so would be to seek to circumvent the parties' intention expressed
 in clause 8.19(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 the extent that the Purchaser's right to make a Claim under or in connection with this agreement is limited or excluded by
 this clause 8.19, the Claim and the liability of the Vendor is, to the extent permitted by applicable law, absolutely barred, and
 the Purchaser and the Purchaser's Group must not make such a Claim against the Vendor.

**9.** **WARRANTIES BY THE PURCHASER** 

**9.1** **Purchaser Warranties** 

The Purchaser represents and warrants that each of the Purchaser Warranties are true and accurate on the Execution Date and immediately before Settlement.

**9.2** **Independent Warranties** 

Each of the Purchaser Warranties is to be construed independently of the others and is not limited by reference to any other Purchaser Warranty.

**9.3** **Reliance** 

The Purchaser acknowledges that the Vendor has entered into this Agreement and will complete this Agreement in reliance on the Purchaser Warranties.

**10.** **PARTY AS TRUSTEE** 

**10.1** **Capacity** 

If any party (**Trustee**) enters into this Agreement in the capacity as trustee of any trust (**Trust**) under any trust deed, deed of settlement or other instrument (**Trust Deed**), and whether or not any other party has notice of the Trust, then the Trustee enters into this agreement both as trustee of the Trust and in its personal capacity.

**10.2** **Trustee's warranties** 

The Trustee represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 is the only trustee of the Trust and no action has been taken or is proposed to remove it as trustee of the Trust;

(b) the
 Trustee has power under the Trust Deed and, in the case of a corporation, under its constitution, to enter into and execute this
 Agreement and to perform the obligations imposed under this Agreement as trustee;

(c) all
 necessary resolutions have been passed as required by the Trust Deed and, in the case of a corporate Trustee, by its constitution,
 in order to make this agreement fully binding on the Trustee;

(d) the
 execution of this Agreement is for the benefit of the beneficiaries of the Trust;

(e) the
 Trustee is not, and has never been, in default under the Trust Deed;

(f) it
 has a right to be fully indemnified out of the Trust assets in respect of obligations incurred by it under this Agreement and the
 assets of the Trust are sufficient to satisfy that right of indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) there
 is not now, and the Trustee will not do anything by virtue of which there will be in the future, any restriction or limitation on
 the right of the Trustee to be indemnified out of the assets of the Trust; and

(h) there
 is no material fact or circumstance relating to the assets, matters or affairs of the Trust that might, if disclosed, be expected
 to affect the decision of the other Parties, acting reasonably, to enter into this Agreement.

**11.** **CONDUCT AFTER SETTLEMENT** 

**11.1** **Appointment of proxy** 

From Settlement until the Vendor Shares are registered in the name of the Purchaser, the Vendor must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) appoint
 the Purchaser as the sole proxy of the holders of the Vendor Shares to attend shareholders' meetings and exercise the votes
 attaching to the Vendor Shares;

(b) not
 attend and vote at any shareholders' meetings; and

(c) take
 all other actions in capacity of a registered holder of the Vendor Shares as the Purchaser directs.

**11.2** **Records** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Purchaser must ensure that all Records in respect of the period ending on the Settlement Date are preserved and accessible until
 the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) seven
 years from the Settlement Date; and

(ii) any
 date required by any Statute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Vendor may retain after Settlement copies of any Records and to the extent not retained, the Purchaser must at all reasonable times,
 upon the Vendor giving reasonable notice, grant to the Vendor or any of their Representatives access to the Records during normal
 business hours and the right to take copies of the Records (at the Vendor's cost):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that
 are, or are reasonably likely to be, relevant to any investigation by a Governmental Authority or any litigation that is actual,
 pending or threatened at Settlement or relates to the period prior to Settlement;

(ii) for
 the purpose of dealing with the accounting, Tax, financial or insurance affairs of the Vendor or any Affiliate of the Vendor;

(iii) necessary
 for the Vendor or any Affiliate of the Vendor to comply with any Statute (including any applicable Tax Law) and for the purpose of
 assisting the Vendor to prepare Tax or other returns, accounts or other financial statements required of the Vendor or any Affiliate
 of the Vendor by law or any other regulatory requirements of any Governmental Authority; or

(iv) reasonably
 required for the purpose of the Vendor complying with its obligations or exercising their rights under this Agreement.

**12.** **CONFIDENTIALITY** 

**12.1** **Terms to remain confidential** 

Each Party is to keep confidential the terms of this Agreement, and any other Confidential Information obtained in the course of furthering this Agreement, or during the negotiations preceding this Agreement, and is not to disclose it to any person except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 employees, legal advisers, auditors and other consultants requiring the information for the purposes of this Agreement;

(b) with
 the written consent of the other Parties;

(c) if
 the information is, at the Execution Date, lawfully in the possession of the recipient of the information through sources other than
 any of the other Parties;

(d) if
 required by law or a stock exchange;

(e) if
 strictly and necessarily required in connection with legal proceedings relating to this Agreement;

(f) if
 the information is generally and publicly available other than as a result of a breach of confidence; or

(g) to
 a financier or prospective financier (or its advisers) of a Party.

**12.2** **Disclosure of Information** 

A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving Confidential Information from it do not disclose the information except in the circumstances permitted in clause 12.1.

**12.3** **Public announcements** 

A Party may not make any public announcement relating to this Agreement (including the fact that the Parties have executed this Agreement) unless the other Parties have consented to the announcement, including the form and content of that disclosure, which consent must not be unreasonably withheld, unless the announcement would be permitted under the exemption in clause 12.1(f).

**12.4** **Obligations continuing** 

The obligations under this clause 12 contain obligations, separate and independent from the other obligations of the Parties and remain in existence following Settlement or any termination of this Agreement.

**13.** **RESTRICTIONS AGAINST COMPETITION** 

**13.1** **Non compete covenant** 

The Vendor and Warrantor covenant that, during the Restraint Period, they shall not, without the prior written consent of the Purchaser, engage or be involved in (either directly or indirectly) a Restricted Business.

**13.2** **No solicitation of customers** 

The Vendor and Warrantor covenant that, during the Restraint Period, they shall not approach (either solely or jointly with any other person in any capacity whatsoever) any person whom the Vendor or Warrantor are aware is a customer of or client of any Company Group Member at Settlement for the purpose of persuading that person to cease doing business with the Company Group Member or reduce the amount of business that the customer or client would normally do with the Company Group Member.

**13.3** **No acceptance of business** 

The Vendor and Warrantor covenant that they shall not accept from a person referred to in clause 13.2 any business of the kind ordinarily forming part of the Restricted Business for the Restraint Period.

**13.4** **No solicitation of employees or agents** 

During the period of 12 months from Settlement, the Vendor and Warrantor must not approach or solicit any person who is or has been a director, manager, employee of or consultant to the Company Group who is or may be likely to be in possession of any confidential information or trade secrets relating to the business of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company Group; or

(b) the
 Company Group's customers,

for the purpose of recruiting that person.

**13.5** **Restraints reasonable** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Vendor and Warrantor acknowledge that all the prohibitions and restrictions contained in this clause 13 are reasonable in the circumstances
 and necessary to protect the goodwill of the Business as at the Settlement Date, and intend the restraints to operate to the maximum
 extent.

(b) If
 these restraints:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) are
 void as unreasonable for the protection of the Company Group's interests; or

(ii) would
 be valid if part of the wording was deleted or the period or area was reduced,

the restraints will apply with the modifications necessary to make them effective.

**13.6** **Severability** 

If any part of an undertaking in this clause 13 is unenforceable it may be severed without affecting the remaining enforceability of that or the other undertakings.

**13.7** **Interpretation** 

In this clause 13:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Restraint Area** means the larger of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Perth,
 Sydney, Melbourne, Brisbane, Adelaide, Canberra, Hobart and Darwin;

(ii) Western
 Australia, New South Wales, Victoria , Queensland, South Australia, Australian Capital Territory, Tasmania and Northern Territory;

(iii) Australia;
 and

(iv) The
 United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Restraint Period** means the period from Settlement up to the expiration of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 3
 years from the Settlement Date;

(ii) 2
 years from the Settlement Date;

(iii) 1
 year from the Settlement Date; and

(iv) 6
 months from the Settlement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Restricted Business** means any business that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is
 the same or substantially the same as the Business; or

(ii) competes
 in the Restricted Area with the Business.

**13.8** **Application of Restraint of Trade** 

The agreements by the Vendor and Warrantor in clauses 13.1, 13.2, 13.3 and 13.4 applies to them acting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either
 alone or in partnership or association with another person;

(b) as
 principal, agent, representative, director, officer or employee;

(c) as
 member, shareholder, debenture holder, noteholder or holder of any other security; or

(d) as
 trustee of or as a consultant or adviser to any person.

**13.9** **Excluded activities** 

This clause 13 does not restrict the Vendor or Warrantor from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 act required or anticipated by this Agreement, or any act otherwise undertaken with the prior written consent of the Purchaser; or

(b) the
 Vendor, Warrantor or any of their Affiliates acquiring an interest in any company which is listed on a recognised stock exchange
 in circumstances where its voting power (as that term is defined in the Corporations Act) in the relevant company does not exceed
 5%.

**14.** **NOTICES AND OTHER COMMUNICATIONS** 

**14.1** **Service of notices** 

A notice, demand, consent, approval or communication under this Agreement (**Notice**) must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in writing, in English
 and signed by a person duly authorised by the sender; and

(b) hand delivered or sent
 by prepaid post, courier or means of an electronic communication to the recipient's address for Notices specified in clause
 14.2, as varied by any Notice given by the recipient to the sender.

**14.2** **Address of Parties** 

The initial address of the Parties shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 the Purchser at:

Address: 283 Rokeby Road, Subiaco WA 6008

Email: info@Vegaglobal.ai

For the attention of: Jay Stephenson

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 the Vendor, the Companies and the Warrantor at:

Address: Level 1, 29 Jardine Street, Kingston ACT 2604

Email: nisus@Nisus.com.au

For the attention of: Xiaolong (Sean) Ni

The email addresses in this clause 14.2 are deemed to be the **Nominated Email Address** for each of the Parties.

**14.3** **Electronic Communications** 

Notices may be delivered using a form of electronic communication or if a Party (the **Notifying Party**) gives a Notice to the other Parties stating that electronic communications is no longer an accepted form of communication for Notices addressed to the Notifying Party.

**14.4** **Effective on receipt** 

A Notice given in accordance with clause 14.1 takes effect when taken to be received (or at a later time specified in the Notice), and is taken to be received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 hand delivered, on delivery;

(b) if
 sent by prepaid post, on the second Business Day after the date of posting (or on the eighth Business Day after the date of posting
 if posted to or from a place outside Australia);

(c) if
 sent by courier, on the date of delivery (as stated in the consignment tracking advice obtained from the courier company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 sent by electronic communication, when the electronic communication becomes capable of being retrieved by the addressee at the addressee's
 Nominated Electronic Address,

but if the delivery, receipt or transmission is not on a Business Day or is after 5.00pm (addressee's time) on a Business Day, the Notice is taken to be received at 9.00am (addressee's time) on the next Business Day.

**15.** **DISPUTE RESOLUTION** 

**15.1** **Notice of Dispute** 

If a dispute arises in connection with this Agreement, a Party to the dispute must give to the other Parties a dispute notice specifying the dispute and requiring its resolution under this clause 15 (**Notice of Dispute**).

**15.2** **Failure to resolve dispute** 

If the dispute the subject of the Notice of Dispute is not resolved within 7 days of the Notice of Dispute being given to the other Parties (**Notice Period**), the dispute is, by reason of this clause, submitted to mediation. The mediation must be conducted in Perth, Western Australia. The Institute of Arbitrators & Mediators Australia Expedited Commercial Arbitration Rules (dated 13 August 1999) (**Rules**) apply to the mediation to the extent that such Rules do not conflict with this clause 15.

**15.3** **Appointment of mediator** 

If the Parties have not agreed upon the mediator and/or the mediator's remuneration within 7 days after the Notice Period expires, then, to the extent that there is no agreement between the Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 mediator will be the person appointed by; and

(b) the
 remuneration of the mediator will be the amount or rate determined by,

the President of the Law Society of Western Australia or the President's nominee, acting on the request of either Party.

**15.4** **Referral to Court** 

If a dispute, the subject of a Notice of Dispute, is not settled by mediation within 28 days of the date of appointment of the mediator, a Party may then, but not earlier, commence proceedings in any court of competent jurisdiction.

**15.5** **Injunctive declaratory or other interlocutory relief** 

Nothing in this clause 15 prevents a Party from obtaining injunctive, declaratory or other interlocutory relief from any court of competent jurisdiction at any time.

**16.** **GST LIABILITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding
 any provision in this Agreement, this clause 16 covers the GST liabilities of the Parties in relation to a Taxable Supply made by
 one Party under this Agreement (the **Provider**) to the other Party under this Agreement (the **Recipient**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Recipient must pay to the Provider the amount equal to the amount of any GST the Provider is liable to pay on any Taxable Supply
 made by the Provider under this Agreement (**Provider's Taxable Supply**).

(c) The
 Recipient must pay the Provider the amount in respect of GST the Recipient is liable to pay on each Provider's Taxable Supply
 at the same time and in the same manner as the Recipient is obliged to pay for the Provider's Taxable Supply provided that
 the Recipient may withhold payment of any amount in respect of GST until the Provider issues the Recipient with a valid Invoice covering
 the relevant Taxable Supply.

(d) Unless
 specific reference is made, the price for each Provider's Taxable Supply provided for by this Agreement does not include GST.

**17.** **GST** 

**17.1** **Recovery of GST** 

If GST is payable, or notionally payable, on a supply made under or in connection with this Agreement, the Party providing the consideration for that supply must pay as additional consideration an amount equal to the amount of GST payable, or notionally payable, on that supply (the **GST Amount**). Subject to the prior receipt of a tax invoice, the GST Amount is payable at the same time that the other consideration for the supply is provided. This clause does not apply to the extent that the consideration for the supply is expressly stated to the GST inclusive or the supply is subject to reverse charge.

**17.2** **Liability net of GST** 

Where any indemnity, reimbursement or similar payment under this Agreement is based on any cost, expense or other liability, it will be reduced by any input tax credit entitlement, or notional input tax credit entitlement, in relation to the relevant cost, expense or other liability.

**17.3** **Adjustment events** 

If an adjustment event occurs in relation to a supply made under or in connection with this Agreement, the GST Amount will be recalculated to reflect that adjustment and an appropriate payment will be made between the Parties.

**17.4** **Survival** 

This clause will not merge upon Settlement and will continue to apply after the expiration or termination of this Agreement.

**17.5** **Definitions** 

Unless the context requires otherwise, words and phrases used in this clause that have a specific meaning in the GST law (as defined in the GST Act*)* will have the same meaning in this clause.

**18.** **GENERAL** 

**18.1** **Further Acts** 

Each Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably satisfactory to that Party) required by law or reasonably requested by the other Parties to give effect to this Agreement.

**18.2** **Costs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Duty** 

All Duty assessed on or in respect of this Agreement shall be paid by the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Legal costs** 

Each Party shall bear their own legal costs of and incidental to the preparation, negotiation and execution of this Agreement.

**18.3** **Amendment** 

This Agreement may only be amended in writing signed by each of the Parties.

**18.4** **Assignment** 

No Party may assign, novate or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other Parties.

**18.5** **Severability** 

If any term or provision of this Agreement is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will not affect any other term or provision of this Agreement.

**18.6** **Consents** 

Unless this Agreement expressly provides otherwise, a consent under this Agreement may be given or withheld in the absolute discretion of the Party entitled to give the consent and to be effective must be given in writing.

**18.7** **Waivers** 

Without limiting any other provision of this Agreement, the Parties agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) failure
 to exercise or enforce, or a delay in exercising or enforcing, or the partial exercise or enforcement of, a right, power or remedy
 provided by law or under this Agreement by a Party does not preclude, or operate as a waiver of, the exercise or enforcement, or
 further exercise or enforcement, of that or any other right, power or remedy provided by law or under this Agreement;

(b) a
 waiver given by a Party under this Agreement is only effective and binding on that Party if it is given or confirmed in writing by
 that Party; and

(c) no
 waiver of a breach of a term of this Agreement operates as a waiver of another breach of that term or of a breach of any other term
 of this Agreement.

**18.8** **No merger** 

The rights and obligations of the Parties under this Agreement do not merge on Settlement of any transaction contemplated by this Agreement.

**18.9** **Enurement** 

The provisions of this Agreement will enure for the benefit of and be binding on the Parties and their respective successors and permitted substitutes and assigns and (where applicable) legal personal representatives.

**18.10** **Indemnities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 indemnity in this Agreement is a continuing obligation, separate and independent from the
 other obligations of the Parties, and survives termination, completion or expiration of this
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It
 is not necessary for a Party to incur expense or to make any payment before enforcing a right
 of indemnity conferred by this Agreement.

**18.11** **Entire Agreement** 

This Agreement constitutes the entire understanding of the Parties with respect to the subject matter and replaces all other agreements (whether written or oral) between the Parties.

**18.12** **No Representation or Reliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Party acknowledges that no Party (nor any person acting on its behalf) has made any representation
 or other inducement to it to enter into this Agreement, except for representations or inducements
 expressly set out in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Party acknowledges and confirms that it does not enter into this Agreement in reliance on
 any representation or other inducement by or on behalf of any other Party, except for any
 representation or inducement expressly set out in this Agreement.

**18.13** **Counterparts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement may be executed in any number of counterparts. All counterparts will be taken to
 constitute one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 the extent permitted by law, a counterpart of this Agreement may be executed electronically,
 including by using software or a platform for the electronic execution of contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Signatures
 by electronic communication are taken to be valid and binding to the same extent as original
 signatures. A print out of the executed Agreement once all parties signing electronically
 have done so, will be an executed original counterpart of this Agreement, irrespective of
 which Party prints it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each
 Party that signs this Agreement electronically represents and warrants that it or anyone
 signing on its behalf:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has
 been duly authorised to enter into and execute this Agreement electronically and to create
 obligations that are valid and binding obligations on the Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has
 the position or title indicated under their electronic signature.

**19.** **GOVERNING LAW AND JURISDICTION** 

**19.1** **Jurisdiction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Party irrevocably submits to the non-exclusive jurisdiction of the courts of Western Australia,
 and the courts competent to determine appeals from those courts, with respect to any proceedings
 which may be brought at any time relating to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Party also irrevocably waives any objection it may now or in the future have to the venue
 of any proceedings, and any claim it may now or in the future have that any proceedings have
 been brought in an inconvenient forum, where the venue falls within clause 19.1(a).

**19.2** **Governing Law** 

This Agreement is governed by and will be construed in accordance with the laws of Western Australia.

**EXECUTED** by the Parties as an Agreement.

---

| |
|:---|
| **EXECUTED** by) |
| **VEGA GLOBAL TECHNOLOGIES PTY LTD**) |
| **ACN 667 154 261**) |
| in accordance with section 127 of the) |
| *Corporations Act 2001* (Cth): |

---

---

| | |
|:---|:---|
| */s/Jay Stephenson* | */s/ Natraj Balasubramanian* |
| Signature of director | Signature of director/company secretary\* |
| Jay Stephenson | Natraj Balasubramanian |
| Name of director | Name of director/company secretary\* |
| \*please delete as applicable |  |

---

---

| |
|:---|
| **EXECUTED** by) |
| **NI FAMILY INVESTMENTS PTY LTD**) |
| **ACN 646 684 237 AS TRUSTEE FOR THE NI**) |
| **FAMILY TRUST**) |
| in accordance with section 127 of the) |
| *Corporations Act 2001* (Cth): |

---

---

| | |
|:---|:---|
| */s/ Xiolong Ni* | */s/ Yongli Su* |
| Signature of director | Signature of director/company secretary\* |
| Xiaolong Ni | Yongli Su |
| Name of director | Name of director/company secretary\* |
| \*please delete as applicable |  |

---

---

| |
|:---|
| **EXECUTED** by) |
| **NISUS AUSTRALIA PTY LTD**) |
| **ACN 622 344 218**) |
| in accordance with section 127 of the) |
| *Corporations Act 2001* (Cth): |

---

---

| | |
|:---|:---|
| */s/ Xiaolong Ni* |  |
| Signature of director | Signature of director/company secretary\* |
| Xiaolong Ni | |
| Name of director | Name of director/company secretary\* |
| \*please delete as applicable |  |

---

---

| |
|:---|
| **SIGNED** by **XIAOLONG NI** in the presence) |
| of:) |
| /s/ Emily Semon |
| Signature of witness |
| Emily Semon |
| Name of witness |

---

---

| |
|:---|
| **EXECUTED** by) |
| **NISUS PAYROLL PTY LTD ACN 627 265 909**) |
| in accordance with section 127 of the) |
| *Corporations Act 2001* (Cth): |

---

---

| | |
|:---|:---|
| /s/ Xiaolong Ni |  |
| Signature of director | Signature of director/company secretary\* |
| Xiaolong Ni | |
| Name of director | Name of director/company secretary\* |

---

---

| |
|:---|
| **EXECUTED** by **BRAIIN LIMITED**) |
| **ACN 660 713 093**) |
| in accordance with section 127 of the) |
| *Corporations Act 2001* (Cth): |

---

---

| | |
|:---|:---|
| */s/ Jay Stephenson* | */s/ Natraj Balasubramanian* |
| Signature of director | Signature of director/company secretary\* |
| Jay Stephenson | Natraj Balasubramanian |
| Name of director | Name of director/company secretary\* |
| \*please delete as applicable |  |

---

**S C H E D U LE 1 – V E N DO R W AR R A NT I E S**

**1.** **OWNERSHIP AND STRUCTURE** 

**1.1** **Ownership of the Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Vendor Shares comprise 100% of the issued share capital of the Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Vendor is the registered holders of 100% of the Vendor Shares, which are free of any Encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Vendor is authorised to sell, assign and transfer the full legal and beneficial ownership
 of the Vendor Shares to the Purchaser on the terms set out in this Agreement (without restriction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Vendor Shares are fully paid up and have been duly issued and allotted.

**1.2** **Issues of Shares** 

No person is entitled or has claimed to be entitled, to require any Company Group Member to issue any share capital either now or at any future date (whether contingently or not). There are no agreements in force under which any person is or may be entitled to, or has the right to call for the issue of, any shares in any Company Group Member or securities convertible into or exchangeable for shares in any Company Group Member. No Company Group Member has given, granted or agreed to grant any option or right (whether contingent or not) in respect of its unissued shares.

**1.3** **No Encumbrances or other arrangements** 

No Company Group Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 the holder or beneficial owner of any shares or other capital in any body corporate (wherever
 incorporated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is
 a member of any partnership or other unincorporated association (other than a recognised
 trade association); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has
 any permanent establishment outside the country in which it is incorporated.

**2.** **POWER AND AUTHORITY** 

**2.1** **Power and Capacity** 

The Vendor has the full power and authority to enter into and perform its obligations under this Agreement.

**2.2** **Authorisations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Vendor has taken all necessary action to authorise the execution, delivery and performance
 of this Agreement in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Vendor has obtained all necessary shareholder approvals and regulatory approvals necessary
 to lawfully complete the Transaction.

**2.3** **No Event of Insolvency** 

No Event of Insolvency has occurred in relation to the Vendor, nor, so far as the Vendor are aware, is there any act which has occurred or any omission made which may result in an Event of Insolvency occurring in relation to the Vendor.

**2.4** **No Legal Impediment** 

The entry into and performance of this Agreement and all documents executed pursuant to this Agreement by the Vendor does not constitute a breach of any obligation (including any statutory, contractual or fiduciary obligation), or default under any agreement or undertaking, by which the Vendor are bound.

**2.5** **No Trust** 

The Vendor enter into and perform this Agreement on their own account and not as trustee for or nominee of any other person.

**3.** **EFFECT OF AGREEMENT** 

The entry into and performance of this Agreement and all documentation executed pursuant to this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will
 not relieve any person of any contractual or other obligation to any Company Group Member
 or entitle any person to re-negotiate the terms or conditions of any such obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) does
 not and will not conflict with, violate or result in a breach by any Company Group Member
 or the occurrence of an event of default under any agreement or any law, undertaking to or
 judgment or Court order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will
 not result in any indebtedness, present or future, of any Company Group Member becoming due
 or capable or being declared due and payable before the stated maturity date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) will
 not give rise to any contractual or other obligation of any Company Group Member to any person
 or entitle any person to require the performance of or compliance with any existing contractual
 or other obligation of any Company Group Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) will
 not, of itself, entitle any person with whom any Company Group Member has a contract or arrangement
 of any kind to terminate that contract or arrangement or to impose less favourable terms
 on any Company Group Member.

**4.** **GENERAL CORPORATE** 

**4.1** **Incorporation and Corporate Power** 

Each Company Group Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 duly registered, has full corporate power to own its assets and to carry on its Business
 as now conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has
 done everything necessary to do business lawfully in all jurisdictions in which its Business
 is carried on; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has
 conducted the Business in compliance with the constitution or other constituent documents
 of that Company Group Member.

**4.2** **Constitution** 

The constitution of each Company Group Member to be delivered to the Purchaser at Settlement and signed by a director for the purpose of identification is the present constitution of the relevant Company Group Member and is accurate and complete in all respects. All resolutions affecting the constitution have been given to the Purchaser.

**4.3** **Statutory Books and Returns** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 register of shareholders, statutory books and other registers of the Company Group are up
 to date and have been properly kept in accordance with all legal requirements. No notice
 or allegation that any of them is incorrect or should be rectified has been received, and
 all transfers recorded in the register have been properly stamped.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 returns, resolutions and other documents which the Company Group is required by law to file
 with or deliver to ASIC or the equivalent Governmental Authority have been correctly completed
 and duly filed or delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No
 Company Group Member has received notice of any application or intended application for altering
 its register of shareholders or any other register which it is required by law to maintain.

**4.4** **Officers Duly Appointed** 

All of the directors and secretaries of the Company Group have been duly appointed in accordance with the Corporations Act.

**4.5** **No Name Changes** 

The Vendor will not permit the name of any Company Group Member to be changed before Settlement and have not permitted and will not permit before Settlement any Company Group Member to consent to the adoption by any other person or company of a name similar to the name of any Company Group Member.

**5.** **THE ACCOUNTS** 

**5.1** **Preparation and Accuracy of Accounts** 

The Accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) disclose
 a true and fair view of the state of the affairs, financial position and assets and liabilities
 of the Company Group as at the Accounts Date, and are complete and accurate in all material
 respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) include
 all such reserves and provisions for Tax as are adequate to cover all Tax liabilities (whether
 or not assessed and whether actual, contingent, deferred or otherwise) of the Company Group
 up to the Accounts Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) contain
 adequate provisions in respect of all other liabilities (whether actual, contingent, deferred
 or otherwise) of the Company Group as at the Accounts Date and proper disclosure (in note
 form) of any contingent or other liabilities not included or provided therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) were
 prepared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 accordance with the Corporations Act and the Accounting Standards applied on a consistent
 basis and without making any revaluation of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the manner described in the notes to them and the accompanying auditor's opinion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on
 a consistent basis with the audited accounts for the previous financial year.

**5.2** **Period Since Accounts Date** 

Since the Accounts Date, the Business has been conducted in all material respects in the ordinary and usual course of business other than for the Transaction and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there
 has not been any material change in the nature, amount, valuation or basis of valuation of
 the assets or in the nature or amount of any liabilities of the Company Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so
 far as the Vendor are aware, there has not arisen since the Accounts Date any item, transaction
 or event of a material or unusual nature likely to have a Material Adverse Effect on the
 operations or results or state of affairs of the Company Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 amount has been acquired or disposed of, no liability has been incurred except in either
 case in the ordinary course of business, and no contingent liability has been incurred by
 any Company Group Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) none
 of the debts shown in the Accounts have been released or settled for an amount less than
 that reflected for such debts in the Accounts (except in the ordinary course of the business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all
 dividends declared by the Company Group have been properly and validly declared and no dividends
 have been declared by the Company since the Accounts Date, other than the Agreed Dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) no
 Event of Insolvency has occurred in respect of any Company Group Member nor, as far as the
 Vendor are aware, has any act occurred or any omission been made which may result in an Event
 of Insolvency occurring in respect of any Company Group Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) no
 Prescribed Occurrence has occurred in respect of any Company Group Member nor has any act
 occurred or any omission been made which may result in a Prescribed Occurrence occurring
 in respect of any Company Group Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) there
 has not been a material change in the remuneration or benefits paid to or given or expected
 by the Officers of any Company Group Member.

**6.** **RECORDS AND SYSTEMS** 

All books of accounts and other records of any kind of the Company Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have
 been fully, properly and accurately kept on a consistent basis and completed in accordance
 with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) proper
 business and accounting practices; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (excluding
 accounts, books, ledgers and other financial records) all applicable Statutes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have
 not had any material records or information removed from them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) do
 not contain or reflect any material inaccuracies or discrepancies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) give
 and reflect a true and fair view of the trading transactions, or the financial and contractual
 position of the Company Group and of their assets and liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) are
 in the possession of the Company Group.

**7.** **CONTRACTS AND COMMITMENTS** 

**7.1** **Contracts Binding** 

Every contract, instrument or other commitment to which any Company Group Member is a party is valid and binding according to its terms and, without prejudice to any other warranty, so far as the Vendor are aware, no party to any such commitment is in material default under the terms of that commitment.

**7.2** **Material Contracts** 

Any contract, transaction, arrangement or liability to which a Company Group Member is a party that involves, or likely to involve, obligations or liabilities that, by reason of their nature or magnitude ought reasonably be made known to an intending buyer of the Vendor Shares is disclosed in the Data Room.

**7.3** **Notices** 

No Company Group Member has received any written notice that may materially affect the rights of that Company Group Member or the exercise of any rights by that Company Group Member under an agreement that is material to the conduct of the Business.

**7.4** **No contracts outside ordinary course of business** 

No Company Group Member is party to any contract or commitment entered into which is in existence and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 outside the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) even
 if entered into in the ordinary course of business, involves or is likely to involve obligations
 or liabilities which by reason of their magnitude or nature ought reasonably to be made known
 to an intending purchaser of the Vendor Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is
 not at arm's length.

**7.5** **No sums owing** 

At Settlement, no sums will be owing to the Vendor or to any company or person related to the Vendor by any Company Group Member.

**7.6** **No contract by unilateral act** 

No offer, tender, quotation or the like given or made by any Company Group Member is capable of giving rise to a contract merely by any unilateral act of a third party, other than in the ordinary course of business.

**7.7** **Capital expenditure** 

There are no outstanding commitments of any Company Group Member for capital expenditure other than replacements and normal purchases of plant and equipment in the ordinary course of business.

**7.8** **No foreign exchange exposure** 

There are no foreign exchange contracts binding any Company Group Member and there are no foreign exchange exposures of any Company Group Member.

**7.9** **No finder's fee** 

No-one is entitled to receive from any Company Group Member any finder's fee, brokerage or other commission or benefit in connection with the Transaction contemplated by this Agreement.

**7.10** **No profit sharing** 

No Company Group Member is party to any agreement, arrangement or understanding where it is or will be bound to share profits or waive or abandon any rights.

**7.11** **Standard Terms and Conditions** 

A copy of any standard terms and conditions used by each Company Group Member has been provided to the Purchaser and, other than as disclosed in the Due Diligence Materials, no Company Group Member has entered into an agreement or arrangement with a customer or supplier different from these.

**7.12** **Conditions and Warranties in respect of goods and services** 

Except for a condition or warranty implied by law or contained in its standard terms of business, no Company Group Member has given a condition or warranty, or made a representation, in respect of goods and services supplied or agreed to be supplied by it, or accepted an obligation that could give rise to a liability after the goods or services have been supplied by it that will or would reasonably be likely to have a Material Adverse Effect on the Company Group Member.

**7.13** **No other payments** 

No Company Group Member is subject to any agreement, arrangement or understanding that involves directly or indirectly any offer or payment to any government official or any other third party to influence him or to assist in the obtaining or retaining of business, nor involves any offer or payment to any other person while knowing or having reason to know that all or a portion of the matter offered or any such payment would be made available or paid to any government official or third party for the same purpose.

**7.14** **Securities enforceable** 

All security (including any guarantee or indemnity) granted in favour of any Company Group Member is valid and enforceable by that member against the grantor in accordance with the terms of that security.

**7.15** **No Power of Attorney** 

There are no powers of attorney given by any Company Group Member in favour of any person which may come into force in relation to the Business or any Company Group Member.

**8.** **RELATED PARTY CONTRACTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No
 Company Group Member is a party to any contract or arrangement in which the Vendor are interested,
 directly or indirectly, nor has there been any such contract or arrangement at any time during
 the three years up to the Execution Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 Company Group Member is a party to, or has had its profits or financial position during the
 three financial years ended on the Accounts Date been affected by, any contract or arrangement
 which is not of an entirely arm's length nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Vendor are not a party to any outstanding agreement or arrangement for the provision of finance,
 goods, services or other facilities to or by a Company Group Member or in any way relating
 to a Company Group Member or its affairs.

**9.** **FINANCING ARRANGEMENTS** 

**9.1** **Financial Debt** 

At the Settlement Date, the Company will not have any Financial Debt, or owe any borrowing or other indebtedness of any description.

**10.** **ASSETS** 

**10.1** **Material Assets** 

All assets of the Company Group are listed in Schedule 5 and are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fully
 paid for;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) either
 the absolute property of a Company Group Member free and clear of all Encumbrances (other
 than a Permitted Encumbrance) or used by a Company Group Member under a contract under which
 it is entitled to use the assets on the terms and conditions of such a contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not
 the subject of any lease or hire purchase agreement or agreement for purchase on deferred
 terms, other than in the ordinary course of business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in
 the possession of a Company Group Member, its agent or nominee,

except as identified in Schedule 5 or otherwise as provided for or taken into account in the preparation of the Accounts.

**10.2** **Stock** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 stock owned by the Company Group (**Stock**) is of good and merchantable quality, fit
 for the purpose for which it is used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 level of Stock is in the reasonable opinion of the Vendor reasonable having regard to current
 and expected demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Stock is in the reasonable opinion of the Vendor saleable in the usual course of the Business
 in accordance with its current price list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) So
 far as the Vendor are aware:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no
 Company Group Member has supplied, or agreed to supply, goods that have been, or will be,
 defective, or that fail, or will fail, to comply with their terms of sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No
 goods in a state ready for supply by a Company Group Member are, or will be, defective or
 will fail to comply with terms of sale similar to terms of sale on which similar goods have
 previously been sold by the Company Group Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 amount of Stock in relation to the usual requirements of the Business at the time of Settlement
 will be reasonable having regard to current and anticipated demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No
 Company Group Member has acquired or agreed to acquire any material part of the Stock on
 terms that the property in the Stock does not pass until full payment is made, except in
 the ordinary course of the business.

**10.3** **Plant and Equipment** 

All plant, machinery, vehicles and equipment owned by or used by a Company Group Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are
 in satisfactory repair and condition having regard to their age and fair wear and tear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) are
 in satisfactory working order and have been regularly and properly maintained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) are
 capable of performing the functions for which they are used;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) are
 recorded in the books of the Company Group Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) so
 far as the Vendor are aware, comply with all applicable laws, conform with all standards
 and have not been repaired, altered, modified, operated or maintained in a way that would
 void or otherwise affect any warranty provided by the suppliers of those assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) so
 far as the Vendor are aware, are not dangerous, inefficient, out of date, unsuitable or in
 need of renewal or replacement or surplus to the Company Group Member's requirements.

**11.** **PREMISES** 

No Company Group Member owns, leases or occupies any interest in land.

**12.** **INTELLECTUAL PROPERTY** 

**12.1** **Confidential Information** 

So far as the Vendor are aware, there has not been any misuse or unauthorised disclosure of any Confidential Information.

**12.2** **No use by other persons** 

The Vendor are not aware of any use by any other person of any business name or trade mark owned or used by any Company Group Member.

**12.3** **No infringement of other right** 

So far as the Vendor are aware, none of the Intellectual Property Rights or other processes now or at any time employed or used by the Company Group, constitute or may constitute an unauthorised infringement of any intellectual property rights of any other person.

**13.** **INFORMATION TECHNOLOGY** 

**13.1** **Systems** 

The information technology and telecommunications systems, hardware and software owned or used by a Company Group Member in the conduct of the Business as at the Execution Date (**Systems**) comprise all the information technology and telecommunications systems, hardware and software necessary for the conduct of the Business as conducted at Settlement.

**13.2** **Ownership of Systems** 

All Systems are owned and operated by, and are under the control of a Company Group Member and are not wholly or partly dependent on any facilities that are not under the ownership, operation or control of a Company Group Member.

**13.3** **Software** 

Each Company Group Member either owns or is validly licensed to use the software comprised in the Systems.

**13.4** **No Systems Failures** 

In the 12 months before the Execution Date, there have been no bugs in, outages, failures, breakdowns or substandard performance of, any systems that have had any Material Adverse Effect on the Business and the Vendor are not aware of any fact or matter that may cause any such bug, outage, failure, breakdown or substandard performance following Settlement if the Systems are used on substantially the same basis as they are used as at the Execution Date.

**13.5** **Support** 

The Company Group has valid and subsisting support agreements with the suppliers of the Systems under which preventive and corrective maintenance services, software upgrades and helpdesk services for the Systems are provided to the Company Group.

**13.6** **Disaster Recovery** 

The Company Group has up to date disaster recovery plans for the Systems which are designed to minimise the impact of any loss of, damage to, or material interruption in use of any System on the conduct of the Business and which comply with best information technology industry practice.

**13.7** **Security** 

The Company Group applies reasonable security measures to prevent unauthorised access or damage to the Systems or destruction or corruption of data stored or processed by the System.

**14.** **ABSENCE OF LITIGATION** 

**14.1** **No current litigation** 

No Company Group Member and no person for whom they may be vicariously liable, is engaged in any capacity in any prosecution, litigation, arbitration proceedings or administrative or governmental challenge or investigation (**Litigation**).

**14.2** **No pending Litigation** 

There is no Litigation pending, threatened or anticipated against any Company Group Member or any person for whom any Company Group Member may be vicariously liable.

**14.3** **No facts giving rise to Litigation** 

So far as the Vendor are aware, no fact or circumstance exists which may give rise to any Litigation which could materially affect the ability of any Company Group Member continuing to operate the Business.

**14.4** **No outstanding judgments** 

There are no unsatisfied or outstanding judgments, orders, decrees, stipulations, or notices affecting any Company Group Member or any person for whom any of them may be vicariously liable.

**15.** **INSURANCE** 

**15.1** **Disclosure of Company Insurance** 

Schedule 4 accurately details all contracts of insurance and indemnity in force in respect of the property and assets of the Company Group (**Company Insurances**).

**15.2** **Insurance contracts still valid** 

The Company Insurances are in force and there is no fact or circumstance known to the Vendor which would lead to any of them being prejudiced or which would permit an insurer to refuse or reduce a claim or materially increase the premiums payable under the policies. So far as the Vendor are aware, none of the Company Insurances will be terminated or cease to have effect as a result of the transactions contemplated by this Agreement.

**15.3** **Premiums paid** 

All premiums in respect of the Company Insurances will have been paid before the Settlement Date.

**15.4** **No claims remain unpaid** 

There are no material Claims made but unpaid under the Company Insurances or any insurance policies previously held, and no material threatened or pending Claims, and there are no events or circumstances which may give rise to any such Claim.

**15.5** **No failure to claim** 

No Company Group Member has failed to give any notice or to present any Claim of which the Vendor are aware with respect to the Business under any existing insurance policy.

**15.6** **No outstanding requirements or recommendations** 

No Company Group Member has been notified by any insurer that it is required or that it is advisable for it to carry out any maintenance, repairs or other work in relation to any assets of the Business.

**15.7** **Insurance only relevant to Business** 

The insurances effected by the Company Group do not cover or otherwise relate to any assets or premises other than those owned and used by the Company Group or any risks or liabilities other than those which may be incurred by the Company Group.

**16.** **TAXATION** 

**16.1** **Taxation Liabilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 Tax and Duty arising under any Tax Law for which any Company Group Member is liable or for
 which any Company Group Member is liable to account has been duly paid or accrued (in so
 far as such Tax or Duty ought to have been paid or accrued).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 Company Group Member is, or will in the future become, subject to any Tax or Duty on or in
 respect of or by reference to its profits, gains, income, sales, disposals of or transactions
 in relation to assets, inventory, or other property for any period up to and including settlement
 in excess of the provision for Tax and Duty included in the Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No
 Company Group Member has done anything which has or would give rise to a liability to Tax
 under the *Taxation (Unpaid Company Tax) Assessment Act 1982 (Cth)*, whether or not
 that liability has been discharged.

**16.2** **Withholding Tax** 

Any obligation on a Company Group Member under any Tax Law to withhold amounts at source has been complied with.

**16.3** **Tax Returns** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Company Group Member has submitted any necessary information, notices, computations and returns
 to the relevant Governmental Authority in respect of any Tax or any Duty relating to the
 Company Group Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 tax return, election or notice lodged or filed by any Company Group Member contains either
 of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 false or misleading statement or omits to refer to a matter which is required to be included
 or without which the statement is false or misleading; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 material error or a material omission relating to the assessment of Tax of the Company Group
 Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company Group has maintained sufficient records to support all returns lodged or filed relating
 to Tax and Duty and to comply with any Tax Law.

**16.4** **No Tax Audit** 

No Company Group Member has within the past 12 months suffered any investigation, audit or visit by the Commissioner of Taxation or any other taxation authority, and, so far as the Vendor are aware, there is no such investigation audit or visit planned for the next 12 months.

**16.5** **Penalties and Interest** 

No Company Group Member has since incorporation paid or become liable to pay, nor are there any circumstances known to the Vendor by reason of which the Company Group Member is likely to become liable to pay any fine, penalty, surcharge or interest whether charged by virtue of the provisions of any Tax Law.

**16.6** **Records** 

Each Company Group Member has maintained proper and adequate records to enable it to comply in material respects with its obligations to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prepare
 and submit any information, notices, computations, payments and returns required in respect
 of any Tax Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prepare
 any accounts necessary for compliance with any Tax Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) retain
 necessary records as required by any Tax Law,

and such records are accurate in all material respect.

**16.7** **Franking Account** 

Each Company Group Member has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) complied
 with the provisions of Part 3-6 of the ITAA 97 and has maintained records of all franking
 debits and franking credits which are sufficient for the purposes of that legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) franked
 the required amount to all dividends paid since the Accounts Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not
 done anything or been involved in any scheme, arrangement or transaction or series of schemes,
 arrangements or transactions which, or any part of which, caused or may cause a franking
 debit to arise in the Company Group Member's franking account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not
 been party to or otherwise involved in any transaction which caused a franking deficit to
 arrive at the end of the franking year following the Accounts Date including by franking
 a dividend paid after the Accounts Date.

**16.8** **No Tainting** 

None of the Company Group Members have a share capital account that is tainted under Section 160ARDM of the ITAA 36 or within division 197 of the ITAA 97 by the transfer of an amount to the share capital account from any of its other accounts.

**16.9** **Capital Gains Tax** 

No Company Group Member has sought capital gains tax relief under sub division 126 of the ITAA 97 or Section 160ZZO of the ITAA 36 in respect of any asset acquired by any Company Group Member and that is still owned by any Company Group Member immediately after Settlement.

**16.10** **No Dispute** 

No Company Group Member has made a false or misleading statement to a taxation officer within the meaning of any Tax Law in relation to any income or franking year and there is no unresolved dispute with any Revenue Authority involving the Company Group.

**16.11** **Interposed Entity Election** 

No Company Group Member has ever made an interposed entity election pursuant to the trust loss provisions of the ITAA 36.

**16.12** **Australian Residents** 

Each Company Group Member is and has throughout the period since incorporation been resident in Australia for corporation tax purposes and if the Company Group Member is not resident it is not a company incorporated in Australia.

**16.13** **Tax Avoidance** 

No Company Group Member has been a party to, or has participated in transactions or arrangements that could give rise to the exercise by the relevant authority of its powers under the Tax Law in relation to losses and outgoings incurred under tax avoidance schemes or in relation to international agreements or schemes to reduce income tax, or any other discretionary powers of the relevant Revenue Authority under the Tax Law by virtue of which transactions or arrangements entered into by any entity with the Company Group may be reopened, revised or given an interpretation different from that adopted by the relevant entity with the Company Group.

**16.14** **Public Officer** 

The office of public officer as required by Tax Law has always been occupied.

**16.15** **GST** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any
 GST required to be paid by a Company Group Member has been imposed, obtained and remitted
 to the correct Revenue Authority in accordance with its commitments under the GST legislation.
 Each Company Group Member has complied with all of its obligations under the GST legislation
 and other legislation associated with the introduction of the GST.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 under or by virtue of any agreement to which a Company Group Member is a party, any GST is
 liable to be paid in connection with any Taxable Supply made by the Company Group Member
 under that agreement, the Company Group Member will be entitled to recover from the party
 required to pay for the Taxable Supply an amount so that after meeting any liability to pay
 GST the Company Group Member retains the same amount as if GST was not payable in connection
 with the Taxable Supply.

**16.16** **Stamp Duty and other Tax** 

All stamp duty and other Tax and Duty payable in respect of every agreement, document or transaction to which a Company Group Member is or has been a party or by which a Company Group Member derives or has derived, a substantial benefit, has been duly paid.

**17.** **EMPLOYMENT** 

**17.1** **Employee Entitlements** 

Other than arising in the ordinary course of business before the Settlement Date, the Company is not under, nor will it assume before the Settlement Date, any liability for any pension, lump sum retiring allowance or redundancy payment or any liability with respect to holiday, long service or sick leave entitlement.

**17.2** **Contractors** 

So far as the Vendor are aware, each of the contracts entered into by each Company Group Member with any contractors are enforceable against the Parties to it and so far as the Vendor are aware, there is no party in breach of, or in default under, any such contract.

**17.3** **No collective agreements** 

No Company Group Member is a party to any collective agreement or enterprise bargaining agreement or other agreement or arrangement nor is any Company Group Member involved in or likely to be involved in any industrial dispute with any trade union or other organisation of employees, which will or would reasonably be likely to, have a Material Adverse Effect on the Company Group Member.

**17.4** **No changes to directors' benefits** 

Since the Accounts Date, the Company Group has not paid any remuneration or fees to its directors other than normal remuneration to executive directors.

**17.5** **Compliance with awards and agreements** 

So far as the Vendor are aware, in respect of former employees, the Company Group has complied with all applicable industrial awards and agreements and all statutory requirements.

**17.6** **Compliance with Statutes** 

So far as the Vendor are aware, the Company Group has complied in all material respects with all applicable Statutes directed at:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) avoiding
 all forms of discrimination with respect to employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) providing
 long service leave benefits to employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) providing
 training and career assistance to employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) providing
 for affirmative action programmes,

and there are no outstanding claims against or payments due from any Company Group Member under such Statutes.

**17.7** **No Offer of Employment** 

Other than in the ordinary course of business, no Company Group Member has made any offer of work or any appointment of an individual (or any company controlled by an individual as a senior executive, or as an independent contractor) for a term of 12 months or more or for payment of AUD$50,000 or more per annum, that remains capable of acceptance and that cannot be terminated without penalty on less than 3 months' notice.

**17.8** **Payments made** 

The Company has paid all amounts due to its employees and all amounts due to any third party in respect of its employees.

**17.9** **Termination** 

The employment of each employee is on a casual basis and can be lawfully terminated on no more than one (1) months' notice or less without payment of any damages or compensation, including any severance or redundancy payments.

**18.** **MATERIAL DISCLOSURE** 

**18.1** **All material information** 

Any historical information actually known to the Vendor as at the Execution Date concerning the Company Group which might reasonably be regarded as material to a purchaser for value of the Vendor Shares has been disclosed in the Due Diligence Materials.

**18.2** **True, complete and accurate** 

All historical information in the Due Diligence Materials concerning each Company Group Member or the Vendor Shares is true and accurate in all material respects, and is not misleading or deceptive in any material respect.

**18.3** **No adverse circumstances** 

There are no circumstances known to the Vendor which might reasonably be expected to have a Material Adverse Effect on the Company Group.

**18.4** **No competing interests** 

The Vendor do not have any interest in any company or business which has a close trading relationship with or which is in competition with a business conducted by the Company Group.

**S C H E D U LE 2 – P UR C HA S E R W AR R A NTI E S**

**PURCHASER WARRANTIES**

1. The
 Purchaser has full power and authority to enter into and perform its obligations under this
 Agreement.

2. All
 necessary authorisations for the execution, delivery and performance by the Purchaser of
 this Agreement have been or will be obtained before Settlement.

3. The
 entry into and performance of this Agreement and all documents executed pursuant to this
 Agreement by the Purchaser does not constitute a breach of any obligation (including any
 statutory, contractual or fiduciary obligation), or default under any agreement or undertaking
 by which the Purchaser is bound.

4. No
 Event of Insolvency has occurred in relation to the Purchaser, nor is there any act which
 has occurred or any omission made which may result in an Event of Insolvency occurring in
 relation to the Purchaser.

5. The
 Purchaser is validly incorporated, organised and subsisting in accordance with the laws of
 its place of incorporation.

6. The
 Purchaser enters into and performs this Agreement on its own account and not as trustee for
 or nominee of any other person.

7. To
 the knowledge of the Purchaser at the Execution Date, there is no fact, circumstance or occurrence
 which is reasonably likely to give rise to a Claim against a Company Group Member.

8. There
 is no unsatisfied judgement, order, arbitral award or decision of any court, tribunal or
 arbitrator, or unsatisfied judgement or proceedings in any court, tribunal or arbitration,
 against a Company Group Member.

9. At
 Settlement, the Purchaser will have the necessary power and authority to issue the Consideration
 Shares to the Vendor.

**S C H E D U L E 3 – C O M P A N Y A C C O U N T S**

Nisus Payroll Pty Ltd

ACN 627 265 909

Financial Statements

for the year ended 30 June 2023

Contents

● Compilation Report

● Director's Declaration

● Notes to the Financial Statements

● Balance Sheet

● Profit and Loss Statement

● Income Tax Return

Nisus Payroll Pty Ltd

ABN 12 627 265 909

SPECIAL PURPOSE COMPILATION REPORT

TO Nisus Payroll Pty Ltd ("the Client")

We have compiled the accompanying special purpose financial statements of Nisus Payroll Pty Ltd which comprise the Balance Sheet as at 30 June 2023, the Profit and Loss Statement for the year then ended, and a summary of significant accounting policies and other explanatory notes. The specific purpose for which the special purpose financial statements have been prepared is set out in Note 1

The Responsibility of The Client

The Client is solely responsible for the information contained in the special purpose financial statements, the reliability, accuracy and completeness of the information and for the determination that the significant accounting policies used is appropriate to meet their needs and for the purpose that the financial statements were prepared.

Our Responsibility

On the basis of information provided by Those Charged with Governance we have compiled the accompanying special purpose financial statements in accordance with the significant accounting policies described in Note 1 to the financial statements and APES 315 *Compilation of Financial Information*.

We have applied our expertise in accounting and financial reporting to compile these financial statements in accordance with the *basis of accounting* described in Note 1 to the financial statements. We have complied with the relevant ethical requirements of APES 110 Code of Ethics for Professional Accountants.

Assurance Disclaimer

Since a compilation engagement is not an assurance engagement, we are not required to verify the reliability, accuracy or completeness of the information provided to us by management to compile these financial statements. Accordingly, we do not express an audit opinion or a review

conclusion on these financial statements.

The special purpose financial statements were compiled exclusively for the benefit of The Client, who is responsible for the reliability, accuracy and completeness of the information used to compile them. We do not accept responsibility for the contents of the special purpose financial statements.

Verus Advisory Pty Ltd

Level 1, 29 Jardine Street, Kingston ACT 2604

Rebecca Roberts

Director

Date: 27 October 2023

Nisus Payroll Pty Ltd <br> ABN 12 627 265 909

DIRECTOR'S DECLARATION <br> FOR THE YEAR ENDED 30 June 2023

The directors of the company have determined that company is not a reporting entity and that this special purpose financial report should be prepared in accordance with the accounting policies outlined in Note 1 to the financial statements.

The directors of the company declare that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the
 financial statements and notes, as set out in the financial report, present fairly the company's
 financial position as at 30 June 2023 and its performance for the year ended on that date
 in accordance with accounting policies described in Note 1 to the financial statements and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. in
 the director's opinion there are reasonable grounds to believe that the company will
 be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the directors of the company.

---

| |
|:---|
| ![](ex2-20_001.jpg) |
| **Director: Xiaolong Ni** |

---

Nisus Payroll Pty Ltd

ABN 12 627 265 909

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 June 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Statement
 of Significant Accounting Policies

The directors have prepared the financial statements on the basis that the company is a non- reporting entity because there are no users dependent on general purpose financial statements. The financial statements are therefore special purposes financial statements that have been prepared in order to meet the needs of the members.

The financial statements have been prepared in accordance with the significant accounting policies disclosed below which the directors have determined are appropriate to meet the needs of members. Such accounting policies are consistent with the previous period unless stated otherwise.

The financial statements have been prepared by applying the accruals basis and going concern basis of accounting. They are based on historical costs and do not take into account changing money values or, except where specifically stated, current valuations of non-current assets.

The following specific accounting policies, which are consistent with the previous period unless otherwise stated, have been adopted in the preparation of these financial statements:

Income Tax

The income tax expense for the year comprises current income tax expense. The company does not apply deferred tax. Current income tax expense charged to the profit or loss is the tax payable on taxable income calculated using applicable income tax rates enacted, or substantially enacted, as at 30 June 2023. Current tax liabilities are therefore measured at the amounts expected to be paid to the relevant taxation authority.

Inventories

Inventories are carried at the lower of cost or net realisable value. Cost is based on the actual cost method and includes expenditure incurred in acquiring the inventories and bringing them to the existing condition and location

Intangibles

Goodwill is recognised as the excess of the purchase price for a business acquired over the fair value of the net assets at the date of acquisition. Goodwill is assessed for impairment annually and is carried at cost less accumulated impairment losses

Trade and Other Receivables

Trade receivables and other receivables, including distributions receivable, are recognised at the nominal transaction value without taking into account the time value of money, If required a provision for doubtful debt has been created.

\*These notes are to be read in conjunction with the attached compilation report.

Trade and Other Payables

Trade and other payables represent the liabilities for goods and services received by the company that remain unpaid at 30 June 2023. Trade payables are recognised at their transaction price. They are subject to normal credit terms and do not bear interest.

Provisions

Provisions are recognised when the entity has a legal or constructive obligation from past events, for which it is probable that there will be an outflow of economic benefits and that outflow can be reliably measured. Provisions are measured using the best estimate available of the amounts required to settle the obligation at the end of the reporting period.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits held on call with banks, other short- term highly liquid investments with original maturities of three months or less, and bank overdrafts.

Revenue Recognition

Revenue from the sale of good is recognised upon the delivery of goods to customers

Revenue from the rendering of services is recognised upon the delivery of the services to customers

Revenue from commissions is recognised upon delivery of services to customers Revenue from interest is recognised using the effective interest rate method

Revenue from dividends is recognised when the entity has a right to receive the dividend. All revenue is stated net of the amount of goods and services tax (GST).

Goods and Services Tax

Transactions are recognised net of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).

Receivables and other payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the balance sheet.

Leases

Finance leases are leases of fixed assets where substantially all of the risks and s incidental to the ownership of the asset are transferred to the entity, but the legal ownership is not transferred to the entity.

Finance leases are capitalised by recording an asset and a corresponding liability at the lower of the amounts equal to the fair value of the leased asset, or the minimum lease payments measured at present value including any residual values.

Leased assets are depreciated on a straight-line basis over the shorter of their estimated useful lives or the lease term.

Operating lease payments are charged to the income statement on a straight-line basis over the term of the lease

Lease incentives are deferred and amortised over the period of the lease

Profits and losses on sale and leaseback transactions are recognised in the reporting period in which they occur.

\*These notes are to be read in conjunction with the attached compilation report.

Omitted

Company Annual Accounts

Nisus Australia Pty Ltd

ABN 91 622 344 218

For the year ended 30 June 2023

---

| | |
|:---|:---|
| Contents | Contents |
| 3 | Detailed Statement of Financial Performance |
| 4 | Detailed Statement of Financial Position |
| 5 | Notes to the Financial Statements |
| 7 | Director's Declaration |
| 8 | Compilation Report |

---

Detailed Statement of Financial Performance

Nisus Australia Pty Ltd

For the year ended 30 June 2023

---

| | | |
|:---|:---|:---|
|  | 2023 | 2022 |
| Income |  |  |
| &nbsp;&nbsp;&nbsp;Sales | 11622386 | 8228261 |
| &nbsp;&nbsp;&nbsp;Interest Income | 14200 | 2142 |
| &nbsp;&nbsp;&nbsp;Total Income  | 11636586 | 8230402 |
| Other Income |  |  |
| &nbsp;&nbsp;&nbsp;Other Revenue | 333 | 2877 |
| &nbsp;&nbsp;&nbsp;Total Other Income | 333 | 2877 |
| Total Income | 11636919 | 8233280 |
| Expenses |  |  |
| &nbsp;&nbsp;&nbsp;Advertising | 2511 | 3575 |
| &nbsp;&nbsp;&nbsp;Bank Fees | 153 | 127 |
| &nbsp;&nbsp;&nbsp;Consulting & Accounting | 62903 | 53277 |
| &nbsp;&nbsp;&nbsp;Depreciation | 6526 | 3004 |
| &nbsp;&nbsp;&nbsp;Employee Expenses | 800 | 1217 |
| &nbsp;&nbsp;&nbsp;Entertainment | 1734 | 1175 |
| &nbsp;&nbsp;&nbsp;Filing Fees | 290 | 276 |
| &nbsp;&nbsp;&nbsp;Freight & Postage | 235 | 30 |
| &nbsp;&nbsp;&nbsp;General Expenses | - | 175 |
| &nbsp;&nbsp;&nbsp;Insurance | 28543 | 5096 |
| &nbsp;&nbsp;&nbsp;Labour Hire Licencing | 2994 | 2900 |
| &nbsp;&nbsp;&nbsp;Office Expenses | 359 | 403 |
| &nbsp;&nbsp;&nbsp;Parking Expense | 280 | 406 |
| &nbsp;&nbsp;&nbsp;Payroll Tax Expense | 513972 | 319760 |
| &nbsp;&nbsp;&nbsp;Printing & Stationery | 308 | 180 |
| &nbsp;&nbsp;&nbsp;Referral Services | 9847 | 9126 |
| &nbsp;&nbsp;&nbsp;Security Clearance and Police Checks | 1370 | - |
| &nbsp;&nbsp;&nbsp;Software Subscriptions | 345 | - |
| &nbsp;&nbsp;&nbsp;Sponsorship | - | 1240 |
| &nbsp;&nbsp;&nbsp;Subcontractor Fees | 9850771 | 7040055 |
| &nbsp;&nbsp;&nbsp;Telephone & Internet | 1201 | 1191 |
| &nbsp;&nbsp;&nbsp;Travel and Accommodation | 3327 | - |
| &nbsp;&nbsp;&nbsp;Website Expenses | 147 | - |
| &nbsp;&nbsp;&nbsp;Total Expenses | 10488616 | 7443215 |
| Profit/(Loss) before Taxation | 1148304 | 790065 |
| Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;Income Tax Expense | 287039 | 193499 |
| Net Profit After Tax | 861264 | 596566 |

---

The accompanying notes form part of these financial statements. These statements should be read in conjunction with the attached compilation report.

Detailed Statement of Financial Position

Nisus Australia Pty Ltd

As at 30 June 2023

---

| | | | |
|:---|:---|:---|:---|
|  | NOTES | 30 JUN 2023 | 30 JUN 2022 |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 2 | 1348730 | 720035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables |  | 965519 | 1004245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets |  | 2314249 | 1724280 |
| &nbsp;&nbsp;&nbsp;Non-Current Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director Loan Account |  | 74674 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-Current Assets |  | 74674 | - |
| &nbsp;&nbsp;&nbsp;Total Assets |  | 2388923 | 1724280 |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables | 3 | 1441908 | 976739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxation | 4 | 85390 | 189181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities |  | 1527299 | 1165920 |
| &nbsp;&nbsp;&nbsp;Total Liabilities |  | 1527299 | 1165920 |
| **Net Assets** |  | 861624 | 558360 |
| **Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;Retained Earinings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current Year Earnings |  | 861264 | 596566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained Earnings |  | 558359 | (38208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Paid |  | (558000) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Retained Earnings |  | 861623 | 558359 |
| &nbsp;&nbsp;&nbsp;Share Capital |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Equity |  | 861624 | 558360 |

---

The accompanying notes form part of these financial statements. These statements should be read in conjunction with the attached compilation report.

Notes to the Financial Statements

Nisus Australia Pty Ltd

For the year ended 30 June 2023

1. Statement of Significant Accounting Policies

The director has determined that the company is not a reporting entity and accordingly, this financial report is a special purpose report prepared for the sole purpose of distributing a financial report to members and must not be used for any other purpose. The director has determined that the accounting policies adopted are appropriate to meet the needs of the members.

The financial report has been prepared on an accrual basis and under the historical cost convention, except for certain assets, which, as noted, have been written down to fair value as a result of impairment. Unless otherwise stated, the accounting policies adopted are consistent with those of the prior year.

The accounting policies that have been adopted in the preparation of the statements are as follows:

Income Tax

The income tax expense for the year comprises current income tax expense. The company does not apply deferred tax. Current income tax expense charged to the profit or loss is the tax payable on taxable income calculated using applicable income tax rates enacted, or substantially enacted, as at 30 June 2023. Current tax liabilities are therefore measured at the amounts expected to be paid to the relevant taxation authority.

Property, Plant and Equipment

Property, plant and equipment is initially recorded at the cost of acquisition or fair value less, if applicable, any accumulated depreciation and impairment losses. Plant and equipment that has been contributed at no cost, or for nominal cost, is valued and recognised at the fair value of the asset at the date it is acquired. The plant and equipment is reviewed annually by the director to ensure that the carrying amount is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the utilisation of the assets and the subsequent disposal. The expected net cash flows have been discounted to their present values in estimating recoverable amounts.

Freehold land and buildings are measured at their fair value, based on periodic, but at least triennial, valuations by independent external valuers, less subsequent depreciation for buildings.

Increases in the carrying amount of land and buildings arising on revaluation are credited in equity to a revaluation surplus. Decreases against previous increases of the same asset are charged against fair value reserves in equity. All other decreases are charged to profit or loss.

Any accumulated depreciation at the date of revaluation is offset against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Trade and Other Receivables

Trade receivables and other receivables, including distributions receivable, are recognised at the nominal transaction value without taking into account the time value of money. If required a provision for doubtful debt has been created.

Trade and Other Payables

Trade and other payables represent the liabilities for goods and services received by the company that remain unpaid at 30 June 2023. Trade payables are recognised at their transaction price. They are subject to normal credit terms and do not bear interest.

Provisions

Provisions are recognised when the entity has a legal or constructive obligation resulting from past events, for which it is probable that there will be an outflow of economic benefits and that outflow can be reliably measured. Provisions are measured

These notes should be read in conjunction with the attached compilation report.

Notes to the Financial Statements

.................................................................

using the best estimate available of the amounts required to settle the obligation at the end of the reporting period.

**Cash and Cash Equivalents**

Cash and cash equivalents include cash on hand, deposits held on call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts.

**Revenue Recognition**

Revenue from the sale of goods is recognised upon the delivery of goods to customers.

Revenue from the rendering of services is recognised upon the delivery of the services to customers.

Revenue from commissions is recognised upon delivery of services to customers.

Revenue from interest is recognised using the effective interest rate method.

Revenue from dividends is recognised when the entity has a right to receive the dividend.

All revenue is stated net of the amount of goods and services tax (GST).

**Goods and Services Tax**

Transactions are recognised net of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the balance sheet.

---

| | | |
|:---|:---|:---|
|  | 2023 | 2022 |
| **2. Cash and Cash Equivalents** |  |  |
| &nbsp;&nbsp;&nbsp;Nisus Australia Cash Reserves | - | - |
| &nbsp;&nbsp;&nbsp;Nisus Australia Pty Ltd - Macq | 1234010 | 267459 |
| &nbsp;&nbsp;&nbsp;Nisus Australia Accelerator | 103829 | 451398 |
| &nbsp;&nbsp;&nbsp;Nisus Australia - Westpac Biz1 | 10890 | 1176 |
| &nbsp;&nbsp;&nbsp;Cash on hand | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Total Cash and Cash Equivalents | 1348730 | 720035 |

---

---

| | | |
|:---|:---|:---|
|  | 2023 | 2022 |
| **3. Payables** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts Payable | 1441908 | 961592 |
| &nbsp;&nbsp;&nbsp;Overpayments | - | 15147 |
| &nbsp;&nbsp;&nbsp;Total Payables | 1441908 | 976739 |

---

---

| | | |
|:---|:---|:---|
|  | 2023 | 2022 |
| **4. Taxation** | **4. Taxation** | **4. Taxation** |
| &nbsp;&nbsp;&nbsp;GST | 117 | - |
| &nbsp;&nbsp;&nbsp;Income Tax Payable | 85273 | 189181 |
| &nbsp;&nbsp;&nbsp;Total Taxation | 85390 | 189181 |

---

These notes should be read in conjunction with the attached compilation report.

Director's Declaration

Nisus Australia Pty Ltd

For the year ended 30 June 2023

The director has determined that the company is not a reporting entity and that this special purpose financial report should be prepared in accordance with the accounting policies outlined in Note 1 to the financial statements.

The director of the company declare that:

The financial statements and notes, present fairly the company's financial position as at 30 June 2023 and its performance for the year ended on that date in accordance with the accounting policies described in Note 1 to the financial statements; and

2 In the director's opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Director.

---

| | |
|:---|:---|
| Director: Xiaolong Ni | ![](ex2-20_002.jpg) |

---

Sign date:

Compilation Report

Nisus Australia Pty Ltd

For the year ended 30 June 2023

Compilation report to Nisus Australia Pty Ltd

We have compiled the accompanying special purpose financial statements of Nisus Australia Pty Ltd, which comprise the balance sheet as at 30 June 2023, the income statement, the statement of cash flows, a summary of significant accounting policies and other explanatory notes. The specific purpose for which the special purpose financial statements have been prepared is set out in Note 1.

The Responsibility of the Director

The director of Nisus Australia Pty Ltd is solely responsible for the information contained in the special purpose financial statements, the reliability, accuracy and completeness of the information and for the determination that the basis of accounting used is appropriate to meet their needs and for the purpose that financial statements were prepared.

Our Responsibility

On the basis of information provided by the director we have compiled the accompanying special purpose financial statements in accordance with the basis of accounting as described in Note 1 to the financial statements and APES 315 *Compilation of Financial Information*.

We have applied our expertise in accounting and financial reporting to compile these financial statements in accordance with the basis of accounting described in Note 1 to the financial statements. We have complied with the relevant ethical requirements of APES 110 *Code of Ethics for Professional Accountants*.

Assurance Disclaimer

Since a compilation engagement is not an assurance engagement, we are not required to verify the reliability, accuracy or completeness of the information provided to us by management to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on these financial statements.

The special purpose financial statements were compiled exclusively for the benefit of the director responsible for the reliability, accuracy and completeness of the information used to compile them. We do not accept responsibility for the contents of the special purpose financial statements.

---

| |
|:---|
| Verus Advisory Pty Ltd |
| Level 1, 29 Jardine Street, |
| Kingston ACT 2604 |

---

Dated:

Omitted

**S C H E D U L E 4 – C O M P A NY I N S UR A N C E S**

---

| | |
|:---|:---|
| **Insurance policy** | **Details of Insurances** |
| Professional Indemnity & Public Liability Nisus Australia Pty Ltd | Policy Period: 19 February 2023 to 19 February 2024 |
| Workers Insurance Nisus Australia Pty Ltd | Policy Period: 31 January 2023 to 31 January 2024 |
| Workers Compensation Insurance<br> Nisus Payroll Pty Ltd / Nisus Australia Pty Ltd | Policy Period: 30 June 2023 to 30 June 2024 |

---

**S C H E D U LE 5 – C O M P A NY G R O UP AS S E T S**

Nisus Australia Pty Ltd fixed asset register as at 30 June 2023.

![](ex2-20_003.jpg)

Nisus Payroll Pty Ltd do not own any fixed assets as at 30 June 2023.

**A NN E X UR E A – DAT A R O O M I N DE X**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name | Extension | Date accessed | Date modified | Date created | Folder Path |
| ACT Labour Hire License - 2024.09.22.PDF | .PDF | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:32 | \NISUS\Corporate\Labour Hire license\ |
| Contractor agreement - Anthea Dang - FY 22-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:32 | \NISUS\Employment\1. LABOUR HIRE\Anthea Dang\Contractor agreements\ |
| Extension - Anthea Dang - FY23-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:32 | \NISUS\Employment\1. LABOUR HIRE\Anthea Dang\Contractor agreements\ |
| Extension Change order - Anthea Dang - FY23-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:32 | \NISUS\Employment\1. LABOUR HIRE\Anthea Dang\Work orders\ |
| Official Order - Anthea Dang - FY 22-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:32 | \NISUS\Employment\1. LABOUR HIRE\Anthea Dang\Work orders\ |
| Contractor agreement - A Knoke - FY 18-19.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:32 | \NISUS\Employment\1. LABOUR HIRE\Ashley Knoke\Dept of Industry\Contractor agreements\ |
| Contractor agreement - Ashley Knoke 01-20 to 06-20.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:32 | \NISUS\Employment\1. LABOUR HIRE\Ashley Knoke\Dept of Industry\Contractor agreements\ |
| Contractor agreement A Knoke - FY 20-21.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:32 | \NISUS\Employment\1. LABOUR HIRE\Ashley Knoke\Dept of Industry\Contractor agreements\ |
| Contractor agreement A Knoke - FY 21-22.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:32 | \NISUS\Employment\1. LABOUR HIRE\Ashley Knoke\Dept of Industry\Contractor agreements\ |
| Contractor agreement A Knoke FY 19-20.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:32 | \NISUS\Employment\1. LABOUR HIRE\Ashley Knoke\Dept of Industry\Contractor agreements\ |
| Change Order A Knoke - Nisus - FY 20-21.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Ashley Knoke\Dept of Industry\Work orders\ |
| Change Order - A Knoke - Nisus - FY 19-20.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Ashley Knoke\Dept of Industry\Work orders\ |
| Work order - Ash Knoke - FY 21-22.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Ashley Knoke\Dept of Industry\Work orders\ |
| Work Order - Scrum Master - A Knoke FY18-19.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Ashley Knoke\Dept of Industry\Work orders\ |
| Contractor agreement - A Knoke FY22-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Ashley Knoke\Treasury\Contractor agreements\ |
| Contractor agreement - A Knoke FY23-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Ashley Knoke\Treasury\Contractor agreements\ |
| Deed of Variation_C03627_02 A Knoke_ FY 23-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Ashley Knoke\Treasury\Work Order\ |
| Work Order - C03627 - Nisus - A Knoke - FY 22-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Ashley Knoke\Treasury\Work Order\ |
| contract-Ben Connolly-202312.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Ben Connolly\Contractor agreement\ |
| DEWR Official Order (Change Order)-Ben Connolly-23-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Ben Connolly\Work order\ |
| Contractor agreement- Chen XU-2021-22.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Chen XU\Contractor Agreement\ |
| Contractor agreement-Chen XU-2022-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Chen XU\Contractor Agreement\ |
| Contractor agreement-Chen Xu-2023-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Chen XU\Contractor Agreement\ |
| Change Order - Chen Xu -2022-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Chen XU\Work Orders\ |
| Change Order-Chen Xu - 2021-22.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Chen XU\Work Orders\ |
| Work Order- Chen Xu - 2023-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Chen XU\Work Orders\ |
| Contractor agreement-Chenhao XU-2023-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Chenhao Xu\Defence\Contractor Agreement\ |
| Work Order - Chenhao Xu - 2023-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Chenhao Xu\Defence\Work Order\ |
| Contractor agreement - Henry XU 2022-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Chenhao Xu\DEWR\Contractor agreement\ |
| Contractor agreement - Henry XU-Feb-Jun 2022.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Chenhao Xu\DEWR\Contractor agreement\ |
| Work Order-Chenhao XU-Feb-Jun 2022.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Chenhao Xu\DEWR\Work order\ |
| Work Order-Chenhao Xu-Jul-Dec 2023.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Chenhao Xu\DEWR\Work order\ |
| Work Order-Chenhao-2022-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Chenhao Xu\DEWR\Work order\ |
| Contract - Damian Fogels-2023-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Damian Fogels\AEC\Contract Agreement\ |
| Work Order - Damian Fogels-2023-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Damian Fogels\AEC\Work Order\ |
| Contract agreeme-D Fogels-March 2023-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Damian Fogels\PMC\Contractor Agreements\ |
| Contractor agreement - D Fogels - 2021-22.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Damian Fogels\PMC\Contractor Agreements\ |
| Contractor agreement-D Fogels - March 2020-21.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Damian Fogels\PMC\Contractor Agreements\ |
| Contractor agreement-D Fogels-March 2022-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Damian Fogels\PMC\Contractor Agreements\ |
| Work Order - D Fogels - 2023-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Damian Fogels\PMC\Work Orders\ |
| Work Order - Fogels - 2020-21.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Damian Fogels\PMC\Work Orders\ |
| Work Order extension1 - D Fogels-Rate.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Damian Fogels\PMC\Work Orders\ |
| Work Order extension3-Damian Fogels-2022-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Damian Fogels\PMC\Work Orders\ |
| Work Order extestion 2-D Fogels-2021-22.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Damian Fogels\PMC\Work Orders\ |
| Note.txt | .txt | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Darren Wong\ |
| Contract agreement-Darren Wong-2023-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Darren Wong\Contractor agreement\ |
| Contractor agreement-Darren Wong-2022-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Darren Wong\Contractor agreement\ |
| Work Order - Darren Wong -2022-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Darren Wong\Work order\ |
| Work order-Darren Wong-2023-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Darren Wong\Work order\ |
| Contract agreement extension-Di Yang-2020-21.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Di Yang\AUSTRAC\Contracts\ |
| Contractor agreement - Di Yang-2019-20.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Di Yang\AUSTRAC\Contracts\ |
| Work order-Di Yang-2019-20.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Di Yang\AUSTRAC\Work Order\ |
| Work order-Di Yang-Variation-2019.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Di Yang\AUSTRAC\Work Order\ |
| Work Order-extension- Di Yang-2020-21.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Di Yang\AUSTRAC\Work Order\ |
| Contractor agreement - Di Y-2022-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Di Yang\Dept of Education\Contract agreement\ |
| Contractor agreement - Di Y-2023-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Di Yang\Dept of Education\Contract agreement\ |
| Work Order extension-Di YANG-2023-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Di Yang\Dept of Education\Work order\ |
| Work Order-Di YANG-2022-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:33 | \NISUS\Employment\1. LABOUR HIRE\Di Yang\Dept of Education\Work order\ |
| Contract agreement-Dominik Turcic-2021-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Dominik Turcic\Contractor agreement\ |
| Contract agreement-Dominik Turcic-2022-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Dominik Turcic\Contractor agreement\ |
| Contract agreement-Dominik Turcic-2023-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Dominik Turcic\Contractor agreement\ |
| Work order-Dominik TURCIC- 2021-22.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Dominik Turcic\Work order\ |
| Work order-Dominik TURCIC- 2022-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Dominik Turcic\Work order\ |
| Work order-Dominik TURCIC- 2023-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Dominik Turcic\Work order\ |
| Contractor agreement-Eric Luc-2022-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Eric Luc\Contractor agreement\ |
| Contractor agreement-Eric Luc-Jul-Dec 2023.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Eric Luc\Contractor agreement\ |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name | Extension | Date accessed | Date modified | Date created | Folder Path |
| DESE-Contract-Eric LU-2022-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Eric Luc\Work order\ |
| DESE-Eric LU- s16 updated-June 2023.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Eric Luc\Work order\ |
| Note.txt | .txt | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Fei Wang\ |
| Contractor agreement - Fei Wang 2023-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Fei Wang\Contractor agreement\ |
| Contractor agreement - Fei Wang-2022-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Fei Wang\Contractor agreement\ |
| Work Order Variation 1-Fei Wang - 2023-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Fei Wang\Work order\ |
| Work Order-Fei Wang-2022-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Fei Wang\Work order\ |
| Contractor agreement - Haiyan Huang - 2022-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Haiyan Huang\Contractor agreement\ |
| Contractor agreement - Haiyan Huang - 2023-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Haiyan Huang\Contractor agreement\ |
| Contractor agreement - HaiyanHuang-Mar-Jun 22.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Haiyan Huang\Contractor agreement\ |
| Work Order (change)- Heather Huang- 2022-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Haiyan Huang\Work order\ |
| Work Order(Change)-Heather Huang-2023-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Haiyan Huang\Work order\ |
| Work Order-Heather Huang-Mar-Jun 2022.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Haiyan Huang\Work order\ |
| Contractor agreement - WingHong So - Jan-Jun 2022.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Han So\Contractor Agreement\ |
| Contractor agreement - WingHong So-2022-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Han So\Contractor Agreement\ |
| Contractor agreement - WingHong So-2023-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Han So\Contractor Agreement\ |
| Work Order (change) - Wing Han So-2022-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Han So\Work order\ |
| Work Order (Change)-WingHong SO-Jan-Jun 2022.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Han So\Work order\ |
| Work Order - Wing Hong So -2023-24.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Han So\Work order\ |
| Contractor agreement - Hao Wu - Feb-June 2021.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Hao Wu\Contractor Agreement\ |
| Contractor agreement - Hao Wu- 2021-22.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Hao Wu\Contractor Agreement\ |
| Contractor agreement - Hao Wu-2022-23.pdf | .pdf | 01/11/2023 16:41 | 01/11/2023 16:41 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Hao Wu\Contractor Agreement\ |
| Contractor agreement - Hao Wu-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Hao Wu\Contractor Agreement\ |
| Work Order - Hao Wu - 2021-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Hao Wu\Work Order\ |
| Work Order - Hao Wu - Feb-Jun 2021.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Hao Wu\Work Order\ |
| Work Order - Hao Wu- 2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Hao Wu\Work Order\ |
| Work Order- Hao Wu-2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Hao Wu\Work Order\ |
| Contractor agreemen-Hui Chen-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Hui Chen\ACT Government\Payroll agreement\ |
| Contractor agreement - Hui Chen - 2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Hui Chen\ACT Government\Payroll agreement\ |
| Contractor agreement - Hui Chen -2021-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Hui Chen\ACT Government\Payroll agreement\ |
| Work Order Extension - CHEN Hui-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Hui Chen\ACT Government\Work order\ |
| Work Order Extension - Hui Chen -2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Hui Chen\ACT Government\Work order\ |
| Work Order Extension- Hui Chen - 2021-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Hui Chen\ACT Government\Work order\ |
| Contractor agreement - Jieming Hu - 2021-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Jieming Hu\AGD\Contractor agreement\ |
| Work Order - Jieming Hu - 2021-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:34 | \NISUS\Employment\1. LABOUR HIRE\Jieming Hu\AGD\Work order\ |
| Contractor agreement - Jieming Hu22-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Jieming Hu\AGD-DEWR\Contractor agreements\ |
| Contractor agreement - Jieming Hu23-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Jieming Hu\AGD-DEWR\Contractor agreements\ |
| New Contract - Jieming Hu-1-30Jun23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Jieming Hu\AGD-DEWR\Contractor agreements\ |
| Work Order - Jieming HU-2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Jieming Hu\AGD-DEWR\Work order\ |
| Contract agreement-Kamalvir Gill-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Kamal Gill\Payroll agreement\ |
| Work order-Kamal Gill-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Kamal Gill\Work Order\ |
| Contractor agreement - Kevin Indran -2021-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Kevin Indran\Payroll agreement\ |
| Contractor agreement - Kevin Indran -2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Kevin Indran\Payroll agreement\ |
| Contractor agreement- Kevin Indran-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Kevin Indran\Payroll agreement\ |
| CHANGE ORDER- Kevin Indran-2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Kevin Indran\Work order\ |
| Change Order-Kevin Indran-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Kevin Indran\Work order\ |
| Work Order- Kevin Indran-2021-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Kevin Indran\Work order\ |
| Contractor agreement - Lakshmi Achuthanpillai -2020-21.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Lakshmi A\Contractor agreement\ |
| Contractor agreement-Lakshmi Achuthanpillai-2021-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Lakshmi A\Contractor agreement\ |
| Contractor agreement-Lakshmi Achuthanpillai-2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Lakshmi A\Contractor agreement\ |
| Contractor agreement-Lakshmi Achuthanpillai-23-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Lakshmi A\Contractor agreement\ |
| Contractor agreement-Lakshmi Achuthanpillai-Aug-Dec 2022.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Lakshmi A\Contractor agreement\ |
| Chang Order-Lakshmi ACHUTHANPILLAI-2021-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Lakshmi A\Work Order\ |
| Change Order-LA-Aug-Dec 2022.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Lakshmi A\Work Order\ |
| CHANGE_ORDER-LA-2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Lakshmi A\Work Order\ |
| Work Order Lakshmi ACHUTHANPILLAI-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Lakshmi A\Work Order\ |
| Work Order-Lakshmi Achuthanpillai-2020-21.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Lakshmi A\Work Order\ |
| Contractor Agreement - Manjula Weerasooriya - 2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Manjula Weerasooriya\Contractor agreement\ |
| DEWR_NISUS-Work Order-DMC1657_Manjula W-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Manjula Weerasooriya\Work order\ |
| Contract agreement-Meng Cheng-Feb-Jun 2023.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Meng Cheng\Contractor Agreement\ |
| Contract Extension - Meng Cheng-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Meng Cheng\Contractor Agreement\ |
| Change Order A - Nisus Australia Pty Ltd - FY 23_24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Meng Cheng\Work Order\ |
| Work Order - Simon Cheng - Nisus-Fy23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Meng Cheng\Work Order\ |
| INDEPENDENT CONTRACTOR AGREEMENT-NM-23-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Natasha McPhee\Contractor agreement\ |
| Chang Order-Natas McPhee-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Natasha McPhee\Work Order\ |
| Contractor agreement - Ning Z-2018-19.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Ning Zi\Dept of Finance\ |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name | Extension | Date accessed | Date modified | Date created | Folder Path |
| Contractor agreement - Ning Zhang-2018.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Ning Zi\Dept of Finance\ |
| Work order - Ning Zhang-2018.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Ning Zi\Dept of Finance\ |
| Work Order Extension - Ning Zhang-2018-19.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Ning Zi\Dept of Finance\ |
| Contractor agreement - Ning Zhang - 2021-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Ning Zi\PMC\Contractor agreement\ |
| Contractor agreement - Ning Zhang -2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Ning Zi\PMC\Contractor agreement\ |
| Contractor agreement - Ning Zhang-2020-21.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Ning Zi\PMC\Contractor agreement\ |
| Ning Zhang-Zetaverse - Ning Zhang -2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:35 | \NISUS\Employment\1. LABOUR HIRE\Ning Zi\PMC\Contractor agreement\ |
| Ning Zhang-Zetaverse-Nov 2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Ning Zi\PMC\Contractor agreement\ |
| Chang Order 6 - N Zhang -2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Ning Zi\PMC\Work Order\ |
| Chang order2-Rate - N Zhang-2021.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Ning Zi\PMC\Work Order\ |
| Chang Order5-Fee-N Zhang-2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Ning Zi\PMC\Work Order\ |
| Change order 1- N Zhang-2019-20.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Ning Zi\PMC\Work Order\ |
| Change Order 3- N Zhang - 2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Ning Zi\PMC\Work Order\ |
| Change order 4-Fee-N Zhang - 2022.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Ning Zi\PMC\Work Order\ |
| Work Order - N Zhang - 2020-21.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Ning Zi\PMC\Work Order\ |
| Work Order-Ning Zhang-2019-20.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Ning Zi\PMC\Work Order\ |
| Contract - Pawel Kopec-Bigos- 2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Pawel Kopec\Contractor agreement\ |
| Contract agreement-Pawel Kopec-Jul-Dec 2023.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Pawel Kopec\Contractor agreement\ |
| Change Order-Pawel Kopec-Jul-Dec 2023.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Pawel Kopec\Work order\ |
| Work Order - Pawel Kopec-2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Pawel Kopec\Work order\ |
| Contract Extension-Pooja Sachdev-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Pooja Sachdev\Payroll agreement\ |
| Contractor agreement - Pooja SACHDEV-2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Pooja Sachdev\Payroll agreement\ |
| Work Order-Pooja SACHDEV-2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Pooja Sachdev\Work order\ |
| Work Order-Pooja Sachdev-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Pooja Sachdev\Work order\ |
| Contractor agreement - Prakash Vuree-2021-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Prakash Vuree\Payroll agreement\ |
| Contractor agreement 20221231 - Prakash Vuree.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Prakash Vuree\Payroll agreement\ |
| Contractor Agreement- PVuree_2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Prakash Vuree\Payroll agreement\ |
| Contractor agreement-P Vuree-Jul-Dec 2022.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Prakash Vuree\Payroll agreement\ |
| Contractor agreement-Prakash Vuree-Jul-Aug 2022.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Prakash Vuree\Payroll agreement\ |
| DRAFT WO-002679 - Prakesh Vuree - 2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Prakash Vuree\Work order\ |
| Work Order-Extension 2-P Vuree - Aug-Dec 2022.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Prakash Vuree\Work order\ |
| Work Order-P Vuree - 2021-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Prakash Vuree\Work order\ |
| Work Order-Variation-P Vuree-Jun-Aug 2022.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Prakash Vuree\Work order\ |
| Contractor agreement - Qiang Li - 2021-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Qiang Li\DAWE\Payroll agreement\ |
| Contractor agreement - Qiang Li - 2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Qiang Li\DAWE\Payroll agreement\ |
| Work Order - Qiang Li -2021-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Qiang Li\DAWE\Work order\ |
| Work Order - Qiang Li -2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Qiang Li\DAWE\Work order\ |
| Contract agreement-Qiang Li-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:36 | \NISUS\Employment\1. LABOUR HIRE\Qiang Li\NDIS\Contractor agreement\ |
| Work Order-Qiang Li-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Qiang Li\NDIS\Work order\ |
| Contractor agreement - Rex He-2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Rex He\DESE\Contractor agreement\ |
| Contractor agreement - Rex He-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Rex He\DESE\Contractor agreement\ |
| Work Order - extension - Rex He-2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Rex He\DESE\Work order\ |
| Work Order - extension 2 - Rex He-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Rex He\DESE\Work order\ |
| Work Order-Rex HE-Jan-Jun 2022.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Rex He\DESE\Work order\ |
| Contract - Rex He-Apri-Jun 2018.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Rex He\DIIS\Contractor agreement\ |
| Work Order - Extension1-Rex He- 2018-2019.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Rex He\DIIS\Work order\ |
| Work Order - Rex He-Apr-Jun 2018.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Rex He\DIIS\Work order\ |
| Contractor agreement - Rex He -2021-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Rex He\PMC\Contractor agreement\ |
| Contractor Agreement - Rex He- Apr-Jun 2019.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Rex He\PMC\Contractor agreement\ |
| Contractor Agreement - Rex He-2019-20.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Rex He\PMC\Contractor agreement\ |
| Contractor agreement- Rex He - 2020-21.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Rex He\PMC\Contractor agreement\ |
| Work Order - Rex He- 2020-21.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Rex He\PMC\Work order\ |
| Work Order - Rex He-Apr-Jun 2019.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Rex He\PMC\Work order\ |
| Work Order - variation 1 - Rex He- Rate 2021.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Rex He\PMC\Work order\ |
| Work Order-Rex He-2019-20.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Rex He\PMC\Work order\ |
| Contract - Saravanan-SRIHARI- 2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Saravanan\Payroll agreement\ |
| Contract - Saravanan-SRIHARI-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Saravanan\Payroll agreement\ |
| Contract - Saravanan-SRIHARI-Sep 2021.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Saravanan\Payroll agreement\ |
| Contract - Saravanan-SRIHARI-Sep 2022.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Saravanan\Payroll agreement\ |
| Contract - Saravanan-SRIHARI-Sep 21-Mar 2022.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Saravanan\Payroll agreement\ |
| Work order - S Palaniappan-2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Saravanan\Work order\ |
| Work order - S Palaniappan-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Saravanan\Work order\ |
| Work Order - S Palaniappan-Feb-Sep 2021.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Saravanan\Work order\ |
| Work order - Variation1- S Palaniappan-Sep 21-Mar 22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Saravanan\Work order\ |
| Work order - Variation2- S Palaniappan-Apr-Sep 22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Saravanan\Work order\ |
| Work order - Variation3- Rate-S Palaniappan.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Saravanan\Work order\ |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name | Extension | Date accessed | Date modified | Date created | Folder Path |
| Work order - Variation4- Rate-S Palaniappan-2022.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Saravanan\Work order\ |
| Contractor agreement - to 31 December 2022.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Sen Li\AGD\Contractor agreement\ |
| Contractor agreement - to Dec 2021.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Sen Li\AGD\Contractor agreement\ |
| Change Order 1 - January 2022 to December 2022.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Sen Li\AGD\Work Order\ |
| Work Order - March 2021 to December 2021.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Sen Li\AGD\Work Order\ |
| Contractor agreement - Sen Li - 2021-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Sen Li\DESE\Contractor agreement\ |
| Contractor agreement - Sen Li - 30 June 2021.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Sen Li\DESE\Contractor agreement\ |
| Contractor agreement - Sen Li - Contract extension to 31 December 2020.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Sen Li\DESE\Contractor agreement\ |
| Signed Contractor agreement - Sen Li - April 2020.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Sen Li\DESE\Contractor agreement\ |
| EXECUTED Change Order1-Sen Li-Apr 20 to Dec 2020.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Sen Li\DESE\Work Order\ |
| Work Order_Sen LI_2021-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Sen Li\DESE\Work Order\ |
| Work order_Sen LI_Jan-June 2021.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Sen Li\DESE\Work Order\ |
| Contract agreement - Sen Li - 2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Sen Li\DEWR\Contractor agreement\ |
| Contractor agreement - Sen Li - 30 June 2023 (DEWR).pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Sen Li\DEWR\Contractor agreement\ |
| CHANGE_ORDER_3 - Jan-June 2023.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Sen Li\DEWR\Work Order\ |
| Work Order with DEWR—2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Sen Li\DEWR\Work Order\ |
| Contractor Agreement - Subhashree Jena - 2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Subhashree Jena\Contractor agreement\ |
| Labour Hire Work Order - ITD2324 - Subhashree Jena - 2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Subhashree Jena\Work order\ |
| Contract-Teddy Widjaja-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Teddy Widjaja\Contract agreement\ |
| Contractor agreement - Teddy Widjaja 20230331.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Teddy Widjaja\Contract agreement\ |
| Work Order - Teddy Widjaja-2021-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Teddy Widjaja\Work order\ |
| Work order - Teddy Widjaja-Jul 22-Mar 23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Teddy Widjaja\Work order\ |
| Work Order – Teddy Widjaja - 2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:37 | \NISUS\Employment\1. LABOUR HIRE\Teddy Widjaja\Work order\ |
| Contractor agreement-Wen Pan-2021-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Wen Pan\Payroll agreement\ |
| Contractor agreement-Wen Pan-2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Wen Pan\Payroll agreement\ |
| Contractor agreement-Wen Pan-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Wen Pan\Payroll agreement\ |
| DESE_-_CHANGE_ORDER-FY22-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Wen Pan\Work order\ |
| DEWR_Change_order_FY23-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Wen Pan\Work order\ |
| DMC1156-PAN-FY21-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Wen Pan\Work order\ |
| Contractor agreement - Wenbo Z-22-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Wenbo Zhang\Payroll agreement\ |
| Contractor agreement - Wenbo Z-23-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Wenbo Zhang\Payroll agreement\ |
| Change Order 1-Wenbo Zhang.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Wenbo Zhang\Work Order\ |
| Work Order - Wenbo Jack Zhang -2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Wenbo Zhang\Work Order\ |
| Contractor agreement - Wentao Lin-2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Wentao Lin\Contractor agreement\ |
| Contractor agreement - Wentao Lin-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Wentao Lin\Contractor agreement\ |
| Change order - Wentao Lin.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Wentao Lin\Work Order\ |
| Official Order - Wentao Lin - Oct 22-Jun 23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Wentao Lin\Work Order\ |
| Contractor agreement - X Meng - 2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Xiangzheng Meng\ACT Government\Contractor agreement\ |
| Contractor agreement - X Meng - Sep 2019-20.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Xiangzheng Meng\ACT Government\Contractor agreement\ |
| Contractor agreement - X Meng - Jan-Jun 2022.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Xiangzheng Meng\ACT Government\Contractor agreement\ |
| Contractor agreement - X Meng-Jan-Jun 2021.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Xiangzheng Meng\ACT Government\Contractor agreement\ |
| Contractor agreement - X Meng-Jul-Dec 2021.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Xiangzheng Meng\ACT Government\Contractor agreement\ |
| Contractor agreement - X Meng-Sep-Dec 2020.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Xiangzheng Meng\ACT Government\Contractor agreement\ |
| Work Order - X Meng-Sep 2019-20.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Xiangzheng Meng\ACT Government\Work order\ |
| Work Order-Extension1 - X Meng-Sep-Dec 2020.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Xiangzheng Meng\ACT Government\Work order\ |
| Work Order-Extension2- Rick Meng - Jan-Jun 2021.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Xiangzheng Meng\ACT Government\Work order\ |
| Work Order-Extension3-X Meng - Jul-Dec 2021.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Xiangzheng Meng\ACT Government\Work order\ |
| Work Order-Extension4 - X Meng - Jan-Jun 2022.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Xiangzheng Meng\ACT Government\Work order\ |
| Work Order-Extension5 - X Meng -2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Xiangzheng Meng\ACT Government\Work order\ |
| Contractor agreement X Meng-23-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Xiangzheng Meng\Comcare\Contractor agreement\ |
| Work Order - X Meng - 2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Xiangzheng Meng\Comcare\Work order\ |
| Contract Extension - Yanbing Gu - March 2020.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Yanbing Gu\Dept of Finance\Payroll agreement\ |
| Contractor agreement - Yanbing Gu - Sep 19-Mar 20.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Yanbing Gu\Dept of Finance\Payroll agreement\ |
| Extension - Contractor - Yanbing Gu - Sep 2020.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Yanbing Gu\Dept of Finance\Payroll agreement\ |
| Extension WorkOrder - Yanbing Gu-Jun 20.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Yanbing Gu\Dept of Finance\Work Order\ |
| Extension WorkOrder- Yanbing Gu-Mar 20.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:38 | \NISUS\Employment\1. LABOUR HIRE\Yanbing Gu\Dept of Finance\Work Order\ |
| Work Order Nisus - Yanbing Gu-Sep 19.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Yanbing Gu\Dept of Finance\Work Order\ |
| Contractor agreement - Y Gu - 20-21.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Yanbing Gu\Dept of Health\contractor agreement\ |
| Contractor agreement - Y Gu - 21-22(2).pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Yanbing Gu\Dept of Health\contractor agreement\ |
| Contractor agreement - Y Gu - 21-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Yanbing Gu\Dept of Health\contractor agreement\ |
| Contractor agreement - Y Gu - 22-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Yanbing Gu\Dept of Health\contractor agreement\ |
| Contractor agreement - Y Gu - 23-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Yanbing Gu\Dept of Health\contractor agreement\ |
| Change Order DTA_Yanbing Gu - Jan 22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Yanbing Gu\Dept of Health\Work order\ |
| ChangeOrder-Yanbing Gu-rate 2021.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Yanbing Gu\Dept of Health\Work order\ |
| Work order - Yanbing Gu 2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Yanbing Gu\Dept of Health\Work order\ |
| Work Order - Yanbing Gu2022.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Yanbing Gu\Dept of Health\Work order\ |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name | Extension | Date accessed | Date modified | Date created | Folder Path |
| Work Order- Yanbing Gu- 2020-21.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Yanbing Gu\Dept of Health\Work order\ |
| Work order-Yanbing Gu -2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Yanbing Gu\Dept of Health\Work order\ |
| Contractor agreement-Yang Sun-FY22-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Yang Sun\Payroll agreement\ |
| Contractor agreement-Yang Sun-FY23-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Yang Sun\Payroll agreement\ |
| Change Order-Yang Sun-Nisus-FY23-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Yang Sun\Work order\ |
| Work Order-Yang Sun-Nisus-FY22-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Yang Sun\Work order\ |
| Agreement-Z Aboobacker-Monthly pay-Nov 22-Jun 23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Zakeer Aboobacker\Payroll agreement\ |
| Agreement-Z Aboobacker-Monthly pay-Oct 22-Jun 23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Zakeer Aboobacker\Payroll agreement\ |
| Contract-Z Aboobacker - Jan- June 2023.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Zakeer Aboobacker\Payroll agreement\ |
| Contract-Z Aboobacker -23-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Zakeer Aboobacker\Payroll agreement\ |
| Contractor agreement - Z Aboobacker - Fortnightly.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Zakeer Aboobacker\Payroll agreement\ |
| Change order1- Z Aboobacker -2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Zakeer Aboobacker\Work order\ |
| Work Order- Z Aboobacker -2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\1. LABOUR HIRE\Zakeer Aboobacker\Work order\ |
| Contract extension-Ping Cai-2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(DEWR) Cai Ping\Contractor Agreement\ |
| Contractor agreement-Cai Ping 2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(DEWR) Cai Ping\Contractor Agreement\ |
| Contractor agreement-Ping CAI-Apr 22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(DEWR) Cai Ping\Contractor Agreement\ |
| Work Order - Extension-Ping Cai - 2023-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(DEWR) Cai Ping\Work Orders\ |
| Work Order- Ping Cai - March 2022.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(DEWR) Cai Ping\Work Orders\ |
| Work Order-Extension - Ping Cai - 2022-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(DEWR) Cai Ping\Work Orders\ |
| Contractor agreement-Rob W-FY21-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(DEWR) Rob Wills\Contractor agreement\ |
| Contractor agreement-Rob W-FY22-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(DEWR) Rob Wills\Contractor agreement\ |
| Contractor agreement-Rob W-FY23-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(DEWR) Rob Wills\Contractor agreement\ |
| Change_Order_No1_DMS142_Extension FY22-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(DEWR) Rob Wills\Work Order\ |
| CO1 DMC1074_Robert WILLS-2021-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(DEWR) Rob Wills\Work Order\ |
| DESE Nisus Work Order DMS142 FY21-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(DEWR) Rob Wills\Work Order\ |
| Extension DMS142 DESE Nisus - FY 23-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(DEWR) Rob Wills\Work Order\ |
| Contractor agreement for J Song FY 23-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(Pragma) Jian Hui Song\Contractor agreements\ |
| J.Song_Schedule 3 FY 23-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(Pragma) Jian Hui Song\Service contracts\ |
| Contractor agreement - Khyathi - 30 June 2022.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(Pragma) Khyathi\Contractor agreements\ |
| Contractor agreement - Khyathi - 30 June 2023.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(Pragma) Khyathi\Contractor agreements\ |
| Contractor agreement - Khyathi - 30 June 2024.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(Pragma) Khyathi\Contractor agreements\ |
| K.Kotla_Schedule 3 FY 22_23_EXECUTED.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(Pragma) Khyathi\Service contracts\ |
| K.Kotla_Schedule 3 FY 23-24_EXECUTED.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(Pragma) Khyathi\Service contracts\ |
| Teaming Agreement_NISUS_PRAGMA_K Kotla_SIGNED_FY 21_22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(Pragma) Khyathi\Service contracts\ |
| Contractor agreement - V J 30 June 2022.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(Pragma) Vijaya\Contractor agreements\ |
| Contractor agreement - V J 30 June 2023.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(Pragma) Vijaya\Contractor agreements\ |
| Contractor agreement - V J 30 June 2024.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(Pragma) Vijaya\Contractor agreements\ |
| Teaming Agreement_NISUS_PRAGMA_Sched_Vijaya FY 21-22.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(Pragma) Vijaya\Service contracts\ |
| V.Janjanam_Schedule 3 FY 22_23_EXECUTED.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(Pragma) Vijaya\Service contracts\ |
| V.Janjanam_Schedule 3 FY 23-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\(Pragma) Vijaya\Service contracts\ |
| DMS142 DESE ICTSR17110 - Mar 2022.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\DEWR\ |
| Extension DMS142 DESE Nisus - FY 22-23.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\DEWR\ |
| Extension DMS142 DESE Nisus - FY 23-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\DEWR\ |
| First Teaming Agreement_NISUS_PRAGMA Jul 2021.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:39 | \NISUS\Employment\2. MANAGED SERVICES\Pragma\ |
| J.Song_Schedule 3 FY 23-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:40 | \NISUS\Employment\2. MANAGED SERVICES\Pragma\Current extensions\ |
| K.Kotla_Schedule 3 FY 23-24_EXECUTED.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:40 | \NISUS\Employment\2. MANAGED SERVICES\Pragma\Current extensions\ |
| V.Janjanam_Schedule 3 FY 23-24.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:40 | \NISUS\Employment\2. MANAGED SERVICES\Pragma\Current extensions\ |
| Long Service Leave Entitlements.xlsx | .xlsx | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:40 | \NISUS\Employment\Employee entitlements\ |
| Nisus Group EBITDA financials 3 FYs (as at 25 May 2023).xlsx | .xlsx | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:40 | \NISUS\General\ |
| NISUS OVERVIEW (Response to Due Diligence) v3.pdf | .pdf | 01/11/2023 16:42 | 01/11/2023 16:42 | 01/11/2023 8:40 | \NISUS\General\ |

---

## Exhibit 2.21

**Exhibit 2.21**

**BINDING HEADS OF AGREEMENT**

**PRIVATE AND CONFIDENTIAL**

Connect Simple Pty Ltd, a private limited company incorporated in Australia (ABN: 98 673 352 844)(**"<u>Connect Simple</u>"**) is the legal and beneficial owner of various intellectual and technological property rights.

This heads of agreement ("**<u>Agreement</u>"**) sets out the terms upon which Braiin Limited ("**<u>Braiin</u>**") agrees to acquire 100% of the shares in Connect Simple held by each of the shareholders of Connect Simple as set out in Schedule 1 (the "**<u>Shareholders</u>"**).

This Agreement supersedes any and all previous correspondence, agreements or understandings between the parties, in respect of the subject matter of this Agreement and is binding on all of the parties to it ("**<u>Parties</u>"**).

---

| | |
|:---|:---|
| **1.** | Subject to the satisfaction or waiver of the conditions precedent set out in clause 3 below ("**<u>Conditions Precedent</u>"**), Braiin agrees to acquire and the Shareholders each agree to sell, all of their fully paid ordinary shares in the capital of each of the Connect Simple entities (collectively, the "**<u>Connect Simple Shares</u>"**), free from encumbrances, for the consideration referred to in clause 2 below (the "**<u>Acquisition</u>"**). |
| **2.** | **2. Consideration** |
|  | Subject to the terms and conditions of this Agreement, Braiin agrees to issue shares to the Shareholders as follows: |
|  | Braiin shall issue Consideration Shares having an aggregate market value of **US$98,000,000**, determined by reference to the 30-day VWAP of Braiin ordinary shares on NASDAQ or NYSE immediately preceding the Settlement Date. |
|  | Consideration Shares shall be apportioned pro rata to each Shareholder's existing Connect Simple shareholding and issued in full upon Settlement. |
|  | **Lock Up** the Shareholder agrees that the Consideration Shares shall be subject to a voluntary lock-up term during which the Shareholder shall not sell, dispose of, gift or otherwise transfer such Consideration Shares for a period of 12 months following the Settlement. |

---

---

| | | |
|:---|:---|:---|
| **3.** | **Conditions Precedent** | Settlement is conditional upon the satisfaction (or waiver) of the following Conditions Precedent to be provided in the formal share sale agreement referenced below in Section 3(a): |
|  | (a) | **Formal Agreement** |
|  |  | The Parties entering into a formal share sale agreement (to be prepared by Braiin's advisors), which shall be on terms acceptable to the Parties (acting reasonably), including customary warranties to be provided by the Shareholders, and which shall be consistent with the terms set out in this Agreement, except to the extent otherwise agreed by the Parties; |
|  | (b) | **Shareholder approval** |
|  |  | Braiin obtaining shareholder approval; |
|  | (c) | **Due diligence** |
|  |  | Completion of financial, legal and technical due diligence by Braiin on Connect Simple and its subsidiaries, to the absolute satisfaction of Braiin; |
|  | (d) | **Audit** |
|  |  | Connect Simple to provide its GAAP and/or AICPA standards financial audit reports, as applicable, for the most recent two fiscal years to the absolute satisfaction of Braiin; |
|  | (e) | **Admission to NASDAQ or NYSE:** |
|  |  | Braiin receiving conditional approvals or equivalent approvals, to admit the securities of Braiin to trading on NASDAQ or NYSE and those conditions being to the reasonable satisfaction of Braiin; and |
|  | (f) | **Approvals:** |
|  |  | The Parties obtaining all necessary corporate, shareholder and regulatory approvals necessary to lawfully complete the Acquisition. |
|  |  | If the Conditions Precedent are not satisfied (or waived by the Party entitled to the benefit of such Condition Precedent, as the case may be) on or before 5.00pm (WST) on the later of (i) the listing of the securities on Nasdaq or NYSE and (ii) 30 October 2025 (or such other date agreed by the Parties in writing), or become incapable of being satisfied and are not waived (End Date) any Party may terminate this Agreement by notice in writing to the other Parties, in which case, the agreement constituted by this Agreement will be at an end and the Parties will be released from their obligations under this Agreement (other than in respect of any breaches that occurred prior to termination). |
|  |  | The Parties will use their best efforts to ensure that the Conditions Precedent are satisfied before the End Date. |

---

---

| | | |
|:---|:---|:---|
| **4.** | **Settlement** | Settlement will occur on that date which is within seven (7) business days (as defined pursuant to the NASDAQ Listing Rules, "**<u>Business Days</u>"**) after the End Date ("**<u>Settlement Date</u>"**). |
|  |  | At Settlement: |
|  | (a) | Braiin shall allot and issue the Consideration Shares to the Shareholders in the amounts set out in Schedule 1 and deliver holding statements to the Shareholders for those Shares; |
|  | (b) | the Shareholders and Connect Simple must deliver or cause to be delivered to Braiin: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) share certificates in respect
 of the Connect Simple Shares;

(ii) separate instruments of
 transfer in registrable form for the Connect Simple Shares in favour of Braiin (as transferee) which have been duly executed by each
 of the Shareholders in relation to their respective Connect Simple Shares (as transferors);

(iii) the corporate, legal, technical
 and financial records for Connect Simple;

(iv) the written resignations
 of each of the directors and secretary of Connect Simple with effect from the Settlement Date confirming that they each have no claim
 for loss of office or otherwise against Connect Simple (save for any director who is to remain as agreed with Braiin);

(v) a duly completed authority
 for the alteration of the signatories of each bank account of Connect Simple in the same manner required by Braiin by written notice
 before the Settlement Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Shareholders must procure
 that a directors' meeting of Connect Simple is held to attend to the following matters (as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the approval of the registration
 (subject to payment of stamp duty) of the transfers of the Connect Simple Shares and the issue of new share certificates for the
 Connect Simple Shares in the name of Braiin;

(ii) recording Braiin as the
 holder of the Connect Simple Shares in Connect Simple's register of members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) taking all
 other steps required under Connect Simple's constituent documents and applicable laws to constitute and evidence Braiin as
 the sole holder of the Connect Simple Shares; and

(iv) accepting the resignations
 of each of the directors and secretaries of Connect Simple with effect from the Settlement Date and the appointment as additional
 directors and secretary of Connect Simple of those persons nominated by Braiin by written notice before the Settlement Date.

---

| | | |
|:---|:---|:---|
|  |  | The Parties' obligations at Settlement are interdependent and must take place simultaneously, as nearly as possible, unless otherwise agreed by Connect Simple and Braiin. |
|  |  | If a Party ("**<u>Defaulting Party</u>"**) fails to satisfy its obligations under this clause 4 on the day and at the place and time for Settlement then, any other Party ("**<u>Notifying Party</u>"**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of ten (10) Business Days from the date of the notice and declaring time to be of the essence. The Parties agree, however, that none of Connect Simple or the Shareholders can be a Notifying Party, in the event that one or more of them is a Defaulting Party. |
|  |  | If the Defaulting Party fails to satisfy those obligations within those ten (10) Business Days the Notifying Party may, without limitation to any other rights it may have, terminate this Agreement by giving written notice to the other Parties. |
| **5.** | **Indemnities by the Shareholders** | The Shareholders must indemnify and hold Braiin harmless against all losses, claims, costs, demands, liabilities and expenses ("**<u>Claims</u>"**) which may be suffered, sustained or incurred by Braiin directly or indirectly as a result of or in respect of a breach by the Shareholders of any of the covenants, warranties, representations or undertakings referred to or contained in this Agreement. |
| **6.** | **Representations and Warranties by Shareholders** | The share sale agreement to be entered into by the parties will contain customary representations and warranties to be determined following the completion of due diligence. |
| **7.** | **Due Diligence Information** | In order for Braiin to complete the due diligence contemplated by the Condition Precedent in clause 3(a), Connect Simple and the Shareholders acknowledge that Braiin will require, and will be granted on reasonable notice, access to the following information: |
|  | (a) | all financial accounts, company records and company secretarial correspondence of Connect Simple; |
|  | (b) | all material contracts entered into by Connect Simple; |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) details of
 all employees of Connect Simple and the terms of engagement;

(d) details of all insurance
 policies and banking arrangements/facilities of Connect Simple;

(e) copies of any relevant
 licences or regulatory approvals held or required by Connect Simple in order to operate its business;

(f) details of all intellectual
 property of Connect Simple and documents evidencing registration of all relevant mastheads, trademarks, business names, copyright
 material and patents;

(g) details of all freehold
 and leasehold properties owned or occupied by Connect Simple, including all relevant agreements in respect of those properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) details of any constituent
 documents (e.g. constitution/articles of association or shareholders agreement);

(ii) details of all equity securities
 on issue (e.g. shares, options, convertible notes) and any agreement, intention or obligation to issue further equity securities;

---

| | | |
|:---|:---|:---|
|  | (h) | details of all fixed assets and plant owned by Connect Simple; and |
|  | (i) | details of any known circumstances which might give rise to any litigation, arbitration, dispute or claim involving Connect Simple. |
|  |  | The Shareholders agree to procure Connect Simple to make the information set out above available to Braiin. |
| **8.** | **Covenants** (a) | Other than as contemplated in this Agreement, or as disclosed fully and fairly in writing to Braiin before the Execution Date, or with the prior written approval of Braiin (such approval not to be unreasonably withheld or delayed), until Settlement, Connect Simple must not (and the Shareholders must procure that Connect Simple does not): |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) undertake or allow any
 material business change;

(ii) enter into any material
 contract or incur any material liability other than in the ordinary course of business;

(iii) dispose of the whole, or
 a substantial part, of its business or assets;

(iv) vary or reduce its capital
 structure;

(v) issue, or agree to issue,
 any equity or debt securities, or grant or agree to grant any rights over existing issued capital, or rights to be issued securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) alter or agree to alter
 its constitution;

(vii) declare any dividends or
 distribute any assets;

(viii) cause to occur, by act
 or omission, an event or series of events, whether related or not, which may have, from the perspective of Braiin, a material adverse
 effect on the business, assets or financial condition of Connect Simple or on the transactions contemplated by this Agreement; and

(ix) create or permit the creation
 of any encumbrance over the assets of Connect Simple or its subsidiaries

**9.** **Exclusivity** During the period from the Execution Date until the earlier of Settlement or termination of this Agreement, each of Connect Simple and the Shareholders agree that:

(a) they will not participate
 in any negotiations or discussions with, or provide any information to, or accept or enter into any agreement, arrangement or understanding
 with, any third parties in respect of a transaction that may reduce the likelihood of success of the transactions contemplated by
 this Agreement and will also cease any existing discussions or negotiations regarding such transactions;

(b) they will not engage with
 any other third party other than advisors, accountants or lawyers in connection with the sale of all or any Connect Simple Shares,
 or any of Connect Simple's business, assets or undertaking; and

(c) they will not provide any
 third party with any information regarding Connect Simple or its business, assets or undertakings, other than in the ordinary course
 of its ordinary business;

---

| | | |
|:---|:---|:---|
| **10.** | **Formal Agreement** | Notwithstanding the fact that this Agreement is legally binding on the Parties, if requested by Braiin, Connect Simple and the Shareholders agree to enter into a formal share sale agreement to more fully document the terms of the Acquisition (to be prepared by Braiin's solicitors) which shall be in terms acceptable to the Parties (acting reasonably) and which shall be consistent with the terms set out in this Agreement, except to the extent otherwise agreed by the Parties. |
| **11.** | **Confidentiality** | Each Party is to keep confidential the terms of this Agreement and any other information obtained from another during the negotiations preceding the Execution Date or in the course of furthering the transactions contemplated by this Agreement whether in the course of conducting due diligence or otherwise ("**<u>Confidential Information</u>"**), and is not to disclose it to any person except: |
|  | (a) | to officers, employees, shareholders, legal advisers, auditors and other consultants requiring the information for the purposes of this Agreement; |
|  | (b) | with the consent of the Party or Parties which own the Confidential Information; |
|  | (c) | if the information is, at the date of this Agreement, lawfully in the possession of the recipient of the information through sources other than any of the other Parties; |
|  | (d) | if required by law or a stock exchange; |
|  | (e) | if strictly and necessarily required in connection with legal proceedings relating to this Agreement; |
|  | (f) | if the information is generally and publicly available other than as a result of a breach of confidence; or |
|  | (g) | to a financier or prospective financier (or its advisers) of a Party. |
|  |  | A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this clause. |
|  |  | The obligations under this clause contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Agreement, regardless of any termination of this Agreement. |
|  |  | For the avoidance of doubt, the Parties acknowledge and agree that Braiin, subject to and conditional upon receiving conditional approval to list on the NASDAQ or NYSE, listed on NASDAQ or NYSE and is subject to continuous disclosure obligations applicable to that exchange. Accordingly, details of this Agreement, Connect Simple, the Shareholders and the assets and undertaking of Connect Simple (potentially among other information) will need to be disclosed in announcements to NASDAQ or NYSE. |

---

**12.** **Further Acts** Each Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably satisfactory to that Party) required by law or reasonably required by the other Party to give effect to this Agreement.

**13.** **Governing Law** This Agreement is governed by and construed in accordance with the laws of Western Australia. Each Party irrevocably submits to the non-exclusive jurisdiction of the courts of Western Australia, and the courts competent to determine appeals from those courts with respect to any proceedings which may be brought at any time relating to this Agreement.

**14.** **Assignment** No Party may assign, novate or otherwise transfer any of its rights or obligations under this Agreement without the written consent of the other Party.

**15.** **Costs** Each Party shall bear their own legal costs of and incidental to the preparation, negotiation and execution of this Agreement. Braiin will pay any stamp duty assessed on or in respect of this Agreement.

**16.** **Tax** (a) In the event a supply made
 by one Party to another under this Agreement is subject to a value added or similar tax, the price stated in this Agreement is exclusive
 of such tax and the recipient of such a supply must pay to the other Party an amount equal to the amount of any such tax in addition
 to any amount stated in this Agreement and at the same time.

(b) Any payment of such tax
 is subject to the other Party providing any invoice or similar documentation required by law with respect to such tax.

(c) No Party makes any representation
 to the other with regard to the intended tax consequences of the Acquisition.

**17.** **Lock-Up of Consideration Shares** The Shareholders agree not to, without the
 prior written consent of the Braiin board of directors, (i) sell, offer to sell, contract or agree to sell, assign, lend, offer,
 encumber, donate, hypothecate, pledge, grant any option, right or warrant to purchase or otherwise transfer, dispose of or agree
 to transfer or dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a
 call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the "  **<u>Exchange Act</u>** "), and the rules and regulations of the U.S. Securities and Exchange Commission promulgated thereunder, any of
 the Consideration Shares (the "  **<u>Lock-Up Shares</u>**") and (ii) enter into any swap or other arrangement that
 transfers to another, in whole or in part, any of the economic consequences of ownership of any of the Lock-up Shares, whether any
 such transaction is to be settled by delivery of such securities, in cash or otherwise or (iii) publicly announce any intention to
 effect any transaction specified in clause (i) or (ii) (the actions specified in clauses (i)-(iii), collectively, "  **<u>Transfer</u>** ")
 until 12 months from the Settlement(the "  **<u>Lock-up Period</u>** ").

---

| | | |
|:---|:---|:---|
| **18.** | **Remedies** | The rights, power and remedies provided in this Agreement are cumulative with and not exclusive to the rights, power or remedies provided by law independently of this Agreement. |
| **19.** | **Variation** | No modification or alteration of the terms of this Agreement shall be binding unless made in writing dated subsequent to the date of this Agreement and duly executed by all Parties. |
| **20.** | **Notices** | Each notice authorized or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed prepaid mail or email in each case addressed to the Party at its address set out in below: |
|  |  | In the case of Braiin: |

---

---

| | |
|:---|:---|
| Address: | 283 Rokeby Road, Subiaco, WA 6008 Australia |
| Email: | natraj@braiin.com |
| Attention: | Chief Executive Officer |
| In the case of Connect Simple and the Shareholders: | In the case of Connect Simple and the Shareholders: |
| Address | 7 Merrafields Ct, Taylors Lakes Vic 3038 |
| Email: | chris@connectsimple.com.au |

---

**21.** **Severability** If any term
 or provision of this Agreement is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will not affect
 any other term or provision of this Agreement.

---

| | | |
|:---|:---|:---|
| **22.** | **Waiver** | Without limiting any other provision of this Agreement, the Parties agree that: |
|  | (a) | failure to exercise or enforce, or a delay in exercising or enforcing, or the partial exercise or enforcement of, a right, power or remedy provided by law or under this Agreement by a Party does not preclude, or operate as a waiver of, the exercise or enforcement, or further exercise or enforcement, of that or any other right, power or remedy provided by law or under this Agreement; |
|  | (b) | a waiver given by a party under this Agreement is only effective and binding on that Party if it is given or confirmed in writing by that Party; and |
|  | (c) | no waiver of a breach of a term of this Agreement operates as a waiver of another breach of that term or of a breach of any other term of this Agreement. |
| **23.** | **Counterparts** | This Agreement may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures my means of electronic communication are taken to be valid and binding to the same extent as original signatures. |
| **24.** | **Interpretation** | In this Agreement: |
|  | (a) | headings are for convenience only and do not affect its interpretation; |
|  | (b) | specifying anything after the words "include" or "for example" or similar expressions does not limit what else is included; |
|  |  | and unless the context otherwise requires: |
|  | (c) | an obligation or liability assumed by, or a right conferred on, two or more Parties binds or benefits all of them jointly and each of them severally; |
|  | (d) | the expression **person** includes an individual, the estate of an individual, a corporation, an authority, an association or joint venture (whether incorporated or unincorporated), a partnership and a trust; |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a reference
 to any party includes that party's executors, administrators, successors and permitted assigns, including any person taking
 by way of novation;

(f) a reference to a body,
 other than a party to this Agreement whether statutory or not:

---

| | |
|:---|:---|
| (i) | which ceases to exist; or |
| (ii) | whose powers or functions are transferred to another body, |
| is a reference to the body which replaces it or substantially succeed its powers or functions; | is a reference to the body which replaces it or substantially succeed its powers or functions; |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a reference to any document
 (including this Agreement) is to that document as varied, novated, ratified or replaced from time to time;

(h) a reference to any statute
 or to any statutory provision includes any statutory modification or re-enactment of it or any statutory provision substituted for
 it, and all ordinances, by-laws, regulations, rules and statutory instruments (however described) issued under it;

(i) words importing the singular
 include the plural (and vice versa) and words indicating a gender include every other gender;

(j) reference to parties, clauses,
 schedules, exhibits or annexure are references to parties, clauses, schedules, exhibits and annexure to or of this Agreement and
 a reference to this Agreement includes any schedule, exhibit or annexure to this Agreement;

(k) where a word or phrase
 is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding meaning;

(l) a reference to time is
 to Western Standard Time as observed in Perth, Western Australia;

(m) if a period of time is
 specified and dates from a given day or the day of an event, it is to be calculated exclusive of that day;

(n) a reference to a day is
 to be interpreted as the period of time commencing at midnight and ending 24 hours later;

(o) if an act prescribed under
 this Agreement to be done by a party on or by a given day is done after 5.00pm on that day, it is taken to be done on the next day;

(p) a reference to a payment
 is to a payment by bank cheque or such other form of cleared funds the recipient otherwise allows in the relevant lawful currency
 specified;

(q) a reference to **$** or **dollar** is to the lawful currency of the United States of America; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) a reference
 to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pay money:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in the form of an inducement
 or consideration to a third party to procure something (other than the payment of immaterial expenses or costs, including costs of
 advisers, to procure the relevant thing); or

(B) in circumstances that are
 commercially onerous or unreasonable in the context of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provide other valuable
 consideration to or for the benefit of any person; or

(iii) agree to commercially onerous
 or unreasonable conditions.

If the terms and conditions set out above are acceptable, please execute this Agreement in the appropriate place below.

---

| |
|:---|
| Dated this 2nd day of July 2025 |
| /s/ Natraj Balasubramanian |
| **EXECUTED** by **Braiin Limited** |
| **Signature of Chief Executive Officer** |
| Natraj Balasubramanian |
| **Name of Chief Executive Officer** |
| **EXECUTED** by **Connect Simple Pty Ltd** |
| /s/ Chris Georgiou |
| **Signature of Director** |
| C h r i s G e o r g i o u |
| **Name of Director** |

---

## Exhibit 2.22

**Exhibit 2.22**

**AMENDED AND RESTATED BINDING HEADS OF AGREEMENT**

**PRIVATE AND CONFIDENTIAL**

On July 2, 2025, Braiin (as defined below) and Connect Simple (as defined below) entered into a Heads of Agreement (the "**<u>Original Heads of Agreement</u>**"), and Braiin and Connect Simple hereby agree that the Original Heads of Agreement should be amended and restated in its entirety, as set forth below.

Connect Simple Pty Ltd, a private limited company incorporated in Australia (ABN: 98 673 352 844)(**"<u>Connect Simple</u>"**) is the legal and beneficial owner of various intellectual and technological property rights.

This heads of agreement ("**<u>Agreement</u>"**) sets out the terms upon which Braiin Limited ("**<u>Braiin</u>**") agrees to acquire 100% of the shares in Connect Simple held by each of the shareholders of Connect Simple as set out in Schedule 1 (the "**<u>Shareholders</u>"**).

This Agreement supersedes any and all previous correspondence, agreements or understandings between the parties, in respect of the subject matter of this Agreement and is binding on all of the parties to it ("**<u>Parties</u>"**).

**1.** **Acquisition** Subject
 to the satisfaction or waiver of the conditions precedent set out in clause 3 below ("  **<u>Conditions Precedent</u> "**),
 Braiin agrees to acquire and the Shareholders each agree to sell, all of their fully paid ordinary shares in the capital of each
 of the Connect Simple entities (collectively, the "  **<u>Connect Simple Shares</u> "**), free from encumbrances, for
 the consideration referred to in clause 2 below (the "  **<u>Acquisition</u> "**).

**2.** **Consideration** **2. Consideration** Subject
to the terms and conditions of this Agreement, Braiin agrees to issue shares to the Shareholders as follows: Braiin
 shall issue Consideration Shares having an aggregate market value of **US$98,000,000**, determined by reference to the 30-day
 VWAP of Braiin ordinary shares on NASDAQ or NYSE immediately preceding the Settlement Date. Consideration
 Shares shall be apportioned pro rata to each Shareholder's existing Connect Simple shareholding and issued in full upon Settlement. **Lock Up** The Shareholder agrees that the Consideration Shares shall be subject to a voluntary lock-up term during which the Shareholder
 shall not sell, dispose of, gift or otherwise transfer such Consideration Shares for a period of 12 months following the Settlement.

**3.** **Conditions Precedent** Settlement is conditional upon the satisfaction (or waiver)
of the following Conditions Precedent to be provided in the formal share sale agreement referenced below in Section 3(a):

---

| | |
|:---|:---|
| (a) | **Formal Agreement** |
|  | The Parties entering into a formal share sale agreement (to be prepared by Braiin's advisors), which shall be on terms acceptable to the Parties (acting reasonably), including customary warranties to be provided by the Shareholders, and which shall be consistent with the terms set out in this Agreement, except to the extent otherwise agreed by the Parties; |
| (b) | **Shareholder approval** |
|  | Braiin obtaining shareholder approval; |
| (c) | **Due diligence** |
|  | Completion of financial, legal and technical due diligence by Braiin on Connect Simple and its subsidiaries, to the absolute satisfaction of Braiin; |
| (d) | **Audit** |
|  | Connect Simple to provide its GAAP and/or AICPA standards financial audit reports, as applicable, for the most recent two fiscal years to the absolute satisfaction of Braiin; |
| (e) | **Admission to NASDAQ or NYSE:** |
|  | Braiin receiving conditional approvals or equivalent approvals, to admit the securities of Braiin to trading on NASDAQ or NYSE and those conditions being to the reasonable satisfaction of Braiin; and |
| (f) | **Approvals:** |
|  | The Parties obtaining all necessary corporate, shareholder and regulatory approvals necessary to lawfully complete the Acquisition. |
| (g) | **Effectiveness of Registration Statement** |
|  | Braiin has received written notification from the United States Securities and Exchange Commission that its Registration Statement has been approved and is declared effective. |
|  | If the Conditions Precedent are not satisfied (or waived by the Party entitled to the benefit of such Condition Precedent, as the case may be) on or before 5.00pm (WST) on the later of (i) the listing of the securities on Nasdaq or NYSE and (ii) 30 October 2025 (or such other date agreed by the Parties in writing), or become incapable of being satisfied and are not waived (End Date) any Party may terminate this Agreement by notice in writing to the other Parties, in which case, the agreement constituted by this Agreement will be at an end and the Parties will be released from their obligations under this Agreement (other than in respect of any breaches that occurred prior to termination). |
|  | The Parties will use their best efforts to ensure that the Conditions Precedent are satisfied before the End Date. |

---

---

| | | |
|:---|:---|:---|
| **4.** | **Settlement** | Settlement will occur on that date which is within seven (7) business days (as defined pursuant to the NASDAQ Listing Rules, "**<u>Business Days</u>"**) after the End Date ("**<u>Settlement Date</u>"**). |
|  |  | At Settlement: |

---

(a) Braiin
 shall allot and issue the Consideration Shares to the Shareholders in the amounts set out in Schedule 1 and deliver holding statements
 to the Shareholders for those Shares;

(b) the
 Shareholders and Connect Simple must deliver or cause to be delivered to Braiin:

(i) share
 certificates in respect of the Connect Simple Shares;

(ii) separate
 instruments of transfer in registrable form for the Connect Simple Shares in favour of Braiin (as transferee) which have been duly
 executed by each of the Shareholders in relation to their respective Connect Simple Shares (as transferors);

(iii) the
 corporate, legal, technical and financial records for Connect Simple;

(iv) the
 written resignations of each of the directors and secretary of Connect Simple with effect from the Settlement Date confirming that
 they each have no claim for loss of office or otherwise against Connect Simple (save for any director who is to remain as agreed
 with Braiin);

(v) a
 duly completed authority for the alteration of the signatories of each bank account of Connect Simple in the same manner required
 by Braiin by written notice before the Settlement Date; and

(c) the
 Shareholders must procure that a directors' meeting of Connect Simple is held to attend to the following matters (as applicable):

(i) the
 approval of the registration (subject to payment of stamp duty) of the transfers of the Connect Simple Shares and the issue of new
 share certificates for the Connect Simple Shares in the name of Braiin;

(ii) recording
 Braiin as the holder of the Connect Simple Shares in Connect Simple's register of members;

(iii) taking
 all other steps required under Connect Simple's constituent documents and applicable laws to constitute and evidence Braiin
 as the sole holder of the Connect Simple Shares; and

(iv) accepting
 the resignations of each of the directors and secretaries of Connect Simple with effect from the Settlement Date and the appointment
 as additional directors and secretary of Connect Simple of those persons nominated by Braiin by written notice before the Settlement
 Date.

The Parties' obligations at Settlement are interdependent and must take place simultaneously, as nearly as possible, unless otherwise agreed by Connect Simple and Braiin.<br>If a Party ("**<u>Defaulting Party</u>"**) fails to satisfy its obligations under this clause 4 on the day and at the place and time for Settlement then, any other Party ("**<u>Notifying Party</u>"**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of ten (10) Business Days from the date of the notice and declaring time to be of the essence. The Parties agree, however, that none of Connect Simple or the Shareholders can be a Notifying Party, in the event that one or more of them is a Defaulting Party.<br>If the Defaulting Party fails to satisfy those obligations within those ten (10) Business Days the Notifying Party may, without limitation to any other rights it may have, terminate this Agreement by giving written notice to the other Parties.<br>

**5.** **Indemnities by the Shareholders** The
 Shareholders must indemnify and hold Braiin harmless against all losses, claims, costs, demands, liabilities and expenses ("  **<u>Claims</u> "**)
 which may be suffered, sustained or incurred by Braiin directly or indirectly as a result of or in respect of a breach by the Shareholders
 of any of the covenants, warranties, representations or undertakings referred to or contained in this Agreement.

**6.** **Representations and Warranties by Shareholders** The
 share sale agreement to be entered into by the parties will contain customary representations and warranties to be determined following
 the completion of due diligence.

**7.** **Due Diligence Information** In
 order for Braiin to complete the due diligence contemplated by the Condition Precedent in clause 3(a), Connect Simple and the Shareholders
 acknowledge that Braiin will require, and will be granted on reasonable notice, access to the following information:

(a) all
 financial accounts, company records and company secretarial correspondence of Connect Simple;

(b) all
 material contracts entered into by Connect Simple;

(c) details
 of all employees of Connect Simple and the terms of engagement;

(d) details
 of all insurance policies and banking arrangements/facilities of Connect Simple;

(e) copies
 of any relevant licences or regulatory approvals held or required by Connect Simple in order to operate its business;

(f) details
 of all intellectual property of Connect Simple and documents evidencing registration of all relevant mastheads, trademarks, business
 names, copyright material and patents;

(g) details
 of all freehold and leasehold properties owned or occupied by Connect Simple, including all relevant agreements in respect of those
 properties;

(i) details
 of any constituent documents (e.g. constitution/articles of association or shareholders agreement);

(ii) details
 of all equity securities on issue (e.g. shares, options, convertible notes) and any agreement, intention or obligation to issue further
 equity securities;

(h) details
 of all fixed assets and plant owned by Connect Simple; and

(i) details
 of any known circumstances which might give rise to any litigation, arbitration, dispute or claim involving Connect Simple.

The Shareholders agree to procure Connect Simple to make the information set out above available to Braiin.

**8.** **Covenants** (a) Other
 than as contemplated in this Agreement, or as disclosed fully and fairly in writing to Braiin before the Execution Date, or with
 the prior written approval of Braiin (such approval not to be unreasonably withheld or delayed), until Settlement, Connect Simple
 must not (and the Shareholders must procure that Connect Simple does not):

(i) undertake
 or allow any material business change;

(ii) enter
 into any material contract or incur any material liability other than in the ordinary course of business;

(iii) dispose
 of the whole, or a substantial part, of its business or assets;

(iv) vary
 or reduce its capital structure;

(v) issue,
 or agree to issue, any equity or debt securities, or grant or agree to grant any rights over
 existing issued capital, or rights to be issued securities;

(vi) alter
 or agree to alter its constitution;

(vii) declare
 any dividends or distribute any assets;

(viii) cause
 to occur, by act or omission, an event or series of events, whether related or not, which may have, from the perspective of Braiin,
 a material adverse effect on the business, assets or financial condition of Connect Simple or on the transactions contemplated by
 this Agreement; and

(ix) create
 or permit the creation of any encumbrance over the assets of Connect Simple or its subsidiaries

**9.** **Exclusivity** During
the period from the Execution Date until the earlier of Settlement or termination of this Agreement, each of Connect Simple and the Shareholders
agree that:

(a) they
 will not participate in any negotiations or discussions with, or provide any information to, or accept or enter into any agreement,
 arrangement or understanding with, any third parties in respect of a transaction that may reduce the likelihood of success of the
 transactions contemplated by this Agreement and will also cease any existing discussions or negotiations regarding such transactions;

(b) they
 will not engage with any other third party other than advisors, accountants or lawyers in connection with the sale of all or any
 Connect Simple Shares, or any of Connect Simple's business, assets or undertaking; and

(c) they
 will not provide any third party with any information regarding Connect Simple or its business, assets or undertakings, other than
 in the ordinary course of its ordinary business;

**10.** **Formal Agreement** Notwithstanding
 the fact that this Agreement is legally binding on the Parties, if requested by Braiin, Connect Simple and the Shareholders agree
 to enter into a formal share sale agreement to more fully document the terms of the Acquisition (to be prepared by Braiin's
 solicitors) which shall be in terms acceptable to the Parties (acting reasonably) and which shall be consistent with
 the terms set out in this Agreement, except to the extent otherwise agreed by the Parties.

**11.** **Confidentiality** Each
Party is to keep confidential the terms of this Agreement and any other information obtained from another during the negotiations preceding
the Execution Date or in the course of furthering the transactions contemplated by this Agreement whether in the course of conducting
due diligence or otherwise ("  **<u>Confidential Information</u> "**), and is not to disclose it to any person except:

(a) to
 officers, employees, shareholders, legal advisers, auditors and other consultants requiring the information for the purposes of this
 Agreement;

(b) with
 the consent of the Party or Parties which own the Confidential Information;

(c) if
 the information is, at the date of this Agreement, lawfully in the possession of the recipient of the information through sources
 other than any of the other Parties;

(d) if
 required by law or a stock exchange;

(e) if
 strictly and necessarily required in connection with legal proceedings relating to this Agreement;

(f) if
 the information is generally and publicly available other than as a result of a breach of confidence; or

(g) to
 a financier or prospective financier (or its advisers) of a Party.

---

| |
|:---|
| A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this clause. |
| The obligations under this clause contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Agreement, regardless of any termination of this Agreement. |
| For the avoidance of doubt, the Parties acknowledge and agree that Braiin, subject to and conditional upon receiving conditional approval to list on the NASDAQ or NYSE, listed on NASDAQ or NYSE and is subject to continuous disclosure obligations applicable to that exchange. Accordingly, details of this Agreement, Connect Simple, the Shareholders and the assets and undertaking of Connect Simple (potentially among other information) will need to be disclosed in announcements to NASDAQ or NYSE. |

---

**12.** **Further Acts** Each
 Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably
 satisfactory to that Party) required by law or reasonably required by the other Party to give effect to this Agreement.

**13.** **Governing Law** This
 Agreement is governed by and construed in accordance with the laws of Western Australia. Each Party irrevocably submits to the non-exclusive
 jurisdiction of the courts of Western Australia, and the courts competent to determine appeals from those courts with respect to
 any proceedings which may be brought at any time relating to this Agreement.

**14.** **Assignment** No
 Party may assign, novate or otherwise transfer any of its rights or obligations under this Agreement without the written consent
 of the other Party.

**15.** **Costs** Each
 Party shall bear their own legal costs of and incidental to the preparation, negotiation and execution of this Agreement. Braiin
 will pay any stamp duty assessed on or in respect of this Agreement.

---

| | | |
|:---|:---|:---|
| **16.** | **Tax**(a) | In the event a supply made by one Party to another under this Agreement is subject to a value added or similar tax, the price stated in this Agreement is exclusive of such tax and the recipient of such a supply must pay to the other Party an amount equal to the amount of any such tax in addition to any amount stated in this Agreement and at the same time. |
|  | (b) | Any payment of such tax is subject to the other Party providing any invoice or similar documentation required by law with respect to such tax. |
|  | (c) | No Party makes any representation to the other with regard to the intended tax consequences of the Acquisition. |

---

**17.** **Lock-Up of Consideration Shares** The
 Shareholders agree not to, without the prior written consent of the Braiin board of directors, (i) sell, offer to sell, contract or
 agree to sell, assign, lend, offer, encumber, donate, hypothecate, pledge, grant any option, right or warrant to purchase or
 otherwise transfer, dispose of or agree to transfer or dispose of, directly or indirectly, or establish or increase a put equivalent
 position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of
 1934, as amended (the "  **<u>Exchange Act</u>** "), and the rules and regulations of the U.S. Securities and Exchange
 Commission promulgated thereunder, any of the Consideration Shares (the "  **<u>Lock-Up Shares</u>**") and (ii) enter
 into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of
 any of the Lock-up Shares, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise or
 (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii) (the actions specified in clauses
 (i)-(iii), collectively, "**Transfer**") until 12 months from the Settlement(the "  **<u>Lock-up Period</u>** ").

**18.** **Remedies** The
 rights, power and remedies provided in this Agreement are cumulative with and not exclusive to the rights, power or remedies provided
 by law independently of this Agreement.

**19.** **Variation** No
 modification or alteration of the terms of this Agreement shall be binding unless made in writing dated subsequent to the date of
 this Agreement and duly executed by all Parties.

**20.** **Notices** Each
 notice authorized or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed
 prepaid mail or email in each case addressed to the Party at its address set out in below:

---

| | |
|:---|:---|
| In the case of Braiin: | In the case of Braiin: |
| Address: | 283 Rokeby Road, Subiaco, WA 6008 Australia |
| Email: | natraj@braiin.com |
| Attention: | Chief Executive Officer |
| In the case of Connect Simple and the Shareholders: | In the case of Connect Simple and the Shareholders: |
| Address | 7 Merrafields Ct, Taylors Lakes Vic 3038 |
| Email: | chris@connectsimple.com.au |

---

**21.** **Severability** If
 any term or provision of this Agreement is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will
 not affect any other term or provision of this Agreement.

**22.** **Waiver** Without
 limiting any other provision of this Agreement, the Parties agree that:

(a) failure
 to exercise or enforce, or a delay in exercising or enforcing, or the partial exercise or enforcement of, a right, power or remedy
 provided by law or under this Agreement by a Party does not preclude, or operate as a waiver of, the exercise or enforcement, or
 further exercise or enforcement, of that or any other right, power or remedy provided by law or under this Agreement;

(b) a
 waiver given by a party under this Agreement is only effective and binding on that Party if it is given or confirmed in writing by
 that Party; and

(c) no
 waiver of a breach of a term of this Agreement operates as a waiver of another breach of that term or of a breach of any other term
 of this Agreement.

**23.** **Counterparts** This
 Agreement may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures
 my means of electronic communication are taken to be valid and binding to the same extent as original signatures.

**24.** **Interpretation** In
 this Agreement:

(a) headings
are for convenience only and do not affect its interpretation;

(b) specifying
anything after the words "include" or "for example" or similar expressions does not limit what else is included;
and unless the context otherwise requires:

(c) an
obligation or liability assumed by, or a right conferred on, two or more Parties binds or benefits all of them jointly and each of them
severally;

(d) the
expression **person** includes an individual, the estate of an individual, a corporation, an authority, an association or joint venture
(whether incorporated or unincorporated), a partnership and a trust;

(e) a
 reference to any party includes that party's executors, administrators, successors and permitted assigns, including any person
 taking by way of novation;

(f) a
 reference to a body, other than a party to this Agreement whether statutory or not:

(i) which
 ceases to exist; or

(ii) whose
 powers or functions are transferred to another body,

---

| | |
|:---|:---|
|  | is a reference to the body which replaces it or substantially succeed its powers or functions; |
| (g) | a reference to any document (including this Agreement) is to that document as varied, novated, ratified or replaced from time to time; |
| (h) | a reference to any statute or to any statutory provision includes any statutory modification or re-enactment of it or any statutory provision substituted for it, and all ordinances, by-laws, regulations, rules and statutory instruments (however described) issued under it; |
| (i) | words importing the singular include the plural (and vice versa) and words indicating a gender include every other gender; |
| (j) | reference to parties, clauses, schedules, exhibits or annexure are references to parties, clauses, schedules, exhibits and annexure to or of this Agreement and a reference to this Agreement includes any schedule, exhibit or annexure to this Agreement; |
| (k) | where a word or phrase is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding meaning; |
| (l) | a reference to time is to Western Standard Time as observed in Perth, Western Australia; |
| (m) | if a period of time is specified and dates from a given day or the day of an event, it is to be calculated exclusive of that day; |
| (n) | a reference to a day is to be interpreted as the period of time commencing at midnight and ending 24 hours later; |
| (o) | if an act prescribed under this Agreement to be done by a party on or by a given day is done after 5.00pm on that day, it is taken to be done on the next day; |
| (p) | a reference to a payment is to a payment by bank cheque or such other form of cleared funds the recipient otherwise allows in the relevant lawful currency specified; |
| (q) | a reference to **$** or **dollar** is to the lawful currency of the United States of America; and |

---

(r) a
 reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party
 to:

(i) pay
 money:

(A) in
 the form of an inducement or consideration to a third party to procure something (other than the payment of immaterial expenses or
 costs, including costs of advisers, to procure the relevant thing); or

(B) in
 circumstances that are commercially onerous or unreasonable in the context of this Agreement;

(ii) provide
 other valuable consideration to or for the benefit of any person; or

(iii) agree
 to commercially onerous or unreasonable conditions.

If the terms and conditions set out above are acceptable, please execute this Agreement in the appropriate place below.

---

| |
|:---|
| Dated this <u>5<sup>th</sup></u> day of September, 2025 |
| **EXECUTED** by **Braiin Limited** |
| <br> /s/ Natraj Balasubramanian |
| Signature of Chief Executive Officer |
| <br> Natraj Balasubramanian |
| Name of Chief Executive Officer |
| /s/ Jay Stephenson |
| Signature of Director<br>|
| Jay Stephenson |
| Name of Director |

---

---

| | |
|:---|:---|
| **EXECUTED** by **Connect Simple Pty Ltd.** |  |
| /s/ Chris Georgiou | |
| Signature of director | Signature of director |
| Chris Georgiou | |
| Name of director | Name of director |

---

**EXECUTED** by **the Shareholders**

Schedule 1 – shareholders

---

| |
|:---|
| **Connect Simple Pty Ltd**<br>|
| Georgiou Family Trust - 2% <br>Chetan V Saligrama - 45% <br> Advaitha Family Trust – 53% <br>|

---

## Exhibit 2.23

**Exhibit 2.23**

**AMENDED AND RESTATED BINDING HEADS OF AGREEMENT**

**PRIVATE AND CONFIDENTIAL**

On September 7, 2025, Braiin Limited and Vega (as defined below) entered into a Heads of Agreements (the **Original Heads of Agreement**), and Braiin and Vega hereby agree that the Original Heads of Agreement should be amended and restated in its entirety, as set forth below.

This heads of agreement (**Agreement**) sets out the terms upon which **Braiin Limited** (ACN 660 713 093) (**Braiin**) agrees to make an offer to the shareholders of **Vega Global Technologies Pty Ltd** (ACN 667 154 261) (**Vega**) (the **Shareholders**), to acquire their fully paid ordinary shares in Vega (**Vega Shares**) and fully replaces and supersedes any prior agreement between Braiin and Vega.

The Directors of Vega have agreed to use their best endeavours to procure that each of the Shareholders accepts the offer when made by Braiin.

This Agreement supersedes any and all previous correspondence, agreements or understandings between the parties, in respect of the subject matter of this Agreement and is binding on all of the parties to it (**Parties**). Vega of the one part, and Braiin of the other part, must jointly and severally procure that each complies with this Agreement.

---

| | | |
|:---|:---|:---|
| **1.** | **Acquisition** | Subject to the satisfaction or waiver of the conditions precedent set out in clause 4 below (**Conditions Precedent**), Braiin agrees to make an offer (**Offer**) to each of the Shareholders to acquire the Vega Shares, free from encumbrances, for the consideration referred to in clause 2 below (the **Acquisition**). |
| **2.** | **Consideration** | Subject to the terms and conditions of this Agreement, Braiin agrees to issue the Shareholders (or their nominees) aggregate consideration (**Purchase Price**) comprised as follows: |
|  | (a) | fully paid ordinary shares in the capital of Braiin, which will have an aggregate value equal to US$82,606,096 at the time of the exchange for the shares of Braiin (**Consideration Shares**), to be apportioned amongst the Shareholders; and |
|  | (b) | AUD$3,550,000 being paid in cash (**Consideration Cash**). |
|  |  | The Consideration Shares will be issued on settlement of the Listing (**Settlement**). |
| **3.** | **Restrictions on Consideration Shares** | Vega agrees use its best endeavours that each of the Shareholders enter into a restriction agreement with Braiin or its nominee in respect of the Consideration Shares. |
| **4.** | **Conditions Precedent** | Settlement is conditional upon the satisfaction (or waiver) of the following Conditions Precedent: |
|  | (a) | **Offer acceptance** |
|  |  | All of the Shareholders accepting the Offer, which shall be consistent with the terms set out in this Agreement, except to the extent otherwise agreed by the Parties; |

---

---

| | | |
|:---|:---|:---|
|  | (b) | **Admission to NASDAQ:** |
|  |  | Braiin's or its affiliate's securities have been preliminary approved by NASDAQ for listing and trading following the consummation of the listing transaction; and |
|  | (c) | **Approvals:** |
|  |  | Each of the Parties obtaining all necessary corporate, shareholder and regulatory approvals necessary to lawfully complete the Acquisition; and |
|  | (d) | **Effectiveness of Registration Statement:** |
|  |  | Braiin has received written notification from the United States Securities and Exchange Commission that its Registration Statement has been approved and is declared effective. |
|  |  | Condition Precedent (a) is for the benefit of Braiin and may only be waived by Braiin giving written notice to Vega. Conditions Precedent (b)-(c) are for the benefit of both Vega and Braiin and may only be waived by mutual agreement in writing of Vega and Braiin. |
|  |  | If the Conditions Precedent are not satisfied (or waived b) on or before 5.00pm (WST) on the later of (i) the listing of the securities on Nasdaq and (ii) 30 October 2025 (or such other date agreed by the Parties in writing), or become incapable of being satisfied and are not waived (**End Date**) any Party may terminate this Agreement by notice in writing to the other Parties, in which case, the agreement constituted by this Agreement will be at end and the Parties will be released from their obligations under this Agreement (other than in respect of any breaches that occurred prior to termination). |
|  |  | The Parties will use their best efforts to ensure that the Conditions Precedent are satisfied before the End Date. |
| **5.** | **Settlement** | Settlement will occur on that date which is one (1) business days (as defined pursuant to the NASDAQ Listing Rules, **Business Days**) after the satisfaction (or waiver) of the Conditions Precedent set out in clause 4 (**Settlement Date**). |
|  |  | At Settlement: |
|  | (a) | Braiin shall allot and issue the Consideration Shares to the Shareholders (or their nominees) and deliver holding statements to the Shareholders (or their nominees) for those Shares; |
|  | (b) | Braiin must pay the Consideration Cash to the Shareholders (or its nominee) as directed in writing; |
|  | (c) | Vega must deliver or cause to be delivered to Braiin: |

---

(i) share
 certificates in respect of the Vega Shares;

(ii) separate
 instruments of transfer in registrable form for the Vega Shares in favour of Braiin (as transferee) which have been duly executed
 by the Shareholders in relation to their Vega Shares (as transferors);

(iii) the
 corporate, legal, technical and financial records for Vega;

(iv) the
 written resignations of each of the directors and secretary of Vega with effect from the Settlement Date confirming that they each
 have no claim for loss of office or otherwise against Vega;

(v) a
 duly completed authority for the alteration of the signatories of each bank account of Vega in the manner required by Braiin by written
 notice before the Settlement Date; and

(vi) signed
 restriction agreements relating to the Consideration Shares (the Consideration Shares to be escrowed for 180 days); and

(c) Vega
 must procure that a directors' meeting of Vega is held to attend to the following matters
 (as applicable):

(i) the
 approval of the registration (subject to payment of stamp duty) of the transfers of the Vega Shares and the issue of new share certificates
 for the Vega Shares in the name of Braiin (or its nominee);

(ii) recording
 Braiin (or its nominee) as the holder of the Vega Shares in the relevant register of members;

(iii) taking
 all other steps required under the company's constituent documents and applicable laws to constitute and evidence Braiin (or
 its nominee) as the sole holder of the Vega Shares; and

(iv) accepting
 the resignations of each of the directors and secretaries of the relevant company with effect from the Settlement Date and the appointment
 as additional directors and secretary of the relevant company of those persons nominated by Braiin by written notice before the Settlement
 Date.

---

| |
|:---|
| The Parties' obligations at Settlement are interdependent and must take place simultaneously, as nearly as possible, unless otherwise agreed by Braiin and Vega. |
| If a Party (**Defaulting Party**) fails to satisfy its obligations under this clause 5 on the day and at the place and time for Settlement then, any other Party (**Notifying Party**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of ten (10) Business Days from the date of the notice and declaring time to be of the essence. |
| If the Defaulting Party fails to satisfy those obligations within those ten (10) Business Days the Notifying Party may, without limitation to any other rights it may have, terminate this Agreement by giving written notice to the other Parties. |

---

---

| | | |
|:---|:---|:---|
| **6.** | **Warranties and Indemnities by the Warrantor** | By execution of this Agreement, Vega makes the representations and warranties set out in Schedule 1 both as at the date of this Agreement and on the Settlement Date (except where expressly stated to occur on another date). Vega indemnifies Braiin against all losses, claims, costs, demands, liabilities and expenses which may be suffered, sustained or incurred by Braiin directly or indirectly as a result of or in respect of a breach by Vega of any of the warranties or representations set out in Schedule 1 . |
|  |  | Vega shall not be liable to Braiin for any consequential loss such as loss of profits, loss of opportunity or the like. |
| **7.** | **Confidentiality** | Each Party is to keep confidential the terms of this Agreement and any other information obtained from another during the negotiations preceding the execution date or in the course of furthering the transactions contemplated by this Agreement whether in the course of conducting due diligence or otherwise (**Confidential Information**), and is not to disclose it to any person except: |

---

(a) to
 officers, employees, shareholders, legal advisers, auditors and other consultants requiring the information for the purposes of this
 Agreement;

(b) with
 the consent of the Party or Parties which own the Confidential Information;

(c) if
 the information is, at the date of this Agreement, lawfully in the possession of the recipient of the information through sources
 other than any of the other Parties;

(d) if
 required by law or a stock exchange;

(e) if
 strictly and necessarily required in connection with legal proceedings relating to this Agreement;

(f) if
 the information is generally and publicly available other than as a result of a breach of confidence; or

(g) to
 a financier or prospective financier (or its advisers) of a Party.

---

| |
|:---|
| A Party disclosing Confidential Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose the Confidential Information except in the circumstances permitted in this clause. |
| The obligations under this clause contain obligations separate and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this Agreement, regardless of any termination of this Agreement. |
| For the avoidance of doubt, the Parties acknowledge and agree that Braiin or its affiliate, subject to and conditional upon receiving conditional approval to list on the NASDAQ, will be listed on NASDAQ and will be subject to continuous disclosure obligations applicable to that exchange. Accordingly, details of this Agreement, Vega and the assets and undertaking of Vega (potentially among other information) will need to be disclosed in announcements to NASDAQ. |

---

---

| | | |
|:---|:---|:---|
| **8.** | **Further Acts** | Each Party will promptly do and perform all further acts and execute and deliver all further documents (in form and content reasonably satisfactory to that Party) required by law or reasonably required by the other Party to give effect to this Agreement. |
| **9.** | **Governing Law** | This Agreement is governed by and construed in accordance with the laws of Western Australia. Each Party irrevocably submits to the non-exclusive jurisdiction of the courts of Western Australia, and the courts competent to determine appeals from those courts with respect to any proceedings which may be brought at any time relating to this Agreement. |
| **10.** | **Assignment** | No Party may assign, novate or otherwise transfer any of its rights or obligations under this Agreement without the written consent of the other Party. |
| **11.** | **Costs** | Each Party shall bear their own legal costs of and incidental to the preparation, negotiation and execution of this Agreement. |
|  |  | Vega will pay any stamp duty assessed on or in respect of this Agreement. |

---

**12**. **Tax** (a) In
 the event a supply made by one Party to another under this Agreement is subject to a value added or similar tax, the price stated
 in this Agreement is exclusive of such tax and the recipient of such a supply must pay to the other Party an amount equal to the
 amount of any such tax in addition to any amount stated in this Agreement and at the same time.

(b) Any
 payment of such tax is subject to the other Party providing any invoice or similar documentation required by law with respect to
 such tax.

(c) No
 Party makes any representation to the other with regard to the intended tax consequences of the Acquisition.

**13.** **Remedies** The
 rights, power and remedies provided in this Agreement are cumulative with and not exclusive to the rights, power or remedies provided
 by law independently of this Agreement.

**14.** **Variation** No
 modification or alteration of the terms of this Agreement shall be binding unless made in writing dated subsequent to the date of
 this Agreement and duly executed by all Parties.

**15.** **Notices** Each
 notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed
 prepaid mail in each case addressed to the Party at its address set out in below:

---

| | |
|:---|:---|
| In the case of Vega: | In the case of Vega: |
| Address: | 283 Rokeby Road Subiaco WA 6008 |
| Email: | info@Vegaglobal.ai |
| Attention: | Jay Stephenson |
| In the case of Braiin: | In the case of Braiin: |
| Address: | 283 Rokeby Road Subiaco WA 6008 |
| Email: | <u>natraj@braiin.com</u> |
| Attention: | Natraj Balasubramanian |

---

**16.** **Severability** If
 any term or provision of this Agreement is invalid, illegal or unenforceable such invalidity, illegality or unenforceability will
 not affect any other term or provision of this Agreement.

**17.** **Waiver** Without
 limiting any other provision of this Agreement, the Parties agree that:

(a) failure
 to exercise or enforce, or a delay in exercising or enforcing, or the partial exercise or enforcement of, a right, power or remedy
 provided by law or under this Agreement by a Party does not preclude, or operate as a waiver of, the exercise or enforcement, or
 further exercise or enforcement, of that or any other right, power or remedy provided by law or under this Agreement;

(b) a
 waiver given by a party under this Agreement is only effective and binding on that Party if it is given or confirmed in writing by
 that Party; and

(c) no
 waiver of a breach of a term of this Agreement operates as a waiver of another breach of that term or of a breach of any other term
 of this Agreement.

**18.** **Counterparts** This
 Agreement may be executed in any number of counterparts. All counterparts will be taken to constitute one instrument. Signatures
 my means of electronic communication are taken to be valid and binding to the same extent as original signatures.

**19.** **Interpretation** In
 this Agreement:

(a) headings
 are for convenience only and do not affect its interpretation;

(b) specifying
 anything after the words "include" or "for example" or similar expressions does not limit what else is included;
 and unless the context otherwise requires:

(c) an
 obligation or liability assumed by, or a right conferred on, two or more Parties binds or benefits all of them jointly and each of
 them severally;

(d) the
 expression **person** includes an individual, the estate of an individual, a corporation, an authority, an association or joint
 venture (whether incorporated or unincorporated), a partnership and a trust;

(e) a
 reference to any party includes that party's executors, administrators, successors and permitted assigns, including any person
 taking by way of novation;

(f) a
 reference to a body, other than a party to this Agreement whether statutory or not:

(i) which
 ceases to exist; or

(ii) whose
 powers or functions are transferred to another body, is a reference to the body which replaces
 it or substantially succeed its powers or functions;

(g) a
 reference to any document (including this Agreement) is to that document as varied, novated, ratified or replaced from time to time;

(h) a
 reference to any statute or to any statutory provision includes any statutory modification or re- enactment of it or any statutory
 provision substituted for it, and all ordinances, by-laws, regulations, rules and statutory instruments (however described) issued
 under it;

(i) words
 importing the singular include the plural (and vice versa) and words indicating a gender include every other gender;

(j) reference
 to parties, clauses, schedules, exhibits or annexure are references to parties, clauses, schedules, exhibits and annexure to or of
 this Agreement and a reference to this Agreement includes any schedule, exhibit or annexure to this Agreement;

(k) where
 a word or phrase is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding
 meaning;

(l) a
 reference to time is to Western Standard Time as observed in Perth, Western Australia;

(m) if
 a period of time is specified and dates from a given day or the day of an event, it is to be calculated exclusive of that day;

(n) a
 reference to a day is to be interpreted as the period of time commencing at midnight and ending 24 hours later;

(o) if
 an act prescribed under this Agreement to be done by a party on or by a given day is done after 5.00pm on that day, it is taken to
 be done on the next day;

(p) a
 reference to a payment is to a payment by bank cheque or such other form of cleared funds the recipient otherwise allows in the relevant
 lawful currency specified;

(q) a
 reference to a party using or an obligation on a party to use reasonable endeavours or its best endeavours does not oblige that party
 to:

(i) pay
 money:

(A) in
 the form of an inducement or consideration to a third party to procure something (other than
 the payment of immaterial expenses or costs, including costs of advisers, to procure the
 relevant thing); or

(B) in
 circumstances that are commercially onerous or unreasonable in the context of this Agreement;

(ii) provide
 other valuable consideration to or for the benefit of any person; or

(iii) agree
 to commercially onerous or unreasonable conditions.

If the terms and conditions set out above are acceptable, please execute this Agreement in the appropriate place below.

Dated on this ___23___ day of ___September________________, 2025

---

| |
|:---|
| **EXECUTED** by **VEGA GLOBAL TECHNOLOGIES PTY LTD ACN 667 154 261** |
| in accordance with section 127 of the *Corporations Act 2001* (Cth) |
| /s/ Jay Stephenson |
| Signature of director |
| Jay Stephenson |
| Name of director |
| /s/ Neil Saligrama |
| Signature of director |
| Neil Saligrama |
| Name of director |
| **EXECUTED** by **BRAIIN LIMITED**<br> **ACN 660 713 093** |
| in accordance with section 127 of the *Corporations Act 2001* (Cth): |
| /s/ Natraj Balasubramanian |
| Signature of director |
| /s/ Natraj Balasubramanian |
| Name of director |
| /s/ Jay Stephenson |
| Signature of director |
| Jay Stephenson |
| Name of director |

---

\*please delete as applicable

**S C HE D ULE 1 – WA R R A N T I E S**

The representations and warranties given by Vega are as follows:

(a) **Title:** The Shareholders are the legal owner of the Vega Shares free of any encumbrance and other
 third party interests or rights.

(b) **Free of encumbrances:** The Shareholders are able to sell and transfer the Shares without the
 consent of any other person and free of any encumbrance, pre-emptive rights or rights of
 first refusal.

(c) **Fully paid:** The Vega Shares are fully paid and no money is owing in respect of them.

(d) **No sums owing:** No sums are now owing or will at Settlement be owing by Vega to the Shareholders
 or to any company or person related to the Shareholders or Vega.

(e) **No legal impediment:** The execution, delivery and performance by Vega of this Agreement complies
 with:

(i) each
 law, regulation, authorisation, ruling, judgement, order or decree of any government agency;

(ii) the
 constitution or other constituent documents of Vega; and

(iii) any
 security interest or document, which is binding on Vega.

(f) **No Event of Insolvency:** No event of insolvency has occurred in relation to Vega nor is there
 any act which has occurred or any omission made which may result in an event of insolvency
 occurring in relation to Vega.

(g) **Power and capacity**: Vega has full power and lawful authority to execute and deliver this Agreement
 to observe and perform or cause to be observed and performed all of its obligations in and
 under this Agreement.

(h) **Authority**:
 The execution and delivery of this Agreement has been duly and validly authorised by all
 necessary corporate action on behalf of Vega.

(i) **All material information**: Any information known to Vega concerning Vega which might reasonably
 be regarded as material to for value of the Vega Shares has been disclosed to Braiin or its
 advisers and is true and accurate in all material respects, excluding information that is
 publicly available.

(j) **No litigation**: Vega and its director are not involved in any litigation, arbitration or
 administrative proceeding relating to claims or amounts relating to Vega nor is any such
 litigation, arbitration or administrative proceeding pending or threatened.

(k) **Investigations**:
 Vega is not the subject of any investigation by any regulatory body of any country nor is
 any such investigation pending or threatened.

(l) **Tax investigations:** Vega is not the subject of any investigation or audit by the tax office
 of any country or state nor is any such investigation or audit pending or threatened.

(m) **Compliance with laws and agreements:** Vega is not in material breach of any provision of any relevant
 laws or material contract or agreement to which Vega is a party.

(n) **Consistency**:
 The terms of this Agreement are not inconsistent with and do not contravene the provisions
 of any other agreements or contracts to which Vega is a party.

(o) **Records properly kept**: Except as contemplated by the conditions precedent in this Agreement,
 all books of accounts and other records of any kind of Vega:

(i) have
 been fully, properly and accurately kept on a consistent basis and completed in accordance
 with proper business and accounting practices and all applicable statutes;

(ii) have
 not had any material records or information removed from them;

(iii) do
 not contain or reflect any material inaccuracies or discrepancies;

(iv) give
 and reflect a true and fair view of the trading transactions, or the financial and contractual
 position of Vega and of its assets and liabilities; and

(v) are
 in the possession of Vega.

(p) **Licenses and approvals:** Vega has all permits, license, authorities, registrations and approvals
 necessary for properly carrying on its business and Vega is not aware of any circumstance
 or fact which may result in the revocation, variation or non- renewal in any material respect
 of any such permits, licenses, authorities, registrations and approvals.

(q) **Financings:** There are no:

(i) financing
 arrangements entered into by or on behalf of Vega for the borrowing of money;

(ii) debentures,
 bonds, notes or similar debt

(iii) instruments
 issued by Vega;

(iv) encumbrances
 over the assets or undertaking of Vega, or its business or securities; or

---

| | |
|:---|:---|
| (v) | financing arrangements that restrict the disposal of Vega. |
| **No Power of Attorney:** There are no powers of attorney given by Vega in favour of any person which may come into force in relation to the business, assets or undertaking of Vega. | **No Power of Attorney:** There are no powers of attorney given by Vega in favour of any person which may come into force in relation to the business, assets or undertaking of Vega. |

---

## Exhibit 10.9

**Exhibit 10.9**

**AMENDED AND RESTATED**

**SUBSCRIPTION AGREEMENT FOR BRAIIN LIMITED**

Braiin Limited

283 Rokeby Road, Subiaco WA 6008

Ladies and Gentlemen:

WHEREAS, on July 2, 2025, the undersigned investor (the "<u>Subscriber</u>") and Braiin Limited (the "<u>Company</u>") entered into that certain subscription agreement (the "<u>Original Subscription Agreement</u>");

WHEREAS, the Subscriber and the Company desire to amend and restate the Original Subscription Agreement in its entirety.

NOW, THEREFORE, BE IT RESOLVED, that the Original Subscription Agreement is hereby amended and restated in its entirety as follows:

Subscriber hereby subscribes for Ordinary Shares ("<u>Ordinary Shares</u>") of the Company in accordance with the terms of this Amended and Restated Subscription Agreement (this "<u>Agreement</u>"), effective as of August 28, 2025. Upon the execution of this Agreement by the Subscriber and the acceptance thereof by the Company, this Agreement shall become a binding obligation of the undersigned.

**Section 1. <u>Subscription</u>**. Subscriber hereby subscribes for and agrees to purchase the following number or amount of Ordinary Shares (the "<u>Subscription</u>") and to submit payment for the same as follows:

---

| | |
|:---|:---|
| Subscriber: | Neil Saligrama |
| Purchase Price: | USD $3,000,000 (1) |
| Number of Ordinary Shares: | 73748 (1) |
| Payment Terms: | Wire Transfer of Immediately Available Funds |
| Payment Date: | September 1, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 number of Ordinary Shares is calculated based on an implied price per share of $10.17(after
 considering stock split) and is based on a current post-money valuation of the Company
 of USD $703 million.

**Section 2. <u>Representations and Warranties of the Parties</u>**

This Subscription is made in reliance on the following representations and warranties of each Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** Authority

It has full power and authority to enter into this Agreement and to perform its obligations under it and has taken all necessary action to authorise the execution, delivery and performance by it of this Agreement in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** Binding obligations

This Agreement constitutes its legal, valid and binding obligations and is enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** No breach

This Agreement and the Subscription does not conflict with or result in a breach of any obligation or constitute or result in any default under any material provision of any agreement, deed, writ order, injunction, judgment, law, rule or regulation to which it is a party or is subject or by which it is bound.

**Section 3. <u>Indemnification</u>**. The undersigned agrees to indemnify and hold harmless the Company, its officers, managers and the other members from and against all damages, losses, costs and expenses (including reasonable attorneys' fees) that they may incur by reason of any breach of the representations and warranties made by the undersigned herein.

**Section 4. <u>Default</u>**. If any party (each, a "<u>Defaulting Party</u>") shall make default in the due observance or performance of any of its obligations under this Agreement the observance or performance of which is or becomes essential and such default shall continue for 14 days after the receipt of a notice in writing from the other party (the "<u>Non Defaulting Party</u>") to remedy the default then the Non Defaulting Party may, without further notice to the Defaulting Party:

(a) rescind
 this Agreement and be entitled to such damages as to which the Non-Defaulting Party would
 be entitled at common law or in equity; and/or

(b) sue
 the Defaulting Party for specific performance.

**Section 5. <u>Lock-Up.</u>** The Subscriber agrees and acknowledges that they will be required to enter into a restriction agreement to give effect to a mandatory lock-up of the Ordinary Shares issued to the Subscriber in accordance with this Agreement, for a period of 12 months. The Subscriber agrees and acknowledges that they will enter into lock-up agreements with the Company in respect of the Ordinary Shares.

**Section 6. <u>Miscellaneous</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** This Agreement and the undersigned's interest herein are not assignable and any purported assignment without the prior written consent of the Company shall be void ab initio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** The undersigned agrees that the undersigned may not cancel, terminate or revoke this Agreement or any agreement of the undersigned made hereunder (except as otherwise specifically provided herein) and that this Agreement shall survive the death or disability of the undersigned and shall be binding upon the undersigned's heirs, executors, administrators, successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** This Agreement and all other information disclosed by the parties to each other the ("<u>Confidential Information</u>") is confidential and each party shall ensure that the Confidential Information remains confidential, except that the parties may make disclosure to their relevant advisors or as otherwise required by the law or the rules of any recognised securities exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** Notwithstanding any of the representations, warranties, acknowledgments or agreements made herein by the undersigned, the undersigned does not thereby or in any other manner waive any rights granted to the undersigned under Federal or state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5** This Agreement and the instruments delivered concurrently herewith, constitute the entire agreement between the parties hereto with respect to the subject matter hereof and may be amended only by a writing executed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6** This Agreement shall be enforced, governed and construed in all respects in accordance with the laws of Australia. The Parties agree to submit to the non-exclusive jurisdiction of the Courts of Australia and the Courts which hear appeals from those Courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7** The representations, warranties and agreements of the undersigned set forth herein shall survive (i) the acceptance of this Agreement by the Company; (ii) the closing of the sale of the Ordinary Shares; and (iii) the bankruptcy of the Subscriber, until the expiration of the applicable statute of limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8** Whenever the context requires, the gender of all words used herein shall include the masculine, feminine and neuter, and the number of all words shall include the singular and plural.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9** This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10** All notices and other communications either party hereto may be required, or may elect, to give the other party hereunder shall be given in person or by courier, sent by registered or certified mail (return receipt requested and with postage prepaid thereon), or sent by other facsimile method (notice by facsimile must be confirmed by next day courier delivery to be effective) to the parties at their respective addresses included on the signature pages hereto. All notices and other communications hereunder that are addressed as provided in this Section shall be deemed duly and validly given, (a) if delivered in person, or by courier, upon delivery, or (b) if delivered by facsimile providing confirmation or receipt of delivery, 24 hours after being sent; or (c) if delivered by registered or certified mail, 72 hours after being placed in a depository of the mail service.

**[*Signature pages follow*]**

IN WITNESS WHEREOF, the Subscriber has set forth his hand this 14<sup>th</sup> day of September, 2025.

---

| | |
|:---|:---|
| **Neil Saligrama** | **Neil Saligrama** |
| */s/ Neil Saligrama* | */s/ Neil Saligrama* |
| Address: | 15 Inverell Ave Mt. Waverly VIC 3149 |
| Email: | neil.saligrama@gmail.com |

---

**Accepted by the Company this 14th day of September, 2025**

Braiin Limited

---

| | |
|:---|:---|
| By: | */s/ Natraj Balasubramanian* |
| Name: | Natraj Balasubramanian |
| Title: | Chief Executive Officer |

---

Address:

Braiin Limited

283 Rokeby Road, Subiaco WA 6008

## Exhibit 10.10

**Exhibit 10.10**

**<u>Binding Term Sheet between Braiin Ltd and TWCC VIC Pty Ltd</u>**

*The intent of this Term Sheet is to describe the key terms of the proposed loan arrangement (the "Transaction") between Braiin Ltd/Braiin Holdings (the "Issuer") and TWCC VIC Pty Ltd (the "Lender") (collectively, the "Parties")*

 

This Term Sheet represents a legally binding offer made by the Lender, outlining the key terms and conditions agreed upon by both parties. All provisions stated in this Term Sheet will be incorporated and formalized into the relevant definitive agreements, which will govern the relationship between the parties. The definitive documents will serve as the final and enforceable contracts, superseding any preliminary discussions or agreements. Once executed, these definitive documents will fully implement the terms and conditions outlined in this Term Sheet

---

| | | |
|:---|:---|:---|
| **End Use** | ● | The Facility shall be utilized towards acquisition of 79.7% shares of VIS Networks |
|  | ● | To repay mortgage loan on commercial properties owned by the Target |

---

---

| | |
|:---|:---|
| **Tenor** | 4 years with a put and call option at end of 36 months and any time thereafter. |
| **Moratorium** | 15 months principal moratorium from the date of disbursement or merger of the issuer and Targets whichever is earliest. |
| **Repayment** | The principal amount of the Facility shall be repaid in monthly instalments after the moratorium period. |

---

---

| | |
|:---|:---|
| **Pricing** | Coupon: 14% per annum<br>|
|  | Coupon frequency: monthly |
|  | The company will pay additional redemption premium at the time of final maturity, as detailed out in the loan schedules in the annexures 1 & 2, basis the following: |
|  | Additional Redemption Premium = {5%} of Increase in Valuation of Targets |
|  | Increase in Valuation of targets = Exit Valuation – Entry Valuation |
|  | **<u>Entry Valuation\*</u>**= Acquisition Enterprise Value = EBIDTA of Targets at the time of acquisition 606 million X Entry EV/EBIDTA of 10x = Indian Rupees 6.06 billion |
|  | **<u>Exit valuation\*</u>** = Implied valuation of Targets at the time of Final maturity of this facility = Trailing Twelve Month EBIDTA of targets at the time of final maturity X Exit EV/EBIDTA multiple. |
|  | **<u>Exit EV/EBIDTA\*</u>** = any multiple at which the Targets raised equity after Investor's funding or Entry EV/EBIDTA multiple whichever is higher. |
|  | \* *EBIDTA of the Target at the time of acquisition $7mn* |
|  | *EV at the time of acquisition considered as $59.3* |
|  | *Fx at the time of acquisition considered as Rs.84 / dollar* |
| **Upfront and** | Not Applicable |

---

---

| | |
|:---|:---|
| **Commitment Fees** |  |
| **Cap on Investor IRR (%)** | **The overall IRR payable by the Issuer to the Investor (including all charges i.e. interest, upfront fee, redemption premium, additional redemption premium, prepayment penalties, etc. shall not exceed 23% (twenty three percent)** |
| **Security** | **Pre-Merger** |
|  | Pledge of 100% shares of the Issuer and Targets |
|  | First and exclusive charge over all assets of the Issuer |
|  | Corporate Guarantees from the Targets secured by Pari-Passu charge over fixed and current assets |
|  | Exclusive charge over commercial properties owned by the targets |
|  | Corporate Guarantees from the US listed Entity and any other material Group entities subject to extant regulations |
|  | **Post-Merger** |
|  | Pledge of 100% shares of the consolidated merged entities |
|  | Pari-Passu charge over all assets of the merged entities |
|  | Exclusive charge over commercial properties owned by the targets |
|  | Corporate Guarantees from the US listed Entity and any other material Group entities subject to extant regulations |
| **Make Whole** | 18 months |
| **Put / Call Option** | Investor will have Put Option at the end of 36 months from the date of disbursement and anytime thereafter. |
|  | Issuer will have Call Option during the Lock-in Period, subject to Make-whole. |
| **Other key conditions** | No new financial indebtedness, equity or other capital raise, asset purchase or sale or any other share encumbrance at Issuer and Target level |
|  | No direct or indirect change in the shareholding (on a fully diluted basis) of the Issuer and Target |
|  | ICD or shareholder or related party loans to be subordinated to this facility |
|  | Mutually agreed controls on related party transactions. |
|  | The Issuer / Target to share MIS and financial statements regularly with Investor (the format of MIS and frequency of sharing information to be agreed with Investor). |
|  | Standard affirmative and negative covenants. |
|  | Financial covenants for the Issuer Group to be finalised post diligence and assessment of business plan (debt / EBITDA, debt / net worth, working capital days, minimum net worth, annual capital expenditure, etc.). |
|  | Any other conditions based on satisfactory financial, tax, and legal diligence by the Investor. |
| **Costs** | All costs of transaction including diligence, documentation, and stamp duty to be borne by the Issuer. Investor can work with updated vendor diligence reports to minimize cost for the Issuer. |
| **Confidentiality** | The Issuer agrees and confirm, for a period of three months from the date hereof, it shall not disclose, or otherwise communicate, whether directly or indirectly, the contents of the Head of Terms to any third party or competitor of the Investor. |
| **Validity and Exclusivity** | Validity: Up to 30 June, 2025.<br> Exclusivity: 60 days post signing of this Head of Terms |

---

---

| | | | |
|:---|:---|:---|:---|
| **Braiin Holdings Ltd** | **Braiin Holdings Ltd** |  |  |
| ***/s/ Natraj Balsubramanian*** | ***/s/ Natraj Balsubramanian*** | */s/ Chetan Saligrama* | */s/ Chetan Saligrama* |
| **Name:** | **Natraj Balasubramanian** | **Name:** | **Chetan Viswanatha Saligrama** |
| **Title:** | **Authorised Signatory** | **Title:** | **Authorised Signatory** |
| **Date:** | <br> **11 March 25** | **Date:** | <br> **11 March 25** |

---

**Annexure 1 - Loan 1 Schedule - Cash payment towards acquisition of VIS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **VIS Exit Valuation (USD mn)** | **VIS Exit Valuation (USD mn)** | **VIS Exit Valuation (USD mn)** | **VIS Exit Valuation (USD mn)** | **VIS Exit Valuation (USD mn)** | **VIS Exit Valuation (USD mn)** |
| **80** | **100** | **120** | **140** | **160** | **180** |
| 17.98% | 19.70% | 21.33% | 22.86% | 24.33% | 25.72% |

---

**Annexure 2 - Loan 2 Schedule - Repayment for existing loans**

## Exhibit 23.2

**Exhibit 23.2**

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| | | |
|:---|:---|:---|
| ![](cs_001.jpg) | Tel: +61 2 9251 4100<br> Fax: +61 2 9240 9821<br> **www.bdo.com.au** | Parkline Place<br> Level 25, 252 Pitt Street<br> Sydney NSW 2000<br> Australia |

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**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Braiin Limited

Subiaco WA 6008

We hereby consent to the use in the Prospectus constituting a part of this Registration Statement, as amended, of our report dated September 26, 2025, except for the effects of the stock split discussed in Note 2 and Note 22 to the consolidated financial statements, as to which the date is November 10, 2025 relating to the consolidated financial statements of Braiin Limited, which is contained in that Prospectus.

We also consent to the reference to us under the heading "Experts" in the Prospectus.

---

| |
|:---|
| /s/ BDO Audit Pty Ltd |
| BDO Audit Pty Ltd |
| Sydney, Australia |
| November 10, 2025 |

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BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms.

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107**

**Calculation of Filing Fee Tables**

**Form F-1**

(Form Type)

**Braiin Limited**

(Exact Name of Registrant as Specified in its Charter)

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security Type** | **Security<br> Class<br> Title** | **Fee<br> Calculation<br> or Carry<br> Forward Rule** | **Amount<br> Registered<sup>(1)</sup>** | **Proposed<br> Maximum<br> Offering Price<br> Per Share** | **Maximum<br> Aggregate<br> Offering Price<sup>(2)</sup>** | **Fee Rate** | **Amount of<br> Registration Fee** | **Carry<br> Forward<br> Form Type** | **Carry<br> Forward<br> File Number** | **Carry<br> Forward<br> Initial<br> effective date** | **Filing Fee<br> Previously Paid<br> In Connection<br> with Unsold<br> Securities<br> to be Carried<br> Forward** |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to Be Paid | Equity | Ordinary Shares | 457 (a) | 68696076 | $10.17 | $698639093 | **0.00013810** | $96482.06 |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  | $698639093 |  | $96482.06 |  |  |  |  |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  |  |  |  |  |  |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |  |  |  |  |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  | $96482.06 |  |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents 68,696,076 of the registrant's ordinary shares being registered for resale by our shareholders identified
in this prospectus, or their permitted transferees, in connection with our direct listing on the Nasdaq Global Market.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Estimated solely for the purpose of calculating the registration fee.

N/A