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v3.23.4

Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - EUR (€) | 6 Months Ended
--- | ---
Jun. 30, 2023 | Jun. 30, 2022
Operating Activities |  |
Net income (loss) before income tax | € (697,313) | € 928,960
Items not affecting cash: |  |
Bad debt expense (recovery) | 4,534 | (10,859)
Depreciation of property and equipment | 10,051 | 1,321
Amortization of intangible assets | 25,141 | 429
Amortization of right-of-use assets | 27,957 | 7,944
Accretion of lease liabilities | 874 | 510
Changes in non-cash working capital items: |  |
Inventory | 1,363,321 | (78,532)
Accounts receivable | 1,402,608 | 142,498
Due from related parties | 59,636 | (210,759)
Due to related parties | (236,205) | (447,595)
Prepaid expense | (179,373) | (2,527,628)
Deferred offering costs | (409,710) |
Deferred tax assets |  | 1,605
Accounts payable and accrued liabilities | (421,586) | (249,173)
Income tax payable |  | (233,930)
Net cash provided by (used in) operating activities | 949,935 | (2,675,209)
Investing Activities |  |
Purchase of equipment | (19,332) | (2,565)
Purchase of intangible assets | (217,834) | (30,636)
Net cash used in investing activities | (237,166) | (33,201)
Financing Activities |  |
Proceeds (Repayment) of bank loans | (116,216) | (136,379)
Net proceeds from lines of credit | (4,373,584) | 2,711,292
Repayment of lease liabilities | (28,553) | (8,219)
Dividend paid to related party |  | (72,002)
Payments to related parties | (25,085) | (48,432)
Proceeds from related parties | 3,826,183 | 70,507
Net cash provided by (used in) financing activities | (717,255) | 2,516,767
Net change in cash | (4,486) | (191,643)
Cash - beginning of period | 502,585 | 616,445
Cash - end of period | € 498,099 | € 424,802

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